WEDNESDAY 16TH FEBRUARY 2022

At NPA, No Victor, No Vanquished: Hadiza Bala-Usman Cleared, Removed; Bello-Koko Now Substantive MD Amaechi gets his way

Kasim Sumaina in Abuja

The nine months investigation into

alleged financial improprieties at the Nigerian Ports Authority (NPA), came to a close yesterday with a

win-win verdict handed all the parties involved.

Report of the 11-man committee,

headed by the Director of Maritime services in the Ministryof Transport, Suleiman Auwalu, cleared the

former Managing Director of NPA, Hadiza Bala-Usman of any financial improprieties.

At the same time, President Continued on page 50

NNPC Moves to Ameliorate Queues Nationwide, Expects 2.3bn Litres of Petrol in Two Weeks… Page 5 Wednesday 16 February, 2022 Vol 27. No 9808. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

N

496 Foreign Trained Doctors Fail MDCN Examination... Page 5

Buhari Accuses National Assembly of Inserting N887bn into 2022 budget Sends N2.557trn supplementary budget for petrol subsidy Asks Senate to amend 2022 Appropriation Act Sunday Aborisade, Udora Orizu and Juliet Akojie in Abuja President Muhammadu Buhari yesterday criticised the National

Assembly for removing crucial projects from the 2022 budget estimates sent to it by the executive and inserting the lawmakers’ projects to the tune of N887 billion

in the fiscal document before it was signed into law.

He also accused the federal lawmakers of making unnecessary incursion into the operational areas

of the executive.

This was just as the president has asked the National Assembly to amend the 2022 Appropriation Act passed by the National Assembly

in December, 2021.

The requests were contained in a letter dated February 10, 2022, and read during plenary by the Senate President, Ahmad Lawan.

Buhari in the letter, he also said it was imperative to remove all capital projects that were replicated Continued on page 50

Massive Oil Theft, High Pipeline Repairs Cost, Bleeding Nigeria’s Economy At 200,000bpd, over $29bn lost to theft in six years Over N700bn expended on repairs, maintenance

Emmanuel Addeh in Abuja

A combination of huge oil pipeline repairs cost and a high-level crude oil theft are bleeding the Nigerian economy, with losses amounting to at least $29 billion in the last six years, spanning 2015 to 2021.

In February last year, the Nigerian National Petroleum Company (NNPC) Limited disclosed that the country lost an average of 200,000 barrels per day of its crude oil production to saboteurs and illegal pilfering by criminals. At the time, the national oil company's Group Managing Director, Mallam Mele Kyari, had said, “We have two sets of losses, one coming from our products and the other coming from crude oil. In terms of crude losses, it is still going on. On average, we are losing 200,000 bpd.”

Kyari said this in Abuja during a meeting with Chief of Defence Staff (CDS), General Lucky Irabor, Continued on page 50

BUILDING NEW PARTNERSHIPS...

L-R: Chief Executive Officer, Dolidol Morocco, Mohamed Lazaar; Investment Professional, DPI, Ghali Filali; Managing Director, Mouka Limited, Femi Fapohunda; Chairman, Palmeraie Holding, Saad Berrada Sounni, and General Manager, Palmeraie Holding, Omar Lahlou; while visiting Mouka Limited, the newest member of the Dolidol International Group, in Lagos... yesterday

IMF: Nigeria Has Capacity to Repay its Debts, Our Worry is Fiscal Deficit… Page 52

2

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

3

4

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

5

WEDNESDAY, ͹;˜ 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, 0807 401 0580

AN AUDIENCE WITH THE PRESIDENT...

L-R: President Muhammadu Buhari, Deputy Speaker Rt Hon Ahmed Idris Wase and the Deputy President of the Senate Sen Omo-Agege at the State House, Abuja... yesterday

PHOTO: SUNDAY AGHAEZE.

NNPC Moves to Ameliorate Queues Nationwide, Expects 2.3bn Litres of Petrol in Two Weeks National oil company begins 24-hour operations in depots, outlets Assures of regular supply in days, says product in circulation now safe Emmanuel Addeh in Abuja The Nigerian National Petroleum Company (NNPC) yesterday said the supply of petrol would normalise across the country in a few days, announcing that between now and the end of February, it expects at least 2.3 billion litres of the product to berth in Nigeria.

The announcement came as good news to Nigerians, especially in Abuja and Lagos, who in the past couple of days have had to spend hours in long queues to fill their vehicle tanks.

THISDAY observed that there was movement of trucks within the Federal Capital Territory (FCT) as at last night, which were on the line to discharge products in some filling stations, although many of the streets still remained clogged by traffic due to the prevailing condition.

Like in the last few days, thousands of passengers were seen stranded along major points within the city as few vehicles remained on the roads and black market sellers carried

out brisk business, selling the fuel for as much as N450 per litre.

But giving an update on the situation at the NNPC headquarters in Abuja, Group Executive Director, Downstream, of the national oil company, Mr. Adetunji Adeyemi, stated that Nigerians would heave a sigh of relief in the coming days.

The GED was accompanied during the brief event by the Managing Director, NNPC Retail, Elizabeth Aliyuda, her counterpart at the Petroleum Products Marketing Company (PPMC), Abdullahi Isiyaku and the Group General Manager, Group Public Affairs, Mr. Garba Muhammad.

To lessen the pains and ensure that the long queues disappear soon, Adeyemi stated that along with its partners, the NNPC was embarking on a 24-hour service, noting that Nigerians can now buy the product round the clock in filling stations.

Furthermore, the executive director announced that at the moment, the nation has over one billion litres of petrol in

stock, adding that all the fuel in circulation in the country is now certified safe.

THISDAY learnt that the bad fuel may have been fully withdrawn, while cargoes of clean petrol are arriving daily into the country to bridge the gap created by the withdrawal of the methanol-blended petrol.

In addition, the NNPC, it was gathered, has now quarantined the fuel with excess methanol, while all the trucks that had left the depots were tracked and intercepted, with the restocking of the depots with cleaner fuels.

Adeyemi said a monitoring team had been set up with sister government agencies to ensure a seamless process, urging the security agencies to fully cooperate.

Adeyemi added: “The NNPC Ltd., understands the current fuel supply disruptions in many parts of the country, which was caused by the discovery and subsequent quarantine of methanol-blended cargoes of Premium Motor Spirit (PMS), commonly referred to as petrol.

“To address the situation, over 2.3 billion litres will arrive the country between now and end of February 2022. This will restore sufficiency level above

A total of 496 foreign trained medical and dental graduates failed the assessment examination conducted by the Medical and Dental Council of Nigeria (MDCN) at the Usmanu Danfodiyo University Teaching Hospital (UDUTH) Sokoto, in November 2021.

The assessment examination is mandatory for all foreign trained medical doctors wishing to obtain certification to practice in Nigeria.

The Chairman of Board of MDCN, Abba Waziri Hassan, who disclosed this at the formal inauguration of the MDCN’s 1000 seater auditorium and induction ceremony for foreign medical and dental graduates held yesterday, said the poor performance of the foreign medical doctors was a reflection of the quality of training they received in some of the countries abroad.

He said: "A total of 826 medical and dental candidates appeared for the examination. Out of this number 341 medical doctors representing 41.3 per cent and 16

dental surgeons representing 53.3 per cent passed, giving a grand total of 357."

He said overall percentage pass was lower than the previous one held in June 2020, at the University College Hospital, Ibadan, Oyo State.

Hassan said: "The above is a reflection of the quality of training they received in some of those countries abroad. It is very important for those sponsoring students for overseas training to seek guidance from the MDCN and NUC as to which medical or dental schools abroad are considered of good standards."

He said schools’ guide was also available on the MDCN website and world directorate of medical schools (WDMS).

According to the chairman, MDCN equally decided to publish on its website the curriculum for the training which was developed by the MDCN committee on the attachment programme to guide the candidates in preparation for future examinations.

He said the conduct of the examination had been transpar-

ent having been jointly executed with JAMB which handled the Computer Based Test (CBT) aspect of the examination.

Speaking on the reasons some students go for medical studies abroad, Hassan said as long as there are not enough vacancies to absorb qualified candidates, “in our medical and dental colleges, some have to go abroad for Medical and Dental training.”

He however said that efforts were being made by the MDCN and the NUC to increase carrying capacities of the existing Medical and Dental colleges in the country.

"We encourage both government and private individuals to establish new medical and dental schools. Parents, guardians and state governments should be cautious as to which schools/ countries to send their wards for training," he said.

The Minister, Health Dr. Osagie Ehanire, who was represented at occasion by the Permanent Secretary said maintenance of standards in the medical professional was a major way curbing foreign medical

filling stations in the country is safe.

“In order to accelerate PMS Continued on page 53

Substandard Fuel: House Expands Probe, Includes Lingering Petrol Scarcity Wants DSS, police to investigate DPO’s killing by terrorists Udora Orizu in Abuja The House of Representatives has mandated its Committee on Petroleum Downstream to include in their investigation, the lingering issue of fuel scarcity.

This, the lawmakers stated was to ascertain if there was an interim report on the claim by the Nigerian National Petroleum Company Limited (NNPC) that it has enough fuel despite lingering scarcity experienced across the country.

The lawmakers had at the plenary on February 10, while adopting a motion sponsored by the Chief Whip of the House, Hon. Tahir Monguno (APC,

496 Foreign Trained Doctors Fail MDCN Examination Onyebuchi Ezigbo in Abuja

the national target of 30 days.

“As of today, NNPC has over 1 billion litres of petrol in stock, and the petrol being dispensed today at the various

trips by Nigeria.

The minister charged the MDCN to effectively perform its function of regulating medical and dental practice.

He said effective regulation would certainly lead to the production of high quality of doctors and dentists and stem the menace of quakery in the professions.

"I therefore implore the MDCN to take the issue of accreditation of training institutions more serious to ensure that only those that meet accreditation requirements train our doctors, and ensure that only fit and proper persons are admitted into this noble profession through proper screening," he said.

Ehanire advised the inductees to adhere strictly to the provisions of the Code of Medical Ethics as they perform their professional duties.

He added that proper training and adherence to ethnics would ultimately lead to making Nigeria a medical tourism destination in Africa, thereby discouraging and stemming outward-bound medical tourism, which has become a source of economic drain for our country.

Borno) mandated the Committee to investigate the release of the methanol-blended petroleum in the country with a view in ensuring that culprits are brought to book and make recommendations to avoid reoccurrence.

The lawmakers had also directed the NNPC Limited to suspend the companies involved in the supply of the bad fuel and as well submit their names to the committee.

The downstream committee was mandated to also ascertain whether the importation, distribution and dispensing of the product in Nigeria till date conformed with international standard.

At the plenary yesterday, Minority leader, Hon. Ndudi Elumelu (PDP, Delta) coming under order 8 rule 4, of the House rules, said the existing committee saddled with the responsibility of investigating the issue of adulterated fuel, should as well ascertain if there was an interim report on the claim by the NNPC Limited that it has enough fuel despite lingering scarcity experienced across the country.

He lamented that it was difficult for him to get to work because all the roads were totally blocked by those looking for petrol.

Elumelu said, "I'm coming under this rule for us to discuss the issue of lingering fuel crisis in Nigeria. I agree that NNPC said it has enough but it doesn’t seem to tally with their submission that they’ve enough fuel because there’s still some lingering fuel crisis in the whole of Nigeria.

“It was difficult for me to get here because all the roads are totally blocked by those looking for petrol. There’s already an existing committee saddled with the responsibility of investigating the issue of adulterated fuel, so I’m thinking they should find out if there’s an interim report to that effect with their already existing assignment."

Corroborating Elumelu's

observation, the Speaker, Hon. Femi Gbajabiamila directed the Committee to extend their investigation into the lingering crisis.

Gbajabiamila said, "There’s a nexus between that motion of last week on adulterated fuel and what you have very rightly brought up.

The standing committee committee should take note and extend their investigation into this lingering crisis."

Meanwhile, the House of Representatives has called on the Department of State Security (DSS) and the Police to thoroughly investigate circumstances leading to the killing of Divisional Police Officer (DPO), Abubakar Abdulkadir Rano, in Jibia division, Katsina state by terrorists.

The House while condemning the killing of the police officer and others, also directed the DSS and police to investigate similar ones across the country and help families of the deceased. The resolutions of the lawmakers were sequel to the adoption of a motion of urgent public importance, sponsored by Hon. Kabiru Alhassan Rurum on at the yesterday’s plenary.

Moving the motion, Rurum said the late Rano, in charge of jibia Division was brutally killed by bandits while attempting to rescue a kidnapped woman.

According to him, the police officer had recorded successes in confronting and fighting bandits in the area which helped in reducing attacks on communities. He lamented that since the incident, nothing had been done to investigate the circumstances leading to his killing.

He added that lack of prompt investigation into the killing of police officers killed in similar circumstances was a negative trend which needed to be addressed.

Adopting the motion, the House observed a minute silence for the late DPO and other police officers who died while serving the nation.

6

WEDNESDAY, ͹;˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

FACT-CHECKING IS THEIR CALL...

L-R: Executive Commissioner, Corporate Services, Securities and Exchange Commission, Mr. Ibrahim Boyi; Director General, National Orientation Agency (NOA), Dr. Garba Abari; Director, Special Duties and State Operations, NOA, Mrs. Mette Edekobi, and Representative of the Managing Director, Galaxy Backbone, Mr. Balarabe Garuba, during the National Fact-Checking Course in Abuja... yesterday

EU Pledges to Partner Nigeria on Investments, Developmental Issues Urges FG to strengthen competition framework The European Union (EU) Commission yesterday said it would continue to partner Nigeria on business opportunities, investments and other development initiatives.

The Executive Vice President of the European Union (EU), Ms. Margrethe Vestager gave the assurance during a visit to the Minister of Industry, Trade and Investments, Mr. Adeniyi Adebayo, in Abuja.

Vestager who was completing her five-day working visit to Nigeria reiterated EU’s commitment to intensify cooperation with Nigeria in the areas of agri-food, energy & infrastructure.

Vestager said: "I have trust in agriculture as it has the capacity to create access to trade channels

that would otherwise be difficult.”

She said the EU was open to holding high level talks with Nigerian authorities with a view to knowing specific priorities that benefit the citizenry.

“We are open to holding high level talks with Nigerian authorities to know specific areas of priority especially as it pertains the industrialization of the nation.

In the coming days, we hope to intensify discussion that will lead to signing investment agreements with Nigeria which will facilitate industrialisation.

“We have a lot of discussion going on in Europe that governments should produce in the areas that they think they have friends or next-door neighbours,

Buhari Departs Abuja for EU-AU Summit in Belgium

To discuss security, economic issues with otherandworld leaders mobility; agriculture and Deji Elumoye in Abuja

President Muhammadu Buhari departed Abuja yesterday to join European and other African leaders as well as heads of multilateral organisations at the sixth European Union (EU) -African Union (AU) summit in Brussels, the Belgian capital.

According to a statement by presidential spokesman, Mallam Garba Shehu, the summit which holds from February 17th to 18th, 2022, would have participants deliberate on issues currently affecting the world.

The statement listed such areas of discussion include financing for sustainable and inclusive growth; climate change and energy transition, digital and transport (connectivity and infrastructure); peace, security and governance; and private sector support and economic integration.

Others are education, culture and vocational training, migration

sustainable development and health systems and vaccine production.

The Nigerian leader would also use the opportunity of the meeting to have other bilateral engagements.

The president is being accompanied on the trip by three Ministers namely: Minister of Foreign Affairs, Ambassador Geoffrey Onyeama; Minister of Health, Dr. Osagie Ehanire and Minister of State for the Environment, Sharon Ikeazor.

Others on the president's entourage are the National Security Adviser, Major Gen. Babagana Monguno (rtd); Director General of the National Intelligence Agency, Ambassador Ahmed Rufai Abubakar and the Chief Executive Officer of Nigerians in Diaspora Commission, Hon. Abike Dabiri-Erewa.

President Buhari is due back in the country on Saturday.

and the consensus is that Nigeria qualifies because of its scope of investments and ease of doing business,” Vestager said.

The EU Vice President tasked Nigerian authorities to strengthen its competition framework to encourage companies to offer consumer goods and services on the most favourable terms, in a manner that guarantees efficiency and innovation and reduced prices.

Speaking during the meeting, Adebayo said the focus of his ministry was industrialisation programme with an overarching goal of driving job-intensive growth of the Nigerian economy through industrialisation.

Adebayo said the priority of the Trade and Investments Ministry was backward integration and domestication of key commodities like sugar, cassava starch, oil palm, automobile assembly and component manufacturing, cotton, textiles and garments.

“Like I told you yesterday and

like you have heard everywhere you have been, President Muhammadu Buhari has the goal of taking a 100million Nigerians out of poverty over the next 10 years and we believe that that can be done through industrialisation.

“So, we have this backward integration policy and the whole idea is to domesticate our key commodities such as sugar, cassava starch, oil palm, automobile assembly and component manufacturing, cotton, textiles and garments. The whole idea is to be self-sufficient in these areas,” Adebayo said.

He said opportunities existed, “within our Backward Integration Program (BIP) for investments in these commodities to increase production for local consumption and exports.”

Expatiating on the nation’s trade policy, Adebayo said Nigeria was ready to participate effectively in the African Continental Free Trade Area (AfCFTA) – on the Rules of Origin, Technical Barriers to

Trade Monitoring Capability, Establishment of Trade remedy Mechanism with a view to position Nigeria as a supply chain partner to leading global economies.

Adebayo said Nigeria’s increasing mobile penetration rate, focused regulatory drive to boost broadband penetration and financial inclusion, are combining to create the perfect recipe for a thriving fintech sector and the adoption of digital solutions to solve everyday problems.

Speaking on the challenges militating the growth of Small and Medium Enterprise (SMEs), the Minister of State for Industry, Trade and Investments, Ambassador Mariam Yelwaji Katagum listed multiple taxation, high interest rates, inadequate working capital, stiff competition from larger companies as some of the challenges confronting small businesses but said federal government was dealing with the challenges vide business reforms,

superintended by the Presidential Enabling Business Environment Council (PEBEC) chaired by Vice President Yemi Osinbajo.

Katagum explained that areas of collaboration existed with multilateral and private sector financing of Special Economic Zones through public-privatepartnerships and greenfield development.

“One area of collaboration which is important is support for women enterprises. I would like to know what the EU is doing in this regard. Others are credit facilitation for Micro, Small and Medium Enterprises (MSMEs) financing programs and market access for exports “We will also require support in facilitating discussions and matchmaking on investment opportunities to large investors as well as support in providing Best-Practice review and management/navigation of key business legislative reforms and Ease of Doing Business Reforms,” he said.

$418m Paris Club Refunds: FG, Governors, Consultants Know Fate March 25 Alex Enumah in Abuja

Come March 25, 2022, the governors of the 36 states in the federation would know if the federal government could go ahead as scheduled to pay six consultants, the sum of $418 million being fees accrued to them, for helping the states recover billions of dollars deducted in excess from their accounts in the payment of the Paris Club loan to Nigeria.

The governments of the 36 states had dragged the federal government before a Federal High Court in Abuja, for concluding and making arrangements that would enable government agencies deduct the sum of $418 million from funds belonging to the states to settle debts owed the said consultants.

However, after lawyers to parties in the suit adopted and argued their final written addresses, trial judge, Justice Inyang Ekwo announced that the court would deliver its verdict in the matter come March 25.

In the suit marked: FHC/ABJ/ CS/1313/2021, the governors were praying the court to restrain President Muhammadu Buhari and others from effecting the planned deduction from states' funds to settle the alleged $418 million debt owed the consultants by states and LGs. While adopting his brief of argument, lead lawyer to the plaintiffs, Mr. Sunday Ameh, submitted that the defendants misconstrued the case of the 36 states to be one challenging existing judgments given by the court in favour of some of the consultants.

"We are not challenging the judgments, we are saying the way the federal government and its agencies are going about enforcing the judgments violates sections 120 and 162 of the constitution,” he said.

According to the senior lawyer, the governors were not averse to the federal government’s issuance of promissory notes to the consultants (also sued as defendants), but

became uncomfortable when it (FG) issued a notice to commence deduction from the states' accounts.

Ameh submitted further that since the federal government agreed that the contractors were owed in relation to the services they rendered, it should settle the indebtedness without deploying funds belonging to the states and local governments.

According to the plaintiffs, "if the federal government is inclined to pay the debt, it should look for other ways to do so and leave the funds belonging to the state govts and LGs alone."

Ameh subsequently urged the court to grant the prayers of his clients and stop FG from making any deductions from their accounts in respect of the $418 million debt.

Meanwhile, the defendants on their parts faulted the argument of the plaintiffs and urged the court to rule in their favour.

Defendants' lawyers, including Wole Olanipekun, Maimuna Lami

Shiru (acting Director, Civil Litigation, Federal Ministry of Justice) and Olusola Oke, faulted the competence of the suit and urged the court to dismiss it.

Olanipekun, who represented one of the consultants, Dr. Ted Iseghohi-Edwards (14th defendant), described the plaintiffs as meddlesome interlopers, noting that the state governments claimed to be fighting for the local governments, a distinct tier of government, without the consent of the third tier of government.

He prayed the court to dismiss the suit for being time wasting and constituting an abuse of court process.

Also arguing, Mrs. Maimuna Shiru, who represented the federal government, argued that not only was the suit statute barred, the plaintiffs were seeking the impossible by asking the court to sit on appeal over judgments earlier delivered by it and other courts of coordinate jurisdiction.

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

7

8

WEDNESDAY, ͹;˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

STILL ON THE STATE OF SECURITY IN IMO...

President Muhammadu Buhari (left) receiving in audience Imo State Governor, Senator Hope Uzodimma, at the State House, Abuja... yesterday

PHOTO: SUNDAY AGHAEZE.

FG Inaugurates Monitoring Team for Execution of Siemens Deal

Emmanuel Addeh in Abuja

The federal government through the Minister of Power, Mr. Abubakar Aliyu, yesterday inaugurated the Project Management Office (PMO) under the Presidential Power Initiative (PPI) to oversee implementation of segments of the Siemens power deal.

Aliyu, who charged the new team to be up and doing in the discharge of their duties, informed the gathering that members were carefully selected based on competence and technical background.

The project was to provide power to Nigerians in three phases of 7,000MW, 11,000MW and 25,000MW under the federal government's initiative to supply reliable power to the national grid.

The minister who chronicled the progress made so far, said the deal culminated in a signed agreement with the German technology firm, Siemens, under the former German Chancellor, Angela Merkel.

While explaining the composition of the members of the PMO, the minister said that independent experts were selected to be supported by nominees of statutory agencies.

According to him, the team’s

competence to run the project had been proven, assuring them of his support as the chairman of the technical and regulatory board of the presidential initiative.

Members of the PPI are: Mustafa Shehu, Head; Paul Nickson, Deputy Head and Geofrey Nwakoye , who is a member. Other members include: Dahiru Isiaku, Olufemi Akinyelure, Rabiu Yusuf , Ekanem Effiong, Idowu Oyebanjo , Dahiru

Moyi and Nabila Aguele.

Meanwhile, Aliyu has reaffirmed the federal government’s commitment to exploring the renewable energy option provide power for Nigerians.

Speaking in Abuja when the German Deputy Ambassador to Nigeria, Mr. Martin Huth, visited him, he noted that through collaboration with the G.I.Z, a German organisation, with

A Federal High Court in Lagos, yesterday granted the request of the Attorney-General of the Federation (AGF) to extradite one Adedunmola Gbadegesin, to the United States of America (USA), to face fraud-related charges.

Justice Daniel Osiagor, granted the AGF's request, following arguments on the extradition application filed and argued by Dr. Pius Akutah, a Chief Counsel in the office of the Attorney-General of the Federation (AGF). The AGF had approached the court for Adedunmola’s extradition in a suit numbered FHC/L/ CS/765/2021.

The application was brought pursuant to extradition Act (Cap. E25) laws of the Federation of Nigeria, 2004.

In the application, Adedunmola is to face two-count charge of conspiracy to commit wire fraud and conspiracy to commit money

grid developed under NESP were providing sustainable electricity to more than 15,000 people as at 2020, and 100,000 addition people would be reached under the second phase of the scheme.

He further informed the meeting that under the Interconnected Mini-grid Acceleration Scheme (IMAS) of NESP II, rural electrification facilities valued at €9 million would be handed over to

the Rural Electrification Agency (REA) this week.

Speaking earlier, Huth restated the German government’s commitment to continue supporting the Ministry of Power. He said the Nigeria-German Hydrogen office was created in Nigeria to support the country to harness the potential in green hydrogen in her energy transition efforts and her export diversification intentions.

Audit Query: Reps Committee Grills Fire Service Boss over N1bn Expenditure on Recruitment, Logistics Funds Juliet Akoje in Abuja The House of Representatives Committee on Public Accounts yesterday grilled the Commandant General of the Federal Fire Service (FFS) Ibrahim Liman, over expenditure of more than N1 billion on recruitment and logistics between 2017 to date, without recourse to laid down financial rules The office of the Auditor General of the Federation had queried the Service for expending the amount on the said exercise between the period in question when there was actually only one recruitment

exercise held in the period under review.

The FFS boss who appeared before the Committee being Chaired by Hon. Busayo Oluwole Oke (PDP- Osun) could not give satisfactory answers to the members of the Committee on the issues raised The CG also failed to back up his explanations with relevant documents, necessitating the committee to write to the Central Bank of Nigeria (CBN) and the Bureau for Public Procurement (BPP) seeking the account

Court Grants AGF’s Request to Extradite Alleged Fraud Suspect to USA Wale Igbintade

the Nigerian Energy Support Programme (NESP), over 3,937 settlements, 3244,605 buildings and 60,183km had been mapped nationwide.

“This data, when computed, will provide information for electrification and planning, least cost, electricity access and decision making for would be investors,” he stressed.

He added that six solar mini-

laundering.

Each of the offences were in violation of Title 18, United States Code, Sections 1343 and 1349, with the maximum penalty of 20 years in prison.

Justice Osiagor after hearing from Dr. Akutah and the Counter Affidavit filed by the Counsel to the alleged fraud suspect held that: "Original request order of Magistrate Court from the United States of America, Original request letter duly signed by the Interpol and the Attorney-General of Nigeria application to release the defendant are all attached.

"I am satisfied that the applicant has been able to establish prima facie case against the respondents which warrant the prayers sought in motion papers to be considered.

"Consequently I hereby ordered that the respondent be remanded in the Interpol custody pending the approval and consent of AttorneyGeneral of the Federation for his

extradition to the United States of America."

The Attorney-General of the Federation had in an affidavit deposed to by Bello Sholadoye, State Counsel, Central Authority Unit, International Cooperation Department, Federal Ministry of Justice, stated that on July 2021, the United States of America made a request for the extradition of Adedunmola Gbadegesin.

Bello stated that by the laws of the USA, the suspect would not be detained or tried in that country for any offence committed before his surrender other than the extradition offence.

He also stated that he was satisfied that the offence in which Adedunmola Gbadegesin was sought for, was not made for the purpose of prosecuting or punishing him on account of his race, religion, nationality or political opinions, adding that the said request was made in good faith and in the interest of justice

statements and expenditure of the service Members of the Committee also raised concern that the award of several contracts by the Service which promoted the chairman to direct the FFS boss to produce the nominal role of monies spent within the period under review before the Committee unfailingly Oke pointed out that since

the expenditure records of the service was not clear enough, the BPP should include the name of contractors of FFS and their financial records while appears before the Committee Also all the Ministers summoned by the Committee over their failure to appear before it over several audit queries against their Ministries, Departments

and Agencies did not show up yesterday.

The affected ministries were Works and Housing, Health, Interior, Ministry of Environment Already the Committee had written to both the Secretary to the Government of the Federation and the Minister of Justice and the Attorney General of the Federation respectively over the development.

Moderation in Food, Commodity Prices Lower Inflation to 15.6% James Emejo in Abuja

The Consumer Price Index (CPI) which measures inflation moderated to 15.60 per cent (year-on -year) in January, 2022, compared to 16.47 per cent in the corresponding year, the National Bureau of Statistics (NBS) revealed yesterday.

The 0.87 per cent decline indicated that the headline inflation rate slowed down in January, when compared to the same month in the previous year.

However, month-on-month, the headline index slowed by 1.47 per cent in January, representing a 0.34 per cent points moderation compared to1.82 per cent recorded in December 2021.

According to the CPI figures for January which was released by the statistical agency, moderation in prices was recorded in all the parameters that determine inflation.

The composite food index slowed to 17.13 per cent in January, 2022, compared to 20.57 per cent in January 2021, while month-onmonth, the food sub-index stood at 1.62 per cent in January 2022, down by 0.57 per cent points from 2.19 per cent recorded in

December.

This rise in the food index was caused by increases in prices of bread and cereals, food product n.e.c, potatoes, yam and other tuber, soft drinks, oils and fats and fruit.

The NBS noted that the average annual rate of change of the food sub-index for the 12-month period ending January 2022, over the previous 12 -month average was 20.09 per cent, or 0.31 per cent points from the average annual rate of change of 20.40 per cent recorded in December.

On the other hand, core inflation, which excludes the prices of volatile agricultural produce increased to 13.87 per cent in January 2022, up by 2.02 per cent when compared to 11.85 per cent in January 2021.

On month-on-month, the core sub-index increased by 1.25 percent in January, down by 0.13 per cent when compared with 1.12 per cent recorded in December.

The highest increases were recorded in prices of electricity, liquid fuel, wine, tobacco, spirit, solid fuels, cleaning, repair and hire of clothing, shoes and other foot wear, other services

in respect of personal transport equipment, other services n.e.c and pharmaceutical products.

The average 12-month annual rate of change of the index was 13.33 per cent for the 12-month period ending January 2022. This was 0.17 per cent points higher than 13.16 per cent recorded in December.

On the other hand, the urban inflation slowed to 16.17 per cent year-on-year in January 2022, from 17.03 per cent recorded in January 2021, while rural inflation rate also moderated to 15.06 per cent in January from 15.92 per cent in January 2021.

On a month-on-month basis, the urban index rose to 1.53 per cent in January 2022, down by 0.34 per cent points from 1.87 percent the rate recorded in December 2021.

On State – by – State comparison, all items inflation on year-on- year basis was highest in Abuja with 18.59 per cent followed

by Kogi with 18.28 per cent and Bauchi, 17.61 per cent.

On the other hand, Kwara recorded the lowest with 12.94 per cent followed by Niger with 14.10 per cent and Oyo, 14.19per cent.

