MONDAY 12TH FEBRUARY 2024

Agusto & Co: Petroleum Sector Will Grow, Manufacturing Will Suffer in 2024 Says Nigeria may be able to refine 1.4m bpd crude oil by 2024 Projects modest 3.1% rise in GDP, inflation rate of 26% Emmanuel Addeh in Abuja

Ratings agency, Agusto & Co., has projected that Nigeria’s oil

sector will likely grow this year, curtailing FX efflux on the back

of the recent gradual increase in crude oil production and projection

of a 1.4 million barrels per day (bpd) crude refining capacity by

Continued on page 5

FG, Mbah Hail Super Eagles for Impressive Outing in Côte d’Ivoire ...

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Monday, February 12, 2024 Vol 29. No 10533. Price: N400

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NUPRC Engages Totalenergies on Offshore Oil Devt, Domestic Crude Obligation...

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Pastor Adeboye: Nigeria’s Problems Beyond Human Ability, Require Spiritual Solution Says those in authority trying their best John Shiklam in Kaduna The General Overseer of the

Redeemed Christian Church of God (RCCG), Pastor Enoch Adejare Adeboye, has said the problems of

Nigeria require spiritual solution.

Adeboye, who was in Kaduna for a crusade, stated this during

a courtesy visit to Governor Uba Sani, at Government House.

He said Nigeria urgently needed

the help of God to overcome the the people and give them hope. challenges facing it, and added that he was in the state to pray for Continued on page 5

Tinubu, Akpabio, Abbas, Obi, Govs, Others Mourn Herbert Wigwe, Family Members, Ogunbanjo President describes demise as overwhelming tragedy shocking beyond comprehension Preliminary reports reveal wintry weather condition contributed to chopper crash Access Holdings confirms incident, says acting GMD to be announced soon Our Correspondents President Bola Tinubu; President of the Senate, Senator Godswill Akpabio; Speaker of the House of Representatives, Tajudeen Abbas; the Nigeria Governors’ Forum (NGF); governors of Lagos, Ogun, Rivers, Anambra, Abia, Kaduna, Imo, Enugu states; Peter Obi; and Tony Elumelu, yesterday, expressed shock and deep distress over the passing of top banker and entrepreneur, Mr. Herbert Wigwe, his wife, Chizoba, son, and former Group Chairman of the Nigerian Exchange Group Plc, Mr. Abimbola Ogunbanjo. They died in a helicopter crash on Friday night in the United States.

Equally, yesterday, Access Holdings Plc officially confirmed the demise of its founding Group Chief Executive Continued on page 5

STRATEGISING FOR INDUSTRIAL GROWTH...

L-R: Regional Director, Central Africa and Anglophone West Africa, International Finance Corporation, IFC, Dr. Dahlia Khalifa; Managing Director, Bank of Industry, BOI, Dr. Olasupo Olusi, and Regional Vice President Africa, IFC, Sergio Pimenta, during the stakeholder conference, organised by the BOI and IFC to bolster Nigeria's industrial sector growth at the Eko Hotel and Suites Lagos...recently.

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Tinubu: We're Revolutionising Agriculture Towards Achieving Food Sufficiency for Nigerians Optimistic nation will become major exporter of food Deji Elumoye in Abuja

agricultural productivity through various initiatives, including the President Bola Tinubu has expansion of farmlands, the provision declared that his administration is of low-interest loans to farmers, and revolutionizing agriculture towards significant investments in irrigation making Nigeria self-sufficient in food infrastructure.

According to him: "Nigeria will production and a net exporter of become a net-exporter of food. We are agricultural products.

Speaking yesterday while bringing thousands of tractors. Food playing host to a delegation from production will be greatly expanded the Global Tijaniyya Movement, led through aggressive mechanization.

by Khalifa Muhammad Mahe Niass, We must be productive as a people. at the State House in Abuja, the That is the Sunnah and the principles President outlined plans to bolster I grew up understanding".

On healthcare, President Tinubu said: "We are dedicated to equipping hospitals with modern equipment, providing healthcare professionals with training, and ensuring social welfare for every citizen, including comprehensive health insurance coverage."

He said his administration will support plans and efforts to give ease and succour to Hajj pilgrims.

The President emphasized the importance of spiritual endeavours in nation-building, underscoring

his administration's commitment to supporting religious activities.

He emphasised the need for collaboration between political and spiritual leaders to advance the nation's interests and promote unity among the people.

President Tinubu thanked the Global Tijaniyya Movement for their support and prayers, emphasizing the importance of collective efforts in building a better Nigeria.

Earlier in his address, Khalifa of Tijaniyya, Sheikh Mahe Niass, while

speaking on behalf of the delegation, commended President Tinubu for his unwavering commitment to Nigeria's peace, progress, and stability.

He expressed confidence in the President's leadership and conveyed the fervent support and prayers of members of the Global Tijaniyya Movement to the Nigerian leader.

During the visit, the delegation offered prayers for the nation's progress, unity and prosperity, and for Almighty Allah to grant President Tinubu wisdom, strength, and success.

Tinubu

PASTOR ADEBOYE: NIGERIA’S PROBLEMS BEYOND HUMAN ABILITY, REQUIRE SPIRITUAL SOLUTION Adeboye stated that though the problems seemed to have persisted and in some areas, get worse, he trusted God that they would not last forever, and would be over sooner than later.

He explained that his tour of Nigeria, which brought him to Kaduna, was not just for crusade and prayers, but an opportunity to let the people know that tomorrow would be better if Nigerians could be a little more patient with God. The general overseer stated, "I am delighted to be here again. I was here about two or so years ago with the former governor (Nasir El-Rufai) at that time. I came to pray for some of my members, who were kidnapped and were miraculously rescued.

"I came to encourage their families to let them know that all will be well. I have come again this time around because it has become more and more clear to us that the problems our nation is facing is more than political. Our problems will require quite a bit of spiritual solution.

“We, as a country, are blessed.

We are blessed with people with great intelligence, we are blessed with all manners of resources and yet we have so many problems.

“And it is not as if people in authority are not trying their best. They are doing as much as humanly possible, and then, we found out that when you have problems that are beyond human ability to solve them, then, you call on the Almighty.

"The reason we call Him Almighty is because He has the power to solve all problems. So, we have been going round in our own little way to support the efforts of all the various governments and parastatals to call on the Almighty to come to our aid, because we need help. We need help and we need it urgently."

The clergyman added, "As much as our leaders are doing their very best to help us solve our problems,

the problems seem to have persisted and in some areas, the problems seem to be getting worse.

"But we trust in Almighty God that these problems will not last forever. We trust God that the problems will even be over sooner than later.

“That is why we have been going round holding crusades and the crusades are just a means of gathering people together to let them know tomorrow is going to be alright if we can be a little more patient with God. “We believe very strongly that people need this kind of encouragement, so that they don’t

lose hope, because when they lose hope, they do all kinds of strange things."

According to him, "Many of our youths, for example, are running out of the country, forgetting that those countries they are running to also have their own problems and, then, those who cannot run anywhere.

"We don’t want a situation where people begin to think of taking their own lives. We have had quite a few examples of people driving in Lagos to the long bridge and jumping into the lagoons.

"Those of them that were rescued before they drowned said they

couldn’t see a future, but we keep on assuring them God is on His throne and he is not going to forsake our nation."

Sani, while responding, commended Adeboye for his contributions to Nigeria, and concurred that the administration of President Bola Tinubu needed prayers and support of clerics, like Adeboye, to succeed.

The governor told the general overseer, “You have at critical times in our country led interventions aimed at directing the political leadership to the path of justice and fairness. Your modern authority is a huge asset and

right now, we have a president who is determined and focused and ready to take the country to a greater height and I have no doubt, with your intervention and prayers, our president will certainly get it right."

Sani said Tinubu had taken some important steps towards moving the country forward, stating that the steps may be difficult at the moment, but necessary to move the country forward for the better.

“So, we will continue to seek your advice, wisdom, support and most importantly, your prayers," the governor added.

AGUSTO & CO: PETROLEUM SECTOR WILL GROW, MANUFACTURING WILL SUFFER IN 2024 December this year.

In its January newsletter, titled, “2024: A Year of Reckoning, Turning Points and Balancing Acts,” the Pan-African research firm raised hopes that in all, it saw a better managed economy under the current administration than in the eight years of Muhammadu Buhari’s government.

It stated, “At a time when crude oil production appeared to be recovering, supported by security measures to combat theft and vandalism, with a 16 per cent increase to an average of 1.3mbpd in 2023, Nigeria’s OPEC-sanctioned quota of 1.5 million barrels per day (mbpd) poses a significant limitation to export earnings. We expect the crude oil production gains observed in 2023 to be sustained in 2024 (1.45 mbpd – 1.5 mbpd).

“Crucially, we expect domestic crude oil refining to receive a significant boost from the Dangote refinery and the re-commencement of operations at the Port Harcourt oil refinery, with expected output of 210,000 bpd by December 2024 in addition to the other state-owned oil refineries.

“In addition, BUA Group’s 250,000bpd refinery and petrochemical plant in Akwa Ibom

State is expected to start operations in late 2024. These are expected to push Nigeria’s combined refining capacity to circa 1.4 mbpd of crude oil by the end of the year.”

According to the firm, the sector is poised for exponential growth, as domestically refined crude oil products plummeted by a whopping 92 per cent in the last decade to 6,000 mbpd in 2022.

“This is positive for ending, or significantly reducing the dependency on refined petroleum imports by December 2024 while the sale of products to neighbouring countries, in the medium term, will be positive for exports,” it added.

In 2024, the agency said the impact of the policy-induced shocks, which cascaded through the Nigerian economy in 2023 and severely weakened the macro picture, were expected to linger.

It stated that this was due to, and despite significant progress, at least theoretically in the dismantling of some of the deep-rooted structural and policy impediments that had constrained Nigeria’s economic performance for decades.

Agusto & Co listed some of the constraints as high energy costs, multiple taxations and foreign exchange illiquidity, recently

triggering the exit of multinational manufacturers and intensifying the wave of emigration of middle-class Nigerians.

However, a likely increase in FX supply and stability, on the back of improved crude oil production and some foreign currency denominated inflows (loans and securitisation of NLNG dividend), it pointed out, will benefit the manufacturing, trade and other import-dependent activities.

The agency stated, “However, we believe manufacturing output will suffer from the negative effects of the recent divestments in the sector. We anticipate a marginal increase in aggregate consumption, spurred by the expected modest increase in the minimum wage, but this will be weighed down by the sustained impact of higher petrol prices and a weaker naira.”

It said high borrowing costs could trend even higher as a rejuvenated Central Bank of Nigeria (CBN) tightened its policy stance further in response to the need to rein in inflation and attempt to push real returns back to positive territory.

The agency maintained that would heighten credit risks, limit lending to the real sector and weigh

TINUBU, AKPABIO, ABBAS, OBI, GOVS, OTHERS MOURN HERBERT WIGWE, FAMILY MEMBERS, OGUNBANJO Officer, along with others in the tragic helicopter accident. In a statement signed by the Group's Company Secretary, Sunday Ekwochi, the Board of Directors expressed sadness over the unfortunate incident, describing Wigwe as a key driving force behind the transformation of the Access franchise since his tenure at Access Bank in 2002.

The United States authorities, yesterday, said preliminary reports suggested that a wintry weather condition was among the factors that contributed to the chopper crash that killed Wigwe and the others.

Addressing the media, a National Transportation Safety Board member, Michael Graham, said officials were on the scene to gather perishable evidence.

Graham said the team was “methodically and systematically reviewing all evidence” and considering all potential factors to determine the probable cause of the crash. He added that although the information provided was only preliminary, witness reports

we deeply appreciate you, sir.

“We also believe, sir, that from the remarks you made just now, that our country at this critical time requires intervention from people like you, who are tested and who have in the past intervened and helped us to find solutions to our problems.

"We believe you won't be tired, we also need an intervention at this critical time. Like you said, many Nigerians are losing hope and they have been very cautious about the future.

“But like I said, we are going through difficulties because of what happened in the past and

suggested that a wintry weather condition was among the factors that lead to the accident.

Graham explained, “The crew consisted of a pilot in command and a safety pilot. The accident flight was operated by Orbic Air LLC as a Part 135 charter flight. Witness reports of the weather conditions at the time of the accident suggest rain and a wintry mix.

“The helicopter was not equipped with a cockpit voice recorder or a flight data recorder. This helicopter was not required to be equipped with those types of recording devices.”

It was gathered that Las Vegas had reportedly sold out private jet parking slots for Super Bowl weekend as billionaires scrambled to make it into Sin City for the big game, causing Wigwe and those killed in the accident to decide to charter a chopper.

Spaces at Harry Reid Airport in the city and its two nearest executive jet strips, North Las Vegas and Henderson, for private jet parking had already

been all snatched up, according to the New York Post.

Bola Tinubu

Tinubu, in a statement issued by his media adviser, Ajuri Ngelale, mourned the exceptional Nigerian business leaders, describing their passing as "an overwhelming tragedy that is shocking beyond comprehension”.

Tinubu condoled with the Wigwe and Ogunbanjo families, the business community, and all those affected by the incident.

The president prayed for the repose of the departed and prayed God Almighty to comfort the multitude of grieving Nigerians and the families of the deceased at this deeply agonising moment.

Godswill Akpabio

Akpabio described the sudden death of Wigwe, his wife, and son in the helicopter crash in California as a painful loss to Nigeria.

In a statement by his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh, Akpabio described Wigwe's death as a big loss not only to the Nigerian banking and finance industry, where he held sway, but also to the country as a whole.

Akpabio said, "I received with shock the news of the passing of Mr. Wigwe and some of his family members in a helicopter crash in the USA. Wigwe’s contribution to the growth of Nigerian banking industry and, indeed, the economy of the country were exemplary and commendable.

"In his chosen career, he exhibited a high level of professionalism and unmatched leadership, which marked him out as a true patriot. He was a man of integrity who never believed in cutting corners to achieve success in business.

"His vision in establishing a world class university, Wigwe University, to cater for the educational development Continued on page 6

on the country’s Gross Domestic Product (GDP) growth prospects.

It said the discontinuation of intervention measures by the CBN as well as the recent escalation of conflict in major food-producing areas in the country’s Middle Belt had cast a shadow of gloom over crop production prospects.

In addition, the escalation of tensions with Niger Republic, which had been a significant source of input for some agribusinesses, Agusto stated, was also likely to continue to adversely affect the sector.

The business information firm stated, “We believe the services sector, particularly telecommunications and financial services will remain the biggest driver of growth in 2024,...we expect less uncertainty and improvements in business confidence. Overall, we forecast a modest increase in GDP growth to 3.1 per cent in 2024,” Agusto said it expected the rise in the price level to persist in 2024, albeit at a slower pace.

It stated, “We believe that sustained monetary tightening, the reduction in the use of Ways and Means Advances by the federal government, a relatively more stable naira (compared to 2023), base effects and consumer resistance will cause inflation to reach an inflection point by mid-2024, and begin a gradual decline to an average of 26 per cent in 2024.

“We note that growing insecurity in major food producing parts of the country’s Middle Belt and the possibility of a weaker naira and higher petrol prices are major risks to this forecast, as well as the possible escalation of the IsraelHamas conflict into a regional crisis, which would trigger a spike in oil prices, with consequences for domestic petrol pricing.”

With the CBN’s planned return to orthodox monetary policy activity and a focus on inflation targeting, it projected that the CBN will raise the MPR to circa 19.5 per cent before December 2024, given the need to effectively manage inflation, mop up liquidity and raise interest rates to a level where long-term savers earn positive return, while also being mindful of the FGN’s cost of borrowing.

“As a result, we anticipate a rise in Treasury Bill rates (364-days) to an average of 16 per cent,” it added.

Despite ongoing efforts, Agusto said it expected government spending to still be constrained by the high debt service burden of N8.27 trillion, an upward revision to public-sector salaries and cash transfers to poor households.

While debt sustainability concerns were rife, it projected that fiscal deficit will largely be financed by domestic borrowings, considering the narrow window for external financing, raising the share of domestic debt even higher – currently 63.62 per cent of total debt.

It said it expected the debt burden to increase in 2024, as interest rates were anticipated to rise in response to further tightening by the CBN and increased issuance of domestic debt instruments, as the federal government weaned itself off deficit monetisation.

On the bright side, it said there were no Eurobond repayments in 2024.

The agency stated, “The federal government must target the productive sectors to boost revenue sources, as well as infrastructure that de-risks and galvanises business activity.

“In 2024, we believe that the risk of further depreciation of the naira looms large as external imbalances persist. This is despite expectations of higher export earnings from improved oil production and still high oil prices. However, capital inflows are likely to remain constrained on low investor confidence as FX illiquidity lingers.”

With largely constrained external reserves position, limited crude oil output, a huge FX backlog, Agusto said it expected less volatility than in 2023 and forecast a year-end exchange rate of 1100/$ at the official market.

But it stated that a major risk to the forecast was the threat of rapid currency depreciation and the reversion to heavier management of the exchange rate by the CBN to contain it.

It said, “We believe that a strategic balance between economic policies and external factors will determine the trajectory of the Nigerian economy in 2024. The good news is that the Nigerian economy is unlikely to be as poorly managed in the next four years as it was in the previous eight.”

T H I S D AY • MONDAY, FEBRUARY 12, 2024

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NEWS TINUBU, AKPABIO, ABBAS, OBI, GOVS, OTHERS MOURN HERBERT WIGWE, FAMILY MEMBERS, OGUNBANJO of the country, will be cherished as a memento for his love for Nigeria.

"On behalf of the 10th Senate of the Federal Republic of Nigeria, I offer our condolences to the Wigwe family, the Board and Management of Access Bank, the Governor of Rivers State, the President and Commander-.in-chief of the Armed Forces of Federal Republic of Nigeria for losing such a great son, iconic entrepreneur, a serial investor at such a time that our country needs his services the most.”

Tajudeen Abbas

Speaker of the House of Representatives also expressed shock and deep pain over the incident.

According to a statement signed by his Special Adviser on Media and Public, Mr. Musa Abdullahi Krishi, the speaker described the crash as a huge tragedy to Nigeria as a country.

Abbas recalled how Wigwe, as CEO of Access Bank Plc, grew the deposit money bank to a household name in Nigeria, and across Africa and other continents. He also noted that Wigwe’s elevation to GCEO of Access Holdings Plc was an attestation of his entrepreneurial excellence, business acumen, and corporate ethics.

The speaker said Wigwe left a huge vacuum in the banking sector and the corporate world, by extension.

He urged the corporate organisations that he championed and served most of his life to sustain his legacy.

Peter Obi

Obi disclosed that he would be absent in Abidjan as the Super Eagles of Nigeria take on the Orange boys of Cote d’Ivoire in an epoch final of the Africa Football Cup of Nations, yesterday, as he mourned Wigwe and others.

A statement from Obi’s media office stated that he would “not watch the epic match today following a helicopter crash in California, USA, on Saturday that killed two Nigerian seasoned bankers, a sector Obi professionally belongs, the Chief Executive Officer of Access Holdings, Mr. Herbert Wigwe, his wife and son, and Abimbola Ogunbanjo, the former Group Chairman of Nigerian Exchange Group Plc (NGX Group).

“As a result, Obi is in shock, and mourning and can no longer travel to Abidjan as already scheduled, but his heart remains with the boys as he wishes them victory to bring home the trophy.”

Writing of the deceased in his X handle, Obi stated, “I'm deeply saddened by the tragic news of the passing of my dear friend, Mr. Herbert Wigwe, CEO of Access Holdings, along with his wife and son, and another close friend, Abimbola Ogunbanjo, former group chairman of NGX Group.

“I first met Herbert during his early days, on the brink of starting his marital journey. I vividly remember assisting him in preparing for his traditional wedding and being there for the ceremony with his wife, Chizoba, from Achina, Anambra State.

“I've maintained a connection to his endeavours in my own modest ways. Herbert, a determined and forward-thinking individual, led Access Bank to new heights following his brother, Aigboje Aig-Imoukhuede.

“His noteworthy contributions extended beyond the professional realm, with commendable philanthropic efforts in health and education, exemplified by the establishment of Wigwe University, showcasing his deep commitment to education as a driver of development.

"My heartfelt thoughts and prayers are with Herbert, his beloved wife, his son, and all those who lost their lives in the tragic plane crash. May God grant them eternal rest and provide strength to Herbert's family, Access Holdings, and all of us mourning this irreplaceable loss."

AbdulRahman AbdulRazaq Kwara State Governor and Chairman of NGF, Alhaji AbdulRahman AbdulRazaq, joined the rest of the country to mourn the tragic death of Wigwe, his wife, and son.

The governor similarly sent his heartfelt condolences to the Ogunbanjo’s family.

In a statement issued in Ilorin, signed by the governor’s Chief

Press Secretary, Mr. Rafiu Ajakaye, AbdulRazaq said the incident was a huge loss to not just the Nigerian business community but also to the entire country and its people who would miss the immense impact of the two businessmen.

The governor prayed God Almighty to repose their souls and give comfort to their families and to the rest of the country at this difficult moment.

time spent together with him over the years.

"Herbie, we will all miss you. Your legacy will live on forever. My heartfelt condolences go out to his children: Tochi, Hannah, and David. I pray God comforts them during this tragic time. May the souls of the departed rest in perfect peace."

Otedola also paid homage to Ogunbanjo, who died alongside Wigwe and some members of his family, expressing his devastation at the incident.

He stated, "I am devastated to hear of his passing. He gave joy to many of us for so long, from when we were in our youth till date. Forever the guy to crack unending jokes.

"My heartfelt condolences go out to his wife, Titi, and their children as well as his brothers and other immediate family members. I pray God comforts them during this tragic time."

Babajide Sanwo-Olu

Lagos State Govermor, Babajide Sanwo-Olu, in his condolence message, wrote, “Herbert, my brother, my friend and my adviser. Herbert, the king of visionary and disruptive ideas.

I'm deeply saddened by the tragic loss of my dear brother and friend, Dr. Herbert Wigwe, his dear wife, Doreen, and their beloved son Chizi, in a helicopter crash.

“Herbert was not just a brother and visionary leader but one of the brightest minds in Africa. His impact on our nation and beyond will be remembered forever. My heart mourns.

“Herbert’s contributions to banking and the financial sector in Africa were unparalleled. He was an unapologetic believer in the Nigerian solution. His dedication and passion for progress inspired us all. Today, we mourn not just a leader but a true friend and brother. Lagos and Nigeria have lost a remarkable soul. Rest in peace, my brother.

“We also lost another great business leader and legal luminary, my egbon Abimbola Ogunbanjo, former Group Chairman of Nigerian Exchange Group Plc, who contributed significantly to the development of the capital markets and corporate law in Nigeria. May his soul rest in peace.

“In this difficult time, our thoughts are with the families of all the victims, and we pray for strength and grace.”

Tony Elumelu

Chairman of the United Bank for Africa (UBA), Tony Elumelu, expressed sadness over the death of the Wigwes and Ogunbanjo.

Elumelu, in a statement on Sunday, described the incident as sad and distressing. He described Wigwe as an exceptional talent, and added that Ogunbanjo’s tenure as chairman of NGX was distinguished by excellence.

Elumelu stated, “Nigeria, indeed, Africa, has lost two of our brightest minds. I admired them both and we all shared the desire to drive Nigeria’s transformation.

“Herbert was an exceptional talent, committed to advancing the banking and financial sector in Nigeria, with Access Holdings. Likewise, Bimbo’s tenure as Group Chairman of the NGX Group was distinguished by excellence.

“Both will be sorely missed by all.

Their leadership and entrepreneurial drive will continue to serve as shining examples to millions of our young people.”

Dapo Abiodun

Similarly, Ogun State Governor, Dapo Abiodun, described the accident as tragic.

Abiodun said it was a devastating loss for the families, friends, and the entire business community in Nigeria.

He described Wigwe as a quintessential banker who contributed immensely to the Nigerian economy, and added that the deceased was a pillar of support to his administration’s “Building Our Future Together” agenda.

According to him, Wigwe's death has created a void that would be difficult to fill.

Abiodun also condoled the Ogunbanjos on the death of the former chairman of the NGX Group.

Ogunbanjo was born into the family of the late Chief Chris Ogunbanjo of Erunwon in Ogun State.

Abiodun described the late Ogunbanjo as not just an exceptional businessman but also a man of great character and integrity.

Siminalayi Fubara

Rivers State Governor, Mr. Siminalayi Fubara, expressed shock over the accident.

In a statement, yesterday, by his Senior Special Adviser on Media, Boniface Onyedi, Fubara described the incident as a monumental disaster.

Fubara, on behalf of his family, the state government and the people of Rivers State commiserated with the Wigwe family on the unfortunate incident. He urged the family to be comforted by God's assurances of His love and outpouring of global sympathy on this deep pain and loss.

The governor said, "There are no words to convey how terrible the losses are, the state and, indeed, Nigeria will miss an unassuming, iconic and accomplished illustrious son of Isiokpo in Ikwerre Local Government Area of Rivers State.

"Rivers State and the nation are in tears because it would be extremely difficult to understand this sweeping loss of a family involving a strong pillar, accomplished banker and philanthropist with tentacles in the education sector."

The governor stated that the prestigious Wigwe University, which he pioneered, must not be allowed to die.

Wigwe

Hope Uzodimma

Governor Hope Uzodimma of Imo State said he was in shock over the unfortunate fatal plane crash.

A statement by Chief Press Secretary and Media Adviser to Uzodimma, Oguwike Nwachuku, said the governor was still in shock over the ugly incident and yet to come to terms with the reality that Wigwe, his wife, his son and Ogunbanjo were no more.

The statement said the death of the Wigwes and Ogunbanjo became more devastating to the governor as he recalled his close relationship with them.

Peter Mbah

Governor of Enugu State, Dr. Peter Mbah, joined other well-meaning Nigerians and world leaders in mourning the deceased.

Mbah, who described Wigwe as a corporate titan, mourned the deaths as a monumental tragedy not only to Nigeria but also to the entire corporate world.

In a statement he personally signed, the governor said, “This news comes with deep shock and rubs in, once again, the vanity of life.

“Wigwe was a brother, a team player, philanthropist, visionary, and thoroughbred professional, who distinguished himself in the banking industry and corporate world, rising through the ranks to become a pioneer and titan of our time as well as an entrepreneur of global repute and reach.

“This incident is, therefore, an unspeakable disaster and monumental tragedy, not only to Nigeria, but also to the entire corporate world.”

Uba Sani

The governor of Kaduna State, Senator Uba Sani, also mourned the death of Wigwe and the others.

In a statement on X, Sani wrote, "I received with shock and deep sense of loss the news of the passing on of the Chairman/CEO of Access Corporation (one of Kaduna State's development partners), Mr. Herbert Wigwe.

“Nigeria has lost one of its most innovative and creative entrepreneurs.

He not only led Access Bank to become a global brand, he developed Access Corporation into a veritable vehicle for

addressing developmental challenges.

"He established Wigwe University to equip Nigerian youths with the skills of competing in a complex and fast changing world. Herbert Wigwe's worthy legacies will surely endure.”

Chukwuma Soludo

Anambra State Governor, Professor Chukwuma Soludo, also mourned the death of Wigwe and others in the crash.

Soludo, in a statement by his Press Secretary, Mr. Christian Aburime, said with the incident, Nigeria lost one of its most brilliant minds in the financial services sector.

The statement said, "Mr. Wigwe was not only a prominent Nigerian banker and entrepreneur, but also a personal friend of the governor.

"His leadership extended far beyond Access Bank. Mr. Wigwe was a pillar of the Nigerian business community, a champion for economic development, an avid educationist and a true visionary who consistently pushed boundaries for growth and development."

The statement said as a former Governor of the Central Bank of Nigeria (CBN), Soludo had the privilege of witnessing first-hand Wigwe’s innovative approach to banking and his instrumental role during the bank consolidation, in driving the growth and expansion of Access Bank, both within Nigeria and internationally.

"Mr. Wigwe’s legacy will live on through the countless lives he touched, the institutions he built, such as the Wigwe University, and the inspiration he provided to generations of youth, aspiring entrepreneurs and business leaders,” Soludo added.

Alex Otti

In his tribute, Abia State Governor, Alex Otti wrote, “Herbert why? Why? Why? You told me you were going for a board meeting in London from where you will head out to the US and return after a few days and immediately come to Abia to see me. So, what happened?

“Since this news filtered out, I’ve not been able to put my head down. I spoke to Peggy who was broken but

strong.

I refused to believe.

“What do we tell Tochi and the little ones? Who will tell Mummy Stella and Daddy Shyngle who you celebrated their 60th wedding anniversary two years ago? How about those of us who have come to see you as part of life? Your dream Wigwe University, which you told me was going to be the Harvard of Africa? Who will carry on with that dream? We had extensively talked about setting up a scholarship scheme to support brilliant but indigent students. Who will ensure that this dream is delivered?

“This death is too big a blow to me personally and all those that knew you closely. You were not only my friend but my brother. Your constant encouragement and sometimes insistence have been very helpful in a lot of decisions one took.

“This is one of the saddest moments in my life. To worsen the situation, Chizoba and Chizzy, who hardly fly with you, were in that chopper. I’m still trying to make sense of the whole situation. I wish someone would wake me up and reassure me that this was a bad dream! But alas it is real.”

