FRIDAY 9TH FEBRUARY 2024

NNPC: Movement of Our Accounts to CBN Won’t Hinder Operations Apex bank creates special dept to handle NNPC issues Spokespersons say move will strengthen both organisations’ relationship Emmanuel Addeh in Abuja The Nigerian National Petroleum Company Limited (NNPC) yesterday hinted that the decision by its board of directors to move a substantial part of its accounts to

the Central Bank of Nigeria (CBN) won’t create any hindrances to its operations.

Speaking when the CBN Governor, Olayemi Cardoso visited him in his office, the NNPC’s Group Chief Executive Officer,

Mele Kyari, also appeared to have confirmed that contrary to beliefs in some quarters, the national oil company was not compelled to take the decision.

A number of Nigerians, including former Vice President Atiku

Abubakar had recently raised issues as to the propriety of ‘compelling’ the NNPC to compulsorily move its accounts to the CBN by the Bola Tinubu-led administration.

But in very brief video clips shared with journalists from

the meeting by NNPC’s Kyari and CBN’s Cardoso, the GCEO stated that part of the reasons was to maintain a ‘safe obligor limit’ with the commercial banks.

As arguably the largest company in Nigeria, Kyari said that the

NNPC maintains very high liquidity level and transaction levels, reason it is important to work closely with the apex bank.

He lauded that CBN for creating Continued on page 5

CBN Bars Banks, Others from Referencing Unaudited Accounts in Sales Promotion... Page 5 Friday, February 9, 2024 Vol 29. No 10530. Price: N400

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Labour Gives FG 14-day Ultimatum to Implement Agreements on Wage Award... Page 8

Marion Sheila Johnson’s Funeral Holds in Lagos Today The funeral rites of Mrs. Marion Sheila Johnson, a pioneer member and past President of the International Facility Management Association (IFMA), Lagos Nigeria Chapter, holds today (Friday) in Lagos.

A distinguished Nigerian-British woman and co-founder of Nigeria Cleaning Service Limited (NCS), Johnson affectionately known as “MSJ,” peacefully left this world on January 27, 2024.

An invite by his family said

Johnson, 88, had in her honour a service of songs yesterday at Darlington Hall, Plot CDE Industrial Crescent, in Ilupeju.

Her funeral service is scheduled to hold Friday, February 9, at Our Lagos Queen of the Apostles

Catholic Church, No 6, Ilupeju Bypass in Lagos at 11am.

Also, a reception will be held at Darlington hall, plot CDE industrial crescent, Off Town Planning Way in Ilupeju, Lagos in her honour by 2pm

She co-founded NCS, Nigeria’s foremost cleaning and facility management company in 1958 and with unwavering dedication and leadership, played a pivotal role Continued on page 5

Mrs Johnson

Rising Costs of Food: FG Orders Release of 102,000 Tonnes of Rice, Maize, Millet, Garri To clampdown on hoarders of food items May import commodities as last resort Governors meet NSA, DSS over insecurity, food scarcity Abbas to Nigerians: your cries haven’t fallen on deaf ears JNI advises federal government to address current hardship

Deji Elumoye, Chuks Okocha, Juliet Akoje in Abuja and John Shiklam in Kaduna The federal government, yesterday, moved to address the high cost of food items in the country with a directive for the immediate release of 102,000 metric tonnes of rice, maize, millet, and garri from government reserves and stores of rice millers to the Nigerian market.

The move was the highpoint of the three-day meeting of the Special Presidential Committee on Emergency Food Intervention, headed by Chief of Staff to the President, Hon Femi Gbajabiamila, at State House, Abuja.

The government said it would henceforth clampdown on hoarders of food items in the country, stressing that it may import commodities as a Continued on page 5

WORLD BANK DELEGATION VISITS TINUBU...

L-R: Minister of Finance and Coordinating Minister of Economy, Wale Edun; Managing Director World Bank, Anna Bjerde; President Bola Ahmed Tinubu and Country Director, World Bank, Shubham Chaudhuri during the World Bank delegates visit to President Tinubu at the Presidential Villa Abuja..... yesterday GODWIN OMOIGUI

Catholic Bishops Worry over Nigeria’s Worsening Poverty, Insecurity... Page 34

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CBN Bars Banks, Others from Referencing Unaudited Accounts in Sales Promotion Sets new conditions for debt recovery, data, fraud protection

James Emejo in Abuja The Central Bank of Nigeria (CBN) yesterday issued the revised Consumer Protection Regulations, to give effect to the principles contained in the consumer protection framework for institutions licensed and/or regulated by the CBN. The document reflects current realities of consumer protection practices, improved good consumer outcomes, and access to financial services. It details a bouquet of consumer rights expectations from Financial Services Providers (FSPs) in the country.

The revised consumer protection

framework required FSPs ensure that their advertising and promotional materials complied with minimum standards.

The document stated, among other things, that FSPs shall avoid making reference to unaudited financial statements in their sales promotion.

The framework stated that the overall impression of advertisements shall not emphasise benefits while de- emphasising its associated risks.

It added that unsolicited advertisements shall be at no cost to consumers.

Similarly, to ensure that debt recovery processes were transparent,

courteous, and fair, the CBN ordered the regulated entities to engage and give customers notices of outstanding obligations prior to the commencement of debt collection.

They are also to initiate foreclosures only when other recovery options have been unsuccessful – and give customers the option of a private sale, to be exercised within 30 days before commencing foreclosure, except where the customer waived the right.

The apex bank said financial services providers must ensure that the net proceeds from foreclosures were immediately applied to the loan account and customers informed of the balance.

Banks are to provide customers with a report of the sale of the collateral, CBN said. At a minimum, the report shall state the process, proceeds, incidental expenses, and net proceeds.

The banks shall also be liable for the actions of their agents engaged for debt collection, according to the central bank. They are also not to contact friends, employers, relatives, or neighbours of a customer for any information other than information on employment status, telephone numbers or address, except where the person has guaranteed the loan or has consented to be contacted.

The revised document further

mandates banks to protect customers' assets against fraud or misuse at all times and be liable for losses arising from breach of required controls.

They are to test product suitability with consumers and make necessary modifications to reduce the incidence of fraud or transaction errors.

Essentially, they are required to implement measures across transaction channels and enable a multi-variant customer identification and multi-factor authentication mechanisms for transactions consummated. Also, automated transaction monitoring, alert functions, and behavioural monitoring to detect and prevent fraud are to be installed,

Cardoso with customers sensitised on fraud threats or scams.

The FSPs are required to state and periodically communicate procedures for reporting suspicious, unauthorised, fraud, lost or stolen payment instruments and/or authentication information to consumers.

RISING COSTS OF FOOD: FG ORDERS RELEASE OF 102,000 TONNES OF RICE, MAIZE, MILLET, GARRI last resort in efforts to address the current shortages.

Nigeria Governors’ Forum (NGF) also met, yesterday, with the National Security Adviser (NSA), Malam Nuhu Ribadu, and the representative of Director General of the Department of State Services (DSS), Yusuf Bichi, on how to address the recent national concerns.

Similarly, Speaker of the House of Representatives, Hon. Abbas Tajudeen, acknowledged the current anxieties bordering on the state of the economy, security, and other issues, and assuring of doubled efforts to address them.

At the same time, the Islamic body, Ja’amatu Nasril Islam (JNI), headed by Sultan of Sokoto, Alhaji Sa’ad Abubakar, called on the federal and state governments to urgently address the economic and security challenges facing Nigerians to prevent a deterioration.

Briefing newsmen after the meeting at State House, Minister of Information and National

Orientation, Mohammed Idris, said while the Federal Ministry of Agriculture and Food Security would make available 42,000 metric tonnes of maize, millet, garri, and other commodities, the rice millers, through their association, would release 62,000 metric tonnes of rice from their reserves.

Idris stated, "Today's meeting was, again, on the issue of difficulty of putting food on the table of most Nigerians, and has come up with a number of measures to ensure that food becomes more readily available to Nigerians.

"The first one is that the Ministry of Agriculture and Food Security has been directed to immediately release about 42,000 metric tons of maize, millet, garri and other commodities in their strategic reserve so that these items will be made available to Nigerians.

"The second one is that we have held meetings with the Rice Millers Association of Nigeria,

NNPC: MOVEMENT OF OUR ACCOUNTS TO CBN WON’T HINDER OPERATIONS a special department solely to ensure that the newfound relationship is seamless, explaining that it is ultimately in the interest of the NNPC and the nation at large.

“I welcome the governor of the CBN and his senior management to NNPC Limited. We understand very clearly that this is in view of our decision to move a significant part of our revenue to the CBN, it’s very timely.

“We made that decision in line with the directives of our board of directors to maintain safe obligor limits with commercial banks.

“For us to do this, we do need additional support from the central bank to achieve this. We are a very huge company and our transactions and liquidity levels are very high and perhaps, we are the largest business in this country.

“We are also happy that the CBN has created a very robust digital platform for our transactions and also, created a department that will deal with NNPC issues and thus this will create no hindrance to our operations.

“We will continue to collaborate with the CBN to ensure that further improvements are recorded and to ensure that this relationship will serve the best interest of our company and our country in general,” he stated.

On his part, Cardoso hinted that the NNPC made the decision to move the accounts to the apex bank.

He confirmed that to ensure seamless operations, a new platform has been created, expressing confidence that the new collaboration will work in the interest of the country.

“We have come to this particular stage where the NNPC has made the decision to move a respectable part of its business to the Central

Bank of Nigeria. And I also want to say that we have restructured and strengthened internal processes such that we are very capable of taking on this enormous responsibility that will be placed on the central bank.

“We are looking forward to further collaboration with the NNPC. And I have absolutely no doubt in my mind that this effective collaboration will work in the best interests of NNPC and Nigeria in general,” he said.

Separately, in a joint statement by the spokespersons of the NNPC, Olufemi Soneye and the CBN, Hakama Sidi Ali, they noted that there now exists an improved platform for managing NNPC’s cash holding obligor limits in commercial banks set by the board of directors.

“The GCEO NNPC Ltd., Mallam Mele Kyari, and the Governor of the CBN, Mr. Olayemi Cardoso, have reviewed the decision of the NNPC Ltd. to domicile a significant portion of its revenues and other banking services with the CBN. “Following their meeting in Abuja on Thursday, February 8, 2024, the NNPC Ltd. and CBN chiefs noted the value created by the decision for all parties, especially in providing the NNPC Ltd. with an improved platform for managing its cash holding obligor limits in commercial banks set by the board of directors.

“The CBN has provided enhanced digital platforms for all transactions and has established specific limits to manage NNPC Ltd. transactions.

“Both parties have also committed to further strengthening the collaboration to ensure seamless operations of the commercial NNPC Limited and noted that NNPC Ltd. continues to have banking transactions with commercial banks as required,” the statement added.

those who are responsible for producing this rice, and we have asked them to open up their stores.

"They've told us that they can guarantee about 60,000 metric tons of rice. This will be made available and we know that is enough to take Nigerians for the next one month to six weeks, perhaps, up to two months. They've agreed that they will make that available to Nigerians to bring it out to the market so that food can be made available.

"Now, the whole idea of this is to crash the cost of these food items. And these are measures that will happen immediately.

"42,000 metric tons from the strategic government reserve, about 60,000 metric tons of rice from the rice millers association, they have them in all their storage facilities and government, in conjunction with them, after this exhaustive meeting, has directed that they also bring this out immediately so that the price of rice will come down significantly."

The minister disclosed that as a last resort government might import commodities to augment available supplies.

He stated, "Now, the third item is that the government is also looking at the possibility, if it becomes absolutely necessary as an interim measure on the short run, to also import some of these commodities immediately so that these commodities can be made available to Nigerians within the next couple of weeks."

Idris stressed that government had firmed up arrangements to invest massively with a view to having a better farming season, in conjunction with farmers and other stakeholders.

He said, "Now, with all these emergency measures, there is, of course, a directive to the Federal Ministry of Agriculture and Food Security to invest massively, in conjunction with Nigerian farmers and other producers, so that we can have better season coming up shortly.

"We all know that dry season farming is happening, that will take effect very shortly, and that we hope will also contribute, because as soon as the dry season farming gets underway, it is the hope of government that food prices will also come down.

"In the long run, Federal Ministry of Agriculture is going to invest massively, so that Nigeria will recover its potential as a food basket and we don't expect that going forward, we are going to be faced with these challenges again."

Idris further disclosed that government would view seriously any attempt to hoard the food items, saying, "Government, of course, is also looking at all those who are hoarding these commodities, because, actually, these commodities are available in the stores of many traders.

"Government is appealing to them, that they should open up these stores, make these commodities available in the interest of our nation. There is no point, when the whole country is looking for this food, you are locking up this products so that you make more money and then Nigerians suffer.

"Of course, government will not fold its arms. We know where all these major traders are. We know where all these major stores are. And if they don't respond by bringing these commodities to the market, government will take appropriate measures to ensure that these products are made available to Nigerians."

On possible sanctions against those hoarding food products, Idris said, "You cannot hold the nation to ransom. You cannot have these commodities and you're hoarding them in your stores, when we all need them. We are in an emergency situation and we'll take emergency measures to make sure that this food is available to Nigerians.

"What do you think about a general concern of high-level inflation, not only food, that affects the high cost of living in terms of prices of general goods, particularly, when it affects forex?

When we go to market, we see these goods, we see bags of rice, we see yams in their trucks but everyone tells us about dollar prices to increase garri and millet prices.

"Well, people always talk about that, even some commodities that do not have direct dollar denomination are always quoted in dollar. That is unfortunate. We ask that Nigerians need to be more patriotic. Be our brother's keepers and sell this thing at a margin, but at a margin that is not also killing to Nigerians.

"You know, you need to be patriotic at this point. This is an emergency situation. Every nation faces emergency situations like this. It is not the first time that it has happened. Many countries of the world have faced this.”

Ribadu, and the representative of the Director General of the Department of State Service (DSS), deliberated on the security situation and food stability in the country and resolved as follows: “Recognised the need to address the connection between food inflation, naira depreciation, and rising insecurity across parts of the country from a systemic perspective, and called for urgent discussions with and synergy amongst stakeholders in improving the situation in the shortest possible time."

According to the communique, the meeting "agreed on the following immediate actions: “Reduce Foreign Exchange Demand: by use of moral suasion to reduce dependence on foreign exchange, imported goods and services.

"Improve Foreign Exchange Supply: by easing commodity export requirements to encourage exportation and supply of foreign exchange; curbing illegal export of solid minerals; and increasing crude oil production to earn more foreign exchange.

"Support improved enforcement efforts: by reviewing the extant criminal justice laws in the states to ensure quick dispensation of justice on perpetrators of insecurity in the states; supporting the office of the National Security Adviser in the states to enhance the nature and quality of intelligence."

The governors reiterated their commitment to deploying emergency food interventions, including incentivising food production, release of food items from strategic food reserves and collaboration with food millers and commodity traders in their various states to boost food availability as an immediate short-term action.

It was also learnt that the governors met with officials of the federal ministry of agriculture on how to address the release of grains from the federal silos.

Governors Meet NSA, DSS over Insecurity, Food Scarcity

Speaker of the House of Representatives, Hon. Tajudeen Abbas, yesterday, acknowledged the concerns of Nigerians on the current state of the economy, security and other issues, assuring them of doubled efforts towards

Governors, yesterday, met with the National Security Adviser (NSA), Malam Nuhu Ribadu, and the representative of the Director General of Department of State Services (DSS), Yusuf Bichi, on how to address some of the current national challenges.

In a communique signed by Chairman, Nigeria Governors’ Forum (NGF), Governor AbdulRahman AbdulRazaq of Kwara State, the governors stated, "We, members of the Nigeria Governors’ Forum (NGF), at our emergency virtual meeting held the 6th February, 2024 following a briefing by National Security Adviser (NSA), Mallam Nuhu

Abbas to Nigerians: Your Cries Haven’t Fallen on Deaf Ears

addressing the problems.

At a world press conference in Abuja, Abbas said the conference was dedicated to “addressing some of the most pressing national issues we face”.

He stated, “As the Speaker of the largest representative body in Nigeria, representing all corners of Nigeria, I feel it a duty to address some pressing challenges we face as a nation.

“The very fabric of our society is being tested, our resilience strained, and our unity challenged.

However, amidst these trials, our spirit remains unbroken, and our resolve to overcome and thrive grows stronger.

“As representatives of the Nigerian people, we cannot pay lip service to the plight of the same individuals, who elected us into office to protect their interests. It is our resolve to see that Nigerians, wherever they are, live their normal lives in peace and relative ease.

“As elected representatives, we also acknowledge the pain and suffering of every family that had been a victim of brutal crimes and needless violence.

“Let it be known that your cries have not fallen on deaf ears, and your tears have not gone unseen.

We stand in solidarity with every Nigerian affected and commit to deploying robust legislative measures to empower our security agencies, ensure justice, and restore peace and order in our communities.”

The speaker added, “It was natural to feel a sense of despair and frustration. The impact of the challenges I have identified above is felt in every home, on every street, and in the hearts of every Nigerian. Yet, it is precisely in times like these that our true strength as a nation is revealed.

“Our resilience, unity, and indomitable spirit have seen us through difficult times before, and I have no doubt that these qualities will carry us through again."

Abbas spoke concerning the security challenges, saying, “I want you to know that your government hears you loud and clear. We are taking decisive steps to address the root causes of this menace, deploying both military and diplomatic resources Continued on page 34

MARION SHEILA JOHNSON’S FUNERAL HOLDS IN LAGOS TODAY in the establishment and growth of the company.

Until her demise, Mrs. Johnson served as the overall head of Nigeria Cleaning Service Limited, and in her capacity as the head of the Board of Directors, oversaw the entire spectrum of the company’s affairs, from financial management to administrative procedures.

A pioneering member of the IFMA, Nigeria chapter, she

made significant contributions to the development of facility management practices in the country.

She was also honoured as a Fellow of the Institute of Directors of Nigeria (IoD), a testament to her outstanding contributions to corporate governance and leadership. She touched many through her kindness, mentorship, and philanthropy.

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

NNPCL ACCOUNT WITH CBN ON THEIR MINDS...

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, (L) and The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mallam Mele Kyari, during a meeting to review the decision of the NNPC Ltd. to domicile a significant portion of its revenues and other banking services with the CBN in Abuja ... yesterday

World Bank: Edun Seeks More Concessional Financing for Africa Identifies high debt levels, global trade as major challenges Deji Elumoye and Ndubuisi Francis in Abuja Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has advocated more concessional funding from the World Bank Group for Africa to address its development challenges.

Edun, who is Chair of African Governors Forum of the World Bank, spoke in Abuja, yesterday at a roundtable for economic transformation in West and Central Africa.

The forum had in attendance ministers of finance from the two sub-regions and top officials of the World Bank Group, among others.

The roundtable was aimed at providing a forum for World Bank governors to discuss how to make progress on ambitious priorities for development in the region, how the ongoing World Bank evolution could help accelerate this progress, and how governors could engage and support an ambitious financing and policy

package for IDA21.

Edun's call for more concessional financing came as the World Bank announced that it had earmarked $44 billion for Africa, stating that its funding in the region had risen from $2 billion in 2000 to $28 billion currently.

The minister, while admitting that the Bretton Woods institution had rendered enormous support to the region in terms of financing and other spheres, demanded more from the bank and its affiliates, like the International Development Association (IDA).

He said, “I can say, yes, we benefit from the funding that the bank has, but I must say here that we are looking forward to substantial replenishment, which provides us additional concessional financing.”

African countries, he submitted, were determined to work with the World Bank in their effort to grow their economies, and by so doing, enhance the standard of living

of their people.

In her remarks at the meeting, World Bank Managing Director of Operations, Ms. Anna Bjerde, disclosed that the group had increased funding for Africa from about $2 billion in 2000 to $10 billion in 2010, and $28 billion this year.

Bjerde stressed that more funding would be provided through specialised windows towards prevention of conflict as well as to support regional integration.

According to her, the new levels of financing underscored the bank's commitment to growth in Africa, with financing to Sub-Saharan Africa growing.

Meanwhile, the World Bank promised to step up financial support for Nigeria in priority needs of the country's economy, and lauded the economic reforms under the Bola Tinubu administration. Bjerde made this known on Thursday evening after paying a courtesy visit to Tinubu at State House, Abuja.

Bjerde, who spoke to newsmen after her meeting

with Tinubu, also said the bank would continue to support the reforms of the present administration through its supportive instruments.

She stated regarding the outcome of the meeting with the Nigerian president, "The outcome is that the World Bank will continue to support the reforms of the President Tinubu's administration through the supportive instrument that we have and we will be stepping up our financial support to Nigeria in line with all the different initiatives that are being taken and all the needs that the economy has."

Bjerde added, "While we already have large programme, from this visit we already see that the programme will grow from there. I have been pleased with the discussions we had over the last meeting with the PBAT." Addressing reporters, also, Edun highlighted the outcome of the two-day meeting of Western and Central Africa Ministers of Finance, co-hosted

FG Sets Up Committee to Address Gas-to-Power Challenges NNPC says no plan to raise petrol price Emmanuel Addeh in Abuja The federal government has set up a committee to investigate the incessant complaints of inadequate gas to power Nigeria’s thermal electricity generation plants and recommend solutions.

A statement by the Deputy Director (Press and Public Relations), Chris Ugwuegbulam yesterday, said the move was part of government’s efforts to address the challenges.

Nigeria has over 206 Trillion Cubic Feet (TCF) of natural gas, but has been unable to tap the resource due mainly to lack of investment in the sector, leading to inadequate gas transportation infrastructure.

Even the inadequate infrastructure is routinely vandalised.

The statement added that the Minister of State Petroleum Resources

(Gas) Ekperikpe Ekpo and Minister of Power, Chief Adebayo Adelabu, jointly set up the inter-ministerial committee in in Abuja.

The committee, the ministry said, will suggest ways and means of achieving a steady and sustainable gas supply to power generating plants to meet both the domestic and industrial needs of Nigerians.

The inter-ministerial committee, the statement stressed, was formed at the end of the meeting between the two ministries.

“At the meeting, Ekpo outlined the challenges causing the low supply of gas to the thermal power plants to include; Decade of Gas legacy debts and vandalism of gas resources infrastructures in the Niger Delta Region.

“He also listed domestic

pricing of gas in dollars, among others. He expressed his willingness to work harmoniously with any individual, organisation and agency to solve these challenges,” the ministry stated.

Minister of Power, Adelabu in his remarks stated the need for the two ministries to work collaboratively and solve the problem of low gas supply to the thermal power plants.

According to him this was in order to achieve an uninterrupted power supply in the country, stressing that, "there is absolutely nothing can be done in Nigeria without stable power."

Members of the committee were drawn from the ministries of petroleum resources and power, regulatory agencies, operators and critical stakeholders

in the gas and power sectors.

The meeting was witnessed by some directors in the ministries of petroleum resources and power.

Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) yesterday assured the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol in the country.

A statement by the Chief Corporate Communications Officer of the national oil company, Olufemi Soneye, urged Nigerians to disregard unfounded rumours and assured them that there are no plans for an upward review of the PMS price.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” Soneye stated.

by Nigeria and the World Bank.

He said issues of development and concessional financing for West and Central Africa were top on the agenda of the summit.

"We have a mini summit and issues of development and increasing the level of concessional financing to West and Central Africa were on the agenda and we reported

to the president that we had a robust discussion," he said.

The minister said Nigeria also advocated increased resources towards the improvement of electricity and creating more access to social safety net. He said the target was to provide better support for Nigeria in digitisation and technological development of the economy

MTN, Globacom Amicably Resolve Interconnect Debt Issue, Says NCC Emma Okonji The Nigerian Communications Commission (NCC), the telecoms industry regulator, yesterday, announced that MTN and Globacom have amicably resolved their interconnect debt issue that accumulated into billions of Naira.

In a statement released yesterday by NCC and signed by its Director, Public Affairs, Mr. Reuben Muoka, NCC said it had already withdrawn the initial disconnection approval it earlier granted MTN to disconnect all Globacom subscribers, following the huge interconnect debt owed MTN by Globacom.

According to the statement, “The Nigerian Communications Commission (NCC) is pleased to announce that the interconnect debt dispute between MTN Nigeria Communications Plc. (MTN) and Globacom Limited (Globacom) has been amicably resolved. In accordance with this resolution, the disconnection approval granted to MTN for the disconnection of Globacom has now been withdrawn.

“Following its initial Public Notice, the commission with the aim of mitigating any potential disruptions to subscribers undertook further regulatory intervention, by mediating between the parties and facilitating the reconciliation process.

“The commission reiterates that strict adherence to the terms and conditions of licenses, particularly those delineated in interconnection agreements, is imperative for

all Mobile Network Operators (MNOs) and other licensees within the telecommunications industry.”

In order to proactively address and prevent future instances of interconnect indebtedness within the industry, the commission will be requesting relevant records and regular updates from MNOs, as well as adopting a transparent approach towards industry indebtedness. The statement serves as a reminder of the commission's commitment to fostering a stable and compliant telecommunications ecosystem in Nigeria, the statement further said.

Worried by the huge sum of interconnect debt, MTN repeatedly lodged complaints to NCC, a development that compelled NCC to issue disconnection approval on January 8, 2024, empowering MTN to disconnect Globacom subscribers after 10 days that the approval was granted and issued, but rescinded its decision on January 17, 2024 and gave a window of 21 days for Globacom to pay up its debt. The 21 days window which elapsed yesterday has now been overridden by the current withdrawal of disconnection approval earlier given to MTN. NCC had said the commission expected MTN and Globacom to resolve all outstanding issues within the 21 days period, as the commission insists that interconnect debts must be settled by all operating companies as a necessary component towards compliance with regulatory obligations of all licensees.

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LAUNCH OF AIRTEL-RODUCATE EXAM SUCCESS BUNDLE… L-R: Chief Executive Officer, Roducate, Femisola Awosika; Chief Operating Officer, Roducate, Efemini Awosika; Chief Commercial Officer, Airtel Nigeria, Femi Oshinlaja; Marketing Director, Airtel Nigeria, Ismail Adeshina; and President, National Association of Proprietors of Private Schools (Lagos State chapter), Lukman Alaka-Yusuf; during the launch of Airtel-Roducate Exam Success Bundle in Lagos...yesterday ABIODUN AJALA

Labour Gives FG 14-day Ultimatum to Implement Agreements on Wage Award We don't renege on our promises, says FG Pensioners’ body cries out over loss of 1,500 members to hardship Deji Elumoye and Onyebuchi Ezigbo in Abuja Organised labour, under the auspices of Nigeria Labour Congress (NLC) and Trade Union Congress of Nigeria (TUC), has issued a 14-day ultimatum to the federal government over non-implementation to the 16-point agreement reached with the government on October 2, 2023.

In a statement jointly signed by NLC President Joe Ajaero and his counterpart from TUC, Festus Osifoh, the two apex labour centres threatened that if the federal government failed to honour their part of the agreement within 14 days from today, February 9, the workers would proceed on strike.

They said government's failure to uphold its end of the bargain was deeply regrettable and unacceptable to the working people and the citizenry.

The statement said, "Constrained by this development and recognising the urgency of the situation and the imperative of ensuring the protection and defence of the rights and dignity of Nigerian workers and citizens, the NLC and TUC hereby issue

a stern ultimatum to the federal government, to honour their part of the understanding within 14 days from tomorrow, the 9th day of February, 2024."