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

9

10

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

11

WEDNESDAY FEBRUARY 16, 2022 ˾ T H I S D AY

12

NEWS

Police Parade 33 Suspects for Alleged Kidnapping, Armed Robbery in Bauchi Segun AwofadejiinBauchi In its efforts to rid the society of crimes and criminality, the Bauchi State Police Command, on Tuesday, paraded 33 suspects for various crimes including kidnapping, armed robbery and illegal possession of fire arms, illegal possession of hard drugs amongst others.

The Commissioner of Police (COMPOL), Sanda who paraded the suspects at the State Police Headquarters in Bauchi reiterated the command’s commitment to continue to mop up illegal arms and ammunitions from the hands of criminals in the state, saying that all the suspects were arrested across the state.

According to him, “on the February 6, 2022, at about 1200 hours, the police Safer Highway Patrol along Bauchi-Darazo road, while on routine stop and Search intercepted a Toyota Highlander vehicle driven by one Yusuf Gongpolai Adams attached to Nigerian Army 145 Battalion, Abia State who is presently on Development course at the Nigerian Army school of Environmental and Science Technology Benue State.”

The CP said that a thorough search was conducted and 81 parcels of dry leaves suspected to be cannabis was found in his

possession, adding that during the course of interrogation, the suspect confessed to the crime.

He added that the exhibits recovered from the suspect

include 81 parcels of dry leaves suspected to be cannabis, one pair of army uniform, two Michelin tires, one Army helmet, one bag containing some cloths

and some charms, adding that investigation is ongoing after which suspect will be handed over to NDLEA. “On the 18/01/2022 at about 0130 hours, the command

detectives acting on actionable intelligence arrested Usman Mohammed Abdullahi, Buhari Umar alias Guza, aged 19 years of Wuntin dada, Ahmed Garba

alias Ama 19yrs of Makama new extension, Al’amin Adamu alias Lami 19yrs of Danjuma Goje and Mohammed Abdullahi alias Dan chai 19yrs of Danjuma Goje.

EKO WELLNESS FAIR...

L-R: PermanentSecretary,LagosStateMinistryofTourism,ArtsandCulture,PrincessAdenikeAdedoyin-Ajayi;TourismCommissioner,Mrs.UzamatAkinbile-Yussuf;ConvenerEkoWellnessFair, Ms OyinTalabi;Trustee, EkoWellness Fair, MsTeju Alakija, and Lagos State Health Commissioner, Prof Akin Abayomi at the launch of 2021Virtual EkoWellness Fair... recently

2023: CSOs Kick against UBTH Resident Doctors Protest Killing of Member Atiku, Other Northern Presidential Aspirants Adibe Emenyonu in Benin City

Sunday Okobi Ahead of the 2023 general election, Civil Society Organisations (CSOs) have described the presidential ambition of former Vice President, Atiku Abubakar, and other northern presidential hopefuls for the 2023 presidential election as self-serving and insensitive.

The CSOs said it was disturbing that after eight years of a northern president (President Muhammadu Buhari), Atiku and others are still nursing the ambition to contest in the 2023 presidential election.

The various groups during a protest in Lagos carried placards with various inscriptions such as ‘Turaki, please leave 2023 for a younger person’; ‘Lagos, Oyo, Osun, Ondo and Ogun States say no to Atiku 2023 agenda’; ‘Atiku is an elder statesman,

quit politics now’; South-west wants technocrat as president; Nigeria’s unity is now negotiable’; Southwest reject Atiku’; For equity and justice, power must go to South please support southern president in 2023’.

One of the leaders of the protesting groups, and the Convener of South-West Development Frontier (SWDF), Olufemi Osabinu, stated that 2023 is a crucial moment that will determine the stability or otherwise of Nigeria’s democracy.

Osabinu added that while the aspiration of Atiku is constitutional, “it negates the spirit of the same constitution which recognises the principle of federal character in appointments into public office, even though it does not expressly bar such persons from aspiring to lead their country.”

Retired Prison Officers Call for Inclusion in Health Insurance Fidelis David in Akure A group of retired officers of the Nigeria Correctional Service (NCS) have called on the President Muhammadu Buhari to include them in the National Health Insurance Scheme (NHIS).

The group under the auspices of the Retired Correctional Officers, said they were ready to pull out of contributory pensions scheme, under which they are currently, and requested reinstatement into NHIS. This was contained in a statement made available to journalists by the Coordinator of the Retired NCS, Mr Abidakun Olusanya, in Akure, the Ondo capital yesterday.

In the statement, the group also appealed to the Senate President, Senator Ahmed

Lawan, and the Speaker House of Representatives, Mr. Femi Gbajabiamila, to set machinery in motion towards putting in place a law that would remove the retired correctional officers from the contributory pension scheme and revisit the cancellation of the NHIS to ameliorate their health challenges.

According to the group: “After 35 years of meritorious services, we were subjected to untold hardship, financial kwashiorkor and perennial psychological torture under the Contributory Pensions Scheme at present and we expressed our desire to pull out of the scheme on the ground of marginalisation, discrimination and unequal treatment on the payment of our pensions and other retirement benefits.

Activities at the University of Benin Teaching Hospital (UBTH) were temporarily disrupted on Tuesday morning as members of the Association of Resident Doctors (NARD) protested the killing of one their members identified as Dr. Otote Osaikhuomwan, aged 36.

Osaikhuomwan, who is the Department of Ophthalmology, was reportedly killed in his

apartment situated at the Ugbor area of Benin City in the presence of his pregnant wife in the early hours of Monday.

The killers were said to have gone straight into his apartment and shot him in the chest region before going away with some items.

President of the NARD, UBTH Chapter, Dr. Elamah Ikpemimoghena, who broke down in tears said insecurity has been one of the reasons responsible for brain drain.

“This is a very unfortunate incident. It came to us as a rude shock and it boils down to the general insecurity in the state and in the country at large. Something that we have always complained about, something that has made a lot of our colleagues reconsider their stance in working in Nigeria.

“Insecurity is gaining a very scary trend and that has led to a lot of brain drain.

A lot of our members have left the country just because

of insecurity. We call on the relevant authorities to ensure that they bring the perpetrators to book and give justice to our friend, our brother, a hardworking, calm fellow. Somebody that we know cannot hurt a fly, we don’t know why this happened to him but we hope that God will grant the family, the department and everyone here in UBTH and NARD the fortitude to bear this irreparable loss,” Ikpemimoghena declared.

Pantami Laments Influx of Foreigners for Technical Jobs Francis Sardauna in Katsina The Minister of Communication and Digital Economy, Prof. Isa Ibrahim Pantami has lamented the influx of foreigners into the country for technical jobs and lack of development skills for young Nigerians.

Pantami, who spoke in Katsina yesterday during the price presentation ceremony of Katsina National Talent Hunt Challenge, said the country

is still rely on foreigners for technical jobs.

The minister explained that the earlier the government realised and focused more on providing developmental and entrepreneurship skills for the citizenry, the better for the country.

He added that the only way to improve the nation’s economy, tackle the issue of unemployment and unemployability, is through giving more priority and

preference to the young Nigerians that have brilliant ideas and are willing to be self-reliant.

He said: “There are many jobs in electrical engineering, road constructions, building and oil and gas but you will discover that on a daily basis 10 to 15 per cent of foreigners are coming to Nigeria in each aircraft to do the jobs for us.

“Most of our technical people are now into doing administrative work while we still rely on

other people to come and do the technical job. It is good for other governors in the north to copy from the governor of Katsina State.”

Pantami noted that government has been advocating for the need for Nigerians to focus more in identifying young innovators within the country and give them all the necessary supports in order to produce potential job providers instead of job seekers.

Minister Tasks Agency to Eliminate Substandard Electrical Equipment In a bid to end the regime of importation of substandard electrical equipment into the country, the Minister of State, Power, Goddy Jedy-Agba, has asked the Nigerian Electricity Management Services Agency (NEMSA) to urgently set up Testing/Certification laboratories in all border ports in the country.

The minister stated this when he paid a working visit to the corporate headquarters of the agency in Abuja.

Jedy-Agba, who commended the agency for the achievements since its establishment about eight years ago, however, said that it can do more to bring the needed sanity to the technical area of

the electricity sector.

He said that as an agency that is saddled with the responsibility of enforcing technical standards and regulations, inspections and certification of all categories of electrical installations in Nigeria, it is important to ensure that before any electrical equipment is put to use, it should be tested

and certified.

According to him, “I’m very impressed with this agency because it is the heartbeat of the nation’s electricity sector. It is doing well but it can and should do better. I want you to work harder, cooperate with each other and come up with better results”.

Akeredolu Calls for Calm over Bayelsa Killing Fidelis David in Akure T Ondo State Governor, Oluwarotimi Akeredolu (SAN), yesterday said it has received the situation reports of the incident in Brass area in Bayelsa State which involved the people of Ilaje living in Bayelsa State.

This is coming after a fisherman was reported dead while scores of others were injured in Brass Island of Bayelsa State following a pirate attack on the sea last Monday. The victims, who were said to be of Ilaje ethnic nationality from Ondo State and residing on the island, had set out to fish on the

high sea.

A statement made available to journalists by the governor’s Chief Press Secretary, Richard Olatunde, in Akure, the Ondo State capital, explained that Akeredolu, after receiving the full brief, spoke extensively on the phone with the Governor of Bayelsa State, Senator Douye Diri, who assured him that the

situation was under control.

The governor, who stressed his administration’s commitment to the protection of lives and property of indigenes of the sunshine state, irrespective of where they are, noted that the Bayelsa State governor has assured him of the security of the people of Ilaje in the state.

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

13

14

T H I S D AY • WEDNESDAY, FEBRUARY 16, 2022

COMMENT

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

STILL ON INFRACOS AND ACCESS TO RURAL AREAS The NCC could do more to actualise infracos open access model, writes Sonny Aragba-Akpore

A

s beautiful as the document “Öpen Access Model for Next Generation Optic Fibre Broadband Network” was, its implementation may have been one of the problems for licence issuance and roll out obligation by beneficiaries.

Whether it is indecision by the regulator, Nigerian Communications Commission (NCC) and the beneficiaries, one thing is sure: the licencing process was not competitive like many other processes were.

Perhaps, political considerations and the need to democratise licensing process were at play, hence the licences were allegedly randomly chosen and awarded.

Before the Digital Mobile Licence (DML) auction in 2001, there were a series of publications in form of an information memorandum (IM) which served as a guide to would-be bidders.

The NCC did house cleaning to know where it was before the auction process could take place.

There was an audit of the licences for Global System of Mobile telecommunications (GSM) services. In all, there were 33 companies with GSM licences backed by frequencies spectrum, but none of these 33 could actualise the mandate of the licences.

So, the first thing the NCC did was to withdraw the 33 licences and frequencies from the 33 Nigerian companies including Motophone Limited promoted by the Chagoury & Chagoury Consortium.

And all the companies filed documents of compliance except Motophone Limited which went to court to challenge the NCC and the federal government for withdrawing its licence and frequencies. But that did not stop the auction of January 2001 which was packaged and put together by the NCC. The NCC board at that time was chaired by foremost technocrat Alhaji Ahmed Joda (late) and Executive Vice Chairman (EVC) one of Nigeria’s primus inter pares engineers, Dr Ernest Ndukwe. Several consultants were appointed. They included Radio Spectrum International , Charles Rivers & Associates and grundnorm in telecommunications law, Paul Usoro (SAN). Aare Afe Babalola (SAN) represented the federal government.

That was how serious the process was that irretrievably put Nigeria on the global map on how auctions for telecommunications licences could be conducted.

The auction lasted for three full days and every participant was happy at the outcome. But Mr Hakeem Bello – Osagie representing MSI – Celtel backed down in the auction on the second day and left the venue immediately.

The only wholly indigenous bidder,, Communications Investment Limited (CIL) promoted by Mr Mike Adenuga stayed till the end having out bidded every other company including MTN, led by Irene Charnley, Feleng Molusi, Tunde Folawiyo, Victor Odili and Gbenga Oyebode. Econet Wireless Nigeria, promoted by Zimbabwean, Strive Masiyiwa and two Nigerians, Oba Otudeko and Bolaji Balogun.

Adenuga’s CIL was sadly the only bidder that defaulted in the payment of the bid fees of $285m because the frequency

ALTHOUGH A LITTLE OVER 100 MILLION INTERNET CONNECTIVITY EXIST NOW, THEY ARE LIMITED TO THE CITY CENTRES AND SEMI-URBAN AREAS LEAVING THE RURAL AREAS IN A DILEMMA OF CONNECTIVITY

assigned to CIL was encumbered. Motophone held on to it and was in court accordingly.

And so Adenuga’s company CIL lost the $20million deposit and the licence in the event of a default in payment of the licence fees at the end of the deadline.

The NCC could not comfort Adenuga and so painful as it was, he moved on because he had a very good understanding of the rules as he ran the race, But nothing close to the 2001 exercise has taken place at the NCC since then. The only semblance to it was the overhyped event of December 13, 2021, the 5G auction.

The infrastructure companies (Infracos) document released in November 2013, was clear on how licences were to be issued and the processes to take. Put together by the board led then

by Mr Peter Egbe Igoh, and executive management led by Dr Eugene Juwah (late), the document arrived after a series of industry stakeholders’ consultations across the country. The consultations included but were not limited to one-on-one sessions with select operators/industry players whose input were evaluated and formed part of the infracos licence process.

The industry consultation paper presented the revised model for the backbone and metropolitan optic fibre infrastructure for broadband deployment in Nigeria based on inputs obtained from various stakeholders’ groups.

Feedback followed until the Commission arrived at what informed the dictum of the infracos licencing and its mandate.

The document stated clearly that the Commission is committed to putting in place a new broadband deployment environment through an “Open Access Model” in line with the National Broadband Plan, having examined the ‘’Open Access Model’’ as the model for optic fibre transmission network deployment to bridge the current access gap and deliver fast and reliable broadband services to household and businesses’’.

The document also stated that the “Open Access Model’’ will potentially help optimise the cost of broadband access across Nigeria and ensure that all operators, whether large or small have equal access to broadband infrastructure, where the objective is to stimulate a new national broadband network that is not only more widespread but also faster and more secure than what is available today, thereby stimulating other sectors of the economy and leading to higher economic spinoff for Nigeria.”

Besides, connecting efficiency will be offered as well as ultra-speed high-speed broadband services that are available, affordable and sustainable.

Although a little over 100 million internet connectivity exist now, they are limited to the city centres and semi-urban areas leaving the rural areas in a dilemma of connectivity.

Admittedly, administrative bottlenecks have plagued optic fibre deployment in the country, but this notwithstanding, the NCC should begin a spirited campaign to actualise and sustain the infracos Open Access Model document in line with its NBP of 2020 – 2025 and see how it farms out. Who knows, this may be the elixir we are waiting for to connect Nigeria.

A BLACK ROSE FOR VALENTINE’S DAY Chris Gyang writes that the ASUU strike is unfortunate

T

hat Nigeria’s public universities’ lecturers decided to start yet another strike action may not be entirely fortuitous.

The signs have been there all along. Except that the government deliberately refused to listen to them.

And the fact that it falls on the day the world, especially the youth, is celebrating Valentine’s Day, a day of love, says a lot about the dark humour that has become the reality of the very being of our citizens.

Consider this: on this day when most of our youth in universities are celebrating this one occasion that gives them some form of happiness in a country full of sorrow, an indefinite strike is slammed on their institutions for no fault of theirs.

Neither is it the fault of their longsuffering lecturers.

This is also a glaring testimony to the degradation of the lives and future of our teeming youth who make up more than 60% of our population.

While emphasizing the need for the strike, the lecturers explained that they were compelled to take this action because education “holds the key to our collective prosperity and better future for our children and our children’s children; so let’s work together to fix it.”

The symbolism of what has happened should not be lost on Nigerians - both parents and the youth themselves. It must serve

as a poignant reminder to the low state our educational system has sunk. The elementary and secondary levels are not spared this continuous rot and decline. It has been said that this dysfunctionality hardly spares other sectors of our national life. One of the reasons for this is that the political class is so engrossed in the contention for 2023 that it has pushed education to the fringes of critical national policy and discourse.

Once upon a time, students’ pressure groups such as the National Association of Nigerian Students (NANS), were in the vanguard of protecting the rights of ordinary Nigerians. This was more so in safeguarding the country’s educational system - even against the most vicious military dictatorships.

Sadly, such students’ unions have today been inexorably sucked into the personality cults executing the selfish agenda of the same political elite that have rendered the university system comatose.

Well, some of these university students may have found this to be the most viable option for survival in today’s Nigeria where politics is the most lucrative business. But, sadly, it’s this survivalist instinct of the youth that is killing Nigeria’s educational system.

Only last week, the House of Representatives was working towards enacting a law against the rising wave of ritual killings in the country. Surprisingly, the honourable parliamentarians failed to see the link between

this bloody national menace and the abject neglect of our country’s educational system.

They do not understand that there is a connection between the fact that Nigeria has the highest number of out-of-school children in the world and some of the most gruesome acts of murder and criminality, even terrorism, in the country.

Last December, when the United Kingdom placed a travel ban on Nigerians due to the outbreak of the Omicron variant of the Corona virus in South Africa, the National Assembly strongly opposed it until it was lifted. The members where afraid that their plans for end of year vacation in the UK would be disrupted.

However, during all of these months that the public university lecturers were pleading with traditional, social and other institutions and public-spirited individuals to make the Buhari government meet their just and long-standing demands, their supplications were met with complete silence, to say the least.

The truth of the matter is that once a country’s educational system is relegated to the fringes of public policy, the energies of its youth would be channelled to counterproductive, egregious vocations.

Ultimately, this will have a drawback on the overall development of the country. This is the truth the Buhari administration has refused to accept all this while.

As long as government continues to see

a disconnect between the rising wave of criminality in Nigeria and its deliberate acts of neglecting the public university system, we shall continue to wallow in these vicious circles of ASUU strikes and their attendant consequences on the overall progress of the country.

Then where would we be headed in this 21st Century where the youth are the main drivers of scientific innovation and progress?

Now, for those who may not know, the English translation of the Hausa name of the Islamist jihadi terrorist group, ‘Boko Haram’, is ‘Western Education is Forbidden’. Critics of the Buhari administration have suggested that it may be surreptitiously aiding this group’s agenda in the educational sector.

It is worthy of note that in its statement announcing the commencement of its strike, ASUU also declared that Dr. Isa Ali Pantami’s professorship recently awarded by a Nigerian university was ‘illegal’. Dr. Pantami, one of Buhari’s closest allies, is the Minister of Communications and Digital Economy.

By the way, a black rose in our context here symbolizes death and mourning. It’s this toxic flower that the Buhari administration is offering Nigerian youth and their parents on Valentine’s Day through this strike he forced ASUU. Gyang is the Chairman of the N.G.O, Journalists Coalition for Citizens’ Rights Initiative

15

T H I S D AY • WEDNESDAY, FEBRUARY 16, 2022

EDITORIAL ASUU AND THE ENDLESS STRIKES Funding university education has become a fundamental issue. All the stakeholders must sit down and address it

F

or the umpteenth time, the Academic Staff Union of Universities (ASUU) last Monday declared a one-month strike to press home its demands. While we hope this crisis is resolved quickly, we cannot shy away from the fact that under-funding the education sector, over the years, has had collateral damaging effects on the country. But dealing with the challenge requires more than seasonal strikes by the lecturers while the federal government also needs to understand the primacy of constant dialogue, especially given the current realities.

It is unfortunate that the government and ASUU had for years been locked in running battles over the implementation of agreements on the funding of the country’s public universities. The consequences have been lengthy industrial actions by the lecturers, with the attendant debilitating effects on educational development in Nigeria.

ELSEWHERE, UNIVERSITIES Our country is HAVE EXPLORED SEVERAL poorer for it in WAYS OF RAISING terms of the quality MONEY TO FUND THEIR of human resources OPERATIONS. THE COMMON turned out. Our graduates are yieldAVENUES INCLUDE DONATIONS, ENDOWMENTS, ing to diminishing returns as they SCHOLARSHIPS AND BURSARIES, PROFESSIONAL are ill-prepared and ill-equipped CHAIRS, GIFTS, GRANTS, for the society and AND CONSULTANCY the world at large.

SERVICES, AND MORE The universities, particularly the public ones, have continued to slide down the ladder of academic rankings, even among their peers in Africa.

Public disenchantment with ASUU is understandably high because of its bullheaded approach, perceived insensitivity to the academic progress of students and the frustration of parents and guardians. However, the reality is that government is reneging on agreements it signed. If those agreements are unenforceable in the light of new realities, government and ASUU need to come together and review them and agree on new,

Letters to the Editor

more realistic terms. But ASUU must also understand that it has lost significant respect and goodwill in the eyes of stakeholders and the public.

T

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

here is no doubt that the nation’s public universities are facing hard financial times. This is a corollary of government’s meagre attention to education, a fact attested to by its poor annual budgetary allocation to the sector. Despite the increasing challenges in the sector, the share for education in the federal government 2021 budget, for instance, was a miserly N743bn, out of N13 trillion. Reports on education from the 36 states of the federation are no better. And there is every likelihood that the situation will persist, or even get worse at an age when knowledge is the most important factor of production. The United Nations Educational, Scientific and Cultural Organisation (UNESCO) recognises this in recommending 26 per cent of annual budgets for developing nations.

With low budgetary allocation to education, it is little wonder why universities are in financial straits with the attendant decay of their infrastructure as well as lowering of standards of teaching and learning. Thus, while we support the clamour for increased funding, we nonetheless think that given the dwindling resources of government, the tertiary institutions need to think out of the box and find more creative solutions to the problem. Elsewhere, universities have explored several ways of raising money to fund their operations. In this regard, ours need not reinvent the wheel. The common avenues include donations, endowments, scholarships and bursaries, professional chairs, gifts, grants, and consultancy services, and more. We note that many of our universities have embarked on these, but their performance needs to be stepped up. More importantly, it has become increasingly inevitable for students to pay reasonable fees to acquire good education. The best universities are those that can fund research and attract the best hands.

The lingering crisis between ASUU and the federal government has gone on for too long. There is an urgent need for a lasting solution in the interest of public tertiary education in Nigeria.

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.

WITCH-HUNTING AT FUNERALS IN AFRICA

T

he Advocacy for Alleged Witches calls for an immediate end to witchfinding activities during funerals in Africa. This call has become necessary following reported cases of abuses, torture, attacks, and killing of suspected witches during and after funeral ceremonies in communities across Nigeria and beyond. Many alleged witches at the witch camps in Ghana fled to these places after they were certified as witches during funerals in their communities. These funeral linked witch hunting activities take place in Malawi, Kenya, Tanzania, Burkina Faso and other African countries. In Nigeria, witch-hunting at funerals takes two forms - corpse-bearing ceremony and post mortem witch trials.

At a corpse-bearing ceremony, acclaimed spiritually powerful people carry the body of the supposed victim of witchcraft around the community. This ritual is conducted as part of the burial ceremony. The belief is that, in the course of conveying the corpse, the dead person would identify the killer. The corpse supposedly does this by driving the bearers to hit the person or the house or fence of the supposed killer.

In a recent video that circulated on social media, those carrying the coffin of a dead person went and hit twice an elderly woman standing in the crowd. The first time, they hit the woman, she fell to the ground and later stood up. And the second time they hit her, she fell to the ground and they placed that coffin on her while she struggled underneath. Such horrific scenes feature as part of many funeral activities in the region.

As in other cases, these abuses took place in public, people stood by, watched, or videoed with their cellphones. Nobody has confirmed what eventually happened to the frail-looking woman, but as is usually the case, the woman would be killed in revenge, or if she were lucky they would banish her from the community.

Another form of witch-hunting at funerals involves a post mortem witch trial.

In some communities, many alleged witches are tried when they pass away; when the dead person is suspected to have been a witch while he or she was alive. The

post mortem trial is conducted to ascertain if the person was actually a witch. The confirmation would help determine how and where the person would be buried. The corpse is taken to a traditional priest who conducts some rituals and divination to confirm the witchcraft status. If the traditional priest certifies that the dead person was a witch, the corpse will be taken to a forest where it will be buried. In some parts of Nigeria, especially in the coastal areas of Edo, Delta, and Rivers, the corpse is thrown into the river. The corpses of alleged witches are buried far from the family so that they would not come to hunt, harm, and destroy the lives and property of relatives.

The practice of witch-hunting at funerals predates contacts with foreign religions and persists in contemporary Africa despite the spread of Christianity and Islam.

These religions reinforce these ritualistic beliefs and practices. Many Africans still strongly believe that human beings do not die as a result of natural causes; that some humans magically cause the death and other misfortunes of others. Many people do not take seriously the notion that human beings die as a result of old age, accidents or ailments. Whenever a death occurs, especially the death of a young person, or death through accidents, people suspect witchcraft; they think that some enemy has used spiritual means to kill the person. Some family members who identify as Christians or Muslims would secretly consult a traditional priest or include corpse bearing ceremony as a part of the funeral rites. If the dead person were suspected to be a witch, they would carry out a traditional autopsy to confirm the status before the burial.

These witch-hunting practices turn funerals into occasions for horrific torture and abuses of innocent persons. Government should take necessary measures to stop witch finding activities linked to funerals. There should be a functional health center in every community and all elderly persons should be enrolled in a social welfare program.

Leo Igwe, nskepticleo@yahoo.com

DELE MOMODU FOR EDO STATE

T

here are those rare moments you keep your short opinion pieces even shorter.

Dele Momodu “discovering” home and roots was a smart one to avoid the pitfalls that await Amoda Lamidi Sangodere in the build-up to what will be a thoroughly bruising campaign season in Nigeria. But, on the whole, Dele can just make do with the office of the governor of Edo State for now, him being friends with Aliko Dangote, Mike Adenuga, Femi Otedola, Rabiu Abdulsamad, and a lot of “heavyweights.” Edo State will offer Dele a good opportunity to test his good governance and economic-development theories.

Sunday Adole Jonah, Department of Physics, Federal University of Technology, Minna, Niger State

16

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

17

18

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

19

20

T H I S D AY ˾ WEDNESDAY FEBRUARY 16, 2022

MIDWEEKPOLITICS

Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

Why Ebonyi Politicians Don’t Respect it’s Charter of Equity Benjamin Nworie takes a look at the acclaimed Charter of Equity as it relates to the 2023 Ebonyi governorship election

Umahi

D

uring every general election in Ebonyi State especially for the governorship position, justice and equity have always become a loud gospel and advocacy in the state. This Charter of Equity has never worked or been respected. It was concocted as a moral burden to ensure justice and equity to all the zones of the state.

The Charter of Equity was never written or discussed or agreed. It was only harboured in the mind. And even if there was, all the zones have abused it. It was even rumoured that when the choice of state capital was argued and competed

by Ebonyi Founding Fathers, it was reportedly agreed that the Old Abakaliki zone will house the state capital, while the first Governor would come from old Ohaozara or Afikpo zone. Yet it never worked. Even after elections, no one surrenders to charter of Equity.

For the 2023 elections, political gladiators are contending that if the Charter of Equity had suffered perennial setbacks in the state, it’s not now that it will be implemented. However, now that the three zones in Ebonyi State have completed their turns of eight years respectively, all the zones have justifiable reasons to produce the next governor.

Most politicians are worried where the principle of equity emanated from. Since 1999, which of course was the first time Ebonyi State witnessed election after it’s creation in 1996, stakeholders and political gladiators have never discussed or agreed to any Charter of Equity.

The emergence of the first civilian Governor, Dr. Sam Egwu from Ebonyi North had no clear cut agreement. At a point, it was said that Ebonyi Central specifically Ezza clan was supposed to be the first Governor but the military administration at the transition period truncated the plan, which led to the Ebonyi North agenda.

When Egwu completed his tenure, aspirants

Egwu from all the zones trooped out again that there was no Charter of Equity and even if there was, it should not undermine the Constitution of Nigeria which empowers individuals right to vote and be voted for.

So, the struggle has been about the supremacy of the Constitution and untraceable Charter of Equity.

Egwu’s successor, Chief Martin Elechi can not also accept that he was a product of Charter of Equity and he never believed in it. However, Elechi pretentiously procured the concept of Charter of Equity, even when, he repeatedly maintained it was never written anywhere, when he wanted the former Minister of Health, Prof.

Onyebuchi Chukwu as his preferred choice from Ebonyi South. At the initial stage of politicking, the former Governor was too serious with the clamour of his Charter of Equity, just to sell his choice.

But when the chips were down and the aspiration of his preferred choice fell on the brick wall, Elechi abandoned the Charter of Equity and went ahead to anoint another aspirant from Ebonyi North. Anyway, Elechi’s predicament was obvious and he decided to payback the alleged ‘injustice” meted against him by the PDP. In 2015, when Elechi’s Ebonyi South Agenda flopped based on Charter of Equity mission, he knew the only way to retaliate having been smoked out of the PDP, was to divert his structures to another political party which made him conscript his contractor, Edward Nkwegu of

Elechi Ebonyi North to fly the ticket of the Labour Party.

It was at that time that it became glaring that the Charter of Equity was a fraudulent political strategy. Political followers became more aggrieved that the Charter of Equity was a selfish agenda by political gladiators. Those who were not completely convinced to support Engr David Umahi of the then PDP, started to shift ground in his favour.

Ebonyi people especially the people of Ebonyi South saw Elechi as a traitor because if he had genuinely believed in his Charter of Equity, he should have adopted a Southerner for the governorship ticket of the Labour Party.

As the 2023 governorship election draws near, some of the political actors have reawaken the antics of Charter of Equity. Egwu and Elechi are the principal actors that power should shift to Ebonyi North in respect to the Charter of Equity.

However, it’s quite understandable. Egwu who was the initiator of single term for the National Assembly position has been struggling and fine-tuning all possible strategies to return to the Senate for the third term in 2023. This can only be possible if Izzi clan which shares the same Senatorial zone with him is able to secure the governorship position. Political observers have also noted that Egwu’s position on power shift to the North was self serving. Without this, his third term ambition is history.

Nevertheless, Izzi people have vowed that Egwu may not be voted again no matter whose ox is gored. Against all odds, Egwu has flouted the agreement he purportedly made on single term for Ebonyi North Senators. In Ebonyi North, the people of Ebonyi council area are crying over marginalization for exclusion when the other three council areas have respectively had their turn.

Elechi, on his part, has the interest of his inlaws at heart. Whenever he pushes for Ebonyi North, Elechi has the Izzi agenda to his chest.

Not minding his deficiencies, it is still not clear to many what Elechi has seen in Edward Nkwegu that the former Governor wants him to rule Ebonyi State by all means. Is it to retain the strongest share on Nkalagu cement factory?