Femi Otedola

Billionaire businessman, Femi Otedola, mourned the death of two of his friends, Wigwe and Ogunbanjo, as well as wife and son of the late banker, Chizoba and Chizi.

Expressing his shock over the incident, Otedola, one of Nigeria's foremost entrepreneurs, recalled how he was present at Wigwe's residence penultimate week, when Wigwe celebrated the opening of his new house.

While commiserating with the family left behind by Wigwe, Otedola pledged to cherish the memories of his deceased friends.

He wrote on his X handle, "I am shocked and saddened to hear of the loss of a banking genius, Herbert Wigwe, his dear wife, Chizoba, and first son, Chizi.

"Exactly two weeks ago, Herbie and his wife hosted myself and Aliko (Dangote) to dinner at his newly built home in Lagos. I will cherish and fondly remember my memories of

Udom Emmanuel

Immediate past Governor of Akwa Ibom State, Mr Udom Emmanuel, described Wigwe as a brilliant professional whose innovations positively contributed to the emergence of an attractive digitalised banking system in Nigeria.

Emmanuel stated, “The news of the sudden death of Dr Herbert Wigwe, a brother and compatriot, in a helicopter crash in the United States came to me as a devastating loss to our country.

“More shattering is that erbert died in the crash alongside his lovely wife, Chizoba, and son.

“From the banking halls, Herbert grew to become a colossus of the industry and later ventured and excelled in other aspects of human life, like businesses, education, and philanthropy.

“The sudden and tragic death of our brother is a colossal national loss, which has created a huge vacuum in the financial services sector as well as in the hearts of many people that encountered him.”

Festus Keyamo

Minister of Aviation and Aerospace Development, Festus Keyamo, has expressed deep sorrow over the tragic passing of Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc. A statement released yesterday by his media aide, Tunde Moshood, the Minister expressed shock and disbelief at the untimely demise of Wigwe, noting that the visionary leader had visited his office just a few days before the tragic accident.

“In a shocking turn of events, the world just bid a painful farewell to Herbert Wigwe, the esteemed CEO of Access Holdings, who died in a tragic helicopter crash that claimed his life, beloved wife, child, and business partner, Bimbo Ogunbanjo.

Their journey, which began with ambitious business aspirations, ended abruptly, leaving behind a void felt not only in the corporate world but also in the hearts of those who knew them.

“Wigwe, a luminary in the banking and financial sector, was not merely a tycoon chasing profits; he was a Continued on page 39

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

FUNERAL CEREMONY OF MRS. ELIZABETH EBUN ELEGBEDE...

R-L: Minister of Solid Minerals Development, Dr. Dele Alake; Ekiti State Governor, Biodun Oyebanji; Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; Minister of Science, Technology and Innovation, Uche Nnaji and Mrs. Bola Awokoya, during the funeral ceremony of Mrs. Elizabeth Ebun Elegbede at the Redeemed Christian Church of God (RCCG) Olive Tree Parish, Banana Island road in Lagos, last Friday

NUPRC Engages Totalenergies on Offshore Oil Devt, Domestic Crude Obligation Partners S&P on transparency, accountability in oil sector Emmanuel Addeh in Abuja The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is in discussions with TotalEnergies on its plan to focus on its offshore operations in Nigeria, the commission has said.

In a note on its social media handles, the NUPRC stated that discussions which involved advancing deep offshore exploration and production efforts by the oil company, took the centre stage at an engagement between both organisations in Abuja.

The International Oil Company (IOC) a few days ago reiterated its plan to exit onshore oil production in the Niger Delta to focus on deep offshore operations, following in the footsteps of Shell, Exxon Mobil and others.

During the meeting, the NUPRC added that other pivotal issues that border on the growth of the oil and gas industry in Nigeria were also discussed.

“These issues included incentivising deep drilling endeavours, necessitated by substantial financial commitments

Inside Nollywood to Honour Industry Veterans at INIFFAA 2024 Emmanuel Addeh in Abuja Inside Nollywood is set to honour industry veterans in the industry at the International Film Festival & Awards (INIFFAA) holding this week from February 15-17, 2024, in Abuja.

Award-winning Nigerian actor who is also the Ambassador for the event, Nonso Diobi and Muoma Obinna, Founder & CEO of Inside Nollywood in a statement said INIFFAA 2024 is poised to strengthen global bonds within the film community, with filmmakers, producers, and industry leaders from Nigeria and around the world converging on Abuja for the culturally enriching event.

The edition, it said, marks a significant milestone as Inside Nollywood commemorates its 10-year journey of fostering original expression and contributing to the evolution of the Nigerian film industry.

According to the organisers, INIFFAA 2024 promises to be a celebration of outstanding Nollywood films, providing a coveted platform for filmmakers, actors, and industry professionals to gain recognition for their remarkable contributions.

The diverse categories include Best Actor, Best Actress, Most

Controversial Movie, Best Film Distribution Company, and more, showcasing the diversity and creativity within the Nigerian film industry.

The statement also stated that INIFFAA also partners with Indigenous Sports Week Abuja to bring forth Nigeria’s rich cultural heritage through Dambe, a traditional form of martial art.

The festival will feature live Dambe fights, offering attendees a one-of-a-kind blend of entertainment and tradition.

According to the organisers, the event will be graced by special guests of honour, including Hannatu Musawa, Nigeria’s Federal Minister of Art, Culture, and the Creative Economy, and Doris Uzoka-Anite, Minister of Industry, Trade, and Investment.

Muoma said: “INIFFAA 2024 is a testament to the growth and creativity of Nollywood over the past decade. We’re not only celebrating our achievements but also embracing our cultural roots by partnering with Indigenous Sports Week Abuja to showcase the dynamic and traditional sport of Dambe.”

INIFFAA is an annual celebration of the achievements and contributions of individuals and organisations in the Nigerian film industry.

for field development in the deep offshore, the forthcoming bid round, slated to be unveiled at an appropriate time, and the imperative of meeting Domestic Crude Oil Supply Obligations (DCOSO),” it added.

It said that the commission’s Chief Executive, Gbenga Komolafe, while welcoming the TotalEnergies' team, was emphatic on NUPRC's determination to drive stability and inflow of investment into the Nigerian oil and gas sector.

During the meeting, the NUPRC said attention was also directed towards addressing the financial aspects of decommissioning and abandonment activities, crucial for ensuring sustainable practices in the sector.

In his remarks, the Managing

Director of TotalEnergies, Mr Mathieu Bouyer, described his visit to the NUPRC as strategic.

He explained that it underscored his company's commitment to collaborative partnerships towards fostering a thriving energy landscape in Nigeria.

Also, the NUPRC has said it is forging a partnership with S&P Global for sustainable global investment practice in Nigeria's oil and gas industry.

The collaboration, it said, aims to advance the adoption of global best practices for divestment within the upstream oil and gas sector, especially at a time that the sector faces increasing scrutiny regarding its Environmental, Social, and Governance (ESG)

performance.

Komolafe, during a meeting with officials of S&P Global at the NUPRC’s headquarters in Abuja, noted that the commission recognises the imperative for responsible investment strategies, hence the need for proactive steps to align its operations with international standards.

According to him the partnership between the commission and S&P Global underscores NUPRC's commitment to fostering transparency, accountability, and sustainability within Nigeria's oil and gas landscape.

He added that NUPRC has already set out six criteria for divestment assessment, tailored towards comprehensive

evaluation of environmental impact, social responsibility, governance practices, financial performance, labour relations and legal framework, amongst others.

In his remarks, the Executive Director, S&P Global, Mohammad Kudri was quoted as saying that the partnership underscored the pivotal role of Nigeria's prime regulator in the oil and gas sector towards driving transformative changes.

Kudri also highlighted that embracing international best practices for divestment can navigate the transition towards a more resilient and sustainable energy future, to ensure the long-term prosperity of both the industry and the planet.

Tinubu Directs FCT, Works Ministers to Provide Access Roads to New Housing Estates in Abuja, Others Emmanuel Addeh in Abuja President Bola Tinubu has directed the Ministers of the Federal Capital Territory (FCT), Nyesom Wike and that of the Ministry of Works, David Umahi to begin the construction of access roads leading to all new ‘Renewed Hope Cities and Estates’ sites in Abuja and across the country.

Mark Chiese, the Special Adviser to the Minister of Housing and Urban Development, Ahmed Dangiwa, in a statement at the weekend, reiterated that the move was in line with the federal government’s bid to deliver on its promise to improve the welfare of Nigerians through decent and affordable shelter.

Tinubu emphasised the need to make such cities and estates accessible, liveable and safe in order to decongest city centres, the statement said, adding that the scheme which will see to the delivery of 50,000 housing units of various house types in the first phase.

It further noted that new

city developments were also an important instrument of massive job creation and economic development, explaining that "at 25 direct and indirect jobs per house, the 20,000 housing units planned for the FCT alone will create 500,000 jobs."

The launch, it said, coincided with the ground-breaking ceremony for the construction of 20,000 housing units in the FCT, beginning with a pilot site for 3,112 units, at the Karsana District of the FCT. The project, being implemented by the Federal Ministry of Housing and Urban Development under a Public-Private Partnership (PPP) arrangement, is for a total of 100,000 housing units across the country, beginning with the first phase in the FCT. It quoted a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, as stressing that the president also reiterated his administration's resolve to provide decent and affordable housing for Nigerians.

“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 liveability 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 statement added.

It pointed out that under the plan, integrated living communities that will redefine the essence of residential living for Nigerians nationwide will be built.

It emphasised that the president’s vision is to build dynamic, integrated, and self-sustaining communities, equipped with amenities to enhance the quality of living for residents "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,”

it further quoted Tinubu as saying.

The president applauded the innovativeness of the Housing Ministry in taking advantage of PPP collaborations that attract domestic, foreign, and diaspora investments.

He said the federal government aims to design and implement incentive schemes, boost Nigeria’s capital market while enhancing the governance and risk management frameworks to ensure their stability, transparency and integrity.

He emphasised his resolve to face the housing challenge with the clarity of purpose and determination that is required to break all the barriers that stand in the 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," he added.

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ROUNDTABLE TALK ON THE EFFECT OF CLIMATE CHANGE ON HEALTH, FOOD SECURITY...

L-R: Consultant Anaesthetist Intensivist at Iwosan Hospital, Dr. Ayorinde Olusanya; Co-founder/Executive Director International Initiative for the Advancement of SDGs, Mrs. Ugo Ejidoh; Public Health Expert, Dr. Micheal Nwoko; KINGSLEY ADEBOYE Moderator, Sonia Somuvie; Chief Executive Officer, Build the Help Foundation, Mr. Samuel Kwasari during the roundtable talk on the effect of Climate Change on Health and Food Security in Abuja.. recently

Obaseki: Ongoing Reforms in Edo Will Save Nigeria $40bn on Medical Tourism, Education The Edo State Governor, Mr. Godwin Obaseki, has said his administration is changing the narrative in the state’s education and health sectors, noting that the holistic reforms in the sectors will help Nigeria save the $40 billion spent to access healthcare and education.

Obaseki stated this while fielding questions from journalists in Benin City, the Edo State capital after an inspection tour of the state-owned Stella Obasanjo Hospital, and the Edo State School of Health Technology, which are currently being upgraded to world-class standards.

He said his administration was changing the healthcare narrative in the state, making the state capital

a healthcare hub by improving the health infrastructure and bringing it to a world-class standard.

“As a government, we promised the people to change the narrative of the health sector in the state. We are making Edo and Benin in particular a healthcare hub by making sure we improve the health infrastructure and bring it up to world-class standards.

“Healthcare is more about services and human capacity. While we are emphasising the hospital, the primary health care centres and clinics, we are also ensuring that we create the institutions that will train the quality people we need to provide the quality care.

“The School of Health Technology

is supposed to provide manpower for our primary healthcare system and our healthcare system as a whole.

This is why we are making it a priority and making sure that the infrastructure is ready on time for accreditation so that we can start the institution afresh before I leave

A grade one Area Court sitting at Aco Estate, Abuja, has convicted a Computer-Based Test (CBT) centre owner, one Ezechinoso Augustine.

A statement signed by the spokesman of the Joint Admissions and Matriculation Board (JAMB), Dr Fabian Benjamin, on Sunday, said Ezechinoso, who operates a CBT centre in Onitsha, was arraigned for criminal breach of trust, concealment, registration infraction(cheating) and theft.

According to the statement: “That on 26th January, 2024 You, Mr. Ezechinoso, male of No. 28 Omonun street, Awada, Onitsha, Anambra State, signed and collected a customised and sensitive registration material from the Anambra State Office of the Board to enable you kick-start and activate the process of UTME registration. ” But instead concealed it with intention to defraud the Board, to enable you acquire a second one to complete your fraudulent activities at the CBT centre.

“You alleged also that the material you collected was not functioning.

You lied and denied that you are not in possession of any for registration during interview.

“It was later strongly revealed that you actually concealed the material thereby committing the above offences.”

According to the prosecuting counsel, Mr. Olisaemeka Okeke, who was holding brief for Mr. Stanley Nafoaku, the suspect had pleaded guilty to the charge.

The defendant counsel, Pere Adge, however, pleaded that the accused was a Nigerian, who might have been prompted by the prevailing

circumstances to commit the infractions without intent to cause damage or harm, and being a first-time offender, pleaded with the court to temper justice with mercy.

“The presiding judge, Aliyu Kagarko, however, found the suspect guilty and ordered that he should be remanded at Nasarawa correctional centre till Thursday, 8 February, 2024, when judgement would be delivered. ” However, the case could not be heard on the scheduled date on account of unforeseen circumstances and was postponed to the following day, Friday, 9 February, 2024. ”The following day, the presiding judge found, Ezechinoso guilty on all four counts citing the criminal breach of trust, which attracted nine-month imprisonment or 30 thousand naira fine and attempt to commit the offence of cheating, which attracts a six-month imprisonment or a fine of twenty thousand naira. ” Ezechinoso was also found guilty of intent to conceal, which attracted three-month imprisonment term or the payment of a fine of N10,000 while the fourth count charge, which was theft, attracted eight months or an option of N30,000 fine, ” the statement said.

Reacting to the judgement, JAMB expressed delight over the development even as it warned would-be offenders to desist from their nefarious agenda or face the full wrath of the law.

The Board also warned of the array of technological devices at its disposal and which had enabled real-time detection of infractions.

It, therefore, warned that it would not hesitate to wield the big stick on any person or groups, no matter how highly-placed, who might wish to undermine the Board.

full complement of infrastructure to provide services across a wide range of areas.

“The challenge is that if we open the OPD and bring in a consultant and they want to perform a procedure, we would not want to send them to other facilities.

“ We are re-working the delivery schedule to make sure that we know clearly when the inpatient department will be ready to enable us to synchronize and open one section three months before the other and not allow a long period before opening both.”

FG Urges NDDC to Collaborate with State Govts, Adhere to Public Service Rules Commission completes 7,833 projects in 24 years Ndubuisi Francis in Abuja and Okon Bassey in Uyo

JAMB: Court Convicts CBT The federal government has urged new board and management Centre Owner over Registration the of the Niger Delta Commission (NDDC) to collaborate with Infraction, Others critical stakeholders, especially

Kuni Tyessi in Abuja

office,” he said.

On the progress on the revamp of the Stella Obasanjo Hospital, the governor said: “the Out-Patient Department (OPD) is ready and the in-patient department is still under construction, with the wards, facilities, operational theatres and

the state governments, saying this was necessary to leverage opportunities in achieving the presidential deliverables.

It also admonished the commission to cautiously strive to enthrone a regime of strengthened institution through transparent and realistic adherence to financial regulations, public procurement acts, public service rules, and compliance with administrative guidelines.

Minister in charge of the ministry, Abubakar Momoh gave the admonition during a management retreat of the NDDC. The retreat with the theme: 'Renewed Hope: A New Era for Vitality, Peace and Development' ended in Ikot Ekpene, Akwa Ibom State at the weekend.

Momoh said: “There is a need to cautiously monitor and evaluate the performances of all contracts to ensure compliance. On our side as a ministry, we would make sure that monitoring measures are put in place to guarantee quality and ensure projects implemented stand the test of time.

"We need to do things differently with the new board so that people can see the value for money spent."

The former lawmaker noted that in his ministry’s commitment to make a difference, it prioritised the harmonisation of all development programmes and plans into a single integrated regional development plan and a roadmap to accelerate the development of the region.

The minister stated that the retreat presented the opportunity to interrogate and prescribe solutions in "our corrective quest for sustainable development."

“It's a platform in which management and stakeholders come together to brainstorm; cross-pollinate ideas, and chart

new way forward. It is a veritable opportunity for us to examine some of the factors that have militated against the collective and efficient operations of NDDC in the last few years and we have a lot to learn from the presence of past leaders of the organisation.

"If we must make any headway in charting the desired roadmap for sustainable development, all hands must be on deck with every courage, it deserves to tackle these factors that have constituted a clog in the wheel of the development programmes and policies in the region. In specific terms, today marks the rebirth of another era in the management of NDDC. "To this end, I urge the new board and management of NDDC to cautiously strive to enthrone a regime of strengthened institution through transparent and realistic adherence to financial regulations, public procurement acts, public service rules, and compliance with administrative guidelines.

"Also, collaboration with critical

stakeholders, especially with the state governments is necessary to leverage the opportunities in achieving the presidential deliverables.

“There is a need to cautiously monitor and evaluate the performances of all contracts to ensure compliance. On our side as a ministry, we would make sure that monitoring measures are put in place to guarantee quality and ensure projects implemented stand the test of time. We need to do things differently with the new board so that people can see the value for money spent,“ he said.

Speaking earlier, the NDDC Chairman, Mr. Chiedu Ebie called for the adoption of strategies that would enable the introduction and establishment of coordinated development in the region.

He stated that at the end of the retreat, there should be the awareness that the main parameters for the assessment as board members and management staff would be dependent on the way they discharge their responsibilities.

Tinubu, Soludo Praise Offor for Spending over N5bn on Charity Blessing Ibunge in Port Harcourt A renowned philanthropist, Dr Emeka Offor has received praises from President Bola Tinubu, Anambra state Governor, Dr Chukwuma Soludo and others for splashing over N5 billion on charity.

The philanthropist had at the weekend distributed 40, 000 bags of rice and other items to the less privileged in the society as part of activities to mark his 65th birthday.

The entrepreneur who recognised the needs of the people in the rural areas, distributed the food items at his home town in Oraifite, Anambra State. About 179 communities benefited from the gesture.

The programme organised by the Emeka Offor's Foundation,

also distributed books to over 200 tertiary, secondary, and primary schools across communities and states in the country.

Commending the philanthropist, President Bola Tinubu, said the event was remarkable humanitarian interventions and tireless dedication to important causes.

The President who spoke through his media aide, Ajuri Ngelale, described Offor's instrumental role in eradicating polio in Nigeria through his foundation.

Tinubu expressed gratitude for Offor's outstanding contributions to society and wished him many more years of joy and fulfillment.

In his speech at the event, Anambra State governor, Soludo commended Offor for his commitment to uplifting

lives.

“It's not how long you live but how well. Emeka Offor has demonstrated this essence of life," he stated.

He expressed that Offor's choice to celebrate in Anambra is a testament to the state's progress and his dedication to supporting students, the widows and vulnerable.

Soludo acknowledged the current food inflation challenges and praised Offor's contribution of 40,000 bags of rice to widows as an unprecedented display of public-private partnership.

He also commended Offor's donation of educational materials to schools, emphasising the importance of inclusive development.

The governor urged other wealthy individuals to emulate

Offor's generosity and contribute to the state's development, just as he declared him a prime example of the "Anambra spirit" of philanthropy and community service.

In his remarks, Offor thanked everyone for traveling from Anambra and other parts of the state to honour him on his 65th birthday.

Offor thanked Soludo for his developmental strides in the state and also advocated for PPCP (PublicPrivate Community Partnership).

He explain that the vision of his foundation was to reduce poverty, create life-improving economic opportunities, deliver healthcare services, implement youth empowerment programs, and contribute to infrastructural development.

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POLITICS

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

M O N D AY D I S C O U R S E As Senate Interfaces with Service Chiefs, Security Heads Tuesday...

Sunday Aborisade examines efforts being made by the Senate to tackle the current security challenges facing the country especially its proposed engagement with the military and security agencies’ top brass this week.

Akpabio

W

hile the federal lawmakers were away from legislative functions between December 30, 2023 and January 30, 2024, series of activities and events affected the security situation of the country and the nation’s economy.

The terrorists had intensified their evil activities in most parts of the North especially in Borno, Plateau, Kaduna, Niger, Zamfara states and other parts where they are either protecting their sponsors’ illegal mining businesses or executing their inordinate expansionist agenda.

Some security experts have identified the root causes of banditry and insecurity in Nigeria to include illiteracy, unemployment, poor leadership, porous borders, proliferation of arms, and non-compliance with the rule of law.

As expected, senators from affected constituencies had on resumption, prepared motions on the dangerous development and offered suggestions on how to find lasting solutions to the menace.

During the holiday, however, the Chairman, Senate Committee on Finance, who represents Niger East, Senator Sani Musa, called for the establishment of State Police, as a panacea to the current insecurity in the country.

Musa also advocated massive recruitment into the armed forces.

He also made a case for the adoption of new tactics in intelligence gathering to address the state of insecurity caused by multiple crimes, banditry and spate of kidnappings across the country.

The Senator urged the Federal Government to re-engineer the nation’s security architecture against the backdrop that the present one was not working.

He said all the tiers of government and Nigerians must recognise the fact that security remained essential for the survival and flourishing of any society.

According to him, it has become imperative that all hands must be on deck to ensure the protection of individuals, communities, and the entire nation against dangers and attacks.

Musa however, urged Nigerians to give President Bola Tinubu the needed support to do the needful in the nation’s quest for renewed hope.

Other parts of the country were not spared by the terrorists and some of their indigenous collaborators as the rate of kidnapping increased drastically with the military and security agencies appearing totally helpless.

The police had on a few occasions, paraded some suspects and claimed to have rescued some of their hostages but victims have countered such claims by insisting that their loved ones paid huge ransom to regain their freedom while insisting that the real kidnap lords were still walking freely on the streets.

The situation had also pitched the Minister of the Federal Capital Territory, Nyesom Wike, against the Senator representing the Federal Capital Territory, Ireti Kingibe, over the rising cases of kidnapping and other crimes in the

Barau nation’s capital.

Kingibe had condemned the situation and told journalists that the Senate would summon Wike on resumption.

Senators from crisis-ridden areas on resumption of plenary, approached the Senate President, Godswill Akpabio, to move separate motions on insecurity but they were advised to harmonise their views and make a joint presentation.

The suggestion was approved by the House and it was resolved that the harmonisation should be done at closed session so that it would have the input of all members since no part of the country had been spared by the criminal elements.

The Senate, after the closed session, re-invoked its earlier resolution to summon the service chiefs and heads of security agencies in the country to find out efforts they were making to address the unfortunate situation.

The red chamber took the decision after passing a harmonised motion sponsored by the entire 109 senators and moved by the Senate Leader, Senator Opeyemi Bamidele.

The Senate in the joint motion, noted with sadness the rising spate of killings, kidnappings, banditry, and other criminal activities across the nation.

It insisted that the recent killings in Agatu local government area of Benue State, including security personnel and destruction of properties as well as the brutal killings of 11 residents of Logo Local Government Area of Benue State were uncalled for.

The Senate equally noted with great concerns, the various kidnappings in the Federal Capital Territory where victims were killed after collecting ransom.

The upper legislative chamber said it was also aware of several cases of kidnappings all over the country where huge ransom had been paid and several

Bamidele

Musa

of the victims still got killed.

It lamented that the recent killings of two traditional rulers and the abduction of primary school pupils in Ekiti state had further aggravated the level of insecurity in the country.

Senate equally noted the unfortunate bomb explosion at the Bodija area of Ibadan, the Oyo State capital where no fewer than five lives were lost and several residential houses, schools, hotels, and religious centres destroyed.

The federal lawmakers agreed that the service chiefs and security heads would explain to them, the killing of several residents of Mangu, Bokkos, and Barkin Ladi communities in Plateau State, among other incidents.

The Senate thereafter observed a minute silence in honour of the departed.

Senate President, Godswill Akpabio, who presided over the plenary, said the leadership will meet with President Bola Tinubu after the engagement with the military and security chiefs.

His words: “After the interactive session with the security chiefs, which we agreed that it should be next week, we would also fix a time to discuss the outcome with Mr President.

“We have a responsibility to collaborate with the executive and contribute our ideas to ensure that our constituents and ourselves, including our children can sleep with their two eyes closed.

“Security is everybody’s business, and without security, we can not have progress.

“We are very determined to make laws and pass resolutions aimed at ensuring rapid progress of the country and the immediate improvement of the Nigerian economy.

“This will not be possible without a secured nation. We will take this up with Mr. President after interaction with security chiefs.”

When the red chamber reconvened last week, the lawmakers agreed to grill the security chiefs closed sessions on Wednesday and Thursday last week.

However, on Wednesday after another round of closed session, the Senate postponed its meeting with the service chiefs and heads of the various security agencies to Tuesday this week.

The Senate President, after the service chiefs, the Inspector General of Police and the Director General of State Service had been ushered into the chamber and comfortably seated at plenary, said the postponement was to accommodate the National Security Adviser (NSA), Nuhu Ribadu, Chief of Defence Staff, General Christopher Musa and the Ministers in charge of Finance, Defence, Interior and Police Affairs Ministries in the engagement.

According to him, the interface could not hold because the NSA and the CDS were not part of the military and security chiefs in attendance.

Akpabio added that an apology was received from Ribadu on his absence but that he and the Chief of Defence Staff, must be present at the very important session.

He added that apart from Ribadu and Musa, the Senate had also resolved to invite other security heads to the planned meeting.

Those included to the planned session on Tuesday are the Minister of Defence, Abubakar Badaru; Minister of State for Defence, Bello Matawale; Minister of Police Affairs, Senator Ibrahim Geidam; and the Minister of State for Police Affairs, Imaan Ibrahim.

Others are Minister of Interior, Hon Olubunmi Tunji-Ojo; Minister of Finance who is also the coordinating Minister of the Economy, Mr. Wale Edun and the Director General of National Intelligence Agency, Ahmed Rufai Abubakar.

Akpabio commended the Chief of Army Staff, Lt . General Taoheed Lagbaja; the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla; the Chief of Air Staff, Air Marshall Hassan Abubakar; the Inspector General of Police, Kayode Egbetokun and the Director General of Department of State Services, Yusuf Bichi, for honouring the Senate’s invitation.

He said: “We thank you all for honouring our invitation for the very important interface on way out of the lingering security crisis at hand. But due to the absence of the NSA and the Chief of Defence Staff, the interactive session will no longer hold today.

“Besides, the Senate in its wisdom, has decided to add other public officers whose offices are connected to security matters, to be part of the interactive session.

“The Clerk of the Senate, has been directed to write them ahead of Tuesday, now fixed for the session. We need their presence along with those of you here today, for holistic and comprehensive brainstorming on the problem at hand and required solution”.

Gauging the mood of the country and the fact that appreciable progress had not been made in the area of security despite the huge resources at the disposal of the military and security agencies, Nigerians are not really expecting a drastic departure from the current approach to combating security.

Gauging the mood of the country and the fact that appreciable progress had not been made in the area of security despite the huge resources at the disposal of the military and security agencies, Nigerians are not really expecting a drastic departure from the current approach to combating security.

Bewildered Nigerians who are currently living in fears, expect the Senators to insist on the decentralization of the security architecture in the country to accomodate the active involvement of the state governors, chairmen of local government and even traditional rulers.