NLC and TUC said it was regrettable that the workers were compelled to resort to such measures, but maintained that the persistent neglect of the welfare of citizens and Nigerian workers and the massive hardship left them with no choice.

They said everything must be done within the two weeks to avoid a situation "where we may be compelled to take appropriate steps to protect Nigerian workers and masses”.

The labour centres stated, "We call upon the federal government to honour its commitments without delay. The time for empty promises and excuses has passed. The time for action is now.

"Our patience has worn thin and the situation has become unbearable for workers and masses all over the federation. Further silence amounts to committing mass suicide and this remains the only

feasible course of action left for us and Nigerians to compel remedial action by government."

NLC and TUC said they are resolved to salvaging Nigerian workers and masses from the apparent insensitivity and lethargy of those in the corridors of power who were supposed to be the bastion of public trust.

They stated, "We express profound concern over the nonimplementation of the 16-point agreement reached with the federal government on October 2, 2023.

"Despite the passage of time, the majority of these crucial agreements remain unmet or negligibly addressed, indicating a blatant disregard for the principles of good faith, welfare and rights of Nigerian workers and Nigerians.

"These agreements, which were reached with the federal government, were focused on addressing the massive suffering and the general harsh socioeconomic consequences of the ill-conceived and ill-executed IMF/World Bank induced hike in the price of PMS and the devaluation

of the naira.

"These dual policies have had, as we predicted, dire economic consequences for the masses and workers of Nigeria.

“Widespread hunger is now ravishing millions of Nigerians, with the workers’ purchasing power significantly eroded, while insecurity has assumed an increasing dimension.

"Nigerians are left wondering where their next meals will come from and what tomorrow might bring. The level of panic and anxiety amongst the populace has become nightmarish.

“Unfortunately, in the midst of all these, it appears our government is bereft of appropriate measures to ameliorate the huge burden it has foisted on the citizenry.”

Labour added that the agreements, which encompassed a wide range of issues crucial to the wellbeing of the Nigerian masses and workers, had not been honoured, as pledged by the federal government.

Aside the wage awards, the

ECOWAS Seeks Unity Among Member States, Says Mali, B’Faso, Niger’s Exit Hasty Michael Olugbode in Abuja As Foreign Affairs Ministers of Economic Community of West African States (ECOWAS) meet to deliberate on how to move ahead after the withdrawal of Niger, Mali and Burkina Faso from the bloc, the ECOWAS Commission President, Alieu Touray, has said the exit of the three countries was not well thought out.

Noting that now is the time for unity among all member states, he explained that there is no challenge that ECOWAS cannot overcome with the cooperation of members.

Also for deliberation at the extraordinary session of the mediation and security council at ministerial level is the announced postponement of Senegal general election.

Speaking at the opening session of the meeting, Touray said the meeting will consider the notification of withdrawal of the three countries and their wider implications.

Touray reminded the gathering that ECOWAS is not an institution but a community, insisting that the claims given by the countries had no real basis and were hasty.

Touray said: " Despite our collective efforts to create a conducive and peaceful environment for our community citizens, the facts on the ground show that we still have some more work to do collectively.

"Excellences, while we were hoping to make more progress on transitions in terms of elections this year in these countries, it is really sad to note the unfortunate turn of events, as three member States – Mali, Burkina Faso, and Niger –announced their withdrawal from ECOWAS “with immediate effect” through a joint-communiqué signed by representatives of all three countries on January 28, 2024.

"The hasty decision of withdrawal of membership of ECOWAS did not take into account the conditions for withdrawal of membership from ECOWAS, as

espoused in the 1993 ECOWAS revised treaty.

"But more importantly, the three Member States have not really reflected on the implications of this decision on the citizens."

He therefore said the extraordinary session should look into the wider implications of the withdrawal for the concerned member states and the community at large.

Touray also condemned the postponement of the Senegal's general elections, saying "these unfolding events in the region are posing threats to peace and political stability in our community."

AU Commission Chairperson who was represented by Bankole Adeoye said the withdrawal was a setback to the vision of integration of the region.

Adeoye described it as trying times for the sub-region, adding that the AU Commission was convinced that the countries will continue to dialogue and cooperate with ECOWAS.

In his opening remarks, Nigeria Foreign Affairs Minister, Yusuf Tuggar, said the meeting provided the opportunity to carefully assess the challenges presented by the decision of the military rulers to arbitrarily withdraw from ECOWAS, with all the potential implications for the lives of their people, and indeed for the community as a whole.

"We are also here to review the unfolding situation in Senegal and develop a plan to navigate the resulting complexities. We have faced similar crises in the past.

As a region, we have not been found wanting.

"There are high expectations out there, from ordinary people as well as our partners in the international community, that this meeting can come up with far-reaching decisions to transform our challenges into opportunities.

“It goes without saying that we are stronger, together. As a community, we project not just our common values and a more attractive market," he said.

workers also listed the palliative adjustments, improved access to public utilities, meddlesomeness in the internal affairs of the National Union of Road Transport Workers (NURTW), among others, as areas of disagreement.

But in a response, the federal government told the organised labour that the allegation that it did not keep its promises was not true. The government said it never reneged on its promises.

It told the two labour centres that it was not in the interest of the country for them to embark on strike.

The government appealed to NLC and TUC to come for a roundtable discussion in order to arrive at amicable resolutions of any perceived differences.

Minister of Information and National Orientation, Mohammed Idris, said, "We appeal to labour to always see reason with the government. It is not in government's interest for labour to continue to go on strike.

"We appeal with labour, let them come again, around the table to continue to have engagements and conversations around whatever grey areas they think they have in some of these agreements that have already been signed."

Reminded that labour accused the government of being in the habit of not keeping to agreements with unions, Idris said, "No, I think government keeps its promises."

Meanwhile, Nigerian pensioners on Thursday decried the death of about 1,500 of their members as a result of the hardship and high cost

of living in the country. They also criticised the non-inclusion of their members in the newly constituted Minimum Wage Tripartite committee.

The pensioners, under the aegis of Nigeria Union of Pensioners (NUP), while fielding questions from journalists, said, "Let me say this, we have casualties every day.

The casualties arising from the maltreatment of pensioners in Nigeria, we have now gone into 1,500.

“Just about last week, we travelled to Enugu to bury one of the staff. We know that he perished out of hunger.

It's not in our power to distribute food to pensioners in Nigeria, we don't have the resources.

"In Nigeria, government doesn't think about the poor people, they only think about themselves, otherwise, how can a pensioner in Enugu receive as low as N450?"

President of NUP, Godwin Abumisi, in a prepared text he read, said the senior citizens would embark on protest in Abuja if the federal government failed to include pensioners in the Minimum Wage Tripartite Committee.

Abumisi stated, "I want to say it clear and I want you to write it, I am going to lead Nigerian pensioners naked. I mean naked. When we are going to protest, we are going to go naked on the streets.

“Write down this so that the world will see it, Nigerian pensioners are going to demonstrate naked. If they like, let them arrest us on why we go naked, are you mad? And we will say, we are mad. We have reached a situation where we can now say, we are mad."

Naira Falls at Parallel to N1,500, Official Window Slides N1,479

Nume Ekeghe

The Naira continued its depreciation trend yesterday, losing value against the US Dollar at the parallel market closing at N1,500 while it also depreciated at the official window.

At the official Nigerian Autonomous Foreign Exchange (NAFEM) window, the Naira closed at N1,479.47/$1, marking an N60.69 depreciation from the previous day's closing rate of N1,418.78.

However, the parallel market continued its downward turn to close at N1,500 compared to the N1,465 it closed on Wednesday indicating a N35 loss in one day.

Furthermore, the official window recorded a daily turnover of $321.23 million compared to the $209.93 it recorded on Wednesday indicating a 54.91 per cent increase.

The highest spot rate recorded yesterday was N1,504/$1 while the lowest spot rate recorded was N946.82/$1

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NEWS

VICTORY, SWEET VICTORY...

Vice President Kashim Shettima in celebration with the Super Eagles after they defeated their South African opponent, last Wednesday

Tinubu: Social Media is a Menace, It Must Be Regulated Says public discourse driven by alternative fact

Segun James President Bola Tinubu, yesterday, at a book launch in Eko Hotel, Lagos, described the social media as a menace that must be regulated.

Speaking yesterday at the presentation of “National Public Discourse: the interplay between empirical evidence and hyperbole," a book by Mr. Babatunde Raji Fashola, SAN, Tinubu said there was clear evidence that public discourse was driven by alternative facts.

Represented by his Chief of Staff, Femi Gbajabiamila, who first spoke before delivering his prepared speech, the president said the views of Miss Toyosi Akerele, one of the panelists, shared closely with his sentiments.

"Social media is a menace and must be regulated. I'm happy listening to Toyosi this morning.

Perhaps that's a change in mindset," Tinubu, speaking through his chief of staff, said in his opening remarks, even as he recounted several abuses of the social media.

However, delivering his speech, he said, “We are living through one of the most fraught periods in modern human history. The world is changing all around us.

“The international settlements underpinning the global order since the end of the Second World War are being renegotiated in real time across

Europe, Asia, and the Middle East.

“Amidst this global turmoil, we are at home confronted by difficult public policy choices and decisions that must be made to ensure our children's future and our country's prospects.

“In this historical moment, as we confront and overcome the challenges that threaten our future, we have an obligation as leaders in politics and government to engage in evidence-based discourse and data-reliant decision-making as a matter of course.

“But as citizens interested in the issues of state and governance, the obligation is even more significant to ensure that our engagement with each other springs from a shared agreement on what truth is, what is real and what isn’t.

“We live in what some observers have described as a post-truth world.

This is a world where nothing is real, politics is fuelled by emotive arguments, and objective facts are less influential in shaping public opinion than appeals to identity and personal belief.

“In this new world, public discourse is driven by alternative facts, dropped with reckless abandon on social media and technology, including artificial intelligence tools, allowing for the creation of false realities to confuse and deceive people and distort perceptions of what is real

Sule Seeks FG’s Collaboration to Boost Food Production in Nasarawa Igbawase Ukumba in Lafia The Nasararwa State Governor, Abdullahi Sule, yesterday sought collaboration with the Federal Ministry of Agriculture and Food Security with a view to boosting agricultural production in the state.

Sule made this known when he visited the headquarters of the Federal Ministry of Agriculture in Abuja.

The governor said he was at the ministry to consolidate on the already existing collaboration between the federal and the state governments towards ensuring food security.

"We are here from Nasarawa state because Nasarawa has been known in the area of agriculture and we believe that we can buy-in and participate in everything that this ministry is doing," Sule said.

He disclosed that presently, Nasarawa state is the largest producer of sesame seed in the country, second largest producer

of cassava and yam and number five in rice production in the country.

He used the opportunity of the visit to update the minister on various agricultural initiatives in Nasarawa state, particularly commercial agriculture with industry giants like Olam Farms, Dangote Group, Nigeria Flour Mills Ltd and Azman Farms, amongst others.

In his response, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, said the visit by Sule demonstrated the collaboration that the ministry sought to achieve between the federal government and the state governments with a view to significantly boosting food production in the country.

The minister expressed confidence that the synergy between the tiers of governments would more readily ensure positive outcomes in the nation’s quest for improved agricultural production.

and what isn’t.”

The president explained that, “The challenge we face and must meet head-on is how to return to having a public discourse and a political and policy decision-making process that overcomes this new paradigm.

“And we must because if we cannot agree on common truths and don’t exist in the same reality, then we cannot develop the shared values and a common purpose that is the central requirement for cohesion and national identity.

“My brother, Babatunde Raji Fashola, has set out to address this

challenge in this book. In his usual style, he has approached the subject with an abundance of scholarly rigour, bringing his considerable intellect, wealth of experience, and passionate patriotism to a critical subject matter that has been too long ignored.

“In this book, He has research and data analysis to help us develop a more nuanced understanding of the nature of the problem so that we can better understand how this challenge hinders the cause of our nationhood and what we must do to recover and change course, in the interest of our beloved nation.

“Those of us who know Babatunde Fashola are not in the least surprised by this undertaking. Throughout his public service, he has made it a point of duty to seek out and try to solve the thorniest problems and the most difficult tasks.

“This book is part of that legacy and is evidence of a continued determination to be a part of the solutions that advance the cause of our humanity and ensure the progress of our nation and her people.”

Thus, on behalf of the president, and the Nigerian people, Gbajabiamila said, “I thank you for your efforts,

Sir. I am confident that the insights of this book will enlighten, influence, and improve our public discourse.

“It will impact the way we make decisions in government at all levels as we strive collectively to meet the promise and overcome the perils of this critical moment in our nation and in the history of the world.

“I will endeavour to see that as many of my colleagues and friends as possible receive copies of this book so that they, too, can benefit from the insights contained therein. I am honoured to be here today to participate in this public presentation.”

Tinubu Mourns Asagba of Asaba, APC’s Cairo Ojougboh Akpabio, Oborevwori say ex-NDDC ED’s death shocking How he died during Nigeria, S’Africa match Deji Elumoye, Sunday Aborisade in Abuja and Sylvester Idowu in Warri President Bola Tinubu yesterday said he received with deep sadness the news of the passing of the Asagba of Asaba, His Royal Majesty, Obi Joseph Chike Edozien.

The president, in a release issued by his Media Adviser, Ajuri Ngelale, condoled with the family, Delta State Traditional Rulers' Council, the government, and the people of the state what he said was a painful loss.

Tinubu celebrated the impactful life of the late monarch and eminent professor of medicine, acknowledging his advocacy for peaceful co-existence among Nigerians and inimitable role in forging partnerships across divides.

"His Majesty lived a full life defined by the loftiest ideals of peace, unity, patriotism, honesty, and dignity. This is a sad loss, coming at a time when Nigeria needs more peace-builders and bridge-builders," he said.

While praying for the peaceful repose of the beloved departed, the president urged the royal family and all those who mourn his loss to take solace in the legacies of his royal majesty.

Also, Tinubu has mourned the passing of the former Executive Director of the Niger Delta Development Commission (NDDC), Dr Cairo Ojougboh, who died on Wednesday evening.

Ojougboh was a member of the House of Representatives (2003-2007) and a leader of the All Progressives

Congress (APC) in Delta State.

The president condoled with the Ojougboh family and the government and people of Delta State over this tragic loss.

While praying for the peaceful repose of the departed, Tinubu comforted his family and urged them to find strength and hope in God Almighty, who presides over the affairs of men, as well as in the cherished memories and legacy of the late APC chieftain.

Meanwhile, the politician, was said to have passed away while watching the African Cup of Nations (AFCON) semi-finals match between Nigeria and South Africa. A source close to the politician confirmed this to journalists in Warri.

“The incident happened when the penalty was awarded against Nigeria. Dr Ojougboh was said to have shouted and slumped due to massive heart attack when South Africa scored," he said.

Publicity Secretary of Agbor Community Union, Mr Augustine Ekamagule, confirmed the death of the Delta politician in a telephone conversation.

“According to the President General of the Agbor Community Union, Chief Laurence Onyeche, Ojougboh died in Abuja while watching the football match of Nigeria vs South Africa.

“He said a member of Ojougboh family called him around 3am on Thursday, informing him that Cairo Ojougboh had passed away. The family member said Ojougboh was watching the match and immediately South Africa scored

the goal, he shouted and slumped.

“All efforts to revive him were not fruitful. It was around that 3am. the family announced his death,” he added.

Onyeche said with the death of Ojougboh, Agbor has lost a voice in Nigerian politics, describing him as the number one politician in Agbor until his death.

“On behalf of the PG and members of Agbor community union where Ojougboh belongs, we sympathise with the family," he added.

Also, the Delta State Governor, Rt. Hon. Sheriff Oborevwori, has expressed grief at the passing of Ojougboh. He was 64 years.

Oborevwori, in a statement by his Chief Press Secretary, Festus Ahon, commiserated with Ojougboh's family, the people of Ika nation, Agbor Kingdom and the APC family over the demise of the renowned politician.

He noted that Ojougboh was a grassroots politician and administrator, who excelled in the various capacities he served.

According to the governor, the deceased was a thoroughbred politician whose love for his people led him to contest, and win election to represent them in the Federal House of Representatives.

The governor said: "On behalf of the government and people of Delta State, I mourn the passing of an astute and grassroots-oriented politician, Dr Cairo Ojougboh, who passed on Wednesday.

“The news of his death was shocking, given his invaluable contributions to the polity of the

state and the country at large. Until his death, he was a renowned chieftain of the All Progressives Congress, APC, in the state."

Oborevwori regretted that the deceased former federal lawmaker passed when his services were needed more, adding that he would be greatly missed.

Similarly, President of the Senate, Senator Godswill Akpabio, has described the sudden death of Ojougboh, as shocking and a huge loss to the people of the Niger Delta Region and the entire country.

This was contained in a statement by his Special Assistant on Media, Jackson Udom.

The senate president said: "The late Ojougboh as a member of the House of Representatives, contributed in no small way, his quota to the development of his people as their representative from 2003 -2007."

"Ojougboh was the true voice of the people of Agbor, who ensured were seen and heard in the national scheme of things."

Akpabio recalled the contributions of the Agbor-born politician to the development of the Niger Delta Region, when he occupied the office of the Executive Director Projects in the NDDC, while he superintended over the Ministry of Niger Delta Affairs.

He said: "On behalf of my family, the people of Akwa Ibom North West Senatorial and the Senate, I commiserate with the Ojougboh family of Agbor, the government and people of Delta State, on this painful demise of a notable and committed son of Agbor.”

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NEWS

CHEERING SUPER EAGLES TO VICTORY… L-R: Former President of the Nigeria Football Federation (NFF), Amaju Pinnick; Ogun State Governor, Prince Dapo Abiodun; CAF President, Patrice Motsepe; CEO Oando Plc, Wale Tinubu and Minister of Youth Development, Dr Jamila Ibrahim, at Bouake Stadium in Ivory Coast where Nigeria defeated South Africa to progress to the final of AFCON.

Shell Will Take FID on 350m Barrels Bonga North, Other Delayed Projects in 2024 Peter Uzoho The Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor has expressed the oil giant's determination to take the Final Investment Decision (FID) on the protracted 350 million barrels Bonga North deepwater field as well as the HI and HA gas fields in 2024.

Okunbor said the projects would benefit the Nigerian oil and gas industry and the national economy.

The Country Chair disclosed this yesterday in Abuja during the Shell Nigeria’s management meeting with

the Nigerian Content Development and Monitoring Board (NCDMB)’s management.

He, however, clarified that the planned divestment by Shell Petroleum Development Company (SPDC) would not affect any contract entered by the company, while the major projects in the pipeline, especially the gas projects would be developed under Shell Nigeria Exploration and Production Company Limited (SNEPCo).

According to a statement by the corporate communications arm of NCDMB, the oil major had come to

Three Bayelsa Communities Ask Court to Sack NDDC Chair Alex Enumah in Abuja Three communities in Bayelsa state have asked a Federal High Court in Abuja, to nullify the appointment of Mr Chiedu Ebie as Chairman of the Board of the Niger Delta Development Commission (NDDC).

They premised their request on the grounds that Ebie was wrongly appointed by President Bola Tinubu.

Also, Justice Joyce Abdulmalik has fixed March 12, for hearing, after confirming service of the suit on all respondents.

According to the plaintiffs, Ebie was not qualified to occupy the seat of Board Chairman having not come from, "the oil producing area with the highest quantum of oil production".

The plaintiffs, Chief Goodnews Gereghewei, Chief Eddy Brayei and Mr Jonah Engineyouwei, sued on behalf of themselves and Bisangbene, Agge and Amatu1 communities in Ekeremor Local Government Area of Bayelsa State.

They had had dragged Tinubu, Senate President, Attorney-General of the Federation, NDDC and Ebie as 1st to 5th respondents respectively to court over the appointment of the NDDC board chairman.

In the suit marked: FHC/ABJ/ CS/28/2024, dated and filed January 11, 2024, the plaintiffs are claiming that both Tinubu and the National Assembly contravened the NDDC Act by screening and appointing Ebie as NDDC Board Chairman.

They submitted that although the 5th defendant is from an oil producing community, "the oil produced therefrom is insufficient, thus by the provisions of the law he is unqualified for appointment as the chairman of the 4th defendant's board.

In the affidavit deposed to in support of the suit, the plaintiffs averred that Ebie's appointment "was done in error and is against the clear provisions of the law.

"That the screening and confirmation of the 5th defendant by the Nigerian Senate was also done in error and was against the clear provisions of the law.

"That as a result of the facts above and in particular the facts in paragraphs 2 - 11, the appointment of the 5th defendant is null, void and of no effect," they argued.

The plaintiffs through their lawyer, B. B. Abalaba, are therefore asking the court to determine whether the 5th defendant who is from a community with minimal oil production is qualified to be the chairman of the 4th defendant , the NDDC. Other issues raised for determination are: “Whether the appointment of the 5th defendant by the 1st defendant as the chairman of the 4th defendant is not in contravention of the NDDC Act? "Whether the appointment of the 5th defendant by the 1st defendant as the chairman of the 4th defendant is not Illegal null and void?”

seek the support of the NCDMB to achieve accelerated development of the three major oil and gas projects notably Bonga North deepwater and HI and HA, which are conventional gas projects.

He added that the SPDC divestment was a business realignment and would only affect the shareholding structure of the company, while the operations and staff would remain intact.

Speaking specifically on the new projects, Okunbor indicated that the Bonga North project would be a tie-back project that would unlock about 350 million barrels of oil equivalent and extend the life of Bonga Floating Production Storage and Offloading (FPSO) for another 15 years.

He mentioned that the company

had made appreciable progress in the plans for HI and HA projects which would supply 50 per cent of the gas required for the successful operation of the Train 7 project currently being developed by the Nigeria Liquefied Natural Gas (NLNG) Limited.

He underscored the need to develop the gas projects speedily, to avoid delaying the Train 7 operation date.

While thanking NCDMB for its support for the company’s various projects, Okunbor requested the Board to fast-track the approvals on the new projects to enable the projects to proceed to full execution.

He stated that the economics of the projects were challenging, making it imperative to carefully manage the expenditures for in-

country and out-of-country scopes of the project.

The country chair also congratulated the executive secretary of NCDMB on his appointment and conveyed the enduring support of Shell Companies in Nigeria to the delivery of the Board’s mandate and continued performance as the number one federal agency in the country.

In her comments, the Managing Director of SNEPCo, Mrs. Elohor Aiboni reiterated the company’s plan to develop the Bonga North project as fast as possible, to increase the country’s crude oil production.

In his remarks, the Executive Secretary of NCDMB, Mr. Felix Ogbe, confirmed that the board would sustain its momentum in

expeditious consideration and approvals of oil and gas projects, by meeting the timelines set by the Service Level Agreement (SLA) instituted for shortening the contracting cycle for oil and gas projects.

He charged international oil and gas companies in Nigeria to meet the thresholds set by the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in their projects, while being transparent with their project plans submitted to the Board.

He advocated that oil and gas projects should be executed with a win-win mindset, whereby NCDMB is able to meet its mandate and create opportunities for local oil service companies to get engaged and employ Nigerians.

TotalEnergies Reiterates Plan to Exit Onshore N’Delta Exxon Mobil to leave E’Guinea after nearly three decades Emmanuel Addeh in Abuja TotalEnergies is shortly expected to unveil a deal to offload its oil assets onshore Nigeria, with buyers already in place, while keeping control of gas resources in the Niger Delta, the oil firm has reiterated.

This move follows last month’s announcement by Shell to sell its Nigerian onshore subsidiary to Renaissance, a consortium of five companies based in Nigeria and one in Switzerland, for up to $2.4 billion.

The firm said that buyers were already lined up to buy the assets while natural gas will be retained, according to Upstream online.

Last year, TotalEnergies said it will put up for sale its minority stake in a Nigerian oil joint venture, joining the exodus of supermajors from onshore fields in Africa’s largest crude producer.

The French energy giant said it will look to offload its 10 per cent interest in a firm that holds 20

onshore and shallow water permits in the West African country, Chief Executive Patrick Pouyanne.

Oil majors have been selling onshore and shallow water assets to Nigerian independent producers for more than a decade.

International firms want to focus on deep-water fields away from the difficulties of operating in close proximity with local communities.

Total also operates four other onshore and shallow water licenses in Nigeria. “Disruption of local communities are sources of great concerns” in the country, TotalEnergies Chief Executive Officer, Pouyanne said at the time as reported by Bloomberg.

The other shareholders in the joint venture are the state-owned Nigerian National Petroleum Co., which holds the majority stake, and Eni SpA, which has yet to reveal if it intends to sell its interest.

Meanwhile, Exxon Mobil Corporation plans to leave Equatorial Guinea within months, marking an end to almost three

decades of oil drilling that transformed the small West African nation into an Organisation of Petroleum Exporting Countries (OPEC) member.

Exxon will transfer investments in the country to the government during the second quarter, the company said in an email. “Our focus now is on a safe handover of operations and caring for all impacted by this change,” it said.

Equatorial Guinea became one of the world’s hottest oil provinces around the turn of the century after discoveries by Mobil Corp.

Dating to the mid-1990s began to yield significant volumes of crude, Bloomberg reported.

Production boomed after Exxon’s takeover of Mobil in 1999 but over the years the coastal nation’s output has plunged more than 80 per cent as gushers dried up and foreign investment waned.

The decision to leave is “consistent with ExxonMobil’s long-term strategy,” the company said. Chief Executive Officer,

Darren Woods, has reduced capital spending around the world to focus on the fastest-growing, lowest-cost opportunities in places like Guyana and the US Permian Basin.

Equatorial Guinea’s oil boom enriched the ruling elite, including President Teodoro Obiang Nguema Mbasogo, who seized power in 1979, established political ties with the US and gave the country one of the highest rates of gross domestic product per capita in Africa.

Yet, after decades of oil production, it has some of the continent’s worst social indicators and a poor human rights record.

Exxon’s key asset is the Zafiro field, which produced more than 1 billion barrels over more than 20 years.

In 2022, Exxon announced plans to retire the field’s platform after it was shut down due to a safety incident. Before the shutdown, Exxon was pumping about 45,000 barrels a day from the field, a fraction of the 3.8 million barrels a day it produces globally.

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POLITICS

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

Chukwuma’s Political Trajectory and Quest to Govern Anambra Former National Auditor of All Progressives Congress and Pro-Chancellor of Olivia University in Bujumbura, Burundi, Sir Paul Chukwuma, recently told the story of his life and why he wants to be governor of Anambra State. David-Chyddy Eleke was there.

A

look at Sir Paul Chukwuma will leave one with the impression that he is a priest of the Catholic Church. He carries with himself the thoroughness, polished and bright look of Catholic priests. Of course, he was studying to be one, but circumstances forced him to dump the ambition.

According to him: “I was in the seminary, and had already progressed very well towards priesthood before I changed my mind. First, we were told that going into priesthood means living a life of selflessness. You won’t marry, you may also have to endure poverty, and I looked at some of these conditions and said no.

“That was how I left the seminary. I was sure I wanted to get married. I also had a vow to be rich. I’m very happy that I went to the seminary, 90 percent of what I am today is because I went to the seminary. I’m proud of that very background.

“After I left the seminary, I went to University of Nigeria, Nsukka and finished my degree.

I read Philosophy, and I graduated with first class honours. When I finished, my department retained me as a graduate assistant and then I started acknowledging another level of poverty. One of the things that pushed me out of priesthood was hatred for poverty, and here as a lecturer, I started facing poverty again, and I said no.