Nkwegu was the State contractor throughout Elechi’s eight years. Or is there anything beyond the optics between Elechi and Nkwegu?

Many candidates have indicated interest to run the governorship election in the leading political parties. Many factors are being considered. Many questions are on the lips of Ebonyians.

Who will go for us? Who will consolidate on the infrastructural strides of the Umahi’s administration and who will correct any inadequacy of the present administration? Who will unite the state more and who will bear the burdens of the People? And many more.

To an extent, the Ebonyi governorship election may not be political parties affairs. Voters maybe interested in individual capacities not minding whether he is in APC or PDP. There are a lot of uncertainties and tension in the polity. Imposition maybe a bad influence to any political party.

Already, the populous people of Ezza clan in Ebonyi central have unanimously agreed to support any political party that adopts their son as the governorship ticket. The choice of an Ezza man has become much acceptable amongst the zones in the state. As the eldest son in the state, It’s believed in some quarters that an Ezza man will unify the state than another person or clan. Part of their submissions, however, is that even if Ebonyi Central or North takes the governorship ticket, none of the zone will nurse marginalization, after all, one zone may still take over after eight years.

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

GoNigeria Initiative Begins Voters Campaign

D

r. Tony Rapu, an advocate of the GoNigeria initiative has reminded young Nigerians not to shirk from their civic responsibilities of actively participating in the electoral process that will determine those who will occupy political offices during the 2023 general elections.

According to the Medical Doctor and Pastor, ‘’Part of rendering to Caesar what belongs to Caesar is to register and come out to vote during the 2023 elections’’. Shirking from that responsibility portends grave dangers for the citizenry.

Corroborating that position, the Founder of Stanbic IBTC Bank and President and Founder, Anap Foundation, Atedo Peterside stated, ‘’From opinion polls, it has almost become fashionable for the educated young voter [18+ and above] to brag that he or she has no intention of registering to vote or voting or both.’’

According to Peterside, the most popular

reasons which educated youths give for opting out are: [1] the votes will not count anyway; and [2] the candidates are uninspiring. Whether we like it or not, it will remain the responsibility of knowledgeable, skilled, and patriotic Nigerians at home and abroad to improve the country and the plight of our impoverished citizenry.

He added that shirking that responsibility does not come so easily to some of us who have had Nigeria embedded in our DNA from childhood. I have personally not found that country that I would like to emigrate to - and I have travelled through all of the 5 major continents as well as Australia.

This is as Anap Foundation kick-starts its enlightenment campaign themed, GoNigeria, a campaign to sensitize Nigerian youths to participate actively in the electoral process leading to the election of visionary leaders during the general elections come 2023.

Anap Foundation will be partnering with the Independent National Electoral Commission

[INEC] and other advocates, celebrity ambassadors, corporate bodies as well as volunteers in ensuring a huge success is attained in encouraging the youths in understanding that their votes count in having the right leaders at the country’s helm of affairs.

The campaign is in full gear with the initial advocates of Anap Foundation, who have intensified efforts at encouraging young Nigerians to register and collect their PVC to vote in next year’s general elections towards ensuring good governance and accessing the true dividends of democracy.

The initial advocates are Aisha Yesufu, active Nigerian citizen; Nuruddeen Lemu, Director, Research and Training, the Da’wah Institute, Islamic Education Trust; Dike Chukwumerije, Poet; Folarin Falana (Falz), Musician, Actor, and Entertainer; Atedo Peterside, Founder of Stanbic IBTC Bank and President/Founder, Anap Foundation; Bishop Matthew Kukah, Catholic Church, Sokoto; Arunma Oteh, Chairperson,

Royal African Society and Scholar, University of Oxford; Hamzat Lawal, Founder, Connected Development (CODE); Tomiwa Aladekomo, National Chair, Youth Party; Osita Chidoka, Founder UnlockNaija, Former Minister, Aviation & Corps Marshal FRSC; and Dr. Tony Rapu, Medical Doctor and Pastor.

Others include ‘Yemi Adamolekun, Executive Director, EiE Nigeria; Muhammad Ali Pate, Professor of Public Health Leadership at Harvard, Former Minister and former World Bank Global Director for Health; HH Muhammad Sanusi II, 14th Emir of Kano & Grand Khalifa of Tijjaniya Order; Dr. Salamatu Hussaini Suleiman, Former Minister, Former Commissioner, Political Affairs, Peace and Security; Kashim Ibrahim-Imam, Chairman, Tertiary Education Trust Fund [TETFUND] and President, King’s College Old Boys Association; Ayisha Osori, Author; and Ibrahim Dahiru Waziri, Former DMD NLNG/GED of NNPC and House of Rep. member in 1983 at age 25.

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

21

T H I S D AY ˾ WEDNESDAY FEBRUARY 16, 2022

22

FEATURES

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

Championing a Noiseless Lagos As part of measures to moderate the noise decibels an urban city like Lagos generates on a daily basis, the state government recently banned use of microphones and amplifiers at all motorparks. Chiemelie Ezeobi reports that this advocacy for a noiseless environment will ensure defaulters are duly punished

A

lthough most people are not aware, over time, any sound that’s 85 decibels or higher can cause hearing loss — or other hearing problems, like tinnitus (a ringing sound in the ears that won’t go away).

For Lagos residents, this rings true as the city generates higher decibels of noise that is dangerous to one's hearing if appropriate measures are not taken.

While it's understandable that noise is an essential component of urban development that cannot be eliminated, experts however posit that it can be controlled to an acceptable level.

It was in line with that the Lagos State government last Tuesday banned the use of all forms of amplifiers at all motor parks across the state or defaulters would face the wrath of the law.

This was made known by the Special Adviser on Transportation, Hon. Oluwatoyin Moses Fayinka during a -joint press briefing organised by the Lagos state Environmental Protection Agency (LASEPA) to curb the menace of noise pollution at Lagos motor parks/garages.

Fayinka lamented the indiscriminate use of megaphones and speakers to attract passengers at motor parks and thereby pronounced that defaulting motor parks would be shut down, while anybody caught using any noise generating device within the motor park would be sanctioned in accordance with the law.

He said the new directive was effective from last Tuesday and any motor parks found to be using amplifiers or any noise making device is culpable and should be ready to face the consequences.

In a statement made available to THISDAY

by CPAO LASEPA, Bola Ajao, he said the park monitoring committee has been mandated to monitor motor parks across the state for total compliance and enforce accordingly in other to restore sanity and right of other road users to a noiseless environment.

In his address, the Permanent Secretary, Ministry of the Environment and Water Resources (OES), Dr Tajudeen Omobolaji Gaji expressed that noise pollution is an unwanted sound in excess of the permissible limits, which has become prevalent to Lagos environment; causing stress with severe health implications, with long term exposure causing hearing loss that is detrimental to human health.

"Noise pollution is the major leading public complaints received at the agency, ranging from the transport sector, religious, commercial and entertainment industry, domestic animals, and power generators amongst others.

"Adults are believed to be the ones thought to show great concerns from problems associated with noise pollution, but children are quite vulnerable as well, more so as there are no known visible symptoms at early age," Gaji averred.

According to him, noise pollution is the most prevalent of the complaints received annually, accounting for 75 per cent of total complaints, adding that the complaints are mostly anthropogenic, and not limited to transport, religious, commercial, industrial, entertainment, and power generating amongst others sources.

He disclosed further that the outcome of the survey, conducted after the agency organised free hearing test for the road transport workers during the ’ 2021 Noiseless Lagos’’ Campaign at Biode Motor Park Ojota, indicated a great percentage of hearing impairment, such as partial deafness amongst the tested and which was unknown to them.

This, he said, calls for great concern, and urgent intervention on the part of the state government, thus; the ban on the use of speakers in garages and motor parks in the state.

The General Manager of LASEPA, Dr. Dolapo Fasawe confirmed that no motor park from Tuesday, the 8th of February, 2022, is allowed to use amplifiers or other noise- making devices to call passengers or advertise goods within Lagos motor parks.

She reiterated that the agency consolidated

Speakers like these have been banned

L-R: Director Noise & Emission LASEPA, Mrs Olabisi Shonibare; Noiseless Lagos Ambassador, Pastor Barnabas; Fabe International Foundation (Noiseless Lagos Ambassador), Mrs Tope Okunnu: Consultant Audiologist, Prof. Dele Owolabi; GM LASEPA, Dr Dolapo Fasawe; Special Adviser on Transportation, Hon. Oluwatoyin Fayinka; Perm. Secretary Office of the Environmental Services, Dr. Tajudeen Gaji; Branch Chairman, Biode Motor Park(NURTW); Coordinator Special Project Ministry of Health, Dr. Tolu Ajomale

Cross section of Noiseless Lagos Ambassadors on the mutual working relationship between the ministry of transportation and road transport unions.

"Section 177 of the Lagos State Environmental Management and Protection Law 2017 prohibits the

use of public address system or loudspeaker to solicit for passengers or advertise the sale of goods at parks, markets and public places.

"There is a specified amount of decibel of noise required in the day time and night; therefore our actions should be guided in line with the

"There is a specified amount of decibel of noise required in the day time and night; therefore our actions should be guided in line with the directive of the government"

GM LASEPA, Dr. Fasawe directive of the government," she said.

Prof. Dele Owolawi, consultant audiologist (CEO, Decibel Hearing Consultant)and Dr. Tolu Ajomale, project coordinator and Mental health desk officer (Ministry of Health) respectively commended the laudable of the state government on motor park noise, describing the rate at which the figure of affected Nigerians was increasing as alarming and worrisome to medical experts.

Prof. Owolawi further revealed that no fewer than 8.5 million Nigerians are suffering from hearing impairments as recent study conducted at the motor parks showed that 17 per cent of the people working in the parks are suffering from hearing impairments as a result of the noise pollution.

On his part, Dr. Ajomale stated that studies have linked noise pollution to increased anxiety, depression, high blood pressure, heart disease, instability, sleeping disorder and stroke with it significant effects on health sector and mental health amongst others.

Meanwhile, LASEPA already has a subsisting advocacy campaign tagged "Less Noise, More Sense”. The yearly event is to sensitise and encourage people to initiate action on bothersome noise at work, home and social circles to promote healthy living and a peaceful environment.

Under Dr. Fasawe, the advocacy is a staunch resolve by the agency to ensure a peaceful, ambient and sustainable environment.

So while the government is disposed to the fundamental rights of individuals to the religion of choice, right to fellowship, entrepreneur drives but with total consideration and respect for the right of others to a reasonably quiet environment and peaceful living.

Although there are so many reasons to be passionate about turning down the volume on noise, but it all comes down to this: one needs to protect his/her hearing, which essentially boils down to protecting their health.

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

23

24

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

T H I S D AY ˾ WEDNESDAY, FEBRUARY 16, 2022

25

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 5 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OBB

14.00%

CALL

4%

INDEX LEVEL

565.29%

1/4 TO DATE

6.06%

N412.08/ 1 US DOLLAR*

OVERNIGHT

14.50%

1-MONTH

6%

1-DAY

–0.11%

YEAR TO DATE

– 15.66%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.41%

Access Bank, ETI, Zenith, 10 Others Generates N5.96trn from Loans to Customers in 3 Years

Kayode Tokede With the growing lending to private and individual customers, a total of 13 banks have generated N5.96trillion interest income from loans to customers between 2020 and 2018.

This has demonstrated banks’ drive to support the Central Bank of Nigeria (CBN) aggressively lending to support the real sector and boosting banks’ earnings.

Nigerian Banks with branches in Africa and Europe have developed a variety of products in recent years to make it easier for customers to

obtain loans with double-digit interest rate.

The 13 banks comprise of six Domestic Systemically Important Banks (D-SIBs) or Tier-1 banks and seven Tier-2 banks operating in Nigeria, Africa, and some European countries.

The six D-SIBs are Access Bank Plc, Ecobank Transnational Incorporated (ETI), Zenith Bank Plc, Guaranty Trust Holdings Plc (GTCO), United Bank for Africa Plc (UBA), and FBN Holdings Plc. Others are Fidelity Bank Plc, Union Bank of Nigeria Plc, FCMB Group Plc, Wema Bank Plc, Sterling Bank

Plc, Unity Bank Plc and Stanbic IBTC Holdings.

According to THISDAY investigation, Access Bank, followed

by ETI and Zenith Bank led others in interest generated from loans to customers in the three years under review.

In the last three years, Access Bank has generated N898.01billion interest lending to private and individual customers, while ETI’s interest from loans to customers hits N838.33billion in the period under review.

Both Access Bank and ETI are pan-African banks with branches in over 15 African countries with

lending to customers above the N3trillion mark.

However, Zenith Bank in the three years under review generated N756.5billion interest lending to customers, followed by FBN Holdings with N750.19billion generated as interest from loans to customers.

Other Tier-1 banks that generated interest income from loans to customers are, UBA- N627.95billion and GTCO- N550.5billion.

As observed by THISDAY, Unity Bank generated the lowest interest from loans to customers, while Fidelity bank has aggressively grown

its interest income from lending to customers.

Specifically, Fidelity bank in three years generated N370.7billion in interest from loans to customers, while Unity Bank’s income from loans to customers stood at N2.23billion.

Others are: FCMB gGoup with N300.66billion interest income from loans to customers, while UBN generated N227.93billion as interest income from loans to customers.

Sterling bank-N275.99billion; Stanbic IBTC Holdings – N191.71billion and Wema BankN166.55billion generated as interest

income from loans to customers between 2020 and 2018.

Meanwhile, Nigerian banks’ lending rates as published by the CBN shows two different classes of loan pricing, which are prime lending rates, charged creditworthy customers, and maximum lending rates, charged perceived risky customers.

Consequently, banks charge customers lower interest rates of between four per cent and 27 per cent in the prime lending rate category.

The banks have an average interest Continued on page 26

W’Bank: Developing Countries Face Growing Risks from COVID-19 Induced Fragility, Non-transparent Debt Nume Ekeghe Developing countries face growing risks from financial fragility created by the COVID-19 crisis and nontransparent debts, a report by the

World Bank has indicated.

The World Bank stressed that rising inflation and interest rate increases, pose further challenges to recovery and advised that developing countries need to focus on creating

healthier financial sectors.

According to the document titled, “World Development Report 2022: Finance for an Equitable Recovery,” the World Bank said risks may be hidden because the balance sheets of

households, businesses, banks, and governments are tightly interrelated.

“Today, high levels of nonperforming loans and hidden debt impair access to credit, and disproportionately reduce access to

finance for low-income households and small businesses.

“The risk is that the economic crisis of inflation and higher interest rates will spread due to financial fragility. Tighter global financial

conditions and shallow domestic debt markets in many developing countries are crowding out private investment and dampening the recovery,” said World Bank Group Continued on page 26

M A R K E T D ATA A S AT T U E S D AY, F E B R U A R Y 1 5 , 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 (%)

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

C Ps MATURITY

Discount Yield

Change (%)

7.90

7.90

0.00

9.47

9.68

0.00

16.94

17.81 -0.15

9.49

9.76

-0.16

.

.

.

2

NGUS MAR 30 2022 428.93

3

NGUS APR 27 2022 430.63

3.72 0.00

4

NGUS MAY 25 2022 432.32

MREP CP XXXVI 11-FEB-22 UNCP CP VI 2-MAY-22 NEVE CP I 24MAY-22 DANC CP II 25MAY-22

4.38 0.00

5

NGUS JUN 29 2022 434.02

.

106.80

6.80

-0.01

NTB 10-Mar-22

2.98

2.99 0.00

110.95

8.38

-0.01

NTB 28-Apr-22

4.00

4.03 0.00

108.65

10.21 0.00

NTB 12-May-22 4.00

4.04 0.00

104.05

11.20 0.00

NTB 9-Jun-22

3.67

118.07

11.50 0.00

NTB 14-Jul-22

4.30

NGUS FEB 23 2022 427.24

T H I S D AY ˾ WEDNESDAY, FEBRUARY 16, 2022

26

BUSINESSWORLD

ECONOMY

Driving Non-oil Export Revenue The decision by the Central Bank of Nigeria to boost non-oil export through new incentives will have a positive impact on Nigeria’s economy, writes Nume Ekeghe

L

continue to undermine the competitiveness of Nigeria’s non-oil exports in the global market.”

On his part, the Chief Executive of Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf said while the target is ambitious, it is one that is laudable.

“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 said.

ast week, the Central Bank of Nigeria (CBN) introduced the RT200 FX Programme, targeted at increasing the non-oil foreign exchange earnings of the country over the next three to five years using a set of policies.

Speaking at the end of the first Bankers Committee meeting for 2022, the governor of the CBN, Godwin Emefiele stressed the need for the country to reduce its reliance on oil proceeds for its foreign exchange needs.

Asides this, he said non-oil exports need not focus only on raw materials, saying there is need to add value to the non-oil natural resources of the country, noting that doing that would significantly increase the foreign exchange earnings of the country.

As a country with a heavy import bill, Nigeria’s major foreign exchange earnings come from oil exports supplemented by proceeds from non-oil exports, diaspora remittances as well as foreign direct and portfolio investments.

According to the CBN governor, these sources of forex had been adversely affected by the Covid-19 pandemic with most of them unreliable and prone to exogenous vicissitudes of global economic developments.

“We have all been witnesses to the ever-changing fortunes of oil-exporting countries. Even those that have been reputed to manage their oil proceeds well also suffer from major shocks once oil prices plummet.

In order to avoid these sudden adjustments to our economic life, we need to focus on strategies that can help us earn more stable and sustainable inflows of foreign exchange. We would need to follow the best practices of other countries and ensure that we protect ourselves a little bit from factors that are beyond our immediate control, ”he said.

SUCCESS FACTORS FOR RT200

BOOSTING FX INFLOW

The CBN governor noted that the race to $200 billion forex repatriation tagged the RT200 FX programme, which is a set of policies, plans and programmes for non-oil exports, had been decided on after careful consideration of the available options and wide consultation with the banking community.

The RT200 Programme is hinged on five key anchors namely Value-Adding Exports Facility, Non-Oil Commodities Expansion Facility, Non-Oil FX Rebate Scheme, Dedicated Non-Oil Export Terminal and Biannual Non-Oil Export Summit.

The Value-Adding Export Facility is expected to provide concessionary and long-term funding for businesspeople who are interested in expanding existing plants or building brand new ones for the sole purpose of adding significant value to our non-oil commodities before exporting same.

Emefiele noted that this is important because the export of primary unprocessed commodities does not yield much in foreign exchange.

“In Nigeria today, we produce about 770,000 metric tonnes of Sesame, Cashew and Cocoa. Of this number, about 12,000 metric tonnes are consumed locally and 758,000 metric tonnes are exported.

“The unfortunate thing though is that out of the 758,000 metric tonnes that is exported annually, only 16.8 percent is processed. The rest are exported as raw sesame, raw cashew, and raw cocoa, thereby giving Nigerian farmers an infinitesimal part of the value chain in these products.

“We believe that the Value-Adding Export Facility is

CBN building a first step to getting back some of these foreign exchanges that we rightly deserve. Indeed, we expect that this facility will also accommodate the demand of our youth population who are already adding value in using e-commerce and online methods for the provision and export of software, financial services, financial technology, Nigerian fashion and attires, and the likes. As long as these exports are captured with Form NXP and the FX proceeds are repatriated and verifiable, we will accommodate such businesses under this facility, ”he added.

He added, “There is also the Non-Oil Commodities Expansion Facility, which will also be a concessionary facility designed to significantly boost local production of exportable commodities. This facility will be designed to ensure that expanded and new factories that are financed by the Value-Adding Facility are not starved of inputs of raw commodities in their production cycle.”

Emefiele had also announced the introduction of the Non-Oil FX Rebate Scheme, a special local currency rebate scheme for non-oil exporters of semi-finished and finished produce who show verifiable evidence of exports proceeds repatriation sold directly into the I & E window to boost liquidity in the market.

“Analogous to the Naira4Dollar Scheme,

which has helped boost remittances from only $6 million per week to over $100 million per week, we shall establish the modalities for granting a rebate for each dollar that non-oil exports proceeds that an exporter sells into the market, for the benefit of other FX users and not for funding its own operations.

“Asides this, the Bankers Committee is also looking towards partnering at least three states in the country in establishing and building dedicated non-oil export port terminals which would address the current challenges that exporters currently face in the country, “he said.

ANALYSTS’ CONCERNS

Meanwhile, analysts have applauded the move to boost non-oil exports and FX inflows in the country. However, some analysts have also expressed reservations on the CBN policy.

For instance, Analysts at Cordros Research, in an emailed note said, “While we laud the CBN’s efforts at improving non-oil exports, we think the $200 billion target is not realistic over the medium term.

“Indeed, total non-oil exports averaged $5.17 billion annually between 2016 and 2020. Furthermore, we think the presence of structural bottlenecks and administrative challenges at the ports will

Yusuf noted that structural issues are very vital for driving the growth and competitiveness of non-oil export, he noted that this is not within the purview of the CBN or the Bankers Committee.

“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 realization of the RT 200 outcomes. Complementarity between the fiscal and monetary authorities is therefore imperative for the success of this scheme,” he noted.

He also observed that the current pricing regime in the Importers and Exporters (I&E) window of the foreign exchange market is at variance with the objectives of the RT200.

“It will 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.

“Exporters in the economy must be allowed unfettered access to their exports proceeds. The current policy regime on export proceeds is stifling, restrictive and repressive. Exporters must be able to sell their proceeds at a mutually agreed exchange rate to 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 added.

“CBN should expand the scope of its new foreign exchange supply strategies and incentives to cover other sources of foreign exchange inflows into the economy. These sources include: Foreign Direct Investments [FDI], Foreign Portfolio Investments [FPI], Diaspora Remittances, Diplomatic Missions in the country, Development Partners, Multilateral Agencies, Oil companies, International Aid agencies and Donor Agencies. Inflows from these sources should be completely liberalised through a market driven I&E window. Current regulatory regime for inflows is obstructive and inhibiting.

“Foreign exchange generating MDAs should be encouraged to sell their Forex at the I&E window at a market reflective exchange rate. Some of these agencies include the Nigeria Ports Authority (NPA) and the Nigeria Maritime Administration and Safety Agency (NIMASA), “he said.

W’BANK: DEVELOPING COUNTRIES FACE GROWING RISKS FROM COVID-19 INDUCED FRAGILITY, NON-TRANSPARENT DEBT President David Malpass.

He added, “It is critical to work toward broad-based access to credit and growth-oriented capital allocation.

This would enable smaller and more dynamic firms and sectors with higher growth potential to invest and create jobs. The global public health crisis triggered by COVID-19 quickly turned into the largest global economic crisis in more than a century, resulting in major setbacks

to growth, increased poverty rates, and widened inequality.

“In response, governments initiated large and unprecedented emergency support measures, which helped mitigate some of the worst social and economic impacts, and increased sovereign debt levels – already at record highs in many countries before the crisis. The response also exposed several challenges with private debt that now need to be

urgently addressed – including a lack of transparency in reporting non-performing loans, delayed management of distressed assets, and tighter or no access to credit for the most vulnerable households and businesses.”

The new World Development Report highlights several priority areas for action, including early detection of financial risks.

It added, “Since few countries

have the fiscal space and capacity to address all challenges simultaneously, it outlines how countries can prioritize resources depending on their context.

Surveys of businesses in developing countries during the pandemic found that 46 percent expected to fall into arrears. Loan defaults could now sharply increase, and private debt could quickly become public debt, as governments provide support.

“Despite the severe contraction

in incomes and business revenues resulting from the crisis, the share of non-performing loans remains largely unimpacted and below expectations. However, this may be due to forbearance policies and relaxed accounting standards that are masking significant hidden risks that will become apparent only as support policies are withdrawn.”

On his part, the Senior Vice President and Chief Economist at the

World Bank Group, Carmen Reinhart added, “Prior to crises, it’s often the things that you don’t see that ultimately get you. There is reason to expect that many vulnerabilities remain hidden. It’s time to prioritize early, tailored action to support a healthy financial system that can provide the credit growth needed to fuel recovery. If we don’t, it is the most vulnerable that would be hit hardest.”

ACCESS BANK, ETI, ZENITH, 10 OTHERS GENERATES N5.96TRN FROM LOANS TO CUSTOMERS IN 3 YEARS rate of between four per cent and 36 per cent on loans given to customers in various sectors of the economy, especially agriculture and forestry, manufacturing and education.

The CBN throughout 2021 maintained its Monetary Policy Rate (MPR) at about 11.5 per cent and average prime lending and max lending rates at 11.48 per cent and 28.06 per cent respectively.

THISDAY can report that CBN pegged its MPR at 14 per cent in 2018 with banks max lending closing

the year at 30.52 per cent from 31.39 per cent in January 2018.

The following year, MPR dropped from 14 per cent to 13.5 per cent max lending rate grew from 30.48 per cent to 30.72 per cent.

However, in 2020, MPR was at 13.50 per cent but max lending rate dropped from 30.77 per cent to 28.31 per cent in December 2020, while prime lending also dropped from 14.97 per cent in January 2021 to 11.35 per cent in December 2020.

The banking sector is faced

with Fintech companies and other Payment Service Bank (PSB) operators lowering interest rate on loans and advances to customers.

Analysts have expressed that banks might review lending rate, which some have adopted lending to a single interest rate to individual customers to meet the CBN’s Loans-to-Deposit (LDR) policy.

Analyst at PAC Holdings, Mr. Wole Adeyeye said: “banks are going to face challenges in interest income generated from

loans to customers. The licensing of PSP to MTN Nigeria and Airtel Africa going to pose a threat but banks with effective management understand the The banks have been coping with the Fintech companies and trying to improve lending to customers through App USSD, among other devices.”

The Vice President, Highcap Securities Limited, Mr. David Adnori expressed that bank customers’ have to decided where to borrow from with alternatives

provided by Fintech and PSP operators.

He maintained that banks are always prudent in managing interest income generated from loans and customers and are expected to thrive amid challenges posed by Fintech companies, among others.

Analyst at Vetiva Research believed that a tough times still lie ahead for the banks, with interest rates poised to recover slowly, while inflationary pressures remain and the added competition from the

new Payment Service Bank (PSB) licences issued to MTN Nigeria and Airtel pose a threat to some lines of the banks’ businesses.

The Banking Analyst at Vetiva, Joshua Odebisi said, “Next year, we expect interest rates to remain in a steady upward trajectory, as government borrowing continues to rise to fund an ever-expanding deficit. However, we do expect inflation to continue to outpace this rise, meaning negative real returns for investors in the market.”

27

T H I S D AY ˾ WEDNESDAY, FEBRUARY 16, 2022

BUSINESSWORLD

NEWS

LASG Pays Over N1bn to 222 Retirees’ RSA, Promises to Clear Backlog of Pensions Ebere Nwoji The Director-General of Lagos State Pension Commission (LASPEC), Mr. Babalola Obilana

has said that the Lagos State Government has paid the sum of N1.04 billion to its retired workers.

Obinala, who disclosed this

at the 91st Batch Retirement Bond Certificate presentation Ceremony held in Lagos revealed that the state has cleared its pension contributions of 2018 - 2020

Firm Storm Lagos Markets with Affordable Insurance Packages Ebere Nwoji GOXI Micro Insurance Company, recently stormed Lagos markets with “We Dey Ur Back” marketing campaign to introduce traders to the various insurance packages created by the company to educate traders on the benefits of insurance to their business.

Addressing the traders, the Business Development Manager, GOXI Micro Insurance Mr. Efe Isiorho, explained that traders could have their goods insured with as low as N500 (Five Hundred Naira) under the GOXI Ma Business insurance package.

According to him, “GOXI Ma Business is an insurance plan developed to help traders insure their wares. The insurance plan helps to provide funds whenever goods get damaged following occurrence of burglary, theft or fire.

During the visit to one of the selected market, a trader at Oniwaya market, Agege, Alhaja Temitope Dada, appreciated GOXI Micro Insurance for the creation of the GOXI Ma Business Micro Insurance plan.

She narrated her ordeal when her shop was looted during the End SARS protests, how she lost everything and had to start afresh because she didn’t insure her shop.

She encouraged her fellow traders to be part of the great offer so that they could be assured that

their goods were covered in case of the unforeseen.

The Chairman, GOXI Micro Insurance, Dr. Godwin Ehigiamusoe, noted that the campaign, “We Dey Your Back” was one of the ways the company planned to help Nigerians create a sustainable future

retirees under the contributory pension scheme.

He assured the retirees that their contributions have been paid into their RSA. According to him, “despite the numerous local and global challenges, the state government has made continuous monthly payments a priority to ensure retirees access their retirement benefits as soon as possible.

“LASPEC also constantly reviews its business processes to ensure first class service delivery to our dear retirees and accomplish Mr. Governor’s goal of the immediate payment of pension entitlements upon retirement from

the Public Service.”

Obilana, however confirmed that prior to the payment there were over 1000 retirees that have not received their contributions.

He assured that the backlog would be cleared before the expiration of first tenure of the governor.

“It is slightly over a thousand. We have paid 222 people so before the end of the governor’s first tenure, we would have finish paying all,” he said. One of the beneficiaries, Mrs Jane Adakwu Ndukuba commended the state government adding that she did not believe she would

be collecting her certificate so soon.

A blind beneficiary who retired January 2021 expressed her happiness adding that she was not supposed to be part of the batch but was considered because of her disability.

She said, “Lagos state teaching service commission, lagos state government has tried they have promised they are going to clear the backlog, it is fantastic, I retire last year, because of my disability I was considered that means that Lagos state government takes care of everybody even people living with disability, I think that should be credited to them.”

CSOs Develop Self-regulatory Framework for Improved Accountability Ugo Aliogo As part of efforts to improve credibility, accountability and transparency in the operations of Civil Society Organisations, Community Based Organizations (CBOs), and Business Membership Organizations (BMOs), the Nigeria Network of NGOs in partnership with Palladium under the United States Agency for International Development (USAID)- supported project, Strengthening Civic Advocacy and Local Engagements (SCALE), gathered 31 delegates in Uyo, the Akwa Ibom State capital to drive, coordinate and review existing “models” self-regulatory framework that Nigerian CSOs can adopt.

A statement issued by the Executive Director, Nigeria Network of NGOs, Oyebisi Oluseyi, said: “The CSO consultative meeting on self-regulation which is part of a round of consultations after

the southwestern consultation held in Ibadan in December 2021 hosted by the Network, reviewed 37 extant statutory laws and policies as they affect the overall operations of CSOs/BMOs/Professional

Associations, taking note of the level of implementation of these laws across the different states of the country.”