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

19

MONDAY, FEBRUARY 12, 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 08Feb-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 352.06 352.06 17.20% Afrinvest Plutus Fund 100.00 100.00 10.14% Nigeria International Debt Fund 330.66 330.66 1.20% Afrinvest Dollar Fund 108.46 108.46 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 13.41% AIICO Balanced Fund 5.64 5.76 10.94% 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 236.06 238.55 21.86% Anchoria Fixed Income Fund 1.25 1.25 -2.23% 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 38.63 39.79 26.45% ARM Discovery Balanced Fund 782.18 805.76 18.07% ARM Ethical Fund 64.15 66.08 17.64% ARM Eurobond Fund ($) 1.11 1.11 2.71% ARM Fixed Income Fund 1.10 1.10 11.54% ARM Money Market Fund 1.00 1.00 10.02% ARM Short Term Bond Fund 1.01 1.01 8.73% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.26 108.26 450.00% AVA GAM Fixed Income Naira Fund 1,140.17 1,140.17 194.00% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.03 1.03 7.84% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.91% Cordros Milestone Fund 180.32 181.58 4.25% Cordros Fixed Income Fund 108.64 108.64 10.04% Cordros Halal Fixed Income Fund 110.37 110.37 9.37% Cordros Dollar Fund ($) 115.16 115.16 6.34% 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 10.32% Coronation Balanced Fund 1.60 1.61 4.44% Coronation Fixed Income Fund 1.36 1.36 137.01% 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 1.00 1.00 13.56% Emerging Africa Bond Fund 1.11 1.11 0.10% Emerging Africa Balanced Diversity Fund 1.45 1.47 11.44% Emerging Africa Eurobond Fund 108.12 108.12 2.36% 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 1566.6 1566.6 11.92% FBN Balanced Fund 297.32 300.01 9.95% FBN Halal Fund 135.57 135.57 13.07% FBN Money Market Fund 100.00 100.00 11.57% FBN Dollar Fund 124.89 124.89 7.49% FBN Smart Beta Equity Fund 279.58 283.73 12.43% FBN Specialized Dollar Fund 112.93 112.93 9.13% 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 7.65% Legacy Debt Fund 3.60 3.60 4.27% Legacy Equity Fund 3.45 3.51 24.25% Legacy USD Bond Fund 1.33 1.33 4.33% 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 6,004.40 6,046.21 35.17% Coral Income Fund 4,032.93 4,032.93 8.04% Coral Money Market Fund 100.00 100.00 12.15% FSDH Dollar Fund 1.20 1.20 0.00%

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 19.81 19.98 7.86% Meristem Money Market Fund 10.00 10.00 11.95% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 103.35 103.35 9.89% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.63% Norrenberger Dollar Fund (NDF) ($) 103.56 103.56 9.66% 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 2.56 2.61 10.22% PACAM Fixed Income Fund 12.23 12.50 14.43% PACAM Money Market Fund 10.00 10.00 0.00% PACAM Equity Fund 2.58 2.61 19.63% PACAM EuroBond Fund 134.27 137.42 1.74% 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 165.75 168.85 -1.36% 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 11.04% 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 5,597.98 5,642.08 12.39% Stanbic IBTC Bond Fund 257.17 257.17 4.80% Stanbic IBTC Ethical Fund 2.39 2.41 15.94% Stanbic IBTC Guaranteed Investment Fund 354.63 354.88 0.40% Stanbic IBTC Iman Fund 466.98 472.18 23.72% Stanbic IBTC Money Market Fund 1.00 1.00 10.81% Stanbic IBTC Nigerian Equity Fund 20,533.88 20,773.12 13.17% Stanbic IBTC Dollar Fund (USD) 1.48 1.48 7.30% Stanbic IBTC Shariah Fixed Income Fund 129.21 129.21 6.51% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 127.28 127.28 9.83% Stanbic IBTC Absolute Fund 5,064.31 5,064.31 9.58% Stanbic IBTC Aggressive Fund 6,128.03 6,202.03 13.87% Stanbic IBTC Conservative Fund 5,642.50 5,670.87 6.78% 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 1.68 1.70 23.38% United Capital Balanced Fund 2.05 2.07 11.06% United Capital Wealth for Women Fund 1.70 1.71 19.47% United Capital Sukuk Fund 1.19 1.19 9.31% United Capital Fixed Income Fund 1.97 1.97 7.17% United Capital Eurobond Fund 125.03 125.03 5.30% United Capital Global Fixed Income Fund 1.10 1.10 8.73% 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 20.85 21.11 13.08% Zenith ESG Impact Fund 23.09 23.29 5.94% Zenith Income Fund 25.61 25.61 1.09% Zenith Money Market Fund 1.00 1.00 11.41% 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 9.09 9.19 -1.51% Vetiva Consumer Goods Exchange Traded Fund 14.92 15.02 1.35% Vetiva Griffin 30 Exchange Traded Fund 37.80 38.00 101.97% Vetiva Money Market Fund 1.00 1.00 10.76% Vetiva Industrial Goods Exchange Traded Fund 54.36 54.56 -0.11% 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% 117.66%

Bid Price

Offer Price

Yield / T-Rtn

N/A 999.99 720.00 21.52 42.14

N/A 999.99 720.00 21.93 42.63

N/A 100.00% 0.42% -8.26% 11.89%

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.

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MONDAY, FEBRUARY 12, 2024 • T H I S D AY

This Week In Tech 08097710984 (WhatsApp only)

alekhuogien@yahoo.com

Nosa

Alekhuogie

Tech Top 5 News NIGERIA’S COMMUNICATIONS MINISTER JOINS ITU’S DIGITAL INNOVATION BOARD

D

r. Bosun Tijani, Nigeria’s Minister of Communications, Innovation, and Digital Economy, has secured a prestigious appointment to the Digital Innovation Board of the Innovation and Entrepreneurship Alliance for Digital Development under the auspices of the International Telecommunication Union (ITU).

The Digital Innovation Board, comprising 17 other distinguished individuals, aims to provide strategic guidance, expertise, and advocacy to foster innovation and entrepreneurship in digital development, ultimately paving the way for a more inclusive and equitable digital future.

“This appointment underscores our commitment to leveraging innovation as a catalyst for digital transformation and economic empowerment,” said Tijani, emphasising the significance of his role in driving digital innovation within Nigeria and beyond.

The alliance, formed to cultivate critical local enablers and spur innovation in digital development, has strategically assembled a cadre of accomplished individuals like Tijani, selected for their proven track record in innovation and entrepreneurship. Together, they will lend their expertise to propel the alliance’s objectives on a global scale.

As the alliance accelerates efforts to bolster innovation capabilities and forge connections at national, regional, and global levels, the Digital Innovation Board is poised to play a pivotal role. It will spearhead dialogues with key stakeholders—including UN agencies, governments, and the private sector—to foster innovation and entrepreneurship in digital development, thereby advancing the alliance’s mission of fostering a more inclusive digital future for all.

MASTERCARD INVESTS IN AFRICA’S FINTECH FRONTIER: MTN GROUP In a groundbreaking move to reshape Africa’s financial landscape, Mastercard secured a stake in MTN Group’s fintech arm, the continent’s largest mobile network operator. The telecom giant confirmed the signing of definitive agreements with Mastercard, sealing a minority investment of up to $200 million into MTN’s mobile money division, valuing it at $5.2 billion, free of cash and debt.

The investment signals Mastercard’s commitment to bolstering technology and infrastructure across Africa, focusing on enhancing financial inclusion. Amid MTN Group’s strategic shift towards fintech dominance and its recent separation from its core telecom business, this partnership underscores a mutual drive for innovation and expansion.

“This commercial relationship is a key enabler for the acceleration of our fintech business’ payments and remittance services,” stated MTN Group, emphasising the transformative potential of the collaboration. Furthermore, MTN expressed its intention to pursue additional strategic partnerships and investments, contingent upon market dynamics and opportunities for value creation.

Industry experts anticipate that this alliance will catalyse advancements in digital payments and widen access to financial services, ultimately empowering millions across the continent. As both entities embark on this journey, eyes are peeled for the ripple effects on Africa’s burgeoning fintech ecosystem.

CHIEF OF STAFF ADVOCATES SOCIAL MEDIA REGULATION TO COMBAT MISINFORMATION Femi Gbajabiamila, Chief of Staff to the president, has sounded the alarm on the perils of unregulated social media, labelling it a societal menace that demands immediate regulation. In a stark warning, he highlighted the devastating impact of misinformation spread through social platforms, which has exacerbated social divisions and threatened national unity.

Addressing the urgent need for regulatory measures, Gbajabiamila underscored the imperative of establishing a robust framework for news dissemination on social media to curb the proliferation of false information.

He stressed that the unchecked spread of

TECH PERSONALITY OF THE WEEK

Bisola Alabi: Heels & Tech Democratising A c c e s s t o Te c h f o r Wo m e n

T

his week, the spotlight shines on Bisola Alabi, the visionary behind Heels andTech, an Edtech startup revolutionising tech education and empowerment.

Heels & Tech, Alabi’s brainchild, is an e-learning platform empowering women with technical education and upskilling opportunities.

Initially conceived to support mothers seeking to upskill and re-enter the workforce, the platform swiftly expanded its reach to encompass women craving career change or advancement.

Alabi’s approach is refreshingly straightforward: foster a cohort-based learning environment where women acquire no-code technical skills under the guidance of world-class tech instructors. Heels & Tech provides hands-on experience coupled with exclusive access to real-world tools, bridging the gap between theory and practice and easing the transition into the tech industry.

Alabi’s commitment to gender parity in tech is laudable and crucial for societal progress. Through Heels & Tech, she is democratising access to tech opportunities for women in Nigeria and beyond, ensuring they thrive in tomorrow’s tech-driven world.

A graduate of Obafemi Awolowo University, Ile-Ife, Alabi embarked on her mission to bridge the gender gap in tech in 2020, driven by her desire to empower women with the knowledge and skills needed to excel in the ever-evolving tech landscape.

In recognition of her efforts, Alabi was honoured

by JCI (Junior Chamber International) Nigeria as one of the Top 10 Outstanding Young Persons in Nigeria in 2023.

misinformation poses a significant threat to societal cohesion and must be addressed with urgency.

Furthermore, Gbajabiamila emphasised the indispensable role of data in driving policy formulation and national development. He asserted that no developing nation can thrive without access to accurate and comprehensive data, which serves as the foundation for informed decision-making and effective governance.

Highlighting his administration’s commitment to evidence-based governance, Gbajabiamila reiterated the government’s obligation to prioritise data-driven discussions and decisionmaking processes. He underscored the importance of leveraging accurate data to inform policy formulation and execution, thereby fostering sustainable growth and development.

As calls for social media regulation intensify, his stance reflects a growing recognition of the need to safeguard the integrity of information dissemination channels in the digital age. In the quest for national progress, he champions the imperative of balancing freedom of expression with responsible regulation to combat the spread of misinformation and ensure the welfare of society as a whole.

AMAZON UNVEILS RUFUS: THE AI SHOPPING ASSISTANT Amazon has unveiled Rufus, its latest artificial intelligence assistant tailored for shopping, promising a seamless shopping experience for its customers. Rufus is an adept shopping companion trained on Amazon’s extensive product database and enriched with information sourced

from the web. It aims to revolutionise the way users search, discover, and compare products within the familiar Amazon shopping ecosystem.

“Rufus meaningfully improves how easy it is for customers to find and discover the best products to meet their needs,” said Amazon in a blog post, highlighting the tool’s potential to enhance the customer journey. Through Amazon’s mobile app, users can engage with Rufus by typing or speaking queries into the search bar, triggering a chat window at the bottom of their screen.

This interactive platform enables shoppers to pose conversational questions like, “What are the differences between trail and road running shoes?” or “Compare drip and pour-over coffee makers.”

CEO Andy Jassy has outlined Amazon’s broader strategy of integrating generative AI across its various business verticals.

“We’re launching Rufus in beta and starting to roll it out to customers in waves, beginning with a small subset of customers in the U.S. using our mobile app and progressively rolling it out to the rest of our U.S. customers in the coming weeks,” the company noted, indicating its phased approach to deployment.

Amazon’s foray into generative AI tools aligns with its recent initiatives, leveraging the buzz surrounding technologies like OpenAI’s ChatGPT. Beyond enhancing the retail experience, Amazon has explored AI applications for businesses through tools like Q, a chatbot, and Bedrock, a generative AI service tailored for cloud customers.

With Rufus poised to make waves in the shopping realm, Amazon continues to

innovate, leveraging AI to redefine customer engagement and satisfaction.

SNAP TO CUT 10% OF WORKFORCE AMID ECONOMIC UNCERTAINTY Snap Inc., the parent company of popular photo messaging app Snapchat, has announced plans to reduce its workforce by around 528, constituting 10 per cent of its global staff. This move reflects ongoing challenges faced by tech firms amidst economic uncertainty, mirroring a trend of layoffs observed in 2023.

The decision comes as Snap grapples with the persistent struggle to translate its strong user base, particularly among young demographics, into sustained revenue growth while contending with competition from industry giants like Meta.

Explaining the rationale behind the layoffs, Snap emphasised the need to streamline operations to facilitate future expansion efforts. Remote employees appear disproportionately affected, as the company has been actively encouraging a return to in-office work over the past year.

“We are reorganising our team to reduce hierarchy and promote in-person collaboration,” stated Snap, echoing sentiments expressed by numerous tech companies restructuring their workforce in recent years, often attributing the changes to pandemic-induced shifts and over-hiring.

The layoffs, slated to occur predominantly in the first quarter of 2024, are expected to incur pretax charges ranging from $55 million to $75 million, primarily covering severance and associated expenses, according to a securities filing by the company.

Despite generating over a billion dollars in quarterly revenue, Snap continues to operate at a loss, shedding $368 million from July to September 2023 alone. The company’s stock has plummeted by 80% from its pandemic peak.

T H I S D AY ˾ MONDAY, FEBRUARY 12, 2024

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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

9 , 2 0 2 4

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Mobile Money Operators Processed N46.9tn Transactions in 2023, 141% YoY Growth

Nume Ekeghe Data released by the Nigeria InterBank Settlement Systems (NIBSS) has revealed that licensed mobile money operators collectively processed transactions valued at an astonishing N46.9 trillion in 2023.

This indicates a staggering 141.5 per cent increase compared to the N19.4 trillion transactions recorded across mobile money platforms in the preceding year, 2022.

This substantial figure represents the highest annual mobile money transaction value in the country, showcasing the dynamic expansion

of the mobile financial ecosystem.

Notably, the volume of mobile money transactions also experienced an extraordinary surge, demonstrating a remarkable 326 per cent growth in the year under review.

In 2022, the country witnessed a total of 714 million mobile transactions. Contrastingly, in 2023, an impressive 3.04 billion mobile money transactions were recorded, underscoring the escalating reliance on mobile financial services.

A breakdown of the monthly transactions showed that the year commenced with a robust start, with mobile money transactions

amounting to N2.37 trillion.

February continued the upward trajectory, with transactions reaching N2.56 trillion, showcasing sustained momentum.

March marked a significant uptick, recording transactions valued at N4.14 trillion, indicating a notable surge, April maintained the strong trend, with transactions totalling N3.65 trillion, reflecting consistent growth while May saw a further increase, with transactions totalling N3.74 trillion.

June recorded transactions amounting to N3.67 trillion, July showcased robust activity, recording

transactions valued at N3.81 trillion and August maintained the upward trajectory, with transactions reaching N4.02 trillion.

September sustained the positive trend, recording transactions totalling N4.09 trillion, as October witnessed heightened activity, with transactions amounting to N4.48 trillion. As the year was rounding up, November recorded transactions reaching N4.65 trillion and the year concluded on a high note, with December transactions surging to N5.69 trillion, marking a strong finish to 2023.

A further breakdown into 2022 transactions showed that the year

kicked off with mobile money transactions amounting to N1.05 trillion in January 2022. February continued the positive trend, witnessing transactions reaching N1.09 trillion, March marked a notable uptick, with transactions valued at N1.34 trillion, showcasing increasing momentum.

April maintained the growth trajectory, recording transactions totaling N1.38 trillion while May saw consistent activity, with transactions reaching N1.37 trillion, indicating sustained growth.The upward growth continued in June with transactions amounting to

N1.47 trillion. July showcased continued momentum, recording transactions valued at N1.55 trillion and August witnessed heightened activity, with transactions surging to N1.84 trillion.

September sustained positive growth, recording transactions totalling N1.72 trillion, October witnessed significant activity, with transactions amounting to N2 trillion. November recorded transactions reaching N2.1 trillion and the year concluded with strong figures in December, as transactions surged to N2.49 trillion, marking a robust finish to 2022.

FBN Holdings, Five Other Banks’ Interest on Loans to Customers Rise by 53.3% Kayode Tokede Following the Central Bank of Nigeria (CBN) hike in its Monetary Policy Rate (MPR) to 18.75 per cent, FBN Holdings Plc, and five other banks declared 53.3 per cent increase from interest on loans & advances to customers in 2023.

This is a sum of N1.71 trillion interest income from loans & advances to customers in 2023 against N1.11 trillion declared by the six banks in 2022.

Other banks include: Stanbic IBTC Holdings Plc, Wema Bank Plc, Sterling Financial Holdings Company Plc, and FCMB Group

Plc, as Access Holdings, United Bank for Africa Plc (UBA) Plc, Zenth Bank Plc, and Ecobank Transnational Incorporated (ETI) have not announced unaudited/ audited result and accounts for full year ended December 31, 2023.

MPR is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

The apex bank in July 2023 raised its benchmark interest rate to 18.75 per cent from 18.5 per cent in a bid to curb inflation. In January, the MPC of CBN raised its benchmark lending rate from 16.5 per cent to 17.5 per cent in a

sustained push to control inflation and ease pressure on the naira.

The annual inflation rate rose to 28.92 per cent Year-on-Year (YoY) in December 2023, reflecting continued increase in prices of goods and services across the country, according to National Bureau of Statistics (NBS).

With the increase in MPR, money market indicator of CBN revealed that the average prime lending rate moved to 14.17 per cent in December 2023 from 13.85 per cent in December 2022.

A prime rate or prime lending rate is an interest rate used by banks, usually the interest rate at

which banks lend to customers with good credit.

However, the maximum lending rate in the banking sector dropped to 26.62per cent in December 2023 from 29.13 per cent reported by CBN in December 2022.

Maximum lending rate refers to the rate charged by banks for lending to customers with low credit rating.

Analysis of the banks’ unaudited result and accounts for full year ended December 31, 2023 revealed that FBN Holdings declared N600.83 billion interest income from loans & advances to customer in 2023, representing an increase

of 48.86 per cent from N403.62 billion in 2022, while Fidelity Bank declared N363.75 billion interest income from loans & advances to customer, a growth of 57.5 per cent from N230.95 billion reported in 2022.

As FCMB Group declared N272.66 billion interest income from loans & advances in 2023 an increase of 56 per cent from N174.7 billion in 2022, Stanbic IBTC Holdings reported a significant increase of 91.37 per cent increase from loan to customers in 2023 from N119.96 billion to N229.58 billion in 2023.

In the period under review,

Sterling Financial Holdings Company posted N123.46billion interest income from loans, a growth of 22.9 per cent from N100.44billion reported in 2022 as Wema Bank declared N118.28 billion interest income from loans in 2023, representing a growth of 39 per cent from N85.07 billion in 2022.

The six Deposit Money Banks (DMBs), however, declared N15.03 trillion loans to customers in 2023, representing an increase of 57.13 per cent from N9.56 trillion in 2022.

FBN Holdings leads other banks Continued on page 32

M A R K E T D ATA A S AT F R I D AY, F E B R U A R Y 9 , 2 0 2 4 BONDS Change Updated Time DESCRIPTION Price Yield (%) February 9, ^13.53 230.00 2024 101.02 12.49 MAR-2025 ^12.50 22February 9, 98.47 13.41 0.00 2024 JAN-2026 ^16.2884 17February 9, 100.59 16.02 0.00 2024 MAR-2027 ^13.98 23February 9, 94.15 16.00 0.00 2024 FEB-2028 ^14.55 26February 9, 96.67 15.49 0.00 2024 APR-2029

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

Discount Yield

Change (%) Updated Time

969,00

976,00

February 9, -2.10 2024

1.042,00

1.060,00

February 9, -2.12 2024

1.396,00

1.446,00

February 9, 0.00 2024

1.255,00

1.308,00

February 9, -2.05 2024

1.474,00

February 9, -1.27 2024

1.388,00

OTC F X F U T U R E S

CPS MATURITY

Discount Yield

CRSL CP II 18-FEB-24

16.10

16.16

FLOURMILLS CP III 29-FEB-24

18.14

18.33

UACN CP VI 19-MAR-24

16.69

16.99

19.07

19.76

18.07

18.96

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

Change (%)

Updated Time

February 9, -2.86 2024 February 9, -2.47 2024 February 9, -1.77 2024 February 9, -0.81 2024 February 9, -0.02 2024

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

Updated Time

February 9, 2024 February 9, 2024 February 9, 2024 February 9, 2024 February 9, 2024

30

T H I S D AY ˾ MONDAY, FEBRUARY 12, 2024

BUSINESSWORLD

INTERVIEW

Knudsen: We Welcome Partnership With FG on Scanner Operations Mr. Steen Knudsen is the Terminal Manager of Nigeria’s largest container terminal, APM Terminals Apapa. In this role, he oversees the day-to-day operations at the terminal. In this interview, he speaks on issues affecting port operation and how goods can be cleared faster from the port. Gilbert Ekwugbe presents the excerpts Last year APM Terminals received the largest containership to berth in Apapa.

What is the significance of such large vessels calling at Nigerian ports? arger vessels accommodate more boxes, which in turn means lower cost per container for consignees.

This is a great development for international trade in Nigeria. Lower shipping costs for consignees translates to lower prices of goods for consumers when it hits the local markets. The goal is to be able to provide efficient services at lower costs for customers. We hope to continue in this path in collaboration with the Nigerian Ports Authorities and other key stakeholders.

the government to acquire, operate and maintain scanners to reduce the high rate of physical inspection?

We have always supported positive initiatives that would improve the efficiency of the ports and ultimately, reduce the cost of doing business at the ports, for the end user. Globally, APM Terminals has grown its brand based on its experience in port handling operations. That is why our public-private partnerships with different governments are always successful because port operation is what we do. In some of our operated terminals around the world, we have invested in and are operating and maintaining scanners in collaboration with local authorities, and we would welcome such an opportunity in Nigeria, which would benefit the clearance process greatly, and help reduce the time containers stay in the port before delivery.

L

What will you consider to be APM Terminals Apapa’s greatest achievement at the port since the concession?

Our ability to modernize the ports, make terminal operations more efficient, at a lower cost. Over the years, we have made substantial investments in facility upgrades, training of our employees, equipment, and technology.

The Nigerian economy has benefitted greatly from the concession to private operators, likewise the private operators.

Additionally, APM Terminals is widely recognized for its improvements in safety for all our employees, customers and authorities who frequent the terminal. In fact, it is close to 1,000 days ago we had an injury in the terminal, where a maintenance employee bruised his hand during a routine maintenance activity.

It is paramount for us that our employees can come to work and return to their families safely by the end of the day.

The impact on our business and the Nigerian economy has been enormous. By acquiring more equipment, we have improved our capacity to serve our customers better. For instance, in 2022, we set a record for the most cargo moves in a single month. This new record of over 41,000 moves, is around 2% higher than the previously record set in 2014.

Finally, we are proud that our employee benefits are world class, where we do not only offer top quartile salary packages for our employees, additionally we have several welfare benefits such as schooling support for dependants, housing loans, savings schemes and maternity benefits, which support our diversity agenda and female employees.

How did APM Terminals Apapa perform in terms of volume in 2023? Can you break it down in numbers for both imports and exports in comparison to previous years?

The A. P. Moller Maersk Group is presently in silent period prior to the release of our Q4 and FY 2023 results, but generally we can say that volumes in Nigeria were weak in the first half of the year, as expected, due to effects of the election, and we saw this rebound in the second half. Exports have continued to grow in line with the government’s aspiration to enhance revenues from non-oil exports.

APM Terminals is the only container terminal in Nigeria that has connectivity to the rail line, and we are aware that the Federal Government made promises last year that containers would be moved in and out of the port through the new standard rail line to take pressure off the roads. Was this achieved? How many containers moved out of your terminal by rail?

Yes, this was achieved. Last year, we moved 9,150 containers via rail, on both the standard and narrow gauges. More consignees will buy into the rail logistics option if some of the teething problems can be resolved to make for a more seamless process. We are in a continued dialogue with NRC to improve the train scheduling, as many consignees

Knudsen benefit from predictable and timely inland container movements.

What will you consider to be the major hindrances to rail operation at the port?

Some of the hindrances involve bottlenecks where many stakeholders are involved in the process. Others may be unforeseen. For instance, the availability of cargo. There must be sufficient cargo scheduled for rail transportation if it is going to be efficient. However, the question of multiple handling charges has arisen especially when the cargo gets to its scheduled destination. Someone must load the containers on the rail and at its destination, then offload same boxes from the rail and load onto trucks for evacuation from the depot. These handling services need to be paid for at either end, and the consignee view these as multiple handling charges. So, if consignees are not providing sufficient cargo for rail transportation, it would stall the process and add additional costs.

There have been complaints about the high cost of doing business at Nigerian ports. What is responsible for this?

It is a combination of several factors, of which the most important is the volatility of the naira. This is international trade and most transactions are carried out in dollars.

The rate at which the naira exchanges to a dollar determines to a large extent the cost of cargo clearance, alongside other shipping charges. Cumulatively, this ultimately determines the volume of cargo moving in and out of the ports.

Consignees have severally abandoned their cargo at the port due to the amount they must pay as demurrages or customs clearance. Nigeria’s international trade will greatly benefit from a more stable naira as it would encourage consignees to trade in larger volumes.

The operating environment was quite challenging in 2023 due to reforms

including the removal of fuel subsidy and devaluation of the naira. How did this affect operation at the port, especially as it concerns your terminal?

The fuel price hike because of the subsidy removal had a general effect across the economy. Of course, this simply means businesses like us that depend on fuel to operate, would spend more money. What we have done is look inwards and discover ways to be more efficient even with the current realities. For instance, whenever a container handling equipment is operating, we ensure it is moving boxes and not staying idle. So if an equipment should say work for 10 hours, for those ten hours, we ensure it is moving boxes through. That way we maximise their operating hours and reduce their idle times, cutting down on the volume of fuel they use.

What has been the impact of NPA’s electronic call-up of trucks at the terminal?

The goal was to reduce the number of trucks on the road by only releasing trucks from the pre-gate to the ports, based on truck requests from the seaport terminals. To a large extent, this has been achieved. That is not to say there is no room for improvement in the process.

Whatever issues the primary stakeholders have with the electronic call up system can be sorted out as long the channels for feedback and continuous dialogue remain open. And equally important that all stakeholders ensure compliance with the call up process – often when congestions do happen, it boils down to trucks being allowed access to the port, without having obtained the right call up ticket.

The Federal Government recently hinted that it would embrace publicprivate partnership in acquiring scanners for customs inspection of containers at the port. Will APM Terminals be interested in supporting

How has APM Terminals Apapa been giving back to society in terms of corporate social responsibility? Can you specifically mention and discuss your CSR projects?

Since our entrance into the Nigerian market, we have continuously engaged in several CSR projects both in our immediate host community of Apapa, the state and country at large. We have donated desktop computers to Randle Secondary School and Sacred Heart College Apapa, sponsored employability skills training for Apapa youths, renovated the LUTH Cancer Centre, among many others.

During the COVID outbreak, we donated N150million to the Federal Government’s COVID-19 Relief Fund Account and provided 1,000 units of nose masks; 500 disposable protective coveralls; 400 litres of hand sanitizers; protective goggles, and hand gloves to the Lagos Port Complex of the Nigerian Ports Authority towards curtailing the pandemic.

During our 2021 Safety Week, we presented over 1,000 pieces of Personal Protective Equipment (PPE) to truckers. This included 800 reflective vests, 800 packets of nose masks, 40 hard hats, 40 pieces of rain gear, 40 pairs of safety boots, 40 pairs of rain boots and 1000 key rings.

We are supportive of the community we do our business and continually look for ways to show this.

You are the first port operator to employ female crane operators. How are they faring in comparison to their male counterparts?

They are doing a good job as well as their male colleagues. Women tend to bring a different perspective to work; they can be more perceptive in spotting problems early on and proffering solutions. It is not only in equipment operations that we have women; we also have employed women as banksmen.

This was previously a solely male job role.

But now we have women in this field, and they are doing well.

What is your business outlook and projection for this year?

The impact of inflation and weakening of the naira will continue to challenge both companies as well as all citizens in Nigeria. This will undoubtedly put pressure on the containerized import markets, but it will also offer further opportunities for Nigerian export commodities. Our focus in APM Terminals is to continue our cost improvement and efficiency drives, so we can continue to offer effective vessel and container turnaround times, as well as flexible products such as barging to inland container depots, rail operations, digital container release process and other value added services, that will help all port users drive cost and efficiency of their own business.

MONDAY, FEBRUARY 12, 2024 ˾ T H I S D AY

31

BUSINESSWORLD

NEWS

‘CAC Will Go After Directors of De-registered Companies’ James Emejo in Abuja Registrar-General/Chief Executive, Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, has said the commission will go after owners and directors of companies de-registered on account of failure to pay annual returns.

He noted that the issue of payment of annual returns remained one of the requirements under the Companies and Allied Matters Act (CAMA).

Speaking to THISDAY on his achievements within 100 days in office, he said defaulting companies have until April 30, 2024, to comply with the law following the extension of the December 2023 deadline earlier issued to

the companies.

He said, “By end of April, any company that fails to comply with the law, the law will catch up with such. And the law says, we will not stop there; we will go after the names behind the company because you are already owing the money.

“If you’re owing the money, generally we will go after the person or the name used in registering that company and the directors of the company. We can lodge a criminal complaint against the persons and we can recover our money.”

He said the commission was determined to play a part in actualising President Bola Tinubu’s Renewed Hope agenda through

business facilitation to create millions of jobs.

He said one of his earliest achievements in office was the recent registration of an unprecedent two million Micro Small and Medium Enterprises (MSMEs), in collaboration with Moniepoint Micro Finance Bank, effectively formalising their operations in the country.

He said the commission hoped to formalise 20 million small businesses by the end of the year while targeting about N20 billion from taxes as a result.

Magaji said he hoped to make CAC the best place to work in the country and as well as make the most impact staff, and provide the best service to the public.

House of Representatives Extols NPA’s Commitment to Revenue Generation The House of Representatives Committee on Ports and Harbours has commended the Mohammed Bello Koko-led Management and staff of the Nigerian Ports Authority (NPA) for its commitment towards revenue generation for the nation’s economy.

Speaking during a press conference to conclude a 3-day oversight visit of the Committee to the NPA, the Chairman of the Committee, Nnolim Nnaji, said the authority has been delivering exceptional results

despite impediments outside of its control.

