THURSDAY 10TH FEBRUARY 2022 by THISDAY Newspapers Ltd

Nigeria Missing as EU Plans $22.7 billion Transport Network, Other Projects Across Africa Project to rival China in infrastructure financing on continent

Emmanuel Addeh in Abuja with agency report The European Union (EU) is

working on a €20 billion ($22.7 billion) financing package to support African transport networks, as well as energy,

digital, education and health projects to counter China’s reach in the continent. Member states, a Bloomberg

report disclosed, however, have yet to commit to financing the infrastructure plans, according to officials familiar with the

discussions. The bloc’s plan includes strategic corridors, international submarine cables, new energy

interconnections, and investments in renewable sources in Senegal, Continued on page 55

Buhari, Jonathan, Northern Govs, Obaigbena, Others Condole Tambuwal, Sultan, over Magajin Garin’s Death... Pg 56 Monday 14 February, 2022 Vol 27. No 9806. Price: N250

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Lawan to Sanwo-Olu: You Have Done Well, Says ‘One Good Term Deserves Another’... Page 56

Emeﬁele Targets 10% Increase in Agriculture Funding by 2024 Says $2bn disbursed to over 3 million farmers Elumelu: Private sector pools N100bn to stem insecurity James Emejo in Abuja The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has predicted

10 per cent increase in credit to the agricultural sector over the next two years. He also said about $2 billion out of about $2.5 billion,

earmarked for key initiatives in the manufacturing, mining and agriculture, services sectors had been disbursed to over three million farmers cultivating over

4.7 million hectares of arable land in the 36 States and the Federal Capital Territory (FCT) under the Anchors Borrowers' Programme (ABP).

Speaking at a dinner session with the board of the United Bank for Africa (UBA) in Abuja over the weekend, he noted that over 80 per cent of the

fund was targeted at the agricultural sector. Also, the Chairman, UBA Continued on page 55

Lai Mohammed Berates Canada’s Double Standard over Protest See story on page 55

ON VALENTINE’S DAY, THESE COUPLES LEAD WITH LOVE

Buhari and Aisha: Love in all the rooms

Yemi and Dolapo Osinbajo: Consistently in love

Story on page 55

Babajide and Ibijoke Sanwo-olu: Love that endures

PDP, APC Even Out at FCT Council Poll as INEC Moves to Review BVAS... Page 59

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MONDAY FEBRUARY 14, 2022 • T H I S D AY

MONDAY FEBRUARY 14, 2022 •T H I S D AY

MONDAY FEBRUARY 14, 2022 • T H I S D AY

MONDAY FEBRUARY 14, 2022 •T H I S D AY

MONDAY FEBRUARY 14, 2022 • T H I S D AY

MONDAY FEBRUARY 14, 2022 •T H I S D AY

MONDAY FEBRUARY 14, 2022 • T H I S D AY

MONDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

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

WALK DOWN THE AISLE... L-R: Former Lagos State Commissioner of Police and Parents of bride, AIG Imohimi Edgal (rtd) and Mrs. Mary Edgal; the newlywed Couple, Dr. Lucky Wodausacaro Ayikimi and former Miss. Stephanie Omolua Edgal; Special guest and the former Lagos State Governor, Mr. Akinwunmi Ambode; his wife, Bolanle, at the couple's wedding ceremony, held in Lagos... Saturday

FG Commences Work on 21 Roads Earmarked for NNPC’s N621bn Funds It’s impossible to hijack monies allocated under scheme, insists works ministry

Emmanuel Addeh in Abuja The federal government has begun work on the 21 roads for which N621 billion was recently earmarked by the Nigerian National Petroleum Company (NNPC) under the Tax Credit Scheme (TCS). The implementation of the scheme coincided with a statement by the Ministry of Works led by Mr. Babatunde Fashola, that contrary to the position of some workers’ union, the programme was being run in such a way that it’s not possible to hijack the funds. Petroleum Tanker Drivers (PTD) had last week alleged that the monies for the rehabilitation of the 21 critical road infrastructure in the country had been hijacked by politicians and persons in the concerned ministry. Speaking during a press briefing in Abuja, National Chairman of the PTD, Mr Salmon Oladiti, told journalists that some persons were bent on frustrating the repairs programme as agreed by the stakeholders.

Also, the Nigerian Association of Road Transport Owners (NARTO), in a separate briefing, had urged Fashola to speed up the awards of the contracts and, “exercise extreme care in the supervision, monitoring and payment so as to ensure value for money in contract execution.” “This has become imperative to avoid substandard or poor work execution. In fact, we recommend that a committee comprising stakeholders should be set up to help in the supervision and monitoring exercise to ensure speedy completion of the work before the rainy season,” NARTO National President, Yusuf Othman, had also stated. The NNPC is financing the programme through the Road Infrastructure Tax Credit Scheme in collaboration with the federal ministry of works and housing and the Federal Inland Revenue Service (FIRS). But speaking at the weekend during the inspection of the ongoing work on the SulejaMinna highway, Phase I and II; and the reconstruction of

Lambata -Lapai-Bida road in Niger State which are among the roads to be financed under the scheme, Director, Highways Construction and Rehabilitation, Mr Folorunso Esan, stated that work had since started on the roads. Esan said that adequate funds had been released to the contractors through the governance process established to ensure prompt delivery of the

road projects, adding that no contractor had any reason not to deliver as scheduled. The ministry clarified that given the governance process put in place for the scheme, it was impossible for the ministry officials or any other person to “hijack” the funds for any other purpose as was recently alleged. It also noted that with many of the construction companies just resuming from the yuletide break,

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari over the failure to publish the terms and conditions of the agreement, which the federal government recently signed with Twitter Inc. before the lifting the ban on the microblogging and social networking service in Nigeria. Joined in the suit, as respondent, was Minister of Information and Culture, Alhaji Lai Mohammed. The federal government had in January lifted the suspension of Twitter operation in Nigeria, stating, “Twitter has agreed to act with a respectful acknowledgement of Nigerian laws and the national culture

and history.” But in the suit, FHC/L/ CS/238/2022, filed last Friday, at the Federal High Court, Lagos, SERAP asked the court to direct and compel Buhari and Mohammed to release and widely publish copy of the agreement with Twitter, and the terms and conditions of any such agreement. In the suit, SERAP argued that it was in the interest of justice to grant the application, saying publishing the agreement would enable Nigerians to scrutinise it, seek legal remedies as appropriate and ensure that the conditions for lifting the suspension of Twitter were not used as pretexts to suppress legitimate discourse. SERAP while noting that the minister responded to its freedom of information request, however

with acceptable standard. He pleaded with road users, especially truck drivers to be patient with the government and construction workers as they ply the roads while construction work is going on. “We are expecting that before the rainy season, all the challenging spots will be addressed so that the outcry from the truck and tanker drivers will not be there,” he added.

FAAN Remits N16.7bn to Federation Account, Rehabilitates Lagos Terminal Chinedu Eze The Federal Airports Authority of Nigeria (FAAN) said it remitted N16.7 billion to the Federation Account last year. The agency also revealed that in order to reduce congestion at the Lagos airport’s domestic terminal, it had almost completed work on its expansion. Speaking during a joint working

visit of the Senate and House Committee on Aviation, led by Senator Smart Adeyemi and Nnolim Nnaji, respectively, at FAAN’s headquarters in Lagos, at the weekend, Managing Director of the agency, Captain Rabiu Yadudu, disclosed that FAAN proposed a revenue budget of N188 billion for 2022, an increase of 50.4 per cent, compared to 2021, which was N125.4 billion.

SERAP Sues Buhari, Lai over Failure to Publish Agreement with Twitter Udora Orizu in Abuja

work had resumed on the sites, with earth works progressing. He disclosed that the inspection team was among others reasons, on site to prevail on the contractors to accelerate work to ensure early completion and delivery of the roads. Esan said the ministry would carry out the appropriate tests to determine the quality and the durability of the construction work to ensure compliance

said his response was completely unsatisfactory, as he merely stated that the details were in the public space, without sending a copy of the agreement as requested. The suit filed on behalf of SERAP by its lawyers Kolawole Oluwadare and Opeyemi Owolabi, read in part, “Nigerians are entitled to their human rights, such as the rights to freedom of expression, access to information, privacy, peaceful assembly and association, as well as public participation both offline and online. “The operation and enforcement of the agreement may be based on broadly worded restrictive laws, which may be used as pretexts to suppress legitimate discourse, interfere with online privacy, and deter

the exercise of freedom of opinion and expression. “The statement by the federal government announcing the lifting of the suspension of Twitter after seven months used overly broad terms and phrases like ‘prohibited publication’, ‘Nigerian laws’, ‘national culture and history.’ These open-ended terms and phrases may be used to suppress legitimate exercise of human rights online. Any agreement with social media companies must not be used as a ploy to tighten governmental control over access to the internet, monitor internet activity, or to increase online censorship and the capacity of the government to restrict legitimate online content, contrary to standards on freedom of expression and privacy.

Yadudu said though FAAN had no operating surplus, in December 2021, it remitted N16.7 billion to the Federation Account as contribution to the Consolidated Revenue Fund, despite the effect of the COVID-19 pandemic during the period. He added that the agency had shifted its focus from the aeronautical sources of revenue to the non-aeronautical, in order improve its revenue performance. In order to reduce traffic congestion at the Lagos airport’s domestic terminal, known as General Aviation Terminal (GAT), he said the agency had started rehabilitation of the facilities, which were already at 98 per cent completion, and targeted that the expansion arm would go into operation by the end of March. Yadudu said recovery to pre-COVID levels in its revenue expectation might take about three to four years, saying the effect of the pandemic would likely be felt till 2024. He said, “At the moment, passenger traffic is still about 56 per cent of pre-COVID-19 traffic. Nonetheless, the year 2021 was a better year when compared with 2020.” Yadudu also said the authority was still faced with the challenge of debt recovery, especially debts owed by Arik Air, which he said was a significant portion of the agency’s debt portfolio. He said henceforth, sanctions would be imposed for non-payment of various services rendered to private airport terminals. The managing director stated, "The authority is taking steps to terminate non-performing concession

agreements and engage new concessionaires. We hope to make significant progress before the end of the second quarter. Car parks automation at the various airports is presently going on, before the end of the year we should have achieved a great result. "We commend the effort of the committees on aviation with respect to intervention so far in the recovery of Arik debts, inherited by the Asset Management Corporation of Nigeria (AMCON). However, we need further assistance to bring the issue to a logical conclusion as the huge debts are still outstanding.” Earlier, during a visit to the Nigerian Civil Aviation Authority (NCAA), the joint committee expressed disappointment with the domestic airlines for incessant flight delays and said the National Assembly would soon come up with legislation that would empower the NCAA to grant permits to willing foreign airlines to carry out domestic operations. Adeyemi said domestic operators did not care about the effects of protracted flight delays and cancellations on passengers. He also said airlines’ performances recorded with NCAA would be released to the public with a caveat on their health statuses. Responding, Director General of NCAA, Capt. Musa Nuhu, said the complaints by the legislators against domestic operators were well founded and pledged that, henceforth, the agency would be firmer on infractions by the airlines, especially those relating to consumer abuse.

MONDAY FEBRUARY 14, 2022 • T H I S D AY

MONDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

VOYAGE FROM OBSCURITY... L-R: Senator representing Edo South Senatorial District, Senator Mathew Urhoghide; Managing Director, Shell Petroleum Development Company of Nigeria Ltd (SPDC), Osagie Okunbor; Edo State Governor, Mr. Godwin Obaseki; former Edo State Governor, Chief Lucky Igbinedion; former Managing Director, Nigerian Port Authority, Chief Adebayo Sarumi, and Engr. Greg Ogbeifun, during the launch of Ogbeifun's book, titled ‘Not Always Easy: My Voyage from Obscurity,’ in Benin City…recently

FG Takes Delivery of 15 World Bank-funded Power Transformers New assets to aid transmission of 1,487mw

Emmanuel Addeh in Abuja The federal government through the Transmission Company of Nigeria, TCN, yesterday announced that it had taken delivery of 15 brand new power

transformers through the Apapa Port, Lagos. The transformers, it stated, comprise 10 60MVA 132/33kV and five 150MVA 330/132kVcapacity facilities and were delivered to TCN Central Store

in Ojo, Lagos State, for onward delivery to various TCN project sites nationwide. A statement by the General Manager Public Affairs of the federal government-owned entity, Ndidi Mbah, quoted the Acting

Managing Director, TCN, Sule Abdulaziz, as disclosing that the contract for the supply of the transformers under the Nigerian Electricity Transmission Project (NETAP) was funded by the World Bank.

CPPE Hails CBN’s Move to Improve FX Supply Cautions against stopping forex sales to banks Dike Onwuamaeze The Centre for the Promotion of Private Enterprise (CPPE) has hailed the latest initiative of the Bankers Committee and the Central Bank of Nigeria (CBN) to deepen the supply side of the foreign exchange market through the RT200 as welcomed initiative. An Economist and Chief Executive Officer of the CPPE, Dr. Muda Yusuf, said yesterday in a statement that the RT 200, which “seeks to attract $200 billion inflow exclusively from non-oil exports over the next three to five years is a laudable aspiration even though ambitious.” The CPPE, which is a business and economic advocacy thinktank, noted with commendation the five key anchors of the policy, which are value adding export facility, non-oil commodity expansion facility, non-oil export rebate scheme, non-oil export terminal financing and bi-annual non-oil export summit. Yusuf added: “The CPPE commends the new focus of the CBN on supply side strategy. The reality is that supply side policies are even more critical and impactful than demand management interventions in the foreign exchange market. “Over the last couple of years, the CBN has been fixated on managing the demand side of the foreign exchange market and the outcomes have been suboptimal.” He, however, drew the attention of the bankers’ committee and the CBN to what he termed the critical success factors for the RT 200 initiative. One of these critical factors, according to him, was that the

structural issues vital for driving the growth and competitiveness of non-oil exports were not within the limits of the CBN or the bankers committee but within the domain of the fiscal authority. He said: “The fiscal authorities have much bigger roles to play in fixing the structural constraints which have been impeding non-oil exports productivity and competitiveness for decades. Therefore, collaboration with fiscal authorities is a critical success factor for the realisation of the RT 200 outcomes. “It is impossible to clap with one hand. Complementarity between the fiscal and monetary authorities is therefore imperative for the success of this scheme.” He also pointed out that the current pricing regime on the importers and exporters’ (I & E) window of the CBN’s forex market was at variance with the objectives of the RT 200 and would be, “a major impediment to the achievement of the race to $200 billion export proceeds vision. Exporters are currently not encouraged to remit export proceeds at the current official rate of N416/$. It is a pricing regime that inherently penalises exporters and it is a major demotivating factor to investment in the non-oil export sector. “Therefore, the CBN should take urgent steps to ensure that the exchange rate regime in the I&E window is market reflective. The pricing regime should be flexible and reflect the demand and supply dynamics. This is the biggest incentive that the apex bank can give to the non-oil export sector. It will be more impactful than any rebate that the CBN could be

contemplating.” He, therefore, called for the relaxation of regulations around export proceeds in the spirit of the RT 200. Yusuf said: “Exporters must be able to sell their proceeds at a mutually agreed exchange rate to either the banks, importers or the BDCs as the case may be. The apex bank should institute a willing buyer-willing seller framework for export proceeds.” He, however, cautioned the central bank to be wary of stopping the sales of foreign exchange to commercial banks. Yusuf said: “The CPPE would like to caution that the apex

bank should rigorously think through this proposition before implementation because of the likely systemic shocks, business disruptions, macroeconomic dislocations and weakening of investors’ confidence. A much deeper and robust I & E forex window should be in place before the CBN can contemplate a termination of its forex market interventions.” Yusuf also called on the central bank to expand the scope of its new the forex supply strategies and incentives to cover other sources of foreign exchange inflows into the economy.

However, the statement added that the TCN will decide on the project sites the transformers will be deployed. He informed that on installation and connection to the grid, the 10 60MVA 132/33kV power transformers and the five 150MVA 330/132kV transformers will add 637MW and 850MW respectively to the transmission network. Consequently, it noted that this will increase the total capacity of the transmission system by 1,487MW while ensuring “N-1 reliability criteria” in the substations, which is strategic in enhancing grid stability. Abdulaziz noted that earlier in August last year, the World Bank also funded transformer supply contracts which brought in 10 60MVA132/33kV transformers and 25 “earthing” transformers. Out of the 10, he noted that five 60MVA transformers, were installed in Karu and Gombe substations, two are currently being installed in Kano and one in Lagos State. “This is the first time in the history of TCN that it took delivery of large numbers of

transformers within a short period. “These are milestone achievements for TCN, as it strives to implement its shortterm development plan under the Nigerian Electricity Grid Maintenance, Expansion and Rehabilitation Programme (NEGMERP). “ The World Bank-sponsored NETAP project is only one of the TCN donor-funded projects aimed at expanding the transmission grid, while also prioritising maintenance of the existing transmission infrastructures” he added. According to him, the TCN is equally executing several projects funded by the Agence Français de Développement (AFD). On the other hand, Abdulaziz noted that processes for projects funded by the African Development Bank (AfDB) were progressing very fast and TCN will soon sign contracts for 330kV & 132kV substations. “Meanwhile, the procurement of consultants for projects funded by the Japan International Cooperation Agency (JICA), will soon commence,” TCN assured.

FG Ramps Up Disbursement of CBN’s N140bn Solar Intervention Fund

Stakeholders applaud move, say it will close electricity poverty in rural areas

Emmanuel Addeh in Abuja The federal government is ramping up the disbursement of the N140 billion solar intervention fund, a facility by the Central Bank of Nigeria (CBN) to close the huge energy gap, especially in Nigeria’s rural communities. In the last quarter of 2020, the CBN had introduced the fund that would offer obligors access to a credit facility that would not exceed a maximum of N500 million, with the aim of providing affordable mini-grid solutions to rural dwellers. The apex bank posited that the pathways to energy access, financial inclusion and poverty reduction were closely linked and required rapid scale of pay-as-you-go off-grid technologies that would create a $2

billion annual market opportunity. To support the economic recovery in response to the COVID-19 pandemic, the CBN said the federal government launched the initiative as part of the Economic Sustainability Plan (ESP) to achieve the rollout of 5 million new solar-based connections. According to the CBN, the solar connection scheme aims to expand energy access to 25 million individuals (five million new connections) through the provision of solar home systems or connection to a mini-grid. Stakeholders who spoke on the matter, stated that proper implementation of the fund was capable of lifting many underserved communities from poverty, especially in the use of the deployment of energy uses in agriculture.

Executive Director, Rural Electrification Fund (REF), Sanusi Ohiare, said government had been working and making remarkable progress through the N140 billion CBN fund. He stressed that the whole idea was to encourage local developers in the renewable energy industry to up their game, confirming that a number of developers had already benefitted from the funds. “The loans, in naira denominated fund, have been an issue because by getting funds outside the country, it comes with foreign exchange problems. “We have already disbursed to a few developers and we are hoping that going forward, we can scale up the disbursement so that we can manufacture renewable

energy components and provide electricity through mini-grids and solar,” he said. In his intervention, Special Adviser to the President on Infrastructure, Ahmad Zakari, assured that off-grid power would experience massive progress this year, adding that the Rural Electrification Agency (REA) would fast track the plan. He said: “The NSIA just announced a N10 billion intervention under solar power Naija and we see solar off-grid connections moving towards new peaks as financing is crowded in through Solar Power Naija and other REA programmes with critical development finance institutions.

NOTE: Read full story online at www.thisdayonline.com

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T H I S D AY • MONDAY, FEBRUARY 14, 2022

COMMENT

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

DISRUPTIVE LEADERSHIP AND THE 2023 ELECTIONS Samuel Akpobome Orovwuje canvasses support for purpose-driven and broadminded leadership

“Each time a man stands up for an ideal, or acts to improve the lot of others, he sends forth a tiny ripple of hope … which can sweep down the mightiest walls of oppression and resistance.” Robert F. Kennedy

s the build-up to the 2023 general elections heightens, we must interrogate the ethno-centric and parochial leadership selection patterns of the treacherous political class and the usual game of empty promises.

This article aims at provoking an understanding of the contemporary disruptive leadership thinking ecosystem and to reflect on the critical milestones for emancipatory and normative citizens’ consensus for democratic reform and national cohesion. Citizens’ engagement is required for the turnaround of the republic, where equity and justice are a common denominator for nation-building. Undeniably, the political geography of chaos and leadership mismatch is already dominating newspaper headlines and television shows today – be it the abysmal APC, jesting opposition party (the PDP), or the irrational and treacherous ninth National Assembly (vis-à-vis the 2021 Electoral Bill conundrum). These are all besides the challenges of insecurity, fuel subsidy quagmire, Igbo presidency, which are further proofs of symptoms of the fragility of the Nigerian state. Genuine citizens’ consensus is germane; so, too, is disruptive leadership thinking, which not only shapes whether a new set of purposedriven leaders will emerge but is also intentional about paradigm and sustainable mind shift. A challenger leadership attitude is required to recalibrate the state capture of power and resources for meaningful development and progress. Disruptive leadership thinking begins with a strong, emancipatory and national dialogue project which seeks to challenge and recapture the Nigerian state from the ludicrousness of unrepentant political jobbers and their collaborators. Remarkably, the leadership skills set of character, competence and capacity can guarantee the best outcomes for the 2023 general elections. More importantly, we must move away from the primordial turn-by-turn disposition that has deprived us as a people of genuine representation and authentic nation-building dialogue. The citizens’ consensus framework and mindset shift must interrogate past actions and current political office holders’ aspirations beyond ethnic, religious and political party lines and declarations of intent. The debate must begin with the forensic audit of sources of wealth and campaign funding. What do the presidential candidates have to offer? What do the national development strategy and manifesto of each candidate look like? What do they include? Are the strategies evidencebased? Does each candidate have a strategy? What are the indicators of project deliverables, activities, milestones and means of verification of each year outside bureaucratic channels? What are the interconnections between state revenue and expenditure framework? What are the candidates’ credentials for global political engineering and international diplomacy? Citizens’ spotlights and questions on agenda-setting for the 2023 general elections should be based on strong leadership, stakeholder engagement knowledge, sound people and management experience, and technical skills on public and digital diplomacy with various ethnic nationalities, civil society, media, local and state governments, the private sector, and other genuine stakeholders in the Nigerian project.

THE LEADERSHIP SKILLS SET OF CHARACTER, COMPETENCE AND CAPACITY CAN GUARANTEE THE BEST OUTCOMES FOR THE 2023 GENERAL ELECTIONS

Furthermore, making debates key to electioneering and ensuring parties re-orient candidates’ selection and recruitment processes help to safeguard democracy and social justice. Consequently, presidential candidates must have an independent and clear frame of mind. This is necessary to manage diversity and shape transformational national programmes, ensure national healing and forgiveness mechanisms by leveraging on international governance best practices. As citizens, it is imperative that we canvass for and support a presidential candidate that can ensure openness, listen to businesses, invest in education and skills, import ideas and talent, and learn from the other progressive jurisdictions, particularly the East Asian experience, in order to leapfrog development and governance. It is instructive to note that East Asian countries had, similar to ours, trajectories of natural resources endowments, ethnic disunity, frail institutions, weak democracy, subsistence agriculture and the negative legacy of commodity and colonial exploitation, but they were able to overcome the challenges to build a virile nation. Overall, the most significant approach that should shape citizens’ conversations for the 2023 general elections is a strategy of clear guiding principles, with focus on truth telling for the reconciliation of the country. Ceaselessly, the Office of the Citizen has become commanding in the disruptive leadership thinking ecosystem and it is the pathway forward to a sustainable social contract, transparency and accountability. Moreover, underpinning the seriousness of a national agenda and mind shift is that citizens should make social justice a key pillar in their engagements with the presidential candidates and act as accountability partners in the governance process whilst the president is in office. While paid publicists and other media strategists are selling their candidates through the media (traditional and social), the relevance of the press in the emergence of a credible leader cannot be overemphasised. The media must take up the obligation of self-censorship, social responsibility and accountability to the people. They must act as strategic gate-keepers by examining those offering themselves for the office of the president. Journalists and media handlers must remain independent of political interferences. Finding the balance between generating revenue from politicians while holding onto the well-established journalistic standards and maintaining editorial independence has become imperative for credible leadership recruitment for the general elections. Sadly, the media scan and content analyses of those for and against some of the candidates in the last few weeks are provokingly worrisome. The power of media owners and editorial slants must also be interrogated to determine what is factual in this era of fake news and misinformation. The political class must respect the rule of law and the electoral process. The president must speedily assent to Electoral Amendment bill in the interest of the common good. As citizens, we must join hands to exchange ideas on the current political climate ahead of the 2023 general elections, and help promote free, fair and credible elections by prioritising disruptive leadership thinking to reset the country on the path of progress. Let a new age dawn! Orovwuje is Founder Humanitarian Care for Displaced Persons, Lagos

A TOAST FOR NYESOM WIKE

The Rivers State governor is committed to the public good, writes Suleiman Abubakar

or a new generation of leaders to manage all the developmental challenges confronting us as a people, we as a people must reinvent the will and consciously enthrone courageous leadership that can speak to the issues. After President Buhari’s colourless leadership driven by nepotism and selective amnesia, we truly need a pan-Nigerian mind that can stimulate dialogue and national conversation to rally round all the centripetal and centrifugal forces at a time of national polarisation and inertia across the country. We need leaders who take the country as their constituency and not one that is detained by parochialism, myopism and ethnic consideration. Nigeria has come to a point that it can no longer pretend that all is well, when all the walls that bind us together are falling apart thus creating fractures and frictions in our collective aspirations of nurturing and growing a nation of opportunities. Only recently, I read Dakuku Peterside’s umbrage about the demolition of shanties in the Riverside of a state that has been contending with all forms of crimes and criminalities. Dakuku’s attack was premised on the claim that quite a number of people will be rendered homeless by the exercise executed by the indomitable Governor of Rivers State, Nyesom Wike, easily called Mr. Project for his achievements so far in carrying out infrastructural renewal. Election year is here, we are likely going to be seeing several far-flung political merchants rushing back home to create a “voice for the voiceless”, their usual refrain. Those who had opportunity to serve outside the state and are unable to bring back

development to Rivers State, like Dakuku Peterside, would assume the role of being spokesmen for the voiceless just to make the point that they are still very much around. When elections are by the corner, you are likely going to hear empty promises and rhetoric that are targeted at massaging the egos of the masses, to attract their attention and possibly, their votes. Nyesom Wike is not a man given to such frivolities. He’s not just blunt with his positions on issues, he deploys uncommon courage in driving his leadership targets for the good of all. The issue of demolition did not just start with a Wike-led state government. His predecessor, who Dakuku Peterside is in bed with, did demolish several of such shanties in Abonema and its environs to give the state some respite from criminals. Why Dakuku has suddenly become the antagonist in this latest action by the state government is what confounds my sensibilities. Fact is, Rivers State was becoming notorious for crimes and criminalities as a result of ripple effect of the general state of insecurity in the country. The Riverside shanties have become notorious hideouts for the perpetuation of such crimes to the chagrin of the average Rivers mind. As a government that was elected to safeguard the lives and property of the people, rather than be soaked in lamentation, it became imperative to take precipitate action to arrest the drift in the state. Wike’s profile in infrastructural development is not in doubt. He is not called Mr. Project for the fun of it. He has transformed the entire state in a manner never witnessed by his predecessors in office. We have seen the roads, schools, hospitals

and housing projects. We have seen his effort in curtailing the perennial problems of insecurity. We have seen his job creation initiatives. We have seen his intervention in trying to solve the bunkering cartel by some well-placed individuals and security officers who have found Rivers State as a financial haven. We saw how the governor took the bull by the horns to rattle those economic buccaneers who have occupied Rivers State for quite some time now in the name of bunkering and illegal refining of petroleum products. Only a governor with a heart for the people would take the risk of entering the forest to dismantle a well sustained business of economic predatory, which has security personnel involved. That was a risk taken too far. But that is the way of leaders who are truly worth the name. It is understandable that political opponents would raise dust on a sensitive issue such as housing, without taking into account the flip side of the situation; it only requires a leadership with focus to call a spade by its very name without playing politics with the greater number of the people. Once the bunkering business is shattered, the shanties are demolished, the handy sentiment to cultivate would be that of rendering people homeless, but what did the people do, when their shanties were notoriously used for crimes and criminalities? Did they raise alarm? Did they alert government or they became conspirators of the larger business of bunkering? No government policy has 100% value addition, but the greater impact a government policy has for the greater number of people, the better for the society. Insecurity has become a daunting task for all governments in the country; local, state and federal

governments. Resolving this problem has assumed a more complex dimension, reason why any serious state government must as a matter of urgency think outside the box to generate ideas that could help mitigate this negative vice. Wike comes across as a governor that is not carried away with the trappings of politics. He calls a spade by its very name and deploys a style that easily exposes his capacity to make things happen. Only recently, he started the process of healing the wounds of his party, the PDP. Rather than pursue an ambition of trying to contest for president of the nation, he started from the strategic interest of ensuring that the party is seen to be united and cohesive. He visited about nine states during the yuletide period to share in the aspirations of his colleague governors and also recently visited Plateau State to resolve the lingering differences in the PDP that tend to polarise the party in that part of the country. He didn’t stop there, he also visited Ahmed Makarfi in Kaduna State to share in the former governor’s health challenges. To Wike, having a united party will simplify the process of pursuing any ambition no matter who the individual is. That is the way of selfless leaders who are driven by patriotism and priceless intervention to promote unity and harmony within their conclave. Wike’s approach is not only altruistic but one that should be commended for being able to stand tall in ensuring that the PDP, his party, presents itself as a veritable platform to nurture and sustain future ambition. Abubakar wrote from Port Harcourt, and can be reached at suleimanabubakar@yahoo.com

T H I S D AY • MONDAY, FEBRUARY 14, 2022

EDITORIAL CONTAMINATED FUEL: MATTERS ARISING Those who brought in the adulterated fuel must be sanctioned the NNPC doesn’t check for methanol, what does that say about their expert judgement as an intermediary and regulator? If you never speciﬁed methanol content and didn’t check for it, on what ground can you hold suppliers to account? When consumers drive into a ﬁlling station, they do so with the implicit assumption that someone who knows better has done the due diligence on their behalf. In this instance, the regulator either didn’t know its job or slept at the wheels.

egulation is a government function that cannot be outsourced. But in practically all the sectors of our national economy, consumers are unfairly made to bear the brunt of regulatory failures. No sector exempliﬁes this anomaly more than the oil and gas industry. Although President Muhammadu Buhari has reportedly ordered investigation into how the country ended up with toxic fuel that has not only damaged several vehicles but also resulted in scarcity, what is needed is not just ‘anger’ but full accountability followed by sanctions and compensation. The Nigerian National Petroleum Corporation (NNPC) has sole responsibility for fuel importation, and it uses domestic crude allocation for direct sales, direct purchase (DSDP) scheme by giving out crude in return for fuel. The NNPC works with oil trading companies, including its own, WHEN CONSUMERS DRIVE Duke Oil. Now, INTO A FILLING STATION, we are saddled THEY DO SO WITH THE with excuses. The IMPLICIT ASSUMPTION THAT Minister of State for SOMEONE WHO KNOWS Petroleum, Timipre Sylva argued that BETTER HAS DONE THE “nobody has, beDUE DILIGENCE ON THEIR fore now, checked BEHALF. IN THIS INSTANCE, for methanol in our THE REGULATOR EITHER fuel. It’s not very DIDN’T KNOW ITS JOB OR usual and this is SLEPT AT THE WHEELS the ﬁrst time this is happening...” with the NNPC Group Managing Director, Mele Kyari echoing same: “It is important to note that the usual quality inspection in both the load port in Belgium and our discharge ports in Nigeria do not include the test for percent of methanol content and therefore the additive was not detected by our quality inspectors.” We understand that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is new, and NNPC is still the behemoth even when it is transitioning to a private company. But some people dropped the ball, and they should own up. If

Letters to the Editor

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

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

resurgence of fuel queues in some major cities across the country has exposed the mess in the sector and there is need to demand for accountability. Each time issues like the current adulterated fuel saga occur, the usual hysteria rises to unprecedented levels. After a week or two, it is business as usual, and the culprits (usually the high-heeled) walk away even without as little as a slap in wrist. In 2001, the country was inundated with a harvest of tragedies following the importation of killer kerosene by some identiﬁed marketers. Hundreds of hapless and helpless Nigerians died from explosions arising from the use of the product. Despite the public outcry and the loss of hundreds of lives across the country, nobody was brought to book or made to account for the carnage. The lack of checks and balances in the subsidy scheme accounts for the current problem. Everything is now based on whatever NNPC claims: volume imported, subsidy due, amount due to the federation account (if any at all). The perverse incentives in this arrangement can only lead to all kinds of abuses. In the current scenario of methanol-laced PMS, while the NNPC “reassurance of its capacity to restore sanity in the supply and distribution of quality Premium Motor Spirit (PMS)” is welcome, an unbiased inquest into the fuel import saga must be carried out with full disclosure. Beyond making allowances for adequate compensation to those whose vehicles were damaged by the compromised PMS, visiting serious sanctions on those whose acts of omission or commission led to the importation and distribution of the fuel is the ﬁrst place to start to ensure deterrence.