Speaking at the meeting, Co-Chair of the National Technical Committee

on Self-Regulation in Nigeria, Harry D. Udoh, in his presentation stated that CSOs realised the importance of working within statutory regulatory framework as legitimate citizens of the country.

Google Hustle Academy to Train 5000 SMEs, Entrepreneurs in Africa Emma Okonji

Google has said about 5000 small and medium enterprises (SMEs) and entrepreneurs in Nigeria, Kenya and South Africa will be receiving free training to help their businesses thrive via the newly launched Hustle Academy.

Google Hustle Academy is a bootcamp-style training program designed to help entrepreneurs and small businesses owners position their

businesses for investment opportunities and building viable business models for the future.

The Hustle Academy is a practical educational program with interactive activities and instruction by subject matter experts. It also provides access to a global network of mentors and alumni. Announcing the initiative, Google’s Head of Brand and Reputation, sub-Saharan Africa, Mojolaoluwa Aderemi-Makinde, said the program

would be open to businesses that have been in operation for more than a year, have developed a business strategy and defined their product or service offering, and are aiming to grow. They must also have made a profit in the previous 12 months or be within one to three months of breaking even.

“Our hope is that through the Hustle Academy training this year, we will be able to assist 5,000 SMEs and entrepreneurs across Africa take

their business to the next level and find ways to scale our efforts to help even more businesses going forward,” Aderemi-Makinde said.

Pleased with the initiative, the Executive Secretary, Lagos State Employment Trust Fund, Teju Abisoye, said: “The Google Hustle Academy Program is a laudable initiative that will help improve business prospects and also create the impact we desire at the Lagos State Employment Trust Fund.

28

WEDNESDAY, FEBRUARY 16, 2022 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Kurfi: MTN Listing is Buhari’s Achievement in Capital Market The Chief Executive Officer, APT Securities & Funds Limited, Mallam Garba Kurfi in this interview with Kayode Tokede, opined that ensuring MTN Nigeria lists on the Nigerian Exchange Limited is one of President Muhammadu Buhari’s major achievements. He also predicted that the capital market may close positive in 2022. Excerpts We are in a pre-election year and analysts have expressed mixed feelings over the capital market performance. What is your view about the market performance this year? lthough we are pre-election year, the stock market is likely to close stronger.

The reason is that the capital market has been transformed into a more robust and sophisticated market when compared to what it used to be. Today, we have big players that control more than 70 per cent of the market capitalisation.

I’m talking about the top six companies that control over N18trilliion in market capitalisation.

These companies are in three sectors that comprise cement, telecommunication, and Fast-moving Consumer Goods (FMCG).

In the cement sector, we have the likes of Dangote Cement and BUA Cement. These two companies control over N7trillion in market capitalisation which is about 30 per cent of the market.

In the telecommunication sector, we have the MTN Nigeria and Airtel Africa. Both telecommunication companies control over N5trillion, which is about 25 per cent of the market capitalisation and they are operating in the Information Communication Technology (ICT) space that has impacted positively on Gross Domestic Product (GDP).

The last sector comprises companies in the FMCG made up of Nestle Nigeria and BUA Foods. The two control over N2 trillion of the market capitalisation.

When you add the two market capitalisation together, you will get N2trillion. When you add the six together, they control over 70 per cent of the market capitalisation.

There is nothing so far that can depreciate the prices of these companies. BUA Foods listings this year has appreciated by 60 per cent, which shows acceptance by both local and foreign investors.

Nestle Nigeria’s appreciation has been marginal this year. Dangote Cement recently completed its share buy-back and it has impacted on its stock on the Exchange. The impact of the higher demand of cement is playing a key role in its stock appreciation.

Take for instance in 2020, the price of Cement was N2800, and today, it went as high as N5000, before dropping to N4000. We see that there is demand for cement products and they don’t need to import anything into the country as Nigeria is self-sufficient in cement.

All these companies needed to package their cement product and sell domestically and outside the country. The telecommunication sector has witnessed CBN grants to operate as PSP operators. Nobody can doubt these telecommunication giants as they have penetrated down to the ladder. In some local government areas, you might not see a bank but there is no way telecommunication services will not be present. Where telecommunication performs this service like Kenya and South Africa, there are already a big player and their profits have increased. In addition to that, MTN Nigeria has won 5G license and we expected to start running.

By the time MTN Nigeria starts the 5G services in Nigeria, it is expected to boost profit and impact its stock price on the Exchange. I do not foresee the market closing negative in 2022 because the major players are not likely to depreciate or release decline performance.

the National Assembly, what role will it play in capital market development if eventually passed?

We are yet to see the contents of the bill but from all indications, the bill aims to ride on the achievements we already achieved with the amendments of CAMA. The bill is trying to incorporate those reforms into a Act so that they will have more power to perform effectively. An individual person can register as a company, among others.

A

Has the FG effectively utilized the stock market to raise capital needed to finance the budget deficit?

The FG has been effectively utilizing the capital market but only the way we might not be looking at it. In the last five years, all they have budgeted were in deficit. This simply means they will have to borrow.

I think this Buhari administration has created a link between the people and the government.

If you look at it, most of the constructed roads across the country were financed through Sukuk funding. And that is what is giving comfort to the people. If I give my money to build roads, will the government deliver its promises were questioned asked before now?

The government has proven everyone wrong with Sukuk road constructions across the country. The Sukuk III was oversubscribed and Sukuk IV that was recently concluded was also oversubscribed. It means that investors have confidence that government is ready to construct roads and it has enhanced the relationship between government and investors.

Initially, people saw Sukuk as an Islamic product but they have seen the outcome. If you go to Enugu, Port Harcourt roads, the new bridge at

What will the listing of NNPC bring to the capital market if eventually listed?

They promised that in two years, they will be listed. This is the second year and we hope by 2023, NNPC will be listed on the Exchange. Aramco in Saudi was recently listed and they listed $2trillion, the largest single listed company around the World.

We are anticipating that NNPC repeat such in Africa.

Kurfi Asaba, you will see Sukuk funds channeled into constructions of roads. Other places in the North and West have s witnessed heavy road construction through Sukuk.

Hence, the government is effective, in utilizing the capital market to access money to finance budgets. Even the budget of 2022 has a deficit of N6.3trillion and this has to be sourced through the capital market either by borrowing internally and externally.

In months ahead, President Muhammadu Buhari’s second term in office will come to an end. What has been his major contribution to capital market development?

One of the achievements attached to this administration is to ensure MTN Nigeria is listed in our stock market. For many years, everybody was working on bringing the telecommunication company to the capital market. One of the major success stories of this present administration was to convince MTN Nigeria to get listed on the Exchange.

You can see when they had Initial Public Offer (IPO), it was oversubscribed. For bringing MTN Nigeria to the capital market, it attracted Airtel Africa to the Nigerian Exchange instead of the Johannesburg Stock Exchange (JSE).

Airtel Africa is even bigger than MTN Nigeria because when you look at MTN, it only listed Nigeria not the wholly MTN Africa compared to Airtel Africa listing in our market and London Stock Exchange. Now, we have BUA Foods and BUA Cement listed in our Exchange. For all these companies to list on our market, I will say well-done President Muhammadu Buhari for creating a conducive environment. These four companies that I have mentioned constitute about 50 per cent of market capitalisation and they were all listed during President Muhammadu Buhari’s regime.

We hope Nigerian National Petroleum Corporation (NNPC) since it is now a limited liability company will be listed too. President Muhammadu Buhari has signed the Petroleum Industry Act (PIA) bill that took us 18 years into law and I wish NNPC will be listed also.

They promised two years and it remains one year for NNPC to be listed on the NGX. We anticipated that the refineries, Nigeria LNG Ltd (NLNG), among others are quoted.

How has the capital market performed in terms of wealth creation and giving

youth opportunities to invest?

Our capital market is still at the learning curve and creating more instruments to drive youths participation. One of the things Exchange promised was to launch derivatives. Derivatives are more speculative and I know youths love to speculate a lot. The reason is that what they are trading in the foreign exchange market is derivatives and it attracts speculations. The youths are not interested in long-term rather than a short-term investments.

We believed that it is one step and a welcome development if the capital market can fast-track the introduction of derivatives this year. Don’t’ forget that the FG introduced the Saving bond series that takes place every month. This Saving bond by FG is paid back four times a year. It has attracted the youth because the minimum to save is N10,000 and it has opened a window for youths to invest and create wealth.

We hope stakeholders will create like foreign exchange market for youths to participate in the capital market-related instruments. We have companies that are into it in Nigeria and we hope such product is listed in our capital market to attract more youths. All our counterparts like those in the JSE, among others have derivates for youths and it is supervised by the capital market regulating body.

How has FG’s new tax regime encouraged investors to trade in short-term instruments and bonds?

I am yet to see the bill but I do not think that government can implement such a policy because tax is solely administrated by the FIRS. You can’t duplicate duties to another agency of government. If there is a tax regime in the capital market, FIRS has the capacity to collect it. They introduced a capital gain tax for those who do transactions from N100million and above. It makes sense for the right government to introduce capital tax gain.

Even the MTN Nigeria offer, out of their capital gain, what are they going to give to the FG? We have seen many oil companies selling oil blocks and they are making capital gain and FG is demanding they give back in form of capital gain. To me, capital market tax is a welcome development because I see it as diversification in tax collection by the FG. The Critical Capacity market bill is before

There was this argument about having capital market stakeholders in MPC meeting of CBN. What is your view?

Let me explain better this way. We have two aspects of the market, which comprise capital market and money market. CBN is in charge of the monetary policy and it has to do with any money market matters. SEC is the apex capital market regulating body. SEC and CBN are different in operations as far as our domestic economic policies are concerned.

Does a stakeholder in the capital market want to be in the money market as an observer or as a what? The two complement each other no doubt but as it is right now, anything that has to do with the money market is handled by CBN. Capital market stakeholders are dealing with issues relating to stock, among other long-term instruments. If there is anything like fiscal policy, it is the FG to act on and it is under the ministry of finance. Fiscal policy has to do with tax, tariff, import duties, banning of items imported into the country.

Globally, we have the monetary and fiscal policies that have come to stay and we need the two to complement each other in order for a country to record the growth in its economy.

How has transaction on the Exchange been post covid-19?

Although the trading floor of the Exchange has been closed since the first lockdown in 2020, the market operators are still trading remotely. You don’t need to visit the bank before you can transact your business. The same is applicable to trading in our market. This is one and half years the market has been shut down but we do not have any issue trading online.

By March it will be 2 years since we have shut down the NGX building and nothing has changed.

Trillions of Naira changing hands electronically, and we do not need a trading floor to buy and sell stocks on the Exchange.

The introduction of an operating management system has already given us a wide range of trading remotely. Most of my clients trade with their phones and they do not need to call me. They follow the market report and take decisions on which stocks to buy. The management of The Exchange was prepared for such a thing and it eventually happened in 2020. The lockdown of 2020 had no impact on the capital market performance as most of the transactions were online.

If you remember in 2020, our All-Share Index gained over 50 per cent, one of the highest in the world and it gives us a position that both operators and regulators are ready to trade remotely. For me, we were ready for cases like this, and don’t forget that the capital market is for the elite. The system was willing and has the capacity to accommodate all the technologies. Shareholders can trade with their iPad, laptop, and phone and it has given shareholders more advantage to access the stock market.

For prospective investors, what stocks will you consider for them to invest in?

For me, it will depend on the kind of investors. If you’re a speculative kind of investor, penny stocks in the insurance sector can be considered. My reason is that one of these insurance stocks gained 300 per cent last year.

Investors can consider stocks that have recorded an improvement in revenue and profits. One of such stocks is Transcorp. We have also seen it in Jaiz bank, Fidson, and among other stocks that are actually changing their revenue and profit.

T H I S D AY ˾ WEDNESDAY, FEBRUARY 16, 2022

29

BUSINESSWORLD

PERSPECTIVE

Revisiting the Aiteo Santa Barbara Oil Spill

T

he recent spill at Santa Barbara 1 well in Nembe, Bayelsa State, made the news so loud that it drowned some salient points and diverted attention from bigger stories elsewhere in the creeks.

Aiteo Eastern Exploration and Production Company, operators of the well, must have been under intense pressure going by the number of highly placed Bayelsa indigenes in the oil and gas industry.

They include the Minister of State for Petroleum Resources, Timipre Sylvia, who visited the site and said that President Buhari sent him; and Simbi Wabote, the Executive Secretary of the Nigerian Content Development and Monitoring Board.

A former Shell executive and highly respected monarch, Chief Edmund Daukoru is the Amanyenebo of Nembe. He obtained a Ph. D in Geology from Imperial College, London. He was employed

by Shell International Petroleum Company from 1970, where he rose from Chief Geologist to General Manager of Exploration in Nigeria.

Although they were not reported to have said anything, the presence of such knowledgeable people cannot be ignored.

Also, by the nature of the well reservoir, which is said to be 80% gas and 20% oil, a fire outbreak during the spill would have been catastrophic.

But in a wide circumference of Santa Barbara, there were also issues crying louder for attention, just as there was the urge to dump established protocol for blame games.

There, some people claiming neglect, and ownership of the oil, steal it brazenly from the facilities of the oil companies, dissolve into the communities when there is trouble or even join protesters in pointing accusing fingers.

Recent reports confirm that Nigeria loses some 150,000 barrels of oil daily to illegal tapping of pipelines. At that rate, the Nigerian Upstream Petroleum Regulatory Commission says the country loses about $4 billion every year or 10 per cent of its annual budget.

We may not like everything Rivers State Governor Nysom Wike says or the way he says it, but his war on illegal oil refineries in the state has been revealing.

In addition to the hundreds of illegal refineries that have been destroyed through the Wike initiative, the Navy has destroyed many of such refineries and arrested vessels.

The Eastern Naval Command of the Nigerian Navy disclosed recently that it had deactivated 175 illegal refineries while arresting 27 vessels under 11 months in its areas of operations.

The Command further revealed that 35,384,718 Metric tonnes of illegally refined AGO were evacuated.

Without such interventions, there is silence when vandalism favours the perpetrators through crude oil theft for sale or for refining into fuel.

In the criminal silence, the environment cries from degradation, but it is never heard until it impacts larger populations, like the soot in faraway Port Harcourt Wike is trying to stop from the source.

Oil facilities are also vandalized in anticipation of compensation. However, that is looking less lucrative now because of the protocols involved.

Although vandalism has become worrisome in the industry, other factors like operational errors and equipment failures contribute to oil spills.

A breakdown of the causes of the 846 oil spill incidents compiled by the National Oil Spill Detection and Response Agency, NOSDRA, between 2019 and May 2021 shows that more than 74 per cent (628 incidents) resulted from sabotage and theft. Equipment failure, which was alleged by the community in the Santa Barbara incident and corrosion accounted for 81 cases.

So what caused the Santa Barbara spill? Usually, the established industry protocol is ignored in protests, driven by high sentiments, over such incidents.

The protocol for investigation is clear: Oil companies usually have technical teams that immediately deploy containment resources to

limit the spill’s spread.

And if necessary, there is also an international spill response team, involving experts from Houston (the “well killers”!) that can mobilise and be anywhere in the world within 72hrs (via membership of Oil Spill Response Limited, OSRL, a UK company, that globally coordinates urgent spill responses) However, in some cases, these actions are delayed as tempers flare up in the affected community, resulting in attacks on company officials. Also, in anticipation of bigger compensation, some communities stop the companies from taking immediate action for greater environmental damage.

The next level of action is a Joint Investigation Visit (JIV) to ascertain the cause of the spill and the efficacy of planned mitigation action.

The Joint Investigation Team comprises all stakeholders, including company officials, regulatory authorities, representatives of the affected community, experts and security officials.

The transparency of the exercise usually authenticates its conclusions. But in the case of sabotage, it is usually very clear from marks of saw blade; and the absence or evident removal of valve or other control instrument, as was alleged in Santa Barbara. Also, pictures and videos that represent the summary of findings are taken for transparency.

But in many cases, the communities and state government officials reject the very obvious findings, as this will mean they get nothing, aside from the immediate relief aid provided to the impacted communities by the company.

There is also clear evidence when a spill is caused by equipment failure, as one can observe rusted sections or a failed piece of instrument.

The duration of the Santa Barbara spill, which was recorded on November 5, last year, may have contributed to the nationwide outrage it elicited. In an era of aggressive social media, the public was fed daily with images. In the eyes of the some people, Aiteo was too slow or uncaring.

The explanation of the company of its efforts to contain the spill, despite its challenging nature, fell on deaf ears as the community cried. Sources say the use of notable foreign well killers was hampered by the COVID-19 pandemic, which made difficult for the companies to mobilise quickly for a job in Nigeria.

For the company, which had bought the field from the Shell Petroleum Company of Nigeria (SPDC), it was an embarrassing

moment that suggested it was uncaring.

Aiteo, which bought some of the assets offloaded by International Oil Companies (IOCs) who were partly driven out from onshore operations by vandalism, has handled many spills caused by sabotage without so much noise.

The vital 97-kilometre Nembe Creek Trunk Line, which carries about 150,000 barrels of oil per day to the Bonny terminal for export, is owned by Aiteo Eastern Exploration & Production Company, which bought it from Shell. But the Nigerian ownership has not spared the trunk line from vandalism.

“At Santa Barbara, the impression that a Nigerian company was insensitive to Nigerians suffering from a spill was very unfortunate,” an official of the company said.

WHAT THE JIV FOUND

Aiteo brought the spill under control on December 8 and the JIV took place on December 17. The large team comprised officials of NOSDRA, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Aiteo and Bayelsa State and community representative, and security officials.

The JIV established that third party interference was responsible for the spill.

NOSDRA representative, Ismail Baba Ahmed, said the spill was caused by thirdparty interference. “There was no way the internal pressure from the well would have removed the valves. The most likely cause that could remove those valves were external human influence” he said.

Chief Andrew Oru, the representative of Aiteo, said the investigation report corroborated their earlier findings.

“From the findings and information gathered by well control experts, it has been made succinctly clear that this well could not have been a blowout under whatever circumstances because of the way it was designed to be; unless there was third-party interference.

The experts who killed the well have come forward to say the same thing. Others have buttressed the same position” he said.

But Biriyai Dambo, the Attorney-General and Commissioner for Justice in Bayelsa state, said the report did not align with the state government’s position.

In an interview with newsmen, Victor Ekpenyong, a member of the JIV, who is CEO of Kenyon International West Africa, the firm that eventually stopped the spill, said based on engineering analysis conducted during the assessment of the site, the investigation

concluded that it was an act of sabotage.

He said the technical structure of the well was designed to last and Aiteo had been diligently conducting both first and second-line maintenance aimed at protecting the integrity of the well.

He said, “The investigation found that the spill would not have happened without external interference on the well. Before our team’s arrival at the site, we had to send some of our technicians to conduct a thorough inspection of the area to know what we were up against.

“They reported the blowout and its intensity.

When we got there, the pressure that came from the reservoir was high, making it a lot harder to contain the spill.

“The way the oil was spilling was quite a challenge and some other factors such as the tidal circle, and the direction of flow among others were also challenging.”

On the reaction of the Bayelsa state government, he said “I was part of the team because our company killed the well. We presented our facts based on a well-thought-out engineering perspective and some other regulators also presented their own findings.

“Equally, the Bayelsa State government presented theirs. That’s all I can say. Technically speaking, we did not notice equipment failure. As it is, it is within the jurisdiction of the regulators to collate all findings and make an accurate judgment.”

NOSDRA has confirmed that the spill was caused by sabotage.

CLEAN-UP EXERCISE

In industry practice, when sabotage is confirmed, the company does not provide any community compensation, although it supplies relief materials to alleviate the suffering of the affected community, which Aiteo did repeatedly, according to sources.

Also in the case of sabotage, the affected company does the clean-up, which the Federal Government is supposed to pay for. This is presented separately to the National Petroleum Investment Services (NAPIMS) at budget review sessions. But industry sources say it is usually difficult to get a refund.

Ekpenyong confirmed that Aiteo had a plan on the ground and when his team went to the site for the JIV, they discovered that all the areas where they had crude oil had been cleaned up.

Sadly, in many cases of sabotage, while the companies bear the socio-economic and environmental burden, the criminals walk the streets and travel the meandering creeks free men, looking for the next possible targets for vandalism.

They care little about the reasons IOCs are abandoning onshore fields, and have no sympathy for fellow Nigerians who dare to take over the challenges of producing “difficult fields.”

APM Terminals Apapa Staff Rescues Two Drowning Fishermen Seplat Energy’s Entrepreneurship Initiative Graduates 15 Fellows 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.

Terminal Manager, Steen

Knudsen says of the incident, “We regularly give Spot Awards to employees for their ability to exhibit and demonstrate Maersk Behaviours, with our Core Values being mindset fundamentals. With this award we reward outstanding results, exemplary behavior and exceptional commitment to work.

“Edafe is a shining example of our core value of constant care. All employees are expected to not only look out for one another but also look out for everyone who is at our terminal.

We are proud that in a challenging moment when the fishermen needed help, Lucky rose to the occasion.”

Emmanuel Addeh in Abuja Seplat Energy Plc in partnership with Conversations for Change (C4C) has announced the graduation of 15 Fellows from the duo’s entrepreneurship programme.

The 2021 batch of fellows have therefore been equipped to run their businesses, and provide support for families, communities and the entire countries.

Speaking at the event held in Abuja, Director, External Affairs and Sustainability, Seplat Energy, Dr. Chioma Nwachuku, said the partnership with C4C was a bold step taken towards realising

the United Nations’ Sustainable Development Goal 1.

“The vision of this initiative is to create a world where young people/ minds are inspired, motivated and empowered to find their niche in society and use their skills and talents in improving their societies/ countries and indeed their world.

Doing this, day-to-day items and wastes are converted to wealth, thus promoting a sustainable world,” Nwachukwu stated.

The Chief Executive Officer, Seplat Energy Plc, Mr. Roger Brown, in his message, described the Conversations for Change as a long-term effort to invest in the

next generation of leaders, through creating a vibrant platform for continuing information provision, dialogue and discussions.

President/Founder, C4C, Dr. Kechi F. Ogbuagu, in her comments, said that entrepreneurs play a critical role in the economy, opining that the programme has the capacity to change many lives.

“Our dream as Conversations for Change is to see every young person in Nigeria, in Sub-Saharan Africa, and the world at large, living his or her best life – with a sustainable means of livelihood and financially empowered, ”he said.

30

T H I S D AY ˾ WEDNESDAY FEBRUARY 16, 2022

EDUCATION Rethinking Alternative Funding for Tertiary Education As the Academic Staff Union of Universities embarks on a one-month strike in preparation for a possible indefinite strike over the Federal Government’s non-implementation of agreements reached with the union, Uchechukwu Nnaike writes that institutions urgently need to find alternative sources of revenue

President Muhammadu Buhari

Minister of Education, Adamu Adamu

A

fter the protracted strike by the Academic Staff Union of Universities (ASUU) in 2020, one would have thought that the federal government would do its best to urgently meet the union’s demand so that the universities can cover lost ground. But that is not the case.

The strike that started in March 2020 was suspended in December, and academic activities commenced in January 2021. The union had since been on the negotiation table with the government to no avail.

After a series of threats and appeals to the government to do the right thing, ASUU is prepared to proceed on another indefinite strike. In most cases, the ASUU strike is closely followed by strikes by sister unions in universities and other tertiary institutions, bringing the system to a complete halt.

ASUU’s demands The union is protesting the federal government’s refusal to sign and implement the 2009 renegotiated agreement with ASUU and the revitalisation 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 to pay 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.

Chronicles of ASUU strikes In 1988, the union organised a national strike to obtain fair wages and university autonomy. As a result, ASUU was proscribed on August 7 1988, and all its property was seized. ASUU organised further strikes in 1994 and 1996, protesting against the dismissal of staff by the Sani Abacha military regime. ASUU has gone on strike for more than 49 months, which is over four years since 1999.

A breakdown shows that in 1999 it lasted for 150 days; 2001- 90 days; 2002- 14 days; 2003- 180 days (ended in 2004); 2005- 14 days; 2006- seven days; 2007- 90 days; 2008- seven days; 2009- 120 days; 2010- 157 days.

In 2011, it was for 90 days, started in December and ended in 2012; 2013150 days and 17 days; 2014- none; 2015- none; 2016- seven days; 2017- 35 days; 2018- 96 days (started November 4, 2018 and ended February 7, 2019); 2020- 257 days.

Effects of ASUU strikes The obvious effect of ASUU strikes is the disruption of academic activities, which prolongs students’ years of study.

It has become a cliche that when admitted, students of public universities are not certain of when they will graduate, unlike private universities that have a regular academic calendar.

Other effects of strike include declining education quality, churning half-baked graduates, and lack of confidence in the public universities, decaying infrastructures, the proliferation of unapproved private universities and other institutions.

Many youths have also opted to study abroad, including in neighbouring countries. Lecturers, parents and students reject stakeholders’ suggestions on alternative funding sources. Over the years, some education stakeholders have suggested alternative sources of funding public universities since the government has admitted that it can’t bear the burden alone. The suggestions include introducing tuition and accommodation fees, commercialising activities on campus, and endowment funds.

ASUU and students vehemently kicked against the introduction of tuition and accommodation fees. The union’s position is that funding universities is the government’s sole responsibility.

Students staged peaceful and sometimes violent protests against increased fees in the past.

To generate revenue, some universities introduced part-time, diploma and certificate programmes and business ventures. Most institutions are currently setting up endowment funds.

TETFund The Tertiary Education Trust Fund (TETFund) is a main sustainable source of funding for higher education. The fund is derived from the two per cent education tax paid from the assessable profit of companies registered in Nigeria. The Federal Inland Revenue Services (FIRS) collects the tax on behalf of the fund.

The agency said it disbursed over N300 billion last year to about 226 tertiary institutions for staff training and development of various infrastructures.

With TETFund being the only intervention agency, the government still needs to provide the bulk of the money required to fund the universities. Since the government has hinted that it cannot do it alone, stakeholders have again implored lecturers to reconsider their stand on funding sources.

Prof. Charles Ukeje of the Obafemi Awolowo University once lamented that most parents pay so much for primary and secondary schools, but their education budget goes down once their children are admitted into public universities.

“So when you hear about the collapse of hostels in any public university, it is what you get, what you put in is what goes out.

Nigerians need to have a major national conversation about the future of higher education. If we want higher education, we must be ready to fund it,” he said.

Parents have also been advised to contribute to higher education because developing the country’s education system requires collective efforts.

Ethics Centre Honours UNILAG VC Uchechukwu Nnaike

The Centre for Ethics and Self Value Orientation has presented an award of Integrity Icon of Nigeria (IION) to the Vice-Chancellor, University of Lagos, Prof. Oluwatoyin Ogundipe.

Presenting the award in Lagos on Monday, the Executive Director of the NGO, Prince Musa Yakubu stated that the title is reserved for public officials that are found to be least corrupt.

He said Ogundipe had demonstrated character that distinguished him among peers, such as quality leadership, servicom compliant, which translates to someone who renders qualitative and expeditious service that was devoid of sentiments.

Yakubu added that the title conferred on the VC is the organisation’s highest. Other recipients included Chief Emeka Anyaoku, a former Commonwealth Secretary General, among others.

Ogundipe was also issued an Ethical Leadership and Conduct certificate.

Yakubu said the NGO’s whistle blowers had embarked on a 16month secret investigation of 80 federal tertiary institutions to carry out extensive independent finding on their activities and projects.

He noted that the organisation’s objectives include exposing corruption, promoting ethical leadership, providing ethical education and engaging in self orientation of citizens.

The executive director added

that one of its core mandate was also to hold leaders accountable to citizens and in doing this, they set out to work without interference, not influenced by those who know how to influence.

“In these federal institutions for instance, we seek to know if funds set aside for certain purposes are used for the things they are meant for, find out which contracts are awarded and to who, roads for construction if they have been done and others.

“We also look out for the leadership style of the public officers there, if it is transparent and devoid of sentiments and if the management style was participatory in nature among other qualities.”

At the end of its investigation,

he said UNILAG cumulatively scored 79 per cent in category A, the highest score it recorded.

“And therefore, corporately too, we have equally issued certificate of credence to the university as an entity which is among the top 10 least corrupt federal universitis in the country,” he stated.

The NGO also awarded eight members of the university’s management team individually with the Professional Ethic Compliance titles.

The executive director noted that based on what they had seen in the university, the NGO would train 100 staff of the university for two days and 100 students for a day, as a way of giving back.

He said students would be trained on expected leadership

and conduct ethic in the work place.

Responding, Ogundipe said the award meant more work and it shows that people are watching.

“It also goes to show that people must also be careful in whatever they do. I want to assure you that we will continue to discharge our duties in line with best practices, to ensure that the university is taken to its deserved height.

“At the end of the day, I want to see myself as someone who emptied himself, trying to lift the standard of this university.”

Ogundipe expressed hope that the staff and students would impact their immediate community and contribute to the development of the university after the training.

31

T H I S D AY ˾ WEDNESDAY FEBRUARY 16, 2022

EDUCATION

CITAD, Bauchi SUBEB InterswitchSPAK: Brainfield College Student, Others Win N12.5m Scholarship Partner to Promote Funmi Ogundare

Master Jubril Dokun, 16, a student of Brainfield College, Salolo, Lagos, has emerged winner in the third edition of InterswitchSPAK national Science competition to promote STEM among students.

After successfully scaling through multiple rigorous stages in the competition, Dokun received the grand prize of N7.5 million in scholarships, among other

prizes.

The duo of Jesuferanmi Ayanlade of Obafemi Awolowo University International School, Ile-Ife, and Omoniyi Qudus of Scholars Universal Secondary School, Ota, clinched the second and third prizes, respectively, receiving N4 million and N1 million in scholarships, among other prizes.

After a 13-week run on both terrestrial and domestic television stations, Interswitch

revealed the best science student in the country during the last episode, which aired on February 5.

Over 18,000 students from various secondary schools in Nigeria competed for the N12.5 million scholarships and other perks attached to the top three positions in the competition.

In his remarks, the Managing Director, Payment Processing and Switching (Interswitch Purepay), Akeem

Lawal, reiterated the need for more African students to participate in STEM fields, saying that it helps Africans solve unique problems on the continent.

“As our contribution to closing this gap, we introduced InterswitchSPAK in 2018 because we realised the critical role of STEM education to our country and the continent and its importance to the future of Africa,” said Lawal.”