“The Management and staff have done very well in the area of unprecedented revenue generation and remittance to the Consolidated Revenue Fund (CRF) of the federation and in the area of infrastructure and equipment renewal,” he said.

The Chairman observed the level of decay at the nation’s ports, stating the urgent need to reconstruct the Tin Can Island and comprehensively rehabilitate Apapa,

Rivers, Warri, Onne and Calabar Port Complexes respectively.

Responding, the Managing Director, NPA, Mohammed Bello-Koko, expressed delight in the visit of the Committee, saying that visits such as this would spur the Authority to achieve even more in terms of service delivery.

He however, called on the Committee to increase its level of support to the Authority in its bid to achieve its mandate of developing, owning and operating ports and harbours.

Firm Petitions IGP, Accuses NUE of Alleged Ship Robbery A Dutch defence, shipbuilding, and engineering group has sent a petition to the Inspector General of Police (IGP), Dr Kayode Egbetokun, accusing NUE Offshore Resources Limited - a company based in Lagos, and its Managing Director, one Uyi Igbinigie of alleged armed robbery against its ship anchored at the National Inland Waterways Authority (NIWA) jetty in Warri, Delta State.

The petition, dated 4 February 2024, was submitted to the office of the Inspector General of Police on 5 February 2024 on behalf of Damen Charter International Limited by its Solicitors, Adepetun, CaxtonMartins, Agbor & Segun.

A copy of the petition, titled, “REPORT OF A CASE OF ARMED ROBBERY AGAINST ONE MR. UYI IGBINIGIE AND NUE OFFSHORE RESOURCES LIMITED”, sighted by this newspaper, stated that the

ship robbery incident took place on February 2, 2024.

Recounting the events that led to the alleged robbery incident, the petition stated that Damen, as owner of the Fast Crew Supplier 1605 Aluminium vessel named MV NUE Swift, had in 2019 entered into an agreement with NUE, represented by its Managing Director, Uyi Igbinigie, for the charter and hire-purchase of the vessel, but after taking delivery of the vessel from Damen, NUE consistently failed to pay the monthly installments it was obligated to pay to Damen as purchase price of the vessel, despite several demands for payment by Damen.

“Consequently, Damen terminated the charterparty/hire-purchase agreement and sought to repossess the vessel in accordance with the provisions of the charterparty/ hire-purchase agreement.

“NUE and Mr. Uyi Igbinigie, however, hid the vessel and frustrated Damen’s efforts to

repossess it. Damen commenced a suit at the Federal High Court, Warri Division and obtained an Order for the arrest of the vessel.

“The vessel was eventually traced and arrested with the assistance of the Nigerian Navy, and in accordance with the Order of Court, placed under the guard of the Nigerian Navy for safe keeping while under arrest.

“Damen subsequently discontinued the suit at the Federal High Court and secured the release of the vessel from arrest. Following the release of the vessel from arrest of court, Damen repossessed the vessel on 22 November 2023.

“After settling the costs and expenses incurred by the Nigerian Navy for safeguarding the vessel while under arrest, the Nigerian Navy handed the vessel over to the Admiralty Marshal of the Federal High Court, who in turn handed the vessel over to Damen on 1 February 2024.

FG Targets Increased Trade Volume with NTFC Gilbert Ekugbe

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

The federal government through the Ministry of Industry, Trade and Investment, has announced plans to revitalise the National Trade Facilitation Committee (NTFC) in its bid to increase Nigeria’s trade volume.

The Minister of Industry, Trade and Investment, Mrs. Doris UzokaAnite, explained that the Committee would comprise of the Nigerian Customs Service (NCS) alongside Ministries Department and Agencies (MDAs) and the private sector.

She stated this at the launch of the World Customs Organisation (WCO) assisted Time Release Study (TRS) scoping mission for Nigeria in Lagos.

According to her, effective trade facilitation requires efficient coordination across the entire supply chain, maintaining that the country currently has 12 Domestic Export

Warehouses (DEWs) and one aggregation centre established to reduce the time it takes to ship their goods for export.

She added that the TRS and the DEWS are all fantastic initiatives geared towards enhancing trade and easing the process of doing business in Nigeria.

“I am absolutely confident that it will be a great success and would help Nigeria to achieve true sustained economic growth in the coming years. However, I am inspired to do more to facilitate trade and this in turn would increase Nigeria’s trade volume,” she said.

“Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the TRS would come with great benefits to the nation as it would bring about value for money, competitiveness of Nigerian exports that would transcend to the growth of the economy.

Additional Benefits Scheme Enhances Retirement Under the CPS In the landscape of Nigeria’s retirement benefits, the true position of the Contributory Pension Scheme (CPS) on gratuity payments has been a subject of misunderstanding.

However, a closer examination of the Pension Reform Act 2014 (PRA 2014) alongside initiatives by the National Pension Commission (PenCom) reveals a clearer picture that aims to fortify retirement benefits for workers across the nation.

Gratuity under the CPS

Traditionally, gratuity has been a vital component of retirement benefits, symbolising acknowledgment for years of dedicated service PENCOM DG, Aisha Dahir-Umar to an organisation. With the introduction of the CPS as a reform to the old Defined a Portfolio Management Agreement (PMA) Benefits Scheme (DBS), apprehensions arose with a chosen PFA. Employers may appoint regarding the fate of gratuity payments. one or more PFAs to manage the ABS, Contrary to fears, the CPS framework, guided with a lead PFA designated in cases of by the PRA 2014, has accommodated the multiple appointments. payment of lump sums and other additional retirement and terminal benefits.

Documentation Requirements The PRA 2014 allows employers to Employers must submit various documents establish Additional Benefits Schemes to PenCom for review and approval to (ABS), through which they can provide establish an ABS. These include the draft enhanced retirement benefits, including Portfolio Management Agreement, Trust gratuity payments, to their employees. This Deed, Rules of the Scheme, evidence of means that employers have the flexibility to pension contribution remittance and Group offer additional severance benefits beyond Life Insurance policy, and evidence of the mandatory retirement benefits stipulated employees’ Retirement Savings Accounts by the CPS, depending on the terms of (RSAs). Employers also need to provide employment, affordability and collective information to indicate if the scheme is a bargaining.

Defined Benefit or Defined Contribution Under the CPS, an employee has the and give an undertaking to comply with option to select from two modes of regulatory provisions and to fund the withdrawing retirement benefits, namely, scheme continuously. programmed withdrawal from a Pension The appointed PFA is responsible for Fund Administrator (PFA) or retiree life annual actuarial valuations and audits, annuity from a life assurance company. ensuring compliance with regulatory In both options, a lump sum payment guidelines. is allowed to be accessed by the retiree.

Buttressing its commitment to the well-being Impact of Additional Benefits of retirees, PenCom ensures the payment on Employees of a lumpsum at retirement as provided Stakeholders have adjudged the by the Retirement Benefits Regulations. implementation of the CPS in Nigeria Similarly, gratuity under the DBS was a success. However, there are some issues also given as a lump sum payment to an regarding low pensions, especially for employee upon retirement. public sector retirees. This could be One significant advantage of the CPS over attributed to several factors including the the DBS is the security and transparency relatively low pay when compared to the it offers regarding retirement benefits. private sector and insufficient accumulation Unlike in the DBS, where the promise of funds for long periods under the CPS, of gratuity did not guarantee payment, amongst others. It is vital to state that the the CPS ensures that funds are diligently CPS provides a comprehensive framework managed by PFAs, making it impossible that allows employers and employees to for employers to divert these funds for plan and save towards retirement benefits. other purposes. This safeguards retirees’ Accordingly, employers of labour can use interests and provides them with greater the Framework for the Establishment of assurance regarding the receipt of their Additional Benefits Schemes recognised terminal benefits. by the PRA 2014 to increase the pensions PenCom’s unveiling of the Framework of their employees. for the Establishment of ABS under the It is also imperative to state that various CPS further solidifies this stance. This options are available to employers and framework provides a structured approach employees to improve the adequacy for employers to enhance retirement benefits of pensions for employees. Providing while ensuring the proper management additional retirement benefits can have and utilisation of pension funds. several benefits for both employers and employees. It can attract and retain Custody and Management of talent, enhance employee morale and ABS loyalty and improve an organisation’s The PRA 2014 permits only institutions reputation. licensed by PenCom to hold and manage In conclusion, the misconception that the pension funds and assets. Consequently, CPS has abolished gratuity payments is only licensed PFAs can manage pension unfounded. The framework of the CPS assets. Similarly, the custody of pension accommodates gratuity and enhanced assets can only be done by licensed Pension retirement benefits through Additional Fund Custodians (PFCs).

Benefits Schemes for willing employers.

Employers seeking to establish an ABS By understanding the provisions of the for their employees must demonstrate PRA 2014 and the workings of the CPS, compliance with the PRA 2014. This includes retirees and workers can navigate their up-to-date pension contribution remittances, retirement planning with greater clarity Group Life Insurance cover, and execution of and confidence.

32

MONDAY, FEBRUARY 12, 2024 ˾ T H I S D AY

BUSINESSWORLD

STATUS REPORT

Geregu’s Revenue Hits All-time High Amid Demand

Kayode Tokede

A

s consumer demand for electricity continued to grow, Geregu Power Plc reported its highest revenue growth in 2023 financial year that translated into a significant increase in profit and dividend payout to shareholders who invested in the company.

The electric power generating announced N82.91billion revenue in 2023, representing an increase of 74.11 per cent from N47.62billion reported in the 2022 financial year.

The growth in revenue can attributable to 79per cent growth in energy sold to N31.1 billion in 2023 from N 17.37billion in 2022 and 74per cent increase in capacity charge to N31.11billion in 2023 from N17.37billion in 2022.

In the last five years, the company that was incorporated in 2006 and listed on Nigerian Exchange Limited (NGX) 2022 announced N82.91billion in 2023 and the lowest revenue was N47.62 billion in 2022.

In the 2023 financial year, it declared N40.25billion cost of sales, an increase of 64.4per cent from N24.48billion in 2022, driven by N38.09 billion gas supply and transportation reported in 2023 from N22.22billion in 2022 and N2.15billion plant depreciation reported in 2023 from N2.25billion announced in 2022 financial year.

Consequently, cost of sales/revenue dropped to 48.54per cent in 2023 from 51.4 per cent in 2022.

This positions its gross profit to N42.66billion in 2023, a growth of 84.4per cent from N23.14billion reported in 2022.

The company saw its non-core business income at N502.3million in 2023 from N153.25million in 2022 and it is due to the foreign exchange gain, a policy introduced by Central Bank of Nigeria (CBN) to unify the foreign exchange market last year.

Geregu Power announced an impairment reversal of N955.9million from N3.73billion impairment loss

on financial assets in 2022.

Administration expenses grew significantly to N12.98billion in 2023 from N4.75billion reported in 2022, driven by N8.37billion repair and maintenance of plant and machinery in 2023 from N212.3million reported in 2022 and N2.46billion personnel cost in 2023 from N2.14billiion in 2022.

The hike in the inflation rate and the unification of the foreign exchange market played an important role in the company’s growth in administrative expenses.

In terms of finance, the company announced N7.8billion finance income in 2023 from N7.67billion in 2022, while finance cost stood at N14.55billion in 2023 from N7.3billion in 2022.

The 1.62 per cent growth in finance income is on the backdrop of N6.12billion interest income on bank deposits in 2023 from N2.38billion in 2022 and N1.67billion interest income on related party receivables from N5.29billion in 2022.

For finance expenses, it announced N4.91billion interest expenses on borrowings in 2023 from N4.84billion in 2022, while interest expenses on bond increased to N5.9billion in 2023 from N2.48billion in 2022.

In addition to finance expenses, the company in 2023 financial year announced N3.7billion discount on trade receivables.

PROFIT GENERATION IN 2023

The power-generating company announced N24.3billion profit before tax in 2023, representing an increase of 61 per cent from N15.1billion reported in 2022. In 2021, it announced N29.51billion profit before tax, the highest so far.

After a N8.34 billion tax expenses, the company announced N16.05billion profit, an increase of 57.82 per cent from N10.17billion in 2022.

Following improved profits, the management

of Geregu Power recommended the payment of N8.00 per share dividend payout to shareholders.

This translates into N20billion dividend in the 2023 financial year.

THE FIRM HAS 2.50 BILLION UNITS OF SHARES.

The Chairman of the firm, Femi Otedola, who holds 1,245 units directly and 1,965.979,283 indirectly through Amperion Power Distribution Limited would rake in N15.28 billion as a dividend.

Geregu Power was listed N100 per share by introduction and it has increased to N675.9per share as of February 9, 2024 on NGX. Geregu Power’s Earning Per Share (EPS) (N/per share) increased to N6.42 per share, representing an increase of 57.74 per cent from N4.07 per share reported in 2022.

BALANCE SHEET

Highlights from statement of financial position revealed that Geregu Power’s total assets increased to N182.04billion in 2023 from N174.03biillion in 2022. The breakdown of total assets revealed that non-current assets closed 2023 at N36.35billion from N38billion in 2022, while current assets increased to N145.69billion in 2023 from N136.03billion in 2022.

Cash and cash equivalents contributed N70.26billiion to current assets in 2023 from N51.63billion in 2022.

As for total liabilities, Geregu Power declared N136.89billion in 2023 from N124.93billion in 2022.

In addition, the company announced N45.15billion shareholders funds in 2023, representing a decline of 8.04 per cent from N49.10billion in 2022.

CONCLUSION

Geregu Power became the first listed company on the Nigerian Exchange Limited (NGX) to declare audited full year ended December 31, 2023 result and accounts with impressive outcomes in key financial parameters.

The company is principally engaged in the business of electric power generation and sale of electricity power through the National Grid of the Transmission Company of Nigeria (TCN) to the Nigerian Bulk Electricity Trading Plc (NBET).

Geregu Power is one of Nigeria’s leading GenCos contributing to nearly 10 per cent of the nation’s total electricity generation.

Equipped with three Siemens gas-fired turbines, Geregu Power boasts an impressive total installed generating capacity exceeding 435 MW. In practice, the power plant consistently generates between 260 MW and 270 MW of electricity.

As part of its capacity expansion efforts, Geregu Power is in the process of acquiring an additional plant, Geregu Power Plant II, a 434MW gas-fired power project to boost power production in the country.

The power generation company registered and domiciled at Itobe – Ajaokuta Express Road, Ajaokuta, Kogi State.

The Geregu Power Plant was constructed by the Federal Government of Nigeria and commissioned into service on the 16th February 2007 to generate electric power and supply to the National Grid managed by the TCN. The Plant is owned and operated by Amperion Power Distribution Company Limited holding an 80per cent stake and 20per cent retained by Federal Government of Nigeria (jointly held by Bureau of Public Enterprise and Ministry of Finance Incorporated).

FBN HOLDINGS, FIVE OTHER BANKS’ INTEREST ON LOANS TO CUSTOMERS RISE BY 53.3%

in loans to customer, announcing N6.36 trillion as of December 31, 2023 from N3.79 trillion reported in 2022 financial year.

Analysts expressed that the average lending rate in the banking sector has increased amid a hike in MPR to 18.75 per cent this year.

Analysts at Afrinvest Research have expressed that the CBN’s Monetary Committee Policy (MPC) this month may increase its benchmark policy rate further

by at least 25 basis points to 19 per cent.

According to Afrinvest Research, “Given the sustained surge in price level since the last MPC meeting in July 2023 which largely defy the CBN’s goal, we hold that the benchmark policy rate (MPR) might be further hiked by at least 25basis points to 19per cent in the Q1 before considering a dovish tilt in the second half, contingent on the trajectory of other key

macroeconomic parameters and the direction of interest rates in major economies.”

Afrinvest Research stated that outlining the basis for January inflation outlook alongside the implications of price trends on interest rate.

The Director/Chief Executive Officer · Centre for the Promotion of Private Enterprise (CPPE), Mr Muda Yusuf in a chat with THISDAY stated that the 18.75

per cent MPR are the investors in the real economy and other entrepreneurs in the economy.

He said the MPR at 18.75 per cent is another additional burden on business as it will result in a spike in cost of credit.

According to him, “Interest rate on loans will increase, production costs will increase, sales will drop, profit margins will shrink and investors’ confidence will be negatively impacted.”

He urged the CBN to pay greater attention to financial system stability at this time.

“Recent developments in the global financial system underscores the imperative of cautious interest rate hikes,” he added.

The Chief Research Officer, InvestData Consulting Limited, Mr. Omordion Ambrose said, “Businesses need a lot of credit facilities to survive, but in an

environment where the lending rate is astronomical, many enterprises, especially small and medium-scale, might find it extremely difficult to survive as their products will remain uncompetitive and the cost of production and the sale prices to consumers will remain high.

A hike in interest rate is often considered a manufacturers’ nightmare as it stifles productivity and expansion.”

T H I S D AY ˾ MONDAY, FEBRUARY 12, 2024

33

BUSINESSWORLD

NEWS

PZ Cussons Records Money Lenders Back FCCPC Position N74.14bn Loss o n D i g i t a l Lending Violations on FX Unification Kayode Tokede With about N87.08billion foreign exchange loss, PZ Cussons Nigeria Plc has announced N74.14billion loss in the second quarter of (Q2) 2024, representing a decline of N7.67billion reported in second quarter of (Q2) 2023.

The company in Q2 2023 announced N2.7billion foreign exchange loss in Q2 2023.

The household company on the Nigerian Exchange Limited (NGX) reported N73.8billion loss before tax in Q2 2024 from N9.29billion in Q2 2023 over N87.08billion foreign exchange loss from N2.7billion in Q2 2023. In addition, PZ Cussons Nigeria declared N68.09billion revenue in Q2 2024, representing an increase of 19per cent from N57.26billion in Q2 2023. The company last year announced plans to delist from the NGX as its parent company PZ Cussons (Holdings) Limited offers to buyout minority shareholders at an offer price of N21 per share.

In a notice at the NGX, it said that the majority shareholder, PZ Cussons (Holdings) Limited has offered to acquire all the outstanding shares held by minority shareholders through a scheme of arrangement.

“PZ Cussons Nigeria Plc notifies the NGX and the investing public that PZ Cussons (Holdings) Limited (the Core Shareholder) has informed the Board of Directors of the Company (the Board) of its intention to acquire the shares held by all the other shareholders of PZ Cussons Nigeria Plc, subject

to prevailing market conditions, at an offer price of N21 per share (the proposed transaction),” the company said in the notice.

In their offer, the PZ Cussons Group explained that they believe the transaction is necessary in order to enable them to significantly simplify and strengthen operations in Nigeria creating the foundations for the Nigerian business to deliver against its strategy, building a more agile and innovative business, and noted that PZ Cussons has been present in Nigeria since 1899 and expects Nigeria to remain an important market for the Group for many years to come. “The Proposed Transaction is however, subject to the consideration and approval of the Board of PZCN, the Company’s shareholders and requisite regulatory authorities.

“It is intended that the Proposed Transaction will be implemented under a Scheme of Arrangement in line with section 715 of the Companies and Allied Matters Act, No.3 of 2020 (as amended) and other applicable rules and regulations. This will require the Company to convene a general meeting of its shareholders by an order by the Federal High Court (the “Court Ordered Meeting”).

“Details of the Court Ordered Meeting (which includes the date, time, venue and agenda for the meeting) will be communicated to shareholders upon receipt of the requisite approvals from the Board, the Securities and Exchange Commission and the Federal High Court.

The Money Lenders Association (MLA), has said that the body is fully in support of the recent update by the Federal Competition and Consumer Protection Commission (FCCPC), aimed at ensuring ethical operations in digital lending in Nigeria.

The association in a statement said, they empathises with members of the public on the activities of some of these unlicensed and illegal digital lenders and wholeheartedly support the measures by FCCPC, to sanitise and safeguard people from online fraud and unethical practices and foster a reliable digital environment, especially at this crucial time in the economy of our Nation.

It added. “The Association advises

the general public to exercise caution when applying for loans online, and ensure they only deal with licensed and approved Digital Money Lenders (DML). MLA condemns in its entirety, this unprofessional act perpetrated by some unscrupulous lending organisations (not our members). Money Lenders Association is duly incorporated under the Laws of the Federal Republic of Nigeria, with its primary objective being the advancement of the money lending industry, and safeguarding the interests of the public and customers using our lending platforms.

“The Association actively collaborates with FCCPC and the

Government to address the practical challenges faced by members of the public and our members, in their daily operations.

As part of our commitment to ethical practices, members of our Association adhere to a comprehensive Code of Practice which facilitates self-regulation of our activities, to ensure compliance with FCCPC and Government regulations, in order to promote trust and confidence. We once again enjoin the general public to be careful and carry out their KYC on Digital Lenders before applying for loans.”

The body said the public needs to be careful of “too good to be

true” offers from these unscrupulous operators.

“Any Lender promising the approval of loan requests without a background analysis, is definitely a red flag. Other key pointers to look out for include; 1.Physical Location: It is important to know that your Digital Lender has a physical location where the business is registered or where the company operates from. This information can be available on the Lender’s website.

2.Approved Digital Money Lenders.

Consumers are encouraged to consider only licensed and approved Digital Money Lenders by the Government and FCCPC.

LCCI, LASG Seeks Increased Adoption of LPG Utilisation in Nigeria Gilbert Ekugbe The Lagos Chamber of Commerce and Industry (LCCI) and the Lagos State Government have partnered to push for the increased usage of Liquefied Petroleum Gas (LPG) in households across Lagos State and the nation at large.

The president, LCCI, Gabriel Idahosa, at the LPG Group Eko Gas Scheme II report launch in Lagos, explained that access to clean and affordable energy is a critical challenge in the country, with about 68.3 per cent of Nigerian households using firewood and charcoal for cooking.

He noted that LPG is a clean and efficient alternative to traditional

biomass fuels, with lower greenhouse gas emissions and fewer health impacts.

However , speaking on the Eko Gas Scheme, the LCCI boss said it is an initiative of the LCCI–LPG Group established in 2013 in partnership with the Lagos Ministry of Energy and Mineral Resources (MEMR) to create awareness and promote widespread adoption of liquefied petroleum gas (LPG) usage in households across Lagos State.

He lamented that the combination of population growth and lack of access to clean cooking is having a severe impact on several levels including health impact caused by indoor air pollution, carbon emission, and increasing deforestation.

To address these challenges, the Nigerian Government identified the Liquefied Petroleum Gas (LPG) subsector as a key area for enhancing energy efficiency and expanding access to clean cooking energy.

“However, despite Nigeria’s largest natural gas reserves in Africa, and the significant growth in the consumption of LPG in the country, the per capita usage of gas of 5kg in Nigeria as at the end of 2021 remains low compared to Ghana at 6.4kg, South Africa at 7.5kg, Senegal at 9.4kg, Egypt at 62kg and Morocco at 70kg,” he bemoaned.

According to him, the LPG subsector is still faced with limited infrastructure, low levels of awareness among consumers, and consumers

perception of affordability of LPG, warning that the emissions released during the burning of charcoal and firewood indoors contribute to indoor air pollution, which can have adverse effects on human health, particularly respiratory issues.

“This further underscores the urgency and importance of transitioning to clean and sustainable cooking energy solutions like LPG. It is important to note that the second phase of this Scheme has recorded outstanding achievements including educating over 1,000 households, distribution of free LPG cylinders and industrial gas burners to 15 beneficiaries and creating a potential consumption of 8,928kg of LPG.

34

T H I S D AY ˾ DAY FEBRUARY 12, 2024

FEATURES

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

Charting Course for Deepened Regional Integration for ECOWAS Following the recent pullout of three member states, Niger, Mali and Burkina Faso, from the Economic Community of West African States, ECOWAS, and the indefinite postponement of elections in Senegal by President Macky Sall, amongst others, Civil Society Organisations, CSOs, led by Civil Society Legislative Advocacy Centre, CISLAC, West Africa Civil Society Forum, WACSOF, and Transition Monitoring Group, TMG, alongside media practitioners, recently met in Lagos to discuss the state of ECOWAS, the issues bedevilling it, while also calling on the body to embrace dialogue in charting course of regional integration among its members. Sunday Ehigiator reports

A cross-section of participants during a media interactive meeting on the State of ECOWAS and Regional Integration in Africa organised by CISLAC, WACSOF and TMG

T

he stability of the Economic Community of West African States (ECOWAS) as a regional bloc of economic, human and political development has been threatened in recent years by political instability and security challenges in some member states.

Since August 2020, the region has recorded several coups where democratic governments have been toppled and constitutional procedures trampled.

To address these challenges, civil society organisations (CSOs) in West Africa, particularly in Nigeria, including the West African Civil Society Forum (WACSOF), Civil Society Legislative Advocacy Centre (CISLAC), the Transition Monitoring (TMG), the West Africa Network for Peacebuilding (WANEP-Nigeria), Nigeria Network of NGOs (NGOs) and Human and Environmental Development Agenda (HEDA) organized a CSOs and Media Interactive Meeting on State of ECOWAS and Regional Integration in West Africa.

The meeting which was held in Lagos on Monday, February 5, 2024, centred on the state of affairs within ECOWAS and measures required to avoid further instability and possible disintegration of the regional bloc which before now had been regarded as the template for regional integration in Africa.

The CSOs and media organisations acknowledged the relevance of ECOWAS to the integration of the region with notable achievements among which include the free movement of persons, the trade liberalization scheme and, above all, the establishment of the Customs Union, with the entry into force of the Common External Tariff (CET) in 2015 which have contributed to furthering integration of the region.

Advocacy for a More Integrated West Africa In his welcome remarks, the Executive Director, of CISLAC, and Chairman, of Transition Monitoring Group, Auwal Ibrahim Musa (Rafsanjani), noted that, among other things, a more integrated West Africa is required to defeat violent extremism, terrorism and other trans-border crimes currently bedevilling the ECOWAS region.

According to him, “There is no gainsaying that the measures undertaken by the Community to promote and consolidate cooperation among member states on criminal matters such as the protocol on mutual assistance on defence matters and the convention on small arms and light

weapons have greatly contributed to a regional effort at combatting terrorism and crimes in the region.

“Therefore, having a united ECOWAS is important to defeating terrorism and other organised crimes in the region.

“As civil society organisations in Nigeria and the West African region, we are resolute in working to ensure ECOWAS stays focused on promoting genuine democratization processes in the region. It is against this backdrop that this CSO interactive meeting is holding to put out a common position which emphasizes more political, economic and security stability for West Africa.”

“On this note, CSOs urge politicians in the region to desist from truncating democracy at the detriment of the people.

It is disturbing to see the trend of events where politicians abuse democratic processes and ascribe to themselves arbitrary powers over constitutional governance. These trends are against the critical pillars of ECOWAS Vision 2050.

“In line with this, the CSOs in Nigeria and West Africa condemn the indefinite postponement of the February 25, 2024 election in Senegal without consulting widely with the people. This type of action is viewed as an abuse of power and must be rejected in the region as it is the type of undemocratic behaviour capable of instigating a military junta. It is therefore important for the government of Senegal to immediately fix a new date for the election to be held.

“CSOs working in Nigeria and other parts of West Africa are interested in ensuring economic development that is capable of reducing the poverty and infrastructural deficit in the region.

Therefore, we will continue to support regional stability to boost the economic viability of West Africa.”

Rafsanjani said the recent trend of events in the region can have a spillover effect on many countries and destabilise the peace and economy of the region.

“It is on this note that we reiterate the importance of dialogue in dispute resolution.

Hence, whatever the disagreements are, ECOWAS must desist from the use of force given that it is operationally guided by the Protocol on Non-Aggression.

“It is our shared belief that every Member State of ECOWAS is at a greater advantage in not just belonging to the community but committed to implementing measures and mechanisms set out to achieve critical objectives of economic and social prosperity for every citizen of the community.”

In looking towards the actualisation of ECOWAS Vision 2050 which shifts the focus from ECOWAS of States to ECOWAS of the People, conclusively, Rafsanjani said it was important to activate the National Focus Persons of ECOWAS to intensify and coordinate CSO engagement towards the implementation and actualization of Vision 2050 to bring about peace and prosperity for all ECOWAS Vision 2050 Speaking on ECOWAS Vision 2050, TMG’s Senior Program Officer, Solomon Adoga, said it started by taking stakeholders represented through an assessment of ECOWAS Vision 2020.

According to him, “The ECOWAS integration process is one of the most successful among all the Regional Economic Communities (RECs) in Africa.

“Adopted in 2007, and aimed at the eradication of poverty and the consolidation of regional peace and security as well as the promotion of sustainable social and economic development, the vision 2020 anchored on its slogan ‘moving from an ECOWAS of States to an ECOWAS of Peoples’, was based on five pillars.

“Peace and security, good governance, development of the region’s resources, economic and monetary integration; and promotion of the

While ECOWAS has also worked to address some security issues by developing a peacekeeping force for conflicts in the region,they have not been able to address the issue of coups by some of its members as seen in recent years- eight coups since August 2020 and even twice in some nations

private sector.”

He said, while ECOWAS made significant strides in various areas, especially in the advancements of regional integration, peace and security, economic cooperation, and infrastructure development, they were lacking in the area of peace, security and stability, with Cote d’Ivoire, Mai, Guinea, Guinea Bissau, Burkina Faso, and Niger as example.

He further explained that the ECOWAS Vision 2050, tagged, ‘ECOWAS of the Peoples: Peace and Prosperity for All’, has five pillars.