“Then, you will walk a very short distance and you will be seeing cars parked along the roadside. They are broken down cars, belonging to lecturers. Some were dumped because the owners could not as little as fuel them. And I started saying to myself, is this the kind of life I’m coming to face? They said they will give me a car loan, and I said no, I abandoned the job and left.

“When I went for youth service, I was posted to Benin, and I was posted to a town called Oghenevode for teaching. It was a very interior village and I started wondering if I can ever work myself out of poverty if I remained in this town. So, one day I saw a woman where Catholic corpers were holding their prayer meetings and told her I wanted to be reposted to Abuja. I didn’t know her, but she said she would see what she can do, and on the day people were being handed their posting letters, I received mine and was redeployed to Abuja. I was so happy, and I parked my bag and moved to Abuja.”

The businessman and politician said his redeployment to Abuja was the beginning of the turning around of things in his life.

He said: “Then, it was the very first set of lawmakers in the early dispensation of our political era. I was posted to National Assembly, and if you know how the National Assembly works, it is with committees of the House and Senate.

Chuba Okadigbo was still in the Senate then, and he was a great inspiration for those of us who came from this area. I met Okadigbo and I was given my primary posting.

“During my days in the seminary, I was the deputy editor of my school magazine, and later became the Editor. So I already knew one or two things about writing. In fact, the first career I was exposed to was journalism, so at the National Assembly, I was posted to one of the committees.

As a corper then, we didn’t have too much work to do. Sometimes they just assign us clerical jobs to do, but I told myself that I was far more than those clerical works, with the experiences I had already garnered.

“So, one day I came to work and saw the committee secretary preparing reports of the committee, and I approached him and told him I could help him do this report since he was busy with other things. He said the report was needed for submission on the floor of the House of Representatives the next morning, and I said yes, that I could fix it. He reluctantly left me to do it. He asked if I could use computer and I said yes and he agreed for me to do it. I finished it very late in the night, printed a copy and wrote on it asking that he could read before I make the final copy. I dropped it on his table, saved the work in the system and passworded it.

“The next morning, the man came and saw

So when they were asked to make more copies, they went to the computer and could not find it, so the man asked me if I was truly the one who wrote the letter I should prove it by taking the computer and printing more copies. I immediately took the computer and printed it. That was how the man started liking me. He lashed his staff for being unable to find a simple document on the system, and gradually I started shining.

“When the material was presented to the chairman of the committee, the members were so happy, and they said the report was excellent, that it didn’t used to be so before. They enquired to know who did the report and I was presented to the committee, and they were so happy. Some gave me cash gift of N1,000, others gave me N2,000 and so on. That was when I told myself that I had arrived Abuja. I later told the man that I can also write minutes, so henceforth, I was always brought into the committee meetings.

“This afforded me the opportunity to know a lot about governance, and also make connections.

Sometimes when there are supplies to be made, I convinced them that I can supply them, and they will give me money and I will use night bus to go to Lagos and buy things at a very cheap price and bring them to Abuja. These were small items that were given as LPO to some people and they don’t deliver. I didn’t want poverty, so I was doing these things diligently and making money. the report and said he was not sure I was the one who did it. He said it was perfect, but since I had already written on the copy, I should go

and print a fresh one and make photocopies.

The staff in the office wanted to take credit for the report, and the man tended to believe them.

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

Abuja is Good Enough Adewole Adebayo traces the history of the relocation of the capital of Nigeria from Lagos to Abuja to pre-independence agitation by former Premier of the Old Western region, Chief Obafemi Awolowo and stresses that President Bola Tinubu has constitutional power to relocate any parastatal from Abuja to any part of the country in the interest of the nation.

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here are so many uncertainties these days and Ship of State is constantly missing her anchor. Nigerians are not just questioning the credibility of one another, we are questioning the rationale of our own existence!

Life is about change and its constancy.

Yet, however much a stable entity gyrates in response to internal or external stimulus, the core ought to be stable.

Nigeria by now has a number of cores, including federalism, multiethnic and multi religious diversity and unity in that diversity.

The idea of a Federal Capital Territory in Abuja is a major core. We should all be able to accept that Abuja as a centre of unity is no longer available for debate.

Recent attempts to raise partisan skirmishes and cross swords in regional tournaments over the status of Abuja are coming at a time when statesmen and elders are absentmindedly avoiding life threatening abominations at our door steps.

I want us to rest the issue of Abuja and focus on ensuring that we have an actual government in place, willing and able to exercise authority in Nigeria and enforce its writs.

The establishment of Abuja and the relocation of the Federal Capital Territory from Lagos to Abuja was the idea and initiative of Chief Obafemi Awolowo and his Action Group who started campaigning for the relocation of the Federal Capital to an equidistant point at the centre of Nigeria.

Chief Awolowo even volunteered that if the Federal Government had no money to fund the relocation, the Western Region was prepared to make significant contributions to the cost of building the new Federal Capital and relocation of the Federal Capital from Lagos to the new Federal Capital on the condition that Lagos should be merged

with the Western Region.

This idea was opposed by the Northern People’s Congress led by Sir Ahmadu Bello and the NCNC led by Dr Nnamdi Azikiwe who both insisted that Lagos should remain the Federal Capital and no new Federal Capital Territory should be established. Awolowo’s proposals were voted down at the Lancaster House Conferences that led to the Independence Constitution of 1960.

During the military interregnum after the 1966 coups when Awolowo served under Gowon, the idea resurfaced as part of the conditions that Awolowo gave to serve under Gowon. State creation was the most prominent of Awolowo’s conditions, especially the creation of Lagos State amongst the 12 States created in 1967. However Gowon was not eager about relocating the FCT away from Lagos, but the idea remained an article of faith for the Western State political elite.

When Murtala Muhammed took over, the Western State elites, both civilian and military, prevailed on Murtala to act on the relocation

with automatic alacrity.

They provided the manpower led by Justice Akinola Aguda, Tai Solarin, Fola Alade, etc who are majorly Awoists to name Abuja because it was already mathematically preordained as the geocentre of Nigeria.

Awolowo had in 1953 originally proposed somewhere around Kafanchan.

Therefore:- Abuja was not and it is not a northern agenda or plot or conspiracy.

Tanzania, Australia, Brasil, Ivory Coast, etc have done similar relocations.

It can never be in the interest of Western Nigeria to have Lagos reinstated as the Federal Capital Territory, as this would be a monumental relapse and loss of a significant victory in a struggle that began about 80 years ago. No reasonable, thinking and sensible person in the West would wish to have the capital of Nigeria in Lagos or anywhere in the six South West States!

Abuja is a fantastic place to have the Federal Capital Territory and it should remain so. All Federal Government agencies should be headquartered in Abuja, with flexibility to operate remotely or physically in every part of Nigeria.

FCT in Abuja is not an achievement of the Northerners and it is not a legacy that the northern political elite can claim pole position to protect.

It will be unconstitutional, unwise, counterproductive and wasteful for President Bola Tinubu or any other president to even conceive the nonsensical thought of reversing the establishment of Abuja as the Federal Capital Territory.

-Adebayo, a presidential candidate in the 2023 general election, writes from Lagos NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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opinion@thisdaylive.com

www.thisdaylive.com

TRICKLE DOWN CORRUPTION AND THE MACKY SALL TRAGEDY The Senegalese president is only exploiting the continent’s prevailing political culture, contends JOSHUA J. OMOJUWA

See page 21

A CHIP OFF THE OLD BLOCK Aminu Maida is committed to steering NCC to greater heights, writes BASHIR IBRAHIM HASSAN

See page 21 EDITORIAL

TAPPING THE AGRICULTURAL PROSPECT

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Rising discontent over the negative impacts of President Bola Tinubu’s economic reforms shows the failure of his palliative measures, writes BOLAJI ADEBIYI

PANGS OF HUNGER Like alcohol, sports, especially football have the special distinction of offering relief in times of distress. If anyone is in doubt, the ongoing biennial African Cup of Nations ought to have cleared that doubt. With the nation’s Super Eagles in the competition, attention has turned away from the difficulties at home.

On Wednesday evening, major streets of the country were filled with jubilant Nigerians who celebrated the 4-2 penalty victory of the William Troost-Ekong-led national team over the Bafana Bafana of South Africa.

Days before the competition was flagged off in Abidjan, the capital of Cote d’Ivoire, the talk in town was that of hunger in the belly of many Nigerians who groaned under the harsh conditions the economic reforms of the President Bola Tinubu administration had engendered. Last weekend matters came to a boil as protesters occupied the streets of Minna and Kano, capitals of Niger and Kano States, over rising food prices.

The finals of the competition come up on Sunday. It promises to engage the attention of Nigerians for more weeks to come, particularly if Nigeria wins against fellow finalists, Cote d’Ivoire. But events earlier in the week threatened to checkmate the distraction and quickly return the nation to the substantive issue of the biting impacts of Tinubu’s economic reforms. Atiku Abubakar, presidential candidate of the Peoples Democratic Party in the 2023 general election had criticized Tinubu for not cushioning the negative effects of his reform policies, contending in a statement on Sunday that the president’s poor response to the nation’s challenges had set the stage for prolonged and deeper economic crisis.

Abubakar had been immediately rebuked

by Bayo Onanuga, presidential adviser on Information and Strategy, for spreading halftruths, arguing that the former vice-president, who he said had turned himself into opposition-in-chief, failed to take cognizance of the efforts of the Tinubu administration to turn the economy around the corner. He said the administration had embarked on comprehensive fiscal and tax policy reforms that would drive speedy recovery and spur economic growth, adding that its detractors could not stop the serious work of nationbuilding already set in motion by Tinubu.

Atiku’s searing attacks on Tinubu’s reforms would soon become all the ruling All Progressives Congress needed to accuse the opposition parties and their leaders as the instigators of the protests in Minna and Kano.

Not a few public policy watchers thought the APC reaction to the protests and widespread complaints against the rising hardships in the polity was an infantile subterfuge. How could it not have recognised that the unintended but foreseen consequences of the economic reforms were ravaging the majority of the

people who have become increasingly unable to meet their basic needs?

The APC might have misfired, not the president, who recognising the dire implications of the growing resentments around town, had directed his Chief of Staff, Femi Gbajabiamila, to gather senior government officials directly in charge of handling the economy to review the situation. So, on Monday evening, Olawale Edun, minister of Finance and Co-ordinating minister for the Economy; Abubakar Bagudu, minister for Budget and Economic Planning; Olayemi Cardoso, governor of the Central Bank; Abubakar Kyari, minister of Agriculture, and his deputy, Sabi Abdullahi; Tahir Mamman, minister of Education; Mohammed Idris, minister of Information and National Orientation; and Nuhu Ribadu, national security adviser, meet at the Presidential Villa to ruminate over the growing discontent among the populace.

Emerging from the meeting, Idris said: “The government is very concerned about what Nigerians are going through, especially what happened in Minna yesterday, and, therefore, the government is taking some action to ensure that Nigerians have some relief in terms of the availability of food on the table.” Nothing new you might say even as his colleagues, who were also summoned by the House of Representatives, toed a similar path.

Answering queries from the House on Tuesday, Edun, Bagudu, Cardoso, and Zacchaeus Adedeji, chairman of the Federal Internal Revenue Service, said Tinubu was making spirited efforts to alleviate the suffering of the people, contending that the reforms were like a corrective surgery which was bound to attract post-surgical pains. Specifically, Edun said Nigeria was economically far better than it was on 29 May 2023, noting that the country at that time had expenditures that were

wasteful and unsustainable. In turning back from that road, he pointed out, there would be dust. According to him, bold measures had been taken by the president, explaining that the gains would soon manifest even as he told the federal legislators that more palliatives and more succour were coming to augment the rising cost of living.

Bagudu, who has the responsibility for packaging the federal budget and monitoring its implementation as well as economic planning, struck a similar chord. The 2024 budget, he said, had moved the country on the right trajectory of growth with an increased emphasis on infrastructure, explaining that the estimates devote 39 per cent to capital expenditure. He told the federal lawmakers that special attention was also paid to health and education which were the enablers of growth, adding that agriculture funding had increased. He explained further that the coordinating mechanism put in place under the Minister of Finance gave confidence that Nigeria would deliver on the 2024 budget to overcome the challenges of the moment and come up with the economic growth that will carry everyone along.

These remain essentially messages of hope from the ministers of the president. It is expected. However, the substantive issue many Nigerians are grappling with is when the hope will materialise. Nigerians are understandably tired of messages of hope from their leaders and want concrete results. Recognising the hardships in the land, Tinubu in a nationwide broadcast late in July last year rolled out a series of short-term measures aimed at ameliorating the pains of his economic reforms. It included releasing 200,000 MT of grains for households; 225,000 MT of fertiliser and N200 billion for farmers to cultivate maize, rice, wheat, and cassava; N75 billion for 100,000 MSMEs; N50 billion for Nano businesses; N75 billion for manufacturers; and N100 billion for 3,000 gaspowered buses.

The widespread complaints in the land make it apparent that it is either these measures were not implemented or that they had become largely ineffective. They were bound to hit a brick wall anyway, given that they were incapable of any significant impact without their replication by the 36 states and the FCT, including their 774 local councils.

Nigerians are aware that the removal of the petrol subsidy has accrued massive fresh funds to the coffers of the federal, state, and local governments. But they are amazed that the extra funds have had no positive impacts on their lives. That is what has led to rising street protests.

Adebiyi, the executive editor of Western Post, is a member of the Editorial Board of THISDAY Newspapers

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The Senegalese president is only exploiting the continent’s prevailing political culture, contends JOSHUA J. OMOJUWA

TRICKLE DOWN CORRUPTION AND THE MACKY SALL TRAGEDY It was the 70s Jamaica where local politics and the Cold War which had filtered into it turned the country into a fertile ground for gang violence. Political strife was the norm and the violence had become widespread as the two main political parties, the ruling People’s National Party (PNP) and the Jamaica Labour Party battled for supremacy. The ruling party appeared to have the backing of the USSR as the Labour Party had the backing of the United States. The die was cast.

Even Bob Marley got caught in the insanity.

Eventually, Bob Marley — he’d have been 79 this

week — left the country on exile. About two years later in 1978, he was encouraged to return by the two rival gang leaders. Marley eventually returned to play at the One Love Peace Concert that was meant to herald a new era of peace for Jamaica.

It wasn’t to be though. Reports have it that the instruments and tools imported for the concert were used to bring in ammunition. In essence, the One Love Peace Concert became a conduit for the tools of war. No wonder the violence escalated soon after the concert. Whilst some had the good intention to bring about peace, others used that good intention to fuel war.

Good intentions are never enough. In the pursuit of good intentions, there are always bad faith players looking to undermine the agenda.

Democracy is intended to be good for the people, it has since become a tool for the benefit of a few.

This isn’t limited to Macky Sall and Senegal today.

Take countries that have no direct transport connections between their major cities other than by air? There are no superhighways, no train lines and where roads are available, they are just a network of roads, not one designed for speed and efficiency to ensure a smooth movement between two or more economic hubs.

The other tragedy is, whenever they decide to build such a superhighway, the corruption starts from the conception of the idea to the commissioning. These issues are so prevalent in some political cultures, you don’t need to set up an investigative process to see it at play, you only need to sit in the rooms where the conversations happen. It is taken for granted by most of the people involved that their individual interests supersede the national interest. Where there is a clash, the national interest suffers a setback. All under the cover of democracy.

In systems like that of the United States, politicians may be beholden to corporations.

They pass laws and block laws according to the

interest of these corporations. That said, the corporations exist as bonafide business entities that create value as goods or services. The lobbying is part and parcel of the political culture.

Elsewhere, politicians own the businesses. So, it is not abnormal to find a lawmaker making laws for an industry they play in, where the ministry they supervise in the house also gets to feed contracts to the companies sponsored by the politician. As absurd as this may look in reading, it is the norm in some political cultures – namely?

When you take a deep look at some socioeconomic and political systems, you sort of mentally resign to the fact that they cannot be salvaged. Because those with the powers to bring salvation are themselves the albatross. What then happens is that, eventually, everyone gives up on the system. The rich find an escape by seeking for pleasure and safety elsewhere and keep their capital beyond its shores. Even those who illegally feed off the riches of the country — via stealing, misappropriation, and other such crimes — store their spoils abroad. In essence, the country loses twice. Stolen from and not able to use the stolen funds in its economy.

When I was young, I used to hear this song a lot, Baale n ta’gbo, iyawo re n ta ogogoro. Ede s’ope e f’esu l’abule. Loosely translated, “The village head sells marijuana, and his wife sells strong alcoholic drinks, yet they say they want their village rid of crime.” In essence, if those who are meant to know better, speak better and do better are only seen to talk the talk when their actions clearly show they only look to feed off the commonwealth, how can they expect their subordinates to do differently? What you get is, the scale may reduce from top to bottom, but the incidence of corruption spreads through the layers of governance.

When you find yourself in such a system, what can you do? Frankly speaking? Nothing! The best you can do is to not be part of it. That said, it is like stopping at the STOP sign in a city where no one knows its use. You’d stand out like a sore thumb.

You may even be outrightly hated and vilified.

Everything happens to bend you into shape or sends you out. A friend once stopped when the traffic light showed red. Then she got slammed by the car behind. The driver came down, shouting and blaming her and asking why she stopped. In the context of the norm, he was right. Everyone moved irrespective of the colour of the traffic light, then this person – an anomaly – dared to obey the light. It took the intervention of police men who saw everything play out to get her to safety. A socio-economic and political culture where doing the right thing could land you in trouble needs to be rescued from impending doom.

Macky Sall is working to bend the Senegalese constitution into his own will. His confidence clearly comes from what he believes is the prevailing political culture on the continent. That if you successfully rig the constitution and keep yourself in power beyond your initial term limit, by hook or crook, you will get away with it. If he does not get away with it, that’s when one can say the norms are changing. Until then, we’d have to take ECOWAS and the AU by their actions.

Omojuwa is chief strategist, Alpha Reach/ author, Digital Wealth Book

Aminu Maida is committed to steering NCC to greater heights, writes BASHIR IBRAHIM HASSAN

A CHIP OFF THE OLD BLOCK :DGD 0DLGD ZDV RQH RI WKH SLOODUV RI WKH He says the government, through the media industry in Nigeria. He was Information Hon. Minister, has set the target regarding 2΀FHU DW .DGXQD 6WDWH 0LQLVWU\ RI ,QIRUPDWLRQ where he wants us to go in terms of growth and former editor-in-chief of the News Agency of and what the communications sector should 1LJHULD 1$1 +H ZDV DOVR RQH RI WKH IRXQGHUV contribute to the GDP, saying: “If we do RI WKH 7UXVW JURXS DQG FKDLU RI WKH %RDUG RI it right, it will create more jobs and more 'LUHFWRUV RI 3HRSOHV 0HGLD /LPLWHG $ IRUPHU revenue for the government and we will SUHVLGHQW RI WKH 1LJHULDQ *XLOG RI (GLWRUV WKH enable other agencies as well.” late Maida was a member of the executive board He cautions against the tendency to RI WKH ,QWHUQDWLRQDO 3UHVV ,QVWLWXWH ,3, see NCC as a revenue-yielding agency on However, this is not about the man who was DFFRXQW RI WKH RͿ F\FOH DXFWLRQV RI VSHFWUXP &KLHI 3UHVV 6HFUHWDU\ WR 0XKDPPDGX %XKDUL DV which the industry needs to grow. He says Nigeria’s military head of state in the early 1980s. ZKHQ WKRVH RͿ F\FOH HYHQWV KDSSHQ LQ RQH ,W·V DERXW KLV VRQ $PLQX 0DLGD WKH ([HFXWLYH \HDU WKH H[SHFWDWLRQ LV WKDW VXFK UHYHQXHV 9LFH &KDLUPDQ DQG &KLHI ([HFXWLYH 2΀FHU RI should accrue every year. the Nigerian Communications Commission 5HÁHFWLQJ WKH FRQVXPHU FHQWULF 1&& D SRVLWLRQ WR ZKLFK KH ZDV DSSRLQWHG commitment of NCC under his watch, he ODVW 2FWREHU E\ 3UHVLGHQW %ROD $KPHG 7LQXEX WDNHV WLPH WR HODERUDWH RQ ZKDW·V RQ RͿHU WR 0RUH VSHFLÀFDOO\ LW LV DERXW KRZ OLNH KLV IDWKHU them. “I will summarize it in this way: we KH LV FRQIURQWLQJ TXLHWO\ DQG H΀FLHQWO\ LQWULFDWH DUH ORRNLQJ WR LPSURYH WKH WRWDO TXDOLW\ RI QDWLRQDO FKDOOHQJHV H[FHSW WKDW XQOLNH KLV IDWKHU WKHLU H[SHULHQFH DQG ZKHQ ZH VD\ TXDOLW\ RI $PLQX KDV DFDGHPLF EDFNJURXQG LQ (OHFWULFDO H[SHULHQFH LW·V QRW QHFHVVDULO\ MXVW ORRNLQJ (OHFWURQLF (QJLQHHULQJ ZLWK D 3K ' IURP %DWK DW IDVWHU VSHHG FRYHUDJH EXW DOVR WKH WRWDO 8QLYHUVLW\ 8. D 0DVWHUV LQ (QJLQHHULQJ LQ TXDOLW\ RI H[SHULHQFH µ ,QIRUPDWLRQ 6\VWHPV (QJLQHHULQJ IURP ,PSHULDO He is committed to evolving a system to PHDVXUH TXDOLW\ RI VHUYLFH ´, EHW \RX DOPRVW HYHU\ERG\ LV XVLQJ D GXDO RU D PXOWLSOH VLP SKRQH QRW EHFDXVH ZH ZDQW EXW EHFDXVH RI the need to stay connected. This is our way of staying connected, if this one is not working, WKH RWKHU RQH ZLOO ZRUN 6R ZH QHHG WR ÀQG a way to make it easier for consumers to GHFLGH ZKLFK QHWZRUNV RU VHUYLFH SURYLGHUV they should use.”

How will NCC achieve a data-centric DSSURDFK" +H VD\V ´7RGD\ WKH FRPPLVVLRQ collects a lot of data, but how do we use WKDW GDWD KRZ GR ZH SUHVHQW WKDW GDWD" :H SUHVHQW GDWD VRPHWLPHV DW WKH QDWLRQDO College London, as well as a Post Graduate OHYHO EXW WUXO\ VRPH RI WKH SUREOHPV DUH 'LSORPD LQ (QWUHSUHQHXUVKLS IURP &DPEULGJH local, and I doubt if this data is available at -XGJH %XVLQHVV 6FKRRO the local government or zonal levels. So, we ,Q D UHFHQW LQWHUDFWLRQ ZLWK WKH WRS HFKHORQ DUH ORRNLQJ DW PRYLQJ WR D SODFH ZKHUHE\ of the Nigerian media at the Marriott Hotel, we can start looking at data, maybe at /DJRV $PLQX LPSUHVVHG WKH DXGLHQFH ZLWK local government levels, so that when we KLV FRQÀGHQFH DQG PDVWHU\ RI WKH LVVXHV WKDW are looking at issues, we can localize them KH ZDQWV WR DGGUHVV LQ KLV SRVLWLRQ YLV j YLV LQVWHDG RI IRFXVLQJ RQ SHUIRUPDQFH RI WKH the challenges in the communications sector of industry at the national level.” This, he WKH QDWLRQ·V HFRQRP\ +H LV DGGUHVVLQJ ´VLPSOH says, will enable NCC to “start holding our WKLQJV OLNH WKH 6,0 UHJLVWUDWLRQ SURFHVV KRZ licensees accountable.”

ZH OLQN RXU 1,1 WR 6,0V HVSHFLDOO\ ZLWK WKH 1&& LV DOVR SOD\LQJ D PHGLDWLQJ UROH younger generation who do not have the level EHWZHHQ FRPSHWLQJ VHUYLFH SURYLGHUV RI SDWLHQFH WKDW ZH KDYH µ EHFDXVH KH FRQFHGHV H[DPSOH EHLQJ WKH LVVXH RI GLVFRQQHFWLRQ WKDW ´WKLV NLQG RI WKLQJ LV YHU\ LPSRUWDQW IRU between MTN and GLO dating back to 2009, them; they just want to get things done.” More which Aminu describes as a “commercial than these, however, he is also looking at the GLVSXWHµ EXW RQH WKDW ´LW V QRW VRPHWKLQJ ZH ELJ SLFWXUH ´, WKLQN WKHUH LV D ORW WKDW ZH FDQ GR FDQ VK\ DZD\ IURP ,W V LQ WKH QHZV DQG ERWK better. So, using the right regulatory framework, VLGHV KDYH XVHG WKH PHGLD WR LQÁXHQFH WKH we can change things.” He has already SXEOLF WR PDNH MXGJPHQW LQ WKHLU IDYRU EXW LGHQWLÀHG VRPH DUHDV LQ FRQVRQDQFH ZLWK WKH DW WKH HQG RI WKH GD\ WKHUH V DQ DJUHHPHQW µ Minister of Communications, Innovation and +H LQVLVWV WKDW HDFK SDUW\ LV REOLJHG WR 'LJLWDO (FRQRP\ 'U %RVXQ 7LMDQL LQ WKH VHFWRU UHVSHFW WKH WHUPV RI DJUHHPHQW WKDW KDV 2Q KLV SDUW VLQFH KLV DVVXPSWLRQ RI R΀FH EHHQ UHDFKHG :KHUH D SDUW\ UHQHJHV RQ WKLV LW·V EHHQ ´REVHUYDWLRQ IDFW ÀQGLQJ HQJDJLQJ agreement, he says, this will trigger the need key stakeholders in a very silent way and also IRU 1&& WR HQIRUFH GLVFLSOLQH WU\LQJ WR IHHO WKH SXOVH RI WKH SHRSOH LQ WHUPV RI +H V DOVR PLQGIXO RI WKH LQWHUHVW RI WKH ZKDW WKH\ ZDQW DQG RI FRXUVH LQ WHUPV RI SROLF\ FRQVXPHUV ² LI WKH\ FDQ DͿRUG PRUH WKDQ direction. My Honourable Minister has done the one SIM now, can they in the future when, ZRUN IRU XV +H UHOHDVHG D VWUDWHJLF EOXHSULQW SXWWLQJ LQWR FRQVLGHUDWLRQ WKH OLNHOLKRRG RI DOPRVW LPPHGLDWHO\ XSRQ DVVXPSWLRQ RI GXWLHV increase of cost of obtaining and maintaining So, for me, what I have to do is very clear, what WKHP DV FRXOG EH GLFWDWHG E\ YDULRXV IDFWRUV" I have to achieve is very clear and I have a clear +H VD\V 1&& LV GHWHUPLQHG WR SOD\ WKH direction.”

HͿHFWLYH UHJXODWRU UROH %XW KH VD\V KH·OO At the forum, he made very clear distinctions QRW ´SURPLVH WKDW , P JRLQJ WR VROYH DOO WKH EHWZHHQ WKH UROHV RI WKH WKUHH JURXSV RI SUREOHPV DQG Á\ D URFNHW WR -XSLWHU stakeholders within our industry -- the JRYHUQPHQW WKDW VHWV WKH SROLF\ GLUHFWLRQ WKH Hassan industry, and the consumers. writes from Lagos

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EDITORIAL

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

TAPPING THE AGRICULTURAL PROSPECT Agriculture could generate enormous wealth if given adequate attention

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he prevailing economic downturn has worsted the capacity of Nigerians so much so that necessities of life, including food and healthcare are becoming luxuries.