Executive Chairman Lagos State Universal , Basic Education Board (LSUBEB) , Wahab Alawiye-King (seated) flanked by Director General , DAWN Commission, Mr. Seye Oyeleye, and lead facilitator, LSUBEB, Mr.Muyiwa Bamgbose, Permanent board members and board secretaries from other South West states.during a workshop of southwest SUBEBs held in Lagos... recently

Transparency in Procurement

Segun Awofadeji in Bauchi

The Centre for Information Technology and Development (CITAD) has expressed its readiness to collaborate with the Bauchi State Universal Basic Education Board (SUBEB), in procurement, to promote transparency and accountability.

This was disclosed by a Senior Programme Manager of CITAD, Isa Garba, when he led his team on advocacy to SUBEB and his management.

According to him, CITAD trains directors and deputy directors on accountability and transparency in public service.

“We are here today to inform you that CITAD is granted by the United Sates Agency for International Development (USAID) through the ‘State Accountability, Transparency and Effectiveness’ (State2State) to implement a governance project in Bauchi State,” he explained. “The goal of the project is to strengthen citizens’ participation in governance through active participation in the budgetary and procurement

processes of the state.”

According to him, the project’s objectives include enhancing the capacity of 40 CSOs to engage both government and citizens in the budget process to improve citizens’ participation in budget processes and the skills of 40 government officials, among others.

He added that in the implementation process, CITAD would work with SUBEB and engage legislators in increasing the budgetary allocation to the education sector and help the agency in monitoring projects.

In his response, Permanent Commissioner, Alhaji Idris Hardawa, said, “Our books are always open for you to go through, and we are ready to work with you in achieving a transparent procurement atmosphere.

We are partners with you in the development of the basic education sector.”

He added, “Everything we do here is open and transparent in line with financial and procurement regulations. We ensure that due process is followed in procurement transactions.”

Zenith Bank Donates Tabs to Indigent Lagos SUBEB, DAWN Commission Empower UNILAG Students South-West Members for about two weeks and return them, after proper Uchechukwu Nnaike

For two days, the Lagos State Universal Basic Education Board ( LSUBEB), in partnership with the Development Agenda for Western Nigeria (DAWN) commission, recently held an experience sharing workshop for members of the SouthWest SUBEBs. The meeting was attended by chairmen and board secretaries from Ekiti, Ogun, Ondo, Oyo, Osun, Lagos SUBEBs and other relevant stakeholders, including civil society organisations.

The event’s sessions bordered on lessons and experience sharing on classroom

management systems across the southwestern region, with each state presenting its activities.

Mr. Adebayo Adeyemi, representing Lagos Commissioner of Education, Mrs. Folashade Adefisayo, noted that the government had a model operation for effective classroom management to be studied and replicated in other states.

The Dean of SUBEB Chairmen Forum and Chairman SUBEB, Wahab Alawiye-King, said, “Knowledge-sharing sessions such as this will definitely stimulate cultural changes

and innovation, which will, in turn, aid us to better performance as education providers and better our society.”

The commission’s DirectorGeneral, Mr. Seye Oyeleye, appraised the boards on the roles played in partnership and collaboration on improving basic service delivery in the southwest.

He added that the region is one of the most advanced in education in the country, “Education is a critical development pillar that is essential to every single society. It prepares children for the future,” he said.

He urged participants to key into the various innovations shared and draw lessons from each other.

The lead facilitator, Mr. Muyiwa Bamgbose, in his keynote on good practices in the classroom, said the existing traditional method of a classroom is mostly focused on compliance, adding that the present time called for a change in the narrative of teaching and learning.

He added that a technology-aided learning environment would create cooperation with pupils and teachers and modify learning styles.

Bridge Nigeria Promotes Gender Equity,Technology Funmi Ogundare

Bridge Nigeria has reiterated its commitment to providing children with learning materials, science lessons and classroom experiences that would inspire them to explore science and technology-related careers as part of activities marking the 2022 International Day of Women and Girls in Science.

Every February 11 has been set aside by the United Nations General Assembly to commemorate the International Day of Women and Girls in Science. It seeks

to promote full and equal access for women and girls to participate in science.

This year’s theme: ‘Equity, Diversity, and Inclusion: Water Unites Us’, seeks to recognise the role of women and girls in science, not only as beneficiaries but also as agents of change in accelerating progress towards the achievement of SDG 6 (clean water and sanitation).

Speaking on how the Bridge methodology supports children, Bridge Nigeria’s Managing Director, Ms Foyinsola Akinjayeju, stated that it uses the science of

learning to transform the national curriculum into research-proven digital teaching guides or lesson plans available to teachers through the technology platform.

In addition to ensuring that every lesson is based on scientifically proven instructional principles and data-driven management techniques, the managing director said Bridge actively pursues opportunities with organisations to inspire pupils to explore career choices in Science, Technology, Engineering and

Mathematics ( STEM).

Recently, some Bridge girls experienced an 8-weeks code training course with PYLadies, an international mentorship organisation for women in coding.

A Bridge graduate, Miss Fiyinfoluwa Omole is a beneficiary of the national cradle-to-career scholarship by the Nigerian National Production Corporation and Shell Nigeria Exploration and Production Company (NNPC/SNEPCo) following her exceptional performance in the 2021 national common entrance exams.

As part of efforts to provide equal access to online resources for all students, the University of Lagos has presented 104 learning tablets to the institution’s indigent and visually impaired students.

The tablets, donated by Zenith Bank Plc, were presented during the matriculation of about 12,000 students for the 2021/22 academic session.

Zenith Bank’s Chairman, Dr. Jim Ovia, had at the last convocation donated 3,500 tablets to support indigent students. The donation was in response to the appeal by the Vice-Chancellor, Prof.

Oluwatoyin Ogundipe, for support to over 1,000 indigent students at the university.

Ogundipe said 50 tablets would be distributed to indigent students, while 54 were for the visually impaired. He said the university would continue to give tablets to indigent and other students needing them.

According to him, the university deployed 500 tablets to the library.

“Those who want to use them could go there, borrow and use

documentation, just like somebody going to the library to borrow books,” he explained.

On the matriculation ceremony, Ogundipe said over 50,000 candidates applied for admission, but only 11,885 were admitted.

“The admission was in two phases, 8,038 were admitted to represent the 70 per cent for 2020/2021 session, while 3,847 represented the remaining 30 per cent to complete the cycle,” the VC explained.

Reacting to a plan by the National Drug Law Enforcement Agency to screen new students for drugs, he said it had been the practice at the university to screen all students for drug use.

“We have been doing that in the past three years, and those that deserve counselling are directed to the university counsellors,” he disclosed.

Also speaking, an executive director of the bank, Mr. Dennis Olisa, representing Ovia, said the gesture was a way of giving back to society.

He stressed the need for collaboration to ensure meaningful progress in any aspect of life’s endeavour.

32

T H I S D AY ˾ WEDNESDAY FEBRUARY 16, 2022

EDUCATION

FG Commends Queen’s College for Promoting Girl-child Education Uchechukwu Nnaike

The Federal Ministry of Education has commended the Principal of Queen’s College, Lagos, Dr. Tokunbo Yakubu-Oyinloye, for her vision and doggedness in ensuring that the girls get the best education.

The Director, Senior Secondary Education Department in the ministry, Mrs. Binta Abdulkadir, said this recently while inaugurating the Guidance and Counseling Unit and other projects at the school.

The director also thanked the PTA for donating a brand new 18-seater bus to the school.

She said the school’s efforts align with the strategic plan of the ministry, especially the Adolescent Girls Initiative for Learning and Empowerment (AGILE) programme.

Abdulkadir promised that the Federal Government would do its best to ensure that the girl-child gets the proper and correct education she deserves.

According to her, empowering the girl-child remains key

to the nation’s development.

“AGILE is therefore on course as one of such interventions the ministry is projecting on, apart from our conventional schools, for the benefit of the girl-child,” she explained.

In her remarks, YakubuOyinloye said other projects inaugurated were the agric and technology building, which houses the Agric, technology and basic science.

She said 60 technical drawing tables were also provided to enhance the capacity of the technology and science

students.

Yakubu-Oyinloye applauded the education ministry for its commitment to expanding the frontiers of education for the good of the Nigerian child.

The PTA chairman, Adedamola Adewuyi, said on assumption of office his administration’s core motive was to ensure that the guidance and counselling unit met global standards.

He said the counsellors would be able to monitor every student’s academic and behavioural performance.

From right: The Principal, Queen’s College, Lagos, Dr. Tokunbo Yakubu-Oyinloye; the Director, Senior Secondary Education, Federal Ministry of Education, Mrs. Binta Abdulkadir; and the head girl, Kalu Gift Nneoma, during the inauguration of some projects at the school... recently

Helpline Foundation Tasks Girls to Embrace Science, Technology Olawale Ajimotokan in Abuja

The Helpline Foundation has tasked girls and women to embrace science education and technology.

The foundation made the appeal in Abuja in partnership with Make a Difference for the Needy Foundation and Association of Wives of Traditional Rulers in FCT in commemoration of this year ’s International Day

of Girls and Women in Science.

The event was designed to create awareness and serve as an interactive session for school girls and women about the importance of science education.

The founder of Helpline Foundation, Dr. Jumai Ahmadu, equally called on teachers to pay special attention while teaching the

girl-child to entice them into science education.

Ahmadu, who spoke through the foundation’s Coordinator on Special Programme, Onoja Arome Godwin, noted that a significant gender gap persisted throughout the years at all levels of Science, Technology, Engineering and Mathematics (STEM) disciplines globally.

She stressed the need for

donor agencies to maintain gender equality and inclusiveness in grant-giving and scholarships so that girls and women can maximise their potential in science.

She added that even though women have made tremendous progress towards increasing their participation in higher education, they are still under-represented in the STEM fields.

Student Group Decries Deteriorating State of Education in Bauchi Segun Awofadeji in Bauchi

A group known as Air Marshal Abubakar Sadeeq Student Forum has expressed concern over the deteriorating state of education in Bauchi State.

The group said the situation has brought hardship on the indigenous students of the state.

Its spokesperson, Aliyu Hussaini, stated this while briefing journalists at the NUJ Press Centre in Bauchi.

He said the group was founded with the aim of identifying the challenges bedeviling the indigenous students of the state, and proffer solutions by engaging expertise in various sections.

According to him, under

previous administrations, the state recorded numerous breakthroughs in the education sector which was achieved through the creation of strategic policies and an enabling environment for learners and teachers.

He regretted that the sector under the present administration has become backward and pathetic to the extent that international scholarship has been terminated for over four years, local scholarship is now partially disbursed to only few students and only paid when elections is fast approaching.

He also decried the termination of sponsorship of 200 students of Malikiyya College of Health whose sponsorship was offered by the previous

administration.

“It was the tradition of the state government to procure JAMB scratch cards for SSCE students as an encouragement to further their studies to tertiary institutions within the country, sadly today, the reverse is the case as it is history. Again, the medical bond given to medical students as stipends by the previous administration has been disrupted by the present administration despite the challenges of the health sector.”

The spokesperson said stakeholders in the state, having searched diligently, found Air Marshal Abubakar Sadeeq as the answer to the pligths of students because of his achieve-

ments and compassion towards the pligths of the common man.

“Air Marshal Abubakar Sadeeq is a good listener, a father who is compassionate and has concern for students and the education sector. He has an outstanding leadership quality.”

According to him for over 10 years, Sadeeq awarded scholarship to indigenes of the state studying at the University of Maiduguri. He also provided JAMB scratch cards for over 600 students, and sponsored 21 students to further their education in India, paid registration fees to many students in tertiary institutions in the state, among others.

A

Teacher’s DIARY KEHINDE OMORU

www.kayomoru.com

‘YOU HAVEN’T LIVED’ ...was said to her latently pained mind. Hers was a mind with many an unresolved hurts from her childhood, adolescence, young adulthood, middle age and now her mid-quinquagenarian season. Modele took this verbal very personal indeed. Her face which usually belied emotions, this time projected the anger within.

Can you imagine that small boy of yesterday telling me that I haven’t lived; all because I told him I haven’t ever taken ecstasy? He was shocked and irritated that I’ve never taken ecstacy! Well then, let him roast in his withdrawals. That’ll teach him not to go looking for heaven before it beckons him come. Ecstasy Ko, Ecstacy Ni...” she ranted on and on.

It certainly would have been easier indeed if it weren’t a millennial that said that to Molade, I reflected quietly. Then, these same words would have been said more sensitively, mellowly and conservatively, and our ‘Nijaic’ Molade would have thought nothing of it.

The problem (or shall I say actually the fact) here is that from its very initiation, phonation, oro-nasal processing to its articulation, Britico Mikey represented the fiercely down-to-earth, businesslike, pragmatic persona, and spirit of most millennial British and Nigerian alike, proto!

‘Don’t take it to heart’, someone in the pride said. ‘Ride its tide easy’, another quipped.

‘Whatever you do, survive it’ the sage in the group said. Maybe it’s time to broaden our adaptability I offered. Seriously guys, how can anyone maximise their potentials if they don’t accommodate and live with other people’s beings, other people’s realities.

How do you think you can live and thrive without relating to and with other people outside of your own religion, sexual orientation, colour, race, geographical space, political opinion, tribal biases...and the list of divides go on and on and on.

How do you even think in these days of social media, that you can continue to wallow in your own worldview and opinions, bully and or will your way over others, when few clicks of your smart phone takes you in to the farthest parts of the earth. Common let all the idealistic Molades’ of our present time awake and live before their younger ones tell them them they are living deads’!

Indeed society has got more speedy (for the ambitious). In fact you don’t really need to be ambitious to feel the race everyone seems to be in. You only need to be on the throttle, to have inched out of your comfort zone, and applying some effort to your daily hustle.

Social media on one side, racy society on the other, Millennials (like Molade) continue to blaze the world, and their personality should be harnessed. Millennials are a demographic group born roughly between 1981 and 1996.

They reached young adulthood in the early 21st century. They are digital-technology savvy - smartphone owners - web browsers; camping, festivals, gigs and outdoor lovers; they are straightforward and questioning; they are very young at heart, quite narcissist.

Millennials are open to change and progress.

They being quite typically able to organise tend to sort, compartmentalise and prioritise variables. They worry about and seek opportunities and create carrier goals. They are currently said to be the smartest; riches and longest living to date. Lastly they demonstrate significantly less concern, empathy or even sympathy for the short falls or misfortune of others.

If your children, employees, clients, students are millennial, move closer to them. By the very virtue of their generation, being born of the baby boomers, they have a lot to offer you and our world. Don’t take their excesses to heart, they are only living their lives. Don’t let them tell you “You Haven’t Lived.”

-Omoru is a freelance writer, education, health and social care advocate

33

T H I S D AY ˾ WEDNESDAY FEBRUARY 16, 2022

CITYSTRINGS

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

SASCARE Foundation Lifts Military Widows in Ekiti

The Founder of SASCARE Foundation, Mr. Akin Rotimi (middle) with some Widows and Children of selected Fallen Heroes who received donations and support at the occasion Raheem Akingbolu

I

n commemoration of the recently observed 2022 edition of the Armed Forces Remembrance Day, a not-for-profit organisation, SASCARE Foundation hosted some widows and children who lost their husbands and fathers in active service to a lunch to provide psycho-social support and to honour the memory of the fallen heroes.

The event which was held in Ado-Ekiti, had in attendance about 50 beneficiaries who had lunch with the promoters of the organisation and other dignitaries in attendance.

The women and children whose late husbands served in various military and paramilitary institutions also received cash grants, commemorative plaques, and other gifts to help ameliorate the impact of the loss of their loved ones and breadwinners.

According to the Co-Founder/Executive

Director of SASCARE Foundation, Mojisola Rotimi, the initiative is an expression of one of the focus areas of the foundation, which is Mental Health and Wellness for vulnerable segments of society and is aimed at building a supportive community of Army Widows who can provide ongoing psycho-social support to one another and have an organised structure to attract help and to advocate for their welfare.

She further explained that the foundation was established to sustain the legacy of her late father, Chief (Hon.) Akintunde Rotimi, who was a compassionate and dedicated humanitarian and public servant.

One of the beneficiaries, Mrs. Omolola Anne Olawunmi, lamented the ongoing trauma she has been going through due to the loss of her late husband, FS Olawunmi Olasunkanmi Ojo, who was one of the

seven gallant officers who died in the Airforce Beechcraft crash on February 21, 2021.

She thanked the organisation for reaching out to help her and other Army Widows.

Another beneficiary, Dr. Olubola Agboola, thanked SASCARE Foundation for taking the initiative to connect her with other Army Widows, and initiate the building of a community for them.

Her late husband Cpl Agboola Awolola went missing while in active service when his troop was ambushed by insurgents in Gubio, Borno State on October 29, 2018.

She explained that she went through a very traumatic period of grieving before the army authorities informed her that her husband is presumed dead after a year, as prescribed by their policies and to bring some closure – his body was

never found.

She remarked that if a community of Army Widows now being built by the foundation existed, she would have been able to draw encouragement from others who had experienced similar trauma to deal with the grief.

The guest speaker at the event Mrs. Olamitoyosi Omope, an accomplished retired civil servant, minister, and founder of Touching Lives Foundation, gave an inspirational keynote address encouraging the widows and children not to despair about their bereavement, but be encouraged to rebuild their lives by believing in themselves, supporting one another, and getting close to God. She also gave the beneficiaries gifts. One of the highpoints of the event was the unanimous adoption of Mrs. Omope as the matron of the community of Army Widows that was inaugurated at the event.

Other speakers at the event included consummate humanitarian and public relations expert, Alhaji Dauda Lawal, Barrister Rita Ilevbare, and Barrister Shirley Atane, who promised to support the community in various ways including legal aid for any of the widows going through one legal challenge or the other.

Yet another beneficiary of the initiative, Mrs. Alice Tundun Ogundipe, thanked the Founder of SASCARE Foundation, Mr. Akin Rotimi for supporting her and facilitating help for her and her children from benefactors such as H.E. Erelu Bisi Fayemi, First Lady, Ekiti State; Mr. Biodun Oyebanji; Dr. Dolapo Fasawe; Pastor Tunji Aribasoye; and others for the past two years, even before the formal establishment of the organisation.

Her late husband was Andrew Tunde Ogundipe who was a veteran of peace keeping missions in Liberia and Sierra Leone, and an active army sportsman who died on October 15, 2015.

The Founder of SASCARE Foundation, Mr. Akin Rotimi who is a Public Relations and International Development professional thanked supporters of the initiative especially Mr. Makinde Araoye for the generous donations that made the inaugural annual event possible and advocated for well-meaning individuals and civic oorganisations to do more to support government in efforts to ensure the welfare of our troops and that of the families of fallen heroes.

Cycology Cycling Club Donates Palliatives to Lagos Street Sweepers Funmi Ogundare

C

ycology Cycling Club, a not-for-profit organisation, recently, donated food items and money to street sweepers in Lagos, as part of its Corporate Social Responsibility ( CSR) to impact society.

Members of the club, cycled from Oworoshoki axis through Awolowo Road, Alexander, Gerald and Dolphin Estate, all within Ikoyi.

The Captain of the Club, Mr. Tunde Laoye who spoke to THISDAY shortly after their exercise, described the sweepers as very important component saying that for them to get up early everyday to do their duties of keeping the streets clean, is very commendable.

"We all know the dangers of being hit by vehicles or being attacked by hoodlums. For these men and women to come out by 5 a.m everyday and ensure that the roads are clean, we really need to appreciate them."

He said they met them at Oworoshoki in their large numbers and distributed over 200 packs containing food items and water, adding that with the smiles on their faces, they are motivated.

Asked how the club intends to sustain the effort, Laoye said, " we have been doing this for the past 10 years. "Before now, we used to do it on every sanitation day and we go round to give them water to keep them refreshed, but now, we have gone a step higher by giving them food items and money."

He advised the government to make the environment safer for them saying that some of them get hit by cars, and they should be properly compensated through salary increase because they are on essential duty.

"We are supporting government, so we hope government will also do a bit more for them."

Members of the club with the street sweepers during the CSR activity held in Lagos... recently The Vice Captain of the club, Mrs. Temitope George said the gesture was their little way of appreciating the street sweepers. " Most of us in the club are cycling enthusiasts and professionals in different fields, as well as public servants. We are just doing our best to encourage these people who risk their lives on a daily basis to keep our environment clean and

safe for road users."

The CSR Secretary, Mrs. Yejide Taiwo said the aim is to appreciate the road sweepers, recognise and support them in what they are doing on a daily basis. " So today , we decided to appreciate them by giving them goodie bags containing food items. This will motivate them more to continue to do their jobs dutifully.

" I am sure none of them expected that they were going to receive any gift. They were indeed very grateful for gift. We know we have touched them somehow and we know it will continue to motivate them," she stressed.

She noted that so far, when the sweepers see members of club coming, they appreciate them, adding that they are trying to get their sponsors involved so that that they can further impact the society.

34

T H I S D AY ˾ , FEBRUARY 16, 2022

BUSINESS/MONEYGUIDE

Bank of Industry Launches EUR700m Eurobond The Bank of Industry (BOI), assisted by Rand Merchant Bank (RMB) has issued a EUR700m Eurobond by way of 144A/RegS Senior Note Participation Notes, irrevocably and unconditionally guaranteed by the Federal Government of Nigeria.

According to a statement by RMB, the global coordinator and active bookrunner on the Eurobond, BOI, the first African National DFI to issue a public Eurobond, has a vision of transforming Nigeria’s industrial sector by providing financial and business advisory services for the establishment of large, medium and small enterprises, as well as for the modernisation of existing businesses.

“BOI’s mandate is guided by Nigeria’s National Development Plan 2025 and Agenda 2050, which have the objective of lifting a hundred million Nigerians out of poverty in 10 years. The institution is tasked with providing

financing for the development of micro, small and large entreprises.

This deal represents the institution’s first Eurobond, the provision of the sovereign’s first Eurobond guarantee, as well as the first Euro-denominated transaction from Nigeria, creating a benchmark for other prospective issuers from the region, ”it stated.

The statement explains that the five-year, Euro-denominated senior note instrument is guaranteed by the Federal Government of Nigeria and issued at a yield of 7.500 per cent.

“BOI’s plan is to raise up to EUR500m, but successfully raised EUR700m after a 1.5 times oversubscribed orderbook comprising of high-quality buy-and-hold international investors. The transaction was preceded by an extensive three-day global virtual roadshow, including a global investor call, primarily involving engagement with investors across UK, Continental Europe and the US.

“The notes are to be listed on the London Stock Exchange and have ratings of B2 (Stable outlook) and B (Stable outlook) from ratings agencies Moody’s and Fitch respectively.

“RMB was appointed as global coordinator and active bookrunner for the transaction alongside other banks, with RMB assisting the issuer to ensure that BOI’s unique credit story and developmental impact was best articulated to a diverse global investor base, ”said Chidi Iwuchukwu, Head of Investment Banking, RMB West Africa. “It is extremely satisfying to work closely with the Nigerian DFI to bring to fruition their developmental objectives to create jobs and enable growth and sustainability for businesses in different sectors of Nigeria’s economy. International issuance by West African clients has continued to grow and RMB is proud to have had the opportunity to assist an indigenous entity to access capital for growth, globally, “he added.

Stanbic IBTC Completes 2021 Infrastructure Fund Distribution to Unit Holders Nume Ekeghe Stanbic IBTC Asset Management a subsidiary of Stanbic IBTC Holdings Plc has announced its final 2021 distribution of NGN2.00 per unit to unit holders invested in Tranche I of the Stanbic IBTC Infrastructure Fund.

In a statement, the company said the distribution, which was made in January 2022, is in addition to the interim distribution of N1.24 made in November 2021.

“The Infrastructure Fund, designed to bridge the gap between the funding needs of promoters of viable infrastructure projects and long-term institutional investors, has distributed a total of N3.24 per unit to investors since completing regulatory approvals for its Tranche I launch on 30 September 2021.

“The Infrastructure Fund

focuses on delivering long-term sustainable returns to investors by unlocking investment opportunities across key infrastructure sectors in transportation, power and energy, telecommunications, healthcare, water treatment and waste management. The Infrastructure Fund specifically targets projects with positive social and economic impact whilst delivering sustainable and competitive returns to its investors.

“We are pleased to be playing a role in investing in projects that reduce our country’s existing infrastructure deficit while making positive contributions to the Nigerian macroeconomic landscape.

We were able to make our first set of distributions to unit holders via investing in critical projects like gas storage infrastructure, which will increase the penetration of cleaner energy for domestic use,

”Chief Investment Officer, Stanbic IBTC Infrastructure Fund, Dolu Olugbenjo said.

“We urge institutional investors to take advantage of the Stanbic IBTC Infrastructure Fund by forming long-term partnerships with us to collectively support investments that bridge the infrastructure gap in our nation,” he added.

Stanbic IBTC Asset Management is set to launch the second tranche of its N100 billion Infrastructure Fund to enable more qualified investors to take advantage of this opportunity after securing all the necessary regulatory approvals.

The financial institution assures investors that the Infrastructure Fund will continue to make investments that have positive multiplier effects, particularly in the areas of social and environmental benefits.

NGO Celebrates Seven Years of Service to Scholarship Scheme Project Lend a Hand For Africa (LAHAfrica), a Non-GovernmentalOrganization (NGO) is celebrating seven years of its Scholarship Scheme Project in Nigeria as its immediate community.

A statement by the organisation stated the celebration which is dedicated to giving children and young adults access to basic and quality education and to bringing a complete reform in their lives and on the community at large has reached over 5,000 students both directly and indirectly.

The statement also noted that with seven years of continuous commitment, LAHAfrica has grown to become one of the few NGOs whose sole dedication and purpose is ensuring that every child in the slums is properly educated, given basic care and equal opportunity in life.

According to the Executive Director, LAHAfrica, Abimbola Ajala, “In 2015, we started the Scholarship Scheme Project, but we have been operating as a Not For Profit Organisation close to Ten years (formerly known as Bimbo and friends). We have

provided a flexible and amazing environment for children and young adults under our care to have access to education through payment of tuition fees, provision of daily meals, provision of school essentials and a platform to engage and interact with them outside of school which helps with interpersonal skills and trust between our team members and the beneficiaries. LAHAfrica is uniquely designed to be a beacon of hope for children in the slums or with various impairment to dare to be different.

We understand the menace of illiteracy in the system and how the ripple effect of being uneducated which has led to prostitution, teenage pregnancy and cultism; and we are committed to contribute our quota to reduce this to the barest minimum.”

The statement hinted that the organisation currently has over 20 children on the Scholarship Scheme whose lives have improved tremendously.

The statement further explained

that the impact and success can be seen on how different, unique, intelligent our beneficiaries have turned out to be, adding that with the help of dedicated team and God, “the beneficiaries have been given a reason to dream right and not be defined by the environment.”

Speaking further, the Founder, said that their long-term plan is to have more than 100 children on the Scholarship Scheme, build a standard LAHAfrica service centre for Skills Acquisition and training.

Continuing, he added: “LAHAfrica have an intentional support towards education issue and is committed to giving every child in the slums a structured and flexible access to quality education and opportunities, hence, improvement in way of life. It believes in this cause and is proud of the milestone.

We are determined to changing the narrative, the story and lives surrounding it. We want to build a home away from home for children and young adults in our care.”

L-R: APM Terminals Apapa Security Risks Manager, Navy Commander Patrick Odiong (rtd); APM Terminals Nigeria Risk Control Manager, Wayne Thornton; APM Terminals Apapa Security Officer, Lucky Edafe; and APM Terminals Apapa Project Security Manager, Simon Iyaji, at the presentation of a Spot Award to Edafe for rescuing two drowning fishermen in Apapa, Lagos...recently

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).

35

T H I S D AY ˾ , ͯʹ˜ 2022

Yuguda: SEC Engaging NOA, Other Agencies to Tackle Ponzi Schemes Kayode Tokede The Securities and Exchange Commission (SEC) yesterday disclosed that it is engaging the National Orientation Agency (NOA) as well as regulators of public agencies to curb the activities of illegal operators.

Director General of the SEC, Mr. Lamido Yuguda stated this in a goodwill message at the opening ceremony of a National

Fact-Checking Course organized by the NOA in Abuja.

Yuguda who was represented by the Executive Commissioner Corporate Services of the SEC, Mr. Ibrahim Boyi, stated that Nigeria’s investment climate has continued to witness the proliferation of illegal Fund Managers, popularly referred to as Ponzi Schemes as the promoters of these Schemes continue to defraud millions of citizens, by promising them mind-

P R I C E S MAIN BOARD

F O R DEALS

boggling returns on investments.

According to him: “Such Schemes with all the illegality and promises of unrealistic returns have burnt the fortunes of many ambitious investors, from Yuan Dong Ponzi to Galaxy Transport, Famzhi Interbiz Limited, Cowlane and Durell, and the infamous Mavrodi Mundial Movement (MMM).

“The upsurge of these Schemes has undermined the reputation of

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

QUANTITY TRADED

the capital market and dampened investors’ confidence, among other things. This has created a considerable challenge to the growth of our market, and the Commission is striving to change the narrative by instilling a fair, transparent, and orderly market”.

Yuguda said while the SEC, in collaboration with other regulators in the financial sector, strives to clamp down on merchants of

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S

fake news and Ponzi Schemes, investors also have a huge role to play.

“Investors are advised to always confirm if the investment product, scheme, or company is registered with the SEC before investing. This could be done through our website: www.sec. gov.ng or via email to sec@sec. gov.ng; or from other regulatory authorities.

“Investments enable growth

O F

1 5

in wealth, thus while encouraging more retail investments, we urge you to invest in investment classes and products approved by the SEC, which can be confirmed through the channels provided above” He stated.

The SEC DG described the course as a timely programme that would go a long way to check the scourge of fake news, misinformation, and disinformation.