TO OUR READERS Letters in response to speciﬁc publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

FCT MINISTER, APC AND THE COUNCIL POLLS

he February 12th, 2022 FCT council polls was a disaster to the ruling All Progressives Congress (APC). The party won three out of the six area councils. In the 2016 elections, the APC was in control of five area councils – AMAC, Abaji, Bwari, Kuje, and Kwali. While the Peoples Democratic Party (PDP) was not in control of any of the six area councils. APGA was controlling Gwagwalada. In the 2019 elections, the APC won the chairmanship seats in Abaji, Kwali, Gwagwalada, and AMAC while the PDP won in Kuje and Bwari. In 2022, the opposition PDP was able to dislodge the ruling APC as it gained control of Bwari, Kuje, and AMAC. The APC is left with Gwagwalada, Abaji and Kwali. What went wrong? Is it the fault of the FCT Minister, Mohammed Bello? Is it that of the ruling APC at both the Abuja and national levels? Or the results are peoples’ way of showing their dissatisfactions with APC’s way of governance in Abuja and the country at large? The Ebonyi State Governor David Umahi - led 131-member APC national campaign council for the Federal Capital Territory Area Council election was caught napping; the campaigns were poorly done, logistics and mobilization of supporters were insufficient; thus widespread voter apathy impaired the elections which resulted in many voters shunning the polls. Though, some observers say peoples’ lack of interest in the exercise as well as lack of trust in the outcome of the election, was responsible for the low voter turnout

which affected APC’s fortunes. Some pundits are of the view that the APC Abuja chapter didn’t put its house in order and was not organized for the polls. For example, the APC had two aspirants in AMAC until the Supreme Court’s verdict 48 hours to the elections. The APC, despite winning the Abaji chairmanship position, didn’t know its candidate – the duo of Abubakar Umar Abdullah and Alhaji Mohammed Angulu Loko are still in court battling for the party ticket. The APC was lucky to have even scored 13,240 votes in AMAC and won Abaji with 7,289 votes, because the PDP was busy campaigning for votes and support, while the APC was at the courts against itself. The FCT Minister Mohammed Bello has found himself in a catch-22 situation – he appears apolitical in a politically-dense environment. Some people accused him of not fully participating in the politics of Abuja as previous FCT administrations have done. The minister was right and wrong at the same time. As the FCT minister under the administration of the APC, he ought to ‘assert’ the powers and influence of his office to guide the APC to win the February 12th councils election. By not fully doing that, the minister was wrong. However, for allowing things to go unhindered, he was right. During the Inauguration of the FCT Mandate Secretary, the minister said his administration will always strengthen the institutions of governance in the FCT and rekindle public confidence in the administration’s bureaucratic machinery. And, anyone found guilty of malfeasance will not be shielded.

Some people are of the view that the FCT minister’s simple approach has weakened the APC in Abuja. For example, take the issue of Abuja city waste management, which is now in the courts - AMAC vs the FCDA and the Bureau for Public Procurement (BPP). When the minister came on board, he reorganized and expanded the waste collection system by further dividing the districts into more lots, for efficiency and to give opportunities for more waste management firms and contractors to participate in the system. Now the waste collection and management in Abuja city have become problematic and haphazard, because AMAC is challenging the authority of the minister, FCDA, and the BPP in the courts. There are insinuations that some of the 64 or so cleaning contractors who are benefiting from the stalemate are behind the court cases and incessant petitions. APC’s mobilization and logistics were poorly coordinated. Some 24 hours to the election the APC was lagging behind in terms of mobilization ad coordination. In fact, I know some young APC members from far away Adamawa State who mobilized themselves for logistics and campaign in AMAC to save the minister from a humiliating defeat. The election has come and gone. PDP is fully in control of three area councils from zero in 2016 and two in 2019, while the APC is left with three from five in 2016 and four in 2019. FCT Minister Mohammed Bello has a herculean task ahead to assert his powers and assist the APC in rekindling itself. Zayyad I. Muhammad, Abuja, zaymohd@yahoo.com

MONDAY FEBRUARY 14, 2022 •T H I S D AY

MONDAY FEBRUARY 14, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY FEBRUARY 14, 2022

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

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

As North-east, North-central Battle for APC Chairmanship Position Ahead of the national convention of the ruling All Progressives Congress slated for February 26, the ongoing permutation about which zone will produce the next Chairman of the party may have been narrowed to a contest between the North-Clcentral and North-east. Adedayo Akinwale writes

Musa

Mustapha

Goje

Al-Makura

hile zoning is not written in the Nigeria constitution, it has really become part of Nigeria political processes, as a veritable part of effort to ensure equity, justice and fairness among Nigeria’s major ethic groups and her minority tribes. Over time, it appears that politicians from both North and South only champion, sing and clamour for the respect of unwritten zoning arrangements when it is convenient and when it favours them. Expectedly, ahead of the 2023 election, there are renewed agitation for the presidency to go to the south. While the Arewa Consultative Forum (ACF) said the south cannot threaten their way to power, the Middle Belt Forum described the growing agitation for southern presidency as a legitimate demand and not a threat. The political parties that are the approved platforms through which contestants and other stakeholders participate in the political process too have adopted zoning as the preferred arrangement to ensure geographical spread of party positions at different levels and also to ensure unity and inclusiveness within the party. Less than three weeks to the February 26 National Convention of the All Progressives Congress (APC), there are indications that the presidency may have zoned the chairmanship position of the ruling party to the North-east.

This is contrary to the earlier speculation that the chairmanship position was zoned to the Northcentral. The politicking around which zone produces the next national chairman of the party has continued to rage on because the APC governors, party leaders and other stakeholders are still watching the body language of President Muhammadu Buhari. The zone and the aspirant the president has in mind has not been made known to them. Since the date of the convention has been announced by the Caretaker/Extraordinary Convention Planning Committee (CECPC) of the party led by the Governor of Yobe state, Mai Mala Buni, members

of the sub-committees for the convention have not been constituted. This, however, has not deterred the aspirants for the chairmanship position as they have continued to traverse the length and breadth of the nation soliciting for support from party members, governors of the party, National Assembly members and party chieftains. At the moment, no fewer than 11 aspirants are in the race for the chairmanship position. They include; former Governor of Borno state, Sen. Ali-Modu Sheriff, former Governor of Gombe state, Danjuma Goje, former Governor of Bauchi, Isa Yuguda, former Governor of Nasarawa State, Sen. Tanko Al Makura. Others are: Mr. Sunny Monidafe,

It was agreed that for the APC to retain the presidency and maintain its winning streak after 2023, its next national chairman must be a person of character, social and economic standing with experience in party administration and a profound understanding of the process of, and intrigues in contesting and winning elections

former Deputy National Chairman of the defunct Congress for Progressive Change (CPC), Malam Saliu Mustapha, Senator Sani Musa and the Minister of Special Duties and Inter-Governmental Affairs, Dr. George Akume, former governor of Zamfara, Abdulaziz Yari. Interestingly, all the aspirants have their slogan as they strive to woo delegates and to emerge as the chairman of the ruling party at the February 26 convention. For Saliu Mustapha, his slogan is ‘Doing it Differently’ . Yari is identified as ‘The True Progressive. Al-Makura wants everyone to know that, ‘Together We Succeed. Senator Sani Musa thinks of himself as, ‘The Man We Trust for the Job’. Ali Modu Sheriff’s slogan is, ‘The Man the Job Needs. George Akume believe he is, ‘A Bridge Builder, while Sunny Monidafe confidently says, “I’m a True Nigerian.” Prior to the 2015 election, the political parties that merged to form APC included, the Action Congress of Nigeria (ACN) , Congress for Progressives Congress (CPC), All Nigerian Peoples Party (ANPP), a faction of All Progressives Grand Alliance (APGA) led by Sen. Rochas Okorocha and part of the Peoples Democratic Party (PDP), under the G7. Since the creation of the APC, the ACN bloc has produced three party Continued on page 19

T H I S D AY ˾ MONDAY FEBRUARY 14, 2022

MONDAY DISCOURSE

What If Osinbajo Runs against Tinubu? What is likely to change if the Vice President, Professor Yemi Osinbajo, took heed of the growing call to run against Senator Bola Tinubu for the presidential ticket of the All Progressives Congress? Emameh Gabriel asks

Buhari

ike other proteges before him, Vice President Yemi Osinbajo is not only under pressure from millions of his supporters in and outside government to contest the 2023 presidential election even as his benefactor, former Lagos State Governor, Bola Ahmed Tinubu, has his eyes fixed on the coveted seat, Osinbajo has also become the new bride in the Nigerian political landscape-harvesting record support across political divide in the last few months. With these in the kitty and if the whispers from some quarters are anything to go by; the odds seem to favour him even if he is yet to indicate interest. Trajectory of the 2023 presidential contest, particularly within the ruling All Progressives Congress (APC) is becoming clearer. Among the frontline aspirants that are daily springing up for the top job, Vice President Yemi Osinbajo and the acclaimed national leader of the APC, Senator Bola Tinubu, have apparently become the leading contenders in a seemingly crowded field. On Monday, January 10, Tinubu made his much-anticipated declaration to contest for the office of the president come 2023. He made the declaration after meeting President Muhammadu Buhari at the Presidential Villa just a few days after President Buhari declared in a televised interview that he would not openly declare the identity of his successor. It was alleged that Tinubu became rattled when Buhari declined question on who will succeed him. The impression in most quarters was that the President was referring to Vice President Yemi Osinbajo, who is believed to be Buhari’s anointed candidate. Consequently, the APC National Leader who was allegedly said to have gotten wind of the plot to edge him out of the race, quickly let his intention out of the bag. Anyone in Tinubu’s position would no doubt do the same thing- roar like a lion to fend off would-be intruders and intimidate them against further attempts to

Osinbajo

encroach his territory. Since his declaration, the political atmosphere in the country has been heating up at an incredible pace, leading to direct confrontation on social media platforms between his supporters and various groups rooting for the Vice President at any slight provocation. These developments signal the beginning of a major political gambit that will determine how the ruling party goes in and comes out of its national convention and beyond. It also suggests that he (Tinubu) will remain the fulcrum of political discussion in the next few months and all of these put together will define the latest phase and fate of his political journey. For so many factors before him, his formal entry to the race has presented to him a challenge that seems daunting even for the most talented politician, especially at a time like this in the history of the country when most Nigerians are calling for a younger and vibrant head to steer the affairs of the country. ‘‘Tinubu knows what is before him. He is very much aware of the huddles on his way and he is battle-ready,” said a source in his camp. But how ready is Tinubu to confront the same powers that edged out Oshiomhole’s NWC allegedly under his control and subsequently installed a caretaker committee under Mai Mala Buni? Tinubu’s declaration has opened the floodgates of declaration both in the ruling party and across the political landscape, as other notable declarations also took place in quick succession, which includes Governor of Ebonyi State, Dave Umahi, former Governor of Abia, the current Senator representing Abia North senatorial district, Orji Uzor Kalu, former Imo

Tinubu

State Governor, Rochas Okorocha who declared a couple of days as well as Kogi State Governor, Yahaya Bello, who threw his hat into the ring last year. While in the APC those who have not made open declarations of intentions but are also interested in the top job are the current Governor of Ekiti State, Kayode Fayemi and the Minister of Transportation, Rotimi Amaechi. So far, Osinbajo remains the one individual who is yet to make any open or public declaration of his interest to become the presidential flag-bearer of the ruling party and eventually succeed President Buhari. However, despite this, the political landscape has become filled with endorsements and approbation from millions of Nigerians across partisan lines. The Vice President has kept the growing numbers of his supporters in suspense over rumour of his plans to throw his hat into the ring, perhaps to square up against his political mentor, Ahmed Bola Tinubu, who is firmly waiting to devour any rival with his experience in politics, structure and of course, deep pockets to win the party’s primary election. Will confront Osinbajo Tinubu at the APC presidential primary? Osinbajo Will Contest Contrary to speculations in some quarters, Osinbajo is without doubt in the race to become Nigeria’s next president. A source in the Vice President camp who spoke with THISDAY in confidence admitted that Osinbajo will contest and would declare his intention soon. He said Tinubu had before now dropped his aspiration to contest since November last year when he was allegedly told that Osinbajo had been penciled down to succeed Buhari

but people around him went back to rekindle his appetite to test the waters. ‘‘Osinbajo will contest, even Tinubu knows this. The Vice President is more focused on official duties at the moment. Tinubu lu is a smart politician and he knows what he is doing. Normally, as a kingmaker, he is supposed to declare last but because he has seen that the President’s body language favours Osinbajo, he became rattled. ‘‘Buhari’s recent interview betrayed his intention. If the President had made his choice known, I bet, Asiwaju would not have declared because he cannot openly go against the President’s candidate. Osinbajo will declare soon,” the source said. Some party faithful have described the President’s stance on who will succeed him and his indifference to the crises rocking the party in the last two years as catastrophic. A chieftain of the party and a leading voice in Edo State, Abu Abdulganiyu, had advised that the President takes a decisive position and open up to stakeholders of the party on who succeeds him to save the party from implosion. He said: ‘‘His disposition on party matters is unhelpful, unless it is deliberate. If we have between now and June to agree on a presidential candidate and candidates for other elective positions, the President must be seen to be interested in the survival of the party post convention. For APC to win the elections next year requires deliberate efforts to reposition the party for the greater good of all. And who is better to play this role than the President? I am of the opinion that the earlier he begins to realize that he is the ultimate leader of the party, the better. He cannot watch while members destroy the party for their selfish interests,” he advised. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

As North-east, North-central Battle for APC Chairmanship Position chairmen including the interim national chairman, Chief Bisi Akande, Chief John Oyegun and Mr. Adams Oshiomhole. If the ongoing political permutations is anything to go by, the next chairman of the ruling party will either be produced by the ANPP bloc or the CPC bloc. However, a party source who preferred anonymity revealed that the leadership of the party and the presidency may have decided to zone the chairmanship position of the party to the North-east. He said one of the factors considered was the fact that the ANPP bloc, one of the political parties that merged to form the APC ahead of the 2015 general election had not been adequately compensated and had not been really accommodated in the scheme of things in the APC as it were. The source noted that in reaching the decision to zone the APC national chairmanship to the North-east, the

presidency and the party’s national leadership and indeed its top echelon might have looked at developments in the party. He stated: “They also may have looked at happenings within the party’s rank and file and the peculiar challenges that would meet it in 2023 general election when President Muhammadu Buhari would not be on the ballot. “It was agreed that for the APC to retain the presidency and maintain its winning streak after 2023, its next national chairman must be a person of character, social and economic standing with experience in party administration and a profound understanding of the process of, and intrigues in contesting and winning elections.” “The CPC has the president, the ACN has the Vice President and chairman of the party. The ANPP

went into the pact with the highest number of states, yet it has not properly compensated with political positions. “Barring any change, the zoning of the APC national chairmanship to the North-east will take place in the next few days and this will expectedly put to rest earlier rumour that the position had been zoned to the North-central.” Reacting to the development, Dr. Richard Terwase of the Sen. George Akume Campaign Organisation, one of the leading aspirants from the North-central, said he was not aware of the development. He said, “My only interest is that my principal, Sen. Akume is in the race, and we hope and pray that the party’s leadership will see him as the most capable person to handle that position. I am not aware of any zoning.”

On his part, Monidafe said it won’t be right for him to comment on the development being an interested party, saying he would rather wait for the official statement from the party before making his comment. He added, “It won’t be right for me to respond because I am an interested party. But if they have zoned it to the North-east, they must have their reasons. Let us just wait until they tell us themselves so that we can react. I am from North-east and I am qualified, but I wait to hear from them officially.” In spite of the crises rocking the various state chapters of the party, the ruling party appears to be going ahead with planned convention, even though there is no concrete preparation that suggests the date is visible. As it stands, the chairmanship position of the party is going to be a straight fight between contestants from the North-central and the North-east.

MONDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

INTERVIEW

KASSIM AFEGBUA:

I Fear APC's Desperation to Win 2023 General Elections A chieftain of the Peoples Democratic Party (PDP) and former commissioner in Edo during the Adams Oshiomhole administration, Kassim Afegbua, in this interview, with Adibe Emenyonu explains his grouse with the PDP at the national level and his home state. Afegbua also talks about the critical 2023 general elections, demanding old men aspiring to be Nigeria's next president to take a backseat and made a compelling call that northerners should let the presidency go to the South. The PDP chieftain also revealed his desire to contest Edo's next governorship election. Which political party do you currently belong to? I am a full-fledged member of the Peoples Democratic Party. I am sure you are trying to use the incident of my not supporting the Edo state governor in the 2020 election as the reason for asking such a question. I remain a bona fide member of the PDP.

consider to be a clarion call. I am still consulting across the three local governments that make up the Etsako Federal Constituency to determine the level of support and the possibility of being able to win the election. I am not a desperado. I take my considered step on each adventure before I do anything. If the optics are not right, I will drop the ambition.

You worked for an APC government in Edo, suggesting that you might have sympathy for the party. Yet, on the other hand, you still have an afﬁliation for the PDP. Where exactly do you stand? I am happy you asked this question. I stand by PDP but frowned at how the previous National Working Committee under Uche Secondus gifted Governor Obaseki the ticket without concrete agreement on power-sharing. The interests of the older members of the PDP were not factored into the whole arrangement. I complained at that time, but they seemed too desperate to have a governor defecting to the PDP. So, they played mute on all the issues I had raised. I had no option other than to support the candidate of the opposition APC in the state as a form of protest. It happens everywhere, even in the US; in the last election, some Republicans openly supported Joe Biden when they realised that Donald Trump had become catastrophic.

How do you also explain your recent criticism of former Vice President Atiku Abubakar's aspiration? Well, the point must be stated very pointedly that 2023 is the turn of the South to produce a presidential candidate in PDP. The party must take judicious note of this without equivocation. In 2019, the entire South allowed the North to produce aspirants without allowing any of its own to participate. In 2023, they should allow the South their own turn. Trying to condemn zoning at this time is trying to be clever by half. So, I expected Alhaji Atiku to show leadership by example by calling on his northern counterparts to respect the zoning arrangement rather than showing interest too. After our experience in 2019, when he abandoned all of us to stay put in Dubai, Alhaji Atiku should not be contemplating contesting again. He should allow younger elements in the party from the South to contest while he gives guidance. He's an elder statesman who should give a sense of direction to the younger ones. As a grandfather, he should be in the comfort of his family members and enjoy moonlight tales rather than still going around to ask for votes. This is my honest position, and I expect his followers to continue to drum such advice to him. After our experience with President Buhari and the level of leadership decay we have witnessed for seven years now. I don't expect another old man to aspire to that office and perhaps run governance by proxy as we presently have. So, please help me tell Alhaji Atiku to heed my patriotic advice borne out of my genuine love for his political emanation. Those urging him on are just after his money, no more, no less.

At a time, you were reportedly expelled from the PDP for anti-party activities by the Uche Secondus-led NWC. What really led to your expulsion? That was a fluke. They tried to use that fakery to confuse the public. The state chairman was overzealous, and he suddenly woke up from sleep and said I had been expelled. But members of my Ward 5, including their executives, held a meeting and disowned my purported expulsion on the grounds that the chairman had no right and powers under the PDP constitution to expel me. An expulsion takes a process from the ward level of the party, so it is not one of those powers vested in the state chairman. I am at peace with my ward executives and have been participating in PDP activities since then. Whether as a member or not, I am a voter and have the right to interrogate persons who are not living up to the conditionalities of their offices. You made grave allegations against the outgone Secondus NWC. Can you prove them before a court of competent jurisdiction, assuming the man goes to court to sue for slander and defamation of character? I would not want to comment on this because the outgone chairman is in court with me. Permit me not to pre-empt the court. When we get there, we will do justice to the facts of the matter. Some people say you don't have a political base. They accuse you of playing PDP in the morning and the APC at night. Where's your support base? First and foremost, I am not an itinerant politician who does not have the power and courage to raise concerns when certain injustices are committed. I speak truth to power, not minding whose ox is gored. It is not just about the outcome of any engagement but the processes leading to the outcome. When you raise serious questions about the propriety of an action, you are easily called names. I don't do anything secretly. I open up on any issue or grievances to free my conscience. The Edo gubernatorial experience was a novel idea to a lot of people. But those who abused and insulted me have since realised that I took the most plausible step to voice out my position. The events that followed have since vindicated me, and I have no regret whatsoever for my action. I don't pretend on any issue. I am a PDP member both at night and day, but you cannot because of politics stop me from seeing my friends in other parties, just because I hold a different position to yours. Those who do both parties under the cloak of

Afegbua darkness know themselves too well. You've been described as an armchair critic looking for relevance. But since you could not get any, you decided to use politics to gain a foothold. Does that not deﬁne your current standing? Very funny question. What is the meaning of armchair critic? You are bound to be labelled and called all sorts of names once you don't agree with any status quo position. They will readily see you as quarrelsome and confrontational because you have the balls to look them straight in their eyes to tell them what they don't bargain for. Politics is a game of numbers. But even the minority have their voices, no matter how faint. What is the meaning of relevance when I have a voice to voice out my resentment about any issue? The level of dishonesty and lack of transparency in political parties is what baffles me. You see something wrong, when you try to complain, they tell you not to, that you should play along. I am not wired that way. I like to ask questions on the rationale behind any action. I like to interrogate the major actors and do some psychoanalysis to situate the credibility of their actions: if that makes me an armchair critic, no problem. The point must be made that politics should be undertaken by saner minds like a form of reform so that the right calibre of persons can participate in it. You claimed to be a member of the PDP. But you're not supporting your Governor Godwin Obaseki. Why? I am not compelled by any law to support the governor of my state. I made my position about him known before his re-election when he joined the party out of sheer desperation to find a platform when he was thrown out of the ruling APC. If he was that popular, I had expected him to take APGA to test his popularity at the elections. He was not only gifted the PDP ticket, a party that had

called him a failure shortly before that. He also enjoyed all the privileges accorded older members even though he was just entering the party. After the election, he started fighting those who campaigned vigorously for him and planted himself as the ultimate godfather of a party he was just joining. He said anybody who doesn't play to his rules of engagement should find the exit door, or he would chase them out. How do you want me to support such a person who is a tenant and wants to dictate the functions of the landlord? How do you reconcile that? My position is based on principles. You cannot arrogate the powers you don't have to yourself and expect me to celebrate you. I am not like those jobless felons out there who are salaaming themselves around the governor to be seen, heard and patronised. A governor of any shade or hue must earn my respect. But given my understanding of the governor having served in the same cabinet before, I cannot indulge pretences, not at all. That's where I am different. Is it true you want to seek an elective ofﬁce in Edo in 2023? If yes, which ofﬁce are you gunning for? I am still consulting my constituents and other political players in trying to weigh my options. I am more interested in contesting the governor of the state than the House of Reps position, which my followers are saying I should consider. I love big challenges. I have also paid my dues. I have all it takes to govern the state. I have ideas that can turn around the fortunes of the state and not the present tokenism that is being charted by the present occupant. I would still continue to consult far and wide in the event that the position is zoned to Edo North, but if it is zoned to Edo Central, who have been clamouring for the position, I would give my total support to the quest of the party. As per 2023, my constituents want me to run for Federal House of Representatives, which I

As someone close to the former military head of state Ibrahim Babangida, do you think he is still politically relevant given his role in the June 12 debacle? IBB will remain evergreen in my consciousness as far as I live. Whether annulment or not, his contributions to the growth of Nigeria from fighting the civil war, carrying bullet wounds, carrying shrapnel in his lungs since 1969, you cannot but admire him for being God's own anointed. June 12 does not define who we are. It was just a process of the election with certain casualties. We cannot be detained by June 12 because there have been several annulments since then. Have we imbibed the lessons of June 12? Do we have credible elections today? Have we improved on the credibility of June 12 in our subsequent elections? IBB's relevance is not determined by June 12. He has left the stage. But he keeps on being the issue in Nigeria's political discourse. I admire his intellect and rich understanding of Nigeria's political emanation. He will continue to remain relevant until the end of time. Lastly, what are your concerns, fears and projections for the 2023 general elections? My fear for the 2023 general election is the attempt to deny the South the opportunity of producing the next president. To have 16 years unbroken run at the presidency from the North will be counter-productive for the well-being of the nation. We need our northern brothers and sisters to share our aspiration to produce the next president. We will not allow any power monger to hurt and halt the process that has promoted unity in our parties. Both PDP and APC should produce southern candidates to engender a sense of belonging in all of us. I hope the election itself will best true testimony of a credible, free and fair election. My fear is located on the desperation of the APC to win at a cost. They did it in Osun, Ekiti and Kano. So it is their stock in trade.

MONDAY FEBRUARY 14, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY FEBRUARY 14, 2022

FEATURES

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

Diri: Two Years of Transforming Bayelsa If purposeful leadership is about promoting the general good and wellbeing of citizens, Bayelsa State Governor, Douye Diri, might well have stamped an indelible imprint on his state, writes Daniel Alabrah, Chief Press Secretary to the state governor

Bridge being constructed at Aguobiri community on the ongoing Yenagoa-Oporoma road project

ithin just two years of assuming the reins of governance of the state, Bayelsa State Governor, Senator Douye Diri, has remained stoic in his avowed commitment to changing the developmental landscape of the 25-year-old state. From tangible and intangible sectors such as infrastructure to education, health, sports, youth and women empowerment, human capacity development, urban renewal, promotion of peace, reconciliation and unity as well as worker-friendly policies, the governor continues to etch his name in bold letters. That Bayelsa today enjoys an endearing atmosphere of peace is not happenstance. On February 14, 2020, while taking the oath of office, the affable Diri gave inkling into how he would govern the state. The Valentine’s Day Governor began by preaching love, reconciliation and unity. Two years after, he has kept faith with this creed and has engendered healing across the land. Speaking during the 64th State Executive Council meeting on February 2, 2022, he said: “Bayelsa is one of the most peaceful and secure states in Nigeria, and everybody feels it. “Our state is moving away from the old fashion of politics. Today, the two leading political parties in Bayelsa can wine and dine together. This administration has come up with policies that encourage political parties to be at peace with themselves. “Most of what we do transcend political parties. Everybody has come to the realisation that politics or not, party or no party, we are first of all brothers and sisters, one and the same. “So, I like to use this forum to commend politicians across the parties, particularly those of the APC (All Progressives Congress) and PDP extraction. I give thumbs up to both parties for the brotherliness and for exhibiting maturity in the politics of our dear state.” The Bayelsa helmsnan’s calmness is easily noticeable. He is never rattled despite the governance challenges he confronts daily. But behind this evident calm disposition is the steeliness and inspiring confidence of a military General marshalling his troops in battle. Not a man of many words, he is not given to loudness about his accomplishments. He spoke

about a recent conversation he had with a friend, who said to him that he had done so much in such a short period but refuses to blow his trumpet. He said his response was: “Noise-making does not translate to impact.” Often, when reminded that he had embarked on an infrastructure revolution that had turned the state into a construction site, he also unassumingly responds: “I prefer to be silent about it. At the appropriate time, my achievements will speak.” That time seems to be now! Indeed, not many Bayelsans, within and outside, believed that Governor Diri could effect a radical change in the state’s developmental narrative. Assuming office at a time the COVID-19 pandemic ravaged the world with its disruptive effect on governance, for some it was a fait accompli for him. So, when the government announced that it would inaugurate up to 20 projects as well as flag-off some others to mark its second anniversary, the surprise, particularly from the opposition and cynics that never gave the governor a chance, was expected. Many wanted to know how this was accomplished in only one year, including those who had believed the mischievous tales of the opposition that the government had nothing to show after two years in office. When the reality dawned on them that this was real, the narrative changed to the governor was going to inaugurate uncompleted and substandard projects. However, for Governor Diri, the surprise element was a potent, well-aimed weapon to wrong-foot cynics and pessimists. And it perfectly hit the bull’s eye. The governor has an ambitious

developmental agenda for the state but does not engage in frivolity and wasteful spending. He is conservative when it comes to preserving the resources of the state. One of the areas he has ensured prudence in managing state funds is in infrastructure. Continuity The governor inherited uncompleted key projects from past administrations. In his wisdom, he reasoned that state resources had been spent on such projects and that it was proper not to abandon them to immediately begin new projects. For instance, phase two of the Glory Drive Road from Igbogene to Onopa, where the Government House is located, was started during the Timipre Sylva administration. Very little was done on the road before he left office in 2012 after five years. When former Governor Seriake Dickson took over in 2012, the administration could not continue the project due to litigation issues arising from disagreements with the contractor. So, for another eight years, the project was stalled. But upon entering the saddle, Governor Diri not only succeeded in clearing the litigation bottleneck but also ensured work resumed. Now it is one of his administration’s big-ticket projects to be inaugurated before his first term ends. Other big-ticket projects that the Diri government has ensured continuity from the immediate past administration include the Isaac Boro Road (second phase), the 89km Sagbama-Ekeremor Road, the 38km Yenagoa-Oporoma Road and the 22km Elebele-Igbogene Ring Road, which first phase from Igbogene-Okarki is ready for inauguration during the second anniversary.

"Bayelsa is one of the most peaceful and secure states in Nigeria, and everybody feels it... This administration has come up with policies that encourage political parties to be at peace with themselves. Most of what we do transcend political parties"

Aviation Uplift One other project that the Diri administration inherited and has also put in huge funds as part of its continuity policy is the Bayelsa International Airport. The facility was constructed and inaugurated by the Dickson administration before it left office in February 2020. However, it was under the new administration that the Nigeria Civil Aviation Authority (NCAA) certified the airport and granted the operational licence in April 2021. Courtesy of the Diri administration, flight operations commenced with an inaugural flight of the United Nigeria Airline touching down at the airport on August 11 last year. On February 8, 2022, Ibom Air became the second airline to commence commercial operations with its inaugural flight landing at the airport. To enable night-time flights at the airport, the Diri administration has procured Instrument Landing System (ILS) and other required equipment. It had earlier undertaken the construction of the airport’s perimeter fencing, a condition that the NCAA insisted upon even though there were other considerations for delaying the operational licence. Infrastructural Development Apart from the aforementioned, the newly constructed 4.5km Igbedi community road in Kolokuma/Opokuma Local Government Area was built from the scratch and completed for inauguration on February 10. Also, 18 out of 20 new internal roads in the capital city of Yenagoa have been constructed in the last one year while 51 other internal roads were rehabilitated during the period. The ancient communities of Igbedi in Kolokuma/Opokuma Local Government Area and Angiama in Southern Ijaw Local Government Area have something in common. Both riverine communities were not accessible by road till the coming of the Diri administration. On February 14, 2021, Diri flagged off construction of the Igbedi road, opening up the rustic community that had only an earth road as its access. During the rainy season, the community folk are cut off as even motorbikes are unable to ply the road. The other access point was by boat through Sabagreia community, also in Kolokuma/ Continued on page 23

T H I S D AY ˾ MONDAY FEBRUARY 14, 2022

FEATURES

Bayelsa Transport Terminal Opokuma Local Government Area. But whether by motorbike or boat, the transport cost was a huge burden on the indigenes as it was high. It is even higher if your destination is Yenagoa, the state capital. Igbedi bore the unpleasant tag of being the only community in Kolokuma/Opokuma that was inaccessible by road. That was the experience of the indigenes for decades till the Diri government put smile on their faces with the completion and inauguration of the 4.5km road project. Angiama’s experience is similar. The community on the banks of the River Nun could only be accessed by boat until the Yenagoa-Oporoma road project got to it recently. Still under construction, the Bayelsa Central Senatorial District road project, which is a federal government project on the drawing board for over five decades, was inherited from the immediate past administration that began it in order to ease the suffering of the people of Southern Ijaw. Their headquarters, one of the oldest and largest in Nigeria, like many other communities in the council area, is only accessible by boat. Vice President Yemi Osinbajo will flag off the construction of a bridge to link the council headquarters, Oporoma, at Angiama as part of the second anniversary activities. During an inspection of the project recently, the governor had a pleasant surprise when he made a brief stop at the entrance of the community. In spontaneous reaction, virtually every Angiama resident, young and old, trooped out to welcome him with singing, dancing and prayers for him and his administration. Their joy is understandable. Before the project got there, they only saw vehicles perhaps either on television, in books or whenever they come out of their village. The governor has built solid bridges that have endeared him to the people. The Unity Bridge (as it is called) connects the Nembe people of Ogbolomabiri and Bassambiri in Nembe Local Government Area of the state. It got damaged several years ago at the height of a protracted dispute between both communities. The rift was so deep that the communities could not even agree on rebuilding the strategic route that bonded them. On February 12, 2021 during his first anniversary, the governor equally inaugurated a new bridge constructed by the administration in Imiringi community, also in Ogbia council. Focus on Education, Vocational and Technical Skills The Diri administration is shifting focus from certificate education and paper qualifications to development of vocational and technical skills as well as science education. It believes in adequately empowering its young population with the required skills either in Information Communication Technology (ICT) or vocational skills with the aim of making them ‘techpreneurs’ or self-reliant entrepreneurs. To this end, the Ministry of Communication, Science and Technology initiated the Diri Digital Entrepreneurship Empowerment Programme

police outfit. It also strengthened the state's complementary security outfits - Bayelsa Volunteers and Bayelsa Vigilante - by harmonising their operations with the Operation Doo-Akpo after the Bayelsa Community Safety Corps Law came into force.

Night view of the expanded and beautiﬁed Edepie/Etegwe roundabout in Yenagoa (DDEEP) under which 8,000 persons from the eight local government areas of the state would be trained to acquire ICT skills. Out of the initial 4,700 applicants, 50 of them, also from the eight councils, were selected for a three-month pilot scheme that commenced in November last year. Another area the Diri administration has made remarkable impact is in the education sector. As a former school teacher, the governor is clear-headed about the direction he wants the state’s educational sector to go. His administration is steering the state on this path through some radical policy changes in the school system. One of the major noticeable changes is a new focus on vocational, technical and science education. Apart from establishing technical and vocational colleges in all the local government areas of the state, it is vigorously pursuing the introduction of S.T.E.M (Science Technology Engineering and Mathematics) literacy in schools. This requires the building of the infrastructure and training and engaging of the personnel to bring the state in line with the new global trend in education. Healthcare Delivery In the health sector, Diri’s imprints are also deep. His administration ensured the effective management of the COVID-19 pandemic. Importantly, it set up a fully

equipped molecular laboratory in Yenagoa for improved testing of cases. This played a major role in lowering cases of infection recorded in the state. During its first anniversary in 2021, the administration completed and commissioned the Kaiama Referral Hospital, which it inherited from the previous government. It is replicating similar health facilities in the other seven council areas. One of the key touchstones of healthcare delivery in the state is the health insurance scheme. Commitment to Security The administration has ensured the lives and property of people of the state were secure. Its avowed commitment to this has resulted in the strengthening of the security architecture of the state with provision of operational vehicles to all the security and para-military agencies. The governor also regularly interfaces with heads of the security agencies in the state. Importantly, the government has rejigged and relaunched the special security outfit, Operation Doo-Akpo, to make it more for effective. To a great extent, there is significant reduction in crime and criminality in Yenagoa and environs. In December 2021, the administration provided 50 patrol vehicles, 40 motorbikes and communication gadgets to the special

"Noise-making does not translate to impact. Often, when reminded that he had embarked on an infrastructure revolution that had turned the state into a construction site, he also unassumingly responds: “I prefer to be silent about it. At the appropriate time, my achievements will speak"

Agricultural Hub Diri is turning the state into a top agriculture hub with massive investment in the sector. In collaboration with the Central Bank of Nigeria, land was allocated and seedlings provided for 3,500 farmers in the eight local government areas. The administration also signed a Memorandum of Understanding (MoU) with a consortium, Africa Atlantic Gulf of Guinea Fisheries, to generate 4,000 jobs, train 2,500 in fish farming as well as set up a boat building yard and fish processing plants of over 20,000-metric tonnes capacity. It is also developing the state-owned farms to grow, mill and bag rice. Last Christmas, the pilot scheme produced about 600 bags of wholly Made-in-Bayelsa Rice from planting to the milling stage all done in the state. Already, the government set up two rice processing mills with plans to increase as output increases. Another outstanding project inherited from the Dickson government that the Diri administration has shown strong commitment to is the 60-metric tonnes per day cassava processing factory at Ebedebiri in Sagbama Local Government Area. The plant, also to be inaugurated soon, would produce industrial starch for commercial use and export just as it would generate alternative revenue for the state. Media Legacy One of the major legacy projects of the Diri administration is the construction of a Mega Media Complex. Built to accommodate all the state-owned media outfits - Radio Bayelsa, Niger Delta Television and the Bayelsa State Newspaper Corporation - the imposing edifice has 340 offices, 107 restrooms, two restaurants and other facilities. The gigantic structure, which is ready for inauguration, will be fully equipped with stateof-the-art broadcast equipment and printing machines. Governor Diri, who has motivated the state media personnel by providing a conducive work environment for them, has also assured that the outfits will be invigorated to compete with other media outlets in the country and globally. Sports Scorecard The Governor Diri administration's scorecard on sports in the last two years has been quite remarkable. The administration has created an enabling environment for its sportsmen and women to excel as well as a motivating reward system. From coming third for the first time at the Edo 2020 National Sports Festival, the statesponsored football teams, Bayelsa United and Bayelsa Queens, went on to win the 2021 Federation/AITEO Cup for both the male and female categories. No other state in the country has achieved such feat in their football history.