Available statistics paint a dire situation of millions of idle youths condemned to the street corner and economically inactive. A combination of sustained negative economic growth and an uncontrolled demographic bulge has put the FRXQWU\ LQ D YHU\ GL΀FXOW DQG SRWHQWLDOO\ H[SORVLYH situation. Unfortunately, the response from the government to these challenges remains incoherent.

This is therefore time for the administration of 3UHVLGHQW %ROD 7LQXEX WR JLYH SUDFWLFDO HͿHFW WR WKH PXFK WDONHG DERXW GLYHUVLÀFDWLRQ RI WKH HFRQRP\ from oil to agriculture.

A former European Union (EU) ambassador to Nigeria and Economic Community of West African States (ECOWAS), Ms Samuela Isopi, once spoke to the “shockwaves already being felt on fuel, fertilisers and food prices,” even before the current crisis occasioned by the removal of petrol subsidy and merging of the Naira exchange rates.

“Nigeria’s new economy should be focused on ÀQGLQJ D SDWK WKURXJK GL΀FXOW WHUUDLQ LGHQWLI\LQJ opportunities and adopting a sustainable business approach,” she had admonished with little sign that anybody was paying attention.

Unfortunately, even in these moments, there is no real commitment to the agricultural sector which nonetheless still contributes the bulk of the Gross Domestic Product (GDP) in the country. We are particularly worried that Nigeria continues to neglect cash crops like cocoa, oil palm and groundnuts, which for years constituted the mainstay of the country’s economy. In the early 1960s, Nigeria’s palm oil production accounted for 43 per cent of the world production, but nowadays it accounts for less than seven per cent of global output, with most of the production coming from dispersed smallholders.

0HDQZKLOH 0DOD\VLD ZKLFK VRXUFHG LWV ÀUVW RLO

palm seed from Nigeria, is the world’s second largest producer.

The case of cocoa is lamentable because Nigeria used WR UDQN DPRQJ WKH ÀUVW ÀYH ODUJHVW SURGXFHUV EHIRUH the neglect. Nigeria’s coca production which peaked at around 400,000 tonnes a year in the 1970s now DFFRXQWV IRU IDU OHVV 7KLV LV GHVSLWH WKH EHVW HͿRUWV RI the National Cocoa Development Committee (NCDC) WR UHKDELOLWDWH ROG ÀUPV VXSSO\ KHDYLO\ VXEVLGLVHG agro-chemicals, start new plantations or replant aged ones with high-yield trees, and promote the local consumption of cocoa-based products to boost prices.

Also, the famous groundnut pyramids, which hallmarked the groundnut boom in the 1970s started disappearing with the discovery of oil. Not even the establishment of the African Groundnut Council under the aegis of the African Union to promote the production, consumption and exportation of groundnut oil in six countries of Africa including Nigeria, has helped matters. Like the case of oil palm, groundnut production is done today mostly by small holders. Worse, the largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now imports most of its food products. Even with all the arable land, Nigeria is now a nation that cannot feed its people.

Because of this neglect, the economy is sadly over-dependent on the oil sector, which provides less than 25 per cent of GDP, despite accounting for more than 90 per cent of foreign exchange earnings, and about 65 per cent of government revenues. Oil has also created a culture of fast money through government patronage and corruption. We therefore urge government to demonstrate more seriousness in diversifying the economy from oil to other sectors capable of putting millions of our young people to work. For this to work, it would take a collaboration between the federal government and authorities in the 36 states. But President Tinubu will have to lead the charge.

We urge government to demonstrate more seriousness in diversifying the economy from oil to other sectors capable of putting millions of our young people to work T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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

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

LETTERS FCTA: CVIL SERVANTS WAITING FOR ‘GODOT’ It was a sigh of relief for civil servants in the FCT Administration (FCTA) when on 18th July 2018 Vice President Yemi Osinbajo, then Ag. President, assented to the Federal Capital Territory Civil Service Commission Bill, making it an act of parliament.

The announcement of that singular assent created a glimpse of hope for those whose careers have either been stunted or hopes of career progression dashed. The existing arrangement prior to that assent meant that no civil servant in the FCTA could rise above grade level 17 which is that of a Director in the Federal Civil Service system.

Civil servants in the FCTA were removed from enjoying directO\ IURP SURPRWLRQV DQG RWKHU VXQGU\ EHQHÀWV IURP WKH )HGHUDO Civil Service Commission after the implementation of Order 1, of 2004 which changed the then Ministry of Federal Capital Territory (MFCT) to Federal Capital Territory Administration (FCTA).

What is worse in this whole name changing is that, there has been no agency for the recruitment, discipline and promotion of the FCT Civil Servants, the closest contraption on ground is the Human Resources Department which is headed by a Director.

Another shortcoming the change brought going forward was that civil and public servants of the FCT are not listed by the Federal Civil Service Commission.

Despite this lacuna, since 2004 the Head of the Civil Service of the Federation (HCSF) has been posting Permanent Secretary to the FCT even as the Federal Civil Service Commission hasn’t been dealing with the civil servants there as a place where directors or the Head of the human resources department can regularly supply candidates for promotion to the prestigious consolidated salary cadre of Permanent Secretary or even Head of the Civil 6HUYLFH 7KLV KDV SK\VLFDOO\ DQG HPRWLRQDOO\ DͿHFWHG WKH PLQG set and productivity of an average civil servant in the FCTA. Thus, FCTA public servants have been sad that they have also lost their “revered” seniority status even to their juniors at the Federal level which operate under the Federal Civil Service Commission; this has resulted in complex administrative confusion, DYRLGDEOH ELFNHULQJ GHVSDLU ORVV RI IDLWK DQG FRQÀGHQFH LQ WKH system.

This development is even more worrisome as their peers in other ministries who are operating under the Federal Civil Service Commission can be promoted to become Permanent Secretary and be posted to the FCTA to now become superiors to those senior to them in the civil service because their condition of service allows them to become permanent secretaries.

So one can imagine the joy and excitement the news of the as-

sent to the Federal Capital Territory Civil Service Commission Act 2018 would bring, unfortunately that joy and excitement later became like “Waiting for Godot”. For those not in the literary world of word weaving, waiting for Godot is the title of a play by an Irish writer Samuel Beckett about two men, Vladimir(Didi) and Estragon (Gogo) engage in variety of discussions and encounters, waiting for a third man the titular Godot, who never arrives.

The excitement of civil servants in the FCT when the current Minister of the FCT Nyesom Wike announced the approval by President Bola Ahmed Tinubu for the implementation of the FCT &LYLO 6HUYLFH &RPPLVVLRQ DIWHU PRUH WKDQ ÀYH \HDUV E\ FLYLO VHUvants in the FCT Administration knew no bound as it was perceived and seen as the light at the end of the long dark tunnel.

The approval as communicated by the Minister follows the enactment of the Civil Service (Establishment) Act in 2018, which allows for creating a commission responsible for appointing, promoting, disciplining, and transferring civil servants within the Civil Service of the Federal Capital Territory, Abuja.

Festus Fifen, Abuja

T H I S D AY ˾ FRIDAY, FEBRUARY 9, 2024

23

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

F E B R U A R Y

S & P INDEX

8 , 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%

PMI Report: Backlogs of Work Accumulate as Firms Face Difficulties in Paying Staff Wages Dike Onwuamaeze The Purchasing Manager Index (PMI) report of the Stanbic IBTC Plc for the month of January has stated that backlogs of work accumulated during the month under review as firms in the private sector of the Nigerian economy struggled to pay their staff wages.

The report also stated that the volume of employment declined in the manufacturing and agriculture, adding that overall input cost pressures were most pronounced in the manufacturing sector.

According to the PMI: “The recovery in the Nigerian private sector gathered momentum at the start of 2024, with rates of expansion in output and new orders accelerating sharply.

“Purchasing activity also expanded markedly, but difficulties paying staff meant that the rate of job creation eased, contributing to a rise in backlogs of work.

Meanwhile, rates of inflation remained elevated but softened from December.”

The report said companies posted a solid increase in staff costs in January, with the rate of inflation broadly in line with that seen in December. According to respondents, wages were often raised in order to help employees with higher living costs, with transportation mentioned in particular.

It, however, stated that, “employment increased in the

services, wholesale and retail categories, but decreased in manufacturing and agriculture,” adding that “a combination of recovering new order volumes and slower job creation meant that backlogs of work accumulated in January, the second month running in which this has been the case.

Outstanding business rose slightly, but to a greater extent than in December.”

The report further stated that there were further signs in January that the rate of overall input price inflation has peaked as the pace of increase eased for the third month running and was the softest since June last year.

It added, “The latest rise in input costs was still among the fastest on record; however, as close to 55 per cent of respondents posted an increase. Overall input cost pressures were most pronounced in the manufacturing sector.”

The report said output prices also increased during the month under review due to the pass through effect of higher input costs to customers, which resulted in a further sharp increase in output prices in January.

“Also in line with the picture for input prices, however, the rate of charge inflation eased and was the slowest since May last year.

Selling prices rose most quickly in the wholesale & retail and manufacturing categories,” the report said.

It added that purchase prices

were still up rapidly at the start of the year, due to currency weakness and higher prices for fuel and raw materials.

Commenting on the report, the Head of Equity Research West Africa at Stanbic IBTC Bank, Mr. Muyiwa Oni, said that the recovery in the Nigerian private sector gathered momentum at the start of 2024, with rates of expansion in output and new orders accelerating sharply.

Oni said: “The headline PMI rose to 54.5 in January from 52.7 in December, above the 50.0 no-change mark for the second month running and signaling a solid improvement in the health of the private sector. In fact, the strengthening of business conditions was the most pronounced in just over a year.

“The recovery in new orders which began in December gathered momentum in January amid reports from panelists of strengthening demand. New business increased sharply, and to the largest degree since April 2022.

“Business activity also rose for the second successive month in January and at the fastest pace in 21 months. All four broad sectors covered by the survey posted improvements in output.”

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

Airlines May Face More Operational Challenges over Aviation Fuel Price Increase Chinedu Eze Nigerian airline operators warned that they may face more hurdles, following the recent increase in the cost of aviation fuel from N900 to N1, 300 per litre.

The operators said air travellers were already complaining bitterly about the current airfare that is compelling many of them to seek for alternative means of transportation.

Airline operators said that if they dare increase fares in response to the increase in aviation price, passenger traffic would drastically drop and airlines would be flying empty, which will lead to heavy losses and bankruptcy.

A senior official of one of the major airlines told THISDAY that some Nigerian carriers may be forced to close operations because they cannot meet financial obligations in their operations.

He said that fares have relatively

come down because of competition but with the increase in aviation fuel, inevitably fares would still go up, stressing that airlines that cannot carry the burden will definitely go down.

“Passengers’ number went down a lot in January, forcing airlines to reduce their fares to become competitive. The operating environment has become tougher.

Jet fuel is N1200 in Lagos, but N1300 in Abuja,” he said.

The CEO of Cleanserve Energy, an oil marketing company, and former Managing Director of Arik Air, Chris Ndulue, told THISDAY that scarcity of aviation fuel resurfaced because those who import the product felt that soon the Dangote Refinery would start operation and the prices of the product will become lower, which will eliminate their profit margin because imported fuel would cost more than the product refined locally.

He said what exacerbated the situation was the fact that Naira has further depreciated; “so, importers of the product would expectedly sell at higher prices.”

“The importers did not want to import in January because of the expected local refining of aviation fuel which will bring the price down because there will be no port charges and no cost for moving the product with a vessel into the country. With the expectation that Nigeria will sell locally refined fuel products, the importers did not want to bring cargo because they created a situation that out of caution, nobody wanted to import the product, hence the current scarcity that has upped the price. This is not helped by further depreciation of the naira.

This means that if you import you might lose your investment,” he said.

Ndulue also said the situation

remained tricky because of the uncertainty created by prevalent situation where everyone is hoping that soon Nigeria will start refining its fuel. So, it is this undersupply that has caused the scarcity of the product, Ndulue said.

Another industry observer who spoke to THISDAY stated that before Buhari left office, Dangote Refinery was unveiled and there were promises that the company would start producing between August and December last year and this did not happen and no one is sure now when the refinery will start producing.

“However, there are indications that the refinery will not start operating soon so it is expected that some people will start importing the product, as there is uncertainty surrounding when the refinery to begin operations. With what they are doing with the supply of crude oil to Dangote and Dangote

importing crude from the US, there is definitely uncertainty about the whole thing.

“So, importers may start importing to end the current scarcity of aviation fuel. There would not have been any problem with the devaluation of our currency if we are major exporters because it will bring down the prices of the goods we export. But it is not so. Japan, China devalued their currency because they are major exporters. But our own devaluation has brought hardship and high cost of imported fuel products. In fact, we have penchant for importing things. Now that we have local refinery, we obviously will stop importation, but Dangote is now importing crude oil from the US for refining. So, any point in time Nigeria is importing something. It is really ironical that Nigeria, which is a major producer of crude oil is importing crude from US to refine in its refinery,” he said.

A protocol officer at the airport told THISDAY that prices of tickets have not totally come down because the demand is still high since the roads are not safe due to kidnapping and other forms of insecurity.

He said the lowest fares still hover around N80, 000 to N90, 000 and still graduated to N125, N175 to N250, 000, “but when it goes to N175 you know you are paying for business class ticket and as long as the roads are bad with kidnapping on the increase, Nigerians who can afford it will still travel by air.

However, one of the airlines spokesman told THISDAY that while there is competition, which is driving down the fares, limited seats are also driving up the fares because many airlines are losing their aircraft to aircraft on ground (AOG), which has depleted available seats.

The story continues online on

www.thisdaylive.com

M A R K E T D ATA A S AT T H U R S D AY, F E B R U A R Y 8 , 2 0 2 4 BONDS Change Updated Time DESCRIPTION Price Yield (%) January ^13.53 23101.49 12.09 -0.01 18, 2024 MAR-2025 ^12.50 22January 99.40 12.85 0.01 18, JAN-2026 2024 ^16.2884 17January 109.01 12.72 0,00 MAR-2027 18, 2024 ^13.98 23January 101.63 13.44 0,00 FEB-2028 18, 2024 ^14.55 26January 101.40 14.15 0,00 18, APR-2029 2024

BILLS MATURITY

Discount Yield

Change (%) Updated Time

MATURITY

RMBL CP VI 31-JAN-24 CRSL CP II 18-FEB-24

6.52

6.54

January 0.00 18, 2024

8.97

9.04

January 0.00 18, 2024

10.37

10.50

January 0.00 18, 2024

RMBL CP VI 31-JAN-24 CRSL CP II 18-FEB-24

7.79

7.89

January 0.00 18, 2024

8.94

January 0.00 18, 2024

FLOURMILLS CP III 29-FEB-24

UACN CP VI 19-MAR-24 LFZC CP IV 16-APR-24

8.75

OTC F X F U T U R E S

CPS

FLOURMILLS CP III 29-FEB-24

UACN CP VI 19-MAR-24 LFZC CP IV 16-APR-24

Discount Yield 6.52

6.54

8.97

9.04

10.37

10.50

7.79

7.89

8.75

8.94

Change (%)

Updated Time

January 0.00 18, 2024 January 0.00 18, 2024 January 0.00 18, 2024 January 0.00 18, 2024 January 0.00 18, 2024

CONTRACT TENOR Contract (MONTH) 13

13M

14

14M

15

15M

16

16M

17

17M

Current Rate ($/₦)

Updated Time

NGUS JAN 29 2025 NGUS FEB 26 2025 NGUS MAR 26 2025 NGUS APR 30 2025 NGUS MAY 28 2025

January 18, 2024 January 18, 2024 January 18, 2024 January 18, 2024 January 18, 2024

T H I S D AY ˾ FRIDAY, FEBRUARY 9, 2024

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BUSINESSWORLD

MARITIME

As NPA Moves to Commence 24-hours Port Operation To improve Nigerian ports efficiency and competitiveness among its contemporaries in West and Central Africa, the Nigerian Ports Authority and the Nigeria Customs Service, will soon commence 24- hours Ports operation, a development described by stakeholders as the game changer. Eromosele Abiodun writes

B

inspection to a particular Port unannounced to see our operations, to see Customs processing, declarations but you know like I have always said you cannot clap with one hand so when we process and release, terminal operators must be there to load the containers, the people at the gate must be there to open the gates, the shipping companies to do TDO and things like that.

“So, we have to start somewhere even if it means taking a port to run a pilot if that is the route we want to take but somehow, this is the only way in which we can start making mistakes, correct them and then we move forward, ”he stated.

etween 2017 and 2020, it was estimated that Nigeria lost over N38.4 trillion due to lack of 24-hour port operations. This means port economy was losing a whooping N9.6 trillion annually, N800 billion monthly and N200 billion weekly.

To address this, the federal government four years ago, announced an Executive Order for 24-hour operations at the Apapa port and banned touting by officials or unofficial persons at any port; be it air, land, and seaports in the country, the intention of the government was to enhance trade facilitation.

As part of the measures, the government directed its agencies present at the Ports to harmonise their operations in 60 days, into one single interface station domiciled in one location in the port implemented by a single joint task force at all times, without prejudice to necessary backend procedures.

According to the executive order, the new single interface station at each port, “Shall capture, track and record information on all goods arriving and departing from Nigeria and remit captured information to the head of the MDA and the head of the National Bureau of Statistics (NBS) on a weekly basis.’’

Some of the advantages of 24-hours port operation include; low incidence of congestion and low level of delay associated with clearance of goods. Under a 24-hour port operation system, people making payment should be able to make their payment even at night to the banks.

NPA’S AUDACIOUS MOVE

To make this a reality, the Nigerian Ports Authority (NPA) and the Nigeria Customs Service (NCS), have unanimously agreed to revive and begin implementation of 24hrs port operations at the nation’s seaports.

The policy, when reintroduced, will drive up efficiency of the port, improve ease of doing business, Port competitiveness and as well decongest the seaports.

Though, there have been challenges identified with the 24 hours policy, stakeholders, especially, operators and regulators have described the challenges as surmountable.

For instance, the NPA said it is working with the Lagos State government and the Nigeria Police, to create an enabling environment for 24 hours port operation to thrive.

In a chat with newsmen in Lagos, the Managing Director of the NPA, Mohammed Bello-Koko, stated that while the Lagos State government is working to provide illumination along the port access road, the authority is working to illuminate the port premises.

According to him, “On 24hrs port operations, we need Customs officers to be working on shifts where we can have cargo clearance and be discharged into the night and for 24 hours. Also, we need the shipping lines and the terminal operators and security agencies to be on their toes for 24 hours so we are working out those modalities.

“The Customs Comptroller General, Bashir Adewale Adeniyi, is quite supportive to increase trade facilitation, make the port

CLEARING AGENTS EXPRESS READINESS

Bello-Koko

more competitive and also ensure that the cost of doing business in the port is reduced. He has worked with us that the export desk is working properly and we have seen a great increase in the quantity of Cargoes in terms of export.

“On security for 24 hours port operations, we are working with Lagos State government, not only to decongest outside the Ports, but also to provide security and to ensure that when you bring cargo out at night there is safety. Lagos State is working to provide illumination along the Port because when the lights are up on the road, it means you reduce the number of people that will create havoc. We are also ensuring that within the port premises we provide illumination that is to work within the port.”

The NPA helmsman disclosed that the Nigeria Police has also been brought into providing security because the federal government is serious about port efficiency and increasing productivity.

“We discussed with the Nigerian police and I know that we have Marine police that are operating within the port. The FG is serious about improving port efficiency and increasing it and I believe this government will do whatever it is to achieve it. Very soon we will see the police brought into this because the Lagos State government is playing a key role

“On security for 24 hours port operations, we are working with Lagos State government, not only to decongest outside the Ports, but also to provide security and to ensure that when you bring cargo out at night there is safety. Lagos State is working to provide illumination along the Port because when the lights are up on the road, it means you reduce the number of people that will create havoc. We are also ensuring that within the port premises we provide illumination that is to work within the port.”

in providing security along the port corridor, ”he ended.

NIGERIA CUSTOMS BACKS NPA

Apart from the Nigeria Police, the Nigeria Customs Service has said it is in support of the move to actuallise 24-hour port operation.

The Comptroller General of Customs, Bashir Adewale Adeniyi, in a chat with journalists recently, said the NCS is fully supporting the NPA’s quest for 24hours ports operation saying one of the seaports would be used as a pilot test for the operation.

The NCS boss pledged the service commitment but stressed the need foe a round the clock security for other ancillary service providers to key into the operations.

“I am happy that you made reference to the effort of my controllers in the ports I was discussing with one of them on the issue of 24 hour operations in the port. For those who have been in this environment for quite some time, they will remember that we have actually tried this some 10-15 years ago but we had some issues, some challenges and people said there is a need for security around the port area for the banks to operate.

“We need to maintain round the clock protection and things like that but I believe that we must have to start one way. We must have to start in a way because if we do not make any trial, how do we know we failed.

“Before we started the Concessioning of the ports in 2005-2006, there were lots of glitches but gradually we started overcoming them. Also, the automation of Customs procedures started with a lot of glitches and now we have perfected them. We have automated virtually all the business processes in Customs and we are still trying to go beyond that, so let us take on board those expected challenges that we have if we start 24 hour operations.

“I will pledge Customs commitment to it and like I told the Controller that on one of those nights, I will lead Customs

Also, clearing agents under the aegis of Association of Nigerian Licensed Customs Agents (ANLCA), have expressed readiness to key into 24hours Port operations.

Speaking, the Vice President, Segun Oduntan, stated that the association will give assistance to the authorities to achieve the feat in the nation’s seaports.

“We are going to talk to our members and tell our people that there’s a new solution that is in town. I hear that part of the complaint against Customs night operations is that our people are not coming. ANLCA being the foremost association, we are ready to buy into and give assistance to the Tin Can Island command. You are starting this now, and you are like in the Pilot Phase, definitely, all others will follow suit, ”Oduntan stated Also speaking, a clear agent, Chukwuma Onyeka, stated that with efforts geared towards the attainment of 24 hour port operation, the nation’s ports will be the better for it According to him, the efficiency and effectiveness of the port will rise, even as he said the ship turn around time and cargo dwell time will improve.

Onyeka, also stated that the already congested Tin-Can Island and Apapa ports will be decongested.

He added, “Cargo clearance processes will now be all round the clock. The situation where port officials close for the day in the evening, thus leading to jobs being shifted to the next day, will no longer be tolerated.

Customs and other agencies of government operating inside the ports will now run shifts to ensure port operations continue non-stop.

“Also, shipping companies will now have reduced turn around time as shipping services will continue all through day and night, thereby reducing vessel turn-around time and also leading to a reduction in the cost of doing business at the nations ports.”

Stressing the need for 24 hours port operation, the Customs Area Controller, Tin Can Island command of the NCS, Compt.

Dera Nnadi, stated that Nigerian Ports are supposed to operate 24hours just like other ports of the world.

“The world does not sleep. When they’re sleeping in Nigeria, somebody in China is loading container. When China is sleeping, Europe and America is awake loading containers. So, it behooves on us to also be awake 24 hours to receive and to exit these containers.

“In Nigeria, certain aspect of the ship side operation is 24 hours. Certain aspects of Customs work like enforcement and gate operation is 24 hours. Boarding is 24 hours.

But the nation has not or is yet to attain the level where basic operations like delivery of import loading cargo is achieved in the night.

“We had to scan containers in the night, rather than close offices, usually by 4.30pm or 5.30pm time, we need to extend it into the night, we tried that and it worked, so we decided to extend it further.

“The first day we started, we scanned 56 containers. We said since it worked, we scanned up till 2 a.m. Before we stopped.

Now, let those who enforce delivery of cargo outside the port work overnight too. We have started it, and it is working, “he said.

25

FRIDAY, FEBRUARY 9, 2024 ˾ T H I S D AY

BUSINESSWORLD

AIR WATCH

A I R WATCH FAAN Urged to Explore Solar Energy at Airports Chinedu Eze With the perennial power outage at the nation’s airports, the Federal Airports Authority of Nigeria (FAAN) has been urged to explore solar energy as alternative means of power supply.

Last week FAAN and Nigeria were scandalised because during the peak period when many airlines were boarding their passengers there was power cut that left everyone in darkness.

This has prompted a call for FAAN to migrate to solar energy as a more reliable and cheaper source of power by stakeholders who said that many airports in the world have embraced solar power as major source of energy.

In an article he wrote about how some airports are developing solar energy to power their facilities, Andrew Tunnicliffe, an engineer with the Transport of London, said there were more than 100 airports that made use of solar power generation in some way and these include both small and large airports, adding that solar power is fast becoming the next big thing in airport infrastructure.

The Nigerian Airspace Management Agency (NAMA), recently hinted that it is developing solar power, which it would

use at its outstations because it is becoming increasingly difficult to finance generating sets for power supply to its outside facilities located in different parts of the country due to high cost of fuel products.

But FAAN is yet to key into such project to reduce the cost of power generation and also to provide uninterrupted power to its airports. Globally, airports that have completed the establishment of solar power or at the verge of competing such project include Melbourne Airport, Australia, Cochin International Airport, India, Kuala Lumpur International Airport, Malaysia, Chattanooga International Airport, US, Minneapolis-St. Paul International Airport, US and Darwin International Airport, Australia. Such alternative source of energy will expectedly end intermittent power cut that is prevalent to all the airports managed by FAAN. Last week aviation industry stakeholders excoriated FAAN for the incessant power outage at the nation’s airports, especially at the Murtala Muhammed International Airport (MMIA), Lagos, insisting that the Federal Airports Authority of Nigeria must compensate airlines, handling companies and others who use the airport facilities and pay rent and utility bills to the agency.

The stakeholders referred to a viral video which showed the moment international terminal of the Lagos airport was plunged into darkness due to sudden power cut.

The blackout which was reported to have lasted for three minutes, happened on Friday night, February 2, 2024, causing panic among passengers who were forced to continue their check-in using light from their mobile phones.

Reacting to the video in an official statement, FAAN said that the outage occurred during the process of switching power sources after losing electricity from the national grid, but stakeholders in the industry flayed the agency for not being proactive and ensuring that there was standby power supply in a situation where there was blackout.

Secretary General of Aviation Round Table (ART) Mr. Olumide Ohunayo observed that when natural or unnatural issues occur, outages are expected but when they happen, things should be put in place to mitigate its effect on passengers.

“Most outages bring total darkness and I would expect that when that happens, there should be standby bulbs that come on when everywhere goes dark to mitigate the effect. I am also not happy with

the response from FAAN. Rather than be defensive, they should apologise for the inconvenience caused, because they have charged each passenger $100 and that is N140, 000 for using the airport. So, when there is an outage and you come out to start defending your actions, it is insulting. I don’t know how you can be confident to face the public who use your airport which is the most expensive in Africa. Apology should come before defense,” Ohunayo said.

FAAN has recorded too many incidents of power outage at the Lagos airport, which processes over 60 per cent of passenger throughout and is the busiest airport in the country.

Power cuts were frequent during the construction of the second international terminal at the airport because of the movement of underground cables, but the situation improved after that; yet the terminal still records occasional power outage.

Aviation security expert, John Ojikutu, said there should be consequences for FAAN anytime there is blackout at any airport. He said the Authority should be made to pay compensation to airlines and other services providers affected by the outages.

“Let there be consequences on the services providers. Let the services providers pay due compensation

to those whose operations are disrupted by their services. Let the NCAA enforce regulations on failures or negligence of the critical services providers, especially on power supply. That is one major reason why FAAN cannot remain the provider of the major services for all the operators.