/ 0 2 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

36

WEDNESDAY, ͹;˜ ͺ͸ͺͺ ˾ T H I S D AY

Wednesday, February 16, 2022

dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž ĚĞĐůŝŶĞĚ ϭ͘ϳй dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž ĨĞůů ďLJ ϭϰďƉƐ dŚĞ dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž ĚĞĐůŝŶĞĚ ϭ͘ϳй ƚŽ ƉƌŝŶƚ Ăƚ ϭ͕ϴϴϵ͘ϱϱ

dŚĞ dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞdž ĚĞĐůŝŶĞĚ ďLJ ϭϰďƉƐ ƚŽ ƐĞƩůĞ

THISDAY AFRINVEST 40 INDEX

ƉŽŝŶƚƐ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ƐĞůů ƉƌĞƐƐƵƌĞ ŽŶ 'd K ;ͲϬ͘ϰйͿ͕ E/d, ;Ͳ

Ăƚ ϭ͕ϲϳϰ͘ϴϵ ƉŽŝŶƚƐ ĚƵĞ ƚŽ ƐĞůůͲƉƌĞƐƐƵƌĞ ŽŶ E/d, ;ͲϬ͘ϲйͿ͕

Ϭ͘ϳйͿ͕ ĂŶĚ t W K ;ͲϬ͘ϰйͿ͘ dŚĞƐĞ ƐƚŽĐŬƐ ĐƵŵƵůĂƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ

t W K ;Ͳϭ͘ϯйͿ͕ ĂŶĚ h ;ͲϬ͘ϳйͿ͘ dŚĞƐĞ ƐƚŽĐŬƐ ĐƵŵƵůĂͲ

ϭϱ͘ϲй ŽĨ ƚŚĞ ŝŶĚĞdž͘

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƟǀĞůLJ ĂĐĐŽƵŶƚ ĨŽƌ ϭϯ͘Ϯй͘

Ticker

ŽŵĞƐƟĐ ŽƵƌƐĞ ZĞĐŽƌĚƐ Ă &ůĂƫƐŚ WĞƌĨŽƌŵĂŶĐĞ͘​͘​͘ ^/ ĚŽǁŶ Ϭ͘ϯďƉ

^/ ƵƉ ϭϭďƉƐ ĂƐ E' D 'ĂŝŶƐ ϯ͘ϯй

THISDAY AFRINVEST 40

ĞƐƉŝƚĞ ŐĂŝŶƐ ŝŶ DdEE ;нϬ͘ϯйͿ͕ h &KK ^ ;нϬ͘ϴйͿ͕ ĂŶĚ & E,

WƌĞǀŝŽƵƐ

ĚĂLJ͕

ƉƌŝĐĞ

ƵƉƟĐŬ

ŝŶ

Current Price

,KEz&>KhZ

;нϭ͘ϴйͿ͕ ƚŚĞ ĚŽŵĞƐƟĐ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ǁĂƐ ŵƵƚĞĚ ƚŽĚĂLJ ĂƐ ƚŚĞ

;нϵ͘ϴйͿ͕ E' D ;нϯ͘ϯйͿ͕ ĂŶĚ & E, ;нϬ͘ϳйͿ ďŽůͲ

E'yͲ ^/ ƉƌŝŶƚĞĚ Ăƚ ϰϳ͕Ϭϲϰ͘ϴϮ ;ƉƌĞǀŝŽƵƐůLJ͖ ϰϳ͕Ϭϲϲ͘ϳϳͿ ƉŽŝŶƚƐ͘ Ɛ

1889.55

1 Airtel Africa PLC 2 MTN Nigeria Communications PLC

1,250.00

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

ƐƚĞƌĞĚ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ĂƐ ƚŚĞ ůůͲ ƐƵĐŚ͕ zd ƌĞƚƵƌŶ ĚĞĐůŝŶĞĚ ŵĂƌŐŝŶĂůůLJ ƚŽ ϭϬ͘Ϯй ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝͲ ^ŚĂƌĞ ĨĞůů േϭ͘ϭŵ ƚŽ ŝŶĚĞdž ƌŽƐĞ ĨĂůƚĞƌĞĚ ĂƐ ǀŽůͲ ďLJ ƚĂůŝƐĂƟŽŶ േϮϱ͘ϰƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚLJ

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

-1.71% 0.0%

38.0%

1.9%

89.0%

30.9%

30.9%

ROE

15.0%

ROA

P/E

3.5%

5.5x

Divindend Earnings Yield Yield

P/BV

0.8x

5.2%

16.4%

1.5%

199.00

0.3%

7.8%

1.0%

1.0%

134.7%

14.1%

13.6x

20.9x

70.75

0.0%

6.8%

5.5%

5.5%

19.1%

11.2%

34.0x

6.4x

26.30

-0.4%

6.2%

1.2%

1.2%

24.8%

3.9%

4.0x

5.3%

7.4%

1.0x

11.4%

25.1% 27.5%

2.9%

26.85

-0.7%

6.0%

6.8%

6.8%

20.9%

2.8%

3.6x

0.7x

11.2%

274.80

0.0%

4.5%

6.9%

6.9%

40.4%

16.7%

13.7x

5.3x

5.8%

7.3%

1,435.00

0.0%

3.1%

-7.8%

-7.8%

106.8%

15.6%

27.8x

32.8x

4.2%

3.6%

8 FBN Holdings Plc 9 Lafarge Africa PLC

11.40

1.8%

3.2%

0.0%

0.0%

8.4%

0.8%

6.7x

0.6x

3.9%

14.9%

26.40

-0.4%

3.4%

10.2%

10.2%

11.6%

8.4%

9.9x

1.1x

3.8%

10.1%

10.35

-0.5%

2.8%

11.3%

11.3%

17.0%

1.4%

2.9x

0.5x

8.2%

34.4%

8.50

-2.3%

2.2%

5.6%

5.6%

19.5%

1.8%

2.1x

0.4x

6.5%

46.8%

േϮϯ͘ϰďŶ ƚŽ േϮϬ͘ϲƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚLJ ǁĂƐ ŵŝdžĞĚ ĂƐ ǀŽůƵŵĞ

10 Access Bank PLC 11 United Bank for Africa PLC 12 Stanbic IBTC Holdings PLC

ƚƌĂĚĞĚ ĚĞĐůŝŶĞĚ ďLJ Ϯϭ͘ϲй ƚŽ ϭϭϬ͘ϴŵ ƵŶŝƚƐ ǁŚŝůĞ ǀĂůƵĞ ƵůůŝƐŚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ

13 Nigerian Brew eries PLC 14 SEPLAT Energy PLC

ƚƌĂĚĞĚ ƌŽƐĞ ďLJ ϴϴ͘ϱй ƚŽ േϯ͘ϭďŶ͘ dŚĞ ŵŽƐƚ ƚƌĂĚĞĚ ƐƚŽĐŬƐ WĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ĐŽǀĞƌĂŐĞ ǁĂƐ ƉŽƐŝƟǀĞ ĂƐ ϰ

15 Ecobank Transnational Inc 16 International Brew eries PLC

ϭϭďƉƐ ƚŽ ǀĂůƵĞ ϯϵ͕ϱϱϬ͘ϯϲ ŽŶƐĞƋƵĞŶƚůLJ͕ ůŽƐƐ ŝŵͲƚŽ ƵŵĞ ĂŶĚ ƚƌĂĚĞĚ ƉŽŝŶƚƐ͘ ƐůŝĚ ϭϴ͘ϵй ĂŶĚ ϯϮ͘ϳй zd ƌĞƐƉĞĐƟǀĞůLJ Ϯϳϰ͘Ϯŵ ƵŶŝƚƐ ĂŶĚ േϯ͘ϴďŶ͘ ƉƌŽǀĞĚ ƚŽ Ͳϭ͘ϴй ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƌŽƐĞ ďLJ

ŝŶĚŝĐĞƐ ĂĚǀĂŶĐĞĚ ǁŚŝůĞ Ϯ ĚĞĐůŝŶĞĚ͘ >ĞĂĚŝŶŐ ƚŚĞ ŐĂŝŶĞƌƐ͛ ĐŚĂƌƚ͕ ƚŚĞ ďLJ ǀŽůƵŵĞ ǁĞƌĞ dZ E^ KZW ;ϭϭ͘ϵŵ ƵŶŝƚƐͿ͕ & E, ;ϭϭ͘ϭŵ /ŶƐƵƌĂŶĐĞ ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ƌŽƐĞ ϭ͘ϱй ĂŶĚ Ϭ͘ϯй ƌĞƐƉĞĐƟǀĞůLJ ƵŶŝƚƐͿ͕ ĂŶĚ K E K ;ϳ͘ϯŵ ƵŶŝƚƐͿ ǁŚŝůĞ E ^d> ;േϮ͘ϮďŶͿ͕ ĚƵĞ ƚŽ ŝŶƚĞƌĞƐƚ ŝŶ E D ;нϴ͘ϰйͿ͕ // K ;нϭ͘ϱйͿ͕ K E K ;нϭ͘ϮйͿ͕ E' D ;േϭϰϱ͘ϬŵͿ͕ ĂŶĚ 'd K ;േϭϯϰ͘ϴŵͿ ůĞĚ ďLJ ǀĂůƵĞ͘ ĂŶĚ d ZE ;нϰ͘ϰйͿ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ƚŚĞ &ZͲ/ d ĂŶĚ ŽŶƐƵŵĞƌ

'ŽŽĚƐ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ ϭϮďƉƐ ĂŶĚ ϭϬďƉƐ ƌĞƐƉĞĐƟǀĞůLJ ĨŽůůŽǁŝŶŐ

17 Okomu Oil Palm PLC 18 Flour Mills of Nigeria PLC 19 Fidelity Bank PLC 20 AXA Mansard Insurance PLC 21 Dangote Sugar Refinery PLC 22 FCMB Group Plc 23 United Capital PLC 24 Guinness Nigeria PLC 25 Transnational Corp of Nigeria

ĞĂƌŝƐŚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ ƉƌŝĐĞ ƵƉƟĐŬ ŝŶ DdEE ;нϬ͘ϯйͿ͕ h &KK ^ ;нϬ͘ϴйͿ͕ ĂŶĚ &>KhZͲ D/>> ;нϰ͘ϵйͿ͘ DĞĂŶǁŚŝůĞ͕ ƐĞůůͲƉƌĞƐƐƵƌĞ ŽŶ ^d E / ;Ͳϭ͘ϵйͿ͕ h

ĐƌŽƐƐ ƐĞĐƚŽƌƐ ƵŶĚĞƌ ŽƵƌ ĐŽǀĞƌĂŐĞ͕ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ

;ͲϬ͘ϳйͿ͕ ĂŶĚ t W K ;ͲϬ͘ϰйͿ ĚƌĂŐŐĞĚ ƚŚĞ ĂŶŬŝŶŐ ĂŶĚ /ŶĚƵƐƚƌŝĂů

ďĞĂƌŝƐŚ ĂƐ ϰ ŝŶĚŝĐĞƐ ůŽƐƚ͕ ϭ ŝŶĚĞdž ŐĂŝŶĞĚ ǁŚŝůĞ ƚŚĞ &ZͲ/ d

'ŽŽĚƐ ŝŶĚŝĐĞƐ ĚŽǁŶ ďLJ ϭ͘Ϭй ĂŶĚ ϮďƉƐ͕ ƌĞƐƉĞĐƟǀĞůLJ͘

ŝŶĚĞdž ƌĞŵĂŝŶĞĚ ŇĂƚ͘ dŽƉƉŝŶŐ ƚŚĞ ůĂŐŐĂƌĚƐ ĂƌĞ ƚŚĞ ŽŶƐƵŵͲ

26 NEM Insurance PLC 27 Presco PLC

33.90

-1.9%

1.5%

-5.8%

-5.8%

15.1%

2.1%

7.6x

1.2x

12.0%

13.1%

47.50

-0.6%

1.4%

-5.0%

-5.0%

5.3%

1.9%

43.8x

2.3x

2.3%

2.3%

850.00

0.0%

2.0%

30.8%

30.8%

3.4%

1.9%

19.5x

0.7x

4.8%

12.15

-2.8%

1.8%

39.7%

39.7%

2.8x

5.1% 35.8%

5.10

-2.9%

1.1%

3.0%

3.0%

-10.3%

-3.9%

127.80

0.0%

0.9%

-10.0%

-10.0%

36.5%

23.3%

8.7x

2.9x

35.10

4.9%

1.2%

23.8%

23.8%

15.9%

4.5%

5.4x

0.8x

4.7%

18.6%

1.0x

-11.2% 11.5%

2.97

0.7%

0.7%

16.5%

16.5%

13.3%

1.3%

2.3x

0.3x

7.5%

44.3%

2.40

0.0%

0.6%

3.4%

3.4%

9.3%

3.0%

7.4x

0.7x

9.2%

13.5%

18.00

0.6%

0.5%

3.4%

3.4%

15.3%

6.3%

11.8x

1.8x

8.3%

8.5%

3.13

5.0%

0.4%

4.7%

4.7%

10.3%

1.1%

0.3x

5.0%

11.00

-0.5%

0.4%

11.1%

11.1%

2.5x

6.4%

65.00

-2.3%

0.6%

66.7%

66.7%

13.3%

6.0%

13.7x

1.7x

0.6%

7.3%

1.16

-0.9%

0.4%

20.8%

20.8%

11.1%

2.3%

6.2x

0.6x

0.9%

16.2%

35.6%

18.5%

6.1x

1.0x

4.6%

16.5%

2.2x

1.0% 2.8%

7.3%

3.89

8.4%

0.3%

-13.6%

-13.6%

104.00

0.0%

0.3%

18.5%

18.5%

28 NASCON Allied Industries PLC 29 AIICO Insurance PLC

14.50

9.4%

0.3%

9.8%

9.8%

21.3%

6.9%

13.6x

2.7x

0.69

1.5%

0.2%

-1.4%

-1.4%

7.2%

1.1%

383.3x

0.7x

30 TotalEnergies Marketing Nigeri 31 Custodian and Allied Insurance

264.90

0.0%

0.3%

19.4%

19.4%

48.0%

9.5%

5.4x

2.2x

1.6%

18.6%

0.3%

7.45

0.0%

0.2%

-5.7%

-5.7%

19.5%

5.5%

4.4x

0.8x

7.4%

22.8%

23.00

0.2%

KƵƚůŽŽŬ

32 Vitafoam Nigeria PLC 33 Unilever Nigeria PLC

0.2%

2.2%

2.2%

38.7%

16.0%

5.9x

2.1x

6.5%

17.0%

13.95

0.0%

0.2%

-3.8%

-3.8%

7.8%

4.9%

30.9x

1.2x

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ͕ ŝŵƉƌŽǀĞĚ ƚŽ

34 Julius Berger Nigeria PLC 35 Union Bank of Nigeria PLC

26.50

0.0%

0.2%

18.6%

18.6%

18.9%

2.4%

4.0x

0.8x

1.5%

25.0%

4.1%

Ğƌ 'ŽŽĚƐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ͕ ĚŽǁŶ ϰ͘ϲй ĂŶĚ ϭ͘Ϯй ƌĞƐƉĞĐƟǀĞůLJ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŽĮƚͲƚĂŬŝŶŐ ŝŶ E ^d> ;Ͳ ϵ͘ϭйͿ͕

hE/> s Z

;Ͳϯ͘ϱйͿ͕

>/E< ^^hZ

;Ͳϲ͘ϰйͿ͕

ĂŶĚ D E^ Z ;ͲϮ͘ϮйͿ͘ ^ŝŵŝůĂƌůLJ͕ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ ĂŶŬͲ

36 Oando PLC 37 Wema Bank PLC

ŝŶŐ ŝŶĚŝĐĞƐ ĨĞůů ďLJ Ϭ͘Ϯй ĂŶĚ ϮďƉƐ ƌĞƐƉĞĐƟǀĞůLJ ĚƵĞ ƚŽ ƐĞůůͲ

38 Sterling Bank PLC 39 Notore Chemical Industries Ltd

ŽīƐ ŝŶ K E K ;ͲϬ͘ϴйͿ͕ E/d, ;ͲϬ͘ϮйͿ͕ ĂŶĚ 'd K ;ͲϬ͘ϮйͿ͘

40 Transcorp Hotels Plc

Ϭ͘ϭϮdž ĨƌŽŵ Ă ŇĂƚ ƉŽƐŝƟŽŶ ƚŚĞ ƉƌŝŽƌ ƐĞƐƐŝŽŶ ĂƐ Ϯϴ ƐƚŽĐŬƐ ŐĂŝŶĞĚ͕ Ϯϭ ůŽƐƚ ǁŚŝůĞ ϱϴ ǁĞƌĞ ƵŶĐŚĂŶŐĞĚ͘ /Ŷ ƚŚĞ ŶĞdžƚ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ͕ ǁĞ ĞdžƉĞĐƚ ƚŚĞ ŵĂƌŬĞƚ ƚŽ ƌĞĐŽƌĚ ŵŝůĚ ŐĂŝŶ ĚƵĞ ƚŽ ŝŵƉƌŽǀĞĚ ƐĞŶƟŵĞŶƚ͘

ŽŶǀĞƌƐĞůLJ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ǁĂƐ ƚŚĞ ůŽŶĞ ŐĂŝŶͲ

DĂĐƌŽĞĐŽŶŽŵŝĐ ŝƐĐůŽƐƵƌĞ

Ğƌ͕

ƵƉ

ϭ͘ϴй

ĚƌŝǀĞŶ

ďLJ

ƉƌŝĐĞ

6.05

0.0%

0.1%

2.5%

2.5%

7.1%

0.8%

6.8x

0.7x

4.98

1.2%

0.0%

12.7%

12.7%

14.5%

2.6%

2.1x

0.3x

ĂƉƉƌĞĐŝĂͲ

T ic k er

0.88

1.1%

0.1%

22.2%

22.2%

14.1%

0.8%

3.8x

0.5x

4.7%

-0.6%

0.1%

12.6%

12.6%

9.4%

0.9%

2.2x

0.4x

2.9%

62.50

0.0%

0.1%

0.0%

0.0%

-28.3%

-6.1%

5.38

0.0%

0.0%

0.0%

0.0%

ƟŽŶ ŝŶ E' D ;нϯ͘ϯйͿ͘

ƉƵďůŝƐŚĞĚ ďLJ ƚŚĞ EĂƟŽŶĂů ƵƌĞĂƵ ŽĨ ^ƚĂƟƐƟĐƐ ;E ^Ϳ ĞĂƌůŝĞƌ ƚŽĚĂLJ͕

P ric e

2.4x

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 %

LEA R N A F R C A

1.81

9.7%

A C C ESS

55.4

-0.5%

M OR ISON

2.18

9.5%

GUIN N ESS

16.7

-2.3%

0.23

9.5%

J A P A ULGOLD

14.0

-2.8%

/ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ ƐŚLJ ĞĐĞŵďĞƌ ϮϬϮϭ ůĞǀĞů͘ dŚĞ ĚĞĐůŝŶĞ ǁĂƐ ŵĂŝŶůLJ ĂŝĚĞĚ ďLJ ƚŚĞ

R T B R ISC OE

0.46

9.5%

ST ER LN B A N K

13.3

-0.6%

N A SC ON

14.50

9.4%

ET R A N Z A C T

13.1

0.0%

ĨŽŽĚ ŝŶŇĂƟŽŶ ƐƵďͲĐŽŵƉŽŶĞŶƚ ǁŚŝĐŚ ƐůŽǁĞĚ ϭϳ͘ϭй ďƌĞĂĚƚŚ LJͬLJ ĨƌŽŵ /ŶǀĞƐƚŽƌƐ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ƚŽ ŵĂƌŬĞƚ

N EM

3.89

8.4%

F ID ELIT YB K

11.3

0.7%

ϭϳ͘Ϯй LJͬLJ ŝŶ ƚŚĞ ƉƌŝŽƌ ŵŽŶƚŚ͘ DĞĂŶǁŚŝůĞ͕ ĐŽƌĞ ŝŶŇĂƟŽŶ ƌĂƚĞ ǁĂƐ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ƐƚƌĞŶŐƚŚĞŶĞĚ͕ ƐĞƩůŝŶŐ Ăƚ ϭ͘ϲdž

FCM B

3.13

5.0%

J A IZ B A N K

10.5

-4.3%

M ULT IVER SE

0.21

5.0%

WEM A B A N K

9.7

1.1%

F LOUR M ILL

35.10

4.9%

T R A N SC OR P

9.1

-0.9%

C UT IX

2.42

4.8%

F LOUR M ILL

9.0

4.9%

ĂĚǀĂŶĐĞĚ ǁŚŝůĞ ϭϱ ƐƚŽĐŬƐ ĚĞĐůŝŶĞĚ͘ DZ^ ;нϵ͘ϵйͿ͕ D zͲ

T ic k er

ĞĚ ϯϰďƉƐ ƚŽ ϭ͘ϱй ; ĞĐĞŵďĞƌ ϭ͘ϴйͿ͕ ;Ͳϲ͘ϳйͿ͕ ƐƵƉƉŽƌƚĞĚ ďLJ ƚŚĞ ĚĞͲ ǁŚŝůĞ dZ E^ ;Ͳϴ͘ϯйͿ͕ ϮϬϮϭ͗ > ^ K ĂŶĚ >/s Ͳ ĐůŝŶĞ ŝŶ ĨŽŽĚ ŝŶŇĂƟŽŶ ƌĂƚĞ ƚŽ ϭ͘ϲй͘ ĞƐƉŝƚĞ ƚŚĞ ŵŽĚĞƌĂƟŽŶ ŝŶ ĨŽŽĚ

^dK < ;Ͳϰ͘ϴйͿ ůĞĚ ůŽƐĞƌƐ͘ WƌĞǀŝŽƵƐ ĚĂLJ͕ ǁĞ ĞdžƉĞĐƚ ƚŚĞ

ƉƌŝĐĞƐ͕ ƚŚĞ ŝŶĚĞdž ƌĞĂĚŝŶŐ ĂďŽǀĞ ϭ͘Ϭй ŵͬŵ ƐƵŐŐĞƐƚĞĚ ƐƵƐƚĂŝŶĞĚ

ŵĂƌŬĞƚ ƐĞŶƟŵĞŶƚ ƚŽ ƌĞŵĂŝŶ ŵŝdžĞĚ͕ ĂƐ ĞĂƌŶŝŶŐƐ ƐĞĂƐŽŶ

ƉƌĞƐƐƵƌĞ ŽŶ ĨŽŽĚ ƉƌŝĐĞƐ͘ DĞĂŶǁŚŝůĞ͕ ĐŽƌĞ ŝŶŇĂƟŽŶ ƌŽƐĞ ϭϯďƉƐ ŵͬ

ŐƌĂĚƵĂůůLJ ǁŝŶĚƐ ƵƉ͘

ŵ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ĞdžĐŚĂŶŐĞ ƌĂƚĞ ĂŶĚ ŝŵƉŽƌƚĞĚ ŝŶŇĂƟŽŶĂƌLJ ƉƌĞƐͲ

ƐƵƌĞƐ͘

B ER GER

P ric e 7.55

P ric e C hg % -9.6%

C H IP LC

0.62

-4.6%

J A IZ B A N K

0.67

-4.3%

IN T B R EW

5.10

-2.9%

ET I

12.15

-2.8%

J A P A ULGOLD

0.35

-2.8%

GUIN N ESS

65.00

-2.3%

UB A

8.50

-2.3%

LIN KA SSUR E

0.50

-2.0%

ST A N B IC

Afrinvest West Africa Limited

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

T o p 10 L o s e r s

KŶ Ă ŵŽŶƚŚͲŽŶͲŵŽŶƚŚ ďĂƐŝƐ͕ ƚŚĞ ŚĞĂĚůŝŶĞ ŝŶŇĂƟŽŶ ƌĂƚĞ ĚĞĐĞůĞƌĂƚͲ < Z ;нϵ͘ϴйͿ͕ ĂŶĚ ,KEz&>KhZ ;нϵ͘ϴйͿ ůĞĚ ŐĂŝŶĞƌƐ

33.90

Brokerage

-1.9%

T ic k er

Value

GUIN N ESS

1162.7

P ric e C hg % -2.3%

A C C ESS

576.5

-0.5%

M TNN

350.8

0.3%

F LOUR M ILL

314.1

4.9%

GT C O

201.0

-0.4%

Z EN IT H B A N K

152.6

-0.7%

T OT A L

88.4

0.0%

UB A

75.3

-2.3%

N GXGR OUP

74.4

0.0%

NB

69.0

-0.6%

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com Robert Omotunde | romotunde@afrinvest.com Abiodun Keripe | AKeripe@afrinvest.com Taiwo Ogundipe | togundipe@afrinvest.com

45.0%

0.9x

VER IT A SKA P

ĨƌŽŵ ϭ͘ϯdž ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ůĂƐƚ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ĂƐ Ϯϰ ƐƚŽĐŬƐ

26.1%

-13.8%

ŚĞĂĚůŝŶĞ ŝŶŇĂƟŽŶ ƌĂƚĞ ƌŽƐĞ Ăƚ Ă ƐůŽǁĞƌ ƉĂĐĞ ŽĨ ϭϱ͘ϲϬй LJͬLJ͕ ϯďƉƐ

ƵŶĐŚĂŶŐĞĚ Ăƚ ϭϯ͘ϵй LJͬLJ͘

14.7% 46.6%

1.70

T o p 10 G a in e r s

ĐĐŽƌĚŝŶŐ ƚŽ ƚŚĞ :ĂŶƵĂƌLJ ϮϬϮϮ ŽŶƐƵŵĞƌ WƌŝĐĞ /ŶĚĞdž ; W/Ϳ ĚĂƚĂ

3.2%

Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu| dasimiyu@afrinvest.com

37

WEDNESDAY, FEBRUARY 16, 2022 • 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 14Feb-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 175.13 176.28 4.94% Afrinvest Plutus Fund 100.00 100.00 9.03% Nigeria International Debt Fund 306.49 306.49 -1.93% Afrinvest Dollar Fund 95.66 96.81 -5.29% 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 9.80% AIICO Balanced Fund 3.49 3.56 -1.31% 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 7.88% Anchoria Equity Fund 145.20 147.03 4.73% Anchoria Fixed Income Fund 1.18 1.18 3.31% 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 21.05 21.69 3.78% ARM Discovery Balanced Fund 474.19 488.48 5.10% ARM Ethical Fund 39.35 40.54 1.02% ARM Eurobond Fund ($) 1.07 1.08 -0.56% ARM Fixed Income Fund 1.02 1.02 0.62% ARM Money Market Fund 1.00 1.00 8.35% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.78 108.78 6.95% AVA GAM Fixed Income Dollar Naira 1,079.07 1,079.07 7.91% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.07 2.07 8.42% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.26 2.31 32.03% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 1.18% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 8.97% Paramount Equity Fund 18.45 18.78 9.63% Women's Investment Fund 146.01 147.64 4.99% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.27% Cordros Milestone Fund 137.78 138.68 4.23% Cordros Dollar Fund ($) 111.12 111.12 0.62% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 6.78% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 6.80% EDC Nigeria Fixed Income Fund 1,144.75 1,148.65 -2.09% EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 8.50% Emerging Africa Bond Fund 1.01 1.01 3.75% Emerging Africa Balanced Diversity Fund 1.05 1.05 3.49% Emerging Africa Eurobond Fund 101.29 101.29 0.43% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,413.83 1,413.83 10.90% FBN Balanced Fund 181.90 183.27 3.79% FBN Halal Fund 116.92 116.92 8.86% FBN Money Market Fund 100.00 100.00 8.72% FBN Nigeria Eurobond (USD) Fund - Retail FBN 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

122.71 153.85

122.71 3.88% 155.84 2.18% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 3.98 1.81 1.21

Offer Price Yield / T-Rtn 1.00 7.58% 3.98 -0.58% 1.85 4.25% 1.21 0.54% 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 N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.55 1.58 2.74% Lotus Halal Fixed Income Fund 1,149.44 1,149.44 1.12% 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 12.54 12.63 6.37% Meristem Money Market Fund 10.00 10.00 8.36% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.03 101.04 8.87% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.52% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 131.29 132.92 8.26% 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 3,512.99 3,550.13 2.01% Stanbic IBTC Bond Fund 236.52 236.52 0.34% Stanbic IBTC Ethical Fund 1.33 1.35 3.08% Stanbic IBTC Guaranteed Investment Fund 315.28 315.28 0.62% Stanbic IBTC Iman Fund 245.57 249.17 1.42% Stanbic IBTC Money Market Fund 100.00 100.00 6.83% Stanbic IBTC Nigerian Equity Fund 11,292.50 11,447.80 1.64% Stanbic IBTC Dollar Fund (USD) 1.30 1.30 0.53% Stanbic IBTC Shariah Fixed Income Fund 117.43 117.43 0.39% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 107.50 107.50 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 0.99 4.40% United Capital Balanced Fund 1.41 1.43 3.62% United Capital Wealth for Women Fund 1.14 1.16 5.00% United Capital Sukuk Fund 1.08 1.08 0.94% United Capital Fixed Income Fund 1.97 1.97 0.87% United Capital Eurobond Fund 123.14 123.14 0.66% United Capital Money Market Fund 1.00 1.00 7.34% 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 13.41 13.53 1.66% Zenith ESG Impact Fund 15.33 15.50 4.92% Zenith Income Fund 22.25 22.25 1.20% Zenith Money Market Fund 1.00 1.00 6.34%

REITS NAV Per Share

Yield / T-Rtn

124.98 54.65

10.62% 8.10%

Bid Price

Offer Price

Yield / T-Rtn

14.08 135.32 106.89 19.64 22.97

14.18 138.70 109.25 19.74 23.07

0.82% 2.81% 3.16% 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

N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A

N/A N/A N/A N/A N/A N/A

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.

38

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

39

40

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

41

42

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

43

44

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

45

46

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

WEDNESDAY FEBRUARY 16, 2022 • T H I S D AY

47

48

WEDNESDAY, FEBRUARY 16, 2022 ˾ T H I S D AY

2023 CAMPAIGN WATCH

Lagos State Governor, Babajide Sanwo-Olu leading the Tinubu support initiatives

Staying Close With 2023 Olawale Olaleye

A

lthough the Independent National Electoral commission (INEC), has yet to declare open, campaigns for the 2023 elections, and had even warned early risers to be circumspect, else, it would weigh in the big stick, truth is that campaigns have actually begun and in full blaze.

And this is across the board. From the political parties to individual intending office seekers, not to talk of the infinite support groups for the different camps and characters currently dotting the turf, campaigns for the 2023 general election had since left station.

From all indications, it may not be easy tracking all the subtle campaign trains, however, catching up with as many as possible – especially the yard stompers – is equally not a difficult task.

This is why THISDAY is starting a weekly update that could help keep tabs with the “unapproved campaigns”, the intrigues, behind the scene occurrences, the machinations, political parties’ undercurrents and of course, getting requisite interpretations for some of the unfurling events.

Indeed, the last few weeks up until yesterday, have been quite entertaining in terms of political engagements, with respect to the 2023 polls. While some of the prospective presidential candidates had openly declared their intentions, others have continued with their “under-the-table” activities, just so they keep pace with developments.

But, so far, even though INEC seems unhappy with this ‘deliberate disobedience’ to simple legal instructions and unfortunately, appears helpless; isn’t it trite to infer that the battle for 2023 has begun in earnest, as everyone has started to show their hands one after the other?

BATTLE OF THE POLITICAL PARTIES

The two main political parties – All Progressives Congress (APC) and Peoples Democratic Party (PDP) – are currently in the trenches, and two critical issues are on the card in the journey to 2023. First is the Electoral Act amendment bill, which has suffered undeserving rejections and recommittals by both the National Assembly and the presidency.