MONDAY FEBRUARY 14, 2022 •T H I S D AY

T H I S D AY ˾ MONDAY, FEBRUARY 14, 2022

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

1 1 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

CBN Sells N687.8bn TBs in Six Weeks on Improved Liquidity, Demand

Kayode Tokede Following improved system liquidity supporting demand, the Central Bank of Nigeria (CBN) within the first six weeks of 2022, sold N687.8 billion Treasury Bills at its primary market auctions, and repaid a total of N227.35billion during the period. THISDAY checks revealed that the CBN conducted three primary market auctions in January 2022

and once so far in first two weeks of February. The CBN in January conducted a total of N472.8billion primary market auctions, and so far N214.96billion primary market auctions were conducted in February. In January of 2021, the CBN had conducted a primary market auction worth N455.8billion and in February prior year, a total of N480.7 billion primary market

auctions were carried out by the apex banking regulatory body. However, the CBN in the last six weeks sold N249billion at its Open Market Operation (OMO) sales, and reported N609.05billion OMO repay. In its latest report, Analysts at Cordros Capital noted that the Treasury bills secondary market ended the trading week on a bullish note, following the improved system liquidity sup-

porting demand, moderations in the 1-year paper stop rate at Wednesday’s NTB primary market auction and market participants’ movement to the secondary market in a bid to fill lost auction bids. They added that: “Consequently, the average yield across all instruments contracted by 10basis points to 4.6per cent. Across the market segments, the average yield at the NTB segment settled lower by 4bps to 4.3per cent. At the NTB auction,

the CBN offered N98.01 billion for sale with a total subscription of N446.31 billion. “Accordingly, the CBN allotted N1.91 billion of the 91-day, NGN1.82 billion of the 182-day, and NGN211.23 billion of the 364-day bills – at respective stop rates of 2.48per cent, (unchanged), 3.30per cent (unchanged), and 5.20per cent (previously 5.40per cent). “Elsewhere, the average yields at the OMO segment expanded by

16bps to 5.6per cent. The CBN also offered and allotted N80.00 billion worth of OMO bills to participants and maintained stop rates across the three tenures, as with prior auctions.” They added that: “We expect yields to trend marginally higher in the coming week as we expect a shortfall in system liquidity. With the federal government’s Continued on page 27

Insurance Sector’s Total Premium Reached N508bn in 2021, Claims on EndSARs Protest Hit N11bn Ebere Nwoji Chairman of the Nigeria Insurers Association (NIA), the umbrella body of insurance underwriters in the country, Mr Ganiyu Musa has said that the insurance sector in 2021 raked in N508 billion Gross Premium. He also disclosed that operators have so far paid a total of N11 billion claims to victims of the 2020 #Endsars protest.

Musa who stated this while addressing newsmen in Lagos on the activities of insurers said the sector in 2018 recorded N400 billion premium and 413 billion in 2019. Musa added that out of the total N508 billion premium accumulated by the insurers, member companies paid a total claims of N224billion representing 44 per cent of the total industry premium. Musa, who is also the Managing Director, Cornerstone Insurance said,

“As at January, insurers have paid over N11 billion as claims that arose from the #Endsars protest of 2020, adding the association will continue to emphasise the need for insurance companies to pay all genuine insurance claims and will not hesitate to sanction erring member companies.” Speaking on other developments in the industry, he said the association was taking a number of initiatives aimed at raising the banner of the insurance sector.

According to the NIA boss, prominent among these initiatives were the NIA’s on-going collaboration with the Lagos State Government in the enforcement and validation of genuine compulsory third Party insurance made mandatory by Law through Automatic Number Plate Recognition (ANPR) device of VIS through Nigerian Insurance Industry Database (NIID) Verification Platform. He also said the association is discussing with the Lagos State

Building Control Agency (LASBCA) with a view to using the Nigerian Insurance Industry Database (NIID) Verification Platform for enforcement, verification, and validation of genuine compulsory Buildings Under Construction Insurances made mandatory by Law through Insurance Act 2003 (SECTION 64), and Lagos State Urban and Regional Planning and Development (Amendment) Law 2019 (Lagos State Urban and Regional Planning and Development

Law, CAP U2 Lagos State Building Control Agency Regulations, 2019). He further said the association was collaborating with the Lagos State Safety Commission (LSC), NCRIB and Courteville Plc on the implementation, enforcement and validation of genuine compulsory Occupiers Liability Insurance made mandatory by Law for all public buildings through Nigerian Insurance Continued on page 26

M A R K E T D ATA A S AT F R I D AY, F E B R U A R Y 1 1 , 2 0 2 2 FGN BONDS DESCRIPTION 12.75 27-APR2023 14.20 14-MAR2024 13.53 23-MAR2025 12.50 22-JAN2026 16.2884 17MAR-2027

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

106.80

6.76

-0.01

NTB 10-Mar-22

2.98

2.99 0.00

111.09

8.29

-0.01

NTB 28-Apr-22

4.00

4.03 0.00

109.03

10.07 0.00

NTB 12-May-22 4.00

4.04 0.00

104.08

11.19 0.03

NTB 9-Jun-22

3.67

118.06

11.50 0.00

NTB 14-Jul-22

4.30

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS FEB 23 2022 427.24

NGUS MAR 30 2022 428.93

NGUS APR 27 2022 430.63

3.71 0.00

NGUS MAY 25 2022 432.32

4.38 0.00

NGUS JUN 29 2022 434.02

C Ps MATURITY

Discount Yield

Change (%)

UNCP CP VI 2-MAY-22 NEVE CP I 24MAY-22 DANC CP II 25MAY-22 TRBH CP V 26JUL-22 FSDH CP VI 1-AUG-22

9.48

9.68

0.00

16.99

17.84 0.01

9.52

9.78

12.36

13.09 0.00

9.14

9.55

0.01

0.00

MONDAY, FEBRUARY 14, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

NEW PRODUCT…

L-R Marketing Lead, Chika Nnadozie, Managing Director, Charlie Lee, Retail Manager, Joy Ayoola and IM Marketing Manager, Omolade Agbadaola all of Samsung Nigeria PHOTO: ABIODUN AJALA at the launch of the new Samsung Galaxy S22 at the Landmark Event Centre, Victoria Island, Lagos… Friday

EU Delegation, Business Executives Brainstorm Nigeria’s Business Environment Eromosele Abiodun A delegation of European Union officials over the weekend in Lagos held a meeting with members of the European Business Chamber Nigeria (EuroCham) to discuss opportunities and challenges of doing business in the country. The roundtable discussion was held ahead of a meeting between the EU Commission Vice President, Margrethe Vestager, and top Nigerian government officials in Abuja this week. EuroCham is a business group uniting the main European investors and corporate organisations in Nigeria. It was launched at the EU-Nigeria Business Forum in October 2018 by the EU ambassador. Speaking, the EU Ambassador in Nigeria, Samuela Isopi said, “The meeting gave us the opportunity again to underline the fact that trade and investment are very much on top of our priorities, and they are also key priorities in the partnership between the European Union and Nigeria, “The European Union as a bloc is already Nigeria’s

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

largest trading partner and also the European Union is a very important investor in Nigeria. We have European companies that have been here for a long time, that contribute to creating jobs and to the economic development of the country.” European-owned businesses in Nigeria stretch from the oil sector to the non-oil area including construction, technology, food, among others. Isopi said the EU would continue its dialogue with the Nigerian government on how to reinforce the economic partnership between the two entities. “Because development is

about the private sector, about developing the economy... when I say private sector it’s not only to attract or help European Union companies but also create good conditions for the Nigerian private sector to be able to contribute to the development of the country,” she added. EU Delegation to Nigeria and ECOWAS’ Head of Trade and Economics Section, John Taylor, said as Nigeria’s largest trading partner, the EU is committed to supporting the Nigerian government in developing its economy. “When you look at the statistics produced by the National Bureau of Statistics in Nigeria

you don’t see that because they are collected by country. So we have exports from Nigeria to Spain, Germany, Netherlands, France, when you add up all those countries referred to as the EU we are actually the largest trading partner, “said Taylor. Taylor said with Dangote Refinery beginning operation later this year, the trade volume between Nigeria and the rest of the world, especially the EU, will change drastically. “When you look at non-oil trade with Nigeria, you’re looking at exports from Nigeria of agricultural products and we know that the Central Bank here has played a very strong

role in trying to develop certain very specific sectors like rice production in the country, “Taylor said. Taylor urged the Nigerian government to improve the infrastructure in the country to enable it to attract foreign investors. Earlier, EuroCham President, Mary Ojulari noted that European businesses operate in a “difficult market” and the roundtable provides an avenue to come together and discuss the issues they are facing and collectively advocate for change. She said the EuroCham platform has engaged some of the most prominent European

companies to assess, review, and improve their business operations through fostering relevant exchange and dialogue with stakeholders. “There are countless hurdles for we investors in Nigeria ranging from ease of doing business, dealing with regulators, foreign exchange and the list goes on and on. In line with the objectives of Eurocham, we seek to actively promote trade, investments, and exchanges between European and Nigerian business and to engage central and local government, when necessary, to raise awareness or formulate recommendations on particular issues of interest or concern, “she said.

National Insurance Commission Seeks Cover for Intervention Funds James Emejo in Abuja Commissioner for Insurance/Chief Executive, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has said funds disbursement by the government to farmers and traders under its poverty alleviation programme should be covered by insurance. He said the government can guarantee business sustainability and revolving of funds for the future only with insurance. Speaking at the retreat for members of the committee on implementation of compulsory insurances in Kano State, he said the objective of the retreat was to equip members of the committee with requisite information

and knowledge to enable them maximise opportunities that will help grow and develop insurance culture in the state. This, he said, would boost internally generated revenue for the state and serve as a social protection mechanism that will assist both government and citizens in the event of any disaster. He said at the end of the deliberations, the committee will enforce in the state, third party motor insurance in respect of all mechanically propelled vehicles that ply the public roads; Liability insurance cover in respect of all buildings under construction that are more than two floors;

Liability insurance cover in respect of all public buildings including schools, offices, hotels, hospitals, market shops, shopping malls etc.; Professional indemnity for all medical practitioners and hospitals. Others are group life insurance cover by all employers of labour for all their employees where there are more than three persons; Annuity for retirees as provided under the Pension Reform Act 2014 as an option among others. He said, “The above compulsory classes of insurance I believe should be adequately covered by the Committee. Beyond the compulsory classes of insurance, the committee could also look at encouraging individuals and corporate entities

within the state to embrace other non-mandatory insurances either through Takaful Insurance (otherwise known as Islamic Insurance) or Microinsurance which caters for the low income earners who constitute larger percentage of the population and businesses. “This will enable an all inclusive approach to the drive for insurance uptake and will address most of the sentiments against insurance in our society. I want to assure the members of the Committee that the Commission is ready to provide all necessary support especially in the area of publicity, knowledge gap about insurance and expertise to assist you carry out your assignment successfully.” He added that Kano, being one

of the leading commercial nerve centres in the country with huge population and business potentials, the adoption and enforcement of these compulsory insurances will no doubt boost insurance premium income in the country. The NAICOM boss also said the adoption would create thousands of employment opportunities in the state, improve standard of living of the people and increase the state’s internally generated revenue. “As I mention in Kano during our workshop recently, working out a fashionable mechanism will ensure Kano State an enviable status of a role model to other states in the country in the area of insurance penetration, “he said.

Obaseki Lauds Ogbeifun for Setting Up Maritime Institute in Edo The Edo State Governor, Mr. Godwin Obaseki has eulogised Greg Ogbeifun, for his outstanding contributions to the development of the state’s education sector, especially the setting up of the Greg Ogbeifun Maritime Institute of Technology (GOMINT).

The governor gave the commendation during a book launch, titled; “Not Always Easy: My Voyage from Obscurity,” as part of activities to mark the 71 years birthday anniversary of Ogbeifun. Obaseki said, “You are doing something to enhance the

development of the state and its economy. You have made much contribution to the economy of the state. Your interest in education is remarkable and outstanding as you have done greatly in our educational sector. “You are working hard to make

Edo a part of the blue economy of Nigeria. What you are doing in the Edo State Polytechnic, Usen, is there for us all to see. Greg, born in Edo, left the state, conquered the waves and came back to contribute to the development of the state, and all we need to

do now is to extol and elevate him.” The governor said copies of the book written by the celebrant will be distributed to libraries in schools across the state to serve as reference to inspire students.

INSURANCE SECTOR’S TOTAL PREMIUM REACHED N508BN IN 2021, CLAIMS ON ENDSARS PROTEST HIT N11BN Industry Database (NIID) Verification Platform. He said, “The exercise will be launched on 28 April 2022 and Enforcement will commence in May

2022. We are building capacity of its members to enhance compliance in line with the emerging regulations.” He also spoke on the long awaited Consolidated Insurance Bill 2020

adding that it is still receiving legislative attention in the National Assembly and that the association was on top of developments on it. “We are optimistic that the bill will

be passed into law before long. We are happy to note that the Finance Act 2021 has been signed into law and this has resolved a major issue with regards to the definition of the

components of minimum capital. The Association is engaging the National Insurance Commission with a view to determining the next steps, “he stated.

T H I S D AY ˾ MONDAY, FEBRUARY 14, 2022

BUSINESSWORLD

STATUS REPORT

Conoil: Price Adjustment Drives Revenue, Profitability

Kayode Tokede

naudited result and accounts of Conoil Plc for period ended December 31, 2021 showed a modest growth in revenue, impacted by price adjustment in white products. The petroleum marketing company has identified itself in three reportable segments that include white products, Lubricants and Liquefied Petroleum Gas (LPG). The white products segment is involved in the sale of Premium Motor Spirit (PMS), Aviation Turbine Kerosene (ATK), Dual Purpose Kerosene (DPK), Low-pour Fuel Oil (LPFO) and Automotive Gasoline/grease Oil (AGO). The products under the lubricants segment are Lubricants transport, Lubricants industrial, Greases, Process Oil and Bitumen. Products traded under LPG segment are Liquefied Petroleum Gas - Bulk, Liquefied Petroleum Gas - Packed, cylinders and valves. According to National Bureau of Statistic (NBS) the average price paid by consumers for PMS increased by 0.04per cent on year-on[1]year basis to N165.77 in December 2021 when compared to N165.70 in December 2020. The Bureau also disclosed that the average retail price of Automotive Gasoil paid by consumers increased by 28.97 per cent on a year-on-year basis from a lower cost of N224.37 per litre recorded in the corresponding month of last year to a higher cost of N289.37 per litre in December 2021. Conoil’s revenue from sale of petroleum products in 2021 unaudited results grew by nearly eight per cent to N126.7billion from N117.47billion reported in 2020. Revenue from White products contributed 92 per cent or N116.97billion in 2021 as against 93 per cent or N109.56billion White products contributed in prior year. Lubricant, out of the N126.7billion revenue in 2021 contributed eight per cent or N9.73billion, while Lubricants in 2020 contributed seven per cent or N7.91billion in 2020. The Cost of sales (CoS) rose by 7.03 per cent to N115.22billion in 2021 from N107.65billion reported

in 2020 to bring Conoil’s CoS/Revenue to 90.9 per cent in 2021 from 91.6 per cent in 2020. interplay between revenue The interplay between revenue and CoS positioned gross profit to N11.48billion in 2021, 17 per cent increase from N9.82billion reported in 2020. Other operating income closed 2021 unaudited at N296.24million from N151.7million in 2020, driven by 494.8 per cent increase in rental income that closed 2021 at N123.6million from N20.8million in 2020, while service income moved from N109.1million in 2020 to N172.64million in 2021. The company reported 0.4 per cent decline in total operating expenses to N7.22billion in 2021 from N7.25billion in 2020, driven by decline in administrative expenses. Conoil reported 0.72 per cent decline in administration expenses to N5.15billion in 2021 from N5.18billion in 2020, while Distribution expenses that comprises of Freight costs and marketing expenses up by 0.3 per cent to N2.08billlion in 2021 from N2.07billion in 2020. Finance costs for the period grew by eight per cent to N760.6million in 2021 from N704.57million in 2020. Interest on bank overdraft closed 2021 at N753.8million in 2021 from N700.5million in 2020, as accretion expenses moved from N4.04million in 2020 to N6.8million in 2021. According to the company: “Bank overdrafts are repayable on demand. The average effective interest rate on bank overdrafts approximates 14per cent (2020: 15.5per cent) per annum and are determined based on NIBOR plus lender’s markup. “The overdraft was necessitated by delay in payment of outstanding subsidy claims from the Federal Government on importation/ purchase of products for resale in line with the provision of Petroleum Support Fund Act for regulated petroleum products.” In all, the company reported 76.6 per cent increase in profit before tax to N3.79billion in 2021 from N12.14billion reported in 2020. Profit for the period also grew by 111.1 per

cent to N3.04billion in 2021 from N1.44billion reported in 2020. The increase in profit impacted on the Earnings Per Share that moved from N4.38 in 2021 to N2.08 per share in 2020. The company in its unaudited results has not declared dividend payout to shareholders but it has maintained dividend payout to shareholders since 2001. However, in 2020 financial year ended December 31, 2021, shareholders of Conoil received a dividend of N1.04 billion. The dividend, which translates to N1.50 kobo per share was recommended following the release of the audited results of the petroleum products marketing firm. Oil marketing giant had announced a final dividend payment of N2.00 per ordinary share of 50 kobo each for the period ended December 31, 2019.

TRADE AND OTHER RECEIVABLES

Conoil in its unaudited result and accounts crossed N50billion in total assets, driven by 12.2 per cent increase in trade and other receivables to N34.29billion in 2021 from N30.57billion reported in 2020. Meanwhile, the company’s total assets rose by nearly 10 per cent to N53.69billion in 2021 from N48.86billion in 2020. Total non-current assets dropped by 22 per cent to N3.85billion in 2021 from N4.94billion in 2020, while Total current assets that comprises of Trade and other receivables rose by 13.5 per cent to N49.84billion in 2021 from N43.93billion in 2020. Total equity gained 10.24 per cent to N21.52billion in 2021 from N19.62billion in 2020, driven primarily by Retained earnings that appreciated by 13 per cent to N17.3billion in 2021 from N15.35billion in 2020. Total non-current liabilities moved from N964.79million in 2020 to N1.01 billion reported in 2021, while Total current liabilities about 10 per cent increase from N28.4billion in 2020 to N31.16billion reported in 2021.

MAINTAINING LEADERSHIP POSITION

Meanwhile, the management of Conoil has reiterated its resolve to maintain its leadership position in the downstream petroleum sector by building a stronger financial position and creating higher values for its shareholders. The company assured its shareholders that conscious efforts will be directed at achieving better execution of value-added products and services especially in the areas of marketing and customer management. While noting that the challenges ahead given the current state of the nation’s economy, it however, expressed optimism that it would strive hard to maintain profitability. Spurred by shareholders’ words of encouragement after the meeting had ratified a total dividend cash payment of N1.04 billion, which translates to 150kobo for every 50kobo share held, the company promised to explore opportunities in the coming years to deliver solid financial results and increase competitive returns on its shares. The Chairman, Conoil Plc, Dr. Mike Adenuga (jnr), had while speaking at the company’s Annual General Meeting (AGM) said the company was fully charged to consolidate its competitiveness in the different segments of its business by exploring and developing emerging markets while holding its grounds in areas where it has competitive advantage. He hinted that with the changing dynamics in the downstream petroleum industry, Conoil was poised to ensure improvement in its overall performance that would translate to meeting the expectations of all its stakeholders. “We plan to consolidate on the progress made in the previous years to deliver a strong and sustainable performance that enhances returns to our shareholders,” Adenuga said. “Our overriding goal is to ensure the continued delivery of excellent services to our customers. The company will grow its earnings, improve profitability and asset quality and deliver competitive returns to our esteemed shareholders,” the Chairman added.

CBN SELLS N687.8BN TBS IN SIX WEEKS ON IMPROVED LIQUIDITY, DEMAND increasing borrowing to finance its budget deficit, domestic borrowing was pegged at N6.39 trillion in 2022, as against N6.7 trillion in 2021. The 2022 budget of federal government comes with a huge debt components and this saw the apex bank to support with monthly primary market auctions.” Meanwhile, analysts believe the current trend will continue, as the federal government would sustain borrowing in 2022 as data obtained from the Central Bank of Nigeria (CBN) showed primary market auction rose significantly by 162 per cent in 2021 compared to the previous year.

Analysis of CBN data revealed that the CBN had conducted primary market auctions three times every month in 2021, expect for May and September when primary market auctions were conducted four times. The data showed that the CBN repaid N3.68 trillion when the instrument matured in 2021; an increase of 65.2 per cent compared to N2.23 trillion repayments in 2020. Demand for Treasury Bills surged in 2021 as yield-hungry investors scampered away from stock market into risk-free government securities. Commenting, the Managing

Director of Kairos Capital, Mr. Sam Chidoka said the trend would continue and cautioned that it was an unsustainable path. According to him: “Our borrowing in likely to continue in the same traction for the simple reason that we have a budget for 2022 that is a deficit budget. We have a budget of about N17 trillion and N10 trillion is supposed to come from identified revenue heads. So, you probably have N6 trillion to N7 trillion budget deficits that has to be funded by borrowing both local and foreign. “So, we are likely to see the same traction as we saw last year. But the

question is whether our payment sources commensurate with what we are borrowing? The question is whether our debt is sustainable or less thereof and I think that is becoming less sustainable and we have to find a way of either cutting government expenditure or increasing our revenue base in such a way that we can fund some of the things we want to do especially on the capital side. Chidoka added: “Or borrowing exclusively for capital part of the budget and then using those to capitalise revenue, but I see that we are borrowing for debt service, recurrent expenditure and I don’t

think that it is sustainable. So, I think we are going to see the same high level of borrowing in 2022.” On his part, Head Financial Institutions’ Ratings Agusto & Co, Mr. Ayokunle Olubunmi, said the trend would continue and may be more exaggerated because of plans towards the upcoming general elections. He said: “It is not far-fetched from what we are seeing as we have seen increased government borrowing basically because of the budget deficit that we’ve had. Government is spending more than they are earning and year-in year-out in the last four

years, you see that the projected revenue is way higher than the actual as they have been doing well in terms of generating revenue. “So whenever your expenditure is more than your income, definitely you actually will see that there would be borrowing. And unfortunately, we are still going to continue on the same path. The trend is going to continue till 2023 because we have elections in 2023 and the major campaign for election would be done in 2022 and whether we like it or yes, the expenditure and campaign funding might still come from projects and more.”

T H I S D AY ˾ MONDAY, FEBRUARY 14, 2022

BUSINESSWORLD

PERSPECTIVE

How Galaxy Backbone Showed Rapid Response, Responsibility Following Digital Outage Nuel Naya

hen the recent digital outage occurred at some of the Galaxy Backbone (GBB) customers (upstream providers/users) it raised some dust. But those familiar with the operations of a digital technology service provision knew that GBB is only coming into face-to-face with the reality of the unpredictability of technology. We enjoy enormous benefits from modern digital technology, such as speed of communication which leads to increased productivity, but one big problem organizations such as GBB face is getting its variety of upstream providers/customers to cope with the changing environment of digital technology and to adjust their work processes to integrate new tools—migrating from older tool to new ones. If some upstream customers fail to rapidly adjust, the consequences will be serious, including downtimes and outages. When such incidents occur, what actions does GBB need to take? Blame the upstream providers? This would not be the professional action to take. The wisest thing to do is to fall back to effective communication to both direct and indirect customers—the public. It is necessary to assess the communication strategy of GBB and found it to be effective and professional. It is also necessary to x-ray the role of GBB in digital service provision to bring home the enormous task it is shouldering. In line with effective crisis communication strategy, how effective was GBB’s response to the recent outage? The following questions are pertinent: i. Did GBB acknowledge that there was an issue in the first place?

Yes they did so through a press release. This was the most important factor that prepared the mind of the public that GBB was ready to respond to the issues at hand. Under these kinds of circumstances being honest and transparent is the key to gaining and maintaining customer confidence. ii. Secondly, I asked did they take responsibility? The press release was clear about this and GBB did not get involved in any form of blame game with the upstream providers. iii. Thirdly, what did it promise to do? Again its press release promised that all hands were on deck to bring a solution to the outage and I noticed they did not promise a magic-wand solution — it was careful in not committing itself to a timeframe. I was busy looking to see whether they apologized or not. And, alas, there it was in the opening paragraph of the press release: “The Management of Galaxy Backbone Limited (GBB) regrets the temporary outage of some of its services and the inconvenience being experienced by some of its customers across the country.” Finally, did they give updates? Again the press release affirmed this question positively. Now let me turn to the role of the GBB in the digitization of Nigeria’s economy. A little bit of historical perspective may be a good starting point. About 15 years ago, the Federal Government, in its wisdom, saw the trends in the development of technology globally and in Nigeria, most especially, and decided to set up an organization that will help in coordinating and consolidating network and communications technology Infrastructure services and operations across government. It was in that light that Galaxy Backbone (GBB) Limited,

an organization currently under the supervision of the Federal Ministry of Communications and Digital Economy, was born. Nigeria as a nation is undergoing its own fair share of digital transformation, which is currently being led by the Honourable Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami. The man is very passionate and committed to the development of a Digital Nigeria and ensuring that Nigeria gets listed as one of the leading global economies in the world. GBB, a core organization under the Honourable Minister, is playing a vital role in helping public sector organisations transit into adopting digital technologies that are helping to enhance their operations. GBB has consistently surmounted different hurdles in its operations, especially while operating in an environment with policies, hierarchical approvals and the different levels involved with moving both systems and manpower from one form of thinking and operations to another. Over the last two years, the organization has raised the bar in ensuring that its customers receive excellent services and are adequately informed and solutions quickly provided when challenges occur. The organization has continued to improve in its operations because of the committed leadership within the organization and the dedication of the highly skilled staff across all levels within the organization. Now, in the last few days, GBB has experienced outage in some of its services, which adversely impacted on the operations of some organisations on its platform, notably

the National Identity Management Commission (NIMC). As a customercentric organization with the interest of the customers at heart, the entire organization swung into action by informing all its customers that have been affected by this, the nature of the outage and the measures being taken to resolve it. It has continued to work with them towards the full resolution of the outage. Lest we forget, the National Identity Management Commission (NIMC) and Galaxy Backbone are sister agencies under the direct supervision of the Honourable Minister of Communications and Digital Economy. Both agencies have consistently collaborated with one another under the great leadership of the Honourable Minister and continue to do so even with the recent service upgrade being reported by NIMC, which has affected some of its services to the public. GBB is at the moment working closely with NIMC to ensure the complete resolution of this. Finally, as technology services have evolved overtime with digital and cloud services being prevalent, Galaxy Backbone has also evolved in the provision of these services to its customers and stakeholders from across the ministries, departments and agencies (MDAs) of government. It is important to note that while Galaxy Backbone has a mandate to provide services across board, not all government establishments are under its network. Thus we should be more circumspect about who is on GBB platform, lest we are beguiled by the rumour-mongers in our midst. t /VFM /BZB B QVCMJD DPNNFOUBUPS XSJUFT GSPN "CVKB

Analysing Wema Bank’s Signing of Davido as Brand Ambassador Nigeria’s leading digitally driven financial institution, Wema Bank announced the signing of superstar, Davido as Brand Ambassador for its digital bank, ALAT By Wema last December. Ugo Aliogo examines how Davido’s signing is a fit for the ALAT brand personality in this piece.

rands have always leveraged entertainment to enhance awareness, present positive portrayal, make deeper connections to a target audience, establish stronger positioning, and boost the bottom line since time immemorial. In ‘Celebrity Endorsement: a literature review’ (Journal of Marketing Management), scholar B. Z. Erdogan explained that it is a well-established marketing strategy, used since the late 19th century. Thus, Brand and Celebrity Ambassadorship has become an essential part of marketing the world over because the ambassador/celebrity is more often a more credible bridge for brands to reach more (usually captive fans and followers of the star) of their target audience. The ambassador, through his/her influence, would bring more brand attention, positive sentiments, higher sales, and higher recognition value, among other benefits to brands. Essentially, a Brand Ambassador is a positive spokesperson and representative for the brand. It is, therefore, a given that Brand Ambassadors must embody the Brands they represent in more ways than mere name association, particularly on corporate image and demeanour. A Brand Ambassador’s lifestyle must align with the personality of the Brand he/she seeks to represent to his horde of followers and admirers, among others. A poor fit between a brand and its ambassador often leads to failure in reaping any Return on Investment from the relationship. However, it is

always heart-warming when brands ensure due diligence in finding a matching ambassador because they always enjoy multiple rewards from getting it right, fit wise. Such was the case last December when Wema Bank announced the signing of music megastar, Davido, as a Brand Ambassador for its digital bank, ALAT By Wema. Before the signing, the multiple award-winning artiste had instigated an audacious global fundraiser by posting his ALAT account before his 29th birthday and asked industry friends, associates and fans to donate a million Naira each for his then approaching birthday as a show of love. Incidentally, the daring move yielded over N200 million in a matter of hours. Davido himself later contributed N50 million and announced plans to donate all N250 million fundraised to orphanages across the country. A committee overseeing the disbursements to orphanages has since begun work. While a good deal of may not know, the choice of ALAT by Davido as a platform to execute that special act was no mere coincidence, it was a perfect match made of two brands fitting each other like a hand to glove. Like Davido, ALAT is a pace-setter and leader in its own space. ALAT (an acronym for Aspirational, Limitless, Audacious and Timeless) is Nigeria’s first fully Digital Bank, offering a 360 digital banking experience that

is simple, reliable and convenient with bespoke solutions that support lifestyle choices, business demands and recreational endeavours. Since its inception, ALAT has become the bank of choice for young Nigerians and entrepreneurs who see no barriers limiting their aspirations and are everyday leveraging the opportunities presented by the Digital Bank to pursue their audacious dreams of creating timeless legacies while living life to the fullest like Davido. Though of privileged background, Davido has worked hard to attain his status. The 29-year-old has won over 50 awards and earned over 80 nominations in a decade of his career. ALAT by Wema equally boasts of scores of Awards locally and internationally since it became operative in 2016. And like ALAT, Davido is an enabler and supporter of dreams and aspirations. This is clear in his consistency in supporting rising music stars and philanthropy, another one of his hallmarks. Besides his large-heartedness with the N250 million committed to orphanages in December, Davido had in 2020, when he released the music video of ‘Dolce & Gabbana’, announced that all the proceeds will go to support the fashion house’s Dolce & Gabbana and Humanitas Together for Coronavirus Research Fund. Further critical analysis shows that some of Davido’s core attributes including his authenticity, musical talents, connection with

the grassroots (relatability) and entrepreneurial spirit combine to make his Art timeless. These qualities align with that of Wema Bank, a 77-year-old institution that consistently reinvents itself just like the mythical phoenix and today is fast becoming the dominant innovation-driven financial institution. “We welcome you warmly to our great family, the home of innovators and enterprising people who meet our customer’s needs with innovative products and excellent services that fit their lifestyles and empower their aspirations. You are set for a good time with us, and we assure you this relationship would be mutually beneficial,” the Managing Director/ CEO, Wema Bank, Ademola Adebise, said at Davido’s signing. “I am excited to join the Wema Bank family and look forward to the great things we will achieve together,” Davido responded on his association with Wema Bank. As rightly noted by the music star, expectations are high about the great things both brands would achieve in this brilliant relationship whose announcement set Nigeria agog last December. Brand ambassadorship has always been a crucial part of marketing. Both Wema Bank and Davido will do big things in uplifting each other, and by extension, uplifting millions of Aspirational Nigerian youths above the Limitations of their Audacious dreams of creating Timeless legacies.