Government should concession all the non-aeronautical services at the

airports and return the aeronautical services to the Nigerian Airspace Management Agency (NAMA).

Make FAAN a holding company on the concessioned facilities and these should include passengers and cargo terminals, car parks, toll gates, land areas power supply, while runways, taxiways and their associated lightings should go to NAMA,” Ojikutu said.

26

FRIDAY, FEBRUARY 9, 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 07Feb-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 357.63 357.63 19.00% Afrinvest Plutus Fund 100.00 100.00 10.14% Nigeria International Debt Fund 330.57 330.57 1.17% Afrinvest Dollar Fund 108.44 108.44 0.64% 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 13.23% AIICO Balanced Fund 5.59 5.71 10.04% 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 240.10 242.61 23.94% Anchoria Fixed Income Fund 1.24 1.24 -2.70% 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 39.07 40.25 27.89% ARM Discovery Balanced Fund 786.14 809.84 18.67% ARM Ethical Fund 64.43 66.38 18.16% ARM Eurobond Fund ($) 1.11 1.11 2.62% ARM Fixed Income Fund 1.10 1.10 11.43% ARM Money Market Fund 1.00 1.00 9.99% ARM Short Term Bond Fund 1.01 1.01 8.69% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.05 108.05 430.00% AVA GAM Fixed Income Naira Fund 1,140.19 1,140.19 194.00% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn 2.26 2.26 9.92% CEAT Fixed Income Fund 3.71 3.81 175.81% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.02 1.02 7.64% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 0.00% Paramount Equity Fund 27.5840287 28.2087403 10.44% Women's Investment Fund 226.78 229.85 10.56% CHD Nigeria Bond Fund 99.56 99.56 10.22% CHD Nigeria Dollar Income Fund 1.02 1.02 9.47% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.91% Cordros Milestone Fund 180.32 181.58 4.25% Cordros Fixed Income Fund 108.61 108.61 10.04% Cordros Halal Fixed Income Fund 110.34 110.34 8.41% Cordros Dollar Fund ($) 115.15 115.15 6.27% 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 1.00 1.00 10.36% Coronation Balanced Fund 1.62 1.63 5.77% Coronation Fixed Income Fund 1.36 1.36 10.75% 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 1566.11 1566.11 11.92% FBN Balanced Fund 300.49 303.24 11.12% FBN Halal Fund 135.46 135.46 13.07% FBN Money Market Fund 100.00 100.00 10.98% FBN Dollar Fund 124.86 124.86 7.50% FBN Smart Beta Equity Fund 285.72 289.98 14.90% FBN Specialized Dollar Fund 112.90 112.90 9.15% 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 8.10% Legacy Debt Fund 3.60 3.60 4.25% Legacy Equity Fund 3.44 3.51 24.21% 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 N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 20.53 20.69 11.74% Meristem Money Market Fund 10.00 10.00 11.30% 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) N/A N/A N/A Norrenberger Money Market Fund (NMMF) N/A N/A N/A Norrenberger Dollar Fund (NDF) ($) N/A N/A N/A 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 2.59 2.63 11.36% PACAM Fixed Income Fund 12.22 12.49 8.20% PACAM Money Market Fund 10.00 10.00 0.00% PACAM Equity Fund 2.62 2.65 21.60% PACAM EuroBond Fund 134.12 137.46 1.70% 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 1.01 1.01 11.02% 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 5,634.56 5,679.62 13.13% Stanbic IBTC Bond Fund 257.13 257.13 4.78% Stanbic IBTC Ethical Fund 2.40 2.43 16.67% Stanbic IBTC Guaranteed Investment Fund 354.80 355.04 0.45% Stanbic IBTC Iman Fund 475.45 480.77 25.97% Stanbic IBTC Money Market Fund 1.00 1.00 10.49% Stanbic IBTC Nigerian Equity Fund 21,018.69 21,266.46 15.85% Stanbic IBTC Dollar Fund (USD) 1.48 1.48 7.30% Stanbic IBTC Shariah Fixed Income Fund 129.19 129.19 6.53% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 127.24 127.24 9.79% Stanbic IBTC Absolute Fund 5,062.94 5,062.94 9.57% Stanbic IBTC Aggressive Fund 6,247.09 6,323.17 16.09% Stanbic IBTC Conservative Fund 5,683.57 5,712.68 7.56% 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 1.67 1.69 23.19% United Capital Balanced Fund 2.05 2.07 10.99% United Capital Wealth for Women Fund 1.70 1.71 19.45% United Capital Sukuk Fund 1.19 1.19 9.31% United Capital Fixed Income Fund 1.97 1.97 7.16% United Capital Eurobond Fund 125.01 125.01 5.30% United Capital Global Fixed Income Fund 1.10 1.10 8.78% United Capital Money Market Fund 1.00 1.00 10.72% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 21.11 21.38 14.51% Zenith ESG Impact Fund 23.36 23.57 7.21% Zenith Income Fund 25.60 25.60 1.07% 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 9.23 9.33 -2.32% Vetiva Consumer Goods Exchange Traded Fund 14.72 14.82 -0.20% Vetiva Griffin 30 Exchange Traded Fund 37.80 38.00 -1.53% Vetiva Money Market Fund 1.00 1.00 10.77% Vetiva Industrial Goods Exchange Traded Fund 54.42 54.62 -3.79% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 3.05%

REITS NAV Per Share

Yield / T-Rtn

131.01 60.04 101.79 11.31

0.89% 0.35% 120.75%

Bid Price

Offer Price

Yield / T-Rtn

N/A 1,038.00 799.95 22.40 43.03

N/A 1,038.00 799.95 22.81 43.52

N/A 107.60% 11.57% -4.56% 14.25%

NAV Per Share

Yield / T-Rtn

108.40

0.00%

Fund Name

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

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

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.

This

Weekend

FRIDAY, FEBRUARY 9, 2024

Group Features Editor: CHIEMELIE EZEOBI chiemelie.ezeobi@thisdaylive.com

07010510430

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WEEKLY MAGAZINE

OLAWALE OMONIYI Navigating the Intricate Intersections of Healthcare and Music

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˜ ͷ˜ ͰͮͰͲ ˾ T H I S D AY

COVER

Olawale Omoniyi: Navigating the Intricate Intersections of Healthcare and Music For Olawale Omoniyi, navigating the intricate intersections of healthcare and music has been defining moments that showcased his multifaceted approach to life. With a first degree in Veterinary Medicine and a Nursing degree afterwards, the Ondo State indigene, who has re-jigged his musical journey, is set to explore his artistic side once again. Professionally known as the KingElaw, his return to the Nigerian music scene is to reaffirm that he was born to make music as well as to have a space among stars in the Nigerian and African music industry. While weaving his educational tapestry, KingElaw’s musical journey sprouted roots in Nigerian soil with the release of his debut singles in 2010, marking the commencement of a prolific musical odyssey. But beyond the studio, he is a very active support system to the grassroot entertainment system, which was why Crawley Records was created to help navigate the storms of the music industry. In this interview with MARY NNAH, he shared how his coming back to kick off his one-time loved passion is a great choice as he is set to release his first single of the year ‘Magazine girl’ by this February is a disability support services provider company established in 2021 to provide person-centred care to people with special needs, focusing on respect for individual dignity. Our mission is to care for people living with disabilities and to provide high-quality services that enable people with disabilities to live their lives to the fullest. We believe that everyone deserves to be treated with respect and dignity, and we strive to create an environment where our participants feel valued and supported.

First, can you tell me the origin of the name KingElaw? y name is Olawale Omoniyi, and I go by the stage name KingElaw. I derived the name from my first name, OlaWALE, by using the spelling ‘Wale’ from the other end. I added “King” to the name because I have a royal affiliation.

M

Let’s discuss your musical journey. When, where, and how did it begin?

I started my musical journey in 2004 with the release of my debut singles. This year was a turning point for me as it marked the beginning of my exploration into the world of music.

How do you plan to sustain the company now that you’re back in Nigeria?

I have associates running the company with me and we work remotely from anywhere we are, there are capable hands (staff) to make sure the company stands, and our team is made up of well-vetted and experienced professionals who are passionate about helping people with disabilities. We work closely with our participants and their families to understand their unique needs and develop personalised care plans that meet those needs.

According to your profile, you returned to the Nigerian music scene to re-establish yourself after spending time in Australia. Is Nigeria the only place where you can make your mark or why not explore other parts of the world?

While I was in Australia, I didn’t limit myself to exploring just one country’s musical landscape. Instead, I looked beyond borders and explored various diverse musical genres worldwide. This helped me broaden my potential impact, not just in Nigeria but globally as well. However, there’s no place like home, which is why I’ve decided to return to Nigeria to release my new debut album and fans can be assured of more releases as the year goes on Tell us about life in Australia from your perspective.

Australia provided a distinctive setting for my educational and entrepreneurial endeavours. Its culture and environment enriched my experiences and contributed to the multifaceted approach I bring to my endeavours.

Australia has a high standard of living supported by an educated workforce and a high level of innovation. The quality of education, healthcare, transport, infrastructure and government services in Australia are all above international averages. Australia’s culturally diverse communities make it a special place to live. Almost a third of the population was born overseas and 23 per cent speak a language other than English at home.

You have always been a science student throughout your school years. You pursued Animal Health and Production and even went on to study Veterinary Medicine. One would think that you would naturally become a farmer or an animal doctor, but suddenly you were found in the music sector. What led to this drastic change?

Despite my academic background in Animal Health and Production, I discovered a profound passion for music that led me to shift my career path. It’s a testament to the unpredictability of life’s journey, but music has always been a part of my life, even from my early days here in Nigeria. I grew up listening to all of my fav artists and this sort of inspired me.

Amidst your educational pursuit, you still managed to find time for music. Can you tell us what it was like to juggle both?

Balancing education and music was undoubtedly challenging, but my commitment to both fueled a sense of discipline. Each pursuit complemented the other, contributing to my holistic growth. Music is a form of self-care for me, it is what I do when I want to have my alone time and it gives me joy, also when I’m down music lifts my spirit. There were challenges but it was not too difficult because I loved it so much. I had so much structure, I was super busy all the time and I think the busier I am the more I’m able to juggle, because there’s a lot more movement in that sense, and there’s a lot more structure. It was great.

Omoniyi Your debut single was in 2010. That’s like 14 years ago. What was the title of your debut song and the inspiration behind it?

And why did it take 14 years to come up with another single?

In 2010, I released my debut single “Magazine Girl”. The inspiration behind the song came from a conversation I had with my friends, who were also part of the same group as me. During our chat, we were discussing girls and songs, and a particular magazine that was popular at that time.

This discussion gave rise to the idea of writing the song “Magazine Girl”.

I was solely inspired to create Magazine Girl by my admiration for all the strong and beautiful female figures in my life. This song is more of an appreciation tribute to them. It took me a while to come up with another song because I’ve been away from the music space for a while. This was due to school, my career, and some other family matters that needed my attention.

“Magazine Girl” is a project still immersed in, and I look forward to sharing more about it with my fans soon. Have always had the lyrics of “Magazine Girl” written way back 14 years ago, added more flesh to it now and done a lot of work to this project, “Magazine Girl”.

What is the name of the music label you work for currently?

I currently work with Crawley Records and

I’m the CEO of the record label, we are based in Lagos and we are open to signing new talented artists before the end of 2024.

When can fans anticipate the release of your debut album?

On the 29th of this month, my debut “Magazine Girl” will be out for streaming and download on all platforms. My album is currently being worked on and I can’t wait to share the magic with my fans, I’m working with some of the talented producers and directors in Nigeria.

What are you planning to do with the skills you acquired in school now that you are fully immersed in music?

The skills acquired in my academic journey, particularly in Veterinary Medicine and nursing, provide a unique perspective to my musical approach. It adds depth to my understanding of the human experience. The skills can also be put to work at any time. I run a company called Respect and Care Community Services, so my skills acquired academically are still being put to use.

Tell us about the mission behind Respect and Care Community Services. It sounds more like an NGO than a company. How does it operate?

Respect and Care is my company in Australia.

Respect and Care Community Services Pty Ltd

Can you share your thoughts on the current state of music in Nigeria and provide some advice for stakeholders on how to improve it based on your experience?

The Nigerian music scene is vibrant, but there’s always room for growth. The Nigerian music industry has experienced a surge in popularity due to the emergence of the genre Afrobeats. This genre has become increasingly popular in recent years, not only in Nigeria but also in other parts of the world.

It has become a leading musical force in the international music industry, from the UK to the US, and from Canada to Australia. This trend has been fueled by the work of popular Nigerian musicians such as Wizkid, Burna Boy, Davido, and Tiwa Savage.

This has further driven collaboration between Nigerian artists and international acts, creating a unique sound that resonates with global audiences.

My advice to stakeholders will be for them to prioritize collaboration, support emerging talent, and embrace innovation to elevate the industry, they also need to work together with other global collective management societies to get all revenues accruing to our musicians and the music industry from across the world. This will impact the economies of the musicians, the industry and our GDP as well.

“The Nigerian music scene is vibrant, but there’s always room for growth. The Nigerian music industry has experienced a surge in popularity due to the emergence of the genre Afrobeats. This genre has become increasingly popular in recent years, not only in Nigeria but also in other parts of the world.”

T H I S D AY ˾ DAY ͷ, 2024

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IMAGES

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R: Chief Executive Officer, Norebase, Tola Onayemi; Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin; Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; and Registrar-General/ Chief Executive, CAC, Hussaini Ishaq Magaji, during Moniepoint MFB-CAC partnership ceremony to sign up two million businesses in Abuja…recently

L-R: Osun State Commissioner for Energy Matters, Hon. Festus Ademola Adeyemo; Chairman, CESEL-Conserto JV, Mr. Olanrewaju Daramola; the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi (Ọjájá II); Chief Executive Officer, CESEL Limited, Dr. Patrick Tolani; and Senior Energy Specialist, World Bank, Mr. Arsh Sharma, during the inauguration of the solar hybrid mini-grid projects by CESEL-Concetro JV in Ile-Ife, Osun State…recently

L-R: Commander, Guards Brigade, Brigadier-General AO Onasanya, presenting a souvenir to the DirectorGeneral of National Youth Service Corps (NYSC), Brigadier-General Yushau Dogara Ahmed, when the Guards Brigade commander paid a courtesy visit to the NYSC National Directorate headquarters in Maitama, Abuja… recently

L-R: Special Adviser to the Sierra Leone Minister of Technology, Communication and Innovation, Kahli Ali; Executive Commissioner, Stakeholder Management, Nigerian Communications Commission (NCC), Adeleke Adewolu; Minister of Technology, Communication and Innovation, Sierra Leone, Salima Bah; Executive Vice Chairman/Chief Executive Officer, NCC, Dr. Aminu Maida; and Executive Commissioner, Technical Services, NCC, Ubale Maska, during a courtesy visit by the Sierra Leonean minister to the commission in Abuja… recently

L-R: Commander of Narcotics, National Drug Law Enforcement Agency (NDLEA), FCT Command, Karbir Tsakkuwa; Chief of Staff to NDLEA chairman, Col. Aminu Muritala; Secretary, NDLEA, Shedrak Haruna; Chairman, NDLEA, Brig-Gen. Buba Marwa; Special Assistant to NDLEA chairman, Col. Yakubu Bako; and Special Adviser to NDLEA chairman, Lanre Ipinmisan, during the operational assessment and award meeting with all state commanders in Abuja…recently PHOTO: ENOCK REUBEN

L-R: Regional Director, Central Africa and Anglophone West Africa, IFC, Dr. Dahlia Khalifa; Managing Director/ Chief Executive Director, Bank of Industry (BoI), Dr. Olasupo Olusi; Regional Vice President, Africa, IFC, Mr. Sergio Pimenta; Executive Director, Micro Enterprises, BoI, Ms. Mabel Ndagi; and Executive Director, Corporate Services and Commercial, BoI, Mr. Usen Effiong, at the BoI-IFC Conference on Empowering Futures, held in Lagos… recently

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FRIDAY, FEBRUARY 9, 2024, T H I S D AY

BUSINESS/MONEYGUIDE

Abdulrazaq: Naira Devaluation Made Nigeria’s Food Commodities Cheapest inW’Africa James Emejo ÓØ ÌßÔË Governor of Kwara State/ Chairman of Nigeria Governors Forum (NGF), Mr. AbdulRahman AbdulRazaq, has said Naira devaluation has made Nigeria’s food commodities the cheapest in West Africa.

He said neighouring African countries have seized the opportunity to import and re-export the cheap food commodities they acquire from Nigeria to earn foreign exchange for themselves.

The NGF chairman spoke when he led three other state governors, including Governors of Ondo State, Mr. Lucky Aiyedatiwa, Kogi State, Ahmed Ododo and Taraba State, Dr. Agbu Kefas – on a courtesy call on the Minister of Agriculture and Food Security, Senator Abubakar Kyari in his office.

AbdulRazaq said while the export of cheaper agricultural commodities to neighbouring countries was really not a bad thing, “what we need to do to mitigate that is to ramp up our production and improve our yields per hectare to make sure we feed West Africa.”

He said, “That is our intention to feed ourselves 100 per cent and export food to the world and that is the goal we must achieve. Food security is an urgency of now which must be tackled”.

He said the state governments are ready to match the federal government’s subsidy intervention to farmers to achieve the food security objectives of the government.

Earlier, Kyari, alongside the Minister of State for Agriculture and Food Security, Senator Sabi Abdullahi,

told the governors that the federal government seeks to vastly increase agricultural production all year round with the cardinal objective of driving down food inflation, creating employment, reducing poverty, engendering economic growth and development, as well promoting inclusivity.

He said, “We are confident that we can partner in the realization of these objectives…We are putting behind us the challenges encountered during the First Phase of the Dry Season Farming with Wheat in 15 participating States.

“After detailed and careful evaluation of some of the glitches that characterized that phase, and with collective stakeholders’ proposals, there will be additional implementation guidelines for the Second Phase commencing soon.”

L-R: 1st Vice President, Chartered Institute of Stockbrokers (CIS), Oluropo Dada; Chairman NGX Group PLC, Dr Umaru Kwairanga; President, CIS, Oluwole Adeosun, 2nd Vice President, CIS, Fiona Ahimie and Registrar and Chief Executive, CIS, Josiah Akerewusi, at the Launch of “ History of the Nigerian Capital Market” and its Documentary in Lagos yesterday

MARKET INDICATORS

N20bn Commercial Papers: Neveah Redeems N2.923bn Ndubuisi Francis ÓØ ÌßÔË A leading trading company essentially dealing in exporting solid minerals and agricultural products, Neveah Limited has announced that it has redeemed N2.923 billion obligation of the Series 7, 8 and 11 commercial paper notes issued in February, May and July 2023, respectively.

The company, which has experienced remarkable growth since its incorporation in 2014 has significantly grown revenue by over 847.8 per cent from N2 billion in 2019 to over N16 billion has also expanded their operations from a small commodity trading entity to a leading dealer and exporter of world-class quality solid minerals and agro-commodities,

as well as logistics.

In a statement, Neveah noted that the impressive growth led to the successful registration of a N20 billion Commercial Paper Programme in April 2023.

Shortly after, it raised N11.12 billion via its Series 6-15 Commercial Paper Issuance to meet working capital requirements.

The Chief Executive Officer of Neveah, Mr. Ibidapo Lawal expressed optimism about the company’s recent achievement.

He said: “We are steadfast in our pursuit to become the foremost indigenous export company for solid minerals and agricultural products in Nigeria.

“Neveah remains dedicated to fulfilling its obligations in

a timely manner, showcasing our commitment to financial prudence and sustainable growth. Our gratitude extends to all the parties involved in making this endeavour a success.”

In his remarks, the Managing Director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele, stated: “United Capital Plc is thrilled to have assumed the responsibility of Lead Arranger while playing a crucial role in supporting Neveah Limited all through its successful capitalraising and the settlement of N2.923 billion, Series 7, 8 and 11 Commercial Paper Issuance under its N20 billion Commercial Paper Issuance Programme.”

Wema Celebrates Season of Love with Rewards for Staff, Customers Wema Bank has launched its 2024 Love Adventure campaign, offering customers and staff an outstanding range of rewards and cash prizes in February.

Themed: “Your Love Adventure Is Possible With ALAT,” the campaign will simultaneously promote a culture of love and appreciation among Wema Bank’s internal and external audiences, while showcasing the indispensable role that the bank plays as a support system in the daily lives of all customers.

The Love Adventure Campaign will empower Wema Bank customers with resources and

opportunities to bring their plans for the love season to life, additionally enriching them with a plethora of rewards via its digital platform, ALAT. Commenting on the bank’s inspiration for curating the Valentine’s Day campaign, Wema Bank’s Executive Director of Retail and Digital Business, Tunde Mabawonku, attributed it to the bank’s commitment to providing an exceptional banking experience for every customer and being a support system for all stakeholders.

He said, “Every day is Valentine’s Day for our customers but that doesn’t mean

we would settle for the bare minimum in celebrating the season of love. We brought a unique twist to Valentine with this month-long celebration and made the decision to be our customers’ ‘Val’, reinforcing our commitment to supporting their lives and being with them all the way. It’s beyond Valentine’s Day, this is Valentine’s month at Wema Bank. This is going to be a love season like never before and we are thrilled to be the brain behind this. I encourage everyone to tap into this unique opportunity that we have presented through the Love Adventure Campaign.”

‘IGI Set to ReclaimTop Position in Insurance Industry’ Kemi Olaitan ÓØ ÌËÎËØ The Industrial and General Insurance (IGI), has reiterated its commitment to reclaim its leadership position in the insurance industry as Coopvest Limited acquired a substantial 40.7 per cent interest in the company in order to position it to accelerate its 5-year strategic plan.

The Managing Director of the company, Akinlolu Akinyele, who said this in a statement by the Head of Brand and Corporate Com-

munications, Olufunmilayo Afolabi, disclosed that the private placement had succeeded in injecting capital into the business thereby opening growth opportunities to the business and its numerous customers.

According to the statement, with a historic Annual General Meeting (AGM) for the acquisition slated for March 1, the strong relationship with the Cooperative Federation of Nigeria and its over 20 million members would also boost the transition and ecosystem of the

company.

The statement read in part, “We are on top of the legal actions challenging the Annual General Meeting and acquisition of 40.7% shares

by Coopvest Limited. Due process was carried out on this new step because IGI respects the government and regulatory guidelines.

Fortunately, the court has nullified the order of interlocutory injunction restraining us from holding our AGM because the petitioners failed to satisfy all requirements.

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

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

December 2024

Inter-Bank Call Rate

16.99

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

18.75

Treasury Bill Rate

8.93

Savings Deposit Rate

5.28

1 Month Deposit Rate

7.24

3 Months Deposit Rate

7.56

6 Months Deposit Rate

8.42

12 Months Deposit Rate

9.75

Prime Lending rate

14.17

Maximum Lending Rate

26.62

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 24TH JANUARY , 2024

The price of OPEC basket of twelve crudes stood at $81.30 a barrel on Tuesday, compared with $79.70 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

˜ ͷ˜ ͰͮͰͲ ˾ T H I S D AY

31

MARKET NEWS

Stock Darket Depreciates by N480.8bn on Profit-taking in Tier-1 Banks Kayode Tokede The stock market for the second consecutive day sustained its negative run, dropping by N480.8billion yesterday amid investors’ profit-taking in six Tier-1 banks and 48others.

As Zenith Bank Plc dropped by 2.17per cent to N36.00 per share, United Bank for Africa (UBA) down by 2.58 per cent to N24.50per share and Access Corporation depreciated by 3.58

per cent to N24.25 per share, the overall market capitalised was down by N480.88 billion or 0.86per cent to close at N55.390 trillion yesterday from N55.871 trillion the stock market opened for trading.

Consequently, the Nigerian Exchange Limited All-Share Index (NGX ASI) dropped by 878.64 basis points or 0.86per cent to 101,227.67basis points from 102,106.31 basis points the stock market closed the

P R I C E S MAIN BOARD

F O R DEALS

previous day.

This dragged the stock market Year-till-Date to 35.38 per cent.

From a sectoral perspective, the NGX Insurance Index was down by 4.2per cent , NGX Banking Index dipped by 2.3per cent, NGX Consumer Goods decreased by 1.9per cent, as NGX Oil & Gas and NGX Industrial Goods declined by 0.5 per cent and 0.3 per cent respectively.

Investor sentiment, as measured by market breadth

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

QUANTITY TRADED

remained negative as seven stocks advanced, while 53 declined.

Meyer recorded the highest price gain of 9.97 per cent to close at N6.29, per share. Juli followed with a gain of 9.52 per cent to close at 92 kobo, while Tantalizer up by 4.76 per cent to close at 44 kobo, per share.

Red Star Express appreciated by 4.05 per cent to close at N3.85, while Lasaco Assurance rose by 3.54 per cent to close at N2.63,

T R A D E D

VALUE TRADED ( N )

A S O F

MAIN BOARD

per share. On the other hand, NASCON Allied Industries, Unity Bank, Consolidated Hallmark Holdings and Sterling Financial Holdings Company led the losers’ chart by 10 per cent each to close at N58.50, N2.52, N1.44 and N5.31 respectively, per share. Eterna followed with a decline of 9.95 per cent to close at N19.90, while PZ Cussons Nigeria lost 9.91 per cent to close at N30.90, per share.

The total volume traded

F E B R U A RY DEALS

increased by 39.91 per cent to 478.381 million units, valued at N7.172 billion, and exchanged in 10,957 deals. Transactions in the shares of Universal Insurance topped the activity chart with 42.766 million shares valued at N16.094 million. Transnational Corporations (Transcorp) followed with 41.536 million shares worth N528.073 million, while Zenith Bank traded 31.746 million shares valued at N1.123 billion.

/ 0 8 / 2 4 MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

32

T H I S D AY • FRIDAY, FEBRUARY 9, 2024

NEWS

INAUGURATION OF EDO STATE APC GUBERNATORIAL SCREENING COMMITTEE...

L- R: Chairman, Edo State, APC Gubernatorial Screening Committee, Prof. Taoheed Adedoja; APC, National Organising Secretary, Suleiman Argungu; Deputy National Organising Secretary, Chidi Duru and Director Organisation, APC, Alh. Ahmed Wambai, during the inauguration of the Edo State APC Screening Committee at the party's national secretariat in Abuja ... yesterday ENOCK REUBEN

Tinubu: Every Nigerian Deserves Decent, Affordable Housing Launches 3,112 units in Abuja 400 units at concessionary rate to low income earning NLC, TUC members 20,000 units to be delivered under public/private partnership in FCT

Deji Elumoye and Emmanuel Addeh in Abuja President Bola Tinubu, yesterday, performed the groundbreaking of the 3,112 housing-unit Renewed Hope City in Karsana, Abuja, and reiterated his administration's resolve to provide decent and affordable housing for Nigerians.

The project was a part of 20,000 housing units to be delivered in the Federal Capital Territory under a Public Private Partnership Arrangement being implemented by the Federal Ministry of Housing and Urban Development.

It represented the first practical expression of the administration’s desire to implement a New City Development Plan under the Renewed Hope Agenda.

Tinubu, while speaking at the occasion, said under this plan, integrated living communities that would redefine the essence of residential living for Nigerians nationwide would be built.

He emphasised that his vision was to build dynamic, integrated, and self-sustaining communities, equipped with amenities to enhance the quality of living for residents.