“Pillar 1, Peace, Security and Stability; strengthen human security through homegrown and sustainable initiatives bearing in mind the multidimensional security threats facing the region “Pillar 2, Governance and Rule of Law; there is a need to ensure the establishment and effective functioning of strong and credible institutions that guarantee the respect for fundamental rights and freedoms. The region will work to strengthen democratic governance, consolidate the rule of law, and enhance justice delivery “Pillar 3, Economic Integration and Interconnectivity; This process is envisaged not only through the free movement of people and goods but also through the enhancement of trade and market integration as well as the achievement of the economic and monetary union.

“Pillar 4, Transformation, Inclusive and Sustainable Development; This pillar is based on the improvement of the living conditions of the population through the optimisation of quality of the education and knowledge building systems, the creation of decent jobs for young people and women as well as the strengthening of resilience to public health.

“This pillar is also based on the structural transformation of economies driven by the digitalisation of the economy, entrepreneurship, science and technology and structuring investments in growth sectors.

“And lastly, pillar five has to do with social inclusion. This pillar places the ECOWAS citizens, mainly women, children and youth, and all vulnerable people (including people with disabilities and the elderly) at the heart of development and the integration process.

“By 2050, ECOWAS will have to meet the challenges of social cohesion among its people, create the conditions of a sense of belonging that is characteristic of Community citizenship that would foster the emergence of a cultural Continued on page 35

35

T H I S D AY ˾ DAY FEBRUARY 12, 2024

FEATURES

Charting Course for Deepened Regional Integration for ECOWAS

L-R: General Secretary, West African Society Forum (WACSOF) Kop'ep Dabuget; Executive Director, Civil Society Legislative Advocacy Centre (CISLAC), Auwal Ibrahim Musa Rafsanjani; Guest Speaker/ Group Features Editor, THISDAY NEWSPAPERS, Chiemelie Ezeobi; Secretary General, Nigeria Network of NGOs, Barr. Ayo Adebusoye and Senior Programme Officer, Transition Monitoring Group (TMG), Solomon Adoga during a media interactive meeting on the State of ECOWAS and Regional Integration in Africa organised by CISLAC, WACSOF and TMG held in Lagos on Monday, February 5th, 2024 identity based on shared values.”

ECOWAS Security Imperatives Speaking on the imperative of ECOWAS security, 10th African Most Powerful Woman in Journalism, who also doubles as Group Features Editor, THISDAY Newspaper, Chiemelie Ezeobi, said the objective of the ECOWAS SSRG is to strengthen States' capacities to respond to present and emerging threats and to deliver security and justice services to the State and its peoples.

However, while ECOWAS has also worked to address some security issues by developing a peacekeeping force for conflicts in the region, she lamented that they have not been able to address the issues of coups by some of its members as seen in recent years- eight coups since August 2020 and even twice in some nations.

According to her, “There are reasons why members of the ECOWAS may never be united.

For instance, how can Africa come together when we don't even believe they are one? North Africa is like another continent entirely. A Cape Verdean, Moroccan, Egyptian or even Sudanese do not believe they are Africans.

“But let's even bring it closer to home. How can ECOWAS Member States come together and stop seeing each other as the enemy? They do not even trust each other. The cost of flight tickets to each ECOWAS state is too high, talk more about xenophobic attacks. They would rather foreigners thrive and prosper than a fellow ECOWAS nation.

“Also, where are we with the Africa Continental Free Trade Area? When this act was brought up, it was supposed to be the game changer like how we have that for the Schengen Nations.

“How far have we even gone to open up the AfCFTA region? Remember the Abidjan-Lagos corridor? The overreaching plan was for that corridor to serve as an emerging transnational on the coast of southern West Africa.

“Stretching from Abidjan to Lagos, it crosses five independent states (Côte d'Ivoire, Ghana, Togo, Benin, and Nigeria) from west to east, and includes two political capitals and many regional economic centres.

“It is what is to serve over 40 million commuters travelling to Ivory Coast, while one of the flanks of the Abidjan–Lagos corridor, the construction of the Lagos-Badagry expressway was sectioned off into three independent contracts.

“While section one was constructed by the Lagos State government and kicked off from Eric Moore to Okokomaiko, the second section by FERMA involves rehabilitation from Igboelerin to Agbara and the last part is by the Federal Ministry of Works from Agbara to Seme Border.

“When I joined the former Minister of Works Fashola for an on-the-spot assessment in May last year, the remaining flank was from Agbara to the Badagry border, which is about 22 kilometres left. Mind you, this is just one lane. The other lane is still untouched from Okokomaiko.”

Ezeobi noted that language barrier remains another major issue in integrating ECOWAS

members’ security apparatus.

According to her, “I was part of Operation Safe Domain 11 involving the ECOWAS ZONE E comprising Benin, Nigeria, Togo and Niger. Niger didn't come because of the coup. While Nigeria spoke English, the rest spoke French. At sea, it was a Herculean task to communicate, thus, somewhat defeating the aim of the exercise."

She concluded that too much allegiance to world powers and taking orders that favour them as against Africa, difficulty in localising most of ECOWAS laws, the perception that ECOWAS is a ‘toothless bulldog’, partiality when it comes to intervention, and ECOWAS weak leadership, remains a major barrier in the growth of the body, and by extension, the members state.

She therefore noted that ECOWAS members needed to remain united for the region to thrive, to be a force to reckon with, to take its place at the global comity of nations and stop being subservient, and to strengthen its member’s passports, and respective currencies against the dollars, pounds, yen, and euros of the rest of the world.

Involvement of CSOs in Regional Integration in West Africa Speaking on the role and involvement of civil societies in regional integration in West Africa, the General Secretary, of the West African Civil Society Forum (WACSOF), Kop’ep Dabugat said because all the regional integration initiatives and processes in West Africa were driven by states, they never gave any explicit reference to the need for civil society engagement in the official sense of the word.

“However, one thing that the ECOWAS revised treaty of 1993 has done is to introduce new principles and institutional changes whose realization require meaningful involvement by a broad spectrum of stakeholders, specifically civil society, in the regional integration project.

“These new dimensions to the ECOWAS regional integration project

include the following; Adoption of a set of fundamental principles to guide the integration agenda and processes. The principles in the revised Treaty include Non-aggression among ECOWAS states and maintenance of regional peace, stability and security.

“This also includes peaceful settlement of disputes, recognition, promotion and protection of human rights in accordance with the African charter on human and peoples’ rights, promotion and consolidation of a democratic system of governance in member states.

“The prominent feature of issues of peace, security and stability of Member states, which was silent in the 1975 Treaty. It included an obligation on Member states to honour their obligations agreed to under the treaty.

“Introduction of additional community institutions to especially focus on implementing different aspects of the treaty provisions, such as Community Parliament; Economic and Social Council; Community Court of Justice (a transformation from Tribunal under the earlier Treaty); and Fund for Cooperation, Compensation and Development.

“Achieving these objectives requires serious involvement of civil society in the process. It is from this point that definitive civil society engagement began in the ECOWAS Regional integration process.”

Stakeholder’s Position In a communique issued at the end of the event, the stakeholders recommended that “Given the security challenges in the region, the withdrawal of Mali, Burkina Faso and Niger from the ECOWAS will cause set back to the gains of peace and security efforts under the direction of regional authority especially in the fight against terrorism.

“The withdrawal defeats the purpose of regional economic cooperation within the ECOWAS bloc including the establishment of an African Continental Free Trade Area. It will adversely affect the life and livelihood of the citizens of West Africa.

“It will further exacerbate corruption, illicit financial flows (IFFs) and drug and human trafficking across the borders “Democracy in West Africa has become more fragile despite the principles of zero tolerance for unconstitutional change of government, tenure elongation, fraudulent elections and bad

The culture of impunity and disregard for the rule of law by political elites in West Africa has continued to weaken state institutions. ECOWAS should urgently call for an emergency extraordinary summit to look into the state of affairs in the region to prevent further threats of disintegration

governance contained in the 2001 ECOWAS Supplementary Protocol on Democracy and Good Governance “The culture of impunity and disregard for the rule of law by political elites in West Africa has continued to weaken state institutions.”

They therefore recommended the following; “ECOWAS should urgently call for an emergency extraordinary summit to look into the state of affairs in the region to prevent further threats of disintegration.

“Immediate dialogue must be pursued with the affected countries and all sanctions be removed to pave the way for genuine reconciliation. The Authorities of Niger, Mali, and Burkina Faso rescinded their decisions to withdraw from ECOWAS because of obvious beneficial reasons.

State and non-state actors in the region should intensify engagements towards ensuring a more united ECOWAS. “ECOWAS should work with the authorities in these countries to urgently adopt transition plans with a clear roadmap for a quick restoration of democratic order.

“We urge the military authorities in the affected countries to refrain from attempts to transform themselves from military to civil rulers.

“ECOWAS should work with the Authorities in these countries to ensure free, fair, and credible elections. We urge CSOs and media to engage positively and ensure electoral transparency, popular participation and inclusion in the electoral process.

“In the spirit of the ideals of ECOWAS VISION 2050, we call on ECOWAS to speed up the review of the ECOWAS supplementary protocol on good governance to prevent tenure elongation, electoral manipulation and rigging, and curb unconstitutional changes of government.

“With the adoption of Vision 2050, ECOWAS Parliament should begin to have elective representatives rather than appointive representation.

This will contribute to making it a truly ECOWAS of the peoples.

“ECOWAS should operationalize the consultative aspects of the functions of the ECOWAS National Units to ensure connection with the citizens of Member States in the implementation of ECOWAS Agreements at the national levels, in line with the spirit of the ECOWAS Vision 2050 “Civil society and media should embark on peace missions to consult key stakeholders in the affected countries to provide support towards a quick return to constitutional democracy.

“ECOWAS, Civil society and media should demand for quick, transparent, inclusive, free, fair and credible elections in Senegal as earlier scheduled. They should also condemn the arbitrary arrest and banning of political opposition from contesting the election.

“After successful resolution with the aggrieved countries, ECOWAS should support the member countries to strengthen their capacity in responding to present and emerging threats including activation of early warning and response capabilities.”

36

MONDAY, FEBRUARY 12, 2024, T H I S D AY

BUSINESS/MONEYGUIDE

FG Seeks Compliance to EU Standards to Boost Agro Exports James Emejo ÓØ ÌßÔË The acting Comptroller General, Nigeria Agricultural Quarantine Service, (NAQS), Dr. Godwin Audu, has said the agency is currently working to ensure adhere to the European Union (EU) requirements for exportation of products.

This comes as the service approved the promotion of over 100 officers to the rank of Assistant Superintendent of Quarantine I (ASQ I).

Speaking at the maiden meeting with station and zonal coordinators in Abuja, Audu noted that the upliftment was long overdue having been confirmed, as part of efforts to boost the morale of workers.

However, he said compli-

ance to EU standards will no doubt avert imminent rejection of Nigerian products to EU countries.

He said going forward, human capital development will be prioritised and urged staff to rededicate themselves to the task of repositioning the agency to better serve the diverse stakeholders.

In a statement issued by Head, Media Communications and Strategies, NAQS, Mr. Akanji Joshua, Audu reminded the staff of his administration’s open door policy which will give room for innovative ideas stressing that the development will contribute in growing the agency.

The NAQS boss promised to look into the challenge from different Zones on the state of infrastructure

and operational tools in order to ease their working condition.

He stressed the importance of fostering stronger relationships with sister bodies and stakeholders, and urged zonal and station coordinators to follow suit, emphasising his belief in unity.

He announced the establishment of the Operations and Enforcement Department within the agency, which will oversee seamless operations, minimize unnecessary seizures, and enforce seizures judiciously.

He, however, assured all stakeholders that the agency remains dedicated to promoting ease of doing business and facilitating trade in line with the current government’s Renewed Hope agenda.

L-R: Acting Project Coordinator, Ogun State Rural Access and Agricultural Marketing Project (OGRAAMP), Waheed Adejumo; Permanent Secretary in the Ministry of Rural Development, Shakirudeen Salaam; Director, Planning, Research and Statistics, MoRD, Adekunle Oyesanwe and Director, Administration and Supply also in the Ministry, Sobayo Sonde during the PS maiden meeting with RAAMP’S Staff after resumption of office....recently

Credit Economy will Boost Entrepreneurship, Says NICA

MARKET INDICATORS

Nume Ekeghe

MONEY AND CREDIT STATISTICS (MILLION NAIRA)

The National Institute of Credit Administration of Nigeria (NICA) has stated that an enhanced credit economy will foster entrepreneurship and contribute to economic development.

The Registrar/Chief Executive Officer of NICA, Prof.

Chris Onalo in a statement emphasised that Nigeria’s vast potential can be unleashed by transitioning from cash transactions to an economy that flourishes through credit.

Onalo said: “A credit based economy will give people equal opportunity to advance their

entrepreneurship and personal skills development. Business opportunities are everywhere and the only way you can harness the resources that we have in this country is when you throw the economy open, and encourage people who don’t have access to finance to get the funds. Encourage people to buy and invest, not necessarily waiting for when they collect their salary, especially for those who are on fixed income.

“The small and medium scale enterprises that are the resilient factors that hold the economic plank of sustainability should have access to credit, and get very strong

support from the government which can stand in place as collateral security.”

He said NICA is broadly open to addressing human needs and is helping to implement the government’s economic policy agenda for the country.

According to him, the cash economy has affected political values and encouraged unimaginable corruption.

He added: “We need to completely run the affairs of the country based on integrity.

The beauty of credit economics is it institute’s values, institutes integrity, and the honest truth and reliability.”

‘Landscape Architecture, Key to Addressing Climate Change, Flooding’ Gilbert Ekwugbe Landscape architecture has been identified as a valuable tool for checkmating climate change, flooding and rapid urbanisation in the country.

Nigeria, like many countries, grapples with environmental challenges such as climate change, flooding, and rapid urbanisation, hence the need for economic managers to invest in landscape architecture.

According to a report, “Landscape architecture plays a vital role in mitigating flooding through the design of landscapes that integrate Sustainable Urban Drainage systems (SUDS) and reduce the risk of flooding. It utilizes their understanding of topography, hydrology, and ecology to create multi-use systems that can serve as public spaces and help manage flooding.

“Developers are beginning to embrace these features not only contribute to environmental

conservation but also appeal to an expanding market of environmentally conscious buyers.

The report added that the symbiotic relationship between landscape architecture and real estate development in Nigeria extends beyond aesthetics, but encompasses increased property values, enhanced quality of life, and a proactive response to environmental challenges.

“The fusion of aesthetics and environmental consciousness is not merely a trend; it represents a blueprint for shaping the future of Nigerian real estate,” the report added.

The statement stressed that over the past 17 years, Nigeria has witnessed the transformative outcomes arising from the symbiotic relationship between landscape architecture and real estate development, saying that in the competitive arena of real estate, the significance

of first impressions cannot be overstressed.

“Within the ever-evolving realm of real estate development, the pivotal role of landscape architecture cannot be understated. Beyond its aesthetic contributions, deliberate landscape design plays a crucial role in defining the character and value of properties, “the report said.

It added, “A meticulously designed landscape serves as the welcoming committee, leaving a lasting impression on potential buyers and tenants. In Nigeria, developers are increasingly acknowledging the importance of well-designed green spaces, entrance ways, and communal areas to elevate the overall appeal of their projects.

This emphasis on aesthetics significantly contributes to the development of vibrant, attractive communities,” the report averred.

Hilton Abuja Wins Booking.com Awards NumeEkeghe Transcorp Hilton Abuja, Nigeria’s premier hospitality destination and flagship property of Transcorp Hotels Plc has won the Booking.com Traveller Review Awards 2024.

The award underscores the hotel’s unwavering commitment to providing exceptional service and creat-

ing memorable experiences for guests.

The Booking.com Traveller Review Awards recognise properties that consistently deliver outstanding hospitality, as voted by guests who have experienced their services firsthand.

Managing Director/ Chief Executive Officer

of Transcorp Hotels Plc, Dupe Olusola, in a statement, expressed her delight at the recognition, stating: “We are thrilled to receive the Booking.com Traveller Review Awards for yet another year. This achievement is a testament to our team’s relentless dedication to providing unparalleled hospitality and ensuring that every guest feels welcomed and valued.”

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).

s la in e b a th L s p e

˜ ͯͰ˜ ͰͮͰͲ ˾ T H I S D AY

37

MARKET NEWS

Market Cap Drops by N1.42tn WoW as Investors Shift to Fixed-income Instruments Kayode Tokede The Nigerian equities market recorded N1.42 trillion decline last week, the first since the beginning of trading in 2024, as investors shifted their focus to the fixed-income market in pursuit of higher yields.

The market capitalisation dropped to N55.735 trillion from N57.158 trillion the stock market opened for trading, representing a N1.42 trillion or 2.49 per cent

week-on-week (WoW) decline.

Accordingly, the Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 2.45 per cent WoW to close at 101,858.37 basis points from 104,421.23 basis points. Consequently, the stock market Month-till-Date (MtD) and Year-till-Date (YtD) returns moderated to +0.7per cent and +36.2per cent, respectively.

Last week witnessed a notable correction in the local bourse, marking the first downturn in 16

P R I C E S MAIN BOARD

F O R DEALS

weeks, propelled by sell sentiments particularly from institutional investors. The motive behind this shift in sentiment appears to be portfolio rebalancing for safety.

This adjustment precedes the expectations set for the Monetary Policy Committee (MPC) meeting this month and follows the recent surge in treasury rates to a nearly seven-year high. This portends that the Central Bank of Nigeria (CBN) is signaling a return to orthodox monetary policy tools

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

QUANTITY TRADED

to curb inflation and the move to entice foreign investors back into Nigeria’s economy adds to the backdrop. However, the sectoral performance exhibited a negative trend. The NGX Banking and NGX Industrial indices led the losses, declining by 6.86 per cent and 4.16 per cent, respectively.

Also, NGX Insurance, NGX Oil & Gas, and NGX Consumer Goods indices recorded a weekly loss of 1.48 per cent, 0.40 per cent and 0.14 per cent. The market

T R A D E D

VALUE TRADED ( N )

A S O F

MAIN BOARD

breadth for the week was negative as 20 equities appreciated in price, 68 equities depreciated in price, while 66 equities remained unchanged. Meyer led the gainers table by 60.70 per cent to close at N6.91, per share. Juli followed with a gain of 44.29 per cent to close at N1.01, while Geregu Power went up by 19.00 per cent to close to N675.90, per share.

On the other side, Eterna led the decliners table by 18.78 per cent to close at N17.95, per share.

F E B R U A RY DEALS

Abbey Mortgage Bank followed with a loss of 18.39 per cent to close at N2.44, while Unity Bank declined by 17.79 per cent to close at N2.31, per share.

Overall, a total turnover of 2.478 billion shares worth N47.856 billion in 54,982 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.893 billion shares valued at N95.147 billion that exchanged hands prior week in 69,117 deals.

/ 0 9 / 2 4 MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

38

MONDAY, FEBRUARY 12, 2024 ˾ T H I S D AY

BUSINESSSPECIAL

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

HEIRS ENERGIES:

Three Years of Remarkable Achievements Since its bold entry into the Nigerian oil and gas exploration and production business, integrated independent energy company, Heirs Energies Limited, continues to soar despite the challenging operating environment, writes Peter Uzoho

I

n January 2021, when the world, especially the global oil and gas industry, was still reeling with the adverse impact of the COVID-19 pandemic, Nigeria’s industry witnessed the news of a landmark deal of the year.

Then, Heirs Energies (formerly Heirs Oil & Gas Limited) was launched into the Nigerian E&P space, following the completion of an eight-year $1.2 billion transaction to acquire the prolific Oil Mining Lease (OML)17 from the Shell Petroleum Development Company of Nigeria Limited (SPDC), Total E&P Nigeria Limited, and ENI. With the deal, the Tony Elumelu-owned Heirs Energies began the solidification of the joint venture partnership with its new partner, the Nigerian National Petroleum Company Limited (NNPC), which controls 55 per cent of the asset.

However, three years down the line, the company, which is still in a celebratory mood as it recently commemorated its third anniversary, has recorded a lot of milestone achievements since its emergence.

Within the short scale of entrance into the oil and gas E&P space, Heirs Energies has displayed a track record of significant production increases, pioneered a new model of community engagement, built a world class Nigerian management team with a sound safety record, all contributing to a new beginning in ensuring Nigeria’s sustainable energy future.

The independent energy firm has consequently become a role model institution within the energy sector, through phenomenal milestones and achievements recorded. These achievements are credited to the company’s sound corporate governance and an excellent operational strategy, thus becoming a major competing force in the oil and gas business.

EXCELLENT SAFETY RECORDS

When it set out to become an energy company, Heirs Energies had taken a broad view of the kind of organisation it wanted to be known and remembered as in terms of safety culture and compliance, as well as the type of operator-host community relationship it wanted to have to ensure a peaceful operating environment.

Through the implementation of sound safety policies, the company has been able to achieve top quartile safety records. Specifically, Heirs Energies has sustained zero Lost-Time Incident (LTI)-free operations in OML 17 with 1.5 million man-hours operations in 2023.

The above record is a testament to the firm’s commitment to safety best practices as it maintains its zero incident and fatality record from inception.

ROBUST COMMUNITY ENGAGEMENT

OIL PRODUCTION GROWTH

One major success achieved by Heirs Energies in the last three years of existence and post-asset acquisition is the significant rise in its oil production, which offered a huge boost to Nigeria’s oil production and revenue generation.

At a time when Nigeria is in dire need of optimising its oil output, Heirs Energies’ oil production has grown from about 27,000 barrels per day (bpd) at the take-over of operational control, to a peak of over 50,000bpd 100 days later by October 5, 2021.

Oil losses, which had reached a peak of 97 per cent late 2021 due to theft, has now been reduced to less than 15 per cent, with definitive actions taken by the government in collaboration with operators to address the pipeline security and related concerns.

Built from scratch, with a 100 per cent Nigerian organisation operating to international industry standards, Heirs Energies took over OML-17 asset

Chief Executive Officer, Heirs Energies Limited, Osayande Igiehon

“As someone from the Niger Delta, I had seen firsthand how Nigeria’s resource wealth can be mishandled.

The energy sector was an industry that had frankly not served Nigeria’s interest. I knew Nigeria could do better and control her destiny. My vision was to build Africa’s largest indigenous-owned integrated energy company, focused on Africa’s unique energy needs. As I look back now, we have more than succeeded.”

operations on July 1, 2021, a month ahead of plan, and has been operating the asset since then without any major incident/accident.

DOMESTIC GAS SUPPLY BOOST

Aside its contribution to the growth of Nigeria’s crude oil production, Heirs Energies has also ensured a steady gas production for domestic use, thus signing on to the federal government’s Decade of Gas objective, which aims to encourage more gas production for domestic use.

The energy firm commenced gas production without delay and has rapidly become an important contributor to the domestic gas supply in Nigeria. It achieved first gas from the Agbada Non-Associated Gas (NAG) Plant on November 21, 2021, after taking over the project in May 2021.

The significance of this milestone is accentuated by the fact that the Agbada NAG plant had been under construction for over 10 years by the previous operator and upon takeover, the company demonstrated capability and expertise by quickly bringing the plant to mechanical completion and identifying further growth opportunities.

It is gratifying to note that 100 per cent of gas produced by Heirs Energies goes into domestic market to meet local demand, providing energy to thousands of households, supplementing power plants, and supporting various gas-reliant industries in the region.

Also, the company started up Train 2 of the Agbada NAG, at the 80mmscf/d capacity gas production facility located in Port Harcourt, Rivers State. With this facility, Heirs Energies has expanded its footprint within the domestic gas market, allowing for an increased supply to gas-based industries and gas-powered electricity generators.

At the third anniversary ceremony of Heirs

Energies held recently, the Chairman, Mr. Tony Elumelu, expressed his pride, while reflecting on his vision for the company.

He stated: “As someone from the Niger Delta, I had seen firsthand how Nigeria’s resource wealth can be mishandled. The energy sector was an industry that had frankly not served Nigeria’s interest. I knew Nigeria could do better and control her destiny.

“My vision was to build Africa’s largest indigenous-owned integrated energy company, focused on Africa’s unique energy needs. As I look back now, we have more than succeeded.”

Elumelu, who is also the Chairman of United Bank for Africa (UBA) and Transcorp, commended the Heirs Energies’ team, sharing his deep gratitude for their commitment to his vision of creating value for all stakeholders within the energy sector.

He said: “I want to take this opportunity and mark this anniversary, by saluting and thanking the Heirs Energies team, led by MD/ CEO, Osa Igiehon. Your hard work, dedication and expertise has enabled us to become a role model within the energy sector, as we strive towards our purpose of improving lives and communities across our continent.”

STRATEGIC REBRANDING

With the change in the global oil and gas industry’s dynamics, driven by the energy transition pressures and the need for companies to review their operational models to be fit for sustainability, the then Heirs Oil & Gas Limited, in 2023, responded by embarking on a transformative rebranding journey.

That move led to the company evolving from Heirs Oil & Gas to Heirs Energies. The change, according to the energy firm, “echoes our broader vision to not only meet Africa’s unique energy demands but to do so through sustainable and responsible practices that align with global standards”.

However, in the area of community engagement that works for both parties, Heirs Energies has continued to live up to its philosophy of a Shared Destiny with local communities, by seeking out local talent and creating entrepreneurs.

As a result, over 300 young people have been empowered through skill acquisition programmes, from poultry & fish farming, fashion designing, catering, welding and fabrication etc.

Heirs Energies also carried out electrical infrastructure upgrades across host communities, which have impacted a population of over 270,000 people in Ikwerre, Etche, and Obio/Akpor local government areas of Rivers State.

The company’s intervention in education saw it support over 280 undergraduates from host communities with bursary and scholarship awards: classroom furniture upgrades in selected public schools in Etche and Obio/Akpor.

Nevertheless, Heirs Energies pioneered establishing the Host Community Development Trust (HCDT), earning commendations from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and setting an industry benchmark for implementing an innovative governance structure, for the HCDT in the Nigerian oil and gas sector.

WORLD-CLASS NIGERIAN ORGANISATION

As a 100 per cent indigenous company, Heirs Energies takes particular pride in its fully Nigerian team, who are catalysing and delivering innovative technical solutions every day.

This is, indeed, a true demonstration of Nigerian excellence in institutionalising and executing key strategies.

Notably, the oil producer recognises the importance of a sustainable future and plans to play a role in Nigeria’s transition to a more sustainable energy source. The company’s journey reflects a commitment to bring abundant and affordable power to schools, hospitals, and industries, shaping a sustainable future for Africa.

Also, Heirs Energies is reputed as one of Africa’s largest indigenous-owned integrated energy companies, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals.

With a strong focus on innovation, environmental responsibility, and community development, the independent energy producer leads in the evolving energy landscape and contributes to a more prosperous Africa.

In recognition of its stellar performances within the short time it has been in operation, a number of reputable institutions have commended Heirs Energies through awards of different categories.

For instance, in 2023, Heirs Energies received the ‘Excellence in Sustainable Energy Operations’ award at the Nigerian Business Leadership Awards by BusinessDay Media. The honour, without doubt, was a resounding affirmation of the team’s vigorous dedication and fervent pursuit of sustainability in every of the company’s initiatives.

Similarly, in 2022, it was awarded the ‘Africa Deal of the Year 2021’ by Project Finance International (PFI), following its $1.1 billion financing and acquisition of a 45 per cent stake in OML 17, in January 2021.

39

T H I S D AY • MONDAY, FEBRUARY 12, 2024

NEWS

LEEMON IKPEA HOSTS SGF...

L-R: Businessman, Terry Waya; former Governor of Ekiti State, Chief Niyi Adebayo; Chairman, Lee Engineering and Construction, Company, Chief Leemon Ikpea, and his wife, Mrs. Justina Ikpea; Secretary to the Government of the Federation (SGF), Chief George Akume; former Governor of Ogun State, Chief Segun Osoba, and Senator representing Imo West (Orlu) Constituency at the Senate, Osita Izunaso, when Ikpea hosted the SGF to a dinner in Abuja on Saturday

UK Minister for Business, Trade, Kemi Badenoch Arrives in Nigeria

Michael Olugbode in Abuja and Nume Ekeghe in Lagos

The United Kingdom Minister for Business and Trade, Kemi Badenoch, has arrived in Nigeria to begin a threeday visit to deepen the UK-Nigeria partnership.

According to a statement from the British High Commission in

Nigeria, following the former Foreign Secretary’s visit to Nigeria in August 2023, and last week’s UK-Nigeria Security and Defence Talks, Badenoch’s visit will take forward ongoing efforts by both countries to boost the UK- Nigeria trade relationship and unlock new investment opportunities.

The statement said, while in

Nigeria, Badenoch and the Prime Minister’s Trade Envoy to Nigeria, Helen Grant will have meetings with the Federal Government of Nigeria, state governors as well as British and Nigerian business leaders and investors.

“Through these meetings, she will explore current and potential investment and trade activities from

education to infrastructure and energy projects, with a potential to create thousands of jobs.

“Minister Badenoch will look to further strengthen the UK-Nigeria partnership, remove barriers to trade and investment, grow business between the two countries, and ensure the City of London’s enabling role for international business is more

accessible to Nigeria,” the statement added.