T H I S D AY ˾ MONDAY, FEBRUARY 14, 2022

BUSINESSWORLD

NEWS

NPA: Modernisation of Port Infrastructure Underpins Nigeria’s Economic Future Eromosele Abiodun The Acting Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko has said that building a modern and resilient port infrastructure would fast track the country’s economic development, facilitate good paying jobs and enable sustained peace across the country. Speaking at a meeting with port service providers shortly after a facility assessment tour of the Onne and Rivers Ports, Bello-Koko assured them of the authority’s resolve to improve service quality and delivery at the Eastern ports, so that they can serve as competitive alternatives to the ports in Lagos. He further said that the NPA on behalf of its supervising ministry is working with relevant agencies towards reducing clearance time of imports and cost of handling of non-oil exports, to compliment the economic diversification agenda of the Federal Government. He disclosed that the Federal Executive Council (FEC) has approved the first segment of the dual carriage road for the evacuation of cargo covering a distance of 1.2 km. It is expected that the next segment

will be executed this year as provided in the 2022 budget. “We have made budgetary provisions for the construction of these critical roads. We have also observed that Onne has transformed into a very busy gateway, unfortunately unauthorized persons have began to find their way into the port to vandalize assets belonging to the Authority. “We all have noticed in recent months the upsurge in cargo traffic at Onne, there has been an improvement in the traffic here and there is need to ensure that what experienced in Lagos does not repeat itself here in terms of traffic congestion and the access roads which must be free of gridlocks. “In line with our infrastructure development and modernization agenda, we have come here to inspect the port internal roads network because we must develop the necessary infrastructure that would support and sustain the increasing cargo volumes at Onne Port and other port locations, “he said. He frowned at the level of redundancy at some of the terminals at the port. The Authority he said, would review approvals issued with

respect to the affected terminals in terms of the type of cargo so that they can begin to attract appreciable cargo volumes. He hinted that NPA management is considering granting new tariff reliefs at some eastern ports, especially Calabar considering the tariff reliefs to shipping companies and terminal operators to make these ports more attractive to shipping lines and cargo owners. On the parking of trucks indiscriminately on the access road to Onne Port, he explained that plans are underway to establish a truck terminal in the area, which would be followed by the introduction of an electronic call-up system for the trucks in the eastern corridor, starting with Onne Port. Meanwhile at a one day stakeholders’ sensitization workshop on the patronage of the Esstern ports with the theme, “Framework to stimulate activities and encourage patronage of the Eastern Ports,” organised by the Federal Ministry of Transportation in Port Harcourt, the NPA MD reiterated the Authority’s commitment towards improved maritime activities at the eastern ports corridor through massive renewal and expansion of port infrastructure in the region.

BDSPs Charged to Support MSMEs to Grow Economy Eromosele Abiodun Business Development Service Providers (BDSPs) have been urged to remain steadfast in providing the necessary business guidance for Micro, Small, and Medium Enterprises to help grow the Nigerian economy. Business professionals who attended the maiden edition of the Business Development Service Providers organized by Enterprise Development Centre, Pan Atlantic University, stated this in Lagos. Speaking at a panel session titled, “Understanding What MSMEs Need,” the Country Head-Nigeria, Mastercard Foundation, Chidinma Lawanson, noted that BSDPs have a significant role to play in the development of the Nigerian economy. Lawanson noted that most MSMEs rely on their expertise to take their businesses to the next level urging them to simplify the process such that many MSMEs can benefit. She disclosed that the Foundation had established Young Africa Work

Strategy as a platform to unlock 30 million work opportunities that are considered dignified and fulfilling, particularly for youth between the age of 18 and 35 in 8 African countries. Nigeria has a target of 10 million work opportunities that need to be created. “As an organization, we focus on three priority areas, namely agriculture, the creative economy, and the digital economy. The decision was taken deliberately to focus on these priority areas because we were keen on supporting the youth and MSMEs. The BDSPs have a huge role in upgrading the capacity of entrepreneurs, and if they are welltrained, they will create more SMEs and more jobs, “she added. While highlighting the partnership between the Foundation and Sterling Bank Plc, she disclosed that the Foundation would continue to work with BDSPs to give adequate support to MSMEs. She said, “We work with a financial institution such as Sterling Bank Plc

to give loans to MSMEs at 9% interest rate. As an organization, we would like to utilize BDSPs to help build the right capacity for MSMEs businesses to grow, she added.” In his remarks, the Director-General, Small and Medium Enterprise Development of Nigeria (SMEDAN), Dikko Umaru Radda noted that the agency is working tirelessly to assist small enterprises to grow. He revealed that the agency had engaged several BDSPs to provide requisite capacity for many entrepreneurs in different parts of the country. Also speaking, the Director, Enterprise Development Centre, PanAtlantic University, Peter Bamkole, explained that BDSPs remain crucial to the survival and growth of the Nigerian economy. Bamkole stressed that the conference was organized to engage BDSPs on the need to set the right standard to measure performance while acquainting themselves with emerging trends and tools needed by small and medium-scale entrepreneurs.

PHED Launches Regional Offices, Parleys SSAEAC, NUEE The Port Harcourt Electricity Distribution (PHED) Plc has unveiled a new business structure to constantly meet the increasing electricity needs of her valued customers and the challenging dynamics in the businessoperating environment as it strives to become the number one electricity distribution company in Nigeria. The MD/CEO of PHED, Dr Henry Ajagbawa disclosed this while addressing the executives of both the Senior Staff Association of Electricity and Allied Companies (SSAEAC) and the National Union of Electricity Employee (NUEE) during its maiden meeting at PHED Corporate Headquarters in Port Harcourt, Rivers State. He said the strategic drive to take her services to new frontiers have ushered in a new regional structure to replace the existing zonal structure for

quick wins and produce smart goals in an evolving business environment. Ajagbawa who has strong ties with both unions, informed members of the unions that the new structure is intended to quickly drive performance and monitor the company’s operations at product levels. He listed the three product categories as, maximum demand (MD), non-maximum demand postpaid customers (PP) and pre-paid metered customers (PPM). According to him, this model will be delivered on a six-region structure, three product managers and commercial officers supported by several linesmen. Ajagbawa commended the zonal/feeder management structure that existed and noted that it had made giant strides in improving the company’s revenue. However,

the company is still struggling and has introduced this new model to help further achieve the company’s objectives. He spoke extensively on the challenges of the company, as it is industry wide, but with peculiar scenarios in the Port Harcourt Electricity Distribution (PHED) Plc, ranging from inability to collect revenue from a large percentage of our customers, restiveness, staff assault, deductions from source by authorities, inability to meet contractual agreements, paying TCN for energy not sold to a segment of consumers, etc. He therefore sought the support and understanding of the labour leaders on the modalities of implementation of the new business model and revealed that additional lines workers will be hired to bridge operational gaps.

APM Terminals Staff Rescues Two Drowning Fishermen A security guard of APM Terminals Apapa, Lucky Edafe, has rescued two fishermen who were in danger of drowning as their boat capsized. The boat of the fishermen, according to a social media post by APM Terminals Apapa, had capsized due to rough tide, “and the tide washed them to the Apapa berth where they hung unto the jetty fenders, calling for help”.

“Edafe sighted them and was able to rescue the fishermen with the help of their paddling stick,” APM Terminals said. The company said Edafe, who is a security guard at the terminal, displayed outstanding commitment to duties by his heroic act. “This week we are celebrating our security guard, Mr. Edafe Lucky, who displayed outstanding #commitment to his

duties in rescuing two fishermen who were in danger of drowning as their boat got capsized. “The two fishermen were full of gratitude, and the Port Police Command – full of praises for the great feat at rescuing the fishermen. Mr. Edafe displayed an #exceptional performance outside his core responsibilities and was granted a Spot Award!” APM Terminals Apapa said.

T H I S D AY ˾ MONDAY, FEBRUARY 14, 2022

BUSINESSWORLD

NEWS

Nigeria’s Greatness Lies in Support for Local Industries, Says SON DG James Emejo in Abuja The Director General, Standards Organisation of Nigeria (SON), Mallam Farouk Salim, has emphasized the need to support industries if the country must attain its developmental targets. He said Nigeria could only become great when “industries grow and people pay taxes as well as build communities adding that, “A country doesn’t become great because we import everything or our children go overseas to make a living.” Speaking during a courtesy visit to the multi-million dollar Gujeni

Integrated Iron Ore Mining and Processing Plant (GIIOMPP), in Kagarko Local Government Area of Kaduna State, he said SON had over the past 50 years buttressed the fact that the country could only progress and earn the respect it deserves through “investment in our people, industries and natural resources”. Salim, noted that there are various natural resources spread across the country which require between $100 million and $500 million to turn around the fortunes of the host community and the country in general.

He commended the African Natural Resources and Mines Limited (ANRML), owners of the steel factory which is expected to begin operations soon, for believing and investing in the future of the country. He pointed out that the factory would not only satisfy Nigeria’s steel needs but also export to other countries, thereby generating foreign exchange. He said when in operation, the steel company will also provide over 10,000 direct employment opportunities to Nigerians as well as over 500,000 indirect jobs.

He said, “This is the largest investment outside the oil sector and what that means is that based on what they are doing, very soon, they will not only produce what Nigeria needs - high quality products but they will export and when we export, we are saving money in two ways; we are saving money by earning money back into the country and we are saving money by stopping the idea of taking our hard earned resources to buy products and bring back into the country.” He argued that investment in industries could help to solve the

seemingly intractable security challenges in the country which had forced companies to shut down leading to job losses. Earlier, Group Managing Director, African Industries Group (AIG), Mr. Alok Gupta, commended SON for the role it played in making Nigeria globally competitive as well as boosting customers’ confidence for certified products. He said AIG had decided to embark on Backward Integration by setting up the steel plant. He also said AIG is a diversified manufacturing group involved in production of various products in-

Peterside Urges Youths to Eschew Violence, Participate in Electoral Process

Mass Media Remains NCC’s Nigeria, Qatar to Forge Strong Strategic Partner, Says Danbatta Bilateral Trade Relationship

Gilbert Ekugbe

The Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has said the mass media, be it print, broadcast, online, or other specialised genres, will remain central and strategic stakeholder to the NCC in its commitment to delivering on its regulatory mandates as enshrined in the Nigerian Communications Act (NCA) 2003 and other policy instrument. Danbatta stated this in his remarks when he received a delegation of the management of National Economy, a media organisation that paid a courtesy visit on the Commission at its head office in Abuja recently. Speaking through the Commission’s Director of Public Affairs, Dr. Ikechukwu Adinde, Danbatta said NCC would remain irrevocably

The President & Founder of Anap Foundation, Mr. Atedo Peterside, has called on Nigerian youths to shun all sorts of violence and killings in different parts of the country and embrace participation in the forthcoming 2023 general elections through the Foundation’s GoNigeria advocacy campaign, to elect forward-thinking leaders of their choice and for a better nation. Peterside, in a recent tweet, stated that the youths which consist over 60 per cent of the Nigerian voting populace should endeavor to register and collect their Personal Voter’s Card (PVC) before June 2022 ahead of next year’s elections, as stipulated by the Independent National Electoral Commission (INEC), instead of being instigated by the old and discontented in the society. He added that the numerous

Emma Okonji

committed to deepening its already established relationship with the media. Danbatta explained that there was no gainsaying the fact that the Commission, by virtue of its regulatory activities in the telecom ecosystem, occupies a strategic position in the official architecture instituted to enhance national economic development. He said by the reckoning of stakeholders, the Commission has performed well, and it recognises the role of the mass media in its successes. He noted that the relationship of the Commission with the mass media has been cordial over the years, and that the Commission would never take the media for granted nor act in any manner that may rupture the relationship. Recalling the significance of media support in the accomplishments of NCC, Danbatta asserted that the positive, prominent, accurate,

Gilbert Ekugbe

The Nigeria-Qatar business matchmaking event scheduled to hold on the 2nd of March, 2022 in Lagos. The event organised by Qatar Development Bank (QDB), a government financial entity established to empower local ventures and diversify the private sector in the state of Qatar, would build on the two countries’ socio-economic ties which have witnessed growth in the last decade. In a statement, the organisers said the two-day event aims to bring together Qatari and Nigerian enterprises to explore avenues of mutual growth and partnership opportunities. The statement added that QatarNigeria business matchmaking event will kick off with an open forum where Nigerian government representatives and leading

private sector institutions will meet with their Qatari counterparts, which will be followed by several pre-arranged meetings for B2B networking opportunities, led by key players from sectors of interest in both countries. Commenting on the significance of the initiative, Acting CEO of Qatar Development Bank said, Mr. Abdulrahman Hesham Al-Sowaidi: “Having carefully studied the needs of Qatari companies, we are constantly identifying partner nations with economic and trade synergies that meet the aspirations of the two countries’ private enterprises and contribute to both nations’ economic development plans. Thanks to the strong economic ties and synergies between Qatar and Nigeria, bilateral trade between our nations have increased in the last decade.”

cluding steel, chemicals, commodities and power generation adding that the group has completed 50 years of operation last year. He also said ANRML remained one of Nigeria’s largest non-oil FDI and would serve as catalyst for development of steel and manufacturing sector as a whole. He said, “We also expect this project to have lasting social and economic benefits by means of jobs, social infrastructure, skills development, contribution to GDP as well as save the country scarce foreign exchange through import substitution.

killings of innocent citizens in the country is not the solution to youths’ aggressiveness for a better Nigeria, that such should be channeled to the 2023 elections towards voting for credible candidates that would ensure their dreams and aspirations are attained. With notable quotes by the late Herbert Hoover, America’s 31st President which states “Older men declare war, but it is the youth that must fight and die;” Niko Bellic, the protagonist of Grand Theft Auto IV, that “War is when the young and stupid are tricked by the old and bitter into killing each other;” and Bertrand Russel, the British Philosopher, and Logician, that “War does not determine who is right, but who is left,” the Anap Foundation President pointed out that Nigerian youths should rethink and be part of the country’s electoral process.for the actualization of a desired and deserved country.

MONDAY FEBRUARY 14, 2022 • T H I S D AY

MONDAY FEBRUARY 14, 2022 •T H I S D AY

MONDAY FEBRUARY 14, 2022 • T H I S D AY

MONDAY FEBRUARY 14, 2022 •T H I S D AY

MONDAY FEBRUARY 14, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, FEBRUARY 14, 2022

HOMES&DESIGN LEKKI FREE ZONE MULTI-STOREY COMPLEX

Illuminates Lagos’ Horizon

MONDAY, FEBRUARY 14, 2022 ˾ T H I S D AY

HOMES&DESIGN

Where Hospitality, Banking Meet Shopping The sombre-looking landscape of the Lekki Free Zone is spiced up nicely with a multi-storey office complex that jots up like a lighthouse, beckoning on discerning investors. The ultramodern building is where all the fine deals are struck. Bennett Oghifo writes he multi-storey office complex is a lovely sight to behold. The exquisite building is located within the commercial and logistics business district in the South-west quadrant of the Lekki Free Zone. It thus provides a strategic location for all Service based Enterprises to carry out their business transactions on a daily basis.

Currently, two different areas of about 800 and 400 square meters respectively on the ground floor of the Office Complex Podium has been designated for banking services. This facility located in a secured environment provides a unique opportunity for Nigerian Banks to capture the financial market in the free zone axis and the Lekki Deep Sea Port Area.

HOSPITALITY

SUPERMARKET

Hotel operators desirous of setting up luxurious short-stay apartments and hospitality services should take advantage of this unique location and opportunity to break new frontiers in the hospitality business and capture the market that the overall development in the free zone axis offers.

Considering the rate of development at the zone and the increasing number of employees, the management intends to pay more attention to the comfort and convenience of investors that are living within the confines of the zone, and this is why it is essential to have consumables retail market (supermarket) where everybody can shop for food items, toiletries and other consumables.

BANKING Guaranteed security is a major attraction for the banking business.

The supermarket is located on the first floor of the office complex podium. About 813 square meters has been designed for this purpose.

OFFICE SPACE The Lekki Deep Sea Port and the Dangote Refinery development will attract diverse kinds of services ranging from commercial, consultancy, maintenance, and logistics. This facility will afford service rendering enterprises an opportunity to be located within proximity to locations where their respective services and business opportunities abound.

PLANNING: BACKGROUND In 2006 the Lagos state government conceived an idea to develop some part of the Lekki Peninsula into a blue-green, ecofriendly environment. The proposed

area covered an area of 60,000 hectares stretching from Victoria Island in the west to Refuge Island and some parts of Lekki town in the east. The blue-green concept was primarily to create a comprehensive new town with important public facilities and infrastructures in the North and South peninsulas. This concept was solidified by developing the comprehensive master plan for the Lekki sub-region, which provided the guideline for regional planning of the entire Lekki peninsula. Consequently, the master plan for Lekki Free Zone was developed using the Lekki sub-region master plan as a basis for planning. In line with the Lekki sub-region master plan, the entire Lekki Free Zone covers an area of 16,500 hectares. It is divided into two peninsulas by the Lekki Lagoon: parcel A (southern peninsular) and parcel B (northern peninsular).

MONDAY, FEBRUARY 14, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

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

Obikanye: Why Local Pr o d uc t i o n o f Agro-commodities Should Be Encouraged

The Group Head, Agric and Solid Minerals Finance, Sterling Bank Plc, Dr. Olushola Obikanye, in this interview speaks about opportunities in the agricultural sector as well as the investments of the bank in the sector. Oluchi Chibuzor brings the excerpts: the pricing of input materials. This affects how loans are priced and eventually disbursed. The state of the available infrastructure also adds a layer of cost to industry players as they now carry the expense of building and/or maintaining existing infrastructure in a rapidly changing economic environment. Add to these the dependence on imports for a lot of our inputs and equipment. With a volatile exchange rate, the cost of securing these crucial inputs, which are priced in foreign currencies, negatively impacts the costing dynamics of agribusiness ventures. Adding these three elements together paints a picture of why the supply of financing to the sector is yet to be matched. Simply put, there is a fair amount of uncertainty in the moving parts. Solving this problem requires a bit of bravery and a lot of dedication on the side of the financier. At Sterling, Agriculture is a key part of the HEART strategy. These sectors, Health, Education, Agribusiness, Renewable Energy and Transportation, are the focal areas of our investments in the mid to long term. With the commitment to agriculture sorted, we are then able to effectively close the gap by developing specialized products to address these issues and correct for them where achievable. Also, standardising and digitising the process of application will make the decision to lend easier for us as an organisation. Lastly, working closely with the beneficiaries of the loans to maximize these investments through the provision of consulting and advisory services, as well as regular monitoring activities are ways we are tackling the financing gap and getting resources to agribusinesses that need them.

Given the recent data on the agribusiness industry on its contribution to the nation’s Gross Domestic Product (GDP), foreign exchange (FX) earnings and overall employment, how can the sector expand its contribution to the national economy? gribusiness as a sector does quite a fair bit in employment but can do so much more. As of third quarter 2021, the sector contributed about 29.94 per cent to the nation’s GDP. This is a sizeable contribution and also shows immense potential for outsized performance. Maximising this potential to increase economic contribution can be achieved by encouraging more local production of agro-commodities to fulfill local demand, exporting the excess as a trade commodity once capacity is achieved. But this optimised potential is dependent on creating a conducive environment for current and prospective agribusinesses to thrive. This can be achieved through incentives like tax holidays for agric focused businesses; start-ups, key players in the export value chain, financing small holder farmers at sub-commercial rates with intervention funds to drive production at scale and more. Most crucially, all of these can be achieved with increased participation of the private sector in agribusiness.

With your background/experience in agriculturerelated academia and ﬁnancing, what do you think can be done to upscale the industry and make it attractive for large-scale investment? A couple of factors could be considered which are pivotal in enhancing scalability and making the sector more attractive. These start with the pivotal need to create an enabling environment to allow the private sector effectively play its role. This has been observed in other markets that have built around their agribusiness industry, resulting in an increase in local production. With an increase in private sector participation, the market opens up and increases in attractiveness to foreign investments, making even more resources available given the exchange rate. However, all of these can be accelerated by making cheap funding available to stimulate participation and increase scale with smallholder farmers and agro-focused SMEs. Lastly, leveraging data and technology will exponentially improve the efficiency and effectiveness of our practices, minimising waste and allowing industry players optimize to achieve maximum output. Combining these solutions will simultaneously increase production and the creation of value, making the industry more attractive to much needed investment. Over the years Sterling Bank has grown to become a major player in the Nigerian agribusiness ﬁnancing sector. How does the bank intend to grow its participation given the current economic environment? Beyond being financiers of the sector, one of the key strengths we have is that the core of our agribusiness team is comprised of specialists and practitioners. So, the industry’s challenges are understood and experienced on two fronts – as practicing agribusiness sector stakeholders and as financiers of the sector. This positions us uniquely to view the problems and analyse the variables, relationships and resultant effects. This guides the solutions we develop in implementing our HEART strategy, of which agribusiness sits right in the middle. From a problem analysis, we have observed that participation has been affected by a combination of factors like insecurity, high input costs, changing weather systems, limited use of technology, antiquated practices, limited market access, wastage and postharvest losses and so on. With an understanding of the impact of these problems, we have developed some solutions in-house, collaborated with key stakeholders on others and are actively brainstorming to find lasting solutions to others. By crafting solutions to some of these problems, we are growing our footprint as practitioners and financiers. For example, financing ranks as one of the largest challenges faced by growing agribusinesses. To address this, we have increased our lending to the agribusiness sector from 10 per cent to 12 per cent and are willing to extend further if the need arises. This funding cuts across the needs of producers and aggregators where loans can be provided in the form of inputs – seeds, fertilizers etc. That is how much we believe in the potential of the sector. On post-harvest losses and improving access to market, we are solving two problems with some of our solutions. A worrying statistic is the loss of approximately 45 per cent of harvests due to improper storage. This equates to the loss of almost half of value created and a contributor

Obikanye to food pricing volatility. To address this, we have partnered with key stakeholders to develop SABEX to improve access to storage, trading and credit facilities, which in turn allows for commodity trading out of harvest cycle, the preservation and capture of value outside of the regular cycles. Some of the commodities we have successfully implemented for are staples of Nigerian homes, rice, beans, sorghum and so on. Now, farmers, traders and other stakeholders can visit sabex. ng and sell their commodities There’s a seeming gap in the participation in agribusiness by the younger generation dwelling in urban areas. How can agribusiness ﬁnanciers increase participation among the younger generation and leverage opportunities across value chains? It’s interesting to note that 33.3 per cent of the Nigerian population today falls within the age of 16-35 years, which forms the bulk of the Nigerian youth population. It’s projected that this figure will be on the increase by the year 2040. Having said this, the average age of the farming populace is well over 55 years, which means agriculture, as of today, is majorly practiced by a more mature generation. This paints a picture that agriculture in Nigeria and everything associated with it, local food production included, is on the path of extinction if adequate measure is not taken to encourage the youth into the sector. To address this problem, we have partnered with the Mastercard Foundation to develop SWAY AgFin – a single digit interest financing solution for agribusinesses run and owned by women and youth. With a flexible tenor, extending up to 5 years in some cases, we are seeking to involve a fresh generation of agribusinesses to increase production where possible and maintain sustained food production across generations. In addition to this, we are actively collaborating with organizations to provide technical training to youth and women as they start their journey into agriculture. The bank has a proven track record of lending to the production/primary sector of the value chain. Are there any plans to expand investment into secondary and tertiary parts of the agricultural value chain? If so, how?

Yes, we have begun plans to extend our activities to other sector players beyond the primary producers. At Sterling, we see the model of the industry as extending beyond primary, secondary and tertiary value chain players. In more detail, today’s agriculture value chain can be segmented into pre-upstream, upstream, midstream and downstream. Over time, most financial institutions have focused on the upstream segment - primary production, crop and livestock farmers. In the last five years, we have developed expertise in the other segment beyond the upstream segment and have been able to finance players within and beyond that segment. We have also leveraged interventions from the Central Bank of Nigeria such as the Paddy Acceleration Aggregation Scheme, Maize Acceleration Aggregation Scheme, Real Sector Scheme Funds and many more. These deliberate investments to expand well beyond the primary producers include aggregators, processors, commodity traders and exporters who are crucial in unlocking of the true value of these produce. What level of investment support can you deploy to the secondary and tertiary parts of the agricultural space to drive growth? Beyond tweaking existing products and developing new ones, we are taking one of our viable products into the next level of market penetration in meeting needs. For example, SABEX has now evolved from being a platform that enables trading of commodities to an on-lending platform where farmers or aggregators can get credit based on the quantity and quality of commodities they have. We have partnered with AFEX in making this a reality by leveraging their warehouse network across the country. Our goal is to make SABEX a secondary trading platform where derivates can be bought and sold on the platform. Financing is still a gap for the agribusiness sector. What are the factors contributing to this unique problem and how can Nigerian banks solve them? A few items have become influencing factors as to why funding has become a key problem. If we take the effect of inflation on the increase in

With a higher-than-average non-performing loan ratio than other sectors of the economy, does the Bank intend to increase her commitment by lending more to the sector? If yes, how? Yes, we understand that most banks are challenged with a higher-than-normal percentage of non-performing loans from the agribusiness sector. The reasons are not farfetched as they are due to the existential threats to the sector and the associated risks they carry. These have colluded to create losses for financiers like ourselves. However, I am pleased to say that we are doing a few things differently at Sterling which have helped keep the share of our non-performing loans to the agribusiness sector well below two per cent for the last three years. Our people, evaluation processes and monitoring activities are our secret ingredients. Our team is comprised of seasoned finance professionals who have backgrounds and experience in agriculture as well as agro-related endeavours – this gives us an understanding of customers’ needs as we are able to empathise from the perspective of practitioners and providers of credit. This background contributes to how we evaluate requests for financing and guide the customers as we are able to see not just from the perspective of the Bank, but also from the customer. We then ensure that we work closely with the customer to help them get the best out of their farm through training activities, regular assessment visits and more to keep projects running in favour of both the entrepreneur and the bank. In concrete terms, how do you want to consolidate Sterling’s recent successes in the sector? We intend to consolidate our position by continuing to lend where we see the opportunity, developing products that meet the needs of the sector and market at large, and drive the right kinds of collaboration with practitioners and stakeholders in solving the industry’s problems. As earlier noted, we are ranked as one of the foremost banks in agricultural financing in Nigeria and we pride ourselves in our track record of lending efficiently to the sector. This is evidenced by the agribusiness loan portfolio currently sitting at 12 per cent of the entire bank’s books – I’m not too certain there are many other banks in the country currently at that level of exposure to the sector. More importantly, this is a number we are more than willing to increase with the right opportunities. This year, we intend to be intensely present our SWAY AgFin and SABEX propositions for the market’s adoption. We are confident these solutions will plug major financing gaps in the industry, drive participation in a younger demographic and elevate agro-commodities to more than mere produce and position them as viable assets class worthy of large-scale investments. Lastly, we intend to continue to build on our research capabilities to highlight opportunities within the sector across value chains while bringing stakeholders together to chart a course for Nigeria’s agribusiness sector, with seminars like the Agriculture Summit Africa.

T H I S D AY ˾ MONDAY, FEBRUARY 14, 2022

BUSINESS SPECIAL

PERSPECTIVE

Beneﬁts of Gbeleyi’s Appointments as FMBN Board Chairman John Terhemen Ikyaave

ngoing efforts to transform the Federal Mortgage Bank of Nigeria (FMBN) received a big boost with President Muhammadu Buhari’s appointment of Mr. Ayodeji Ariyo Gbeleyi as the bank’s Chairman, Board of Directors and his inauguration by the Minister of Works and Housing, Mr. Babatunde Raji Fashola, last week at the Ministry’s headquarters in Abuja. The inauguration formalised Ayodeji’s appointment as a replacement for Chief Adewale Adesoji Adeeyo, who passed on last year. As the Board Chairman, Gbeleyi would be responsible for steering the strategic direction of reforms at the Bank. Analysis of Gbeleyi’s educational profile and remarkable professional career in the private and public sectors showed that he is a fit and valuable choice for the position. His wide-ranging wealth of experience, deep knowledge, and expertise in public finance management and policy making would add zest to the ongoing efforts of the Ahmed Musa Dangiwa-led Management to transform FMBN into a more impactful and efficient affordable housing provider to Nigerians within the low and mediumincome brackets. AYODEJI – TOWERING PROFILE OF ACCOMPLISHMENTS Gbeleyi brings to the FMBN Board a solid track record of competencies and accomplishments. He is currently the Managing Partner/CEO of GA Capital Limited, a niche-player advisory firm in the Infrastructure Project Finance, Public-Private Partnerships, Public Finance Management and Regulatory space. He is an ICAN Award-Winning Chartered Accountant, a Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria and an MBA Holder, University of Navarra IESE, Spain. He possesses broad skills-set and cross-functional expertise in Public Policy Making, Public Finance Management, Public-Private Partnerships (PPP), Corporate Governance & Strategy Formulation, Project Finance, Treasury Risks Management, Investment Banking, Financial Advisory, Multi-Stakeholders Relationship Management, Financial Control & Reporting, Banking Operations, and Auditing. He is also an alumnus of the prestigious London Business School, and Lagos Business School and has attended several local and foreign capacity development programmes at Harvard Kennedy School of Government, Wharton School University of Pennsylvania, etc Furthermore, Gbeleyi has over three decades of post qualification hands-on experience and exposure in diverse sectors and multi-cultural work environments, including manufacturing, fast-moving consumer goods (FMCG), banking, insurance, telecoms, power, infrastructure, and public administration. He has led a series of large ticket and complex infrastructure project transactions across economic and social sectors. His private sector experience in senior management up to C-Suite roles span Nestle Plc, Nigerian Bottling Company Plc, Marina International Bank, Lead Merchant Bank, Guardian Express Bank Plc, Econet Wireless Nigeria, Vodacom Nigeria, Vmobile Nigeria, Celtel Nigeria and Arican Advisory Services. He was Treasurer at three different banks during his banking career. At a time when FMBN is seeking to leverage private capital and government funding towards a N500billion recapitalisation drive, Gbeleyi’s expertise in financial deal-making, strong reputation, and industry recognition within the private and government circles would be most useful. He has criss-crossed widely across the globe and extensively involved in leading International Roadshows aimed at attracting much-needed Foreign Direct Investments (FDIs) into Nigeria.

Gbeleyi (left) and Fashola

He led the Finance Team of Vmobile as the Chief Treasury Officer that spearheaded the deal negotiation culminating in the successful raising in September 2005 of over $1.1 billion multi-currency and multi-sourced project finance. The transaction, a blockbuster in the annals of Project Finance in Nigeria was voted the “Europe Middle-East & Africa (EMEA) Telecoms Deal of the Year 2005” by Project Finance Magazine a publication of Euromoney Institutional Investor Plc, UK, a global authority in the reporting and analysis of developments in the project and infrastructure financing arena. Similarly, the deal was nominated for the “ThisDay Newspaper 2005 Transaction of the Year”. The transaction included components for vendor financing from OEM’s; Ericsson, Motorolla, Siemens, Harris and Huawei to fund the flagship Project ROSE (Roll-Out Service Everywhere). Additionally, he played a pivotal role in the negotiation of the circa US$1 Billion investment transaction that resulted in the May 2006 acquisition of 65 percent equity stake in Vmobile by Celtel International B.V. In this regard he championed on record till date and in a seamless manner the single largest Foreign Direct Investment (FDI) of US$1 Billion foreign exchange inflow into Nigeria without any disruption to the market nor creating a US$/Naira rate volatility in collaboration with the Central Bank of Nigeria (CBN). Gbeleyi is also no stranger to championing innovative change through strategic partnerships and breaking new grounds. As a former Commissioner for Finance in the Lagos State Government Executive Council he had the concurrent responsibility for the oversight of the Office of Public Private Partnerships (PPP). In that capacity, he doubled as the Special Adviser to the Governor and the pioneer Director-General of the Lagos State Office of PPP, the Agency driving the Government-toBusiness (G2B) collaboration anchor

policy thrust for the acceleration of infrastructure delivery and provision of social services towards the actualisation of the Babatunde Raji Fashola (SAN) Administration’s vision of making Lagos Africa’s Model Megacity. Amongst multiple other Reforms championed, he anchored the first ever publication of the International Public Sector Accounting Standards (IPSAS) compliant Government Audited Financial Statements in Nigeria in 2015. He was headhunted in a global recruitment process as the pioneer Director-general to set up the Lagos State Office of PPP, a pacesetter agency in Nigeria. He also led the closure of one of the largest sub-National Bonds in Africa of N87.5 Billion (circa US$565 million) in 2013, Two Tranches of the World Bank Development Policy Operation of US$200 Million Concessionary Facility each, French Development Agency 20-year tenor US$100 Million concessionary Loan, World Bank $42 Million Education Intervention Facility and the upgrade of the State’s National Long Term Rating by Fitch Ratings to “AA+ (nga) with Stable Outlook”. He equally played a pivot role in the setting up, in conjunction with Infrastructure Concessioning & Regulatory Commission (ICRC), the Nigeria PPP Network (NPPPN) for sector-wide knowledge sharing and capacity building for both public and private sectors’ practitioners. As a result of his wide experience, profound knowledge, and value that he commands, Gbeleyi has been a much sought-after addition to Corporate Board Rooms. He is the Chairman, Board of Directors - Axa-Mansard Health Limited, Chairman, Board of Directors – Northwest Quadrant Development Limited (& Alaro City Development FZC – Lekki Free Zone), Member - Statutory Board Audit Committee, Stanbic-IBTC Bank Plc, Member - BusinessDay Editorial Advisory Board, and Chairman Board of Governors, Baptist College of Theology Lagos. He is also the immediate past Chairman,

Board of Directors – Yola Electricity Distribution Company Plc, and previously served as Member - Board of Directors Volkswagen of Nigeria, Chairman Board of Directors Lekki Concession Company Limited (LCC), Director, Med-view Airline Plc, Chairman - Lagos State Mortgage Board (LagosHOMS), Member - Cooperative Home Ownership Incentive Scheme (CHOIS) Board and Council Member – Lagos Chamber of Commerce & Industry (LCCI), Chairman, Board - Development Office, College of Medicine (University of Ibadan), Board Member, - Lagos State Public Procurement Agency, Member - Lagos Innovation Council, amongst others. READY TO WORK Gbeleyi understands the urgency of addressing Nigeria’s housing challenge and the strategic importance of a strong, financially robust, and efficiently managed FMBN, to deal with the problem in collaboration with other key stakeholders. During his inauguration last week, he expressed readiness and commitment to steering the executive management team. Notably, he said he would guide the Bank towards realizing the laudable goals encapsulated in the Key Performance Indicators (KPIs) of the FMBN five-year Strategic Turnaround Plan, which the Bank produced in collaboration with Messrs. KPMG, a reputable international consultancy firm. The plan was approved for implementation at the 202nd meeting of the Board of Directors in May 2020. The KPI’s include financing 100,000 housing units by 2024; growing the number of National Housing Fund (NHF) contributors from the current 5 million to 31.6 million, and aggressively transforming the mixture of formal/ informal sector contribution from 80:20 to 50:50 by the year 2024 through widening of informal sector participation and accelerating the growth of NHF contributions from annual collections of N48.8 billion in 2019 to N284.7 billion by the year 2024.

MONDAY FEBRUARY 14, 2022 •T H I S D AY

MONDAY FEBRUARY 14, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY FEBRUARY 14, 2022

CITYSTRINGS

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

HAPPY VALENTINES DAY... HAPPY VALENTINES DAY...HAPPY VALENTINES DAY...HAPPY VALENTINES DAY...