According to him, "This includes well-connected access and internal roads, provision of reliable and uninterrupted electricity, healthcare facilities to offer accessible and quality medical services and educational institutions to provide learning environments that nurture knowledge and skills.

"Our goal is to increase the sense of togetherness, improve health and productivity of our citizens and reduce pressure on city centres.

“On this note, I am today directing the Minister of the Federal Capital Territory and the Minister of Works to provide access roads to all Renewed Hope Cities and Estates Projects to increase accessibility and livability starting with this site in Karsana.

"This is because my administration believes that every

Nigerian deserves to have access to shelter that is affordable and adequate."

The president stressed that beyond the moral imperative of providing decent and affordable housing for citizens, his administration also recognised the immense potential of housing as a catalyst for inclusive economic growth.

"It is with this understanding that we have classified housing as essential social infrastructure and made it a major priority area towards delivering economic growth and Job Creation.

“At 25 direct and indirect jobs per house, the 20,000 housing units planned for the Federal Capital Territory alone will create 500,000 jobs," he said.

Emphasising the determination of his administration to ensure that

Nigeria's housing deficit was bridged, Tinubu said he was resolved to face the challenge with the boldness and urgency that it required.

His words: "We aim to promote Public Private Partnership (PPP) collaborations that attract domestic, foreign, and diaspora investments.

“We also aim to design and implement incentive schemes, boost our capital market while enhancing the governance and risk management frameworks to ensure their stability, transparency and integrity.

"We are resolved to facing the housing challenge with the clarity of purpose and determination that is required to break all the barriers that stand in our way of success.

“That is why I took the historic decision of separating the Federal Ministry of Housing and Urban Development from Works so it can

be fully aligned towards tackling the nation’s massive housing problem.

“That is also why I have appointed experienced professionals with proven track records of delivering in the housing sector to lead the Ministry."

Tinubu also expressed his commitment towards providing the Federal Ministry of Housing and Urban Development with the political required to ensure that his administration makes a historic difference in the housing and urban development landscape of the country.

"I am happy to hear that the Federal Ministry of Housing and Urban Development has already awarded contracts for the construction of 200 housing units in 12 states (two per geo-political zone) as Renewed Hope Estates.

“In this regard, the minister is to proceed with the groundbreaking ceremonies in the 12 locations and the estates must be completed before the end of 2024.

"I am also delighted to hear that the Renewed Hope Cities are being developed in three locations: Kano 1,500 housing units; Lagos 2,500 housing units and Abuja 3,112 under a variety of funding arrangements.

“The ministry’s plan to kickstart a National Urban and Slum Upgrading Programme covering 26 sites nationwide is also commendable," he said.

He said in the next couple of weeks, he would also perform the groundbreaking of a similar project to deliver 2,500 housing units at the Ibeju–Lekki coastal city, Lagos.

DHQ: Nation at War with Enemies of State, Oyebanji Approves Release of Seeks Citizens Support to Emerge Victorious N200m as Car/Housing Loan for Primary School Teachers

Gbenga Sodeinde in Ado Ekiti Ekiti State Governor, Mr Biodun Oyebanji, has approved the release of the sum N200 million for car and housing loan to primary school teachers in the state.

A statement by the Special Adviser Media to the governor, Yinka Oyebode, stated that this was in fulfilment of the governor’s pledge to ensure that teachers in public primary schools in the state start enjoying some benefits being enjoyed by their counterparts teaching in secondary schools.

The statement added that the first tranche of N50 million hadbeen remitted into the pool for the month of January, in line with the governor’s directive.

"The car and housing loans are revolving in nature. The pool of fund is usually replenished as beneficiaries fulfil their monthly

repayment obligations,” he said.

Oyebanji, had at a meeting with Education Secretaries, last month, promised to review the policy that had hitherto discriminated against primary school teachers in the disbursement of car and housing loans.

"This is with a view to making available funds to take care of car and housing loans to primary school teachers in the state as part of his administration’s plan to motivate them for excellent service delivery.

"The new loan regime for primary school teachers is in line with human capital development policy of the administration.

“It also speaks to the governor’s avowed commitment to the welfare and wellbeing of workers in the state, as well as ensuring that workers get all that they are entitled to in line with the shared prosperity agenda."

Says insurgents left with two options: surrender or be killed Troops neutralised 266 terrorists, arrested 466 insurgents, 166 kidnap hostages in January

Kingsley Nwezeh in Abuja The military high command yesterday, declared that the nation was at war with enemies of the state which required the support and unity of the citizenry to emerge victorious.

It said Nigeria was witnessing the ugly trends of war which calls for concerted efforts of the citizenry to overcome.

The Defence Headquarters also issued a stern warning to non-state actors formenting trouble in the country, stating that they were left with two options to either surrender or be vanquished.

It said troops neutralised 266 terrorists, arrested 463 violent extremists and insurgents and rescued 116 kidnapped hostages while 447 assorted weapons and 6,697 assorted ammunitions were recovered

in the month of January even as troops operating in the South-south denied the oil theft of the estimated sum of N2,821,503,962.00.

At a media briefing in Abuja, the Director, Defence Media Operations (DDMO), Maj Gen Edward Buba, said unity remained key to containing security challenges afflicting the nation.

"Our nation is at war, and wars can be complex and ugly.

Already, we are witnessing some of the ugly trends of war across the country.

"It is time for citizens to close ranks with the military to win this war. Citizens are critical in war, and must therefore be quick to realise their role in the ongoing war and act accordingly", he said.

Buba stated that "unity is key to our victory in overcoming the

security challenges confronting us as a nation. Indeed, it must be said that, militaries don't go to war, rather it is nations that go to war.

He asserted that "the armed forces will continue to fulfill its mission of hunting and destroying terrorist and their cohorts across the country in the most professional manner.

"Needless to mention, these terrorist are left with only two choices which is to either be killed die or surrender", he said.

He further stated that "since the beginning of the year, several terrorists and their leaders have been killed or badly injured owing to offensive actions by both land and air forces.

"Troops are continuing their actions even at this very moment and we are proud of them and appreciate their brave conduct".

Giving a breakdown of recovery of arms and ammunition for the month of January and the last one week of February, he said 237 AK47 rifles, 26 locally fabricated guns, 18 pump action guns, 55 dane guns, 6,807 rounds of 7.62mm special ammo, 421 rounds of 7.62mm NATO, 16 rounds of 9mm and 506 live cartridges were recovered.

"Others are 1,832,150 litres of stolen crude oil, 523,799 litres of illegally refined AGO, 16,716 litres of DPK and 5,200 litres of PMS amonsgt other item.

"Meanwhile, during the week under review. Troops neutralised 105 terrorist and arrested 140 of them. Troops also arrested 26 perpetrators of oil theft and rescued 86 kidnapped hostages.

In the SS, troops denied the oil theft of the estimated sum of N220,839,500.00", he said.

33

T H I S D AY • FRIDAY, FEBRUARY 9, 2024

NEWS

FASHOLA LAUNCHES BOOK...

L-R: Former Deputy Governor of Lagos, Mrs Adebisi Sosan; former Governor of Ogun State, Chief Bisi Akande; Wife of the Author, Dame Emmanuela Abimbola Fashola; Chief of Staff to the President, Hon. Femi Gbajabiamila; Author of the Book, Mr. Babatunde Fashola; Lagos State Deputy Governor, Dr. Obafemi Hamzat; and former Deputy Governor of Lagos State, Princess Adejoke Orelope-Adefulire; during the book presentation of Nigerian Public Discourse, held at Victoria Island in Lagos...yesterday.

KOLAWOLE ALLI

Rivers Assembly Crisis: Abuja Court Refuses to Hear Fubara Loyalists’ Oral Application Challenging Jurisdiction Adjourns trial till March 12 Alex Enumah in Abuja The Federal High Court in Abuja on Thursday refused an oral application by the five loyalists of Governor Siminalayi Fubara of Rivers State challenging the territorial jurisdiction of the Court to entertain the federal

government's suit accusing them of arson, terrorism amongst others.

Justice Bolaji Olajuwon refused the oral application on the grounds that the court being a court of record, all applications and motions must be brought before it in writing as required by law.

Insecurity: Tackle Drug Barons, Cartels, Marwa Charges NDLEA Commanders Michael Olugbode in Abuja Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA).

Brig. Gen. Buba Marwa (rtd) has declared an all-round war against drug barons, instructing all commanders of the agency at different levels to go all out and smoke out those still in hiding.

He also ordered the dismantling of all drug cartels as part of ongoing efforts to totally cut off drug supply which he insisted would drastically reduce growing insecurity and criminalities in the country.

Marwa gave the charge in his meeting with directors and all commanding officers of the agency at the national headquarters of the NDLEA in Abuja, where he commended them for the unprecedented successes achieved so far and tasked them not to rest on their oars.

He said no effort must be spared to remove illicit drug equation from the security challenges facing the country.

“Within the limit of our resources, we have been able to push boundaries. The statistics of our operations, empirical facts from the field, the general anti-illicit drug climate we have built and the rapport between us and our domestic and international partners, all speak volumes about how we are faring, especially against the backdrop of where we are coming from, of what the situation used to be a few years ago.

“Commendations apart, we also cannot afford not to tell ourselves the plain truth; we still have a long way to go. Hence commanders, officers and men of NDLEA can’t afford to rest on their oars.

“Yes, we have kept the flag of performance flying, but there’s still room for improvement. There is still much to do. And we cannot afford to be complacent now as we have committed to a lot of ongoing efforts to improve our operational capabilities,” he stated.

Marwa said the agency was constantly engaging stakeholders within and outside the country to support and help optimise its capabilities.

To achieve its mandate, Marwa said the NDLEA needed to remind itself that professionalism and discipline must be maintained at all times and in all operations.

“We’re working with relevant authorities for improved funding so that we can comprehensively and holistically play our role as part and parcel of the solution to the security challenges facing the nation.

“If we are able to totally cut the access to and availability of drugs to the criminals, we would have effectively tampered with their nefarious activities and so we’re going to plead for enhanced funding to do more things in support of the fight against insecurity,” he said He charged the commanders to always ensure that the corporate integrity of the agency is always protected in all they do.

The five loyalists amongst whom are; Chime Eguma Ezebalike, Prince Lukman Oladele, Kenneth Goodluck Kpasa, Osiga Donald and Ochueja Thankgod, are standing trial on alleged terrorism, burning of the Rivers State House of Assembly amongst others.

Although, they pleaded not guilty to the charge, the court however refused to admit them to bail on the grounds that they didn't adduced reasonable grounds for their release from custody.

Meanwhile, the defendants who have been at the Kuje Correctional Center since their remand last month, at the resumed trial orally attacked the jurisdiction of the court to try them on the alleged offences said to have been committed in Port Harcourt, the Rivers State capital.

But, in a short ruling, Justice Olajuwon rejected the oral application by counsel to the 1st and 2nd defendants, Mr Lukman Fagbemi, SAN. At yesterday's proceedings, the Inspector General (IG ) of Police through his lawyer, Simon Lough, SAN had sought to kick-start the trial

of the defendants by calling his witness when Fagbemi cut in and attempted to proceed with oral application challenging the jurisdiction of the court to entertain the suit.

Justice Olajuwon who was taken aback by the mode rejected the move and advised the lawyer to come formally with any motion or application.

The Judge said that the senior lawyer should be diligent in the conduct of proceedings in relation to the case of his clients.

Justice Olajuwon also turned down the request by the defendants to adjourn the case until their proposed application to challenge the territorial jurisdiction of the Court is determined one way or the other.

The Judge held that the Administration of Criminal Justice Act (ACJA), 2015 did not permit granting of such request.

However, the counsel to the 4th and 5th defendants, Adeolu Salako persuaded the court for an adjournment that was granted.

Salako who appeared for the first

time in the trial informed the court that he had just been engaged and needed time to study the charges against his clients.

Justice Olajuwon agreed with the counsel to shift the trial till another date in the interest of fair hearing.

The trial was subsequently shifted till March 12 to enable the new lawyer study the charges and for the IG to open his case against the defendants.

All the defendants were ordered to be returned to Kuje Prison in Abuja to continue their remand having been denied bail due to the nature of charges against them and flaws in their applications for bail.

The IGP had on January 25 slammed terrorism charges on the five Port Harcourt-based men for allegedly invading, vandalizing and burning down Rivers State House of Assembly last year.

They were alleged to have committed the alleged terrorism offences during the wake of political upheaval that rocked Port Harcourt in October last year.

In the charges against them marked

FHC/ABJ/CR/25/2024, police alleged that apart from burning down the State House of Assembly, some of them were said to have killed a Superintendent of Police, (SP) Bako Agbashim and five police informants at Ahoada community of the state.

The police informants said to have been killed by the defendants are Charles Osu, Ogbonna Eja, Idaowuka Felix, Paul Victor Chibuogu and Saturday Edi. They were also accused of using various cult groups, namely- Supreme Viking Confraternity, Degbam, Iceland and Greenland to unleash mayhem on the people of the state and their commercial activities.

Specifically, they are alleged to have on October 29, 2023 at Moscow Road in Port Harcourt conspired to commit acts of terrorism by willful destruction of public properties by invading, attacking, destroying and burning of the Rivers State House of Assembly, an offence punishable under section 26 of the Terrorism Prevention and Prohibition Act, 2022.

Blame Buhari's Govt for Current Hardship, Northern Groups Tell Nigerians Say protests against food scarcity unwarranted Sunday Aborisade in Abuja Prominent Nigerians from the 19 states in the North under the aegis of Arewa Initiative for Defence and Promotion of Democracy, yesterday, asked Nigerians to blame the administration of former President Muhammadu Buhari for the hunger and hardship currently being experienced in the country.

The coalition of pro-democracy organisations at a news conference in Abuja, therefore, urged Nigerians to ignore sponsored protests staged against the federal government in Kano, Minna and other parts of the country recently.

Chairman of the Arewa Initiative,

Professor Shehu Abdullahi Ma'aji, specifically told journalists at the event that the harsh economic situation being faced by everybody now, was the fallout of the comatose economy handed over to Tinubu by his predecessor.

Ma'aji said pockets of protests staged in some states were uncalled for, as President Bola Tinubu-led federal government was already addressing the problems.

Flanked by members of the group from across the 19 northern states, Ma'aji said an eight months old government was too early to be assessed, let alone criticised by people with ulterior motives.

He said the group, after an

extra ordinary meeting held at the Transcorp Hilton Hotel, Abuja, resolved that, "The North is solidly behind President Tinubu and will continue to support and cooperate with him, for the actualisation of his Renewed Hope Agenda.

"That the current administration of President Bola Ahmed Tinubu inherited a lot of problems from the past administration of Muhammadu Buhari which it is currently trying to address.

"For instance, the Kwara State Governor AbdulRahman AbdulRazagq and chairman of the Nigeria Governors’ Forum (NGF), had just revealed that the crude oil the country will be getting in the next

six months had been sold in advance by the immediate past administration.

"That the solutions to the problems cannot be instantly solved but in a gradual pattern. That Nigerians should show patriotism by cooperating with this administration in its bid to finding solutions to the country’s problems such as inflation, corruption, insecurity, banditry and kidnapping that the country is currently facing.

"That those disgruntled politicians and other unpatriotic elements who have perfected plans to mobilise bogus civil society organisations (CSOs) to stage phantom protests across the country to smear the image of this administration should stop their evil machinations.”

34

T H I S D AY • FRIDAY, FEBRUARY 9, 2024

NEWS

NSUGBE DEVELOPMENT UNION LEADERS MEET...

L:R: Rev Canon Charles Ekweozor; former Chief Judge of Anambra State and Presidential Candidate of All Progressive Grand Alliance (APGA) in 2023 presidential election, Prof Peter Umeadi; Vice President of Ohaneze Ndigbo Worldwide, Chief Damian Okeke Ogene and Emeritus President General, Nsugbe Development Union, Engr. Uyadi Francis, at a recent meeting of past leaders of community unions in Awka, Anambra State.

Catholic Bishops Worry over Nigeria’s Worsening Poverty, Insecurity Restate opposition to same sex unions Dike Onwuamaeze The Catholic Bishops of the Lagos Ecclesiastical Province have expressed concern over the increasing poverty, insecurity, kidnapping and worsening general economic situation of Nigeria.

The bishops expressed their concern in a communiqué that was issued at the end of their first plenary meeting for the year 2024, which reflected on issues affecting the church and the nation.

The meeting of the Lagos ecclesiastical province, which is comprised of Lagos Archdiocese, Ijebu Ode and Abeokuta Dioceses, was held at St. Agnes Catholic Church, Maryland, Lagos.

The communiqué, which was signed by the Archbishop of Lagos, Most Rev. Alfred Adewale Martins, as chairman and the Archbishop of Ijebu Ode, Most Rev. Francis Adesina, as secretary, urged the government to demonstrate commitment to alleviating the suffering of Nigerians.

It said: “We are deeply concerned about the state of our nation as exemplified in the increasing poverty, insecurity, kidnapping, and worsening economic situation.

“We are very saddened that the living conditions of people have become worse now. So we urge government to show greater determination to alleviate the suffering of our people beyond

the unsustainable palliatives being touted now.

“We sympathise with all victims of insecurity: The ongoing slaughter of people in their villages that became notorious since the killings on Christmas eve in Plateau State, in southern Kaduna among others; the activities of kidnappers in Federal Capital Territory; the unknown gunmen in South-east and so-called bandits in north etc.

“We pray God to grant eternal rest to the dead, healing to the injured and restoration to the displaced.”

The bishops called on the country’s political leaders and security agencies to improve on their efforts and bring the threats to quality of life in Nigeria to an end.

“People are already tired and dismissive of the assurances that come from government and security agencies after each destruction of life and property,” they said.

The bishops also encouraged Nigerians never to give up on praying for the country and also never to relent in holding their leaders accountable for their actions and inaction in the course of their stewardship.

“That our country is at a crossroads is to say the obvious.

In the midst of all these, we must never lose sight of the fact that the true security and prosperity of our country lies in the hands of the Almighty God.

“As the bible says, ‘unless the Lord builds the house, its builder's labour in vain,’ (Psalm 127:1).

“As we navigate the challenges of the time, we must remember that the solution to our woes begins when we recognise that in various ways, we have sinned against God and our country and we are willing to turn away from

our evil ways.

"If my people … humble themselves, and pray and seek my face and turn from their wicked ways, then I will hear from heaven and will forgive their sin and heal their land" (2 Chronicles 7:14),” the bishops said.

The communiqué also reiterated the views of the bishops on the

burning issue of same sex unions.

“We express our total agreement with the position of the Catholic Bishops Conference of Nigeria (CBCN), and that of the Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) concerning the blessing of homosexual unions or same-sex couples.

“We affirm that the teaching of the Catholic Church on marriage as the union of a man and a woman in a stable and exclusive relationship, open to bearing children, remains the same.

“We also affirm the Church’s teaching on human sexuality and urge the faithful to be guided by it,” the communiqué said.

House Urges FG to Enforce 2017 Executive Order 003 Says it will compel Nigerians to patronise indigenous textile manufacturers Juliet Akoje in Abuja.

The House of Representatives, yesterday, urged the federal government to ensure implementation and enforce compliance with Executive Order 003 of 2017 as well as embark on awareness campaigns to sensitize Nigerians on the benefits of patronising indigenous textile manufacturers.

The also urged the Nigerian Armed Forces, Nigeria Police Force, the Federal Inland Revenue Service, the National Security and Civil Defence Corps, the Nigeria Immigration Service, the Nigeria Customs Service, the Federal Fire Service, and other uniformed government organisations to patronise the National Union of

Textile, Garment, and Tailoring Workers of Nigeria (NUTGTWN) to purchase their fabrics.

Consequently, the House further urged the Federal Ministry of Industry, Trade, and Investment to revive the textile industry in Nigeria and provide a conducive environment that would attract both indigenous and foreign investments in the sector for sustainable economic development.

These resolutions followed the adoption of a motion on the Need to Compel Uniformed Government Organisations to Patronise the National Union of Textile, Garment and Tailoring Workers of Nigeria (NUTGTWN) moved by Hon. Esosa Iyawe at plenary on Thursday.

Iyawe noted that the textile sector represents a major hub of economic

activity in most developing societies and has always been a major player in the manufacturing sector of Nigeria's economy.

He also noted that the Nigerian textile industry used to be the largest employer of labour after government, with companies like Kaduna Textile Ltd. (KTL), United Nigerian Textile Plc., Supertex, Nortex Nigerian Ltd., Aswani Textiles, Gaskiya Textiles Mill, Kano Textile Ltd., Aba Textiles, Zamfara Textiles Ltd., Asaba Textiles Ltd., and several others that most countries in the east and west African sub-region depended on for their clothing needs.

While presenting the motion, he raised a Concern that when the federal government lifted the ban on textile importation in 1997, the textile

sector took a massive nosedive as companies began to close down one after the other, and even after efforts by subsequent governments to mitigate the adverse effects, the industry has continued to suffer due to low patronage from Nigerians as well as inadequate support from the government through effective policies to address the situation.

He recalled that in 2017, via Executive Order 003, the federal government compelled all Ministries, Departments, and Agencies (MDAs) of government to grant preference to local manufacturers and service providers in their procurement of goods and services.

The House However mandated its Committees on Industry and Legislative Compliance to ensure compliance.

RISING COSTS OF FOOD: FG ORDERS RELEASE OF 102,000 TONNES OF RICE, MAIZE, MILLET, GARRI to ensure the safety and security of all Nigerians. It is a complex challenge, one that requires patience and time to resolve, but I assure you that we are making progress."

On the economy, Abbas said the government was equally committed to reversing the downturn and setting the country back on a path of sustainable growth. He said the policies of the President Bola Tinubu administration were designed to stimulate the economy, encourage investment, and create jobs.

JNI to FG: Address Hardship Facing Nigerians Before Things Get Worse Ja’amatu Nasril Islam (JNI) called on the federal and state governments to urgently address the economic and security challenges facing Nigerians to avoid any dangerous escalation.

The religious body, headed by the Sultan of Sokoto, Alhaji Sa’ad Abubakar, also called for

the immediate release of all those arrested during recent protests against hunger and high cost of living in Minna.

In a statement, yesterday, in Kaduna, the Islamic body urged the business community to resist the temptation of hoarding food items for selfish gains.

The statement, signed by Secretary-General of the JNI, Professor Khalid Aliyu, noted that ordinary Nigerians were experiencing harsh economic difficulties, occasioned by food insecurity, inflation, abject

poverty, and insecurity, which “calls for serious redress”.

The statement added, “The JNI under the leadership of His Eminence, Alhaji Muhammad Sa’ad Abubakar, with all sense of responsibility, calls on the Federal Government of Nigeria (FGN) to urgently intervene over the difficulties Nigerians are passing through.

“This call is made over the exhilarating pains citizens are airing in both print and electronic media, inclusive of the social media, wherein Minna, Niger

State, and Lokoja, Kogi State, protests and other dissenting concerns being raised.

“In light of the troubling impact of hoarding and inflation on the availability and affordability of essential goods and services, particularly food items, the JNI is, therefore, compelled to raise its voice on the matter.

“We have been inundated with reports and pleas from ordinary Nigerians, expressing their anguish over the soaring prices of basic necessities. We

urgently call on the federal and state governments to intervene before the situation worsens.

“Likewise, all those arrested during the protests should be released and future recurrence be avoided through synergy and prompt interventions.”

JNI said the call became necessary to avoid further provocation of the citizens.

The statement cautioned government functionaries to choose their words very well while addressing citizens on the issues.

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T H I S D AY • FRIDAY, FEBRUARY 9, 2024

NEWS

INAUGURATION OF THE BANK OF INDUSTRY...

L-R: Executive Governor, Akwa Ibom State, H. E. Pastor Umo Eno; Managing Director/CEO, Bank of Industry, Dr. Olasupo Olusi and Deputy Governor, Akwa Ibom State, . Sen. Akon Eyakenyi, during the inauguration of the Bank of Industry Akwa Ibom State Office at the Dakkada Towers, Uyo...yesterday

Oyedele Tax Committee Seeks NEITI’s Collaboration on Accurate Data, Revenue Transparency

Emmanuel Addeh in Abuja

The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Presidential Committee on Fiscal Policy and Tax Reforms (PCFPTR) have agreed to work in partnership and collaborate on deployment of reliable data and public disclosure to support ongoing governance and institutional reforms and public

finance management.

Rising from a meeting held at the NEITI House Abuja, the Executive Secretary of NEITI, Dr Ogbonnaya Orji and the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele identified the importance of NEITI’s reports in the oil, gas and mining sectors and the deployment of accurate

data as critical success factors in evolving enduring fiscal policies and tax reforms in Nigeria.

Receiving the delegation, Orji remarked that NEITI’s key focal areas of improving Nigeria’s macro-economic environment, strengthening public expenditure management, structure, institutional and governance reforms to boost economic growth,

create jobs and poverty reduction aligns closely with the mandates of the Presidential Committee.

“With the combined forces of the Presidential Committee and NEITI, Nigeria would benefit from shared knowledge, skills, information and data that informs best economic reforms and policy making,” he said.

He noted that NEITI is available

Ndume to CBN: Focus on Naira Stability, Stop Planned Relocation to Lagos Says no regret for opposing apex bank’s decision Sunday Aborisade in Abuja Chief Whip of the Senate, Ali Ndume, has advised the apex financial institution in the country, the Central Bank of Nigeria (CBN) to focus more on stabilising the value of the nation's currency instead of dissipating energy on the relocation of some of its departments from Abuja to Lagos.

Ndume, who is representing Borno South Senatorial District, in the National Assembly said he had no regrets calling out the management of the CBN over the issue.

He said the spiralling exchange rate and the rising inflation, needed that attention of the authorities than the administrative arrangement that would further overpopulate Lagos State.

He said as a Senator, he has the right to make certain interventions, while clearing the air on claims that he is the mouthpiece of certain groups.

He insisted that the relocation of certain departments of the CBN to Lagos was wrong and not done in good faith. The principal officer of the Senate restated his conviction in a press statement yesterday.

His remarks have courted him criticisms from certain Nigerians who accused him of promoting the interest of the North as against the corporate interest of the country.

The Borno South Senator said since his intervention, some elements have been using a section of the media to attack his personality and question the credentials of his daughter who is a staff of the CBN.

He said though he’s a lawmaker, his daughter and children are qualified to work in any government agency as long as they’ve the needed credentials.

He said the subtle blackmail will not stop or deter him from pointing out lapses in government, saying it was his own way of assisting President Bola Tinubu in succeeding.

He said he’ll never be deterred from speaking truth to power whenever those saddled with the responsibility of managing the affairs of the country err.

The lawmaker challenged those attacking him and claiming that he harbours ill-feelings against the Yoruba to show their pan-Nigerian credentials, revealing that his two daughters are married to Yoruba men and have both given him five Yoruba grandchildren.

Ndume said he doesn’t speak for the North, nor Northern senators, but in the interest of Nigerians and Tinubu who he has enormous respect for.

He said: “I stand by what I’ve said about the relocation of FAAN and some departments of the CBN to Lagos State. If it is about decongestion, Lagos is not the right place.

"There are CBN offices in all the states of the federation. Why move the departments to Lagos that is already populated?

“Since my intervention, people have been using a particular newspaper to attack me and saying that I hate the Yorubas.

They’re ignorant and they don’t know what they’re saying.

“My two daughters are married to Yoruba men, one from Lagos State and the other from Kwara State. I’ve five grandchildren who are Yoruba.