Commenting on her visit to Nigeria, British High Commissioner to Nigeria, Dr Richard Montgomery said: “Nigeria is one of the UK’s most important partners in Africa.

We are committed to helping Nigeria unlock new investments opportunities, supporting more UK and international

investment through the City of London, and thereby creating jobs in both our countries.

“Recent big and bold reforms by the federal government of Nigeria and the Central Bank are boosting optimism amongst international investors that the country is on the right path and are creating the conditions for growth.”

College to Award India Expresses Confidence in Nigeria’s Economy Redeemer’s 396 Students Certificates in Unveils multi-billion Naira laboratory in Ogun

Onyebuchi Ezigbo in Abuja The Indian government has expressed investment confidence in Nigeria's economy, with its Consul General, Shri Chandramouli Kumar Kern, saying the country was interested in working closely with Nigerian businesses.

Kern made the assertion during the inauguration of a multi-billion Naira pharmaceutical facility by Artemis Laboratories Limited in Ota, Ogun State.

Against the background of the exit

of notable pharmaceutical companies from the country, the envoy said that the Nigerian market's substantial size made it impossible for any sensible investor to overlook, despite the challenges.

A statement by the NAFDAC's Resident Media Consultant Sayo Akintola quoted the envoy as saying that India is prepared to collaborate with Nigeria beyond merely exporting medicines to country.

He said: "The intent is to work closely with Nigerian businesses,

encouraging the establishment of numerous Indian manufacturing companies within Nigeria".

He also revealed that another set of Indian investors had received approval to invest $25 million in the Nigerian economy.

He said there is a pressing need for local pharmaceutical manufacturing to meet the healthcare requirements of the Nigerian population.

While acknowledging that certain life-saving drugs requiring extensive research might not currently be produced locally in Nigeria,

he questioned the logic behind importing common medications like Paracetamol.

He emphasised that resources allocated to importing basic drugs such as Paracetamol could be better utilized in other critical areas to foster the development of the Nigerian economy.

The Indian envoy further affirmed India’s support for NAFDAC’s 5+5 policy, designed to promote the growth of the manufacturing sector for the overall development of the Nigerian economy.

TINUBU, AKPABIO, ABBAS, OBI, GOVS, OTHERS MOURN HERBERT WIGWE, FAMILY MEMBERS, OGUNBANJO visionary leader with a fervent dedication to his nation’s progress.

His untimely demise occurred during a crucial juncture, as he sought to revolutionize Nigeria’s aviation infrastructure,” Keyamo said.

Kayode Fayemi

Former Governor of Ekiti State, Dr Kayode Fayemi, in a statement yesterday, sign by the head of his media office in Abuja, Mallam Ahmad Sajoh, said the death of Wigwe and others was shocking and a great loss to the country.

Fayemi described the late banker as a visionary leader in Nigeria’s financial sector, “whose leadership transformed Access Bank into one of the largest and most respected financial institutions on the continent.”

The former chairman of NGF added that beyond his business acumen, “Wigwe was a kind and compassionate individual who touched the lives of countless people through his philanthropy and generosity.”

According to the statement made available to THISDAY yesterday, Fayemi said, “It is with sadness and a heavy heart that I learned of the untimely passing of Herbert Wigwe, his wife, their son, and friend Abimbola Ogunbanjo, in a tragic

helicopter accident.

"I wish to extend my deepest condolences to the families, friends, and colleagues of the victims during this extremely difficult time.

"Wigwe was a business leader who helped transform Access Bank into one of the largest and most respected financial institutions in Africa. As Group CEO, he led the bank with vision and purpose, contributing to the growth of Nigeria's banking sector and the expansion of economic opportunities across the continent.”

Olubunmi Kuku

Managing Director and Chief Executive of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku, also expressed sorrow at the death of Wigwe, his wife, and son.

In a statement she personally signed, Kuku recalled a recent meeting she and some FAAN directors had with the late banking leader and entrepreneur to discuss mutual interests.

She stated, “On behalf of my family, the entire management, and staff of the Federal Airports Authority of Nigeria (FAAN), I extend our heartfelt condolences to the immediate and extended family of the late Mr.

Herbert Wigwe, his beloved wife, and son. Our sympathy also goes out to the staff, management of Access Holdings Plc, the How Foundation, and the broader banking community on this loss.

"The news of their untimely passing came as a shock. It was particularly poignant as I had just met with Mr. Wigwe last Tuesday in Abuja, along with the Honourable Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, and some of our directors.

“During our meeting, he passionately discussed utilising his vast wealth, resources and experience for the betterment of humanity.”

Access Holdings Confirms Incident, Says Acting GMD to be Announced Soon

Access Holdings, yesterday, officially announced the demise of Wigwe and others.

Chairman of Access Holdings, Mr. Abubakar Jimoh, described Wigwe a great friend and fine gentleman with a prodigious intellect and vast business experience.

The statement added that in

accordance with company policy, the board would soon announce the appointment of an acting Group Chief Executive.

It said, “It is with deep sadness that the Board of Directors of Access Holdings announces the passing of Dr. Herbert Wigwe, the company's founding Group Chief Executive Officer and former Group Managing Director of its flagship subsidiary, Access Bank.

“The entire Access family mourns the loss of Herbert, Doreen and Chizi. We extend our deep and sincere sympathies to his family and loved ones. Dr. Wigwe was a key driving force and a larger-than-life personality who brought his remarkable passion, energy, and experience to the transformation of the Access franchise since joining the Bank in 2002.”

Jimoh was quoted as saying, "The Access Family has suffered a major loss with the passing of Dr. Wigwe, who was a great friend and fine gentleman. He had a prodigious intellect, admirable personal qualities, and vast business experience which he brought to bear on the Access Family and for which we owe him a debt of gratitude.

Various Fields Tomorrow Mary Nnah The Redeemer’s College Of Technology and Management (RECTEM) is set to award a National Diploma to 396 graduates of the Polytechnic during its 3rd and 4th combined Convocation scheduled to take place on February 13 from its four schools.

They are: School of Management; School of Environmental Design Technology; School of Science & Technology and School of Engineering.

Speaking during a press briefing to announce the forthcoming convocation ceremony, the Rector of RECTEM, Mrs. Stella Mofunanya, said the great citadel of learning though still in its infancy, has taken some giant strides towards the pursuance of its mandate as captured in the mission statement of the college.

She explained further that the college's mission include, among others developing a centre of academic excellence for training students to acquire qualifications higher than secondary school level.

According to her, it would be the leading higher educational institution in Nigeria, providing first-rate academic, professional and Technical Vocational Education and Training (TVET) education and to provide candidates with skills and knowledge for work in any institution, as well as the nations small and medium enterprises.

Mofunanya said further that the occasion was also to award certificates in vocational training to deserving individuals in skills such as Fashion Design, Graphic Design, Cakes and Pastries, Art Works, Web Design, Computer Software Development, Carpentry, Welding Technology, Electrical Installation and Auto Servicing.

The rector also hinted that

the college, with approval from the National Board for Technical Education (NBTE), has commenced Higher National Diploma (HND) programmes and has successfully implemented five academic sessions from inception in 2018 to 2023.

She said the current 2023/2024 academic session is the sixth, also seized the opportunity to take pressmen on a tour of the college’s facilities.

“The facilities tour to specific workshops, laboratories, wellness centre and the entrepreneurship centre is to give you first-hand information about the state-of-the-art equipment, tools and apparatus that are available in the various schools of the polytechnic.

“These teaching aid machines and devices were procured through the benevolent nature of the Proprietor of the College, the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye to ensure that the institution meets the requirements to function adequately as a technologically based centre of excellence as laid down by the NBTE,” she noted.

RECTEM was recently recognised by the National Youth/Students Enterprise Group (NASEG), an umbrella body of students in tertiary institutions pursuing degrees in entrepreneurship, for its outstanding entrepreneurship development and innovation.

The recognition by NASEG of the college’s contributions towards advancing entrepreneurship in Nigeria was a testament to being a reliable and purposeful institution with a passion for entrepreneurship development among Nigerian students.

Expressing gratitude for the recognition, Mofunanya assured that RECTEM remains committed to promoting entrepreneurship education in the country.

T H I S D AY • MONDAY, FEBRUARY 12, 2024

40

NEWS

EVENING OF TRIBUTES FOR THE LATE FORMER CEO OF AFRICA RE...

L-R: GMD/CEO Africa Re, Mr Corneille Karekezi; Director, Kenya School of Law, Prof. Patrick Lumumba; Children of the deceased, Musa Kamara, Hada Kamara, Mouhamadou Kamara; Chairman, Libya Insurance Co, Hafed Mohamed Omran and Deputy Managing Director, Africa Re, Ken Aghoghovbia during an evening of tributes for the late former CEO of Afrca Re, Mr Bakary Kamara in Lagos...weekend ABIODUN AJALA

House to Clamp Down on Erring Oil, Gas, Power, Telecom Companies over Safety Measures Juliet Akoje in Abuja.

The House of Representatives, weekend, unveiled plans to clamp down on erring oil and gas, power, telecommunication, and construction companies, among others as part of ongoing efforts geared toward ensuring safety of Nigerians across the country.

This was disclosed by Chairman of the House Committee on Safety Standards and Regulations, Hon.

Sulaiman Abubakar Gumi, at its inaugural meeting.

Gumi stressed that the "Committee will not entertain any erring company as it will ensure zero tolerance to safety standards compliance in all Sectors."

He added that the committee would ensure reduction in radiation from indiscriminate deployment of telecom equipment to ensure compliance, clean-up of hazardous waste and propel Environmental

AFRIMA, PMAN, Others Hold 2nd Emergency Summit on Nigerian Music Industry All is set as the All Africa Music Awards (AFRIMA) Music Business Summit in partnership with the Performing Musicians Employers Association of Nigeria (PMAN), Record Label Proprietors Initiative (RELPI), Association of Music Artist Managers of Nigeria (AMAMN) and Music Publishers Association of Nigeria (MPAN) holds its 2nd emergency summit of stakeholders on Monday, February 12, 2024.

The 2nd summit is geared towards refining and consolidating the policy recommendations by the designated four-man legal team, in line with its commitment to finding further lasting solutions to critical challenges in the music industry, a statement by AFRIMA’s Communications Manager, Adejuwon Osunnuyi, said.

The summit, which focuses on the rebirth of the music, entertainment, arts, culture, and hospitality sector/ industry in Nigeria commences at 6pm Nigerian time and takes place virtually via Zoom.

According to the President of the All Africa Music Awards, AFRIMA, Mike Dada, Nigerian Music industry stakeholders expected to be in attendance include musicians/ artistes, record labels, A&R, producers, promoters, artiste’s managers, brands and songwriters.

Others include: DJs & video vixens, video directors, equipment production and rental companies, publishing companies, streaming service companies, entertainment lawyers, royalty companies as well as choreographers/dancers.

Also involved are entertainment/ music journalists and media, culture and music enthusiasts, other supporting professionals: cameramen, editors, make-up, hairstylist, costumiers, among others.

Dada, who described the first emergency summit as very symbolic

and fruitful, expressed optimism that the outcome of the meeting would soon manifest and would be appreciated by entertainment stakeholders not only in Nigeria but in other African countries and those in the diaspora.

PMAN President, Pretty Okafor, said the music stakeholders meeting is necessary as it is aimed at encouraging continuous education and engagement of sectoral bodies on roles, responsibilities, obligations, and benefits to the internal and external players in the music industry.

“It is very necessary for all players within the music ecosystem, especially the artistes to join relevant organisations to further guarantee and protect them and their crafts,” Okafor stated.

Also, Chinedu Chukwuji, who leads RELPI’s efforts in ensuring there's a conducive environment for the recording industry in Nigeria to thrive said the summit would further provide a collective voice for the Nigerian recording industry on issues of policy.

He said that this would also include protection and enforcement of the intellectual property rights of its members, and engagement with commercial music users, regulators, government, trade associations, etc. in furthering the interests of its members.

Among far-reaching resolutions and action plans adopted at the 2023 summit, it said, include participants agreeing that while legislation is the cornerstone upon which a successful and sustainable music industry is built, there is a need for well-crafted laws and regulations.

It said that this can provide a stable framework for the industry, protect the rights of artistes, creators, record labels and promote investment, and foster a vibrant music ecosystem.

Impact Assessment (EIA) as to curb pollution in oil and gas sector.

The lawmaker further promised that the committee would use all legislative tools in ensuring that the safety of all Nigerians across all sectors of our economy was guaranteed with creative and innovative approach in our

oversight functions.

"The next three years plus of our activities in the committee will primarily focus on a vision to be a frontline and globally recognise legislative platform, committed to safety standard and optimum safe environment for all.

“This we intend to achieve

through our mission statement of promoting and enforcing Safety Standards and Regulations at all levels through safety-conscious legislative and oversight functions and technological-driven processes in private and public sectors.

"Our topmost principles and priority will be based on 4Cs of

consolidation, capacity building, compliance and culture. In the next three years of this committee, we will ensure that House Committee on Safety Standards and Regulations becomes the lead in safety related matters and build mutual trust among stakeholders and citizens.”

Stop Malicious Attacks on Amnesty Office, Oil Producing Communities Warn Critics Sylvester Idowu in Warri Oil and Gas producing communities in the Niger Delta region have called on critics to desist from activities that would impact negatively on the functions of the Presidential Amnesty Programme (PAP).

The Board of Trustees of Community Development Committees of Niger Delta Oil and Gas Producing Areas (CDC) said it was unfortunate that some persons take delight in sponsoring malicious articles in the media against the activities of the amnesty programme in a way to malign its leadership.

Chairman, Board of Trustees of the CDC, Joseph Ambakederimo, in a statement yesterday, said: “We have just discovered an article, which to us was not well intentioned but

malicious against the leadership of the Presidential Amnesty Programme which is capable of causing disaffection among the Niger Delta people.”

According to him, the publication in an online platform that ex-agitators were being paid through their leaders and the amount paid, was distasteful and should be condemned by right thinking people adding "it was aimed to incite people against the smooth implementation of PAP. “The Presidential Amnesty Programme is a well-intentioned special programme, it should not have been included with other government agencies. Inclusion of the PAP should have been avoided when you take into cognisance the security breach caused to have published names of ex-agitators leaders. It is very unfair

for any media outfit to have engaged in this type of reportage.

“We view this report as to malign the present leadership for pecuniary political gains. If not, how else would the ex-agitators been paid their stipends. The authors of this article should be reminded that this system of payment of their stipends to ex-agitators has been the method adopted when the PAP was proclaimed in 2007 by Late President Umaru Musa Ya’adua”, he said.

Ambakederimo said while the group is not oblivious of the fact that holding public office holders to account is paramount and to also conduct government business within extant rules and regulations cannot not be faulted, an in depth and painstaking research would have sufficed to ascertain the modus

operandi of certain agencies.

“When a good cause is being viewed with a jaundiced intention it becomes suspect. Therefore we call on those who’s mission it is to derail the PAP to desist from this shenanigan and support a good cause being pursued by the present leadership which has brought countless innovative ideas in consonance with the renewed hope agenda of President Bola Tinubu”.

“This is the singular programme that has brought peace to the Niger Delta region which has led to unhindered free flow of crude oil that has continued to fuel the Nigerian economy, including declaring the Niger Delta region as the most peaceful region in the country as of today.

NTIC’s Annual Mathematics Competition Holds Across Nigeria Michael Olugbode in Abuja The Annual Nations Mathematics Competition (ANMC) was held across the country at the weekend.

The competition, which is organised by the Nigerian Tulip International Colleges (NTIC) in collaboration with the National Mathematical Centre has over 10,000 students from primary 5 and 6 to JSS 1, 2, and 3, writing at 35 centres in 30 states across Nigeria.

The ANMC has been an annual event for the past 21 years, and has become a well-known name in Nigeria's education system, particularly in the field of mathematics.

It is said to be the country's largest and most prestigious mathematics competition, providing students with a platform to showcase their

mathematical skills.

The competition has also attracted various personalities from different schools, cultural backgrounds, ethnicities, and religions with excellent knowledge of mathematics.

The primary objective of ANMC, according to the ANMC Coordinator, Mr. Erdal Yilmaz, is to test the students' problem-solving and mathematical reasoning abilities.

It provides young mathematicians from all over the country with opportunities to compete in a series of challenging mathematical problems, building their confidence and love for mathematics. He added that the competition also offers scholarship awards.

Speaking to journalists on behalf on the Coordinator at the Abuja Centre of the Competition, the Assistant Coordinator, Shahbaz Malik said that

mathematics remains a critical subject that plays a vital role in daily live.

He said that the focus is to keep the genuine love for mathematics growing in the heart of the young ones, starting from primary school to secondary level. “We believe it will become easy for them to navigate the corridors of sciences at the tertiary levels," he said.

He explained that ANMC comprises two rounds of problemsolving. According to him, qualifiers from the two geo-political zones will proceed to the second round of the competition.

In the second round, the topperforming students will receive cash prizes, scholarships, and other awards. The teachers and schools of the qualifiers in the second round will also receive prizes.

He added that the winners

will have access to full tuition fee scholarship opportunities at Nigerian Tulip International Colleges.

The Managing Director of NTIC, Mr. Fevzullah Bilgin who also spoke on the competition, said: “Apart from winning prizes at ANMC, we hope that the competition will ignite the passion for various inspiration and innovation in the field of mathematics and other sciences in the heart of the young ones.

“We look forward to them fulfilling their dreams in their chosen fields and careers,” he stated.

A mother of one of the participants, Omotayo Rubangs while commending the organisers, said the competition has built interest in mathematics in many children in Nigeria, noting that his son has had to consistently prepared for the competition.

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FGN MSME INTERVENTION FUND...

L-R: Company Secretary, Bank of Industry, Mrs. Olufunlola Salami; Managing Director/CEO, Bank of Industry, Dr. Olasupo Olusi; Honourable Minister, Federal Ministry of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; and Director, Legal Services, Federal Ministry of Industry, Trade and Investment, Mr. Foluso Akinlolu; after the MoU signing to appoint BOI as the executing agency for The Presidential Conditional Grant Scheme (PCGS); The FGN MSME Intervention Fund; and the FGN Manufacturing Sector Fund in Abuja...weekend

Senate Leader: National Assembly Working on Legal Framework for Multi-level Police Sunday Aborisade in Abuja The National Assembly would soon consider a legal framework for the creation of multi-level police and for the gathering of local intelligence to tackle insecurity in the country, Senate Leader, Senator Opeyemi Bamidele, has said.

Bamidele said doing so would help in combating the activities of bandits, kidnappers and terrorists.

Bamidele, according to a statement by his media office, yesterday, stated this when he and other federal lawmakers received honorary doctoral degrees at the Federal University, Oye Ekiti on Saturday.

The statement explained that apart from Bamidele, who received Honorary Doctorate in Private Law, the university conferred similar honours on Chairman, Senate Committee on Appropriations, Senator Olamilekan Adeola and the Chairman, House of Representatives Committee on

Navy, Hon. Yusuf Daji, among others.

The Senate Leader on the occasion, challenged the local government authorities, traditional rulers and community leaders to mobilise vigilantes, hunters and able-bodied youths in defence of their communities and territories.

Speaking on behalf of all the awardees, Bamidele revealed the resolve of the National Assembly to develop a legal framework and support local intelligence gathering to tame the tide of banditry, kidnapping and terrorism.

The Senate Leader pleaded with the critical stakeholders – traditional rulers, community leaders, vigilante groups and able-bodied youths – on the need to provide useful information to the state security services on the activities of criminal elements disrupting the nation’s peace.

According to him, all the state security services required community, group and individual support to decisively

confront the menace of banditry, kidnapping and terrorism across the federation.

Bamidele said, “More than ever before, the National Assembly is working tirelessly to provide the necessary legislative framework to strengthen community policing and multi-level security architecture.

“Developing such a legal framework has become imperative at this time in our history. This plan is in the overriding public interest of safeguarding the security of lives and property, the stability of our democracy and the progress of our fatherland.

“The cases of abduction, killings, maiming, population displacement and disruption of socio-economic activities in Benue, Ekiti, Kaduna, Katsina, Kebbi, Nasarawa, Ondo, Plateau, Sokoto and Zamfara in recent times have called for an urgent and decisive action by all state actors and other stakeholders.”

He, however, expressed dismay over the spate of

insecurity in the country.

He said justice would duly be served to those complicit in the recent abduction of pupils of Apostolic Faith Nursery and Primary School, Emure-Ekiti and their teachers as well as the gruesome killing of two traditional rulers – Onimojo of Imojo Ekiti, Oba Olatunde Olusola and Elesun of EsunEkiti, Oba Babatunde Ogunsakin in the Oke-Ako area of Ikole Local Government.

"The day of reckoning is already at hand for those behind abduction, maiming and killing in Ekiti and other states of the federation.

"None of them will escape the long arm of the law. In Ekiti, we are peace-loving people.

But nobody should take our spirit of good neighborliness and accommodation for granted for any reason."

On the economic crisis, Bamidele reassured Nigerians that relief was already in sight, considering strategic reforms the administration of President Bola

Olanipekun Charges UNIABUJA Law Students on Pathway to Success Funke Olaode Legal luminary, Chief Wole Olanipekun (SAN) has charged law students of the University of Abuja to be focused, selfdisciplined and confident as they prepare to pursue their careers in various areas of the legal profession.

Olanipekun, a former president of the Nigeria Bar Association (NBA), gave the counsel while reacting to the honorary fellowship award conferred on him by the students’ body during the official opening of the Legal Year for the 2023/2024 Session.

The theme of the event was: “21st Century Lawyers: Exploiting Law as the Binding Force in this Golden Age.”

Commending the university’s law students for considering him worthy of the honour and for their painstaking effort to put a robust profile together on him, Olanipekun said he achieved all he achieved because he's diligent in his job and believes in himself and endowed with abundant grace of God. The legal icon who was represented by a team of lawyers from his Wole Olanipekun & Co. (Abuja office) led by Benjamin Nwosu, said today's generation of lawyers are more blessed, especially with technology which gives them easy access to books and other research works.

"Success don't just happen, it requires a conscious effort.

As budding lawyers, you

have to start the preparation for the future today. To be a successful lawyer, you must first of all be focused, hardworking and diligent because nothing worthwhile comes easily," he said.

Speaking further, Olanipekun commended the management of the university and the leadership of the faculty and charged the students to always struggle to be the best to make their Lecturers proud," Earlier, the guest speaker at the event, Mr. Sunusi Musa, also a Senior Advocate of Nigeria, had spoke glowingly of Olanipekun, describing him as the best thing that ever happened to legal profession in Nigeria.

Sunusi, who called on the

students to always strive to be exceptional, pointed out that with a father-figure like Olanipekun as a role model, the students have set a goal for themselves.

The senior lawyer also advised the students to always set their priorities well, stressing that their actions set the stage for the realisation of their future aspirations and goals as Legal Practitioners.

He also charged them to shun acts and behaviours that are detrimental to positive development and image of their profession, saying that they should understand that their time at the university is a unique opportunity for them to define who and what they want to become.

Ahmed Tinubu has been taking to revive the economy.

Also at the convocation, Adeola vowed to give priority to the country’s educational sector, especially where and whenever he had the opportunity to make

such contributions.

Adeola, currently representing Ogun West in the Senate, thanked the leadership of the institution for bestowing the honorary doctorate on accountancy on him.

Edo 2024: Umakhihe, 11 Others Receive APC Clearance Certificates to Contest Primary

Ahead of this Saturday’s All Progressives Congress (APC) governorship primary in Edo State, one of the leading candidates for the top post, Dr Ernest Umakhihe at the weekend received a clean bill to contest.

Umakhihe whose “Fresh Hope Agenda” manifesto outlines clearly his vision to turn around the Edo State, was issued the certificate of screening clearance on Saturday at the party’s secretariat in Abuja.

He is one of the 12 candidates screened and cleared out of the initial 29 aspirants to contest the party primary on Saturday, February 17, 2023.

The winner of the primary ticket is to fly the APC flag for the September gubernatorial poll in Edo State to succeed incumbent Governor Godwin Obaseki at the Government House on Dennis Osadebey Avenue in Benin City in November.

The Prof. Taoheed Abdul Adedojaled seven-man committee on Friday night, after a two-day screening exercise, gave all the 12 aspirants a clean bill to contest next Saturday party’s primary.

APC’s National Organising Secretary, Alhaji Sulaiman Argungu confirmed the outcome of the screening in Abuja in a statement issued in the early hours of Saturday.

The statement reads: “The Edo State Gubernatorial Aspirants Screening Committee has screened and cleared all 12 aspirants who physically presented themselves to be screened by the party’s screening committee.

“All the 12 aspirants who purchased the Expression of Interest Forms and Nomination Forms were screened by the screening committee over two days between Thursday

8th February 2024 and Friday 9th February 2024.”

While receiving his clearance certificate from Argungu at the APC secretariat on Saturday, Umakhihe beamed with confidence of a man with a mission to rescue Edo State from its present state of insecurity and infrastructural decay.

Umakhihe in his speech maintained that he’s the most qualified for the job having distinguished himself in a public service career that has tested his capacity as an unblemished administrator of note. He retired as a federal permanent secretary.

With a distinguished career that cuts across agriculture, finance, foreign service and sports, he insisted that he knows and have what it takes to make Edo State the Eldorado of Nigeria.

The other aspirants cleared by the APC include: Former Minister of State, Budget and National Planning, Prince Clem Agba; Senator Monday Okpebholo, who represents Edo Central; former Deputy Governor, Hon. Lucky Imasuen; member representing Etsako Federal Constituency, Hon. Anamero Sunday Dekeri; former APC governorship candidate, Pastor Osagie Ize-Iyamu and Gideon Ikhine Also given the go-ahead are: The immediate past Edo APC Chairman, Col. David Imuse (rtd); former Executive Director, Finance and Administration of the Niger Delta Development Commission (NDDC), Maj. Gen. Charles Airhiavbere (rtd); former Governor Oserheimen Osunbor; former Zonal Organising Secretary (South-South), Dr. Blessing Agbonmere; and member representing Ovia South-West/Ovia North-East Federal Constituency, Hon. Dennis Idahosa.

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TWO-DAY BOARD AND MANAGEMENT RETREAT OF THE NDDC...

L-R: Minister of Niger Delta Development, Engr. Abubakar Momoh; the Chairman NDDC Board, Mr. Chiedu Ebie, signing the Performance Bond at the center and the Permanent Secretary, Dr. Shuaib Belgore, are pictured during the Two-Day Board and Management Retreat of the Niger Delta Development Commission, held at Four Points by Sheraton, Ikot Ekpene, Akwa Ibom State.

HURIWA: Tinubu's Approval of Military Base in Plateau Not Viable Solution Seeks justice amid recurrent violence

Chuks Okocha in Abuja

Human Rights Writers Association of Nigeria (HURIWA),has criticised President Bola Tinubu's recent approval for the establishment of a military base in Plateau State, saying it was not a viable solution.

The president approval followed the tragic Christmas Eve attacks that claimed the lives of over 200 villagers.

HURIWA, in a statement by its

National Coordinator, Comrade Emmanuel Onwubiko, contended that setting up a military barrack in Miller Farm (Gada Biyu) Mbar District of Bokkos Local Government Area was not a viable solution to the longstanding violence plaguing the state.

“Plateau State has been marred by recurrent violence and deadly conflicts for decades, resulting in the loss of thousands of lives and widespread destruction of

property.

“The recent Christmas Eve attacks, which targeted several communities in Barkin Ladi and Bokkos Local Government Area, left a trail of devastation and deepened the sense of insecurity among residents.

“In response to the escalating violence, President Tinubu approved the immediate establishment of a military base in Plateau State, to enhance security

and curbing further bloodshed.

“The decision was welcomed by some as a necessary step to restore peace and stability in the region,” HURIWA has raised concerns about the effectiveness of this approach.

The organisation argued that the 3rd Division of the Nigerian Army in Plateau State, equipped with hundreds of military personnel and supporting elements, already provided a significant military

attended by Deputy Senate President, Barau Jibrin, and other eminent personalities, justified the importance of nurturing a generation of problem solvers poised to drive sustainable development.

He urged universities to revamp their curricula to emphasise critical thinking, creativity, and entrepreneurship that could provide solution to the problems of this country.

Emphasising the urgent need for homegrown solution to Nigeria’s diverse challenges, Oyebanji stressed the importance of equipping students with practical skills and a real-world experience through hands-on learning and

industry partnership.

While commending the University for their numerous achievements in about eight years of establishment, he said, “I have watched with keen interest the phenomenal growth of this university from 5,041 students to 51,000 in less than eight years as well as the quality of scholarship in the institution.”

He congratulated the graduands and charged them to take the advantage of the training and learning they have acquired to contribute their quota to the society.

The governor assured the people that his government would continue to collaborate

with the institution for greater development and growth of the school.

“As a government, we will continue to collaborate with this institution but I plead with you sir, university must put a lot of emphasis on research.

We must produce solution providers, people that will help to solve the problem of this country” he asserted The highpoint of the event was the conferment of honourary degree of the university on three eminent personalities: Senate Leader, Senator Michael Opeyemi Bamidele; Senator Solomon Adeola, and Rt Hon Yusuf Adamu.

presence in the region.

It said that the establishment of another military base was seen as redundant and unlikely to address the root causes of the conflict, even though some might welcome it as a solution.