Ekene and Chinenye Uzoeto: Valentine’s Day Gives Opportunity for Renewal of Love Across the world, many will mark St. Valentine’s Day today being February 14. For Ekene and Chinenye Uzoeto, it was a day to regale THISDAY with their love story. In this interview with Mary Nnah, they shared the journey of their exceptional love that has endured the test of time

hat does Valentine mean to you? Ekene: It means a lot to me, you express your feelings to your wife. Like a renewal

see mummy and daddy playing this their kind of love? Ekene: I have four boys. My wife is the only woman among soldiers in the house and they don't have a problem, with the public display of attention we give to each other. They know Daddy is appreciating Mummy. Sometimes my eldest son will say, Mummy and Daddy have started again, let’s leave them, they have started to play love.

of your love. Chinenye: Love, that is what Valentine means to me.

So what does love mean to you? Ekene: Love is being together with that individual who makes your heartbeat, who clicks with your spirit, who is your soulmate, who understands you. Chinenye: Love is beautiful. Love is happiness, Love is joy, and so whatever makes you happy makes you feel loved.

Who is more romantic between the two of you? Ekene: It is not her, it is me. Chinenye: He is. I am the rigid type. What is the most annoying thing she has ever done? Ekene: The most annoying thing she has done was locking me in during a little quarrel we had and telling me that I would not go to work. That's my problem with her. Sometimes if we have issues, she would lock me up but what I usually do is that would remove my clothes, stay on the bed and tell her that I will not go anywhere again, but stay at home. Next thing, she will start begging me to please go to work, that she doesn't want problem. Chinenye: Shouting. He can shout!

Who was your ﬁrst love interest and how did it end? Ekene: I can't remember, I will tell you the truth. I made my millions when I was young and squandered all on different females. So, I can't remember any, please. Chinenye: My ex, we started well but we didn't end well. How and where did you meet your wife? Ekene: I met her at one of her brother's houses in Lagos. And that day, they were having the sister's introduction. She had heard my name severally before then because I'm her brother's friend but we never met each other. Suddenly we met and I knew we had to be together. Chinenye: Coincidentally, my husband came with my cousin to my sister's introduction. Right there, he showed interest in me and I also liked him even though I wasn't serious at that time. Was it love at ﬁrst sight? Ekene: She knew what she wanted immediately she saw me likewise me. And I started wooing her, sending her cards. Chinenye: Yes it was love at first sight though he caught my attention first; it was love at first sight. How did you propose to your wife/ how did your husband propose to you? Ekene: That was what she had always wanted; for me to make her my wife. Right from the moment she met me at her sister's introduction when we started courting, she wanted me as her husband and I too wanted her as my wife. We did so after six years of being together, we wanted to stay together forever. Chinenye: After six years of relationship, one day, I came from Bonny Island, where I was working in an oil servicing firm to visit him in Lagos, and then he went down on his knees and said ‘this time, I want to marry you and I mean it for real.’ How long have you been married? Chinenye: 16 years Tell us the craziest thing you have done for love and also the costliest price you have paid for love. Ekene: I can't answer this one. Chinenye: The craziest thing I have done for love is fighting in public simply because somebody insulted my husband. Then the costliest thing I have paid for love was when I almost took my own life for the sake of love. His family didn't want me and he had started to see another person due to family pressure. I took a poisonous substance and wanted to end it all but my love (husband) saved my life. He performed first aid on me, literally sucked the poison out of my

Mr. Ekene and Mrs. Chinenye Uzoeto system, carried me, and ran like a mad man to the hospital.

Chinenye: Pride. I hate it when a man shows off his ego. It turns me off.

What attracted you to your spouse? Ekene: I will be sincere on this. First of all, I don't like a girl that pretends and I want a good life for myself. She is always neat in terms of housekeeping. She keeps everywhere neat. Also, I don't like girls that paint their nails and go about with their hands lifted. They can't even wash the undies they wear or even sweep the floor; my wife is not superficial, she is homely, that is what attracted me to her. She knows that when I come back home, she knows I am there, she takes good care of me. Do you know that even after 16 years of marriage and 22 years being together, my wife still chooses the clothes I wear each day. She lays it on the bed, with matching footwear. She takes care of everything about me. That is exactly what I call a woman. Chinenye: He is kind-hearted, that's it. His simplicity is out of this world. He is very accommodating.

What is it that you don't like about your spouse? Chinenye: Shouting when he is angry, he can bring the building down with his anger.

What puts you off in a woman/ man? Ekene: It is pretense. When you know you can do something but you pretend that you have never done such a thing before. If you know who you are, tell me, I will understand, that is me. You are smoking a cigar; tell me you are smoking a cigar. If you are drinking beer, tell me you are drinking beer, I will take you as you are. But if you pretend and I find out later, that ends it.

How will you describe the love shared between you and your wife? Is it Romeo and Juliet type? Ekene: Well, I am the Romeo and Juliet type even though she isn't. Anyway, I love her, she loves me. I know we are not doing mama and papa type of love even though I know that the love she has for me is higher than my own. Chinenye: I would say conventional kind of love but also so dearly like I was his blood too. How do you express love to your spouse? Ekene: She knows that I Iove her. Sometimes I will tell her something funny. I like making her laugh. I'm a fun-loving guy. I buy her clothes and shoes. I'm always making fun of her that I will send her to her father's house with all these her shoes and clothes if she is going to take over all the whole wardrobe spaces in the house. She knows that it is all fun; she knows that I love her, that's the most important thing. Chinenye: Getting him a surprise gift, when he least expects it. How many children do you have and how do they react when they

"Marriage is not a bed of roses, so they should learn to be tolerant, prayerful, and learn to settle the dispute as soon as it comes up... Choose wisely, be focused, keep the love and keep the flame alive"

Was there any point in your relationship that you regretted meeting each other? Ekene: Not really, even though sometimes she provokes me so much by saying silly things. And you know that we men have our issues too. Most important thing is that after everything we settle. As soon as we get intimate with each other, the fight stops. Chinenye: Yes, when family pressures came. What were the challenges you faced initially in your marriage? Ekene: Normally, Anambra men would try as much as possible to marry Anambra girls. I had challenges with that when my mama and papa told me I cannot marry an Imo girl. Even though my father would come from the village and say that I must tell her to go but I would usually tell her to go to her family's house and stay, till when tension is calm, then she can later come back and then she will come back and again we would start as usual from where we stopped. Despite the pressure from family, I realised she was the only person I could spend my life with. I had tested and tried other females and yes I have known a lot but no one is like Chinenye, my wife, she is the best. Chinenye: A lot but it was all worth it. I will face them all again because my husband is worth it. He is an Anambra man, so his parents wanted him to marry from their state. I am from Imo. What has kept your relationship lasting and exciting? Is it money or love? Ekene: Money answereth everything because without money, we would still be having problems and without money, the family will not run. This is our condition in Nigeria now, no money no love o. I pray that God will strengthen us and give us wisdom on how to make more money (laughs). Chinenye: He is joking. It’s love that has kept us together to date. What advice do you have for young couples? Ekene: That marriage is not a bed of roses, so they should learn to be tolerant, prayerful, and learn to settle the dispute as soon as it comes up. Chinenye: Choose wisely, be focused, keep the love and keep the flame alive.

T H I S D AY ˾ MONDAY FEBRUARY 14, 2022

CITY STRINGS HAPPY VALENTINES DAY... HAPPY VALENTINES DAY...HAPPY VALENTINES DAY...HAPPY VALENTINES DAY...

A New Digital Experience for Valentine's Day Precious Ugwuzor reports that to commemorate this year's Valentine's Day for its millions of customers, Africa’s global bank, United Bank for Africa, had unleashed a new digital experience tagged ‘Made for Love’

frica’s global bank, United Bank for Africa (UBA) Plc, is set to launch the new internet banking, tagged ‘Made for Love’ in time for the Valentine season which is widely celebrated all over the world as the season of love. The newly upgraded internet banking has been fully equipped to provide a new digital experience to customers as the bank has invested in cutting edge technology to achieve this with attention to the smallest detail. UBA's Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who gave insight on the new internet banking system, explained that as always, UBA remains committed towards prioritising customers, which is why the bank has gone the extra mile in conceptualising an outstanding service, with countless benefits and features designed to give its esteemed customers increased control and accessibility to carry out their transactions with ease. As a key part of the new features, he said the application has been loaded with security elements to protect all financial transactions on the bank’s platform and is securely focused on the ultimate customer experience. Speaking specifically about the internet Banking payment system, the GMD explained that it is the best in its class and was designed with multiple-factor authentication security features, which makes it extremely difficult to hack. He, however, advised customers not to divulge personal information to third parties, in order to keep the line of transaction fully protected on the part of the customer. “The new Internet banking comes with a lot of features that are engaging for customers and have made banking transactions a lot

Kennedy Uzoka easier, while easily addressing customers’ needs, through inbuilt emerging technologies like Artificial Intelligence (AI)," Uzoka said. He listed some of the upgraded features to include transfer of money from UBA account to other UBA accounts, sending money to saved beneficiaries,

card-less withdrawal for self and for third party, personal financial management and so much more. “Mobile technology is our strategy in UBA, and we have devoted a lot to ensure that we are able to deliver banking services using a web system that is unparalleled across the globe”,

Uzoka explained. Also speaking on the new digital experience, Group Head, Digital Banking, Kayode Ishola, said the new internet banking is the customers’ personal finance manager built with a distinctive user interface that will change the face of banking, adding that the internet banking has been designed as multilingual and multi-currency Web payment system to address the needs of all categories of UBA customers, irrespective of their education and tribe, either for Individual customers or SME customers. He disclosed that the new Internet banking runs concurrently in the 20 countries of UBA’s operation, interacting in the different languages and cultures in line with the specific needs and regulation of the country in focus, adding that it is sleek and trendy with a seamless user interface and can also speak to the specific country where it is being used. “Interestingly, we have worked towards creating behavioural insight for our customers and working around this to address the real needs of our customers using the Omni channel platform and running on our open digital platform, which is very interactive and armed with lifestyle services,” Ishola explained. United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services

Aura by Transcorp Hotels' Free Staycation to Lovers forValentine's Day The Online Accommodation Booking Platform Aura is currently running #TheAuraExperience Promo

ura by Transcorp Hotels, the online platform for booking accommodation, food and experiences has said a couple stand a chance of winning a free night staycation to celebrate Valentine's Day when any of them spend up to N100,000 on the platform. The Company, a subsidiary of NGX-listed Transcorp Hotels Plc., stated this at an event on Thursday where it hosted some of its stakeholders. The promo requires users to book accommodation, order food, or book experiences worth at least N100,000 during the promo period, to qualify for a draw where two winners would emerge. Throughout the promo period which ends on January 30, 2022, users of Aura can also enjoy discounts of up to 25% on selected accommodation, food and experiences. "Aura is committed to providing people with unique homes and hotels when they are away from home. The platform is also set up to help users order great food at restaurants close to them and find things to do to make every moment memorable. This promo is our way of encouraging more people to experience Aura as we continue to spread happiness by creating memorable experiences through all our touch points," said Ifeoma Okafor-Obi, Business Development Director (Aura) at the event which held at Metro Apartments in Lagos, one of the apartments listed on Aura by Transcorp Hotels. Aura provides a great selection of exquisite properties at the best prices, carrying out verification on all listings on the platform to ensure that guests are choosing from the right pool of options, and in keeping with the known high standards of the parent company Transcorp Hotels Plc. The

hospitality company, which also owns Transcorp Hilton Abuja and Transcorp Hotels Calabar, has continued to expand its excellent hospitality services, with a world-class event center that can seat close to 4,000 guests expected to be completed in 2022. The company's property in Calabar is also being upgraded to sustain the quality of services the hospitality brand is known for. Aura by Transcorp Hotels supports official travel, relocation, or staycation, ensuring that employees of corporate bodies are well rested and focused on delivering business results. Companies that have Sales Representatives who are always on the move have found

Aura by Transcorp Hotels to be a key partner, with guaranteed access to verified apartments that ensures the comfort and safety of their staff. "There are carefully selected restaurants as well as personalized chef experiences on demand for corporate meetings and events. We also have an array of refreshing day experiences as well as packages for corporate retreats and strategy sessions," Okafor-Obi added. In addition to the impressive features offered by Aura, guests can rest assured that they are fully covered if they ever get involved in an accident whilst in an Aura apartment. This insurance feature is provided in partnership

with digital insurance companies, Heirs Insurance and Heirs Life, and it guarantees the protection of the lives and properties of guests, ensuring that they have a truly memorable Aura experience without fears or worries. Commenting on the significance of Aura by Transcorp Hotels, Mrs. Dupe Olusola MD/CEO, Transcorp Hotels Plc. explained that the recently launched business is the piece that completes the puzzle for the company, as it seeks to offer wholesome luxurious experiences to guests beyond its well-known properties in Abuja or Calabar. "Our brands are individually distinctive and collectively powerful. We have consistently delivered world-class guest experience and excellent services across all our touch points, and impressive value to stakeholders. This is what users of Aura by Transcorp Hotels will also continue to enjoy. I encourage people to exploit the ongoing promo by Aura by Transcorp Hotels to have a great experience at a discount, and also stand to win a free staycation on Aura," Mrs Olusola said. "2022 will be a very exciting year for us at Transcorp Hotels Plc., as some of the projects we have been working on will come to life this year. One such is our Lifestyle Center which will be located in Ikoyi and will combine the traditional functions of a shopping mall with some of the best leisure amenities you can find anywhere," Mrs. Olusola added. To get access to unique accommodation, food and localised experiences listed on Aura, users have to register at aura.transcorphotels.com. They can also download Aura by Transcorp Hotels on Google Play and Apple App Store.

T H I S D AY ˾ ˜ ͯͲ, 2022

BUSINESS/MONEYGUIDE

‘Nigeria’s Huge Debt Profile Unsustainable for Economic Growth’ Hammed Shittu ÓØ ÖÙÜÓØ A former Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Rafiu Adebayo Ibrahim has expressed deep concern over the incessant loans requests by the executive and passed into laws by the National Assembly. Senator Ibrahim however said that, “Such development has increased debt level profile of Nigeria from 2015 till date and this is unsustainable for overall economic stability of the country.” Nigeria’s present debt profile according to the Debt Management Office (DMO) now stands at over N38 trillion as at September 2021 representing a N5 trillion increase from the previous N33 trillion as of December 2020. Experts have however, warned

of a looming financial crisis as a result of the rising debt, a fear that government has allayed. Nigeria spent a sum of $520.78 million on external debt servicing in the third quarter of 2021, rising by 74.2 per cent compared to $298.9 million recorded in the preceding quarter (Q2 2021) according to the DMO. Speaking with journalists at Ojoku, his country home in Oyun local government council area of Kwara state shortly after being honoured with a chieftaincy title as Bobaselu of Erin-Ile by the Elerin of Erin-Ile, Oba Abdulganiyu Ajibola Ibrahim Olusokun 11 to mark his 80th birthday and 40th year on the throne of his forefathers, Senator Ibrahim stated that, “the people are worried about the backlog of loans and the ones

obtained since 2015 till date”. The former lawmaker who represented Kwara South senatorial district of the state during the 8th Senate added that, the continous granting of such multiple loans would have serious effect on the future economic stability of the country. According to him, “Let me tell you as per loans, it is cleared that, the debt level of Nigeria as of today from where it was brought from, where it was in year 2015 and. till now is not sustainable. “And I will not like to degrade the 9th Assembly but my belief is that the 8th Senate did not do the same way the current 9th National Assembly is doing now. I am very certain that we are thorough during the 8th Senate as stakeholders were involved in the passage of bills into laws.

LCFE Registers 39 Dealing Member Firms The Lagos Commodities and Futures Exchange (LCFE), has announced that it has screened and registered 39 Dealing Member Firms for trading in commodities electronic receipts as part of its growth and expansion strategy. The first pan African Commodities Exchange in Nigeria has also set up market development committees for structured Commodities trading ecosystem. In a statement by LCFE, the Head, Operations, Dr Allwell Umunnaehila, the LCFE said that it had registered 39 Dealing Member Firms (DMFs) as its members.

Allwell explained that stakeholders looking to raise capital for their operations could do so through listing financial contracts on the Exchange, saying the business operations include commodity aggregation, processing, logistics, cold chain and Infrastructure development. Corroborating him, the LCFE’s Managing Director, Akin Akeredolu-Ale mentioned additional milestones, including onboarding of new directors, critical stakeholders, establishment of a framework for Publicly listed instruments, partnerships with key stake-

holders, capacity building and regulatory advocacy. Akeredolu-Ale also noted that the DMFs could drive the commodities market through Advisory, marketing, trading, product generation, and advocacy. He affirmed that the Commodities Ecosystem was a huge market that needed to be explored. The Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue, congratulated the DMFs that have registered with the LCFE and advised them to partner with the Exchange for enhanced professional practice.

Consumers Laud Hollandia Yoghurt’s Appeal in Northern Nigeria The ongoing communication campaign by leading drinking yoghurt brand, Hollandia Yoghurt, to deepen its connection with consumers across Northern Nigeria is already yielding positive results with increased awareness and preference as the ideal drinking yoghurt for moments of wholesome nourishment. A cross-section of consumers in Kano, Kaduna, Plateau, Sokoto and Borno reveal that their renewed awareness & affinity to Hollandia Yoghurt can be attributed to the ubiquitous and visible presence of the Out of Home advertising boards and radio jingles heralding the campaign. The campaign tagged “Always Tradition, Always Hollandia Yoghurt” celebrates the deep connection of the Northern consumers with tradition, love and friendship. It resonates with their local needs and way of life

for moments of wholesome nourishment. Mallam Suleiman Hussaini, a company executive in Kano, stated that “as part of our tradition what we eat and with whom we eat can inspire and strengthen the bonds between individuals as well as communities. It is heartwarming to see Hollandia Yoghurt associate with these moments by providing wholesome nourishment in the mix.” Bilkisu Musa, a secondary school teacher in Sokoto noted that driving through the metropolis, the visible Hollandia Yoghurt Out of Home display boards of its new campaign are a constant reminder of the brand and its wholesome nourishment benefit. “For much of the year here in Sokoto, the weather is generally humid with the need for replenishment. Hollandia Yoghurt is my preferred drinking yoghurt for its quality, delicious taste and

nourishment, and I enjoy it with my favourite local snack, masa, as a tasty treat for replenishment,” she stated. Hollandia Yoghurt provides the wholesome nourishment for active replenishment and revitalizing energy that keeps you positively recharged to be at your best for the day. The Hollandia Yoghurt 1Ltr pack encourages sharing, bonding and wholesome nourishment to every gathering, at home or at parties. The 500ml pack is for individual enjoyment for satiety and relaxation. The 90ml value pack provides the perfect drink to accompany children’s food packs as they head off to school. CHI Limited Marketing Director, Mrs. Toyin Nnodi, expressed satisfaction with the positive consumer feedback across states in Northern Nigeria on the “Always Tradition, Always Hollandia Yoghurt” campaign thus far.

Sterling Bank Confers Heart Fellowship Awards on 5 Tech Founders Sterling Bank Plc has awarded its HEART Fellowship to five tech founders to enable them to participate in the Founder Institute (FI) Lagos Spring Virtual 2022 Cohort. The recipients: Sikiru Salau, Olivia Chukwu, Charles Matthews, Maryann Efiong, and Michael Ayodele have each received a scholarship worth One Thousand Dollars ($1,000.00) to cover the cost of the program, which is scheduled to run for 14 weeks. The award recipients are tech founders who have demonstrated creativity and employed innovative

solutions to tackle challenges in the HEART sectors. The HEART sectors are Health, Education, Agriculture, Renewable Energy, and Transportation. Speaking at the award ceremony in Lagos, Head, Business Growth and Partnerships with Sterling Bank, Mr. David Adebayo, said the HEART sectors represent the focus and strategy of the bank. According to him, “A critical look at any of the chosen sectors indicates that any action taken to upscale the sectors would have a remarkable impact on the overall economy.”

He explained that it is because the bank understands it cannot do it alone that a decision was taken to partner with young tech talents in those sectors, that are doing things differently and to help them to scale. The awardees and other participants at the award ceremony were exposed to mentors, including Oluyomi Ojo, Founder, Printivo; Olamide Afolabi, Managing Director, Touch and Pay Technologies Limited; Idowu Akinde, Founder, Boolean Labs, and Seun Abimbola, Co-founder of Rentit, among others.

From left to Right -– Immediate Past President Nigerian-British Chamber of Commerce Mr. Kayode Falowo, Managing Director/Chief Executive Oﬃcer Wema Bank, Ademola Adebise and the current President of Nigeria-British Chamber of commerce. Mrs Bisi Adeyemi during a courtesy visit to Wema Bank Towers

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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

T H I S D AY ˾ ˜ ͯͲ˜ ͰͮͰͰ

Market Cap Down N42bn WoW on Investors’Profit-taking Kayode Tokede The positive activities in the stock market of the Nigerian Exchange Limited (NGX) witnessed a halt as investors profiting emerged in trading last week. In line with the bearish trend, the NGX All-Share Index moderated Week-on-Week (WoW) by 0.16 per cent to close at 47,202.30 basis points, while the market capitalization shed N42 billion W-o-W to close at N25.436 trillion.

Notably, sub-sector gauges closed in green; the NGX Banking, NGX Insurance index, NGX Consumer Goods NGX Oil & Gas and the NGX Industrial indices rose by 2.34 per cent, 1.51 per cent, 1.35 per cent, 0.29 per cent and 0.06 per cent respectively to close at 453.45 points, 185.85 points, 579.00 points, 423.93 points and 2,138.30 points respectively. However, market breadth

P R I C E S MAIN BOARD

F O R DEALS

for the week was positive as 44 stocks appreciated in price, 31 stocks depreciated in price, while 81 equities remained unchanged. SCOA Nigeria led the gainers table by 42.40 per cent to close at N1.78, per share. RT Briscoe followed with a gain of 39.29 per cent to close at 39 kobo, while SUNU Assurance went up by 30.00 per cent to close to 39 kobo, per share. On the other side, PharmaDeko led the decliners table by

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

QUANTITY TRADED

16.67 per cent to close at N1.65, per share. Okomu Oil Palm followed with a loss of 10.00 per cent to close at N127.80, while Juli Plc declined by 9.89 per cent to close at 82 kobo, per share. Overall, a total turnover of 1.331 billion shares worth N22.700 billion in 24,039 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.785 billion shares valued at N19.614 billion that exchanged hands previous week

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S

in 27,822 deals. The Financial Services Industry (measured by volume) led the activity chart with 886.121 million shares valued at N10.058 billion traded in 11.563 deals; thus contributing 66.60 per cent and 44.31 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 107.592 million shares worth N4.472 billion in 3,833

O F

1 1

deals, while the Conglomerates Industry traded a turnover of 102.192 million shares worth N198.077 million in 1,008 deals. Trading in the top three equities; Access Bank, Guaranty Trust Holding Company (GTCO) and Fidelity Bank (measured by volume) accounted for 316.758 million shares worth N4.353 billion in 3,476 deals, contributing 23.80 per cent and 19.18 per cent to the total equity turnover volume and value respectively.

/ 0 2 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

Monday, February 14, 2022 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ WƌŽĮƚ-dĂŬŝŶŐ ^ƉƵƌƐ >ŽƐƐĞƐ͙ ^/ ĚŽǁŶ Ϭ͘Ϯй ǁͬǁ

THISDAY AFRINVEST 40 INDEX

>ĂƐƚ ǁĞĞŬ͕ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ĐůŽƐĞĚ ŶĞŐĂƟǀĞ ĚƵĞ ƚŽ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ĞǆƚĞŶĚĞĚ ƉƌŽĮƚ-taking as the NGX All-Share Index fell 0.2% w/w to close at 47,202.30 points. Accordingly, YTD ƌĞƚƵƌŶ ĚĞĐůŝŶĞĚ ƚŽ ϭϬ͘ϱй ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ

shed േ41.8bn w/w to േϮϱ͘ϰƚŶ͘ ĐƟǀŝƚǇ ůĞǀĞů ǁĂƐ ŵŝǆĞĚ ĂƐ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ƚƌĂĚĞĚ ĨĞůů Ϯϱ͘ϰй ǁͬǁ ƚŽ Ϯϲϲ͘ϭŵ ƵŶŝƚƐ͕ ǁŚŝůĞ ĂǀĞƌĂŐĞ ǀĂůƵĞ ƚƌĂĚĞĚ ƌŽƐĞ ϭϱ͘ϳй ǁͬǁ ƚŽ േϯ͘ϴďŶ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďǇ ǀŽůƵŵĞ ǁĞƌĞ 'd K

Current Price

Ticker

THISDAY AFRINVEST 40

Price Price Previous Change Current Change Price Index to Weighting YTD Change Date

2036.07

1 Airtel Africa PLC 2 MTN Nigeria Communications PLC

1,271.00

9.8% 103.6%

0.0%

38.2%

33.1%

15.0%

ROA

P/E

3.5%

5.5x

Divindend Earnings Yield Yield

P/BV

0.8x

5.1%

33.1%

16.4%

1.3%

197.00

0.0%

7.7%

0.0%

134.7%

14.1%

13.4x

20.7x

70.75

0.0%

6.7%

5.5%

19.1%

11.2%

34.0x

6.4x

27.25

0.0%

6.4%

4.8%

24.8%

3.9%

4.1x

3 BUA Cement Plc 4 Guaranty Trust Holding Co PLC 5 Zenith Bank PLC 6 Dangote Cement PLC 7 Nestle Nigeria PLC

-0.54%

ROE

5.3%

7.5%

1.0x

11.0%

24.3% 26.9%

2.9%

27.40

1.1%

6.1%

8.9%

20.9%

2.8%

3.7x

0.7x

10.9%

274.80

0.0%

4.4%

6.9%

40.4%

16.7%

13.7x

5.3x

5.9%

7.3%

1,435.00

0.0%

3.0%

-7.8%

106.8%

15.6%

27.8x

32.8x

4.2%

3.6%

8 FBN Holdings Plc 9 Lafarge Africa PLC

11.65

5.4%

3.2%

2.2%

8.4%

0.8%

6.9x

0.6x

3.9%

14.5%

(97.1m units), ^^ ;ϴϬ͘ϲŵ ƵŶŝƚƐͿ͕ ĂŶĚ dZ E^ KZW

26.60

0.0%

3.4%

11.1%

11.6%

8.4%

9.9x

1.1x

3.8%

10.1%

10 Access Bank PLC 11 United Bank for Africa PLC

10.50

0.0%

(78.7m units) while 'd K (േ2.7bn), ^ W> d (േ2.2bn),

2.8%

12.9%

17.0%

1.4%

2.9x

0.5x

8.2%

34.0%

8.85

1.7%

2.2%

9.9%

19.5%

1.8%

2.2x

0.4x

6.3%

44.9%

12 Stanbic IBTC Holdings PLC 13 Nigerian Brew eries PLC 14 SEPLAT Energy PLC

and DdEE (േϭ͘ϵďŶͿ ůĞĚ ďǇ ǀĂůƵĞ͘

Performance was bullish across sectors within our ĐŽǀĞƌĂŐĞ ĂƐ ϱ ŽĨ ϲ ŝŶĚŝĐĂƚŽƌƐ ŐĂŝŶĞĚ͘ dŚĞ ĂŶŬŝŶŐ index led the gainers chart, up 2.3% w/w on the back of buying interest in ETI (+3.3%) and ACCESS (+2.9%). Trailing, the /ŶƐƵƌĂŶĐĞ and ŽŶƐƵŵĞƌ 'ŽŽĚƐ indices ĂĚǀĂŶĐĞĚ ďǇ ϭ͘ϱй ĂŶĚ ϭ͘ϯй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŽŶ ^hEh ^^h ;нϯϬ͘ϬйͿ͕ D E^ Z

;нϲ͘ϰйͿ͕

'h/EE ^^

;нϮϰ͘ϲйͿ͕

ĂŶĚ

&>KhZD/>> ;нϭϬ͘ϲйͿ͘ >ŝŬĞǁŝƐĞ͕ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ dKd > ;нϵ͘ϵйͿ͕ Z Ks ;нϭ͘ϲйͿ͕ ĂŶĚ t W K ;нϬ͘ϵйͿ ĚƌŽǀĞ ƚŚĞ Kŝů Θ 'ĂƐ and /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ indices higher ďǇ Ϭ͘ϯй ĂŶĚ Ϭ͘ϭй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ͘ ŽŶǀĞƌƐĞůǇ͕ ƚŚĞ AFR-/ d index recorded losses, down 0.5% w/w due to sell pressure on MTNN (-1.1%).

35.00

0.0%

1.5%

-2.8%

15.1%

2.1%

7.9x

1.2x

11.8%

12.7%

48.00

0.0%

1.4%

-4.0%

5.3%

1.9%

44.2x

2.3x

2.3%

866.00

0.0%

2.0%

33.2%

3.4%

1.9%

19.9x

0.7x

4.8%

12.50

1.6%

1.8%

43.7%

15 Ecobank Transnational Inc 16 International Brew eries PLC 17 Okomu Oil Palm PLC 18 Flour Mills of Nigeria PLC

5.45

2.8%

1.2%

10.1%

-10.3%

-3.9%

0.0%

0.9%

-10.0%

36.5%

23.3%

8.7x

2.9x

32.30

3.4%

1.1%

13.9%

15.9%

4.5%

4.9x

0.7x

remained unchanged at 0.1x as 42 stocks gained, 31

2.95

1.7%

0.7%

15.7%

13.3%

1.3%

2.2x

0.3x

7.5%

44.6%

4.2%

0.6%

7.8%

9.3%

3.0%

7.7x

0.7x

8.8%

13.0%

11.7x

1.7x

8.4%

8.6%

0.2x

5.1%

1.4%

0.5%

2.3%

15.3%

6.3%

0.4%

-2.3%

10.3%

1.1%

11.00

0.0%

0.4%

11.1%

2.5x

6.4%

55.00

10.0%

0.5%

41.0%

13.3%

6.0%

11.6x

1.4x

0.8%

8.6%

1.16

0.0%

0.4%

20.8%

11.1%

2.3%

6.2x

0.6x

0.9%

16.2%

3.55

0.0%

0.2%

-21.1%

35.6%

18.5%

5.5x

0.9x

5.1%

18.1%

104.00

0.0%

0.3%

18.5%

2.2x

1.0% 3.0%

13.25

0.0%

0.3%

0.4%

21.3%

6.9%

12.5x

2.5x

0.70

-1.4%

0.2%

0.0%

7.2%

1.1%

388.9x

0.7x

lost while 79 were unchanged. The top outperforming stocks for the week were ^ K (+42.4%), Zd Z/^ K (+39.3%), and ^hEh ^^h (+30.0%), while W, ZD < (-ϭϲ͘ϳйͿ͕ K<KDhK/> (-10.0%), and :h>/ (-9.9%) were the top underperforming stocks. This week, we expect

8.0% 0.3%

264.90

9.9%

0.3%

19.4%

48.0%

9.5%

5.4x

2.2x

1.5%

18.6%

7.90

0.0%

0.2%

0.0%

19.5%

5.5%

4.6x

0.9x

7.0%

21.5%

24.45

0.2%

8.7%

38.7%

16.0%

6.3x

2.2x

6.2%

15.9%

13.15

0.0%

0.1%

-9.3%

7.8%

4.9%

29.2x

1.1x

26.50

1.7%

0.2%

18.6%

18.9%

2.4%

4.0x

0.8x

1.5%

25.0%

4.1%

33 Unilever Nigeria PLC 34 Julius Berger Nigeria PLC 35 Union Bank of Nigeria PLC 36 Oando PLC 37 Wema Bank PLC 38 Sterling Bank PLC 39 Notore Chemical Industries Ltd 40 Transcorp Hotels Plc

6.05

-3.2%

0.1%

2.5%

7.1%

0.8%

6.8x

0.7x

5.00

-1.0%

0.0%

13.1%

14.5%

2.6%

2.2x

0.3x

3.4%

14.7% 46.5%

0.87

1.2%

0.1%

20.8%

14.1%

0.8%

3.8x

0.5x

4.7%

1.70

-1.2%

0.1%

12.6%

9.4%

0.9%

2.2x

0.4x

2.9%

62.50

0.0%

0.1%

0.0%

-28.3%

-6.1%

5.38

0.0%

P ric e

2.4x

26.4% 45.0% -13.8%

0.9x

T o p 10 T r a d e s b y V o l u m e P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

3.30

10.0%

A C C ESS

30.8

0.0%

60.50

10.0%

SOVR EN IN S

30.8

-4.2%

SC OA

1.78

9.9%

N GXGR OUP

28.7

1.9%

R T B R ISC OE

0.39

8.3%

F ID ELIT YB K

23.8

-0.7%

LA SA C O

1.12

5.7%

CHA M S

22.2

4.8%

M ULT IVER SE

0.21

5.0%

Z EN IT H B A N K

16.6

-1.8%

CHA M S

0.22

4.8%

UB A

16.6

-1.7%

10.2

0.0%

GUIN N ESS

20.2%

-2.3%

31 Custodian and Allied Insurance 32 Vitafoam Nigeria PLC

NCR

11.5% 5.1%

2.92

24 Guinness Nigeria PLC 25 Transnational Corp of Nigeria

T ic k er

-10.5%

2.50

T o p 10 G a i n e r s

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ͕

1.0x

17.80

22 FCMB Group Plc 23 United Capital PLC

29 AIICO Insurance PLC 30 TotalEnergies Marketing Nigeri

5.0% 34.8%

127.80

19 Fidelity Bank PLC 20 AXA Mansard Insurance PLC 21 Dangote Sugar Refinery PLC

26 NEM Insurance PLC 27 Presco PLC 28 NASCON Allied Industries PLC

2.9x

C OUR T VILLE

0.55

3.8%

T R A N SC OR P

C OR N ER ST

0.59

3.5%

9.7

-0.1%

F ID SON

8.00

3.1%

GT C O

9.2

-2.4%

ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ĂĐƟǀŝƟĞƐ ƚŽ ĚŽŵŝŶĂƚĞ ĂƐ ŝŶǀĞƐƚŽƌƐ T o p 10 L o s e r s