Indeed, the two parties differ on some of the provisions in the amendments. Therefore, there’s an ongoing battle with respect to that.

But, there’s suddenly a loud quiet on the matter

Osinbajo’s support group doing their thing as the presidency is not saying anything yet on the new amendment since forwarded to President Muhammadu Buhari.

The second issue is the divergent calls for zoning by both parties. While the ruling APC wants the presidency to go to the south and understandably so, the PDP has elected to leave its options open, at least, it is not expressly moving it to the north.

Nevertheless, the real battle of the political parties is yet to fully commence, but they have remained major vehicles for the current campaign drive by groups and individuals for various offices.

TINUBU: WALTZING THROUGH ROUGH PATCHES

A former Lagos State Governor and one of the national leaders of the APC, Asiwaju

Bola Tinubu, was one of the first presidential hopefuls to openly announce his aspiration, when he first communicated his intention to President Buhari and later met with some prominent Nigerians, including former Military President, Ibrahim Babangida.

He took a break afterwards and since he returned from London, the United Kingdom, last week, where he was reported to have furthered his consultations, Tinubu has revved up his campaign machine and despite misgivings in some quarters, he has refused to buckle, taking it a step after the other.

Tinubu’s campaign train ran into serious turbulence last week, when he visited some traditional rulers in Ogun State and the concern about his health became the subject of debate. But the renowned political strategist and dogged fighter, brushed it all

aside, took them in his stride and continued with his nationwide consultations, which saw him visiting Sokoto State on Monday. Tinubu is doing well so far and his campaign is fast gaining stability.

OSINBAJO: A QUIET BUT SMART CAMPAIGN Perhaps, no other presidential hopeful has the kind of staggering support groups that the Vice President, Professor Yemi Osinbajo, boasts. In addition, there’s hardly any intending contender for the nation’s number one seat, who has dished out the kind of exquisite online media campaign that the VP has leveraged over time.

Suffice it to say, also, that Osinbajo has yet to openly mention to anyone that he would contest for the president of the nation, but he was alleged to have confided in a few close

T H I S D AY ˾ WEDNESDAY, FEBRUARY 16, 2022

49

2023 CAMPAIGN WATCH

Staying Close With 2023

Saraki acknowledging cheers from supporters ticket and leave it open. Atiku’s presidential bid is only feasible if the ticket either comes directly to the north is left open for the fittest to grab.

Expectedly, this has earned him opprobrium from the southern part of the country, where stakeholders have been advocating that the ticket should come to their part of the country.

Those against Atiku think his position is hypocritical, when compared to the stand he took many years ago against former president Goodluck Jonathan. But none of these is about to change his position. His ambition, from the reading of the equation, is all that matters for now.

ANYIM: PUTTING SOUTHEAST ON HIS DASHBOARD

One of Atiku’s support groups at a press conference

A former Senate President and erstwhile Secretary to the Government of the Federation, Anyim Pius Anyim, has since undertaken an audacious campaign move. Having hailed from the Southeast, where no one appears to be considering for the presidency, Anyim, has promised to go ahead with his ambition regardless.

So far, the Ebonyi State-born politician, has been going round to speak about his aspiration, consulting on the possibility of his project and personally driving his campaign. He has refused to be intimidated by the array of candidates from other zones, confident that the Southeast has a chance so long it is able to get requisite support from other parts of the country.

UNVEILING THE ‘MEFFY 2023’ MOVEMENT

Unveiling Meffy 2023 allies, that his decision to give the presidency a shot was no longer subject to debate.

Aside speculations that he had secured the go-ahead of his spiritual father, the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor E. A Adeboye, Osinbajo has continued to prosecute quiet but smart campaigns, riding high and tough on the social media as well as identifying with youth population.

He seems to understand the language of the youth and is in tune with trends in many considerations. He gave a dose of this recently at Tony Elumelu’s event, where he treated the audience to a hip-hop song, which attracted huge applause. And, after serving eight years with President Muhammadu Buhari, Osinbajo is naturally a force to reckon with and is coming up

good. All eyes on him as he is expected to declare his intention after the APC national convention.

ATIKU’S AGENDA SETTING NARRATIVE A former Vice President and PDP’s presidential candidate in the 2019 general election, Alhaji Atiku Abubakar, is back on the turf. He has also started to talk to people and has confided in many that he would run. But Atiku is not unaware of one major challenge that his aspiration might face and that is the zoning debacle.

This, perhaps, explains why he has continued to justify the need for his party, the PDP to jettison zoning the presidential

Like a cometh, there appears to be a new heavyweight into the presidential race and it is the Central Bank Governor (CBN), Godwin Emefiele. Suddenly, the talk about Emefiele’s chances, is making waves across the political spectrum. Still, Emefiele has yet to confirm that he is running. The best he has said was that his fate was in God’s hands.

But, currently, he is the in-thing with his friends and allies taking the bull by the horn.

Many of them believe he has what it takes to govern the country and would do well being a banker. Tagged “Meffy 2023”, the Emefiele movement is fast dominating the space and providing the topic for discussions as far as 2023 is concerned.

A Southerner from Delta State, the Emefiele movement has also caused some shock in the body polity, with opinions already divided on the viability or otherwise of the project.

His team is unrelenting and expectations, coupled with optimism, are high that the campaign would soon engage higher realm of activities in no distant time.

SARAKI: CONSULTING, SETTING UP TEAMS, DESIGNING BLUEPRINT

If anyone had contemplated whether or not former Senate President Bukola Saraki would throw his act in the ring in 2023, he laid that debate to rest recently,

when he hinted on his Twitter and Facebook pages that the aspiration was already a deal but would need everyone on board to make it a reality.

In addition, Saraki has started setting up different teams that would help to actualise this dream, including putting a blueprint together. Activities in his campaign have begun to gain traction, with his consultative groups, going round to feel the pulse of the people and also seeking the buy-in of other stakeholders.

Sources in Saraki’s camp have hinted that campaign activities would pick up significantly from next week, and they were confident they would effectively engage everyone, both within and outside the party.

AMAECHI AND THE MESSAGE FROM DAURA

The Minister of Transport, Rotimi Amaechi, is one of those suspected to be nursing a presidential bid, but has yet to openly talk about it. Yes, an appointee of the federal government, unveiling his aspiration now might be counterproductive hence his silence.

But his recent turbaning as the Dan Amanar of Daura, meaning the trusted son of Daura, has hinted at many possibilities, including running for president of the country. Amaechi is from South-south and it appears fingers are pointed in that part of the country. As a prominent South-south leader, Amaechi is likely to give the presidency a shot, and soon.

Even more instructive is the momentum that the turbaning gathered, coupled with the timing. What more, it was a title given by the Emir of Daura, the traditional ruler of the president’s home state. There’s truly a lot to be read into that and the totality of these points to one thing: a subliminal message from Daura. The game is on!

PDP: UNRELENTING SOUTHERNERS VS ADAMANT NORTHERNERS

As two powerful and determining political blocs, the southern and northern governors, have a lot to even out as far as the 2023 elections are concerned, because their preferences contrast. The southern governors want a southern president in 2023, while their northern counterparts disagree.

Now, this also differs from party to party. In the APC, the southern and northern governors appear to be on the same page. But the real problem is in the south itself as the battle over which zone in the south should have it has continued to rage. However, as simple as it sounds, this might be the undoing in the party.

In the PDP, unfortunately, the southern and northern governors are not pretentious about where they each stand. The south wants south and the north wants north. But in a kind of compromise, the north would rather it was thrown open and let the best emerge. That debate is not ending anytime soon and the situations remain the same with the governors.

50

WEDNESDAY, ͹;˜ ͺ͸ͺͺ ˾ T H I S D AY

FIFTY MASSIVE OIL THEFT, HIGH PIPELINE REPAIRS COST, BLEEDING NIGERIA’S ECONOMY to discuss collaborative efforts to curb the menace.

The amount, as revealed by Kyari, excluded NNPC’s intermittent contracts for the rehabilitation of its downstream facilities, ranging from critical pipelines to depots and terminals, and the Build, Operate and Transfer (BOT) financing model, of which 96 companies from various jurisdictions indicated interest in 2021.

At the daily loss of 200, 000 barrels, it would be about 73 million barrels in a year and about 438 million barrels in six years under the current administration, to give roughly $29 billion when calculated over the period.

A THISDAY analysis showed that at a projected 1.86 million barrels per day in 2021, the country recorded nearly 200 million barrels’ crude deficit, out of a possible 700 million barrels yearly, in the first 11 months of the year.

Moreover, statista.com, which tracks oil prices from 1960 till date, put the average price of oil per barrel in 2015 at $49.49, $40.76 in 2016, $52.51 in 2017, $69.78 in 2018, $64.04 in 2019, $41.47 in 2020, and $69.3 in 2021.

Using a median oil price of $64.5 for the six years multiplied by the 446.4 million barrels lost within the period, Nigeria lost approximately $29 billion in the last six years.

In 2021 alone, Nigeria was estimated to have lost as much as $4 billion, about 10 per cent of the country’s foreign reserves, to oil theft, and also suffered a double jeopardy of spending its scarce resources on the maintenance of the incessantly breached oil assets.

In the last couple of months, due to its inability to ramp up production, despite growing international oil price, NNPC was only able to contribute N14 billion, N10.5 billion, and N20 billion, respectively, to the federation account, although it projected N209 billion monthly.

Recently, THISDAY reported that Nigeria’s oil and gas industry had continued to haemorrhage, with the country losing as much as 6.596 million barrels in the December 2021 production circle. At an average of $75 per barrel for last month and a conservative official rate of N415/$1, Nigeria failed to take advantage of high international oil prices for the month, losing a whopping $487.5 million or roughly N202.3 billion.

The figures from NNPC indicated that the losses were due to a combination of factors, including force majeure declared by a Joint Venture (JV) partner.

Other reasons listed by the national oil company included community issues, maintenance work, sabotage, and technical matters, like leakages, pressure build-up, and faulty valves.

Lamenting the huge hole the activities of oil thieves was digging in his company’s revenue, Chairman of Heirs Holdings, Tony Elumelu, a few days ago said the company, Heirs Oil and Gas, was losing as much as 50,000 barrels of crude oil to criminals daily. Speak-

ing last week, during a lecture he delivered to members of Course 30 of the National Defence College on the theme, “Strategic Leadership: My Business Experience,” Elumelu described the situation as a national disgrace.

He stated, “We produce sometimes about 87,000 barrels per day, thieves take 50,000 per day and, to me, this requires a national seminar or dialogue.

“In my view, it is one of the highest levels of threat to our country because it’s so much money in the hands of people who don’t pay tax, people we don’t regulate, the country is not safe. They do that to us; they do that to other operators also.”

Elumelu added, “We look forward to men and women in this room who will help remove this national disgrace and problems that we face.”

In December, according to a THISDAY analysis, some of the assets, which took the greatest hits, included Bonny, which haemorrhaged to the tune of 2.712 million barrels for the month due to the force majeure declared on the Nembe Creek Trunk Line (NCTL).

The Urha terminal followed with 1.468 million barrel losses, which curtailed production within the period, thereby hobbling exports. For context, the loss from that particular terminal exceeded the country’s production for the entire month.

Odudu terminal also suffered the same fate due to decrease in production as a result of maintenance work on the Odudu and Ima terminal.

Furthermore, Forcados shed 456,575 barrels of oil as a result of what NNPC described as community issues delaying reinstatement of the facility.

Besides, Yoho dropped 420,000 barrels during the month owing to a faulty valve, Ajapa lost 30,000 barrels due to shutdown, while Aje terminal curtailed production within the period to the tune of 62,000 barrels.

Brass was not spared as it suffered sabotage around Tebidada and Ogbaibiri flow stations as well as the valve issues, pressure build-up, high sand production, and leak repairs, resulting in a total loss of roughly 198,200 barrels.

Last week, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) lamented that with the Organisation of Petroleum Exporting Countries (OPEC) production quota of 1.683 million bpd in January and 1.701 million bpd in February, Nigeria was only able to pump 1.396 million bpd currently. NUPRC stated that this was leading to a loss of at least 115,926 million bpd, put at roughly $300 million monthly.

“We are losing about 115, 926 barrels per day, so that literally translates to roughly about $300 million and that’s a huge loss to a nation that actually requires these funds,” the commission’s Chief Executive, Mr. Gbenga

AT NPA, NO VICTOR, NO VANQUISHED: HADIZA BALA-USMAN CLEARED, REMOVED; BELLO-KOKO NOW SUBSTANTIVE MD Muhammadu Buhari, yesterday, confirmed the appointment of Mr. Mohammad Bello-Koko, as the substantive MD at NPA, thus indicating that the Minister of Transport, Mr. Rotimi Amaechi, eventually had his way in the agency crisis, especially, over allegation of insubordination against the former MD. Bello-Koko was the executive director, finance & administration of NPA, had been acting managing director until his confirmation to replaced Bala-Usman, who was suspended for alleged financial impropriety and insubordination.

A statement by the ministry, dated February, 15th, 2022, and signed by Eric Ojiekwe, the Director, Press and Public Relations of the Ministry, stated that the appointment tookimmediate effect.

The statement read: "The President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria, Muhammadu Buhari, has approved the appointment of Mr. Mohammed Bello-Koko as the substantive Managing Director, Nigerian Ports Authority.

"Prior to this appointment, Mr Koko was the Executive Director, Finance and Administration of the Authority. This appointment takes immediate effect."

The president had on May 5, 2021, approved Bala -Usman’s suspension following a recommendation by Amaechi, who subsequently inaugurated an 11-man investigative panel to probe the NPA over contracts awarded since 2016, when Bala-Usman was made its managing director.

Bala-Usman was initially accused of failing to remit the operating surplus of NPA to the consolidated revenue fund (CFR), an allegation she denied.

Also, Amaechi had during an interview with Arise News Channel, denied knowledge of Bala-Usman’s suspension, stating that she was only asked to “step aside” pending the conclusion of the probe on NPA. However, the report of the committee, which handed a no winner, no vanquished verdict, has vindicated everyone, with respect to the issue and thus resting the nine months old investigation.

Komolafe, stated.

Komolafe attributed the underperformance to mostly oil theft, sabotage, vandalism, as well as technical issues, including ruptures associated with the assets.

“But the larger percentage is due to crude oil theft and as a commission we know the impact of this and recognising our regulatory role, we have been able to reach out to other operators as to what we can do about this,” he added.

A former Executive Secretary of the Nigerian Extractive Industries Transparency Initiative (NEITI), Waziri Adio, speaking on the matter recently, stressed that since Nigeria first reported oil losses, the situation had escalated and was taking its toll on the country.

In a period of 10 years, he stated, an analysis by NEITI put losses to oil theft at $41.9 billion, about $4.1 billion per year. He said aside its economic implications the losses also had security ramifications.

Adio said, “This is something that causes a lot of risks, not just financially but also security wise.

There are implications for the environment; there are implications for the Niger Delta, for health and safety.

“Most of the measures that have been put in place are not enough.

They are inadequate and actually the problem is getting worse at a time when the country is in a very hard place.”

He added, “We have never had it this bad. Something really is going on. The enforcement of the law is very weak, the surveillance mechanism is weak, the security apparatus is also not clearly focused.

“What we are doing in terms of technology, we are just scratching the surface. The problem is not new. It’s always been there, but it’s getting worse and it’s getting worse because we have not done enough to solve the problem.”

But aside the huge losses to oil theft, there’s also the cost of repairing the lines when they are breached.

Last year, the federal government said, through its spokesman, Mr. Lai Mohammed, that the government was spending N60 billion to repair and maintain vandalised oil and gas pipelines annually.

The minister, who spoke in July 2021 at a town hall meeting on protecting oil and gas infrastructure in Abuja, said between January 2019 and September 2020, 1,161 pipeline points across the country were vandalised.

“With an average of 200,000 barrels per day lost to the wanton damage to pipelines and a huge amount of N60 billion yearly to repair and maintain the vandalised points, one can only imagine the impact on the economy,” Mohammed stated.

However, THISDAY checks revealed that this figure might be lower than what obtained in reality.

Data independently obtained from NNPC indicated that between

January and December 2015, N103.4 billion was spent on pipeline repairs and management. From January to August 2015 alone, over 1,824 cases of breaks were reported on the pipelines.

In all, the government appears helpless, despite attempts in the past to reduce the incidence of vandalism and oil theft.

Before the Buhari administration, the preceding government had devised a strategy of hiring community members as guards, mostly hiring warlords from the areas who in turn hired those to be deployed at the facilities.

In 2011, reports said the federal government signed pipeline protection contracts worth at least $39.5 million a year with local guards.

But NNPC’s own data indicated that losses actually went up after the new contracts commenced.

But when Buhari took over, he frowned on the arrangement, put a halt to it, and literally described it as an insult to the Nigerian Armed Forces. He believed it insulted the security services that gang leaders were trusted to secure the country’s assets, despite the existence of the armed forces.

Neither Buhari’s strategy, nor those of the presidents before him has worked.

The situation worsened in 2016, when the federal government spent N112 billion attempting to fix the problem, rising about N9 billion from the previous year.

In that year, N14 billion was incurred in February, N14.8 billion in July, and N14.9 billion in August.

The lowest amount of N880 million was spent in January before aggrieved Niger Delta militants virtually brought the industry to its knees.

At least 2,560 vandalised points were recorded between January and December of that year. A check further showed that in 2017, N129.87 billion was spent on the phenomenon, while N137.44 billion was expended in 2018. But in 2019, the cost was reported as N127 billion.

However, in 2020, the cost of repairs reduced considerably to N60.5 billion, and further fell to 29.5 billion in 2021, the least spending in years. The fall in the cost of repairs may not be unconnected with the fact that many of the pipes have now been abandoned.

While oil theft is not a new phenomenon, with countries like Ghana, Morocco, Uganda, Mozambique, Mexico, Thailand, Azerbaijan, and Turkey experiencing different levels of theft, the volumes from Nigeria remain incredibly high.

For instance, while the stealing of oil across the global industry averaged 70,000 bpd of crude output in August 2020, Nigeria experienced significantly higher losses, with theft estimated at 200,000 barrels per day.

However, it is believed that access to oil pipelines in Nigeria is markedly easier due to alleged con-

nivance of top security operatives, ageing infrastructure, community acquiescence, as well as a complex web of complicity by contractors and oil companies' staff who gain when the pipelines are breached.

While it is difficult to establish what happens on the high seas, where vessels allegedly load crude oil without requisite papers under the watchful eyes of the security operatives, those in the know insist that the high volume of the commodity moved out of the Niger Delta illegally would not be possible without connivance from top security agents.

Leader of the Reformed Niger Delta Avengers (RNDA) and a coalition of nine other militant groups in the Niger Delta, selfstyled Johnmark Ezon-Ebi, in a chat with THISDAY earlier had alleged that high-ranking officials of government and security agencies were the major illegal oil ‘bunkerers’, who stole crude oil from Niger Delta and sold overseas through proxies.

An activist and National President of Ijaw Peoples Development Initiative (IPDI), Austin Ozobo, corroborated the claim and gave an insight into how the different categories of oil thieves in the region operated and settled security agents on the waterways.

A legal practitioner and former President of Ijaw Youth Council (IYC), Eric Omare, said the connivance of security agents was well known. He added that his concerns were the effect of oil bunkering on the environment and the fact that due to joblessness, graduates had joined the oil bunkering business.

In the same vein, Governor Nyesom Wike of Rivers State had also accused a serving General Officer Commanding (GOC) 6 Division of the Nigerian Army of promoting oil theft in the Niger Delta.

In November last year, Wike again doubled down on the matter, alleging that the fight to stop oil theft had continued to fail because top-ranking military officers were involved.

Since this year, Wike has repeatedly accused the Nigeria Police and Nigeria Security and Civil Defence Corps (NSCDC) of connivance. In one instance, the governor alleged that a Divisional Police Officer (DPO) actually owned one of the illegal refineries in the state.

In 2018, an indigenous oil company, Aiteo, took the unprecedented step of raising the alarm about security forces involvement in illegal oil bunkering and breaking of pipelines. It accused a then Joint Task Force (JTF) operating in the region of complicity.

These cases either went without investigation or the outcome of the investigations were not made public. However, the security forces have always denied involvement.

Nigeria has been unable to meet its allocation by OPEC, which was 1.68 million bpd for January 2022 and 1.701 million barrels per day

for February, and barely exceeded 1.25 million bpd in the last few months.

Although questions remain over the real motives for planning to exit their onshore and shallow water operations, a handful of the International Oil Companies (IOCs) operating in Nigeria have cited costs related to oil pipelines and general insecurity as reasons for their actions.

Figures from NNPC indicated that the country lost 42.25 million barrels in 2019, and 53.28 million barrels in the year prior, owing to oil theft, but the situation might have worsened in 2021.

NEITI, the country’s oil industry auditor, in 2019, suggested the country had lost around 138,000 bpd of crude to theft over the previous decade, at a value of around $40.06 billion.

Despite several efforts, including the setting up of a special security outfit, Operation Delta Safe, a coalition of all the security agencies in the country, and the establishment of several committees, including the one for recovery of crude oil and illegally refined petroleum products, the results have been largely negative.

In response to a query raised in a 2016 report of the Auditor General for the Federation (AuGF), NNPC had put the money spent on pipeline repairs within five years as well as the money lost as a result of product losses at N966 billion. The corporation said the N966 billion expenses and losses were incurred between 2010 and 2015.

But a senate panel had insisted on probing NNPC for an alleged failure to remit N4 trillion into the federation account as contained in the AuGF report.

“Aside the above, pipeline repairs and products losses so incurred stood at N966 billion for the same period,” it stated in the defence.

In June last year, NNPC began collaborating with the Economic and Financial Crimes Commission (EFCC), Department of State Services (DSS), Nigeria Police, Nigeria Customs Service (NCS), and NSCDC to try to curb the menace. That move has also been largely unfruitful.

But NNPC has always insisted that working with the local communities would be one of the most effective ways to halt the theft of crude oil and vandalism of the country’s pipelines.

“The NNPC is continuously working in collaboration with the local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace,” the company said in its Monthly Financial and Operations Report (MFOR).

However, a Pricewaterhouse Coopers forensic audit, which reviewed and analysed pipeline repairs spending claimed by NNPC found that most of the expenses were “unsubstantiated costs”.

BUHARI ACCUSES NATIONAL ASSEMBLY OF INSERTING N887BN INTO 2022 BUDGET in the 2022 Appropriation Act. He lamented that 139 out of the 254 projects in the budget totaling N13.24 billion had been identified for deletion.

The president, therefore, requested the National Assembly to amend the Appropriation Act to provide for capital expenditure in the sum of N106,161,499,052 billion; and N43,870,592,044 billion for recurrent expenditure.

He also requested that an additional provision for N2.557 trillion be appropriated by the National Assembly to fund the petrol subsidy in the 2022 budget framework which was revised to provide fully for PMS subsidy.

Buhari stressed the need to reinstate four capital projects totaling N1.4 billion in the executive proposal for the Federal Ministry of Water Resources.

He said N22 billion should be cut from the provision for the Sinking Fund to retire mature loans needed to meet government’s obligations under already Issued Bonds.

Buhari said: “You will agree with me that the inclusion of National Assembly's expenditures in the Executive Budget negates the principles of separation of Powers and financial autonomy

of the Legislature.

"It is therefore necessary to transfer the National Assembly's expenditures totaling N16.59 billion in the Service Wide Vote to National Assembly Statutory Transfer provision (see Schedule l).

“It is also imperative to reinstate the N22 billion cut from the provision for Sinking Fund to Retire Mature Loans to ensure that government can meet its obligations under already issued bonds as and when they mature.

“The cuts made from provisions for the recurrent spending of Nigeria's Foreign Missions, which are already constrained, are capable of causing serious embarrassment to the country as they mostly relate to office and residential rentals.

“Similarly, the reductions in provisions for allowances payable to personnel of the Nigerian Navy and Police Formations and Commands could create serious issues for government. It is therefore imperative that these provisions be restored as proposed “It is also absolutely necessary to remove all capital projects that are replicated in the 2022 Appropriation Act. 139 out of the 254 such projects totaling N13.24 billion have been identified to be deleted from the

budget.”

He added: “Some significant and non-mandate projects were introduced in the budgets of the Ministry of Transportation, Office of the Secretary to the Government of the Federation and Office of the Head of Civil Service of the Federation "There are several other projects that have been included by the National Assembly in the budgets of agencies that are outside their mandate areas.

"The Ministry of Finance, Budget and National Planning has been directed to work with your relevant Committees to comprehensively identify and realign all such misplaced projects.

“It is also necessary to restore the titles / descriptions of 32 projects in the Appropriation Act to the titles contained in the Executive Proposal for the Ministry of Water Resources (see Schedule IV) in furtherance of our efforts to complete and put to use critical agenda projects.

The president also sought the approval of the federal parliament for a fresh request of N150 billion.

“It is equally important to reinstate the N25.81 billion cut from the provision for the Power Sector Reform Programme in order

to meet the Federal Government’s commitment under the financing plan agreed with the World Bank.

“Furthermore, there is critical and urgent need to restore the N3 billion cut from the provision made for payment of mostly long outstanding Local Contractors' Debts and Other Liabilities as part of our strategy to reflate the economy and spur growth.”

The president said the N2.557 trillion fresh requests was to enable the federal government to subsidise petrol from June to December this year.

He said: "Following the suspension of the petrol subsidy removal, the 2022 Budget Framework has been revised to fully provide for PMS subsidy.

"An additional provision of N2.557 trillion will be required to fund the petrol subsidy in 2022.

Consequently, the Federation account (Main Pool) revenue for the three tiers of government is projected to decline by N2 trillion while FGN’s share from the account is projected to reduce by N1.05 trillion.

"Therefore, the amount available to fund the federal budget is projected to decline by N969.09 billion."

51

WEDNESDAY, ͹;˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

EU DELEGATION VISITS TRADE MINISTRY...

L-R: Head, European Union (EU) Delegation to Nigeria, Amb. Sanuela Isopi; Vice President, Nargrethe Vestager; Minister of State, Federal Ministry of Industry, Trade and Investment, Amb. Mariam Yalwaji Katungum, and Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, during the visit of EU delegation to the Ministry in Abuja ... yesterday

France, Nigeria Collaborate to Contain Terrorism, Piracy Kingsley Nwezeh in Abuja The France government, yesterday, pledged to collaborate with Nigeria in a renewed bid by both countries to contain terrorism and piracy in the Gulf of Guinea.

France made the pledge as the Minister of Defence, Maj. Gen. Bashir Magashi (rtd), sought more proactive intelligence gathering mechanism and technological support to drive new information sharing regime in aid of the military campaigns in the country.

He sought the renewal of the existing bilateral military agreements between Nigeria and France to reflect real-time security related needs of the two countries.

Speaking during a courtesy visit to the Ministry of Defence in Abuja, the Ambassador of France to Nigeria, Emmanuelle Blatmann, while requesting for technical interface between the two parties to examine critical areas of mutual benefits in the proposed rebirth of Memorandum

of Understanding (MoU) between the countries, gave assurances that her country would reinforce efforts to end terrorism in Nigeria and piracy in Gulf of Guinea.

The French envoy, who was accompanied on the visit by the Defence Attache, Embassy of France in Nigeria, Colonel Guillaume Dujon, thanked the defence minister for the audience aimed at strengthening the existing bilateral agreements between the two countries.

In his remarks, Magashi said Nigeria and France were strategic partners and pointed out that the partnership needed to be rejigged to take it to higher levels of operability and deliverability.

The defence minister, therefore, welcomed a more proactive intelligence gathering mechanism and technological support to drive new information sharing regime in aid of the military campaigns in the country.

The minister went further to ask for technological transfer to

galvanise the nation's military productive capabilities in the sector.

While requesting for technical interface between the two parties

to examine critical areas of mutual benefits in the proposed rebirth of Memorandum of Understanding, she gave assurances that her country would reinforce efforts

Deji Elumoye in Abuja President Muhammadu Buhari has not directed that a query be issued to the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), over the importation of substandard fuel into the country.

An authoritative source in the Presidency disclosed this yesterday, saying nothing of such ever happened.

“The report on query being

issued was not correct. Yes, Mr. President is unhappy with what happened, but he didn’t direct that a query be issued. The story is not correct," the source who pleaded to remain anonymous said.

The top government official added: “There was no directive to issue a query. What Mr. President is interested in is for all the stakeholders to team up, and resolve the issue that has brought untold hardship to Nigerians, who queue hours on end to get petrol.

Ayu charges ex-PDP governors to bring back defector-members A former governor of Jigawa State, Sule Lamido, yesterday, warned that the country might fold up if the Peoples Democratic Party (PDP), lost the 2023 election and therefore, appealed to the party to resolve its issues particularly, the acrimony arising from allocation of power.

This is as the National Chairman of the party, Dr. Iyiorcha Ayu, charged former governors of the party to bring back their colleagues, who had defected to other parties, saying Nigerians wanted them back in the party.

Lamido, who led other former governors to visit Ayu and members of the National Working Committee (NWC) noted that there must be a party first before the debate over zoning,adding that if PDP lost power again in 2023, the country might likely fold up.

Lamido, therefore, called on incumbent governors of the

party to work together with former governors to strengthen the party ahead of 2023.

“In 2023, PDP is being looked upon as to which way Nigeria.

If we don't get things right in 2023, Nigeria will be in problem.

A developed party is the only way in which government is formed.

A party that is not properly organised, directed, cannot form a good government. That is why you see the All Progressives Congress (APC), is not organised.

“Also, to minimize acrimonious discussion in terms of power allocation, we need the party first before the power. If the party is not properly organised, power will elude us. In 2023, if we lose power, Nigeria may likely come to an end,” he said.

Lamido lampooned the APC for being unorganised, stressed that a good party platform that is organised and committed to Nigeria, would produce a very good government.

Nigerian Armed Forces over military personnel, who paid the supreme price in the line of duty, defending the nation's territorial integrity and sovereignty.

‘No Presidential Order to Query NMDPRA CEO over Imported Substandard Fuel’

Lamido: Nigeria will Fold Up If PDP Loses in 2023 Dirisu Yakubu

to end terrorism in Nigeria and piracy in Gulf of Guinea.

A statement issued by the minister's office, said the ambassador commistrated with the

“A party, which is in disarray, unorganised will spell doom for Nigeria like we are going through now with the APC,” Lamido said, assuring the PDP leadership of the support of former governors.

"The journey towards 2023 will be very difficult. It will task your capacity, task your patience and political dexterity, but I know you have what it takes,” he said.