“Good as it is in the minds of apologists, it is grossly

insufficient so long as there is no closures for all the deaths that have occurred in Plateau state caused by terrorists since the days of the immediate past President Muhammadu Buhari.

We think that the government should emphasize justice rather than political appeasement."

House Promises Bill to Support Maritime Security Firms in Oyebanji Tasks Universities on Producing Solution Providers Fight against Oil Theft

Gbenga Sodeinde in Ado Ekiti Ekiti State Governor, Mr. Biodun Oyebanji, has called on universities in the country to prioritise research efforts aimed at tackling critical challenges confronting this nation as well as producing solution providers.

Oyebanji, made the call on Saturday at the 8th convocation ceremony of the Federal University, Oye Ekiti, stressing the need for institutions to produce graduates equipped with the skills and mindset to tackle the pressing problems of the country head-on.

Oyebanji, at the event

Ikimi, Two Ex-senators, Others Win at Edo PDP Delegates Election Adibe Emenyonu in Benin City Former Minister of Foreign Affairs, Chief Tom Ikimi, and a Chief in the palace the Oba of Benin, Chief Osaro Idaho were among those elected as delegates at the Peoples Democratic Party (PDP) national delegates election in 17 local government areas of Edo State.

Also elected in the election, which took place at the weekend

were two former senators, Yisa Braimah and Francis Alimikhena, who represented Edo North senatorial district at different times.

The Edo State Chairman of NLC, Chief Odion Olaye, was also elected.

While Chief Idaho is now the national delegates of the party for Oredo LGA, Chief Ikimi to represent Igueben LGA, the two former senators are to represent Owan East and

Etsako East LGAs respectively.

The delegates congress took place simultaneously across the 17 local government areas of the state except Etsako Central local government.

On February 3, the ward congress election for EtsakoCentral Local Government was canceled due to the alleged abduction of nine electoral officers, who were on their way to the local government for the conduct

of the ward congress.

The nine PDP electoral officers were allegedly kidnapped at Jattu community, in Etsako West Local Government and hadalready regained freedom Chairman of the Edo national delegate Electoral Committee, and Deputy Governor of Delta State, Sir Monday Onyeme, commended the conduct noting that the process was very peaceful, transparent and credible.

Hails Tantita for its successes

Sylvester Idowu in Warri The House of Representatives has promised support to companies contracted by the federal government to protect the nation’s oil and gas assets, including Tantita Security Services Nigeria Limited (TSSNL), the military and other security agencies in the war against crude oil theft and saboteurs.

The House gave the promise at the weekend during an on-the-spot inspection of vessels apprehended

by Tantita in collaboration with other security agencies by members of associated Committees on oil and gas anchored at Oporoza in Warri South West Local Government area of Delta State.

The members of the committees also had a closed door meeting with the owner of TSSNL and former ex-agitators leader, Chief Government Ekpemupolo alias Tompolo.

Leader of the delegation and Chairman of House Committee on Petroleum Resources, Alhassan Ado Doguwa, told journalists that they were mandated by the House leadership to assess the development in recent times and report back to parliament.

Doguwa, while commending TSSNL for the good work it has been doing said, “When you find someone doing a very good job

you have to support him. To whom much is given much is expected.

“So I want to tell you without any fear of contradiction what Tantita is doing here is quite a commendable job. We the committee have commended him and we must see to it that whatever is due for him must to be given to him.”

He said the committee on crude oil theft came to see for themselves what was actually happening around the shores of oil and gas industry in the Niger Delta, adding that the House was concerned about the rise in crude oil prices.

“We are also not unmindful of the fact that there was recent arrest of oil vessels – first, second and third instance by the security agencies generally, around the shores of the waters within the Niger Delta area.

“So we came to see for ourselves and were able to visit the site of this arrested vessels and persons on behalf of the National Assembly, especially in the House of Representatives.

“This is relevant to committee chairman of the oil and gas committees in the House of Representatives, as we are all out to see to the increased production of our oil and gas industry,” he added.

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DIRI'S SECOND TERM INAUGURATION THANKSGIVING SERVICE...

L-R: Bayelsa State Deputy Governor, Senator Lawrence Ewhrudjakpo, wife of former Nigerian President, Dame Patience Jonathan, and Bayelsa State Governor, Senator Douye Diri, during the governor’s second term inauguration thanksgiving service at the Ecumenical Centre, Igbogene-Yenagoa... yesterday

Ministry of Aviation Grants Air Peace Approval to Fly to New York Chinedu Eze The Ministry of Aviation and Aerospace Development has approved the request of Air Peace and authorised the airline to operate commercial flights to John F. Kennedy International Airport, New York, US. Air Peace had in a letter dated January 12, 2024, written to the Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, requesting approval to operate to New York.

In a letter dated February 9, 2024, with reference number FMA/ATMD/0186/S.5/X/696 and titled, ‘Conveyance of approval to Messrs Air Peace Limited to operate commercial international flight operations into and out of New York,” the Ministry stated that granting of the request is in

line with the subsisting ‘Open Skies’ agreement between the Federal Republic of Nigeria and the government of the United States of America.

The letter, which was signed by Director, Air Transport Management, H.T. Ejibunu, stated: “I am directed to acknowledge receipt of your letter dated January 12, 2024, on the above subject and convey the Honourable Minister’s approval for the designation of Air Peace Limited to operate commercial international flights into and out of John F. Kennedy International Airport, New York, United States of America.

“This is in line with the subsisting ‘Open Skies’ agreement between the Federal Republic of Nigeria and the government of the United States of America.

“Consequently, your airline is

Lagos Gives 4-day Relocation Ultimatum to Squatters, Illegal Motor Parks in Obalende The Lagos state Commissioner for the Environment and Water Resources, Tokunbo Wahab in company with his Transportation counterpart, Oluwaseun Osiyemi, yesterday gave four days relocation notice to all squatters under the Obalende bridge as well as illegal motor parks operators and buses who have moved to the main road.

Both commissioners who were with the Special Adviser on Environment, Kunle Rotimi-Akodu and Transportation, Sola Giwa, Chairman of Special Task Force on Restoration of Blue Line Corridor, Bayo Sulaiman and Permanent Secretary, Office of Drainage Services, Mahmood Adegbite and other heads of agencies inspected Apongbon underbridge, Obalende, Ijora underbridge and Surulere opposite National Stadium.

Speaking with newsmen after the inspection, Wahab said all shanties and their dwellers, traders, squatters, cattle herders and abandoned vehicles presently under Obalende bridge must vacate the area by Thursday afternoon as enforcement would commence in the early hours of Friday morning.

He added that all the commercial vehicles operators who have turned the main roads

in Obalende into parking lots should relocate to the various parks provided for them because the government has had enough of the defacement of the aesthetics of Obalende by the operators and it must be restored.

Wahab, who was flanked by his counterparts in the executive council said there was going back on the matching order to the squatters and motorists in Obalende which informed the presence of the helmsmen from the transportation sector.

The commissioner who also inspected the level of work on the clean-up of Apongbon underbridge also visited Ebute Ero and others areas, asking state officials monitoring the areas to ensure full compliance with the governor’s directive that there should be no form of trading or habitation under the bridge and all adjoining areas.

"I will like to state that I am happy with the level of compliance at Ijora, Apongbon and Ebute Ero under bridge where the clean-up exercise commenced two weeks ago.

“The government is set to sustain the clean and safe environment that in a matter of months the space will be taken over by Lagos State Parks and Gardens Agency (LASPARK)," he stated.

being advised to liaise with the Federal Aviation Administration (FAA) of the United States of America for documentation before commencement of scheduled flight operations.

“However, the airline is required to comply with the Nigeria Civil Aviation Regulations (CARs) 2023 part 18.5.11 by taking further necessary steps to liaise with the Nigerian Civil Aviation Authority

(NCAA) on the requirements. Kindly note that the approval has been communicated to the Ministry of Foreign Affairs for its further necessary action.”

Air Peace Limited is the largest

airline in Nigeria and West Africa.

It kicked off its international operations, with flights to United Arab Emirates (Dubai), South Africa, India, China in addition to West and Central African destinations.

TETFund: House Denies Extortion Allegation, Threatens Legal Action Juliet Akoje in Abuja The House of Representatives yesterday denied the allegations of extortion levelled against them by vice chancellors, rectors and provosts of Nigeria’s tertiary institutions.

In a statement issued by the spokesperson Hon. Akin Rotimi, the House maintained that it was important to set the records straight because of the dangers of what they described as “malicious and uncharitable distortion of facts" The House stated that legislative oversight or directives over monies appropriated by parliament for a public institution neither constitutes “unwholesome overbearing influence” in the management of the schools nor “breaches their autonomy” as argued in some reports.

According to the statement, Section 80(3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), clearly spells out that: “No monies shall be withdrawn from any public fund of the federation, other

than the Consolidated Revenue Fund of the Federation unless the issue of those monies has been authorised by an Act of the National Assembly" The statement said that while Section 7(5) of the TETFund Act may not explicitly mention National Assembly approval, it should be read and understood within the broader context of the constitution, which mandates such approval for withdrawals from public funds.

The absence of an express statement in the TETFund Act for National Assembly approval, it said, does not imply an exemption from constitutional provisions.

Rather, it noted that it can be interpreted as an inherent understanding that all legislation, including the TETFund Act, is subject to the overarching principles enshrined in the Constitution" "The directive by the House Committee on TETFund in its letter to the Committee of Vice Chancellors of Nigerian Universities (CVCNU), requesting a suspension

of the implementation of the 2024 Intervention Fund pending its approval is therefore well within constitutional bounds and in line with the need to ensure accountability.

“Hence, for any one or entity to resort to blackmail of the Committee with allegations of extortion, they must understand that such an action is libellous and necessary legal action would be taken,” it added.

It stressed that is was pertinent to add that although an earlier communication on the subject matter was from the House, the scheduled hearing on February 27, 2024 was organised by a Joint Senate and House Committee on TETFund.

“A similar approach was employed during budget defence by the various Ministries, Departments, Agencies, Parastatals and Governmentowned Enterprises (GOEs) during consideration of the 2024 Appropriation Bill (now Act).

“We believe that the action of holding joint committee meetings where necessary, allays whatever fears

(due to cost and sundry reasons) such that agencies of government will have to interface with the so-called ‘duplicated committees,’ as insinuated in one of the reports," the House said.

According to the House, it is well-known that there are established channels for these “complainants” to lay whatever complains they may have against the invitation handed them or the content of the letter in itself.

“In this regard, neither the CVCNU nor TETFund has made any formal complaint or claims against the Committee or the said invitation.

“Since we have not received any such complaints, we believe the false narratives being peddled are not the positions of the tertiary institutions' administrators, but a few among them who have a lot to fear and consequently seek to hide, and have jettisoned formal channels and opted for coordinated sponsored smear campaigns against the committee," the lawmakers noted.

Ex-minister Decries Increasing Hardship, Insecurity, Nepotism in Nìgeria Okon Bassey in Uyo Former Minister of Housing and Urban Development, Hon Nduese Essien, yesterday, lamented increasing insecurity, hardship and nepotism in the country.

Accordingly, he has called on President Bola Tinubu to do his best to manage the situation till 2027 and hand over the management of the country to a government of National Unity to chart a new course for Nigeria.

Essien, a former two term member of House of Representatives, expressed his views on the developments in the country during a press conference at his country home, Eket Local Government Area of Akwa Ibom State to round off a week-long activities to mark his

80th birthday celebration.

Tagged: "State of the nation address", the former Minister said, "Our beloved country, Nigeria, is at a crossroads, grappling with crises that threaten the very fabric of our society.

"Endemic corruption, insecurity, impunity, nepotism, bad governance, and a flawed leadership recruitment system have cast a shadow over our nation’s future.

"In my 80 years on earth, I have seen colonial administration of Nigeria. I have seen Nigeria since Independence in 1960. I have seen Nigeria under different shades of military rule and temporary civilian rule up to 1998.

"I have been an active participant in the government of Nigeria from 1999 in the House of Representatives and

as a Minister of the Federal Republic of Nigeria up to 2011. Since then, I have been on the sidelines of the evolving political scenario in the country.”

The octogenarian decried the worsening corruption in the country noting that by 2023, Nigeria stood at 145 out of 180, reflecting the deteriorating level of corruption in the country.

He said, “Corruption is not merely a crime; it is also a betrayal of the trust placed in our leaders and a theft from the pockets of every hardworking Nigerian.

“We cannot hope to move forward as a nation until we root out corruption at all levels of government and society.

"Regrettably, corruption is most unlikely to reduce in Nigeria with

the laisser-faire attitude of successive administrations wanting to accumulate excess resources to outpace opponents to win the next election.

"Equally pressing is the issue of insecurity, which has left too many of our citizens living in fear for their lives and livelihoods.

"From the menace of Boko Haram in the Northeast to the banditry and kidnapping ravaging our communities, no Nigerian should have to endure such terror.

"We must bolster our security forces, invest in intelligence gathering and technology, and address the underlying socio-economic factors that fuel extremism and criminality.

"But we must also recognise that security is not just about guns and bullets; it is also about justice, opportunity, and dignity for all."

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BUILDING CAPACITY…

L-R: Technical Director, Climate Transition Academy, Dr. Omawumi Kola-Lawal; Director, Research and Development, Lagos State Environmental Protection Agency (LASEPA),Mrs. Abdul- Waris Sholanke; General Manager, LASEPA, Dr. Tunde Ajayi; Director of Programmes , Climate Transition Academy, Mrs. Jumoke Adama; Executive Director, Carbon Limits Nigeria, Mr. Ogunleye James; and Managing Consultant, Green Tempo Nigeria, Mrs. Damilola Sobo-Smith, at the capacity building programme organised by LASEPA for its accredited consultants in Alausa, Lagos… recently ETOP UKUTT

Insurgents’Drug Supplier Arrested as NDLEA Intercepts 7.6 tons of Illicit Drugs Michael Olugbode in Abuja A total of 24 suspected drug traffickers and dealers including a 42-year-old man taking thousands of concealed opioid pills to insurgents’ enclave in Banki area of Borno state, a six-month-pregnant lady, a mother of three children and three other women have been arrested in major interdiction operations by operatives of the National Drug Law Enforcement Agency (NDLEA), leading to the seizure of over 7,609 kilogrammes of assorted illicit drugs in eight states.

A statement yesterday highlighting the achievements of the anti-narcotics agency in the past week by its spokesman, Femi Babafemi said the bulk of the seizures was made in Nasarawa state where NDLEA operatives, acting on credible intelligence on Sunday 4th February intercepted a truck marked Lagos JJJ 64 YC conveying 367 jumbo bags of cannabis sativa weighing 4,037 kilogrammes from Akure, Ondo

state to be delivered at Shabu area of Lafia, the state capital.

Three suspects: Shuaibu Yahaya Liman, 35; Monday Audu, 33, and Linus Samuel, 42 were arrested in connection with the seizure.

Babafemi said last Monday operatives in Abuja, FCT arrested the duo of Jibrin Shuaibu, 23, and Prosper Innih, 17, with 169 bags and 80 blocks of compressed cannabis sativa weighing 1,961.5 kilogrammes concealed in a truck with registration number Ogun WDE 557 XC. He added that the truck was intercepted during a stop and search operation along Abaji - Abuja highway on their way from Uzeba to Dei-Dei, FCT. The spokesman said in another operation by NDLEA operatives in Abuja last Tuesday, a suspect, Abdulhameed Dauda, 27, was arrested with 89 kilogrammes of the same psychoactive substance loaded into his truck in Owo, Ondo state to be delivered at Gwagwalada in FCT. On the same day, operatives also intercepted another driver, Hassan Ade, 30, transporting 696.5 kilogrammes

of the same substance loaded in Idoani, Ondo state to be delivered at Gwagwalada and Dei-Dei in FCT. He revealed that a follow up operation led to the arrest of

a mother of three children, Mrs. Joy Chukwuka, 42, linked with the consignment.

In Ondo state, he said, apart from the seizure of 633.5

kilogrammes of cannabis at Eleyere, Ogbese in Akure North local government area, NDLEA operatives also recovered 59 jumbo bags of same substance loaded

in a truck marked GAD 287 XA heading to Northern part of the country. He noted that detergents were sprayed on the cannabis bags ostensibly to suppress the

Delta Alleges N’Delta Ministry’s Attempt to Defraud FG Omon-JuliusOnabuinAsaba

Delta State Government has uncovered an attempt by the Ministry of Niger Delta Affairs to defraud the federal government through a deceptive claim, by trying to take credit for the rehabilitation of the failed Bedesiegha Bridge on Bomadi Road in Delta State.

“Whereas the rehabilitation project

was being undertaken solely by the state government, the Niger Delta Ministry had inexplicably planted a signpost in the area, indicating that it was carrying out the rehabilitation work,” the state government claimed.

The State Commissioners for Works Highways and Urban Roads, Mr Reuben Izeze, raised the alarm while inspecting the

project at the weekend, describing the action of the Niger Delta Ministry as apparently meant “to swindle the federal government.”

Izeze, who was in company with his counterpart in the state Ministry of Works, Rural and Riverine Roads, Mr Charles Aniagwu, as well as the Member Representing Patani Constituency in the Delta State House of Assembly,

Mr Emmanuel Sinebe and the Permanent Secretary, Ministry of Works, Mr Fred Edafioghor, noted that “the approach to the bridge was eroded by flood in 2022 and the Delta State Government awarded this remedial work in December 2022 with a six-month completion period, which was not feasible because of another round of flood that made the place inaccessible.”

Hoarding: Kano Anti-graft Agency Seals 10 Warehouses, Confiscates Essential Goods

Ahmad Sorondinki in Kano

The Kano State Public Complaint and Anti-Corruption Commission (PCACC) yesterday confiscated essential goods worth several millions of naira stocked in 10 warehouses at the Dawanau International Commodity market

in Kano metropolis.

The commission had set up an intelligence mechanism and launched a manhunt on food hoarders who imposed untold hardship on the citizens.

In a grand operation, the Chairman of the commission, Muhyi, alongside the personnel

of the commission clamped down on warehouses and stores engaged in hoarding assorted foodstuff across the state.

All the owners of such warehouse were nowhere to be found during the operation but those opened were stacked full of commodity, including rice,

spaghetti, pasta, sugar, cooking oil and other food items.

The chairman of the anti-graft agency said some of the owners of the warehouses have been issued notice to report to the anti-graft commission preparatory to face charges before the court of law for their illegal activities.

UTM FLNG Boss, Rone Ekiti Pupils’ Kidnap: I Was Ready to Poison Myself If…Says Grandma life had her three abducted and allowed to go back home been in the hospital with them Mourns Wigwe, Wife, Others Gbenga Sodeinde in Ado Ekiti her grand children were not released (Eporo-Ekiti). since the state government had SundayOkobi The Chairman/Chief Executive Officer of UTM FLNG Limited, Julius Rone, has stated that the news of the tragic death of the Chief Executive Officer and Group Managing Director of Access Bank Plc, Herbert Wigwe, and his family members in a helicopter crash in the United State has left him heartbroken, shattered wand inconsolable.

He stated that it is even more heartwrenching that the tragic event also claimed the lives of his exceptionally graceful wife, Chizoba, his son, and the former Group Chairman of Nigeria Stock Exchange,Abimbola Ogunbanjo.

Rone in a statement issued and personally signed by him yesterday

said: “Indeed, our nation, humanity, the corporate world and particularly the global financial sector have lost a leading light, a rare brand who with extraordinary genius, industry and diligence bestrode his chosen path like a colossus and made memorable contributions towards national and global economic growth and stability.

“Herbert Wigwe was a quintessential banker, wealth creator, education promoter, highly resourceful entrepreneur and remarkable philanthropist, dazzling motivator and untiring mentor, who lived as a trailblazer and source of inspiration to many, especially the younger generation of leaders and entrepreneurs on the national and international arena.

The grandmother of three of the abducted and released pupils of the Apostolic Faith Group of Schools in Emure-Ekiti, Ekiti State, Mrs. Dorcas Ojo, has stated that she had already bought a product to terminate

eventually by the kidnappers.

Ojo, who disclosed this yesterday while speaking with journalists at the Ekiti State University Teaching Hospital (EKSUTH) after the fupils had undergone treatment

Five pupils of the Nursery/ Primary School, three teachers and a ariver of the Apostolic Faith School were abducted on their way back home recently.

She said her grandchildren were living with her and had

brought them there.

Narrating the ordeal that the abductees were made to pass through, Mrs Ojo said: “The abductors made the children to undergo what their parents had never experienced.

Senior Lawyer Urges IG to Reconsider Mass Transfer of Police Personnel Adibe Emenyonu in Benin-city

A Senior Advocate of Nigeria (SAN) and Edo State-based Public Notary, Olayiwola Afolabi, has called on the Inspector General of Police (IG), Kayode Egbetokun, to reconsider the recent mass

transfer of police personnel, saying it has separated families, especially those who are married to fellow policemen and women.

Afolabi also called on the police leadership to take up the challenge of housing for police officers with the

Federal Ministry of Housing, to check accommodation crisis confronting the Force.

In a letter to the IG dated February 9, 2024, which was made available to journalists in Benin-city yesterday, the senior lawyer said he wrote the letter as a friend of the police and

human rights activist.

According to him, “While we have no problem with the mass transfers which is normal in the police force, our concern is on behalf of those married police officers who are even married to police officers as well.

Judicial Strike: Gov Adeleke Sets up Resolution Committee, Writes AG, CJN Plateau Lawmaker Expresses Osun The governor has also sent a resolved despite the fact that The new intervention by Yinka Kolawole in Osogbo letter to the Attorney the bone of contention is pure Governor Adeleke followed his Commitment to Restoring Peace Worried by the protracted strike briefing General of the Federation and the judicial staff matters. previous efforts, which included

Juliet Akoje in Abuja

The member representing Jos North/Bassa Federal Constituency of Plateau State, Daniel Asama Ago, has expressed commitment towards restoring peace in the state.

Asama, who was declared the winner of the recent re-run election in the state, said his priority also included uniting the state and empowering the people.

While speaking with journalists in Abuja yesterday, the lawmaker

said: “I have three important needs for now. The number one is to restore peace on the Plateau. It is a paramount priority. We were called and we are still called the home of peace and tourism. For some reason, the peace is being distorted. We the indigenes of Plataea State don’t feel the same.

We feel relatively safe. But with all the incessant issues happening from herdsmen, kidnapping and skirmishes, which to say the truth, is across the country and not just the Plateau State, the aim now is how to restore peace.”

embarked upon by the Judiciary Staff Union of Nigeria, Osun State chapter the state Governor, Ademola Adeleke, has set up a seven-man committee to urgently resolve the industrial dispute.

Chief Justice of Nigeria, calling for their support to resolve the industrial dispute.

Adeleke in the letters briefed the top judicial officials on his efforts so far to get the crisis

The committee led by the Secretary to the State Government (SSG), Hon Teslim Igbalaye, is to find a lasting solution to the crisis in the judiciary within seven days, governor further directed.

payment of withheld salaries of some judicial staff, negotiation on wardrobe allowances and the recent hosting of the national leadership of the judicial staff union.

Edo Guber: APC Chieftain Asks Tinubu, Ganduje to Prevail on Oshiomhole A chieftain of the All Progressives Congress (APC), Edo State chapter, Elder Roland Osakwe, has faulted the outcome of the screening committee allegedly assembled by former Governor of the state, Mr. Adams Oshiomhole to prune

down aspirants vying for the state governorship.

Osakwe, who suspected foul play in the screening process, alleged Oshiomhole’s biased towards certain strong contenders as a way of discouraging them.

He contended that the disqualification of these aspirants by Oshiomhole’s assembled committee was either to do his bidding of having a weak candidate for his personal benefit, or working in favour of the opposition party

in the state.

“The intention is to weaken the support base of some of these APC members in the state so as to pave way for a weak candidate for his personal benefit or working in favor of the opposition party,” he said.

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NEWS XTRA

PHILANTHROPY…

L-R: President, Rotary Club of Omole Golden, Esther Adebari; President, Interact Club of Oke-Ira Senior Grammar School, Ganiyat Sanusi; Principal, Oke-Ira Senior Grammar School, Mrs. Mary Erogun; President, Rotary Club of Omole-Golden, Veronica Isijola; a beneficiary, Enenche Zion, and President-elect, Rotary Club of Omole-Golden, Jide Ogunleye, during the donation of hygiene and dignity kits to Oke-Ira Grammar School in Lagos… recently ETOP UKUTT

FG Lacks Commitment to Phase out Fossil Fuel for Cleaner Energy, Says Environmentalist Blessing Ibunge in Port Harcourt A Port Harcourt, Rivers Statebased environmental activist, Friday Nbani, has expressed his observation that the federal government has not shown serious commitment to fully transit from fossil fuel to renewable energy.

Nbani, who is the executive director of Lekeh Development Foundation (LDF), made the observation at the weekend at a workshop organised by the group

in partnership with Kebetkache Women Development and Resources Centre for Civil Society Organisations and others on Project Design, Proposal Writing and Project Implementation.

Speaking on the need for the country to be in the same pace with other nations in the transition, Nbani stressed that the Nigerian government is only ready on paper and not in real essence.

According to him, “Nigeria as a country is fully ready for the transition from fossil fuel to

Emeka Offor Distributes 40,000 Bags of Rice, Books to 200 Schools at Birthday David-Chyddy Eleke in Awka

Foremost philanthropist and businessman, Sir Emeka Offor, at the weekend donated 40,000 bags of 50 kilogramme rice to widows and indigent people in 179 communities of Anambra State.

He also presented books in various disciplines to 200 primary, secondary and tertiary institutions in Nigeria, as a gesture to mark his 65th birthday.

Offor, who is also the founder of Sir Emeka Offor Foundation (SEOF), said his resolve to donate to mankind in various sector is to put smiles on the faces of the people.

While addressing those in attendant at the elaborate birthday celebration, Offor said: “I’m overwhelmed by the show of love from you all on my 65th birthday. I’m happy that the foundation I nurtured has

grown and is providing shade for many.

“My donation of food stuff to indigents is to ensure that those who do not have should share what those who have can afford.

“We’re also distributing books because it is the foundation of knowledge, and we will sustain this intervention. You do not need to have too much to put smiles on the faces of the people.

The little that you have can be shared with other people.”

Earlier, Anambra State Governor, Prof Chukwuma Soludo, who was in attendance at the ceremony, extolled the virtues of Offor, describing him as the highest donor for the eradication of polio in Africa.

Soludo said: “We are here to celebrate a man and his ideas.

You turned 65 today, and we use this opportunity to say congratulations. Your life has been a life of impact.

renewable energy on the paper on the ground. But what we are lacking is the implementation, so there is an enforcement gap.

“Nigeria is ready to move but the deficiency we are still having

is that gap of implementation.

There was a time our former president said we were going to end gas flaring and it was a very good new. Those are the things Nigeria has in the paper,

but when it gets to 2020, they adjusted the implementation to 2025 and 2030, because there is no modality. That gap is what we are trying to close.

“Recently, the Lagos State

Government announced the ban of single use plastics, same thing with the Abia State Government.

This is good, but what have they done to ensure that the ban is implemented?”

Saraki Awards Scholarship to Children of Late KWASU Deputy Bursar Hammed Shittu inIlorin Former Senate President, Dr. Abubakar Bukola Saraki, at the weekend announced scholarship awards to two children of the late Deputy Bursar, Kwara State University, Malete, Alhaji Abdullahi Ayuba Olaitan.

The late deputy bursar died last Wednesday night while watching

the AFCON semifinal match between Nigeria and South Africa.

The deceased, a devoted Muslim, has since been buried according to Islamic rites in Ilorin.

A statement issued in Ilorin signed by Saraki’s Press Officer on Local Matters, Mr. Abdulganiyu Abdulqadir, said the announcement was made last Saturday during the Fidau prayer organised for the

deceased at his residence in Ilorin.

Speaking at the Fidau prayer, Alhaji Ishola Balogun Fulani, who led Saraki’s delegation to the gathering, condoled with the family of the deceased, charging them to bear the loss as the will of Allah.

Saraki, who expressed sympathy over the unfortunate incident, pledged to be of support to the

bereaved family by awarding scholarships to two children of the departed.

Saraki admonished the family to take heart and accept it as the will of Allah, just as he assured of his support always.

He prayed to Allah to grant the late Abdulahi, Aljannah Firdaus, and the family, the fortitude to bear the loss.

Ekiti First Lady Empowers Widows, Indigent Folks with Cash, Food Items Gbenga Sodeinde in Ado Ekiti

Ekiti State First Lady, Dr. Olayemi Oyebanji, has brought smiles to the faces of widows and indigent families in her political ward in Ado Ekiti by donating cash gifts and food items to them, which elicited prayers from the beneficiaries.

Oyebanji splashed the largesse on hundreds of beneficiaries, who were drawn from all the 13 wards in Ado

Ekiti and converged on Ward 11 at the weekend for an empowerment programme organised by the Ministry of Women Affairs and Social Development in collaboration with her office. A total number of 100 petty traders received cash support of N25,000 each to be ploughed back into their businesses while another 100 beneficiaries received food packs, containing rice, beans, garri, salt and N5,000

each to purchase ingredients to cook the food items.