T o p 10 T r a d e s b y V a l u e

cherry-ƉŝĐŬ ƌĞůĂƟǀĞůǇ ĂƩƌĂĐƟǀĞ ƐƚŽĐŬƐ͘ T ic k er

P ric e

P ric e C hg %

T ic k er

Value

P H A R M D EKO

1.65

-8.8%

N GXGR OUP

773.2

1.9%

N EM

3.32

-6.5%

SEP LA T

603.9

-1.8%

C H A M P ION

2.11

-5.8%

466.8

-0.1%

C UT IX

2.31

-4.9%

Z EN IT H B A N K

450.1

-1.8%

IN T B R EW

5.20

-4.6%

M TNN

413.6

0.5%

SOVR EN IN S

0.23

-4.2%

A C C ESS

322.4

0.0%

FB NH

11.20

-3.9%

GT C O

249.3

-2.4%

A F R IP R UD GT C O SEP LA T

ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ

P ric e C hg %

6.60

-2.9%

WA P C O

157.5

0.6%

26.60

-2.4%

UB A

145.1

-1.7%

850.00

-1.8%

GUIN N ESS

104.6

10.0%

ƌŽŬĞƌĂŐĞ ĚĞĚŽǇŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ

/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ

ZŽŵďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ďŝŽĚƵŶ <ĞƌŝƉĞ ͮĂŬĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ĂŵŝůĂƌĞ ƐŝŵŝǇƵ ͮ ĚĂƐŝŵŝǇƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

MONDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ 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 10Feb-2022, 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 173.11 174.26 3.74% Afrinvest Plutus Fund 100.00 100.00 9.03% Nigeria International Debt Fund 321.74 321.74 3.32% Afrinvest Dollar Fund 99.71 100.86 -1.28% 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 9.79% AIICO Balanced Fund 3.50 3.57 -1.05% 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 7.91% Anchoria Equity Fund 145.19 147.02 4.91% Anchoria Fixed Income Fund 1.18 1.18 3.27% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.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 N/A N/A N/A ARM Discovery Balanced Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.71 108.71 6.88% AVA GAM Fixed Income Naira Fund 1,077.85 1,077.85 7.79% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.07 2.07 8.59% Capital Express Balanced Fund (Formerly: Union Trustees Mixed Fund) 2.28 2.32 33.95% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 1.07% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.15% Paramount Equity Fund 18.58 18.92 10.42% Women's Investment Fund 146.55 148.19 5.38% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.19% Cordros Milestone Fund 137.93 138.83 4.34% 111.06 111.06 0.56% Cordros Dollar Fund ($) CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A assetmanagement@emergingafricafroup.com EMERGING AFRICA ASSET MANAGEMENT LIMITED 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 8.50% Emerging Africa Bond Fund 1.01 1.01 3.71% Emerging Africa Balanced Diversity Fund 1.04 1.04 2.50% Emerging Africa Eurobond Fund 101.27 101.27 0.41% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn 1,412.24 FBN Bond Fund 1,412.24 10.98% 182.51 FBN Balanced Fund 183.88 4.14% 116.81 FBN Halal Fund 116.81 8.86% 100.00 FBN Money Market Fund 100.00 8.87% FBN Dollar Fund (Retail) FBN Nigeria Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

122.67 154.69

122.67 3.84% 156.70 2.67% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 4.00 1.82 1.21

Offer Price Yield / T-Rtn 1.00 7.64% 4.00 -0.19% 1.86 4.92% 1.21 0.50% coralfunds@fsdhgroup.com

Bid Price N/A N/A N/A

Offer Price N/A N/A N/A

Yield / T-Rtn N/A N/A N/A

INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 6.69% Vantage Balanced Fund 2.93 2.99 2.54% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 142.38 142.43 -8.50% Vantage Equity Income Fund (VEIF) - June Year End 1.30 1.34 2.96% Vantage Dollar Fund (VDF) - June Year End 1.07 1.07 4.05% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.54 1.57 2.54% Lotus Halal Fixed Income Fund 1,147.99 1,147.99 0.99% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 12.62 12.71 7.06% Meristem Money Market Fund 10.00 10.00 8.58% 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) 100.98 100.99 8.74% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.90% 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 1.65 1.67 2.51% PACAM Fixed Income Fund 11.57 11.56 3.34% PACAM Money Market Fund 10.00 10.00 7.44% PACAM Equity Fund 1.52 1.54 5.40% PACAM EuroBond Fund 114.92 117.30 -0.29% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 131.00 133.51 7.20% 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 1.08 1.08 10.03% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,526.13 3,563.63 2.40% Stanbic IBTC Bond Fund 236.48 236.48 0.32% Stanbic IBTC Ethical Fund 1.34 1.36 3.85% Stanbic IBTC Guaranteed Investment Fund 315.07 315.07 0.55% Stanbic IBTC Iman Fund 245.27 248.85 1.30% Stanbic IBTC Money Market Fund 100.00 100.00 6.83% Stanbic IBTC Nigerian Equity Fund 11,317.88 11,474.20 1.87% Stanbic IBTC Dollar Fund (USD) 1.30 1.30 0.47% Stanbic IBTC Shariah Fixed Income Fund 117.39 117.39 0.36% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 107.40 107.40 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 0.97 1.00 4.71% United Capital Balanced Fund 1.41 1.43 3.80% United Capital Wealth for Women Fund 1.14 1.16 5.19% United Capital Sukuk Fund 1.08 1.08 0.85% United Capital Fixed Income Fund 1.97 1.97 0.79% United Capital Eurobond Fund 123.07 123.07 0.60% United Capital Money Market Fund 1.00 1.00 7.88% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.43 13.55 1.84% Zenith ESG Impact Fund 15.36 15.53 5.12% Zenith Income Fund 22.24 22.24 1.14% Zenith Money Market Fund 1.00 1.00 5.88%

REITS NAV Per Share

Yield / T-Rtn

124.98 54.65

10.62% 8.10%

Bid Price

Offer Price

Yield / T-Rtn

14.05 135.86 107.08 19.51 21.94

14.15 139.26 109.43 19.61 22.04

0.60% 3.23% 3.34% 0.00% 0.00%

Fund Name SFS REIT Union Homes 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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Grifﬁn 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.53 5.73 18.57 1.00 21.28 161.35

4.63 5.83 18.77 1.00 21.48 163.35

20.16% 12.54% 8.02% 7.59% 9.68% 2.25%

NAV Per Share

Yield / T-Rtn

107.28

10.80%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

MONDAY, FEBRUARY 14, 2022 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Police Arrest Protesters Remaining at US-Canada Bridge Police moved in to clear and arrest the remaining protesters near a key US-Canadian border bridge early Sunday, trying to end one of the main protests that have broken out across Canada and the world against COVID-19 vaccine mandates and other restrictions. Windsor police said arrests were being made, and vehicles were being towed just after dawn near the Ambassador Bridge linking Detroit and Windsor, Ontario — the busiest border crossing to the US. Television images showed officers detaining protesters. Only two pickup trucks and less than a dozen protesters blocked the road to the bridge before police moved in. Afterwards, police barricades remained, and it was not immediately clear when the bridge might be opened. Police on Saturday had persuaded demonstrators to move their pickup trucks and other cars that they used at the entrance to the crossing that saw 25 per cent of all trade between the two countries, though it remained closed. In the capital, Ottawa, the ranks of protesters swelled to what police said was 4,000 demonstrators. The city has seen that on past weekends, and loud music played as people milled about downtown where anti-vaccine demonstrators have been encamped since late January. The protests at the bridge, in Ottawa and elsewhere have reverberated outside the country, with similarly inspired convoys in France, New Zealand and the Netherlands, and the US Department of Homeland Security warned that truck convoys might be in the works in the United States. Russian Aggression: Biden Assures Ukraine’s Zelenskiy of US Support US President Joe Biden assured Ukrainian President Volodymyr Zelenskiy on Sunday of Washington’s commitment to “Ukraine’s sovereignty and territorial integrity” even as the United States says the threat of a Russian invasion of Ukraine looms as a “distinct possibility” in the coming days. Biden conferred by phone with the Ukrainian leader from the Camp David presidential retreat outside Washington, where the US leader is spending the weekend as Western officials express increased fears that Russian President Vladimir Putin could attack the one-time Soviet republic in the next few days, possibly by Wednesday. The White House said in a statement that Biden “made clear [to Zelenskiy] that the United States would respond swiftly and decisively, together with its allies and partners, to any further Russian aggression against Ukraine.” Biden, however, has ruled out sending US troops to fight alongside Ukrainians in the event of a Russian invasion while vowing to impose “swift and severe” economic sanctions. The White House said Biden and Zelenskiy “agreed on the importance of continuing to pursue diplomacy and deterrence” to a Moscow invasion, although Western diplomatic overtures to Putin have so far failed to end the stalemate. Zimbabwe President Says No Dollar Salaries for Striking Teachers Zimbabwean President Emmerson Mnangagwa has ruled out the use of US dollars for salaries, which teachers on strike are demanding. Teachers and economists are condemning Mnangagwa for being out of touch with reality. Addressing thousands of members of the country’s ruling ZANU-PF party Saturday, President Emmerson Mnangagwa said Zimbabwe would continue to pay salaries in the local currency. Reacting to Mnangagwa’s speech, Robson Chere of the Amalgamated Rural Teachers Union of Zimbabwe said: “It is clear that Mr. Mnangagwa is carefree and indifferent

on the plight of teachers and the demand for a living wage is a struggle that no one can stop at this moment. And no one can exclude teachers from being actively participate in our economy by paying them slave wage in the form of bond [local currency].” “The president is not being honest and sincere,” said Raymond Majongwe of the Progressive Teachers Union of Zimbabwe. “The tragedy of that analogy is he is being selective with the truth. Every service they are provide they are charging in US dollar. We have seen him buy chicken and he took US dollars to pay. We didn’t see him produce RTGS dollars.” Pakistan Mob Stones Man to Death for Blasphemy An enraged mob stoned to death a middle-aged man for allegedly desecrating the Quran in a remote village in eastern Pakistan, police said Sunday. The custodian of a local mosque said he saw the man burning the Muslim holy book inside the mosque Saturday evening and told others before informing police, according to police spokesman Chaudhry Imran. The violence took place in a village in the district of Khanewal in Punjab province. Imran said police rushed to the scene, where a man was found surrounded by an angry crowd. Officer Mohammad Iqbal and two subordinates tried to take custody of the man, but the group began throwing stones at them, seriously injuring Iqbal and slightly injuring the other two officers. Munawar Gujjar, chief of Tulamba police station, said he rushed reinforcements to the mosque, but they did not arrive before the mob had stoned to death the man and hung his body from a tree. Gujjar said the victim was identified as Mushtaq Ahmed, 41, of a nearby village. “The ill-fated man has been mentally unstable for the last 15 years and, according to his family, often went missing from home for days begging and eating whatever he could find,” he said. He said the body was handed over to the family. Karzai: US Money Seizure Atrocity against Afghans Afghanistan’s former president, Hamid Karzai, joined the Taliban rulers Sunday in urging the United States to review its decision to allow half of the roughly $7 billion in his country’s foreign frozen assets to be reserved for families of victims of the September 11, 2001, terror attacks. “The people of Afghanistan share the pain of the families and loved ones of

those who lost their lives in the tragedy of September 11. We commiserate with them,” Karzai told a news conference in Kabul. However, the “Afghan people are as much victims as those families who lost their lives,” Karzai said. “Withholding money or seizing money from the people of Afghanistan in that name is unjust and unfair and an atrocity against the Afghan people.” That country’s central bank, Da Afghanistan Bank, had funds on deposit at the US Federal Reserve Bank of New York. Since August, the money has been frozen when the US-backed Afghan government collapsed and the Taliban seized control of the country. US Suspends Avocado Shipments from Mexico over Security Risk Mexico said on Saturday the United States has decided to temporarily suspend avocado shipments on security grounds from the western state of Michoacan, a major producing region that has faced chronic problems with gang violence. Mexico’s Agriculture Ministry said US health authorities had notified Mexico of the decision after one of its officials, who was carrying out inspection work in the city of Uruapan, Michoacan, received a threatening call to their cell phone. The ministry said the Animal and Plant Health Inspection Service (APHIS) is investigating to assess the threat and determine what measures are needed to guarantee the safety of its personnel working in Michoacan. The news is a setback to the administration of President Andres Manuel Lopez Obrador, with the United States the top consumer of Mexican avocados, snapping up many thousands of tons each year to make guacamole, a favourite Super Bowl snack. The Super Bowl will take place on Sunday. Botswana Oﬀers Startup Wildlife Stock to Farmers to Boost Agro-tourism In a bid to boost agro-tourism, the Botswana government is offering wildlife startup stock to farmers to keep in their ploughing fields. The government says the move will give locals an improved stake in the lucrative tourism sector. Botswana’s National Parks and Wildlife director, Kabelo Senyatso, said the government would run a pilot project between February and July this year, where farmers will receive startup stock. Each farmer will get five animals per species, Senyatso said. “The species that the department would

be availing are impala, gemsbok, zebra, eland and warthog. It is important to clarify that applicants should not restrict themselves to these species. People can keep whatever wildlife that they are keen to keep. It is also important to clarify that the scheme that we are referring to relates to keeping of herbivores. It excludes carnivores,” said Senyatso. He said farmers must meet certain water, fencing and space requirements depending on the species they want to keep. Randy Motsumi, a professional hunter, is keen to keep animals within his holding. However, he is concerned the costs will be prohibitive due to the startup capital required. “This is a very good initiative. But the problem now is the expenses. It is going to be very expensive for an ordinary Motswana. Just fencing will cost an ordinary Motswana over P1million [approximately $100,000]. So this initiative is good, but it needs a lot of funding,” he said. According to requirements, gamekeepers must ensure there is adequate fodder and reliable water supply. The fence height should be between 1.5 and 2.4 meters, depending on the species kept. Conservationist Map Ives agrees that the venture requires a lot of resources. Allies Still Split over Russian Intentions The guessing game about Russian President Vladimir Putin’s intentions continued Sunday, with alarmed Western military officials and independent experts agreeing the Kremlin has amassed sufficient forces to invade Ukraine. However, disagreements persist among allies over whether the military buildup is a feint designed to extract Western concessions or an invasion force primed for assault. Washington and London believe Russia is not pretending and that the forces deployed on three sides of Ukraine are not just mirroring an invasion force but are ready to mount an offensive. “The worrying thing is that despite the massive amount of increased diplomacy, that military buildup has continued. It has not paused, it has continued,” Britain’s Defence Secretary Ben Wallace said Saturday. Wallace likened Western diplomacy aimed at averting a Russian invasion of Ukraine to appeasement, telling newspapers in London there’s a “whiff of Munich in the air from some in the West,” a reference to the Munich agreement of 1938 that allowed Nazi Germany to annex Czechoslovakia’s Sudetenland.

MONDAY FEBRUARY 14, 2022 • T H I S D AY

MONDAY FEBRUARY 14, 2022 •T H I S D AY

MONDAY FEBRUARY 14, 2022 • T H I S D AY

MONDAY FEBRUARY 14, 2022 •T H I S D AY

MONDAY FEBRUARY 14, 2022 • T H I S D AY

MONDAY FEBRUARY 14, 2022 •T H I S D AY

monday, february 14, 2022 • T H I S D AY

page fifty-five

On Valentine’s Day, These Couples Lead with Love

oday, February 14, couples and people in meaningful relationships, the world over, celebrate the essence of their union/ affair, anchored on love and its other essential elements, such as patience, consistency, perseverance – in sickness and in health – till death parts them. It is in view of this that some of Nigeria’s leaders, who despite the many challenges buffeting leadership, have continued to lead with love through personal examples with their spouses in power, are singled out.

The Buharis: Honest and Critical in Love

For President Muhammadu

Buhari and his wife, Aisha, it is another moment to share quality time together. However, this time, it would be love in all the rooms, not just in the other room. This couple has remained one of the ‘realest’ in the nation’s history, who despite their family values, openly tell each other the truth and disagree without being disagreeable. Today, they deserve all the love in the spirit of the season.

The Osinbajos: Consistently in Love

The nation’s second family, Vice President Yemi Osinbajo and his wife of many years, Dolapo, have a way of making other couples green with envy as they still boast and share the love of their youth.

Thus, this Valentine’s day, provides another opportunity to publicly share personal memories of the love that has lasted this long. They are the couple many would like to emulate, as they always appear happy and comfortable around each other.

The Sanwo-Olus: Peacefully in Love

Who can begrudge Governor Babajide Sanwo-Olu of Lagos State and his wife, Dr. Ibijoke? This quiet and unassuming couple, has endeared themselves to Lagosians. Their sheer simplicity is both endearing and disarming to anyone, who comes in contact with them. From their affectionate whispers to the gentle touch and effective

eye contacts, love is all over their expressions. This Valentine’s is theirs to cement further the love that binds them together.

The Okowas: An Inseparable Duo

From the campaign podium, to the Government House in Asaba, Delta State, Governor Ifeanyi Okowa and his wife, Edith, typify a case of the the family that works together, stays together. For this unassuming couple, love and commitment to each has taken them this far. What’s more? The flame of their love still burns brightly. Therefore, on this Valentine’s day, they remain united in love as they have always been from the very beginning.

Ifeanyi and Dame Edith Okowa: The family that works together, stays togther

Em e f i e l e Ta r g e ts 1 0 % I n c r e as e i n Ag r ic u lt u r e F u n di n g by 2 0 2 4

Group, Mr. Tony Elumelu, revealed that the private sector coalition has put together the sum of N100 billion to help fight insecurity and boost the capacity of security agencies, to be able to deal with the issues challenges facing the country. Emefiele said following the intervention programmes embarked upon by the central bank since his assumption of office, the initiatives have helped farmers to significantly improve their yields and contributed significantly towards Nigeria's journey towards food

self-sufficiency. He said, "For example, we have seen the re-emergence of the rice pyramids. Rice production has increased to over 7.5 million metric tons yearly, from less than four million metric tons recorded in 2015, prior to the introduction of Anchor Borrowers Programme (ABP). "There were only 15 standard rice mills in Nigeria before the launch of the Anchor Borrowers Programme. As at today, we have over 50 standard and integrated rice mills creating jobs

and reducing unemployment. "All these were done in partnership with deposit money banks who serve as our identification, risk appraisal and distribution mechanism for these interventions." Emefiele said economic recovery had been aided by the growth of over four million farmers, Small and Medium Enterprises (SMEs) and manufacturers who are creating and growing businesses that are enabling growth in manufacturing and ICT due to improved access to credit.

He said credit to the manufacturing had risen from 10 per cent in 2014, to 16 per cent in 2021, while agriculture also witnessed growth in credit from three per cent in 2013 to six per cent in 2022. In his remarks on, "Food Security, Job Creation and the Role of the Central Bank," the CBN governor who was special guest at the forum, stressed the critical role of banks and financial institutions in enabling more inclusive growth of the economy following the series of external shocks that had

Lai Mohammed Berates Canada's Double Standard over Protest Olawale Ajimotokan in Abuja

The federal government has condemned Canada for repressing truckers who were protesting over COVID-19 mandates and other restrictions in the country as insurrectionists. Minister of Information and Culture, Alhaji Lai Mohammed, yesterday, said the action of the Canadian government amounted to double standard. Mohammed’s condemnation was a veiled reference to the anti-Nigeria government stance of Canada and other countries during the #EndSARS protest in October 2020, which culminated in the blockage of public roads and massive destruction of government and private property.

The minister wondered why all of a sudden, protesters who barricaded roads had been branded as threats to public safety and subjected to a number of clampdowns by the Canadian government and private organisations. He said the Ontario government had frozen access to millions of dollars donated through online fundraising platform to the truckers while GoFundMe had shut down the campaign to raise funds for the protesters. Similarly, he recalled that Twitter, which allegedly funded #EndSARS protesters and even helped them to raise fund, hadalso blocked the truckers’ account. “These are the same entities that are now rushing to distance themselves from the

protesters in Canada and even denying them the use of their platforms,” Mohammed stated. He added, “This is similar to what played out during the January 6th 2021 insurrection at the US Capitol in Washington, D.C. where those involved are either still being investigated or have been charged to court. I don’t blame them. Nobody wants their country destroyed under the guise of protests. “Don’t misunderstand this intervention. We are not gloating over the unfortunate development in Canada. But we are only calling attention to the double standard involved in the way protesters deemed to be violent are perceived in Nigeria and in the West.” He derided the double standard of those who had

referred to hoodlums who destroyed public and private property in Nigeria under the guise of #EndSARS as peaceful protesters, while tagging similar protesters in their own countries as “insurrectionists and terrorists.” The minister said no one would be talking of freedom of expression or freedom of association and the likes guaranteed by the constitution if there was no Nigeria. He said the country’s destruction would not be allowed under the guise of protest or unbridled freedoms. He also boasted that Nigeria was far ahead of most countries in the world, which had now realised the need to regulate social media in the interest of their own people.

Nigeria Missing as EU Plans $22.7bn Transport Network, Other Projects Across Africa

Cote d’Ivoire, Egypt, Morocco and Kenya, according to a draft of the package seen by Bloomberg. But Nigeria, Africa's most populous nation and the biggest economy on the continent, was missing on the list of countries to directly benefit from the move, THISDAY observed. Last year, President Muhammadu Buhari said Nigeria’s low share of Foreign Direct Investment (FDI) flow to Africa between 2015 and 2019 was a cause for concern. Buhari, who spoke at a retreat organised by the Nigeria Extractive Industries Transparency Initiative (NEITI) in Uyo, the Akwa Ibom State capital, described the situation as unacceptable. Despite having the biggest economy in Africa, Nigeria only received four per cent, which was about $3 billion of the $75 billion invested in the continent in the first term of Buhari’s administration. According to the United Nations Conference on Trade and Development (UNCTAD) 2020 World Investment Report, FDI flows to Nigeria showed a 48.5 per cent decrease compared to the previous year. Nigeria has a poorly developed transport and energy infrastructure, resulting in high operating costs, an inefficient

judicial system and unreliable dispute settlement mechanism as well as serious security concerns. Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, represented Buhari on the occasion. However, the report stated that the investment was aimed at underpinning the new partnership that the EU and Africa want to seal at a February 17-18 summit in Brussels. African leaders have prioritised roads, railways and bridges, but some EU governments face national budgetary constraints that make it hard for them to pledge significant funding ahead of the meeting. Others, including Germany, the report stated, remain sceptical about the readiness of some of the proposals, officials added. The EU list included about 60 projects meant to relaunch the relationship, after months of tensions over vaccine supplies and patents, as well as travel restrictions aimed at stemming the COVID-19 pandemic. Most of the funds in the EU’s plan would go to the Global Gateway, Europe’s initiative to rival China’s massive investment plan in the continent. The bloc is seeking to mobilise €150 billion euros by 2027 from various sources.

EU offers “quantitative and qualitative advancements on infrastructure financing,” according to the document. The bloc promises “substantial funding” to invest in projects and for technical assistance to identify new ones. The EU also wants to attract private money by using public funds as guarantees and involving African development banks. China promised in 2018 around $60 billion in loans over a three-year period to finance roads and bridges in Africa. But China’s Belt and Road plan, Bloomberg said, has been controversial from the outset “due to corruption and debt sustainability challenges” faced by host governments. The EU has picked projects focused on key trade areas selected by African nations according to their level of readiness, their potential impact, and the possibility of attracting member states’ money and private funding, an EU official said. The list includes the DakarAbidjan corridor in West Africa; the Libreville-Kribi-DoualaN’Djamena area that links Gabon, Cameroon and Chad; and the area between Mombasa and Kisangani in Kenya and Democratic Republic of Congo. The trading bloc wants to

show that they are putting money behind their promises by offering a solid package during the summit. But the commission has been struggling to bring member states on board, in spite of intense discussions. Two-thirds of the financing should come from national coffers, the commission told national capitals. Europe would also propose building an international submarine fibre cable to connect the EU with Africa along the Atlantic coast, and fostering access to clean energy pools across the continent. The EU would also offer new security cooperation. As part of more comprehensive effort to support African armed forces, European countries would deliver military equipment in the coming months “including material designed to deliver lethal force,” according to the draft text. Migration would be another top issue during the summit next week. EU countries will mobilise €4.4 billion to fight human traffickers, enforce voluntary and forced returns, and strengthen border management. One of the European demands is to secure a bigger role for its border agency, Frontex, in African nations, the report stressed.

confronted economies globally. Specifically, he pointed out that central banks and the financial system have critical roles to play in powering the solutions to the issues of food security and job creation on the African continent. Emefiele said: "On assumption of office as Governor of the Central Bank of Nigeria in June 2014, I indicated that my ultimate objective as Governor would be to ensure that the CBN is noted for being a people focused central bank where the decisions taken at the MPC must be those that impact directly on the lives of our people. "This objective was driven by some of the key challenges facing the Nigerian economy, one of which was our heavy reliance on revenues and foreign exchange earnings from the sale of crude oil." He said: "Close to 60 per cent of government revenues and 80 per cent of our foreign exchange earnings came from the sale of crude oil, even though the petroleum sector represents less than 10 per cent of our GDP. "Our dependence on earnings for crude oil fueled an excessive dependence on imports, which came at the expense of constraining growth in critical sectors of our economy such as agriculture and manufacturing. "It also exposed our economy to volatilities associated with changes in the price of crude oil in global markets." Emefiele noted that with an annual population growth rate of close to 2.8 per cent, it was important that all efforts are concentrated at ensuring that employment opportunities were available for Nigerians particularly in sectors that had the ability to absorb key segments of the growing population, particularly agriculture and manufacturing, which represented 10 per cent and 27 per cent of GDP respectively in 2014. He lamented that notwithstanding the relevance of these sectors, sectoral credit allocation remained low relative to credit to the oil and gas sector, which stood at close to 29 per cent in 2014. According to him, in contrast, credit to the manufacturing and agricultural sectors stood at 10 per cent and three per cent respectively. Emefiele said given the country's population of over 200 million along with favorable youth demographics, "We were aware that if the necessary support was provided to households and business such as improved access to finance, and better infrastructure these measures would boost productivity, and help in enabling greater direct investment flows into our economy."

He said: "As a result, there was a growing recognition on the need to refine our monetary policy tools and regulatory framework in order to ensure that it was more responsive to the needs of the Nigerian populace. "It was important that this new framework enabled the flow of credit by financial institutions to critical sectors in order to aid our efforts at driving productive activities and creating job opportunities for our growing population." He stressed that investments in agriculture and related sectors, distribution storage systems, and necessary market infrastructure remained critical to building a cost-effective, viable and sustainable food system in Africa. He, nonetheless, encouraged the management of UBA to build on the gains recorded by providing access to credit and supporting small businesses in these critical areas with funding and technical assistance. He said: "Given the extent of your branch networks across Nigeria and indeed in Africa, I believe that you can leverage on your knowledge of the local economy to lend to households and businesses as well as provide tailored products and services that meet the needs of your customers in these critical sectors. "By providing support to them you are also enabling communities to thrive. "As we all work together in supporting these critical sectors, it would mean more jobs and greater economic growth in our Communities. "It also ensures that not only do we continue to grow our economy, but that growth is broad based and inclusive. "Again, the journey to the Africa of our dream must be a collaborative one where all play our parts." Elumelu, in his earlier remarks, explained that the private sector believed wellarmed security operatives would go a long way in helping to assure on security of the nation. He noted that it was under the COVID-19 pandemic that some Nigerians realised what the private sector could do under the leadership of the CBN governor. He said, "I think the most important thing was the move we made to open up the Nigerian economy once more. "We made a strong move. We have no option; the economy would crash if we don't do so. And there was so much pressure on the government." He commended the act of patriotism displayed by the private, including the banks in acting with a sense of urgency to save the country from the brinks at such a demanding period.

MONDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWSXTRA

EMPOWERMENT PROGRAMME FOR LAGOS WEST... L-R: President of the Senate, Dr. Ahmad Lawan; Lagos State Governor, Mr. Babajide Sanwo-Olu; Senator Olamilekan Adeola and his wife, Temitope, during the 5th Edition of Lagos West Senatorial District Town Hall & Empowerment Programme in Lagos... yesterday

Buhari, Jonathan, Northern Govs, Obaigbena, Others Condole Tambuwal, Sultan, over Magajin Garin’s Death Onuminya Innocent in Sokoto and Seriki Adinoyi in Jos President Muhammad Buhari, former president, Dr. Goodluck Jonathan, the Northern Governors Forum (NGF) and other eminent Nigerians including the Chairman/Editorin-Chief, THISDAY and Arise News Channel, Prince Nduka Obaigbena, have expressed sadness and shock over the death of the grandson of the late Premier of the Northern Region, Magajin Garin Sokoto, Alhaji Hassan Danbaba who

died in Kaduna on Saturday. The president yesterday formally sent a high powered delegation of four ministers to condole the government and people of Sokoto state over the death of Magajin Garin (Mayor of) Sokoto, late Alhaji Hassan Danbaba A statement signed by the Special Adviser Media and Publicity to the Sokoto State Governor, Muhammad Bello, disclosed that Buhari was represented by the Ministers of Justice, Aviation, Water Resources and Police Affairs:

Abubakar Malami, Hadi Sirika, Suleiman Hussaini Adamu and Muhammad Maigari Dingyadi respectively. It also included were the Managing Director of Sokoto Rima River Basin Development Authority (SRRBDA), Alhaji Buhari Bature and Mallam Muhammad Mamman Daura, son of President Buhari’s nephew. According to the statement, earlier in the day, Governor Abdullahi Umar Ganduje of Kano State and the Emir of Bichi, Alhaji Nasiru Ado

Bayero condoled the people and government of Sokoto state. Also at hand during the visit by the Governor and Emir were the former Chairman/ CEO of FSB International Bank Plc, Alhaji Mohammed Hayatu-Deen and Obaigbena, an associate of the departed Magajin Gari. During the condolence visit which took the visitors to the government lodge of Governor Aminu Waziri Tambuwal of Sokoto State and the palace of the Sultan, Malami, who led the delegation from the Presidency

Lawan to Sanwo-Olu: You Have Done Well, Says ‘One Good Term Deserves Another’ Segun James President of the Senate, Senator Ahmed Lawan yesterday praised Lagos State Governor, Mr. Babajide Sanwo-Olu for what he called, "the good work" he is doing towards delivering dividends of good governance to the people of Lagos State and to validate the state's position as the economic and commercial nerve centre of the country. Lawan spoke at the fifth Town Hall Meeting and Empowerment Programme organised by the lawmaker representing Lagos West in the Senate, Senator Solomon Adeola Olamilekan, at the Police College, Ikeja. Lawan, who opened his speech on a note of admiration for the Governor, said the party leadership across the country had watched with satisfaction the giant strides being made by Sanwo-Olu, stating that without any equivocation, the governor deserved a re-election. He said: "We have been watching you over the last two and half years. You have been very wonderful. You have been consistent in terms of service delivery to the people of Lagos and indeed this country. You are focused..." The Senate helmsman endorsed Sanwo-Olu’s to return after the completion of his current tenure, saying the tremendous achievements the state recorded

within a short period under the governor's watch needed to progress. "One good term you're doing deserves another term," Lawan told Sanwo-Olu. The Senate President praised Adeola for his contribution to the robustness of the Senate and his efforts to uplift his constituents through regular empowerment. Lawan called for more support for the All Progressives Congress (APC), stressing that the People’s Democratic Party (PDP) had damaged the country beyond measures in its 16 years of governance. He, however, assured that the ruling party was up to the task to defeat the opposition again. He therefore urged Nigerians to continue to entrust the affairs of the country to the party as they have been doing with their votes since 2015. He described Lagos as home for APC and expressed the confidence that, "APC, by the Grace of God, will continue to rule Lagos and rule Nigeria." According to him: "All that we need to do is to continue what we are doing now. Support our leaders. Tolerate us. Unite ourselves and of course remain focused. "PDP may tell you something funny about the administration of APC at the national level but PDP ruled Nigeria for 16

years and all that they did was to leave or bequeathe so many challenges to us in 2015. "We are dealing with those challenges one after the other and if on the way, we encounter new challenges, we are equal to the task. "By the Grace of God we are going to turn around the fortunes of this country for the better. We have done so much but we are also challenged especially in the area of security. "When someone tells you that the APC administration only takes loans or borrow money, PDP had 16 years of so much resources and they did very little infrastructure in the country if any. The money disappeared and our options are limited. "But one option that is not on the table at all is not to do anything. Because you don't have money, so we shouldn't develop your country? Nigeria's administration at the national level is responsible and responsive. "We wouldn't like to take loans or borrow money but when the options are limited and the imperative of development of infrastructure in the country are there, what do we do? "If we have to borrow, we have to borrow responsibly, targeted at capital development and today I want to say without any fear of contradiction that in every part of this country, there

is infrastructural development either in terms of roads, bridges, dams and so on and so forth. "This is to tell you that we desire to develop our country and that for APC at all levels deserves the trust of Nigerians because we will always tell Nigerians what it is. We won't hide anything because you gave us your trust. "What you witness in Lagos is to tell you one of the best the APC can do and we have many APC states that are working so hard to develop those states,” Lawan said. In his comment, Sanwo-Olu lauded Adeola’s empowerment programme, noting that some of the items, such as the ambulances and hospital equipment would go beyond party affiliations, when they become operational. He described Adeola's efforts as complementing those of President Muhammadu Buhari and of the state government. He reiterated his administration’s commitment to further develop Lagos state in all ramifications and pledged that he would continue to carry out human-friendly projects that would have positive impacts on Lagosians and by extension, Nigeria. The Governor insisted that Adeola is an "Omo Eko Pataki" and the state did not regret sending him to the Senate to represent the people.

said: “This delegation is that of the federal government which the president directed to come and condole you and the people of Sokoto over the demise of one of your councilors’ and an illustrious son of the state, the Mayor of Sokoto.” “President Buhari mourns the passage of the mayor and is with you in spirit as you pray for the repose of his soul,” Malami added as the other ministers in the entourage took turns to pray for the late Magajin Gari. In his remarks before the president’s representative came, Ganduje described the passage of the late Sokoto kingmaker as a “great loss,” not only to the people of Sokoto but also those of Kano.” “The death,” according to Ganduje, “shook the people and government of Kano state because of the close relationship the late Magajin Gari had with the people and government of the state.” Praying for the repose of the soul of the deceased, the Commander of Kano state Hisbah Corps, Sheikh Haruna Ibn Sina, extended condolence on behalf of the government of the state to the Sultan. Quoting a Hadith of Prophet Muhammad (Peace be upon him), Ibn Sina said: “What Allah has taken is His and what he has given is equally His. You should all exercise patience with whatever trial befalls you.” The visitors later extended condolences to the family of the late Mayor at his family house in Gangaren Dankure area of Sokoto metropolis. Also, Jonathan, in a statement by his Special Adviser, Ikechukwu Eze, expressed sadness over the passing of the deceased. In a condolence message to the Sultan of Sokoto, the Government and people of Sokoto State, Jonathan described the late Danbaba as a distinguished leader and traditional ruler whose peaceful disposition endeared him to many people across the country. The former President stated: “I am saddened by the sudden exit of Alhaji Hassan

Danbaba, the Magajin Garin Sokoto. He was a distinguished traditional ruler, charismatic leader and bridge builder who was unflinching in his constant engagement with both traditional and political leaders across the country, towards fostering national unity. “He will be sadly missed not only by the people of Sokoto but by all who related with him because of his peaceful disposition and love for humanity. May Allah forgive all his shortcomings and grant him al Jannah Firdaus.” In a separate statement, the NGF Chairman and Governor of Plateau State, Simon Lalong, in a condolence message described the death as a great loss to the Sokoto Caliphate, Sokoto State, the northern region and nation at large. Lalong said, in the statement signed by his Director of Press, Simon Macham, that the deceased was a highly respected traditional title holder who walked in the footsteps of his grandfather, Sir Ahmadu Bello and used his influence to serve the people through every available opportunity. He added that the late Danbaba devoted himself to the service of his people through humility, hard work, generosity and forthrightness. "As an influential title holder in the Sokoto Caliphate, the deceased carried himself with dignity and candour, working with other leaders within the North and other parts of the country to find solutions to the many challenges of the nation. His role in reviving agriculture particularly rice farming has been widely acknowledged," the governors said. Conveying the heartfelt condolences of the northern governors to the immediate family, the Sultan of Sokoto, Alhaji Sa'ad Abubakar III, Tambuwal, the government and people of Sokoto State, Lalong said the deceased would missed by Nigerians. Late Danbaba, a scion of the late Sardauna of Sokoto died on Saturday after a brief illness in Kaduna and was buried the same day in the Sokoto Hubbare tomb reserved for the descendants of Sheikh Usmanu Danfodio (1754-1817).