How can I hate them and allow my daughters to marry them?

"Those saying I hate the Yorubas, how many of their sons and daughters are married to Hausas or Northerners? I’m a true Nigerian.

They’ve also been questioning the fact that my daughter works at the CBN. They should check

her records. She’s a Nigerian and she’s qualified to work anywhere, including the CBN. “I’ve been the one pleading with her to remain there. She’s almost done with her PhD and she wants to go to the classroom as a lecturer.

She’s a brilliant lady.

“Instead of these attacks on my person, the CBN should do its job and address the rising inflation and stabilising our exchange rates. They should leave me alone,” he said.

to provide information and data as contained in the NEITI oil, gas, solid minerals and the Fiscal Allocation and Statutory Disbursement Reports and advised the Committee on the need to utilise the findings and recommendations contained in the NEITI reports to advance economic policy initiatives for the benefit of the citizens.

Oyedele, in his remarks, explained that the committee has classified its work in three distinct categories, including fiscal governance with particular attention to financial management, revenue generation, borrowing, spending as well as policy coordination at the national and sub-national levels.

Others are on revenue transformation focusing on improving government revenues through improved mechanisms for taxing oil and gas and non-oil resources to transform the revenue profile of the country.

The committee, he said , is also looking at oil and gas which is the core area of focus by NEITI as well as non-oil resources like the solid minerals sector which NEITI can support the committee in the area of information and data.

Oyedele further explained that the third pillar or mandate of the committee is economic growth facilitation and competitiveness with focus on removal of impediments for businesses to thrive, growth, provide jobs and generate revenues.

He announced that under the first phase of the committee’s work which he classified as the ‘quick wins’, it submitted a report with over 20 recommendations to the President, three of which have been fully implemented.

“By harnessing data-driven insights and best practices, both entities will strive to create an enabling environment for investment, job creation, and economic growth.

“Furthermore, the collaboration will prioritise initiatives aimed at enhancing transparency, accountability, and integrity in the management of Nigeria’s extractive resources.

“This will be done through promotion and facilitation of participatory and inclusive dialogue with stakeholders, engagements and information sharing, building trust, promoting responsible resource management and combating illicit financial flows,” he added.

Nigerian Airlines Facing Existential Threat, Say Operators Chinedu Eze Airline Operators of Nigeria (AON) has declared that they are facing existential threat because of the challenges they face, ranging from scarcity of foreign exchange, high price of aviation fuel and the difficulty in acquiring aircraft due to country risk.

The operators also pointed out that the aircraft that are due for maintenance have been grounded and cannot be ferried overseas because of the scarcity of forex.

According to them, there is continuous depletion of equipment without replenishment and warned that if this continues the country may not have operating aircraft for domestic services.

This was disclosed by the spokesman of Airline Operators of Nigeria (AON), Prof. Obiora Okonkwo, who said that airlines need urgent government intervention

without which many airlines would go under and government would be their undertaker.

The airlines said the lack of stability in foreign exchange and the soaring price of aviation fuel, which is now N1,300 per litre, have eroded their ability to plan; created uncertainty and precariousness in their operations.

Okonkwo, who is also the Chairman of United Nigeria Airlines, explained that travellers who bought forward tickets in 2023 when aviation fuel was N700 per litre and exchange rate was N800/$1 would be airlifted at the current price of aviation, N1,300 per litre and exchange rate of N1400/$1; so, the airlines are recording huge losses on those tickets.

“We are making losses on factors that are beyond our control. We are not only faced with the problem of scarcity of dollars; even the aviation ecosystem is feeling the heat.

“Handling companies have

increased the cost of their services, airports have increased their charges and those that service the aircraft have also increased the cost of their services.

The monies for these payments are coming from the passengers who are already exhausted financially,” he said.

Okonkwo said that many businesses in Nigeria are making poor returns so those entrepreneurs who are the crux of passengers that travel during the high and low season are no more travelling and those who travel on tourism and social engagement are not enough to provide airlines good load factor to sustain their operations at the current low season.

“Passenger traffic has shrunk because even those on social engagement like weddings, burials and other ceremonies may not be inclined to spend money on flight tickets; they would rather send credit

alert to those hosting the events who would appreciate such gestures. So, they pay instead of appearing in person,” he said.

Okonkwo said that the airlines want to engage with government to see how government can intervene to save the airlines, noting that presently government may not understand how perilous the situation is to airlines.

“Air travel is catalyst to economic development. There should have been government engagement with airlines at different levels. Airlines do not have special forex allocation; so, they buy at the same place traders who trade on Brazilian hair, textiles and others buy.

“Our passion to remain in this business is being eroded. We are at the point of oxygen supply. Some airlines are going into coma. Our equipment is diminishing. The minimal revenues we earn to keep the airlines flying, we convert to pay our lessors.

FRIDAY FEBRUARY 9, 2024 ˾ T H I S D AY

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NEWSXTRA

LECTURE ON STRATEGIC LEADERSHIP…

Governor Bala Mohammed of Bauchi State(right), Commandant, National Defence College (NDC), Rear Admiral Olumuyiwa Morakinyo Olotu, after the governor delivered a lecture on “ Strategic Leadership My Political Experience “ at the NDC in Abuja…yesterday

Army: Illegal Oil Bunkering Gravely Affecting Nation’s Economy Blessing IbungeinPortHarcourt The Nigerian Army has stated that illegal oil refining activities would gravely affect the stability of the nation’s economy.

This was declared yesterday during a joint operational visit of the General Officers Commanding (GOCs), 6 and 82 Divisions, Nigerian Army (NA), Major General Jamal Abdussalam and Major General Hassan Dada,

to the illegal oil bunkering sites located at Okoloma, Oyigbo Local Government Area and Umuahale area in Ukwa West LGA of Rivers and Abia States respectively.

The GOCs disclosed that the visit was part of efforts to end the illegal oil bunkering regime in the Niger Delta and South East regions.

A statement made available to journalists in Port Harcourt, by acting Deputy Director, 6 Division Army Public Relations,

Insecurity: Deployed Soldiers Arrive in Ekiti Gbenga Sodeinde in Ado Ekiti The detachment of military personnel deployed to Ekiti State to combat the recently increasing activities of kidnappers, bandits and other criminals have arrived the state yesterday.

Addressing the troops at the Fajuyi Pavilion in Ado-Ekiti, Ekiti State, the Commander 32 Artillery Brigade, Akure, Briadier-General John Lar, said that the soldiers were deployed to Ekiti to flush out criminals tormenting the state.

Lar said the soldiers would comb every nook and cranny of Ekiti State and all adjourning states to ensure that there would be no binding place for the

criminals.

He said: “There will be no night and no day, as they are expected to clear the bushes within 24 hours. We have just come in now and we are starting now.”

The Special Adviser on Security to Ekiti State Government, Brigadier General Ebenezar Ogundana (rtd), said that the soldiers were directed by the Chief of Army Staff to beef-up the troops in the state and make sure all the criminals are flushed out from their hide-outs in the forest reserves that are already occupied by bandits and terrorists across the borders of Kogi, Kwara, Osun and Ondo States.

World Bank Awards N4.5bn Grant to 150 Schools in Katsina

Francis SardaunainKatsina

The World Bank, in collaboration with the Katsina State Government, has commenced the disbursement of N4.5 billion School Improvement Grant (SIG) to 150 selected primary schools in various communities across the state.

The disbursement of the funds was flagged off yesterday by the state Governor, Dikko Umaru Radda, at Shagumba Primary School in Batagarawa Local Government Area of the state.

Radda, during the flag-off cerremony, said the School-Based Management Committees (SBMCs) were responsible for the utilisation and management of the funds on behalf of the benefiting schools and communities.

He said the benefiting schools were selected based on certain criteria, including the level of dilapidation, numbers of pupils in catchment communities close to the schools, and the problem of water, sanitation and hygiene facilities in the schools.

Lieutenant Colonial Danjuma J. Danjuma, said that the locations are at the fringes of the Imo River, where the two Divisions are jointly conducting clearance operations

from Rivers and Abia.

According to Danjuma, “the visit, which was essentially to have an on the spot assessment of the illegality perpetrated by criminals

and economic saboteurs as well as boost troops morale for a job well-done, was a follow up to the earlier raid on one of the camps last week by troops of sixth division.”

He disclosed that during the operation, the military team found a hub of illegal oil bunkering with cooking pots, boilers, huge quantity of illegal products, others.

Benue APC Crisis Deepens as Party Gets Acting State Chairman George Okoh in Makurdi

The crisis rocking the All Progressives Congress (APC) in Benue State has continued unabated, as the state Governor, Hyacinth Alia, yesterday inaugurated a new interim state chairman for the party in Makurdi.

This is even as he called on

the supporters of the party to continue rooting for the APC, saying it is the only platform that has good plans to change the fortunes of Benue State and Nigeria in general.

The governor in a statement signed by his Chief Press Secretary, Mr. Kula Tersoo, said he made the call when the State Executive

Committee members of the APC visited him at the Benue State Government House, Makurdi, requesting that the vacant position of the state chairman of the party be filled in order to save it from further crisis.

Regretting the suspension of Austin Agada by his Ehaje Ward 1 Exco, which was later

followed by a court injunction, and restraining him from parading himself as the state chairman of the party, the governor said he had faced so much pressure from the stakeholders of the party in Zone C, whom he said have recommended a replacement for the vacant position in order to keep the party going.

Kwara Gov Lauds FG’s Commitment Towards Saadu/Kaiama/Kosubosu Road Project Hammed Shittu in Ilorin

The Kwara State Governor and Chairman of Nigeria’s Governors Forum (NGF), Mr. AbdulRahman AbdulRazaq, yesterday lauded the federal government’s commitment on the ongoing construction

of the N350 billion Bode Saadu/ Kaiama/Kosubosu Road project and other roads.

AbdulRazaq described it as a major breakthrough for the state and Nigeria, and explained that the road project was awarded to the BUA Group by the federal government.

The road projects under the arrangement are Bode Saadu-Kaiama-Kosubosu; BacitaShonga-Lafiagi; EiyenkorinAfon-Offa-Odo Ottin; and Okuta-Bukuro Road, which connects to the Benin Republic.

Speaking during his familiarisation visit to the

road project at Bode-Saadu, the governor said that the roads would open up Nigeria’s economy with other West African countries such as the Republic of Benin and strengthen the protocols on African Continental Free Trade Area (AfCFTA).

Cadbury Nigeria’s Shareholders Approve N7.04bn Loan Conversion to Equity KayodeTokede

The shareholders of Cadbury Nigeria Plc yesterday approved the conversion of an outstanding inter-company loan of $7.72 million or N7.04 billion owed to its majority shareholder, Cadbury Schweppes Overseas Limited, to equity.

The shareholders gave Cadbury Nigeria management the nod at an Extra-ordinary General Meeting (EGM) held in Lagos.

Cadbury Schweppes Overseas Limited, an entity currently owned

by Mondelez International Inc, holds a 74.97per cent stake in Cadbury Nigeria, while the

remaining shares are held by a diverse group of indigenous, individual, and institutional investors.

Cadbury Nigeria had earlier communicated the proposal to the Nigerian Exchange Limited (NGX) and the investing public.

The shareholders’ approval at

the EGM now means that the loan would be converted into equity by the allotment of 402,082,657 ordinary shares of 50 kobo each to Cadbury Schweppes Overseas Limited.

Shareholders also approved the Company’s proposal for increase of its share capital from N939.1million to N1.14billion.

Fubara Warns against Sabotaging Housing Project in Rivers Blessing Ibunge in PortHarcourt Rivers State Governor, Siminalayi Fubara, has warned against any sabotage of the housing project in the state.

Governor Fubara said that the state government would deal decisively with anybody who sabotages the ongoing 20,000

housing units project that is providing decent housing for the low income earners.

Fubara gave the warning yesterday when he inspected the extent of work done at the 20,000 housing units project site located along the Obiri-IkwerreAirport axis of Port Harcourt.

The governor, who was led

round the site by the Managing Director of TAF Africa Global, Mustapha Njie, said he was already inundated with reports of some community people threatening to disrupt the ongoing construction work.

He wondered why the community people are refusing to utilise available channels to

address their concerns with the government instead of planning to engage in acts of sabotage.

He stated: “I am also aware that some of the community people are coming up with issues. But let it be clear, we didn’t jump into this land, we did all the due diligence that we needed to do.

Otti Flags off 67.6km Umuahia-Ohafia Road Project in Aba Emmanuel Ugwu-Nwogo in

Akara-Ohafia road.

brightened for communities in Abia State North, as the state Governor, Alex Otti, yesterday flagged off the reconstruction of the 67.6km Umuahia-Uzuakoli-

government areas - Umuahia North, Bende, Isuikwuato and Ohafia - has never been reconstructed since after the second republic.

Otti said the time come to

passing on the ever busy

At the three points of flag-off, crowds of people gathered to express their happiness over the new turn of events, while motorists and commuters

road into three sections with different construction firms working simultaneously on each section in order to quicken the completion date.

The strategic road linking recover the lost grounds in road waved frantically in BoI Commits N1.92bn to Umuahia the state capital to the Abia infrastructure development appreciation.

The governor explained prospects to enhance the North senatorial zone of after decades of neglect by Business Devt in A’Ibom The that he split the stretch of economic activities have been the state traverses four local past governments.

Okon Bassey in Uyo

The management of the Bank of Industry (BOI) has committed the sum of N1.92 billion through loans to support the growth of businesses in Akwa Ibom State.

According to the Managing Director of BOI, Dr. Olasupo Olusi, the loans were given to businesses under the Micro, Small, and Medium Enterprises (MSMEs).

Olusi spoke during the

opening of a branch of the BOI office in Akwa Ibom State, stressing that the bank is ready to turn around the economic fortunes of Akwa Ibom State.

He said that the opening of the bank’s 32nd office in the state was aimed at deepening its penetration across the country in a bid to foster economic growth, financial inclusion, and entrepreneurship development nationwide, by supporting investment in critical growth sectors.

Urban Devt: Anambra Assembly Urges Soludo to Construct Mini Markets in Awka

David-Chyddy Eleke in Awka

The Anambra State House of Assembly has called on the state governor, Professor Chukwuma Soludo, to build mini markets within the state capital to stem

the tide street trading.

The state government had recently embarked on the enforcement of laws against street trading aimed at giving Awka a facelift The legislator representing

Awka South 1 Constituency, Hon Henry Mbachu, said that this would decongest markets and also reduce street trading.

Mbachu said: “There are many quarters within Awka metropolis, which creates the

need to establish local minimarkets to serve the people living within those areas.

“Poverty rate is on the increase, and creating mini markets will be an avenue for people to earn a living.

FRIDAY FEBRUARY 9, 2024 ˾ T H I S D AY

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WORLD OF ISLAM Fashola: Data is Critical

NEWSXTRA

Edited by: MJO Mustapha Email deji.mustapha@thisdaylive.com

to National Development Yinka Olatunbosun The former Minister of Power, Works and Housing and a twoterm Governor of Lagos State, Mr. Babatunde Raji Fashola, has stressed the critical nature of data in solving problems in order to develop a nation.

He disclosed this in the concluding remarks at his book presentation held yesterday at the Banquet Hall of Eko Hotel and Suites, Victoria Island n Lagos saw a

gathering of former colleagues and associates of the former governor.

Fashola extended his appreciation to the audience, describing the book titled: ‘Nigerian Public Discourse: An Interplay of Empirical Evidence and Hyperbole’, as a product of his 21 years in public service.

He said: “This is the output of my public service experience, and for those 21 years, many people paid for my long absence, especially my family members. All of you who bore the brunt of my painful

absence, I am very thankful.”

A review done by Mr. Opeyemi Agbaje, ands a panelists’ session moderated by Fajemirokun Ajayi put a spotlight on the content of the book. The session featured the former special assistant to the President on Digital and New Media, Tolu Ogunlesi; social entrepreneur, Toyosi AkereleOgunsiji and Adesua Giwa-Osagie, who shared varied perspectives on the book and the author’s point of view.

Residents Protest Alleged Shooting of Vigilance Group Commander, Others in Delta Sylvester IdowuinWarri Leaders and residents of Idjerhe community in Ethiope West Local Government Area of Delta State yesterday staged a peaceful protests against alleged shooting of the community’s commander of the vigilante and two of his operatives.

The protesters, comprising women, youths, community leaders and chiefs of Idjerhe kingdom, carried placards with different inscriptions, which

read: ‘Police Stop Killing Our People’; ‘We Demand Justice For The Shooting Of Our Vigilante Commander and Others By Police’; ‘IG, Call Your Men To Order, Arrest Police Men Involved In Shooting Our Vigilante Commander and Two Others’, among others.

Addressing journalists and the protesters, Otota (spokesman) of Great Idjerhe kingdom, Chief Onosia James Obriki, alleged that some policemen arrived in Idjerhe on January 30 this year to terrorise the

peaceful people of the community.

According to him, “On this fateful day, the police officers intimidated and harassed the Commander of the Idjerhe Kingdom’s vigilante outfit, Mr. Freeborn Ofeshohwo; Mr. Friday Johnson and Enor Young and other members.

This is a man who has served this kingdom meritoriously for the last 10 years and not found wanting in any way of criminality or otherwise.”

Nigeria Needs Strategic Plan, Quality Leadership, Says Bauchi Gov Bauchi State Governor, Bala Mohammed, yesterday said quality leadership and management of the current security situation requires a strategic plan and innovation from leaders in different capacity.

He made the submission in a paper presentation on ‘Strategic Leadership and his Political Experience’ for participants at the Course 32 of National Defence College, Abuja.

Mohammed said through selfless, inclusiveness and community engagement in leadership the country would overcome the challenging situation.

CHANGE OF NAME I formerly known and addressed as ONYINYE ENENYA, now wish to be known and address as ONYINYE UDOGWU. All former documents remain valid.

The general public please take note.

I, formerly known and addressed as NIAMEH MARIAN FEMOWEI now wish to be known and addressed as FEMOWEI MARIAN ENA. All former documents remain valid. The Independent National Electoral Commission INEC and general public should please take note.

This is to inform the general public that ANDREW ABUKUM and ABUKUM ANDREW ROMA refers to one and same person but now wish to be known and addressed as ANDREW ABUKUM HYELLA. All former documents remain valid. The general public please take note.

I formerly known and addressed as MISS UBONG JAMES MATTHEW, now wish to be known and address as MRS UKOINAM UBONG EDIDIONG. All former documents remain valid. The general public please take note.

He charged the participants to respect the country’s diversity and constructional sanctity in bringing the required change in restoring the hopes of Nigerians On his part, the Commandant, National Defence College Abuja, Rear Admiral Olumuyiwa

Morakinyo Olotu, who described the governor’s suggestions as apt, commended him for honouring the invitation.

Olotu also called on the participants to use the knowledge acquired in a manner that would add value to their pursuit of knowledge.

Chain Reactions Africa Appointed New PR Consultant for Indomie Noodles in Nigeria Sunday Okobi Following about six months of credentials presentations by some of Nigeria’s leading public relations firms, Dufil Prima Foods Limited, makers of Indomie Instant Noodles, has finally announced the appointment of Chain Reactions Africa, one of Africa’s leading Public Relations and Integrated Communications Consultancies, as its new Strategic Communications and Public Relations Consultant for Indomie Noodles in Nigeria.

This strategic partnership which took effect from February 1, 2024, the company said, aimed firstly to consolidate Indomie Noodles’ market leadership and foster stronger emotional connections with consumers across the

Nigerian market.

The company in a statement made available to THISDAY by the Group Corporate Communications and Event General Manager at Dufil Prima Foods Limited, Temitope Ashiwaju, said: “With a commitment to deliver quality products and enriching the lives of consumers, Dufil Prima Foods Limited recognises the importance of breakthrough communications strategies that reach the hearts and move the wallets.

“As part of its growth strategy as the clear market leader, the company has enlisted the expertise of Chain Reactions Africa to enhance its flagship brand -Indomie Instant Noodles’ visibility, reputation, and engagement within the Nigerian market.

Anglican Communion Honours 25 Eminent Church Leaders The Church of Nigeria Anglican Communion has honoured 25 eminent church leaders to commemorate its 45th anniversary of the Church.

According to a statement issued by Folu Olamiti for the church, the 25 awardees were honoured for their excellence in faithfulness in the Kingdom Service.

The award took place during the bi -annual Standing Committee Meeting of the Church of Nigeria Anglican Communion which took place at the Anglican Cathedral Church of Ascension, Diocese of Ika in Boji- Boji Owa, Delta State.

The recipients of the award are: The Most Rev’d Dr Peter Jasper Akinola, former Primate of the church; The Most Rev’d Dr. Nicholas Okoh, former Primate; The Most Revd Timothy Olufosoye (posthumous); The Most Rev’d Joseph Abiodun Adetiloye (posthumous); Bishop Ajayi Crowther (posthumous); The Most Revd Dr. Ephraim Adebola Ademowo, former Bishop of Lagos; The Right Revd Emmanuel Gbonigi, former Bishop of Akure; The Right Revd Gideon Olajide, former Bishop of Ibadan;

Isra and Miraj: The Miraculous Night Journey Syed Abul Ala Maududi/IslamiCity

T

he Israa and Miraj refer to two parts of a miraculous journey that Prophet Muhammad (pbuh) took in one night from Makka to Jerusalem and then an ascension to the heavens.

Holy is He Who carried His servant by night from the Holy Mosque (in Makka) to the farther Mosque (in Jerusalem) - whose surroundings We have blessed - that We might show him some of Our signs. Indeed, He alone is All-Hearing, All-Seeing. (Quran 17:1) This is a reference to the event known as Mi’raj (Ascension) and Isra’ (Night Journey). According to most traditions - and especially the authentic ones - this event took place one year before Hijrah.

Detailed reports about it are found in the works of Hadith and Sirah and have been narrated from as many as twenty-five Companions. The most exhaustive reports are those from Anas ibn Malik, Malik ibn Sa’sa’ah, Abu Dharr al-Ghifari and Abu Hurayrah. Some other details have been narrated by ‘Umar, ‘Ali, ‘Abd Allah ibn Mas’ud, ‘Abd Allah ibn Abbas, Abu Sa’id al-Khudri, Hudhayfah ibn al-Yaman, and ‘A’ishah among other Companions of the Prophet (pbuh).

The Quran here only mentions that the Prophet (pbuh) was taken from the Ka’bah to the mosque in Jerusalem and specifies that the purpose of the journey was such that God might “show him some of His signs”. Beyond this, The Quran does not concern itself with any detail. However, according to Hadith reports, Gabriel took the Prophet (pbuh) at night from the Ka’bah to the mosque in Jerusalem on a buraq - name of the heavenly steed on which the Prophet (pbuh) rode.* On reaching Jerusalem the Prophet (pbuh) along with other Prophets offered Prayers. (Al-Nasa’i, Sunan, K. al-Salah, ‘Bab Fard al-Salah wa Dhikr Ikhtilaf al-Naqilin...’

-Ed.) Gabriel then took him to the heavens and the Prophet (pbuh) met several great Prophets in different heavenly spheres. (See al-Nasa’i, Sunan, K. al-Salah, ‘Bab Fard al-Salah’ - Ed.) Finally, he reached the highest point in the heavens and was graced with an experience of the Divine Presence.

On that occasion the Prophet (pbuh) received a number of directives including that Prayers were obligatory five times a day. (Al-Bukhari, K. Manaqib al -Ansar, ‘Bab al-Mi’raj; K. al-Tawhid, ‘Bab Kallama Musa Taklima’ - Ed.) Thereafter, the Prophet (pbuh) returned from the heavens to Jerusalem, and from there to the Holy Mosque in Makka. Numerous reports on the subject reveal that the Prophet (pbuh) was also enabled on this occasion to observe Heaven and Hell. (Al-Bukhari, K. al_Salah, ‘Bab Kayfa Furidat al-Salah fi al-Isra’ and Ibn Hisham, Sirah, vol. I, p. 404 - Ed.) It may be recalled that according to authentic reports when the Prophet (pbuh) narrated the incidents of this extraordinary journey the following day to the people in Makka, the unbelievers found the whole narration utterly amusing. (Muslim, K, al-Iman, ‘Bab Dhikr al-Masih ibn Maryam’ - Ed.) In fact, even the faith of some Muslims was shaken because of the highly extraordinary nature of the account. (See Ibn Hisham, Sirah, vol. I, p.398 and al-Qurtubi, comments on verse 1 of the surah - Ed.) The details of the event provided by the Hadith supplement the Quranic account. There is no reason, however, to reject all this supplementary information on the grounds that it is opposed to the Quran. Nevertheless, if someone is not quite convinced and hence does not accept some of the details concerning the Ascension mentioned in the Hadith as true, he should not be considered an unbeliever. On the contrary, if someone were to clearly deny any part of the account categorically mentioned in the Quran, he would be deemed to have gone beyond the fold of Islam.

What was the nature of this journey? Did it take place when the Prophet (pbuh) was asleep or when he was awake? Did he actually undertake a journey in the physical sense, or did he have a spiritual vision while remaining in his own place? These questions, in our view, have been resolved by the text of the Quran itself. The opening statement: “Holy is He Who carried His servant by night from the Holy Mosque to the farther Mosque... “ (verse 1) itself indicates that it was an extraordinary event which took place by dint of the infinite power of God. For quite obviously, to be able to perceive the kind of things mentioned in connection with the event, either in a dream or by means of intuition, is not so wondrous that it should be prefaced by the statement: “Holy is He Who carried His servant by night...”; a statement which amounts to proclaiming that God was free from every imperfection and flaw. Such a statement would make absolutely no sense if the purpose of it was merely to affirm that God had the power to enable man to have either vision in the course of a dream, or to receive information intuitively. In our view, the words of the experience or a dream vision, was an actual

journey, and the observation in question was a visual observation. All was contingent upon God’s will that truths be revealed to the Prophet (pbuh) in this fashion.

Now, let us consider the matter carefully. The Quran tells us, in clear terms, that the Prophet (pbuh), went from Makka to Jerusalem and then returned to Makka during the night (obviously, without the use of anything resembling an aircraft), owing to God’s power. Now, if we believe this to be possible, what justification can there be to reject as inherently impossible the additional details of the event mentioned in the traditional sources?

Statements declaring certain acts to be possible and others to be beyond the range of possibility are understandable if these acts are deemed to have been performed by creatures in exercise of the natural powers with which they are endowed.

However, when it is clearly stated that it is God Who did something out of His power, any doubts about the possibility of these acts can be entertained only by those who do not believe God to be all-powerful.

Those who reject the Hadith as such raise several objections against the traditions concerning this incident. It seems that only two of these objections are worth of any consideration.

First, it is claimed that the contents of the traditions relating to the Ascension imply that God is confined to a particular place. For had that not been the case, it is argued there would have been no need to transport the Prophet (pbuh) in order for him to experience the presence of God. Second, it is questionable whether the Prophet (pbuh) was enabled to observe Heaven and Hell and to see people being chastised for their sins even though they had not yet been judged by God. How is it that people were subjected to punishment even before the coming of that Day when all will be judged?

Both these objections, however, carry little substance, The first objection is to be rejected on the grounds that although the Creator is infinite and transcends both time and place, yet in dealing with His creatures He has to have recourse to the means which are finite and are circumscribed by time-space limitations. This is because of the inherent limitations of man. Hence when God speaks to His creatures, He employs, of necessity, the same means of communication which can be comprehensible to the latter even though His Own speech transcends the means employed in the speech. In like fashion, when God wants to show someone the signs of His vast kingdom, He takes him to certain places and enables him to observe whatever he is required to observe.