The empowerment programme was attended by the Deputy Speaker, Ekiti State House of Assembly, Rt. Hon. Bolaji Olagbaju; Secretary to the State Government (SSG), Dr. Habibat Adubiaro; Commissioner for Environment and Natural Resources, Mrs. Tosin Aluko-Ajisafe; four council chairmen, and All Progressives

Congress (APC) chieftains and members in Ward 11.

The governor’s wife further promised that apart from the empowerment being carried out on the platform of her pet project, Widows and Orphans Hope (WAOH) Project, other forms of empowerment would be done to assist the less privileged and give them opportunities to contribute to the grassroots economy.

SAfER: Oyo Monitors Beneficiaries of N500m SME Loan Support Kemi Olaitan in Ibadan Oyo State Government has begun the monitoring of beneficiaries of its N500 million Small and Medium Scale Enterprise Loan Support under the Sustainable Action for Economic Recovery (SAfER) initiative.

The state Commissioner

for Budget and Economic Planning, who also doubles as the Chairman of the SAfER Small and Medium Enterprises (SME) sub-committee, Prof.

Musibau Babatunde, led members of the sub-committee on a monitoring and evaluation visit to participating microfinance banks and some beneficiaries of the loan in Ibadan, Oyo and

Ogbomoso zones of the state.

Babatunde, while speaking during the exercise, explained the efforts of the state Governor, Seyi Makinde, towards cushioning the effects of the hardship induced by the removal of fuel subsidy, stating that the SAfER SME Loan Support was introduced to support and boost small and micro business enterprises in

the state.

He stated that under the loan scheme, N500 million was disbursed to partnering microfinance banks across the seven zones of Oyo State “to support and boost SME, which is the baseline for economic activities in the state and to bring succour to the residents during this economic hardship.”

adopt the direct mode of primary election to select the governorship candidate of the party in order to achieve transparency, fairness and inclusiveness.

Iyantan, who is a governorship aspirant under the platform of the APC, made this call during the weekend in Akure, Ondo State’s capital, when he declared his intention to run for the

governorship race.

His said: “There are three options but I am adequately prepared. For people who are desperate to monetise the system, they have be clamoring for indirect primary so that the highest bidder can emerge.

“This is unacceptable to us in the politics of the state. We want more participation of the people

in determining who represents them and flag the flag of the party.

“I am pursuing the option of a direct primary where every card carrying member of the party will be eligible to participate in choosing who flag the flag of the party and I can tell you emphatically that our leaders who are great democrats are favourably disposed to this option.”

Bayelsa Agog as Diri’s Second Term Inauguration Ceremony Begins Ondo Guber: Aspirant, Diran Iyantan, Seeks Direct Primary Mode for APC would not have been possible.

Olusegun Samuel in Yenagoa Bayelsa State residents yesterday trooped out in large numbers to the state’s Ecumenical Centre in Igbogene, to commence the second tenure inauguration of the state Governor, Douye Diri, which kicked off yesterday with a thanksgiving service.

Thousands of Bayelsans thronged the state’s Ecumenical Centre in appreciation to God for the governor’s victory in the November 11, 2023, poll.

Governor Diri and his Deputy, Senator Lawrence Ewhrudjakpo, will be sworn in for another term on February 14.

Speaking during the thanksgiving service, the governor expressed gratitude to God for his victory in the November election, saying without His intervention, it

A statement issued by his Chief Press Secretary, Mr. Daniel Alabrah, quoted him as saying that God delivered Bayelsa State from the hands of those who wrongly use power.

Diri thanked the people of the state for standing by him throughout his first tenure and during the election, The state governor assured the people that he would not rest on his first term achievements but will do more in the next four years, as he appealed for their usual support.

According to him, “Our duty here is to thank God for the victory He gave us. If not for him we would not have emerged victorious. I thank God for delivering this state from the hands of those who use it for evil.

Fidelis DavidinAkure

Ahead of the November 16 governorship election in Ondo State, a former Federal Commissioner for National Population Commission (NPC), who represented Ondo State, Mr. Diran Iyabtan, has called on the national secretariat of the ruling All Progressives Congress (APC) to

‘How Osun Judicial Workers’ Strike Backfired against Adeleke’s Govt’ Yinka Kolawole in Osogbo

The Osun State chapter of All Progressives Congress (APC) has cautioned the state Governor, Ademola Adeleke to desist from “treating ringworm when it’s obvious to all that his administration is being plagued by leprosy which amounts to self-destruction.”

The governor last week announced the willingness of his administration to end the over three-month-old lingering strike of the state chapter of the judicial workers over the tenure of the state Chief Judge, Justice Adepele Ojo, “when it was audible to the deaf, visible to the blind that the Adeleke administration has been the

promoter and sponsor of the strike in order to get at the state Chief Judge.”

A renowned constitutional lawyer, Ebun-Olu Onagboruwa, last week raised some germane legal issues in his article on the constitutional lacunae created in the state through the strike.

In his remark, the Osun State Chairman of the APC,

Sooko Tajudeen Lawal, in a statement issued by the party’s Director of Media and Information, Chief Kola Olabisi, yesterday told Adeleke that his administration would not be devoid of challenges as long as he is running the government as his private enterprise with its headquarters in his family’s Ede country home.

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BACKPAGE CONTINUATION IS FOOTBALL THE ONLY KILLER? smoking, drug abuse – recreational drug use, alcohol intake and physical inactivity among Nigerians. The risk of sudden death varies with the cardiovascular risk factor, the severity of the disease, genetics, and other precipitating factors among which may be acute stressful reactions to which the link with these recent deaths can be associated.”

Hhhmmn. Prof, all these things you listed, are you saying that anybody who is obese, who has diabetes or high blood pressure, who smokes, who drinks beer or local gin or who, like most office workers, spends most of the day sitting down, should not watch a football match? Does this your warning not go contrary to the directive by President Bola Tinubu that all Nigerians should vigorously cheer on the Eagles, even though I doubt if they will hear our cheers there in Cote D’Ivoire?

Prof Odili also said, “It must be emphasized that many of these cardiovascular risk factors are without symptoms and signs. Therefore, screening is the only effective mechanism for early identification and appropriate control and prevention of sudden death among the populace.” Ok Prof, since the Super Eagles’ advancing to the AFCON finals was rather sudden and we had no time to go for pre-match heart screening, what did you want us to do? All the hundreds of thousands of young Nigerians who sit in television viewing centres every day to watch English Premier League matches, did you subject them to heart checks?

The NCS president said, “Sports and other emotional events can trigger arrhythmias, heart attacks and strokes in those with underlying

heart conditions. While the society cannot authoritatively confirm the exact cause of death in these situations without prejudice, we owe it a duty to call the attention of Nigerians to the very possibility that sudden death can often occur either in the presence or absence of risk factors, many of which are highly prevalent among Nigerians and are also poorly controlled.”

Thank you very much, Prof. I am glad you said “sports and other emotional events” can trigger heart attacks. My question to you is, do you intend to issue a warning anytime any of the other such emotional events is taking place, in which case Nigeria Cardiac Society will have nothing else to do but issue warnings? Are you saying banks should stop sending alerts because a bank alert can be a traumatically emotional event? While in most cases a credit alert causes joy and excitement in the receiver, some people could die from joy upon receiving a big credit alert. Especially of the kind that Hon. Gudaji Kazaure once said, that an alert after receiving dollar allocation at controlled price from the Central Bank had a different sound from ordinary credit alerts. In terms of the potential to trigger heart attacks though, I think debit alert is more dangerous than credit alert, especially when a Yahoo boy has fiddled with one’s account.

Cardiac Society should warn those Nigerians who start the day these days by checking Aboki Forex for the current naira to dollar exchange rate. Something that shoots faster than a rocket, how can you start your day with it? Naira has shattered every glass ceiling previously thought to be beyond its reach, and

anyone who regularly checks its rate, despite optimistic Central Bank assurances, may not be far from cardiac arrest. Professor Odili, kindly warn political party supporters also. When the Supreme Court delivered final judgments on some governorship election cases, I saw some zealous party supporters celebrating on top of trucks, shouting at the top of their voices and performing all sorts of acrobatics. Do you want to have a heart attack just because someone won an election court case? Are you not the same people who will later come back and say the man has not performed to your expectations?

Last week there were demonstrations in several Nigerian states, against the high cost of living. I saw videos of elderly market women in Niger, Kano, Ogun and Lagos states, carrying placards and shouting themselves hoarse, that government must reduce the cost of foodstuff.

That is all very good because citizens must express themselves and say what worries them, especially when it is so close to the stomach, literally. However, some of the protesters were doing it so excitedly that Nigeria Cardiac Society should issue an advisory for them to take it easy. I saw a placard saying hunger kills.

That is true, but hunger probably kills more slowly than a heart attack or a stroke. The Nigerians who died watching the semi-final match, almost all of them were not hungry.

One was a prominent politician and one other was a successful businessman. So please, let us protest less zealously, so that when Federal Government opens its strategic grains reserve, we will still be around to eat the food.

At the weekend, I saw a post by a young

woman, urging all her Facebook friends to pray for her because she has semester exams coming up soon. Asking thousands of friends to pray just because of an exam, not even a WAEC, NECO or JAMB exam but one confined to the four walls of your school? I think this is one of the emotionally stressful events that NCS was talking about. Even though it is mostly young people who write exams and their hearts pump blood more powerfully than older hearts, they still need to be warned to go for checks.

To encounter a question in the examination hall from an area of your notes that you did not read could be worse than a penalty kick awarded against Nigeria in an AFCON match.

Talking about emotionally stressful events capable of triggering a cardiac arrest, there is this thing called love. In the 1990s, Time magazine did a cover story on love. It said even though no one has succeeded in properly defining it, musicians and artists will be jobless without it. Time also said something important, that falling in love has exactly the same feeling as drug addiction because both follow the same chemical pathways. In Nigeria here, millions of love letters, emails, chats, pings, voice mails, video calls and snapchats are flying everyday between young and not-so-young love birds.

Has it occurred to Nigeria Cardiac Society to warn that a single WhatsApp chat that conveys a snub to a love-struck person, could trigger cardiac arrest faster than an AFCON penalty kick? Our cardiologists should warn young women not to send snub messages without first ascertaining the health status of the recipients’ heart.

and sustained government and private sector efforts. Policy reforms, anti-corruption measures, diversification of the economy, and investments in education and infrastructure are some strategies that can contribute to economic recovery and long-term stability.

Also, targeted interventions that focus on social welfare, education, healthcare, and community development are crucial to improving the well-being of individuals and fostering resilience in the face of economic challenges. Economic hardship and poverty are the worst forms of violence against the people. They are like punishment for a crime you did not commit.

The government must create an enabling environment to confront hardship and poverty.

Franklin Roosevelt aptly posits, "The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little." And Mahatma Gandhi argued that "A nation's greatness is measured by how it treats its weakest members."

AFCON was the opium of the Nigerian masses. It has come and gone with its

glory, impact on our collective psyche, and the emotional relief it gave us during these harsh economic times. The emotional excitement about the nation is a passing mass phenomenon. It can only last long and linger afterwards if the populace feels the government has given them so much.

The excitement of a football tournament turns into heightened anger soon after the excitement blows over if there is no realistic solution to the misery. The danger lies in the government assuming that post-AFCON, if nothing realistic is done to ameliorate the economic hardship millions of Nigerians face, things will continue as normal. That may be a pipe dream. With the opium effect of AFCON gone, many Nigerians will focus on demanding an improvement in their quality and standard of living. This demand may come in ways we never anticipated, as demonstrated by the uprising in a few flashpoint areas across the country. We must not allow this to happen, for it may not portend well for Nigeria. Now is the time to "let Nigerians breathe" and avert possible doom.

THE DANGER AFTER AFCON 2023 to faraway lands seeking better economic opportunities while others are internally displaced due to insecurity and banditry .

This internal and external displacement has potential social and cultural implications for communities.

It may not have occurred to the leadership that the just concluded AFCON football tournament may have been the pause to a potential national upheaval. The emotional attachment of citizens to the game of football resonates. By the last count, as a country, we have lost not less than six persons during the Nigeria-South Africa semi-finals clash.

Citizens may have channelled their emotional reaction to the economic hardship to their passion for football.

It has been proven elsewhere that sports, in general, and football in particular, can relieve people in distress. It has put a pause in wars. It happened during World War One (1914), the Nigerian-Biafra Civil War (1968), and Côte d'Ivoire (2005). Although there is no consensus or empirical evidence yet, the love and passion for football have been an antidote to the potentially provocative reaction of Nigerian citizens to misery, anger, and hopelessness.

Psychologists have told us that football triggers a chemical known as endorphins, responsible for happiness and a relaxed mood.

It promotes social bonding, community spirit, and a sense of patriotism that can help our anxiety. Football also acts as a distractor and relieves us from stress, the type most Nigerians are going through. In fact, "Football is the ballet of the masses", as posited by Dmitri Shostakovich.

Football is more than just a game. It's about life, struggle, and the beautiful moments that relieve us from our daily concerns. To the average Nigerian, football brings out 90 minutes of pure nationalism in us. In economic challenges, sports, especially football, provides a sense of unity and joy that transcends financial worries. The beautiful football game lifts spirits, create camaraderie, and offer respite from economic anxieties. Football tournaments unite communities, fostering a sense of pride and joy that transcends economic challenges. The AFCON tournament entertained us and reminded us that, despite our differences, we can come together for a common passion.

Nigeria Super Eagles in celebratory mood

It is not the narrative of government officials nor the ingenuity of "palace jesters" that have kept the country calm in the past few weeks. With AFCON now over, it is time the government acted fast to relieve the tension in the land. If the AFCON has brought welcome distraction, its end could unleash a collective depression from the present crises of hunger and poverty. Attention will return to domestic issues. Economic and existential problems will magnify. As hunger escalates, misery reigns, and prices of essential food items surge, the government cannot misread the morbid silence enveloping the land as normal. It is not. As seen elsewhere, the anger and hopelessness associated with this situation is a natural path to popular revolt. The government can get away with impunity but not with the chronic hunger of the ordinary man drawing complementarity from the anger of the elite.

The signs that danger lurks can only be ignored by all at significant risk to the country's existence.

Addressing economic hardship requires honesty, inclusiveness, innovative thinking

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T H I S D AY ˾ ˜ ͹ͺ˜ ͺ͸ͺͼ

MONDAYSPORTS

Group Sports Editor: Duro Ikhazuagbe

Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

Hosts Côte d’Ivoire Comeback Win Deny Super Eagles Fourth AFCON Title

Duro Ikhazuagbe

Nigeria’s quest for a fourth Africa Cup of Nations title failed to materialise on Sunday night in Abidjan as hosts Côte d’Ivoire came from a goal down to beat the Super Eagles 2-1 to claim their third continental crown. Hey previously won it 1992 and 2015.

Playing before a capacity 60,000 home fans cladded in Côte d’Ivoire’s orange colour inside the magnificent Stade Olympique Alassane Ouattara in Ebimpe area of Abidjan, Nigerian on-field Captain, William Troost-Ekong headed the Super Eagles into the lead in the 38th minute. The former Watford central defender out-jumped Serge Aurier to give NIgeria the lead.

The Ivorians refused to stay down but kept on attacking Eagles with Sebastien Haller, Simon Adingra and Max Gradel the outstanding tormentor of Nigerian defence line marshaled by the pair of Semi Ajayi and Ekong in the central position. Ola Aina and Zaidu Sanusi similarly had their hands full from fire works from these Ivorians baying for blood from the left and right backs. The half ended with the lone Nigerian advantage.

However, on return from half time break, the Ivorians continued from where they stopped.

In the 62nd minute, Odilon Kossounou cracked an excellent low drive from 25 yards that was parried into corner by Nwabali.

The resultant corner kick in the 64th minute was neatly headed by Franck Kessie into the Nigerian goal for the equaliser that set the stadium with FIFA President Gianni Infantino, former Arsenal

Coach Arsene Wenger and Ivorian President Alassane Ouattara alive.

Few minutes later, Ivorian Adingra’s booming volley almost caught Nwabali napping, but was parried out.

The Elephants who dominated play, having over 60 per cent ball possession for the most part of the game, went on the offensive deep into the match.

The hosts shot into the lead in

the 81st minute with Haller netting the winner from an Adingra cross.

Haller lifted his right foot above Ekong’s waist to side-tap the ball far beyond Nwabali’s reach.

In desperate search for equaliser, Nigerian coach pulled out Alex Iwobi for Alhassan Yusuf. Ademola Lookman also got substituted

by Kelechi Iheanacho while Joe Aribo also came in for Zaidu Sanusi. Terem Moffi completed

the substitution replacing Frank Onyeka.

In the dying minutes, all attempts by Nigeria’s attack to drag the game into extra time failed.

It was a fitting end for the hosts who almost crashed out of the tournament at the group stage but got lifeline from Morocco. They qualified for the knockout round as one of the four best third placed teams from the group stage.

Earlier in the third place match on Saturday, Ronwen Williams was the hero once more as South Africa’s Bafana Bafana defeated DR Congo 6-5 in penalty shootouts to pick the bronze.

The victory was South Africa’s best outing in the tournament in 24 years.

First, DR Congo captain Chancel Mbemba had the chance to win it, only for Williams to block, before

Meshack Elia's penalty was also saved.

The game, which ended goalless, went straight to penalties after 90 minutes.

After losing their semi-final to Nigeria on spot-kicks, South Africa became the first team to play three straight AFCON shootouts after Williams had saved four penalties in the quarter-final win against Cape Verde.

Côte d’Ivoire players and officials celebrating winning the 2023 AFCON with their President Alassane Outtara holding the trophy ...last night in Abidjan

FG, Gov Mbah Hail Super Eagles for Impressive Outing in Côte d’Ivoire Olawale Ajimotokan in Abuja

The Federal Government of Nigeria has congratulated the players, coaches and officials of the Super Eagles for reaching the finals of the 2023 African Cup of Nations. ]The team lost 2-1 to Côte d’Ivoire in the final played in Abidjan on Sunday. ]A statement by Minister of Information and Culture, Mohammad Idris commended

the players, saying they went to Côte d’Ivoire, flew the national flag high and fought their way to the finals. ]"Even though we all hoped for a win, and our first AFCON trophy in a decade, it didn’t quite happen that way. ]"We believed in you all the way to this stage, and we continue to believe in you. We know that the best is yet to come. We will try again," Idris said. ]He added that President Bola

Ahmed Tinubu and 200 million Nigerians appreciated their efforts. ]"That we got to the final for the first time since 2013 proves that nothing shall be impossible for Nigeria when we are united as one nation behind one purpose under God". ]Similarly, Governor of Enugu State, Dr. Peter Mbah, commended

the Super Eagles of Nigeria for their good showing at the AFCON 2023, ]where they lost 1-2 to the host nation, Cote d’Ivoire, in the final match last night,saying they made the nation proud nevertheless. ]He urged the players to hold their heads high despite the defeat in the final because nobody gave

them the chance to reach the final when the tournament kicked off on January 13. ]“Not many people gave the Super Eagles any chance going into the tournament, but they surged all the way to the final. ]“The exploits of the Super Eagles underscores what we can achieve as a nation when

we stand together as we have done for weeks that the tournament lasted; and it is my hope that the largely young national team builds on the successes of the tournament, and that as a nation we build on the national concord and purpose displayed in the course of AFCON 2023,” he concluded.

Ekong Named 2023 AFCON Player of Tournament

Saraki Awards Scholarship Eagles pocket $4m as beaten finalists to Children of Late KWASU Deputy Bursar Idia Royal Crowned South-south A F C O N 2 0 2 3 FA L LO U T Female Cricket Champions Hammed Shittu in Ilorin

Former Senate President, Dr Abubakar Bukola Saraki, at the weekend announced scholarship awards to two children of the late Deputy Bursar, Kwara State University, Malete, Alhaji Abdullahi Ayuba Olaitan.

The late Deputy Bursar died last Wednesday night while watching the AFCON semifinal match between Nigeria and South Africa.

The deceased, a devoted Muslim has since been buried according to Islamic rites in Ilorin.

A statement issued in Ilorin signed by Saraki's Press Officer on Local Matters, Mr. Abdulganiyu Abdulqadir, said the announcement was made on Saturday during the Fidau prayer organised

for the deceased at his residence in Ilorin.

Speaking at the Fidau prayer, Alhaji Ishola Balogun Fulani who led Saraki's delegation to the gathering, condoled with the family of the deceased, charging them to bear the loss as the will of Allah.

Saraki, who expressed sympathy over the unfortunate incident pledged to be of support to the bereaved family by awarding scholarships to two children of the departed.

Dr Saraki, admonished the family to take heart and accept it as the will of Allah, just as he assured of his support always.

He prayed to Allah to grant the late Abdulahi Aljannah Firdaus, and the family, the fortitude to bear the loss.

William Ekong was tonight named the Player of the 2023 AFCON. The PAOK defender was outstanding throughout the tournament as he marshaled the meanest defence that only conceded two goals leading up to the Final.

He scored three goals including the opening goal in the AFCON Final.

It was a well deserved award.

South Africa’s Ronwen Williams was named Goalkeeper of the Tournament, while Emilio Nsue of Equatorial Guinea scooped the Golden Boot after scoring five goals.

Meanwhile, Super Eagles received $4million as beaten finalist at the 2023 Africa Cup of Nations which climaxed with Côte d’Ivoire as champions last night in Abidjan.

The Elephants were rewarded with $7million as champions by the Confederation of African Football (CAF).

Super Eagles players would have been been $87,500 (more than 130 Million Naira) richer in match bonuses if they had won the 2023 AFCON Final against hosts Cote d’Ivoire.

Each player would have received $30,000 as win-bonus if they had beaten Cote d’Ivoire to record Nigeria’s fourth AFCON title.

They each received $15,000 for beating South Africa in the semifinal.

For getting past both the group

stage and Round of 16, they got $30,000 each and another $12,500 each for going past Angola in the quarterfinal.

Idia Royals Female Cricket Club of Benin City defeated Smashers CC of Uyo by seven wickets to win the 2024 South-south Female Cricket League in Benin City yesterday.

National team player, Favour Eseigbe led Idia Royals to beat Pathfinders Cricket Club in the first Semi-final of the Super Four series on Saturday by one run to secure a spot in the finals. Smashers CC also subdued Adolo Amazon to get the second ticket for the dramatic finals.

Vice Chairman of Edo State Cricket Association, Barrister Abraham Oviawe said the emergence of a new winner of the event shows the level of competitiveness that the event

has attracted.

“It is very impressive to see the quality of talent that this event has unearthed in just three editions.

Many of the teams now work hard to develop their players and not depend on the established names.”

The first two edition winners were Ekpoma Supernovas and Smashers Cricket Club respectively.

Smashers CC’s Salome Sunday won the batter of the series with 47 runs in the Super Four, while Unwana Moses of Pathfinder was the bowler of the series. Esther Sandy also of Smashers was named the fielder of the series while Piety Lucky was awarded the Most Valuable Player of the series.

Eight teams took part in the third edition of the South-South Female Cricket League with four teams qualifying for the Super Four phase of the league.

Uyi Akpata, Chairman of the Edo State Cricket Association, who also doubles as the President of Nigeria Cricket Federation has said the league which is the only female Cricket League in this part of Africa has been one of the key elements driving the development of female cricket on the continent.

“The league is one of the major events. We appreciate all the support from the government and coaches that make it work.

This league holds the key to our development,” he concluded

Monday, February 12, 2024

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Price: N400

MISSILE Sule Lamido to APC “In Nigeria today, the hardship is so unbearable that tales of 'early warnings' are manifesting all over the country. In Lagos and Minna, women are demonstrating over the high cost of living. Women in Plateau State are demonstrating the cost of their favourite local brew called 'burkutu'. Above all, there is hunger everywhere and people are starving" –Former Jigawa State Governor, Sule Lamido, warning the ruling party not to allow the growing anger, discontent to reach volatile point.

MAHMUDJEGA Is Football the Only Killer?

VIEW FROM THE GALLERY

D

eadlines dictatorially set by editors for the submission of column articles made it compulsory for me to finish this write up many hours before the Super Eagles took to the pitch against the Elephants of Cote D’Ivoire for the AFCON final match last night.

Which, come to think of it, was thoughtful of the editor because there was no knowing who will still be alive after the final whistle to write any column article.

There were only two possibilities. This morning, millions of Nigerians will either be inebriated after an all-night street party celebrating the Super Eagles’ win of the Cup of Nations for the first time since 2013, or they will be wearing mournful looks in offices, schools, banking halls, construction sites, police stations and in the streets after the Eagles failed to fly. Statisticians say that when a fair-sided coin is tossed in the air, the probability that it will land head or tail is Tinubu exactly fifty fifty. “Fair-sided” is an important catch because I remember an old Indian film bet by tossing a coin. One friend, who always that I once watched after sneaking out of the chose head, always won the bet. It was only school compound. Two friends regularly had a when he died, and the mate retrieved the coin

from his pocket, that he saw why his mate always won: both sides of the coin were head!

A football match is not a fair-sided coin. There is such a thing as “giant killers” in football.

Such as, during the 2002 World Cup finals opening match in Tokyo when Senegal defeated defending champions France. Dakar streets exploded in wild celebration. Our “giant-killer” moment was the 1996 Olympics football semifinal match in Atlanta when Nigeria’s team defeated Brazil. There never was a spontaneous public celebration quite like it in this country.

In every city, town and village, men, women and children poured into the streets in all-night celebration. Two days later I saw on CNN that wild celebration took place not only in Nigeria but throughout black Africa. Including, curiously, in Cameroonian towns, even though we were virtually at war with that country at the time over ownership of the Bakassi peninsula. We Black Africans did what our Black American cousins did in 1937 when the Brown Bomber Joe Louis knocked out James Braddock to clinch the World Heavyweight boxing title.

What we don’t even know is, who will be

alive this morning to either celebrate or to mourn after last night’s grand finale. Why because, a day before the match, Nigeria Cardiac Society [NCS] warned Nigerians to be vigilant about their cardiovascular health and “avoid sports and other emotional events that can trigger arrhythmias, heart attacks and stroke in those with underlying heart conditions.”

I can see why NCS issued that warning.

Following the Super Eagles’ squeaker of a victory in the AFCON semifinals on Wednesday after penalty shoot-outs, stories soon followed of the sudden deaths of many Nigerians, including the PDP chieftain Cairo Ojougboh, a Youth Corper in Taraba and a prominent Nigerian businessman in Cote D’Ivoire. One of them was said to have slumped and died when a last-minute penalty kick was awarded against Nigeria.

NCS President Prof. Augustine Odili said in a statement, “Several reports have documented a very high prevalence of many cardiovascular risk factors including obesity, metabolic syndrome, smoking including passive Continued on page 46

DAKUKUPETERSIDE The Danger After AFCON 2023 BENEATH THE SURFACE

M

ost Nigerians are tense and not at ease. The reasons are plausible. The scourge of hunger, spiralling inflation, insecurity, and a sense that the country is in distress stares us all. The cumulative effect of these is anger in the land. A combination of hunger and anger is a time bomb. It is the emotional underpinning of every populist revolt.

There is absolutely nothing a hungry and angry man or woman cannot do. The signs are self-evident that the product of hunger and anger is upheaval. Ask the residents of Minna, Suleija, Kano and most recently Osogbo. They took to the streets last week to register their frustrations and distress on the level of hunger in Nigeria. Other cities may follow suit if the government does not respond promptly and concretely.

Nigerian workers represented by the Nigeria Labour Congress (NLC) and the

Trade Union Congress (TUC) have already given the federal government two weeks to implement policies that will reduce the impact of the government's economic policies on citizens.

The NLC and TUC said they are concerned about the "non-implementation of the 16-point agreement reached with the Federal Government on October 2, 2023."

"These agreements which were reached with the federal government were focused on addressing the massive suffering and the general harsh socioeconomic conditions prevalent in the land," they added.

Labour further acknowledged the fact that widespread hunger is now ravishing millions of Nigerians, with the workers' purchasing power significantly eroded, while insecurity has assumed an increasing dimension.

These harsh economic realities have widespread social implications, including increased crime rates and social unrest. We have increased poverty levels, making it difficult for individuals and families to meet

their basic needs. Many people struggle to afford necessities such as food, shelter, healthcare, and education.

Nigeria's economic hardship exacerbates existing social disparities. Vulnerable groups, such as women, children, and older people, are disproportionately affected. These demographics face increased challenges in accessing resources and opportunities causing significant psychological toll on individuals. Anxiety, stress, and mental health issues are becoming more prevalent as people grapple with financial uncertainty and the challenges of making ends meet. This hardship strains social cohesion, increasing community tensions and contributing to social unrest or conflict as people express frustration over economic inequalities and lack of opportunities. Traditional community support systems have become strained as individuals and families face economic difficulties. Networks that once provided a safety net may find it challenging to cope with increased demands for assistance.

This economic uncertainty is negatively affecting investor confidence. Foreign and domestic investors are increasingly hesitant to invest in Nigeria despite the effort of the current government to woo them .

This lack of foreign direct investment and local investments has led to a slowdown in economic growth. We are experiencing one of the worst exchange rate fluctuations in our history. Within one year, the exchange rate has increased by about 200%, which has devastated businesses, particularly those reliant on imported goods and services, and foreign investors considering the Nigerian market.

Small businesses, which often form the backbone of many economies, face closure or reduced operations due to economic challenges. This directly impacts entrepreneurs and employees, leading to financial insecurity. And migration patterns are changing as many are either 'japaing' Continued on page 46

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