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UBA DINNER WITH THE CHAIRMAN... L-R: Group Managing Director/CEO at United Bank for Africa(UBA), Kennedy Uzoka; Minority Leader of the House of Representatives, Ndudi Elumelu; Vice President, Prof. Yemi Osinbajo, and Chairman, UBA, Mr. Tony Elumelu, during the 2022 UBA Group Chairman's Dinner at Transcorp Hilton Hotel, in Abuja...recently

Tony Elumelu Foundation Partners EU on Africa’s Digital Infrastructure European Union to invest €820m in Nigeria in three years Dike Onwuamaeze The European Union (EU) has announced that it would invest €150 billion in Africa over a sevenyear period in furtherance of the EU-Africa Digilogic, which is a sustainable network of Digital Innovation Hubs in Europe and Africa. The EU also stated that it would commit €820 million to advance the EU-Nigeria Digital Economy Package that would

run for three years under the EU’s global gateway initiative. These were announced at the weekend, in Lagos, by representatives of the European Commission during an interactive roundtable with youth, innovators, start-ups and women entrepreneurs that was organised by The Tony Elumelu Foundation (TEF) and the European Commission. An Adviser to European Commission Executive Vice

President, Mr. Alejandro Caintos, said during the forum that there would be a summit between the African Union (AU) and the EU for the commission to come with its complete deliverables on global investment for Africa. “We will mobilise €150 billion in the next seven years into the African continent,” he said. For the €820 million planned investment in Nigeria, he explained that the fund would be targeted at digital infrastructure

investment, digitalisation of public services, encouragement of digital entrepreneurship, and acquisition of digital skills for Nigerian youths and enhancement of digital governance. “The EU will support building the fibre optic cables and data centres needed to improve Nigerian’s access to high speed connectivity. The European Investment Bank (EIB) will invest E100 million to expand secure 4G connectivity in Lagos and

Marcelle Ruth Begins Three-year Awareness Campaign on Cancer Prevention, Treatment Peter Uzoho Barely one year after its inauguration in Lagos, Nigeria's first world-class, one-stop cancer treatment outfit, Marcelle Ruth Cancer Centre & Specialist Hospital, has commenced a three-year advocacy campaign aimed at increasing people's awareness on cancer prevention and cure and the need to support cancer patients. At its Cancer Awareness Walk 2022, tagged: "Close the Care Gap," which was carried out in some cities in Lagos, the promoters of the campaign in collaboration with volunteers stressed the need for more impact and care for cancer patients. They also emphasised the need for concerted efforts to reverse the identified inequity in the accessibility of cancer treatments as well as increasing awareness on early detection through proper health screening. The promoters of the cancer awareness walk equally intended to bridge the gap by demystifying the discussion around the disease while also strengthening private sector initiative and partnership with the public sector. Speaking at the awareness walk, Chairman and Co-founder, Marcelle Ruth Cancer Center & Specialist Hospital, Dr. Bolaji Odunsi, encouraged people to always embark on routine medical checks for early detection and treatment of cancer. Noting that cancer is a treatable

disease, Odunsi said the disease could be dealt with if people take their annual checks serious, explaining that the walk was to increase people's to follow up on their annual checks. "It's a treatable disease. It's something that has occurred to most families and it's something that can be dealt with if people take time out on an annual basis to have a check. It's so much easier to treat and cure if you do that. "And so, we are trying to increase people's awareness that they should follow up on their annual checks. And for many that do have it, it's not the end of the world, we are here to help", he said. On her part, the Chief Executive Officer and Co-Founder, Marcelle Ruth Cancer Centre & Specialist Hospital, Dr. Modupe ElebuteOdunsi, said another message embedded in the awareness walk was to remove the stigma about cancer, advising cancer patients not to feel hopeless in life. She also stressed the need for friends and families of cancer patients to render supports and care to their loved ones suffering the disease. Elebute-Odunsi said: "The main message as well is to remove this stigma about cancer, to allow cancer patients to not be burdened down by feeling terrible, by feeling that there is something that they can't share with their family and friends. "Because those of us in the clinical setting understand that positivity and support from family

and friends at this difficult time in their lives actually help to ensure that patients get better." She called for collaboration between the public and private sector in the treatment of cancer, saying, "the private sector can bring infrastructure. We can deliver themes, trainings. Even on a dayto-day basis, we are collaborating with the public sector to ensure that we deliver good healthcare." Also, Consultant, Family Physician, Dr. Babafemi Adenuga, said there was the need for people to be intentional in the prevention and treatment of cancer by establishing a relationship with

a primary care physician. "We've heard that adage: 'prevention is better than cure'. “I think what people need to do is, we need to be intentional. We need to be intentional in the sense that we need to make sure that we establish a relationship with a physician, a primary care physician so that we can do our routine screens, so that we can get all the health maintenance assessment that we need to get, and we can then now focus on prevention where you get the advice based on risk assessment that had been done for the patient," he added.

Ogun States and triple national data capability. “The EU will support the digitalisation of Nigeria’s administration to allow better and more accessible public services to citizens,” the commission said. He said the EIB “is investing €250 million to strengthen Nigeria’s digital identity infrastructure with the highest data protection standards.” Moreover, “The EU will support the creation and scaling up of tech start-ups and boost innovative solutions for Nigeria’s society and economy.” The commission said the EU would support Nigeria’s digital governance by helping, “the development of regulatory frameworks with the highest standards of privacy, safety and cyber security, while promoting an open internet and digital market that upholds citizens’ right. The European Commission’s Head of Unit, Western Africa, Ms. Francesca Di Mauro, said, “this digital economy package will take the EU-Nigeria partnership to the next level, working together to make the most of the opportunities of the data economy.” Mauro also said the EU, “will support the development of the skills needed for Nigerians to succeed in the digital economy,

with a focus on youth and women.” She said the Tony Elumelu Foundation truly combined everything that the EU, “stands for by promoting the private sector, women enterprise and focusing on youth.” “We are precisely devoted to giving the youths a voice and opportunities. Year 2022 is the ‘Year of the Youth in Europe.’ As part of a €44 million grant to the Nigeria Jubilee Fellowship Program, the EU will support on-the-job training for young Nigerians in the ICT sector,” Mauro added. On her part, the Managing Director of TEF, Mrs. Ifeyinwa Ugochukwu, traced the foundation’s partnership with the European Commission to 2021 when the commission invested €20 million in African women entrepreneurship through the foundation. Ugochukwu described as, “a bold first step to creating hope for young African women entrepreneurs who are brimming with innovation, brimming with creativity and brimming with entrepreneurial ideas. This intervention of the European Commission made the difference to many entrepreneurs on whether their ideas will go to the grave with them or be turned into a reality.”

Piracy on Decline as NIMASA Seeks Collaboration to Strengthen Maritime Security The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh has said the agency remains committed to continuously collaborate with all stakeholders to ensure that the country attains the status of not only the hub of maritime activities in the West and Central Africa region but also a major maritime player globally. Jamoh, who reiterated this in Lagos, at the weekend, during an interactive session with media stakeholders, noted the steady

progress in terms of maritime security safety and growing capacity for the industry. The NIMASA DG said the statistics released by the International Maritime Bureau (IMB) that showed that piracy incidents in the Gulf of Guinea dropped from 81 in 2020, to 34 in 2021, representing 58.02 per cent was not by accident, but a product of conscious collaborative efforts by the agency, the Nigerian Navy and other stakeholders in the region. He also noted that the IMB

report also showed a 62 per cent decrease in the number of crew kidnapping incidents in the Gulf of Guinea which reduced from 150 in 2020 to 57 in 2021. Commenting on statutory levies stakeholders pay the federal government through the agency, Jamoh reaffirmed that NIMASA levies were in accordance with the provisions of the Act which set up the agency. He said: “The NIMASA Act 2007 which is our guiding principle only states that our charges must be a component

of the gross freight and must be paid by shipowners not in terms of product to marketers or any other entity.” Speaking further, the NIMASA chief executive said all the payments either in hard currency or naira, were made into the Treasury Single Account of the federal government, adding that in the long run it was for the benefit of all Nigerians that the country does not further lose any source of her revenue through underpayment in statutory charges or levies.

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PAKISTAN'S SCIENCE DIPLOMACY... L-R: Special Assistant to the Minister of State, Ministry of Science, Technology and Innovation, Abdulhadi Abdulahi; Minister of Science, Technology and Innovation, Dr. Ogbonnaya Onu and Pakistan High Commissioner to Nigeria, Maj. Gen. Mohammad Tayyab Azam and Deputy High Commissioner of Pakistan to Nigeria, Aamir Habib, during a courtesy visit by the Pakistan envoys to the minister in Abuja…recently

Diri, Sylva Trade Words over Infrastructural Development, Governance in Bayelsa Jonathan lauds Gov. Diri on inclusiveness

Olusegun Samuel in Yenagoa The Minister of State for Petroleum Resources, Chief Timipre Sylva and the Bayelsa State Governor, Senator Douye Diri, at the weekend traded words over comments on

the two years administration of the People’s Democratic Party (PDP) in the state. But, Diri, through his Information Commissioner, Ayibaina Duba, described the comments by Sylva as

irresponsible, misguided and lacking finesse and indecorous of an exalted citizen of the state occupying a high office. Sylva, who spoke while inaugurating the state executives of the All Progressive Congress

ASUU to Decide on Strike Today Shelve industrial action, Aremu advises university lecturers Uchechukwu Nnaike in Lagos and Hammed Shittu in Ilorin The Academic Staff Union of Universities (ASUU) would today decide whether to proceed on another indefinite strike or to suspend the industrial action. But the Director General of Michael Imoudu National Institute for Labour Studies(MINILS), Ilorin, Mr. Issa Aremu has urged the lecturers to reconsider the idea of an industrial action The National Executive Council (NEC) of the union has been meeting at the University of Lagos to review the positions of each of its branches on the sensitive matter of whether to declare industrial action or not. But the final decision would be taken at the meeting tagged 'NEC for NEC', which commenced midnight on Sunday, after which the union would communicate its decision to the media today. Last week, various branches of ASUU organised sensitisation campaigns and congress meetings on their campuses and disrupted lectures in preparation for the impending strike. The union is protesting the federal government's refusal to sign and implement the 2009 renegotiated agreement with ASUU and revitalization of public universities. It said the 2009 renegotiated agreement contained a holistic package that includes the welfare of university staff, how the universities should be operated and the scheme of service, and others. The union is also seeking

the adoption of the University Transparency and Accountability Solution (UTAS) in place of the Integrated Personnel Payroll Information System (IPPIS) that is currently in use for the payment of members’ salaries. ASUU is also calling on the government to regulate the proliferation of state-owned universities. It alleged that some of these governors owe staff salaries and payment of university subventions, leaving the universities with failing infrastructures. The last strike which started in March 2020 and ended in December, was said to be the longest in the history of ASUU strikes. However, Aremu pointed out that any time the nation's universities were shut down, it lowers universities’ possibility to be ranked among the best universities in the world. He therefore advised both the federal government and members of ASUU against the strike and consider, "the bigger picture "which is the student. Aremu who is also a former Deputy Vice President of the Nigeria Labour Congress(NLC) in a chat with journalists in Ilorin, yesterday, while speaking on the state of the nation, also urged the two key players in the looming strike to consider the children of the poor who he said would be mostly affected by the strike. According to him, "All the parties must look at the bigger picture and the bigger picture is the students and in this case, students of the poor who are going to lose their academic

calendar." He added: “Strike make sense if you make them brief, its to compel the other party to come for negotiation and once talk continue there must be cessation of hostilities so that all the parties will not negotiate under pressure. " He recalled his days in tertiary institutions and said, "When I was expelled in ABU and started all over again in Port Harcourt, I didn't feel it because the academic calendar kept running without stopping. By 28, I have already gotten my Master degree, if I didn't tell you, you won't know."

(APC), rated low the performance of the Diri and described the administration as a failure in areas of infrastructural development, urban renewal and power distribution. He alleged that despite huge resources available to the PDP administration in the state, the ruling party had thrown the state into darkness and shoddy infrastructural projects in the state. Sylva, who spoke after the inauguration of the executives of the party led by the State Chairman, Denise Otiotio and the Elders' Council headed by former Deputy Governor, Werinipre Seibarogu, said despite his silence and refusal to publicly rate the PDP administration in the last two years," the APC will no longer keep silent in the face of deceitful and failed governance under the present administration." He said, "When I entered Yenagoa yesterday (Friday), everywhere was dark. See how Bayelsa is. Is it good? PDP has failed Bayelsa State. APC will rescue Bayelsa from the clutches of darkness to light. APC is light while PDP is darkness."

Sylva, the APC leader in Bayelsa, pointed out that though he has no issue with Diri as a person, he stressed that the governor has failed in the last two years. "I like Governor Douye Diri as a person even though we are not in the same party, but that doesn't mean that I like all of his policies in governance," he added. Continuing, Duba, in the statement, expressed dismay over the misguided comments of Sylva while featuring as a guest on a Yenagoa-based radio station on Saturday. “Sylva’s comments not only lacked finesse but were also indecorous of an exalted citizen of the state occupying a high office. Coming at a time the state and its citizens are in a celebratory mood as they mark the second anniversary of Governor Douye Diri's 'Prosperity Administration', the intention was clearly to dampen morale and score cheap political points. Interestingly, Bayelsans know better and cannot be swayed by baseless sentiments and the shenanigans of political conflict mongers," he added. "The state government is

surprised that having previously been the number one citizen of the state, Sylva displayed crass ignorance about ongoing projects of the ‘Prosperity Government.’ While we acknowledge his praises for some of the policies of the Governor Diri administration, we, however, listened to him painfully trivialise some of the newly inaugurated projects of this administration." Speaking further, he stated: “For instance, the former governor described the newly inaugurated Igbedi community road as a mere 4.5 kilometres road project that does not deserve the invitation of another governor to inaugurate it and that it led to the governor's wife's hometown. “Is Igbedi not a community in Bayelsa State that deserves the benefits of government projects like any other community? The Minister might have forgotten that the first phase of the Glory Drive Road he referenced and is taking credit for is not as long as the Igbedi road he condemned."

NOTE: Read full story online at www.thisdayonline.com

NCDMB to Launch $50m Fund to Boost Equipment Manufacturing in Oil Industry Emmanuel Addeh in Abuja The Nigerian Content Development and Monitoring Board (NCDMB) has secured approval to launch a $50 million fund for companies operating in the Nigerian Oil and Gas Parks (NOGAPS) who engage in the manufacture of equipment components used in the industry. The Executive Secretary of NCDMB, Mr. Simbi Kesiye Wabote, made the disclosure at the inauguration of a valves assembly facility established by an indigenous firm in Port Harcourt, Rivers State. The fund, he said, would support oil and gas companies that would operate in the oil and gas parks developed by the board in Bayelsa and Cross River states. The parks are expected to be inaugurated and fully operational

in the fourth quarter of 2022, and would incubate the manufacturing of equipment components utilised in the industry and create an estimated 2000 jobs in each park. Wabote stated that the governing council of the board had already approved the additional $50 million product in the Nigerian Content Intervention (NCI) Fund, especially against the reluctance of banks to extend loans to manufacturers, because of the long repayment period for such facilities. He disclosed that the NOGAPS manufacturing fund would soon be launched and would be managed by the Bank of Industry (BoI) to address the identified challenges. The new fund would be a stand-alone product line with distinct fund allocation and special eligibility criteria and collateral

structure, he stated. According to him, the decision of the board to establish the product was informed by the peculiarities of the manufacturing sector, which include infrastructure challenges, long gestation and long lead time before returns. He also mentioned low margins on products, and high risk attached to the endeavour, in addition to the reluctance of commercial banks to lend to the sector and application of stiff collateral and eligibility criteria where loans are extended. The fund has five product lines which are being managed by the BOI and they include Manufacturing Finance -$10m; Asset Acquisition Finance -$10m; Contract Finance -$5m; Loan Refinance -$10m and Community

Contractor Finance - N20 million. The Board also has a $30 million working capital fund for oil and gas service companies and $20m Fund for Women in Oil and Gas Intervention Fund. Both facilities are administered by the Nexim Nigerian Export-Import Bank and the agreements were signed in mid-2021. Wabote underscored the linkage between access to manufacturing finance with the viability of the parks when operational, disclosing that the Nigerian Content Equipment Certificate (NCEC) was one of the important tools introduced by the board to encourage local manufacturing, assembly, fabrication, threading, coating, repair/maintenance, calibration, and testing of equipment.

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FOR EASE OF DOING BUSINESS... L-R: Project Manager, Ease of Doing Business in the Presidency, Ayokunu Ojeniyi; Secretary to the State Government, Ogun State, Tokunbo Talabi and Special Adviser to the President on Ease of Doing Business, Dr. Jumoke Oduwole, afer a meeting in Abeokuta…recently

PDP, APC Even Out at FCT Council Poll as INEC Moves to Review BVAS Opposition wins Amac, Bwari, Kuje; ruling party Clears Gwagwalada, Kwali, Abaji Our victory, good omen, says Ayu

Chuks Okocha in Abuja The opposition Peoples Democratic Party (PDP) and the ruling All Progressives Congress (APC), at the weekend, evened out at the just concluded area council election in the Federal Capital Territory (FCT), Abuja. With the results of the chairmanship election released in the six area councils so far, the PDP and the APC won three each of six area councils. While the PDP won in Abuja Municipal Area Council (AMAC), Bwari and Kuje area councils, the

APC won in the Gwagwalada, Kwali and Abaji area councils. According to the electoral umpire, 14 political parties and 472 candidates participated in the poll. They included Action Democratic Party (ADP), All Progressives Congress (APC), Peoples Democratic Party (PDP), Social Democratic Party (SDP), All Progressives Grand Alliance (APGA), Peoples Redemption Party (PRP), Allied Peoples Movement (APM), African Action Congress (AAC) and Labour Party (LP). They competed for 62 councillorship and six chairmanship

seats. The election was conducted in over 60 wards spread across Bwari, Abaji, Gwagwalada, Kuje, Kwali and Abuja Municipal Council (AMAC) area councils of the FCT. According to the results, Shekwogaza Gabaya, candidate of the PDP, defeated Audi Shekwolo of the APC in Bwari chairmanship election. Gabaya, who has been re-elected for a second term, polled 13,045 votes to defeat his closest challenger, Shekwolo who garnered 7,697 votes. Amuche Madu, INEC returning/ collation officer for Bwari area

council, announced the results yesterday morning. “Shekwogaza Gabaya of PDP, having certified the requirements of the law and scored the highest number of votes, is hereby declared the winner and is returned elected,” Madu said. Again, the electoral umpire declared Suleman Sabo of the PDP winner of Kuje area council chairmanship election in the FCT. Sabo, an incumbent chairman, floored his closest rival, Sarki Hamidu of the APC in all the 10 wards of the area council. Sabo got 13,301 votes to defeat

Truncate Revised Electoral Bill, Be in Nigeria's Black Book, CSOs Advises Buhari, AGF

Emameh Gabriel in Abuja

Some Civil Society Organisations (CSOs) in the country under the aegis of Partners on Electoral Reform, have warned that President Muhammadu Buhari and the Attorney General of the Federation and Minister of Justice, Abubakar Malami, would never be forgiven if the revised electoral bill was further truncated. The groups also advised that the President and Malami, must stop seeing themselves as the state and unaccountable to the people of Nigeria, warning that they were making democracy unattractive. The partners, in a statement yesterday by the Executive Director, Adopt A Goal for Development Initiative, AriyoDare Atoye, and endorsed by Centre for Liberty, Raising New Voices and Youth and Students Advocates for Development Initiative (YSAD), said the President should immediately sign the bill since it has been amended and tailored to his request. The statement read in part: “Although the bill has been amended and tailored to the President's request, feelers have suggested that the AGF acting to feed Gen Buhari’s interest, may advise against his, because the Consensus clause was defined by the National Assembly, thereby barring any loophole for manipulation.

“Nigerians will never forgive Buhari and Malami if their coup against an improved legal framework for election management will not allow the new electoral bill to become operational. “Although the AGF will find it hard to explain why the definition given to the consensus option was illegal and why the clause mandating political appointees to resign cannot stand, we know that he is unperturbed by public perception and reaction. “The biggest challenge facing the operationalisation of the Electoral Act is the indisposition of the President to democratic norms and reforms, which are capable of making institutions and processes independent of his reach and manipulation. “General Buhari sees himself mainly as the state that is answerable to no one, and sadly, he is aided by an Attorney General, Abubakar Malami, who believes that the rule of man, personalised to the President and himself but disguised as national interest, should be the ultimate at all times. “Buhari-Malami have covertly demonstrated to be some unrepentant apologists of autocracy; they are insensitive to the actual public mood and interest in the electoral bill, because they want to maintain their grip on the system while dictating the electoral pace.

“We reckon that no democrat, no matter how irresponsible, will work against the passage of the electoral bill for a record five times under any guise. What this has shown is that we have in the saddle, real undemocratic elements masquerading in a democratic setting as leaders. “The President is insensitive to how Nigeria’s attitude to democracy under his watch and Nigeria’s leadership absence and failure are aiding undemocratic

elements in Africa to threaten civil rule and democracy. Back home, the President is allowing his conduct and disdain for credible elections and democratic reforms to make democracy less attractive and is robbing off on democratic values and principles. “The attitude of the president is disappointing, discouraging and injurious, while AGF Malami’s self-interest is the primary motivation for using his office to disrespect Nigerians."

Hamidu of the APC, who polled 7,694 votes. Sule Magaji, INEC’s returning officer for Kuje area council, announced the final results. ver, Jubrin Abubakar, candidate of the APC, was declared winner of the chairmanship poll in Gwagwalada area council. He defeated his rival, Mohammed Kassim of the PDP, and was declared winner by ID Umar, INEC’s returning officer for Gwagwalada area council, after securing 11,125 votes to Kassim’s 9,597. Meanwhile, the PDP National Chairman, Dr. Iyorchia Ayu, has described the rebound of the PDP in the Abuja Municipal Council Polls as "a great omen under my watch as we lead PDP back to winning ways and rebuilding Nigeria." In a statement released by his media office, yesterday, Ayu said, "The promise of a better Nigeria, has just been flagged off by the victory at the FCT polls of Saturday, February 12, 2022, adding another seat for the party. "The victory of our great party, the PDP, signposts the promise of a better Nigeria under my watch, leading this team of dedicated and committed party members. The victory at the FCT polls of Saturday, February 12, 2022, represents a great omen under my watch as we lead PDP back to winning ways and rebuilding Nigeria.

"This victory, which gave us the important Abuja Municipal Area Council, AMAC, is a signal that Nigerians are tired of the woes and hardship of the moment, occasioned by the worsening socio-economic realities of today. This victory is dedicated to all leaders of our party, particularly the state governors, NEC members, NWC members as well as the millions of party members across the nation. "What we have just achieved in Abuja, the seat of power, will be replicated in Ekiti and Osun State later this year, culminating in our take over of power at the centre next year, to usher in a better, more prosperous and secure Nigeria. PDP is back to rescue Nigeria and the rescue begins from the seat of power in Abuja, the Federal Capital Territory, FCT." In a related development, INEC, has said it would review the performance and functionalities of the Bimodal Voter Accreditation System (BVAS) during Saturday’s FCT Area Council Poll. FCT’s INEC Resident Electoral Commissioner (REC), Mr Yahaya Bello, said this when he spoke to reporters yesterday evening in Abuja. Bello said the commission had observed challenges faced by voters due to the non-functionality of the BVAS and was working to address them.

Buhari to Youth: Let Your Generation Bury Prejudices to Build Greater Society Remove borrowing burden, restructure Nigeria, medical expert tells president Deji Elumoye in Abuja and Adibe Emenyonu in Benin City President Muhammadu Buhari, yesterday, urged young Nigerians to avoid being tempted by divisive sentiments and elements using tribe and religion, but advised their generation to bury the old time prejudices for nation building and unity in diversity. The president, who made the appeal at the weekend at the combined convocation ceremony of the Federal University, Wukari, in Taraba State, further told the youth that burying theirprejudices would help heal wounds and

build a great society. In another development, medical expert and activist, Dr. Dele Oluwatade, has advised President Muhammad Buhari to consider restructuring Nigeria and stop the continuous borrowing from China for the sake of the future of the country. However, Buhari, who was represented by Vice President Yemi Osinbajo, in Taraba, assured the people that the federal government would continue to offer and support initiatives that would create wealth, jobs and opportunities for young Nigerians. But, he also reiterated that

the youths too must acquire knowledge and skills to innovate, create, be productive and contribute value so as to build their future and better the lot of the country. In his address titled, “A Great Future,” the president encouraged youths to see the various challenges in the environment as opportunities for the creation of solutions. Buhari noted that the Nigerian can-do spirit was an inspiration to establish globally renowned industries and achieve great things, as it has earned many Nigerians international acclaim. He said, "Nation building

is a continuous process; it involves all of us. It is not just about doing well at our jobs or innovation, or brick and mortar; it is about building bridges of brotherhood and unity. Let it be your generation that will bury those prejudices, heal those wounds and build a great society of brothers and sisters of all tribes and tongues. "Refuse to be consumed by the petty prejudices and biases that predispose you to mutual antagonism with your fellow citizens. You must refuse to be prisoners of history and commit to encountering the world with an open mind.

MONDAY FEBRUARY 14, 2022 • T H I S D AY

NEWS

Police Warn Ogun Residents against Jungle Justice James Sowole in Abeokuta

The Ogun State Police Command yesterday warned residents of the state against taking laws into their hands through giving jungle justice to crime suspects. The warning, contained in a statement by the Police Public Relations Officer (PPRO), Abimbola Oyeyemi, was sequel to the unlawful killing and setting ablaze of two suspected ritualists in Oja Odan area of the state on Saturday. The statement said:"Ogun state police command wishes to warn the general public that such barbaric and unlawful action will no longer be tolerated. "In the early hours of Saturday 12th of February 2022, two suspected ritualists were arrested and brought to Oja Odan Divisional headquarters by some vigilant and lawabiding members of the public, with allegation that a fresh human head concealed in a sack was seen with them. "While the suspects were being interrogated in the station, some unscrupulous elements went and mobilised large number of people who invaded the station aggressively, overwhelmed the police personnel on duty and subsequently hijacked the

suspects, beaten them to death and set their corpses ablaze. "In view of the incident, the command wishes to sound a note of warning to those who are always in the habit of taking laws into their hands to desist from such

ANon-Governmental Organisation(NGO) under the aegis of Niger Delta Democratic Alliance (NDDA) has decried the high level of environment degradation in the Niger Delta region orchestrated by crude oil refining activities. The group has declared to stop every actions and activities causing the degradation of the area. National Chairman of NDDA, Mr. Success Jack, made the declaration in his remarks, at their inaugural meeting held in Port Harcourt, capital of Rivers State. According to Jack: "People within the Niger Delta has had its unfair share of the consequences of a humongous but most devastating Oil and Gas

no matter how grevious the crime he suspected to have committed might be. "It is only the court that has the power to impose punishment on anyone found guilty of a crime, not an individual or group of people.

"Therefore, the Commissioner of Police, Lanre Bankole, has ordered a full scale investigation into the incident with the view to bring to justice those who participated in carrying out the barbaric and unlawful

killing of the suspects. "The CP therefore appealed to members of the public to have confidence in the nation criminal justice system and desist from self- help as such is alien to the law of the land."

ASSESSMENT TOUR…

L-R:Managing Director, Federal Airport Authority of Nigeria, (FAAN), RabiuYedudu; Chairman, Senate Committee on Aviation, Smart Adeyemi, and Chairman, House of Representatives Committee on Aviation, Nnolim Nnaji, during the joint Committee on Aviation’s visit to FAAN at the Murtala Muhammed International Airport, Ikeja, Lagos..recently KOLA ALLI

Group Declares War on Environmental Degradation in Niger Delta Blessing Ibunge in Port Harcourt

uncivilised behavior as the command will henceforth be dealing with whoever carried out such action in the most decisive manner. "A suspect remains a suspect until he/she is convicted by a court of competent jurisdiction

Industry. An industry that feeds the nation but spares no efforts in killing our people, contaminating and even polluting our air land and water bodies. Our lives are chemicalised, with higher risk factor for cancer, respiratory and skin ailments is spiking on daily basis. Life expectancy here is nosediving dwarfing regional and national average. Our civilization and way of life is at the brink. This is a death sentence on the Niger Delta and her people." He noted the need to reduce the mortality rate recorded in the region as a result of the air pollution. The group further urged the Rivers State Governor, Mr. Nyesom Wike to consider a more consultative approach in the fight against illegal bunkering in the state.

NHIS to Go Online, Plans to Extend Coverage to NYSC Members Dike Onwuamaeze The National Health Insurance Scheme (NHIS) will soon go online via the e-NHIS, which has been approved by the Federal Executive Council (FEC) to bring efficiency and effectiveness in the management of scheme’s healthcare services in the country. This was disclosed by the

Deputy General Manager, NHIS Lagos State Office, Ikeja, Mrs. Aisha Abubakar Haruna, during a stakeholders’ forum that was organised recently in Ikeja by the state office of the NHIS for “Men in Uniform” in Lagos State. Haruna said: “The e-NHIS, which will be launched very soon will greatly provide efficiency and effectiveness in the provision of

healthcare services to Nigerians. “The e-NHIS is 90 per cent completed and will be launched very soon. The ICT facilities for this project have already been deployed across the State Health Insurance Agencies (SHIAs. “There is going to be a onestop approach for all scheme's activities, which will be online real-time.

‘We are trying to see how we can reduce, and if possible, eliminate, the discrimination and challenges that NHIS’ enrollees are facing when accessing healthcare services. “We are not exonerating ourselves as the regulatory body, as we also have some challenges and we are trying to improve and get better.

Ondo Cocoa Factory Plans $1m Pilot Export to Boost Foreign Reserves A new cocoa processing factory in Akure, Ondo State, Johnvents Industries Limited has said it is seeking to boost Nigeria’s foreign exchange reserve through cocoa exports, beginning with its pilot cocoaexport of $1 million. The Group Managing Director, CapitalSage Holdings, the parent company of Johnvents Industries Limited, Mr. John Alamu, who made the disclosure during an interview, stressed

that adequate forex could be generated for the country through cocoa exports. According to him, the company was planning its first major export worth over $1 million, saying this would help boost the country’s foreign exchange reserves. “Our first export is over a $1 million and we are exporting both powder and cake. This firm is contributing to the

economy in so many ways. One is the aspect of FX generation. Nigeria needs more exports to balance our foreign exchange reserve, and this factory will be contributing majorly to that,” he noted. Reports from the International Cocoa Organisation showed that over the years, cocoa production in Nigeria had been on the decline, hitting 210,000 metric tons in 2017,

despite the increasing demand for the product. Nigeria is now said to be fourth among cocoa-producing countries globally. Notwithstanding the numerous challenges facing the local cocoaindustry, the business mogul affirmed that the factory is committed to boosting the commodity’s production and the export sector of the country.

Ooni: Nigeria Needs Unity, ‘Petroleum Training Institute is Shifting to Alternative Energy Sources' Patriotism to Overcome Insecurity Sylvester IdowuinWarri petroleum institute is also keying establishments in the country. industries for almost 50 years. into the Petroleum Industry Act. Adimula said that the foremost “The Institute is not unmindful

Victor Ogunje in Ado Ekiti

The Ooni of Ife, Oba Enitan Adeyeye Ogunwusi, has said the country would subdue the menace of killings, Kidnappings , banditry and other social evils afflicting it easily, if citizens can demonstrate the spirits of unity, love and patriotism. The monarch spoke in Ejiyan Ekiti, Ijero Local government area of Ekiti State, on Saturday, during a programme marking the one year coronation anniversary of Obalaaye of Ejiyan Ekiti, Oba Adekunle Adepoju. The ceremony witnessed conferment of chieftaincy and honourary titles on eminent Nigerians, as well as the launching for the construction of ultra-modern palace for Obalaaye of Ejiyan Ekiti. Oba Ogunwusi, represented by the Obalufe of Ile Ife, Oba

Idowu Adediwura, said no challenge can overwhelm a nation, state or town , where the citizens consider unity, love and patriotism as a strength. Oba Ogunwusi said: "I appeal to you to cooperate with your monarch to propel development in Ejiyan. Our monarchs have been in charge of politics maintaining stability and unity before European introduced their own style of democracy, which we embraced. "The spirit I am seeing today is a good example of how to develop a town. I saw that love has taken charge in this town, Ekiti and Nigeria. Though, as peaceful as we are in Ekiti, we have our challenges. I pray that God will help us to checkmate insecurity in Nigeria. We can also help ourselves by showing love and unity to be able to achieve this.