For it is beyond the power of man to view the universe in the manner God can. While God does not stand in need of visiting a certain place in order to observe something that exists there, man does need to do so. The same holds true of having a direct encounter with the Creator. Although God is not confined to a particular place, man needs to experience His presence at a defined place where the effulgence of His Being might be focused. For it is beyond man’s power to encounter God in His limitlessness.

Let us now consider the second objection. That too is fallacious for the simple reason that the objects shown to the Prophet (pbuh) represented, in symbolic form, certain truths. For instance, a mischievous statement has allegorically been represented by a fat ox that could not return via the small hole through which it had come. (See Ibn Kathir, Tafsir, comments on Bani Isra’il 17:1 - Ed.) Or the other allegory relating to those who indulge in fornication - that they prefer to eat rotten meat when fresh clean meat is available to them. (Loc.cit ; see also Ibn Hisham, vol. 1 p. 406 - Ed.) The same holds true for the punishments to which sinners will be subjected in the Next Life - they are anticipatory representations of the sufferings to which they will be subjected in the Life to Come. The main point which needs to be appreciated regarding the Ascension is that it belongs to a genre of experience through which each Prophet is enabled to observe - consonant with his standing and mission - aspects of God’s dominion of the heavens and the earth. Once the material barriers to the normal vision of human beings are removed, it becomes possible to view physically, the realities which the Prophets are required to summon others to believe in as part of faith in the Unseen. This is done in order to distinguish the Prophets from mere speculative philosophers. For a philosopher’s contentions are based on speculative reason and hence are essentially conjectural. Were a philosopher to recognize his true position - the position of a philosopher - he would shrink from testifying to the truth of his contentions. In contrast, what the Prophets say is based on their direct knowledge and observation.

They can testify before others with full conviction that whatever they expound are realities which they themselves have directly perceived.

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FRIDAY, FEBRUARY 9, 2024 • T H I S D AY

BACKPAGE CONTINUATION DANGOTE REFINERY: THE TRIUMPH OF RESILIENCE then DPR director, Tony Chukwueke, on his part, said that the nation had not exploited all the models that could ensure that the refineries worked optimally and that Nigeria could invite foreign technical partners to run the refineries, or conduct repairs whenever the need arose. Where is he now? He did not tell us the model that was better than outright sale of the refineries. He just went into a long rigmarole to deceive the nation.

Well, where are we today? Nearly 14 years after Bluestar Consortium pulled out of the transaction and the refineries reverted to NNPC’s (now NNPCL) control, they have become as good as dead wood.

They have not produced anything of value to this country, not a pint of petrol, despite the huge sums pumped into their maintenance and associated costs. Who are the gainers and losers in this unholy alliance of individuals against Nigeria?

The same entrenched interests at NNPC or NNPCL as it is now known. And of course, the labour unions who prefer their workers earn wages for doing nothing.

Just last December, the Senate signalled its intention to open an investigation into what senators perceived as a sabotage of the federal government’s effort to revive the nation’s refineries, in spite of N11.35 trillion, excluding costs in other currencies, which include $592,976,050.00 dollars, 4,877,068.47 euros, and 3,455,656.93 pounds sterling spent on the renovation of the refineries from 2010 till date, yet they remain unproductive.

Don’t forget that just recently, the federal government awarded another contract worth a mind-blowing $1.5billion for the rehabilitation of the Port Harcourt refinery to an Italian Company, Tocnimont SPA, spanning three phases of over 18, 24 and 44 months. Let me ask the frequently asked question on the streets: who did this to our country? Only in Nigeria will you find bizarre rationale for doing stupid things like this. I can bet an arm and a leg that more than half of that $1.5billion will end up in private pockets. Our penchant for inflated cost of contracts will make allegations of corruption in other climes look like petty pick-pockets.

I challenge anyone to do the maths.

In 2007, the Port Harcourt and Kaduna refineries were sold for $750 million. In March 2021, nearly 14 years after the sale fell through due to the organised public outcry, the federal government after wasting billions of dollars on several maintenance programmes, awarded a contract for the rehabilitation of the Port Harcourt refinery alone for $1.5 billion.

Fellow Nigerians, may I ask again: who are the losers in all of these? And who are the gainers? Nigeria is a country that gives and keeps on giving. Everyone is milking her but no one wants to feed her. Knowing how these people have consistently scammed this country, I am not enthusiastic that the $1.5 billion for the rehabilitation of the Port Harcourt refinery will bring about the expected results. It is a complete waste of taxpayers’ money, part of which will be repaid to Afrexim which partly financed the rehabilitation.

Now, with the rehabilitation purportedly nearing completion, NNPCL announced it had begun the search for third-party managers to run the refinery. Instead of spending $1.5 billion on rehabilitating the refinery and now looking for third-party managers to run the place, why didn’t the government just sell the scrap and the buyer or buyers can turn it around with their money, thereby saving that $1.5 billion taxpayers’ money expended on the rehabilitation and deploying it in other urgent infrastructure needs? No, because those who profit from Nigeria’s failure to function optimally only ask: “What is in it for us.”

It is not a surprise therefore that

Dangote refinery

Dangote decided to build his refinery from scratch. However, the Eureka moment for Nigeria following the commencement of production by the company is tempered

by NNPCL’s inability to meet its crude feedstock required to enable uninterrupted production. Interestingly, the visionary Dangote saw it coming and prepared for any eventuality. The factsheet about the refinery is very impressive. It was designed for 100% Nigerian crude, with a flexibility to be able to also process a large variety of crudes, including many of the African crude grades, some of the Middle Eastern crude grades and U.S. Light Tight Oil. So I was not surprised when news filtered in that Dangote had purchased two million barrels of West Texas Intermediate (WTI) Midland from the United States-based oil trader, Trafigura Group, for delivery at the end of February. You see, the irony and contradictions of our situation are not for the lily-livered. And again, I asked, who did this to us?

Here is a nation blessed with enormous crude oil resources, once a major producer of crude oil, but imports all its refined petroleum needs because it pays some corrupt officials for the country to export jobs overseas rather than add value by exporting refined petroleum products. And here is a country where an individual just built the largest single-train refinery in the world of 650,000 barrels per day capacity, now having to import feedstock from the United States of America or elsewhere because of NNPCL’s inability to supply it with enough crude for refining.

As I have been made to understand, only a minute fraction (if any) of Nigeria’s current crude oil output is unencumbered by one loan facility or the other. The repayment of the recent $3.3 billion loan taken by NNPCL from Afrexim on behalf of the federal government to stabilise the failing naira is guaranteed with 90,000bpd for five years.Then there’s the forward sale agreement entered into by NNPCL with the Lekki Refinery Funding Limited

that this government was not well disposed to Dangote for whatever reason. Then it found a nebulous pretext to launch its harassment of his companies.

Strangely, after storming the companies’ headquarters and disrupting workflow for hours, the operatives left without taking any document.

But this same government did not see the need to launch an investigation into all those who got forex at concessionary rates to perform Muslim hajj or Christian pilgrimage to Jerusalem.

As I have already stated, it was all about intimidation and harassment, to settle old scores. Nothing more, nothing less.

President Bola Ahmed Tinubu’s EFCC must be condemned for the gangster-like manner it raided the Dangote head office.

For sure, Dangote or his companies are not above the law, so if there is any need to launch an inquiry into any suspicious activity, please, do so. But it must be done in accordance with due process and civilised standards.

The manner by which EFCC’s operatives stormed the Dangote head office sends the wrong signals and lends credence to the word on the streets that the president has an axe to grind with Dangote. As far as 1 am concerned, it did grave damage to the elusive quest for foreign investors. Those investors this government is looking for all over the world would pause and think twice before venturing here. If the country’s biggest investor, the largest employer of labour in the private sector, owning one of the largest listed companies on the Nigerian Exchange group and one of the highest taxpayers in the country and major contributor to its GDP, can be so harassed by people in government positions who have never earned anything by enterprise, then it makes sense for other investors to keep away.

In other climes, where leaders have sense, they would do everything to protect and support Dangote’s massive investments in the economy, rather than

hound him. Maybe, I should state here without mincing words: It has got to the point where the Dangote Group of Companies can be classified as a national security asset with business presence in cement, fertilizer, sugar, salt, petroleum refinery, rice production, construction, port operations, automotive, real estate, mining, transportation, logistics, agriculture, etc.

Indeed, what TATA is to India is what Dangote has become to Nigeria. It is Nigeria’s own answer to India’s TATA. It projects Nigeria and Africa to the world positively regardless of our bad leaders.

The late Lebanese-American poet and philosopher, Kahlil Gibran captured the Nigerian tragedy so succinctly in his poem, The Garden of The Prophet: “Pity the nation that is full of beliefs and empty of religion.

Pity the nation that wears a cloth it does not weave and eats a bread it does not harvest.

Pity the nation that acclaims the bully as hero, and that deems the glittering conqueror bountiful.

Pity a nation that despises a passion in its dream, yet submits in its awakening.

Pity the nation that raises not its voice save when it walks in a funeral, boasts not except among its ruins, and will rebel not save when its neck is laid between the sword and the block.

Pity the nation whose statesman is a fox, whose philosopher is a juggler, and whose art is the art of patching and mimicking Pity the nation that welcomes its new ruler with trumpeting, and farewells him with hooting, only to welcome another with trumpeting again.

Pity the nation whose sages are dumb with years and whose strongmen are yet in the cradle.

Pity the nation divided into fragments each fragment deeming itself a nation.”

Indeed, this country deserves to be pitied.

39

THISDAY ˾ FRIDAY, FEBRUARY 09, 2024

FRIDAYSPORTS

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

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AFCON 2023 SEMIFINAL FALLOUT

Tragedies Trail Super Eagles Victory over South Africa Top politician Ojougboh, KWASU deputy bursar, three others confirmed dead from shocks Duro Ikhazuagbe in Lagos and Hammed Shittu in Ilorin No less than five persons have been confirmed to have died from shocks during and after Nigeria’s 4-2 victory over South Africa in the semi final of the 34th Africa Cup of Nations in Côte d’Ivoire.

First, top Nigerian All Progressives Congress chieftain in Delta State, Dr Cairo Ojougboh was reported to have died while watching the Nigeria versus South Africa AFCON clash.

Dr Ojougboh who represented Ika Federal Constituency in the House of Representatives was said to have died from shocks following the cancellation of Victor Osimhen’s goal and the awarding of a penalty to South Africa when VAR review showed that Alhassan Yusuf fouled Bafana Bafana’s Percy Tau in the Nigerian box.

The politician who was a medical doctor was said to have shouted and slumped due to heart attack when South Africa scored to cancel Nigeria’s advantage in that crucial semi final game in Bouake, Côte d’Ivoire.

His death was confirmed by the Publicity Secretary of Agbor Community Union, Mr Augustine Ekamagule.

Elsewhere inside the stadium in Bouake, a Nigerian businessman, Chief Osondu Nwoye was also reported to have collapsed after Super Eagles’s second goal was cancelled by the centre referee.

Nwoye who hailed from Anambra State was confirmed dead in a Facebook post uploaded by his acquaintance, Chukwudi Iwuchukwu.

In Ilorin, the Deputy Bursar of Kwara State University (KWASU)

Malete, Alhaji Ayuba Olaitan Abdullahi, also died while watching the semi final football match between Nigeria and South Africa.

THISDAY correspondent reported that the deputy bursar died after

he went to watched the match at a Sports Center in Sango area of Ilorin which was very close to his house where the incident occurred.

Eyewitnesses said that the Late Abdullahi watched the game till the

end of the extra time when he felt uncomfortable and was rushed to a private hospital in the area where he gave up the ghost.

“The deputy bursar watched the Nigeria/South Africa match from

MTN Nigeria Hails Super Eagles' Brilliant S’Final Performance

MTN Nigeria, the official and exclusive communications partner to the Nigerian Football Federation (NFF), has commended the Super Eagles on their stunning triumph over South Africa's Bafana Bafanain the semi-final showdown of the ongoing AFCON tournament.

In a display of sheer skill and grit, the Super Eagles showcased their unwavering determination at the Stade de la Paix Stadium in Bouake, Côte d’Ivoire on Wednesday evening.

Ultimately decided via penalty shootout, Nigeria secured a well-deserved spot in the tournament's final, edging closer to the possibility of clinching a historic fourth trophy.

"We are elated to witness the exceptional performance of our national team, the Super Eagles, as they soar towards victory," said Karl Toriola, CEO, MTN Nigeria.

"Their resilience and dedication on the field embody the spirit of our nation, and we stand proud to be on this exhilarating journey alongside them. With over 200 million passionate fans rallying behind our team, we are united in our support and commitment to cheering them on."

In similar vein, Toriola also com-

mended the Bafana Bafanateam for putting up a good fight, and taking their loss in good faith, conscious of the spirit of brotherhood that binds all Africans. “They played very well too, and it could easily have gone the other way. For that, they deserve our respect, and we salute their diligence,” he said.

As anticipation builds for the tournament's climax, the Super Eagles will face off against Côte d’Ivoire, the host nation, in what promises to be an electrifying final on February 11th.

The highly anticipated match will take place at the prestigious Stade Alassane Ouattara in Abidjan, where football enthusiasts worldwide will witness the culmination of intense competition and sporting excellence.

MTN Nigeria reaffirms its dedication to fostering growth and development in Nigeria's football landscape, continuously investing in the development of the sport, nurturing young talent and promoting grassroots initiatives to ensure a thriving football ecosystem while recognising the integral role of sports in uniting communities and fostering national pride.

NFF Mourns Passing of Coach Izilein, Kayode Tijani The Nigeria Football Federation (NFF) has expressed sadness and sorrow following the deaths on Wednesday of former Super Falcons’ and U17 Boys’ National Team Coach, Godwin Izilein and renowned football journalist, diarist and analyst Kayode Tijani.

NFF General Secretary, Dr. Mohammed Sanusi expressed shock at the passing of the two respected figures in the Nigeria game, who were equally known and revered internationally for their accomplishments.

“We were preparing for our match against South Africa in the Africa Cup of Nations semi-finals and then we heard news of the passing of Coach Izilein. And just as we were celebrating the victory, we were again assailed with another sad news of the death of Mr. Kayode Tijani.

“We are in mourning, but we are comforted that both men left their

giant footprints in the sands of time.

Coach Izilein not only represented Nigeria at senior level, he won the Women Africa Cup of Nations with the Super Falcons in 2004 as Head Coach, among other remarkable achievements. Kayode Tijani was an international journalist of repute and took his forte of record-keeping most seriously.”

Coach Izilein died at the University of Benin Teaching Hospital while Tijani breathed his last at the Lagos State University Teaching Hospital.

The late Tijani has been buried in Lagos according to moslem rites.

An effervescent, humble and diligent international football journalist of repute, Tijani worked for several local and international publications, including FAME magazine, Complete Football magazine and the pan-African football magazine, African Soccer.

Super Eagles Moses Simon (right) and Bafana Bafana’s Khuliso Mudau battling it out during the Nigeria versus South Africa AFCON 2023 semi final clash in Bouake, Côte d’Ivoire on Wednesday night

the beginning till the end of the extra time and when it was the time for penalty kicks, he complained that he was feeling dizzy. So he said he needs to go back home and rest not knowing that his Blood Pressure had gone up.

"So on getting home, he collapsed and he was rushed to private hospital in Sango but he was referred to the University of Ilorin Teaching Hospital (UITH) and before he could be attended to , he died,” the eye witness recalled.

As a devout Muslim, the late Abdullahi was later buried in Ilorin on Thursday morningaccording to Islamic rites.

Dr. Saedat Aliyu, Director of Information of KWASU confirmed that Ayuba died on Wednesday night.

Aliyu who said that Abdullahi was hale and hearty when he came to work on Wednesday stated that the cause of the death was yet to be ascertained by the management of the University.

In Adamawa, a National Youth Service Corps (NYSC) identified as Peter Yunana was also reported to have slumped and died while watching the Nigeria versus South Africa AFCON 2023 semi final match.

The State’s NYSC Coordinator,Mr Jingi Dennis also confirmed the death of the serving Corps member.

There was also reports of a fifth person to have died during the semi final match but the identity of the person could not be confirmed by THISDAY. Nigeria will play host Côte d’Ivoire in the final match of the AFCON 2023 inside the Stade Olympic Alassane Ouattara in Ebimpe area of Abidjan on Sunday to determine the new champions of the African football showpiece.

Defending champions Senegal were sent home in the quarter final.

Oliseh Warns Côte d’Ivoire Will be More Dangerous in Final Saka, Solanke and other Nigerian descent salute S’Eagles Former Super Eagles coach Sunday Oliseh has warned that Sunday’s AFCON 2023 Final against Cote d’Ivoire will be very different from the group game between both teams.

Nigeria pipped the AFCON hosts 1-0 in a Group A clash.

On Sunday, both teams will feature in a rematch with the coveted AFCON trophy the prize at stake.

The Elephants of Cote d’Ivoire are at home and will enjoy total support from a full house at the Stade Alassane Quatarra in Abidjan “The final is a totally different scenario,” warned Oliseh.

“Their big striker (Sebastian Haller, who was match winner vs DR Congo in the semifinal) will pose a big problem for our defence.

“South Africa found loopholes in our defence especially in the first half.”

He further said: “They have shown great mental strength to come back through the back door to the final.

“They have grown in confidence.”

Oliseh admitted he would have preferred the Super Eagles had clashed with DR Congo in the final.

“DR Congo would have been an easier team for the Super Eagles

to manage,” he offered.

Meanwhile, several players with Nigerian roots in the English Premier League have congratulated the Super Eagles after a hard-fought win over South Africa in the AFCON 2023 semi-final on Wednesday night in Bouake.

Arsenal’s Bukayo Saka posted on his Instagram story as he cheered

the Super Eagles on during the penalty shoot-out.

Former Liverpool and in-form Bournemouth striker, Dominic Solanke also joined in the celebrations. Former Chelsea players, Fikayo Tomori and Tammy Abraham urged the Super Eagles to do one better and win the final against Ivory Coast.

On loan Bayern Munich striker, Joshua Zirkzee, who plays for the Netherlands but has a Nigerian mother also cheered on, alongside England U-23 international, Noni Madueke and Manchester City’s Manuel Akanji.

Nigeria will take on Côte d’Ivoire in the final of the AFCON 2023 tournament on Sunday.

Obaseki, Alli to Grace Cricket Super Four in Benin The wife of Edo State Governor, Mrs Betsy Obaseki, and the Chairman of Edo State Sports Commission, Mr Yusuf Alli, have been listed to grace the third edition of the South-South Female Cricket League in Benin City this weekend.

The game will kick off today Friday February 9 through Sunday, 11th at the Centre of Excellence for Women's Cricket Iyoba College, Benin City, where four teams: Idia Royals, Pathfinders Cricket Club, Smashers Cricket Club, and Adolo Amazons Cricket, will square-off in a T20 encounter.

Chairman of Edo State Cricket Association, Uyi Akpata, who also

doubles as the president of the Nigeria Cricket Federation, says the "Super Four” will feature the top-four teams in the region.

“All the clubs that grew out of the quest to draw a new path for the games development, and today, among other things, we are celebrating the rise of female cricket in Nigeria,” he said.

“The South-South has continually been the powerhouse for the game because of the commitment of the government of states in the region, and passion of cricket enthusiasts to grow the game.”

Akpata added that H.E. Betsy Obaseki’s commitment to grace the

finals of the Super Four compliments her role in encouraging the girl-child’s engagement in social development and reforms in the state over the years.

Meanwhile, the female national team coach Leke Oyede has commended the events as he says it has helped the national team players garner more playing time and also been able to unearth new talents that the coaching crew looks to give closer attention to.

“We have some players that have used the event to hone their skills, but more important is the level of competition and playtime these events have afforded most of the national team players.”

Friday, February 9, 2024

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MISSILE

Arewa Group to President Tinubu

“We believe that the ongoing food scarcity is artificial because Nigeria is economically far much better than where it was on May 29, 2023. We can see that economic saboteurs are at clandestine work to frustrate and embarrass the administration of President Bola Ahmed Tinubu. We are calling on the President to deal decisively with the enemies of progress against his government, fight corrupt people to a standstill by bringing them to justice” –Convener, Arewa Think Tank (ATT), Muhammad Yakubu, urges President Tinubu to deal with the economic saboteurs.

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Dangote Refinery: The Triumph of Resilience

A

t last, the Dangote Petroleum Refinery has begun production with the receipt of about six million barrels of crude oil. What a pivotal moment for Nigeria! It’s the triumph of the resilience of one man, Alhaji Aliko Dangote, whose audacity to dream big, coupled with his unparalleled determination and unrelenting doggedness in bringing those dreams to fruition, has seen him climb every mountain and cross every ocean on his path to achieve the seemingly impossible.

It is only a man with a steely determination that will not break under the strain of massive cost overruns, an unforgiving, hostile business climate, policy inconsistencies, serial currency devaluations and currently the worst performing currency in Africa, forex scarcity, multiple taxation, high cost of capital, etc. that could pull this off. Nigeria will defeat you, if you are not made of steel.

That Dangote was able to complete his petroleum refinery is a testament to his superman capacity to ride the waves no matter how high they may be. Many of us continue to marvel at this prodigious project, no matter what a few naysayers have to say.

You see, this country would not have been in this precarious state if we had more of such projects driven by supermen like Aliko Dangote. Again, Nigeria would have been the pride of Africa, living up to its potential and promise as the beacon of hope and the powerhouse of the black race if such men were in political leadership.

Our incompetent and inept leaders have failed Africa. All they know how to do is loot the commonwealth and display it in our faces. They have become the biggest obstacle to the continent’s progress, the ones underdeveloping Africa from within its borders. So, for the richest man in Africa and a few others to pick up the gauntlet, doing what Nigeria as a country has failed to do for Africa, then the black race deserves to be applauded. And the world is taking notice.

At the last count, the Dangote refinery located in Ibeju-Lekki, Lagos, covering a land area of approximately 2,635 hectares, had gulped over $19.5billion. You would agree with me that, that is a prodigious figure. Not often do we hear of such figures ploughed into projects even in the Western world, let alone in Africa. At best, it is the type of project that multi-national consortia come together to undertake. But in this instance, an individual from one of the most challenged countries in the world, conceived and executed it, in spite of the

Dangote

very hostile business environment that is squeezing investors out of business. This, to me, is a feat worth celebrating.

It is the world’s largest single-train petroleum refinery, with a capacity to process 650,000 barrels per day with a 900 KTPA Polypropylene Plant. It is a thing of pride that a project of this magnitude is located in Nigeria. But even more enthralling is that it was conceived and built by an individual in a country where bad government policies by inept leaders remain the bane of doing business. Policies that are more often than not driven by malice. At full production capacity, the refinery can meet 100% of the Nigerian requirements of all refined products and also have surplus for export. How many of us truly understand what that means?

Moving from being a net import-dependent country for all our petroleum needs to exporting locally refined products? Can you imagine the foreign exchange this will save for Nigeria?

This surely is a game changer for our bleeding national economy long crippled by forex shortages and organised oil theft with all the imprimatur of officialdom.

The country’s four refineries have been grounded for several years and may remain so, not because they cannot be fixed in a realistic sense but because those in charge of making them work are the ones sabotaging all efforts to fix them.

The state-owned refineries have become a cesspool of corruption and organised crime. Where hundreds of millions of dollars regularly voted for Turnaround Maintenance,

TAM, have only served to enrich a few fat cats in the Nigerian National Petroleum Company Limited and their collaborators in government. That is the sad situation Nigeria finds itself in.

And for those who may not know, crude oil export is the source of well over 80% of Nigeria’s foreign exchange earnings.

Now, if we can’t protect our production volume from organised syndicates who have perfected the art of stealing the crude from the pipelines before it gets to the terminals for export, how would we earn enough forex for the Central Bank of Nigeria (CBN) to make available to importers of other goods and services? The bigger questions are: how do these syndicates get the stolen products to the international market ahead of Nigeria? Who exactly are the members of these syndicates? Why has no one been named publicly? Who is covering up for them in government? Surely, someone or some people who are high up in the government know/s something.

Two years ago, the country spent 40% of the foreign exchange it earned from the little it was able to generate from export earnings on the importation of petroleum products as well as petrochemicals which put a lot of pressure on the exchange rate, according to the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele who did everything he could to help the Dangote refinery come to fruition. Yes, you heard me clearly, he had said 40% of all forex earnings went into the importation of petroleum products. This has created a vicious circle of perennial shortages of forex for other import-dependent sectors.

In the land of my fathers, there is a saying: “A nation that cannot feed itself is not free.”

So, one can begin to understand the relief the Dangote refinery is set to bring to Nigeria.

Officially going into production of refined petroleum products is an incredibly important milestone that should be celebrated. It is the last chapter of a checkered journey that began with the acquisition of the Port Harcourt and Kaduna refineries in 2007. I think a brief history will suffice here if for nothing but to refresh peoples’ memories.

In May 2007, the then outgoing Olusegun Obasanjo administration took the bold decision to sell the government’s majority stake in the Port Harcourt and Kaduna refineries to Bluestar Consortium promoted

by Aliko Dangote, Femi Otedola and Transnational Corporation of Nigeria, Transcorp for a whopping $750 million with the Port Harcourt refinery selling for $561 million. It was Nigeria’s largest refinery, a 210,000-barrels-per-day (bpd) facility, while the Kaduna refinery had an installed capacity of 110,000bpd.

That transaction triggered an avalanche of wild criticisms from many ignorant Nigerians and labour unions who sprang into action, doing their utmost, to frustrate the sale.

And they did. But today where are we on the matter? Is the country better off than it was then before the sale and subsequent revocation? Where are those who opposed the sale then purely on emotional grounds than the economics of the transaction? They have all been put to shame. And the country is the loser for it. I don’t need to remind anyone of the fights at filling stations, the endless hours wasted in queues, sometimes overnight at petrol stations just to get fuel for our cars.

The two main oil unions in the sector - the National Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) were up in arms, claiming that the two refineries were wrongly sold by the Bureau of Public Enterprises, alleging that “the sale of the two firms was completely lacking in transparency”. They also stated that no due diligence was carried out and that the Port Harcourt refinery was worth close to US$5 billion, about nine times the amount it was actually sold for. For those who still remember, the sale of the refineries to Bluestar was one of the reasons for the general strike that paralysed the Nigerian economy for four days in June, 2007 during the government of the late Umaru Musa Yar’Adua.

The then NNPC and the Department of Petroleum Resources (DPR) joined the clamour for the transaction to be revoked, claiming that they were capable of running the refineries in contrast to Bluestar, which had no actual experience of operating refineries. Really? The surprising thing was that so many Nigerians were sold on the NNPC narrative. Following Bluestar’s eventual pull out of the transaction, the then Group Executive Director of the Refineries & Petrochemicals Department at NNPC, Abubakar Lawal Yar’Adua, was reported

by THISDAY to have stated that if given the necessary support, the NNPC had the capability to run the refineries efficiently.

He forgot to mention that it was years of inefficiency and corruption by NNPC’s management that forced the Obasanjo government to sell the government’s majority equity stake in the refineries in the first place.

Not done, he argued that the solution to the nation’s petroleum shortages would not be found in the sale of the refineries, but in conducting proper turnaround maintenance on them as well as building new ones. The Continued on page 38

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