Principal and Chief Executive Officer of Petroleum Training Institute (PTI) Effurun, Delta State, Dr. Henry Adimula, has said the Institute is gradually shifting its focus to provision of alternative sources of energy to meet the needs of the global oil and gas industry. He noted that the foremost

Adimula made this known over the weekend when he hosted some members of the Warri Correspondents chapel of the Nigeria Union of Journalists (NUJ) in Effurun. He disclosed that the testimonies to what the Institute does abound in all the major refineries and oil and gas

petroleum institute was at the forefront of developing technology and manpower for the Nigeria oil and gas industry. He recalled that the Institute has been in the business of providing competent technological manpower through quality training, research and consultancy for the petroleum and allied

of the various stages that are being developed in the industry. The Petroleum Industry Act (PIA) and the worldwide move to transit to alternative sources of energy. PTI sees this as an opportunity to also reposition herself to be able to meet the energy needs of the oil and gas industry globally.

APC Chairmanship Candidates Accuse Agballah of Forgery Gideon Arinze in Enugu The Forum of the APC Chairmanship Candidates in the forthcoming Enugu State Local Government elections has accused Ugochukwu Agbala, one of the factional chairman of the party of forgery of documents. In a letter to the Inspector General of Police (IG) Usman Alkali Baba, the forum said it

was strange that Agballah, who indicated interest to join the party after registration of new members was concluded, was later parading a membership slip. In the letter, which was signed by the forum’s coordinator, Hon. Victor Offordi Nwankwo, the forum alleged that Agballah indicated interest to join the party in July 26, 2021, whereas membership registration ended

in March 31, 2021. "In October, 2021, Agballah started brandishing a forged membership registration slip of the party and further commenced a campaign that he is now a fully registered member of the party" the forum alleged. In the letter, the forum told the IG that forgery was a very serious issue and appealed that

Agballah should be investigated and brought to justice as no one is above the law. Meanwhile, the Zikist-BuhariMovement (ZBM) Enugu State Chapter has commended the Mai Mala Buni-led Caretaker/ Extraordinary Convention Planning Committee (CECPC) of the APC, for making efforts to unite the main factions of the party in Enugu State.

MONDAY FEBRUARY 14, 2022 • T H I S D AY

NEWS XTRA

Senate Summons NDDC over N100bn Contracts Awarded to 626 Firms Sunday Aborisade in Abuja

The Senate Public Accounts Committee has summoned the management of the Niger Delta Development Commission (NDDC) over an alleged N100billion contracts said to have been awarded to 626 firms. The committee said a special periodic check carried out on the activities and programmes of the NDDC by the Office of the Auditor-General for the Federation (AuGF) also revealed that the contractor allegedly abandoned the projects after collecting mobilisation fee. The panel said the periodic checks covered between January 1, 2013, and June 30, 2018. The Chairman of the Senate Committee, Matthew Urhoghide, stated this at the last sitting of the panel last Friday.

Urhoghide said the management of the NDDC had been invited to appear before it on Wednesday, explaining that the committee will personalise any refund that is traceable to an individual during the investigative hearing. He described as painful the fact that over N100billion was allegedly spent on contracts in NDDC without justification for the spending. Urhoghide said: "We had invited the NDDC to appear before us because they haven't presented records of the financial transactions involving the contracts. They will appear before us on Wednesday. "They have 47 queries, and we are going to scrutinise everything as well as personalise any refund. "It is painful that N100billion were spent without justification for it. We equally invite them for

status enquiry on all revenues into their accounts, and we are waiting for the NDDC, if they don't come, we will take necessary action against them." Part of some of the queries sighted by THISDAY read: "It

was observed that so many contractors were paid mobilisation fee to enable them commence the execution of the projects awarded to them. "Contrary to the terms and agreement, some of the contractors

bolted away after collecting the mobilisation fees. "The surprising aspect of it was that the practice involved 626 contractors in which the sum of N61.4billion was lost to fraudulent practices.”

One of the queries also alleged that there were irregularities in a contract awarded to a construction firm (names withheld) for the construction of GbaregolorGbekbot -Ogulagha road at the cost of N16.1billion.

PDP: Fayemi's Abysmal Performance ‘ll Make APC's Defeat Easier in Ekiti Victor Ogunje in Ado Ekiti The Campaign Organisation of the People's Democratic Party (PDP) governorship candidate in Ekiti State, Hon. Bisi Kolawole, has told the All Progressives Congress (APC) governorship aspirant, Hon. Biodun Oyebanji that failure awaits him in the June 18 poll

if he banks or campaigns with the achievements of Governor Kayode Fayemi. The Bisi Kolawole Campaign Organisation (BKCO) said the alleged insecurity, workers sack, infrastructure decay, among others are Fayemi's achievements that will make Ekiti people use their votes to send APC out of power on June 18, 2022.

The APC candidate, Biodun Oyebanji, had on Saturday, boasted that Fayemi’s achievements will be used to win the governorship election. But responding, the BKCO Spokesperson, Lere Olayinka, said in a release, that: "Fayemi's achievements Oyebanji can build on are banditry that has turned most Ekiti roads to nightmares,

kidnappings, workers' sack, bad roads and blanket looting of public funds. "In Ekiti, under Fayemi and his APC government, even primary school teachers are not being spared by bandits, with teachers in the State having to contribute N500 each to pay ransom demanded by kidnappers of one of their colleagues recently.

Lagos NBA, Megalectrics Strategise Amaechi Blames Stakeholders for Lack of National Shipping Line Olawale Ajimotokan and contributed by foreigners. the law. Nigerian has been able to to Decongest Ikoyi Prison Kasim Sumaina in Abuja However, Amaechi lamented "For not having a national provide the remaining 60 per Sunday Okobi The Human Rights Committee of the Nigerian Bar Association (NBA), Lagos branch, in partnership with Megalectrics Limited (owners of Beat FM, Classic FM Naija FM and Lagos talks 93.1 FM) has embarked on a massive and strategic decongestion of the ikoyi Correctional Centre, Lagos. The NBA said it is taking the forefront to promote human rights advocacy, with a focus on curbing and reducing incidents of human rights abuse in the country. The NBA Lagos Vice-Chair, Abiye Tam-George, explained in a statement made available to THISDAY yesterday, that the NBA Lagos Wings of Freedom initiative will be delivered in three-phases,

applying the NBA Lagos conceptualised A.R.S. Solution to human rights abuse. She also disclosed that the initiative will be coordinated by Mr. Vaughan Churchill, the NBA Lagos Human Rights Sub-Committee chairman on Advocacy, Outreach and Sensitisation. According to Tam-George, the part 1 scheduled to kick off on February 14, to February 17, 2022, will involve the "A’ Solution on Detainees at the Ikoyi Prisons otherwise tagged: Prisoners Audit Exercise, and will consist of a four-day visit to Ikoyi Correctional Centre by NBA Lagos, with a view to putting together a comprehensive data base on the different categories of persons imprisoned at the Ikoyi Prisons.

The Minister of Transportation, Mr. Chibuike Rotimi Amaechi, has ascribed the failure of the country’s maritime sector stakeholders to provide 60 per cent of the investment as required by law as the reason for the country's inability to own a national shipping line. The minister made the disclosure over the weekend in Benin, during the thanksgiving service to mark the 71st birthday celebration of the Chairman, Starzs Investment Company Ltd, Gregory Utomwen Ogbeifun. He said the objective of establishing a national shipping line will not be realised until the stakeholders take ownership. He noted that while the law requires that 60 per cent of the equity be provided by Nigerians the remaining 40 per cent be

Niger Police Tactical Team Neutralises Bandits Laleye Dipo in Minna The Niger State Police Command has announced that its tactical team has overwhelmed bandits who invaded some villages around Nasko in Magama Local Government Area of the state, neutralising many of the gunmen. The police also claimed it rescued many villagers abducted by the bandits as well as recovered many cattle hitherto rustled. The Police Public Relations Officer, DSP. Wasiu Abiodun, said in a statement in Minna yesterday that the incident happened on Saturday. Abiodun said: "The Niger

State Police Command wishes to inform members of the public that on 12/02/2022 at about 16.30 ouhrs, armed bandits/terrorists attacked some villages around Nasko, Magama LGA and rustled a large number of cattle. "However, tactical teams of the command sent for reinforcement to the area and military personnel with the vigilante engaged the bandits in a fierce gun battle along Ibeto cattle route, which lasted for about two hours while the hoodlums were trying to escape with the cattle." He added that "scores of bandits were neutralised and the large rustled cattle were

recovered while 20 abducted victims regained their freedom." In addition, the police spokesman said that one AK47 rifle with 30 rounds of live ammunition, seven handsets and one Honda motorcycle were recovered from the bandits. Abiodun said that based on credible intelligence, police operatives attached to Nasko Division raided an identified hideout of Bandits at Anaba hilltop, Magama LG during which an Ak-47 rifle with thirteen rounds of live ammunition, hidden between the rocks on the hilltop were recovered.

Rukevwe Ugwumba Becomes Urhobo Kingdom Chief An Associate Professor of Medicine and Family Health, and President Jesu Marie Empowerment Foundation (JMEF), Olorogun Dr (Mrs.) Rukevwe Ugwumba, was recently conferred with a traditional Chieftaincy title in Okere-Urhobo kingdom, Warri South Local government area of Delta State, South-south Nigeria. Ugwumba, a one-time Special Adviser on Health Matters to former Governor Emmanuel Uduaghan, was named and decorated with the title “Obor’esiri of OkereUrhobo Warri kingdom“, by

the Orosuen of the kingdom, His Royal Majesty Emmanuel Okumagba II. The honour came barely two months after she received same title from Ughievwen Kingdom in Ughelli South Local Government Area Delta State. The Canada-based medical practitioner and philanthropist on 9th December 2021, bagged the "Obor’esiri of Ughievwen Kingdom” title at a well attended ceremony at the palace of the Okobaro of the kingdom, His Royal Majesty Mathew Egbi, Owahwa 11. Ugwumba said the honour

done her by the Okere-Urhobo community is so cherished as her father’s legacy in the kingdom was being recognised.

Dr (Mrs.) Rukevwe Ugwumba

that the plan has become practically impossible due to the apathy of major players in the maritime industry to raise such amount. He added that although a foreign firm had assured of providing all the money to enable the floating of the shipping line, he would not grant such approval as doing so would amount to flouting

shipping line, some stakeholders in the maritime sector think that I may not have done well. The law setting up a national shipping line says that Nigerians would provide 60 per cent of the investment and foreigners will provide 40 per cent. "So, I went to Singapore, got a company that accepted to bring the 40 per cent but unfortunately, till today, no

cent. The company had said to me that they would bring all the 100 per cent and hire some Nigerians as stakeholders, but I disagreed because that would amount to breaking the law," Amaechi said. He also revealed he got an offer from a company in Dubai willing to set up the national shipping line by providing the entire funding.

MONDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Okocha Warns Super Eagles Playoff against Ghana Not an Easy Game

"Ghana versus Nigeria match is never an easy one. It is more about the rivalry, it is a pride match and a bragging right one” Duro Ikhazuagbe Ahead of Nigeria’s 2022 FIFA World Cup playoffs with Ghana next month, former Super Eagles Captain, Austin Jay Jay Okocha has warned that any match between both countries is a difficult one that must be given all it takes for the country’s flag to be hoisted in Qatar. Okocha insisted that the game is more of a pride and a bragging right one that Super Eagles can not afford to fail in the mission to get the ticket. “Ghana versus Nigeria match is never an easy one. It is more about the rivalry, it is a pride match and a bragging right one,” began Okocha who is a legend of the senior Nigerian team. Speaking in Lagos yesterday, Okocha said it doesn’t matter whether Eagles play beautiful or ugly football to get the ticket. “For me, what is most important is to get the ticket. It doesn’t matter how, even if we don’t play beautiful football, what is important is getting the ticket

to the World Cup in Qatar. It is the result that matters,” stressed Okocha who was a pundit for SuperSport during the last AFCON in Cameroon. He pleaded with Nigerians not to judge Super Eagles by their early exit from the AFCON 2021. “We have a very good team. We just don’t have to judge Super Eagles with the Tunisian match at the last AFCON in Cameroon. We have to review all the matches they played and take the positive and correct the negatives if there were any. “For me, the signs are there that we have the team to take us to where we want to be in global football,” observed the former midfielder whose void since retiring has been unable to be filled. He admitted that Eagles raised the expectations of Nigerians with their 100 per cent win in the group stage of the tournament in Cameroon. “I felt bad Eagles exited AFCON the way they did after winning all three games of the

D'Tigress Officially Grab Ticket to FIBA World Cup in Sydney Nigeria’s D'Tigress sealed a place at the 2022 FIBA Women’s World Cup with another victory against Mali yesterday. The game which lived up to its expectation saw the team hold out against a desperate Mali to seal a 73-69 points win. 24-yearold Nicole Enabosi emerged D’Tigress’ top performer with 11pts, 8 rebounds and 1 assist as the team clinched an automatic World Cup ticket. Promise Amukamara was the creative force with 8 assists and 10 points. Amy Okonkwo recorded 14pts while Atonye Nyingifa had 11pts. Nigeria won two out of three matches played at the FIBA World Cup qualifiers. Meanwhile, President of the Nigeria Basketball Federation Musa Kida traced the team's continued success to a long term plan that started at the 2017 Afrobasket. "We knew what we wanted

and what we needed to do. In 2018 in Spain, they became the first team from Africa to win two games at the FIBA World Cup and also first out of Africa to advance to the quarter finals,” began Kida. “We are proud of what we have been able to achieve with this team and we are optimistic that the future can only be brighter with the young talents at our disposal,” he noted. The NBBF Boss said the mission of the federation is to be amongst the best and eventually rule the world. Since 2017, in an unprecedented fashion, D'Tigress have won three Afrobasket titles, qualified for the World Cup and also represented Africa at the Olympics. For Kida, the latest victory is another clarion call for all stakeholders to join hands in building a formidable basketball structure that can stand the test of time.

group stage. “Eagles raised our hopes in expectations of good run in the tournament but unfortunately things didn’t go the way we expected. However, I expect the team to learn from their outing in Cameroon and hopefully use the World Cup playoffs with Ghana to correct those mistakes.” While praising the addition of Emmanuel Amuneke to the Super Eagles coaching crew, Okocha believes that the former Tanzania Head Coach was going to add value to the bench “Amuneke’s coming to Eagles coaching crew is a good addition. We all know how qualified he is and the value he’s bringing to the team. “He was successful In Tanzania and his inclusion is a positive one for Nigeria. It show our intentions in getting things right ahead of the playoffs. Ghana will host the first leg of the playoff in Cape Coast on March 24 before the second leg at the Moshood Abiola National Stadium in Abuja on March 27 with the aggregate winner of the two legs picking the ticket to join the other four qualifiers to represent Africa at the Mundial to hold in the Middle East for the first time between November and December this year.

Super Eagles winger, Moses Simon, celebrating his winner in Nantes 1-0 defeat of Reims in the PHOTO: Nantes images French Ligue 1...yesterday

NPFL: Gombe Utd Halt Remo Stars’ Unbeaten Run Plateau Utd shock Kano Pillars for away win

Remo Stars were brought brought down from their flying start to the NPFL season, conceding their first defeat since returning to the Nigerian topflight this term. Gombe United ended the Sky Blue Stars 11-match unbeaten run yesterday with a 1-0 defeat of the Kunle Soname Boys on Match-day 12 Ibrahim Yahaya's 15th minute strike was the only goal of the match as the Gbenga Ogunbote coached Remo lost the summit of the NPFL to Rivers United who defeated Wikki 3-0 in Port Harcourt earlier on Saturday. Remo Stars lost further ground at the summit after Kano Pillars were beaten 0-1 at home in Kaduna by in-form Plateau United. Plateau's Player of the Month of January, Sunday Anthony scored in the 84th minute to seal a fourth consecutive win for Fidelis

Ilechukwu's side who climb to second position on the log. Still on climbers, Rangers International climbed to 4th spot after a come-from-behind 2-1 win over Abia Warriors in an Oriental Derby decided in Nnewi. Imama Amapakabo's Warriors scored first through Valentine Odoh in the 49th minute but Rangers leveled matters through Christian Nnaji's 66th minute penalty before Chidiebere Nwobodo scored the winner five minutes later.

(Saturday) Rivers Utd 3-0 Wikki Enyimba 1-1 Tornadoes Katsina Utd 1-0 Kwara Utd

(Sunday) Lobi Stars 2-1 MFM FC Akwa Utd 0-0 Heartland Gombe Utd 1-0 Remo Shooting 1-0 Dakkada

Nigeria’s senior women’s basketball team, D’Tigress celebrating their qualiﬁcation for the FIBA World Cup in Sydney, Australia...yesterday

Nasarawa 1-1 Sunshine Rangers 2-1 Abia Warriors

beleaguered Heartland in Uyo. The Promise Keepers were awarded two penalty kicks, taken by Ubong Friday and both saved by veteran goalkeeper Olufemi Thomas. In Makurdi, Ifeanyi Ogba scored both goals as Lobi Stars beat relegation haunted MFM FC 2-1 at the Aper Aku Stadium. Oladayo Alabi's 80th minute goal for MFM turned out a mere consolation, being their first away goal this term.

Onuachu, Bongonda Inspire Genk Past Standard Liege

ALL THE RESULTS

K’Pillars 0-1 Plateau Utd

Former Super Eagles B star Sunday Faleye made a remarkable return to Shooting Stars as his lone strike 12 minutes from time secured a 1-0 win over Dakkada FC in a game played behind closed doors in Ibadan. The win ensured Shooting moved to 6th on the log, their highest position so far this season. Champions Akwa United slipped eight points adrift of league leaders Rivers United after a wasteful 0-0 draw with

Paul Onuachu celebrating Genk’s victory against Standard Liege in the Belgian topﬂight...yesterday

Inspite of having a goal disallowed, Super Eagles striker, Paul Onuachu, was on target as his club, Genk secured a 2-1 win against Standard Liege yesterday in the Belgian elite league division. It was AFCON absentee Onuachu and Theo Bongonda who getting the goals for Blue-White side. Still hurt by their 2-1 defeat to OH Leuven on February 9, the Blue-White welcomed the Reds to the Luminus Arena, aiming to return to winning ways. They got off to a fine start with Onuachu finding the net after two minutes. The gangling striker rose above his markers to head past goalkeeper Arnaud Bodart following a well-taken corner kick. However, the goal was chalked off for offside after referee Nathan Verboomen consulted VAR. Not weighed by that, Bernd Storck’s men continued to push hard for goals, but they failed to

hit the target. They got the breakthrough in the 44th minute as Bongonda gave the hosts a well-deserved lead with Belgium youth international of Burundian descent Mike Tresor Ndayishimiye providing the assist. Eight minutes into the second half, Onuachu doubled the advantage for the home team. That was his 14th goal in 22 league games in the 2021-22 campaign as well as his first against the Liege based outfit. There were no goals for the rest of the match as the visitors returned home with heads bowed low. Despite a strong performance from Onuachu, he was subbed off for Ghana’s Joseph Paintsil with two minutes left on the clock. That was the same time DR Congo international Bongonda was substituted for Ivorian midfielder Aziz Mohammed.

MONDAY, ͹ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

SPORTS

Ndidi, Lookman in Action, Iheanacho Unused Sub as West Ham Hold Leicester

Latest addition to Super Eagles, Ademola Lookman and Wilfred Ndidi were on duty as Leicester City threw away the chance to pick three points as West Ham

PREMIER LEAGUE United fought back 2-2 at the Kings Power Stadium yesterday

evening. Kelechi

Iheanacho

was

an unused substitute as Brendan Rodgers wards lost the advantage late on, for the third time recently after losing to Tottenham and drawing with

Brighton. Craig Dawson's injury-time header earned West Ham United the crucial point in the fight to finish in the top four just as Leicester looked set to put their recent struggles behind them. The first serious questions were being asked about manager Brendan Rodgers after the FA Cup fourth-round thrashing at Nottingham Forest was followed by defeat at Liverpool. The Foxes made a slow start and were punished by Jarrod Bowen's 10th-minute strike. But they were gifted a lifeline right on half-time when Aaron Cresswell needlessly handled James Maddison's corner, Youri Tielemans drilling home the penalty. Leicester were galvanised and further rewarded for their improvement when Ricardo Pereira headed home a Harvey Barnes cross after 57 minutes.

RESULTS

Burnley Newcastle Tottenham Leicester

0-1 1-0 0-2 2-2

Liverpool Aston Villa Wolves West Ham

West Ham, who were without controversial defender Kurt Zouma after he felt unwell in the warm-up, had lost their way, but rescued the draw that keeps them a point ahead of Manchester United in fourth. Dawson rose highest to meet a Bowen corner and scored with a looping header. The fragile state of affairs at Leicester was illustrated by the sound of groans and jeers as they passed the ball around at the back after West Ham took an early lead. Frustration was clearly in the air at the final whistle.

Craig Dawson (in ﬂight) headed West Ham’s Injury time equaliser for West Ham to share points in the 2-2 draw with Leicester PHOTO: Getty Images City at Foxes Stadium on Sunday night.

Adesanya Defeats Whittaker to Retain Middleweight Title UFC 243 REMATCH UFC middleweight champion Israel Adesanya retained his title against former champion Robert Whittaker by unanimous decision in Houston. New Zealand-based Nigerian Adesanya previously knocked out Whittaker in the second round at UFC 243 in October 2019 to capture the undisputed middleweight title in Melbourne. But in Saturday's rematch at UFC 271 in Texas, Whittaker fought to a much more conservative gameplan, which kept him in the contest all the way to the judges' scorecards. After their tightly-contested title bout at the Toyota Center went the distance, all three judges were in agreement on the victor and Adesanya was awarded the unanimous decision with scores of 48-47, 48-47, 49-46. Adesanya, 32, dropped Whittaker, 31, with a straight shot in the opening minutes of the bout, and the challenger cut a somewhat demoralised figure on his stool after the first round as he told his corner how much trouble the champion's leg kicks had already caused him. But for the remainder of the bout Whittaker looked to keep Adesanya guessing as he worked behind a well-drilled double jab and mixed in takedown attempts to keep himself in contention. However, it was Adesanya's cleaner striking from range that proved crucial as he hammered the challenger's legs with kicks throughout the contest and effectively nullified Whittaker's offence on the ground to improve his record to 21-1 and extend his undefeated run as a middleweight. "I knew he was going to bring everything, because last time I took everything away from him," Adesanya told former

UFC champion Daniel Cormier during his post-fight interview. "So, he had nothing to lose. And like I said, I'm the champ. Come get it." Adesanya went on to state his intention to return to action in June against middleweight contender Jared Cannonier, who scored an impressive win of his own in Houston. "I know June doesn't have a pay-per-view yet, but like I said, I'm the new dog in the yard, I'm the big dog in the yard now. And I know the other dog, Jared Cannonier, did some work tonight." Whittaker, meanwhile, was left disappointed after thinking he'd done enough to recapture the title. "I know I started off rocky in that first round, but I feel like I took every round after that," he said. "It is what it is, but you know what they say about leaving it to the judges. "I'm happy that I fought my heart out and left it here. But, I'm gutted. I thought I did enough. I thought I took that."

The Under-17 Cricket team won the Edo Cricket League ...at the weekend

U-17 Wins Edo Cricket League Title

Israel Adesanya displaying his belt after retaining the UFC middleweight title at the weekend

The 2021/22 Season of the Edo Cricket League was rounded up at the weekend with Under-17 Cricket retaining the title they won last year with 62 runs win over Ambrose Alli University Cricket Club, Ekpoma. The U-17 team had led the eight-team league that bowled-off in December 2021 and was wrapped up with a two-day Super-Four that ran from Saturday February 12 to Sunday February 13, 2022. Ambrose Alli University Cricket Club edged Dolphins Cricket Club by six wickets on the opening day of the event, while No Limit Cricket Club fell by nine wickets to the U-17 side to set up the finals on Sunday. Uyi Akptata, the President of the Nigeria Cricket Federation who is also the Chairman of Edo State Cricket Club, said the two teams that played the finals gave good accounts of themselves.

“This is the high point of the cricket development in the state and we are glad it has justified all the investment that everyone has put in,” stressed Akpata. Coach of the Under-17 team, Theophilus Ibodeme, said that though they were tipped to win, the huge task of getting the best of the youthful side meant that he will always have to be on hands to check on them because of their youthfulness. “ I am very grateful to God for the honour and I also praise the boys for being disciplined to keep the pace when they forged ahead in the first inning,” he said. Ibodeme stressed that the win has set the tone for a number of the players who will be part of the South-south team to the PwC National Under-17 Championship starting at the MKO Abiola National Stadium Abuja from Tuesday February 15, 2022.

8th Nigeria Pitch Awards Holds March 27in Abuja Organisers of the Nigeria Pitch Awards announced at the weekend plans to host the 8th Award Ceremony after the FIFA World Cup play-off final leg between the Super Eagles and the Black Stars of Ghana on 27th Marchin the Federal Capital Territory, Abuja. In a statement, President of the awards, Mr Shina Phillips, said that in addition to announcement of winners for all award categories, Dr Aisha

Muhammadu Buhari, wife of the President will be honoured with the Special Achievement in Sports Award for her contributions to the development of women football in Africa. Philips also confirmed that Mrs Betsy Obaseki, Edo State First Lady; IGP Usman Alkali Baba, the Inspector General of Police and; Mr. Amaju Pinnick, President of the Nigeria Football Federation and FIFA Council Member will be honoured during

the ceremony. Other highlights of the 8th Award Ceremony will include announcement of winners in 17 award categories. It will be noted that organisers unveiled nominees for the 8th edition of the awards on 5th January 2022 in Lagos. The King of the Pitch category will be a straight contest between the Napoli FC of Italy forward Victor Osimhen, Leicester City FC of England midfielder Wilfred

Ndidi and KRC Genk hitman Paul Onuachu. In the Queen of the Pitch category, FC Barcelona Feminino striker Asisat Oshoala will square up against the FC Robo Queens sensation, Gift Monday and Linkopings FC of Sweden’s Uchenna Kalu. In the Football Friendly Governor of the Year category, Governors Babajide Sanwo-Olu of Lagos State, Ifeanyi Okowa of Delta State and Nyesom Wike

of Rivers State will compete for the crown. Kelechi Iheanacho of Leicester City FC is up against Napoli FC’s Victor Osimhen and KRC Genk’s Paul Onuachu in the race for the Striker of the Year Award. The battle for the Corporate Sponsor of Football Award will be between leading airline, Air Peace, telecom giants MTN and oil and gas solutions provider AITEO Group.

Monday February 14, 2022

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Middle Belt Forum to Atiku Abubakar “If Atiku were not a rich man, would he be clamouring for president? He’s not more intelligent than everybody in this country. It’s his money that is driving him, rather than ability. Is he the only one that has the intellect and capacity to rule this country? Does he have to be president to be able to add value to governance in this country?” – National President of MBF, Bitrus Pogu, berating Atiku, for itching to contest for president, against power shift to the South in 2023.

MAHMUDJEGA VIEW FROM THE GALLERY

After We Resolve Korea Dispute I was flabbergasted and perused, to quote my bombastic senior in secondary school, when I read an online media story saying that President Muhammadu Buhari promised to resolve the dispute between North and South Korea in the interest of world peace. Quoting a statement said to have been made by his Special Adviser on Media and Publicity Femi Adesina, Buhari was said to have “given this assurance” at a virtual meeting of leaders at the World Summit 2022. Did he actually give this assurance? Adesina’s statement, which I later saw, said Buhari’s video-message sent to the Hybrid Summit in Seoul, South Korea, described the Korean peninsula as “a flashpoint of conflict, lingering many decades and therefore deserving the attention of world leaders for a peaceful resolution.” That is true. The dispute, to put it mildly, between North and South Korea is a remnant of the Second World Buhari War. When occupying power Japan was defeated in 1945, the peninsula was divided main deterrent against US attack on North between USSR-occupied northern half Korea despite many provocations by three and US occupied southern half. In 1948 generations of Kims. Resolving this dispute between North each power installed an ideologically compatible regime in its area of control. and South Korea has defied seven decades Buhari was three years old when this of history, eluded three Kims, resisted 12 “dispute” started, so he must have been South Korean Presidents, spurned 14 US hearing of it all his life. The Korean War Presidents, thwarted 10 Soviet/Russian of 1950-53, when the North invaded the leaders, withstood 7 Chinese leaders and South, cost 40,000 American, one million puzzled 8 UN Secretary Generals. Since Chinese and two million Korean lives 1960, 13 Nigerian leaders came, saw and and ended exactly where it began, at left the Korean dispute in place. Did the 38th Parallel. Since then, the border Buhari pledge to end it? What Buhari actually said, according between North and South Korea has been the world’s most impregnable. to Adesina’s statement, was that “The Government encourages The Nigerian world traveler Abdullahi Nigerian No Sweat, now deceased, once said in and supports every effort to promote an interview that he managed to enter understanding and a commitment to every country in the world, except North peace among the governments and Korea. I was not surprised. Crossing the people of both Koreas; and has for a Demilitarized Zone [DMZ] between the long time, maintained relations with two countries is tough even for a lizard. them at ambassadorial level. We have With the possible exception of Vietnam enjoyed cordial relations with both Koreas and Cuba, no country in the world imbued in trade and commerce, education, cultural its youths with as much anti-American exchange, and technology transfer. And so, feeling as did North Korea. A story in when it comes to what needs to be done one magazine many years ago cited a to ensure lasting peace on the peninsula, question in a North Korean kindergarten we are happy to be part of it.” Very good. We have been able to school textbook. It stated, “A People’s Army soldier kills one US imperialist, and maintain ambassadorial level relations then kills another. How many imperialists with both Koreas only because they never has he killed?” Any child who answered presented us with a choose-us-or-leave “two” without adding “imperialists” was it situation, such as Peoples Republic of China did with Taiwan. No country can punished. Right now, North Korea has 1.2 million have an ambassador in both Beijing and regular troops, 600,000 reservists and 6 Taipei. In the 1960s and 1970s, most African million paramilitaries, the single largest nations chose Beijing but a few, such as military force in the world, backed by Liberia, chose Taiwan. They were put to thousands of tanks and aircraft and several shame in 1979 when US President Jimmy nukes. South Korea is no push over either. Carter downgraded his embassy in Taipei It has 600,000 regular troops, 3 million and sent an ambassador to Beijing, the reservists and 3 million paramilitaries, former labour leader Leonard Woodcock. Before I saw the full text of Adesina’s plus 30,000 US troops in the country. US Navy’s Seventh Fleet is stationed just statement, I was already making a mental offshore. You must also factor in China note of the other protracted disputes with its 4 million troops, probably the around the world waiting for Nigeria

to go and resolve after it would have successfully resolved the Korean dispute. I don’t know if Nigeria played any role in reuniting the two Germanys in 1990, the other World War Two dispute very similar to Korea. I don’t think we had a hand in reuniting North and South Vietnam in 1975. That one happened when legendary North Vietnamese Marshal Vo Nguyen Giap’s forces overran Saigon and the last American troops escaped from the rooftops of their embassy. It was a dress rehearsal for what happened in Kabul last year. I briefly thought that our government was buoyed by the memory of our soldiers’ peace-keeping roles in many disputes in the 1970s to 1990s. Remember the scandal in 1982 when Israeli troops in southern Lebanon captured a Nigerian peace-keeping soldier and accused him of aiding Palestinians? Otherwise we had scandal-free peace-keeping roles in many other countries and a peace-enforcement role in Liberia and Sierra Leone through ECOMOG. Other disputes around the world waiting for Nigerian resolution include Ukraine. Can the UN Security Council please request us to place an armoured division between Ukraine’s eastern Donbas region and the 100,000 Russian troops lined up across the border? We might just succeed in averting a major war for which the big powers are getting ready. The Balkans is still ripe for our intervention. Peace between Republica Srbska, Bosnia-Herzegovina, Serbia, Montenegro, Croatia and Kosovo is still tenuous, and a Nigerian Army Special Forces battalion could just be the antidote. After that we should cross over into Afghanistan, then move on to separate

We have enjoyed cordial relations with both Koreas in trade and commerce, education, cultural exchange, and technology transfer. And so, when it comes to what needs to be done to ensure lasting peace on the peninsula, we are happy to be part of it

Indian from Pakistani forces in Kashmir. That dispute has lingered since the division of the Indian sub-continent in 1947. At the UN Human Rights Summit in Geneva in 1996, a Kashmiri delegation accosted me and tried hard to convince me that Nigeria should support their cause. I wryly told them that I was a reporter, not any diplomat. Syria could do with a Nigerian peace enforcement force. Though most of the guns have fallen silent in Damascus, Aleppo, Homs and Idlib, remnants of IS and Kurdish forces, plus edgy Turkish troops just across the border, could still cause trouble. If Nigeria had deployed troops in Syria, last week’s American commando operation that killed IS leader Abu Ibrahim al-Qurayshi would not have been necessary. Russian, Iranian and Lebanese Hezbollah troops shoring up the Assad regime could also go home once we are there because peace will reign. I suggest that from Syria, we should jump into the Mediterranean. Our Navy should do something that neither the US Navy’s Sixth Fleet nor the Russian Navy’s warm water fleet based in Crimea has been able to do, which is to round up all the refugees that flee to Europe from the Libyan coast in dingy boats. They will quickly find that their arduous travel across the Sahara Desert was in vain because Nigerian Navy will round them up in the Mediterranean and repatriate them to West Africa. The border dispute between China and the Soviet Union that led to a border clash in 1969, has it been resolved? If not, President Vladimir Putin, who is attending the Winter Olympics in Beijing, should suggest to President Xi Jinping for them to jointly invite a Nigerian peace-keeping force. Nigeria should deploy forces to end the mother of all territorial disputes, Israeli-Palestinian conflict. The solution here is simple. 45 years ago, UN Security Council passed Resolution 242 calling for a two-state solution in the area. Hot on the heels of the 1993 Oslo Accords, a summit meeting at Camp David between Yasser Arafat, Yitzhak Rabin and Bill Clinton only just failed to resolve the dispute. The main sticking point was Palestinians’ insistence on having East Jerusalem as their capital and Israeli leaders’ insistence on “a united Jerusalem as the eternal capital of the Jewish people.” Nigeria can easily solve this problem. During a tour of Israel some years ago, we came upon a tank division on the Golan Heights. Hundreds of Mirkva tanks tightly packed like sardines in a very small area. Our 3 Armoured Division, backed by Super Tucanos, can overwhelm all of them and give effect to UN Security Council Resolution 242 the same way US gave effect to Resolution 82 in Korea in 1950.

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