On his part, Ayu, who expressed delight over the former governors’ solidarity visit, said the outcome of the recent council elections in Federal Capital Territory (FCT), showed that Nigerians wanted PDP back in power.

“It is very clear that Nigerians are receiving our message. It is very clear that Nigerians want us back to power. And that is why in the FCT, they voted us massively back to power.

“And I am happy to say there are many of you whom we had put to work on this election.You did your best and you helped

to make us achieve this victory.

You worked hand-in-hand with the serving governors; with other members of the party, which is an indication that if we work together as we did in FCT, we will achieve results; we will achieve victory.

“And, therefore, I am appealing to all members of the party to be on the same page. That is, to work together, we came in by consensus and we're determined to build consensus for the party.

“So, all governors, all former governors, all former ministers and former elected officers of the party, as long as you remain members of this party, we intend to bring all of you together to work as one happy family.

“I intend, with my colleagues in NWC, to invite you to a joint meeting between the current serving governors and all former governors, so that we have a serious discussion on the best way of moving this party forward,” he said.

"The President is aware that the Minister of State, the Chief Executive Officer of NNPC Ltd, Mele Kyari, the NMDPRA Head, and everyone involved, are working together to resolve the issues, at the shortest possible

time".

He added that what was uppermost in the mind of the President was the restoration of smooth supply of quality petrol to Nigerians, “and not recriminations or blame game.”

Zulum Offers to Rebuil Police, Immigration Barracks Michael Olugbode in Maiduguri The Borno State Governor, Professor Babagana Zulum, has ordered the construction of new barracks for the Police and the Immigration in Gamboru, Nigeria’s border town with Cameroon.

The old barracks constructed by the federal government were razed by Boko Haram insurgents at the peak of the crisis in the North East.

Zulum gave the order yesterday during the third day of his humanitarian activities in parts of the state.

Zulum, who travelled alongside Senator Kashim Shettima, his predecessor and current Senator representing Borno Central, also directed the construction of a shopping complex to enhance trade, and the reconstruction of some buildings at the Nigerian Arabic Village in Ngala town, owned by the federal government.

Zulum, Shettima and other stakeholders had traveled to Gamboru on Sunday and undertook major humanitarian activities same Sunday, Monday, and yesterday.

The governor, who inspected government buildings providing essential services in Gamboru, observed that barracks belonging to the Nigeria Police Force and the Nigeria Immigration Service, were burnt beyond repairs.

He directed the Commissioner for Reconstruction, Rehabilitation, and Resettlement to commence processes towards the construction of new barracks for both the police and the immigration services in Gamboru.

The governor further directed the Borno State Geographic Information Services (BOGIS) to construct a new shopping complex in the town, asking the Executive Secretary of BOGIS, Adam Bababe, to submit a budget for the project.

Zulum also took a tour of structures at the Nigerian Arabic Village, in Ngala town, on the invitation of the school’s executive director, and afterwards, directed the commencement of reconstruction works, with a completion deadline of 2022 ending.

The governor promised to look into other problems faced by the school to identify immediate, short, and long term interventions by the host government.

Also, in the course of his tour, Zulum announced plans for the urbanisation of border towns in the state, one of which is Gamboru that shares border with Cameroon, linking the Republic of Chad.

“Gamboru Ngala is one of our border towns, and there is the need for us to urbanise all the border towns in Borno State in order to enhance commercial and social trading activities,” he said.

52

WEDNESDAY, ͹;˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

STRENGTHENING RELATIONSHIP...

L-R: Special Adviser to the Governor on Parastatal Monitoring Office (PMO), Mr. Afolabi Ayantayo; Permanent Secretary, Oke- Osanyintolu Zainab Oluwatoyin and Managing Director, Lagos State Signage and Advertisement Agency (LASAA), during PMO's working visit to LASAA…recently

IMF: Nigeria Has Capacity to Repay its Debts, Our Worry is Fiscal Deficit Predicts country’s debt-to-GDP ratio may rise to 43% Emmanuel Addeh in Abuja The International Monetary Fund (IMF) yesterday said although it doesn’t doubt Nigeria’s ability to repay its soaring debts, it was concerned about the country’s rising ratio of debt-to-Gross Domestic Product (GDP).

Speaking on Arise News Channel, THISDAY’s broadcast arm, last night, Resident Representative of the global organisation in Nigeria, Ari Aisen, stated that though current projection of debt-to-GDP ratio was 36 per cent, it could actually rise to 43 per cent.

Describing the figure as “very large”, he explained that as an institution, the IMF would continue to highlight the need to properly manage the debt dynamics even as interest rates begin to climb worldwide.

Aisen explained that if there was a change in the current dynamics, Nigeria could be caught up in a very difficult position.

The IMF representative stated that the multilateral institution would support the federal government’s plans to raise tax-to-GDP revenue in the coming years.

“The capacity to repay as I was saying is not really an issue.

The record is very strong, both in terms of private obligations.

And we actually saw at the end of last year, that the Eurobond issuance was oversubscribed, it was a success.

“So I want to allay those concerns and put it to rest. But I think it's important to recognise that because the fiscal deficits have been high and they need to be financed, and the trend of the debt to GDP ratio is increasing.

“We are projecting 36 per cent and it may go up to 43 per cent.

Still not an alarming level, but very still large, already large.

“So , it's our job as an institution to highlight that eventually, that may become too large to bear.

And be reminded also that debt dynamics are very important.

Nigeria has been enjoying low interest rates and worldwide and around the world, because of inflationary concerns, interest rates are starting to climb,” he explained.

Stressing that the country needs more fiscal space to be able to pay salaries, spend on security, education and health, he noted that the IMF was committed to backing

the authorities to strengthen tax administration, broadening the tax base and improving compliance on the various taxes.

He added that while there’s been a bit of progress in some areas, in other cases, there was more work to be done, especially in the area of governance and transparency.

Aisen noted that budget lines that allowed tracking of spending committed to COVID-19, created by the ministry of finance was a good move, to ensure more clarity about what is being done with the funds.

“But unfortunately, there have been technical difficulties in terms of access and even the quality at some point of those public information that needs to continue to be improved, because it's been a bit uneven. Not everyone and all the time, can have access to that information.

“So we are calling for the authorities to really be mindful and finish the job that already started and probably the most difficult part that has already been done, which is creating those lines, it's in the budget.

“And it's not only the federal

budget or even state budget information available that should be available for everyone at all times. So, this is just one example of how to boost and enhance these important commitments, that at the end of the day will be to the benefit of Nigeria,” he added.

In terms of the exchange rate, the IMF reiterated the recommendations which Aisen stated had been consistent over the years and which he agreed the Central Bank of Nigeria had done some movements in the right direction.

He argued that by eliminating

Tinubu: Magajin Garin Was Devoted to Caliphate’s Development One of the All Progressives Congress (APC) national leaders, Asiwaju Bola Ahmed Tinubu, has described the late Magajin Garin of Sokoto (Head of Sokoto Caliphate Kingmakers), Alhaji Hassan Danbaba, as a man, who devoted most of his life to the development of the Sokoto Caliphate and contributed immensely to the propagation of Islam in Nigeria.

Accompanied by some white cap chiefs from Lagos, Tinubu on Monday, visited the Sultan

of Sokoto, Alhaji Sa'ad Abubakar, and the family of the late Magajin Garin to condole with them over their loss.

The APC leader was received in Sokoto by a former governor of the state, Senator Aliyu Magatakarda Wamakko, who led his delegation to the family house of the deceased, where they offered prayers for the bereaved family and a repose of his soul.

The late Magajin Garin was the grandson of the late Premier

of Northern Region, Sir Ahmadu Bello. His mum, Hajiya A'ishatu, the last daughter of the late premier, died last year.

Speaking at the residence of the deceased, Asiwaju Tinubu expressed deep sadness at his passing, saying, "But we can't question Allah. He gives and takes. We pray that Almighty Allah recognises the many good deeds of Magajin Garin for Sokoto Caliphate, Nigeria and humanity and grant him Aljanna Firdaus,"

Buhari Seeks Legal Backing for NSCDC, NCS, Immigration Board Bill to coordinate security agencies’ activities passes second reading

Sunday Aborisade and Udora Orizu in Abuja

President Muhammadu Buhari, yesterday, asked the National Assembly to approve a bill,seeking legal backing for the establishment of the Civil Defence, Correctional, Federal Fire and Immigration Services Board.

The bill was forwarded for consideration and passage through a letter dated February 9, 2022and was read by the Senate President, Ahmad Lawan, at the start of plenary yesterday.

Similarly, the House of Representatives, has passed for second reading, a bill seeking to establish a National Security Coordination

Centre in the country to galvanise activities of security agencies.

Buhari, in the letter explained that the request for the passage of the bill was made pursuant to the provision of Section 58(2) of the 1999 Constitution as amended.

The letter read in part: “Pursuant to Section 58(2) of 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward, herewith, The Civil Defence, Correctional, Federal Fire and Immigration Services Board Bill, 2022 for the kind consideration of the Senate.

“The Civil Defence, Correctional, Federal Fire and Immigration Services Board Bill, 2022 seeks to establish the Civil Defence, Correctional, Federal Fire and

other FX windows that still exist, more transparently, it would help the clarity of exchange rate policy, including unifying all the rates. “ It's important to make sure that you have a reasonably flexible system that allows for periodic adjustments, so that the rate can clear the market. Now, that cannot be done by itself in isolation.

“It needs to be supported by other policies and by appropriate context , political environment, everything needs to be conducive to support a move like that otherwise, it will be like previous experiences,” he maintained.

Immigration Services Board to adequately reflect the current relationship between the Board, Corps and the Services and align their composition, structure, functions and practices to attain the intended mandate of the services.

“While hoping that this submission will receive the usual expeditious consideration of the Senate, please accept, Distinguished Senate President, the assurances of my highest consideration.”

Meanwhile, the proposed legislation by the House, titled; "a Bill for an Act to Establish National Security Coordination Centre in the Country for all Security Agencies Coordination in Combating Acts of Terrorism including Banditry,

Kidnappings; and for Related Matters 1772)," was sponsored

by Hon. Ahmed Munir (APC, Kaduna) and Magaji Da'u Aliyu (APC, Jigawa).

Leading the debate on its general principles, Munir explained that the bill sought to coordinate the activities of the various security agencies fighting insecurity, banditry and other security challenges in the country.

He said the agency when established would eliminate interagency rivalries and strengthen the operations of the agencies, who sometimes work at cross-purposes on the same operations.

According to him, there was the need to have an agency that

would coordinate the activities of all security agencies in order to have a clear focus on all operations by the agencies.

"The objective are as follows: to ensure the coordination, formulation and implementation of counter terrorism strategy and build capacity of men and women in the security sector to be deployed to the field to discharge their functions.

“Upgrading security architecture to possess 21st century method and tools to face the present day threat; to boost inter agency collaboration," he said.

Thereafter, the bill was voted on, passed for second reading and referred to the House Committee on Intelligence and National Security.

he said.

At Sultan's Palace, Tinubu presented the royal father with a condolence letter, wherein he spoke about his personal relationship with the late Magajin Garin, acknowledged his kind contributions to the caliphate and the country and prayed to Allah to grant him eternal rest.

"Losing Magajin Garin at such a tender age can be painful, indeed.

It is even more hurtful that this passing came barely a year after we lost his mother, Hajiya A’ishatu, the eldest daughter of the late Premier of Northern Nigeria, Sir Ahmadu Bello. I understand your pain and I share in it. Magajin Garin was a fine gentleman and a devout Muslim, who related well with all those who encountered him,” he said in the letter.

Continuing, he said the deceased “contributed immensely to the development of not only the Sokoto caliphate but also in the entire country. He also played a leading role in the propagation of Islam in Nigeria and beyond.

"Your Highness, I would also like, through you, to extend by commiseration to Governor Aminu Waziri Tambuwal, the immediate family of the deceased and indeed to the entire Saudana Family. My prayers is that Allah Subuhanan Watahala comforts his family and all those he left behind. May He also grant his soul Aljanna Firdaus.

Amin."

53

WEDNESDAY, ͹;˜ ͺ͸ͺͺ ˾ T H I S D AY

NEWS

INAUGURATION OF THE FCT SUKUK TECHNICAL COMMITTEE...

L-R: Perm. Sec., Federal Capital Territory Administration (FCTA), Mr. Olusade Adesola; Hon. Iduma Igariwey representing Chairman, House Committee on FCT, Hon. Abubakar Garba Idris; Senate Minority Whip, Sen. Philip Tanimu Aduda; Director-General, Debt Management Office (DMO), Patience Oniha; FCT Minister, Malam Muhammad Musa Bello; Chairman, Senate Committee on FCT, Sen. Abubakar Kyari, at the inauguration of the FCT Sukuk Technical Committee at the FCTA Office in Abuja ... yesterday

Shock as Lawan Allows Retired Clerk to Perform Duty at Plenary Sunday Aborisade in Abuja Members of the Senate, on Monday, watched with shock and disbelief as the Senate President, Dr. Ahmad Lawan, allowed the recently retired Clerk, Ibrahim El-Ladan, to perform his official duties.

El-Ladan was retired by the National Assembly Service Commission, (NASC), last week for alleged forgery of documents and age falsification.

El-Ladan and two other permanent secretaries have been accused of forgery and age falsification a situation that earned them sanctions from the NASC.

The commission had ordered El-ladan and another officer, Adebayo Anthony Adebanjo, to proceed on retirement with immediate effect, while Michael Okpara should retire in six months.

Messrs Isabella Ugochi Iloba, was appointed by the NASC as acting Clerk to the Senate to take over from El-Ladan.

The letter obtained by THISDAY yesterday and dated February 9, 2022, was with reference number NASC/PF/69/184 and titled: “Retirement from service” and addressed to El-Ladan.

Part of the letter read: “The Commission at its 547th meeting held on Wednesday, 9th Febru-

NNPC MOVES TO AMELIORATE QUEUES NATIONWIDE, EXPECTS 2.3BN LITRES OF PETROL IN TWO WEEKS distribution across the country, NNPC has commenced 24 hours operations at its depots and retail outlets.”

Similarly, the NNPC stated that Major Oil Marketers Association of Nigeria (MOMAN), Depot Owners & Petroleum Products Marketers Association of Nigeria (DAPPMAN) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) had begun 24 hours loading and dispensing activities in some of their designated outlets.

“NNPC has constituted a monitoring team, with the support of the Authority (NMDPRA) and other Security Agencies to ensure smooth distribution of PMS nationwide.

“NNPC implores Nigerians to avoid panic buying and assures that the ongoing efforts will be sustained to restore normalcy in a few days' time,” Adeyemi added.

But the assurance that the lines will clear soon, contrasted with an earlier statement by the Independent Petroleum Marketers Association of Nigeria (IPMAN), which had said the situation may last for another two weeks.

IPMAN Public Relations Offi-

cer, Chief Chinedu Ukadike was quoted to have said motorists were engaging in racketeering whereby they “fill up their tanks, go to sell to black marketers and return to the queues.”

“Forget what people are saying, it will take two to three weeks to fill in the gaps. We are talking about evacuating and replacing, it is not just about the shortage, it is also about evacuating and replacing,” he had said.

THISDAY had on Sunday also reported that the federal government turned back two tankers carrying petrol loaded in Antwerp, Belgium, to their load-port after initially being destined for Lagos in Nigeria, to prevent a further oversaturation of the supply chain with bad fuel.

Nigeria depends almost entirely on imports to meet its domestic fuel needs after many failed initiatives to revamp the dilapidated refineries, with the country’s daily consumption exceeding 60 million litres.

NNPC handles nearly all the imports through crude-for-fuel contracts, known as Direct Sale, direct Purchase (DSDP), with consortia of local and foreign oil firms.

ary, 2022, has approved your retirement from Service with effect from 9th February, 2022.

"The Commission wishes to acknowledge your immense contribution to the growth and development of the National Assembly Service.

“As you proceed on retirement, please, handover your Office and other Government property in your possession to the Deputy Clerk, Senate (Legislative), Ilobah Isabella Ugochi.

"On behalf of the Commission, I pray that Almighty God will

continue to grant you good health and success in your future endeavours" The letter was signed on behalf of the Executive Chairman of the NASC, Ahmed Kadi Amshi.

However, El-Ladan carried out his official assignment in

the Senate Chambers on Tuesday unhindered.

Attempts to get the reaction of the NASC to the matter failed on Tuesday as the Director of Information of the agency, Mrs Janet Mambula, did not respond to inquiry.

Senate Extends Assets Declaration to Financial Institutions' Workers House moves to ban bank employees from operating foreign accounts

Sunday Aborisade and Juliet Akoje in Abuja The Senate yesterday commenced the process of amending the Bank Employees’ Act to provide for the inclusion of all financial institutions’ staff in compulsory declaration of assets.

On its part, the House of Representatives yesterday moved to amend same Act with a view to banning all bank employees in the country from operating foreign accounts.

The proposed legislation by the Senate was tagged, "A bill for an Act to amend the Bank employees etc. (declaration of assets) Act cap b1 laws of the federation 2010 and for related matters 2022 " It was sponsored by Senator Mohammed Sani Musa (Niger East). Musa said the bill sought to amend the Bank Employees, etc. (Declaration of Assets) Act, Laws of the Federation 2010, He said it would bring it in conformity with the 1999 Constitution of the Federal Republic as amended, as well as resolving certain anomalies brought about by present day realities and best practices in our financial system.

He also said it would provide the necessary legal framework regarding assets declaration of employees in the financial institutions, pension fund administrators, stock brokers and insurance firms and ensure that their employees’ assets declaration are regulated by the relevant and statutory regulator of the specific sector.

The statutory regulators for the various sectors were listed to include the Central Bank, National Pensions Commission, Securities and Exchange Commission and the National Insurance Commission.

He also said the Economic and Financial Crimes Commission (EFCC) had on March 16, 2021, announced that all employees of financial institutions (including banks) in Nigeria must declare their assets before 1st June, 2021.

He said the instruction was in line with the provisions of the Bank Employees, etc. (Declaration of Assets) Act 1986 (the EFCC Order). The directive, he said, had elicited several debates as to who the appropriate authority was and the status of the bank workers, and bank casual/ part-time workers.

He explained: "The BEDA Act expressly states that all manner, title and types of workers in the bank and financial institutions are to declare their assets.

"The Act covers all employees of financial institutions in Nigeria and those in their foreign branches, from the bank executives to cleaners, drivers, messengers, and the last person on their chain, whether in full or temporal employment.

"By the provisions of the Principal Act, the Secretary to the Government of the Federation, being the appropriate authority, was given the responsibility of keeping completed forms of Assets Declaration by employees of banks and Customs service.

"Then, the Secretary to the

Government of the Federation had the combined functions of the present Head of Service of the Federation as well as the Secretary to the Government of the Federation.

"Whether those records of assets declaration were kept as prescribed by the Act or not is yet to be ascertained."

In a related development, the Chairman of the House Committee on Financial Crimes, Ibrahim Abdullahi who briefed journalists in Abuja said the move was to address the prevailing situation in the country where bank employees aid illicit financial flows.

The bill was passed for Second Reading on the floor of the House during plenary and referred to the Committee on Financial Crimes for further legislative actions.

The Amendment Bill which was sponsored by Hon. Abiola Shina Pellar, sought to basically amend or review the existing Act to conform to current realities in the country.

"It is worthy of note that the Act was promulgated under the military era and as such, carries with it, some elements of that regime, hence the significance of this Amendment," he said The overall objective of the legislative proposal was to check the excesses of not only bank employees but, financial institutions in general.

He noted that in modern times, there has been a surge in the establishment of various forms of financial institutions in the society compared to what was

obtainable in the 1960s and even 1980s when financial institutions in Nigeria were mostly banks.

"Today, we have a proliferation of insurance companies, mortgage banks, Pension Fund Administrators and even lending organizations etc. who equally require supervision like banks" "Accordingly, Clause 1, subclause (1) of the Bill seeks to compel employees of a bank to immediately declare their assets including those of their spouses and unmarried children under the age of 18years.

"The bill also amends the existing legislation by inserting a new Clause which attempts to ban bank employees from maintaining and operating personal bank account in any country outside Nigeria.

"Clause 3 of the Bill also seeks to mandate the President to direct by a published instrument in the federal gazette informing the application of provisions of the Act to other financial institutions. Thus, the Bill defines other financial institutions to include any individual, body, and association ort group of persons whether corporate or incorporated other than banks licensed in accordance with relevant laws which carries business of a discount house, finance company and money brokerage" he said The proposed legislation aims to expand the application of the bill to other financial institutions such as Pension Fund Administrators, Insurance and Stock Brokers and such other institutions as defined therein.

54

WEDNESDAY FEBRUARY 16, 2021 ˾ T H I S D AY

NEWSXTRA

Federal Character: Lagos Indigenes Sue FG over Alleged Marginalisation Wale Igbintade Lagos state indigenes under the auspices of Lagosians Advocacy Group (LAG) have sued the Federal Character Commission (FCC) and 18 others before a Federal High Court in Lagos over alleged continuous and deliberate violation of constitutional rights of Lagos State indigenes regarding appointments into public offices and career positions.

The suit, which is before Justice Ambrose Lewis-Allagoa, was filed by four legal practitioners, Yakubu Eleto, Adeyemi Onikoro, Shittu Akeem, and Nurudeen Aregbesola.

Others are; Chief Muhammed Jamiu, Madam Titilayo Medeme Ogun, and Gbenga Agoro (for themselves and on behalf of LAG) The defendants are, the Nigeria President, Attorney General of the Federation, The Senate, Lagos State Governor, Attorney General of Lagos State, Lagos State House of Assembly, Independent National Electoral Commission (INEC), All Progressives Congress (APC), and Peoples Democratic Party (PDP).

Other defendants are: Head of Service of the Federation, Federal

Civil Service Commission, Head of Service of Lagos State, Lagos State Civil Service Commission, Lagos State Local Government

Service Commission, Lagos State House of Assembly Service Commission, Lagos State Judicial Service Commission, Lagos State

Teaching Service Commission and Lagos State Health Service Commission.

At the hearing of the suit

yesterday, the plaintiffs were represented by Yakubu Eleto, while the 5th, 7th, 13th, and 19th defendants were represented by

Olamide Ibrahim. M.S. Saliu represented the 8th defendant while Adeleke Ogunnuga represented the 9th defendant.

ALL FOR ADEOTI...

Minister of Interior, Ogbeni Rauf Aregbesola; Gubernatorial Aspirant of the All Progressives Congress (APC), Alhaji Moshood Adeoti(insert) and other party chieftains and members at the sensitisation rally held in Iwo, Osun State…yesterday

Adulterated Fuel: Group Aregbesola Resuscitated Progressive Politics in Osun, Says Adeoti Expresses Worry, Says Product Dangerous to Health Yinka Kolawole in Osogbo

Ayodeji Ake

The Society of Testing Laboratory Analysts of Nigeria (SoTLAN), has expressed worry over trending adulterated Premium Motor Spirit (PMS) issues making waves across Nigeria, saying such products are harmful to human health.

Addressing newsmen in Lagos on Tuesday, the President, SoTLAN, Prof. Olugbenga Ogunmoyela, noted that the government need to look into the issue beyond the petroleum industry but also public health, maintaining Nigeria as a society not ready for methanolic PMS products.

“SoTLAN, therefore, note with regret , the recent issue of adulterated Petroleum Motor Spirit (PMS) imported into the country , which has not only been an embarrassment, but has caused severe and unwanted hardship on citizens of the country by way of damage to vehicular engines, fuel scarcity and traffic gridlocks.

“It is a known fact that due to the current subsidy regime, NNPC is the sole supplier of all PMS in Nigeria, charged with the purchase, importation, distribution or marketing of petroleum products supplied to some major marketers.”

Ignore Blackmail against Dikio, Ex-militants Urge NSA Blessing Ibunge in Port Harcourt Former Niger Delta militants and beneficiaries of the Presidential Amnesty Programme (PAP) have urged the National Security Adviser (NSA), General Babagana Monguno (rtd), to ignore allegations of one Kingsley Muturu against the PAP Interim Administrator, Col. Milland Dikio (rtd).

Recently, Muturu, who claimed to be the leader of phase 2, Delta State chapter of the amnesty programme, accused Dikio of

preferential treatment in the allocation of stakeholders’ benefits, and threatened to stage a protest in Abuja.

Reacting on the allegations, the former agitators under the aegis of the Forum of Delta Ex-agitators, said Muturu was pursuing a personal agenda, and had resorted to cheap blackmail.

In a statement signed yesterday

by General’ Lucky Omogba, the ex-agitators explained that Muturu was angry because the amnesty office only accepted 25 out of the over 300 names he presented for scholarships.

Gombe Sport Commission Chair Resigns Segun Awofadeji in Gombe As the 2023 general elections draw nearer, more political appointees have continued to resign from the administration of Governor Inuwa Yahaya of Gombe State.

Recently, two special advisers in the governor’s cabinet, Ms. Dijatu Bappa and Mr. Garba Jijji, have resigned their positions.

Similarly, the former Executive Chairman of the Gombe State Sports

Commission, Mr. Hamza Adamu Soye, yesterday tendered his resignation letter to the governor.

Soye said in his resignation letter dated February 15, 2022, and addressed to the state governor, that “his resignation takes immediate effect.”

In a phone interview, the former executive chairman confirmed the letter to our correspondent but did not elaborate on the reasons behind his abdication of office.

A governorship aspirant of the All Progressives Congress (APC) in Osun State, Moshood Adeoti, has said that progressive politics in the state was near-dead before the arrival of the Minister of Interior, Rauf Aregbesola in 2004.

Adeoti noted that Aregbesola resuscitated the progressive politics after the People Democratic Party(PDP) had taken over the state.

The former Secretary to the State Government stated this

yesterday during the Iwo Federal Constituency tour to familiarise himself with the members of the party.

He stressed that Aregbesola committed his life and resources to the resuscitation, maintenance and development of the progressive politics before, during and after he became the governorship candidate of the Action Congress (AC).

Adeoti contended that Aregbesola does not deserve the humiliation and betrayal being experienced from Governor

Adegboyega Oyetola and his followers.

According to him “ Rauf Aregbesola resuscitated progressive politics in Osun.

Anybody who was around in the state between 2004 and 2010 will know that Aregbesola was the harbinger of hope, confidence and power for the progressive party in the state.

He said: “Everybody will agree that if not for Aregbesola’s doggedness, modern politics and collective efforts, the PDP would have remained in power

till date”.

While speaking on the 2018 Governorship primary of the party, Adeoti said Aregbesola was blindfolded by his loyalty to his boss to accept, promote and assiduously work for a wrong and unpopular candidate.

He said: “Aregbesola was committed and loyal to his master in Lagos. That was why he supported an unpopular candidate in 2018. We all knew then that Oyetola was a bad product but Aregbesola did not have a choice.

CSOs Decry Banning of Activities of Volunteers in Katsina Francis Sardauna in Katsina The Coalition of Civil Society Organisations (CSOs) in Katsina State, has described the banning of the activities of volunteers (Yan-sakai) group by the state government as another way of worsening the security challenges afflicting the state.

The Chairman of the CSOs, AbdulRahman Abdullahi, in a press statement obtained by THISDAY yesterday, said the

proscribing of the volunteers would aggravate killing and abduction of innocent citizens by terrorists.

The state government in a statement issued to Journalists on Monday night by the Special Adviser on Security Matters, Ibrahim Ahmad Katsina, banned the activities of the volunteers over what it termed extra-judicial killing of innocent citizens by members of the group.

The government also directed

the Nigeria Police Force and other security agencies in the state to enforce the dismantling of the group and arrest anyone found parading himself as a member of the group.

But Abdullahi explained that in the wake of the upsurge of insecurity occasioned by the activities of the terrorists, members of the self-appointed security outfit should be allowed to protect vulnerable communities in the state.

He said the government should devise means of integrating and coordinating the activities of the outlawed group for effective and professional service delivery instead of dismantling it.

He reiterated that members of the proscribed ‘Yan Sakai’ group have a vital role to play in enhancing the security situation of the state “at this time of serious death of security personnel”.

‘Top Nigerians Frustrating Digital Addressing Platform’

James Sowole inAbeokuta

An Information Technology (IT) expert, Olaniyi Ayoola, yesterday raised the alarm that some elements had been frustrating Nigeria’s Digital Addressing Platform that is capable of bringing transparency into almost everything done as a country.

Ayoola, the chief executive officer of VerveTree hub, stated this while addressing a news

conference to herald the 5th Edition of TechSummit Ogun 2020, with the theme: ‘Disruptive Innovation: Production and Distribution of Creative Content’.

The summit, which would start today (Wednesday), will have the Minister of Communications and Digital Economy, Isa Pantami, as the keynote speaker.

He said the Digital Addressing Platform, being worked on, if properly integrated and

implemented, would solve a lot of problems and increase the Nigerian Gross Domestic Product (GDP).

He said: “As beneficial as the platform will be if integrated, some elements are trying to frustrate that process because if it is implemented, it will bring transparency into almost everything we do as a country.

“It will tell you where everybody lives, what they do and their environment, because it is going to link addressing with mobile

numbers, and now that mobile numbers have been linked to NIN, and NIN linked to BVN. “So, there is no way you can thrive as a fraudster or a corrupt citizen if digital addressing is properly implemented. Why is Nigeria not looking at such innovations in addressing real estate, businesses and others? You will find out that some people are not sincere in taking advantage of technology to improve their livelihood.

2023: Okorocha Advises Nigerians on Selection of Leaders Onuminya Innocent In Sokoto The Senator representing Imo West senatorial district, Owelle Rochas Okorocha, has advised Nigerians to elect leaders who would unite the country rather than the ones who would cause divisions, in 2023.

Okorocha made the call yesterday in Sokoto at the Sultan of Sokoto palace when he paid him a condolence visit over the

death of Magaji Garin Sokoto, Hassan Danbaba.

According to the former governor of Imo State, “Nigeria needs a leader who would fix and unite the country. As we are approaching 2023, we need to be careful in selecting those who would lead us.”

Okorocha, who admitted that there is hunger, poverty, killing and economic downturn in the country, implored Nigerians to

be wary of politicians in sheep clothing who have nothing to offer the country.

He further disclosed that Nigeria needed somebody who has a track record and ability to fix the country, adding that he was not in Sokoto for politics, but to condole with Sultan, the governor and the people of Sokoto State.

The senator said: “You can’t play politics with death. I’m in

the town on condolence over the death of my friend and brother, Magaji Garin.”

He described Hassan Danbaba as a detribalised Nigerian, who has friends across the country.

He disclosed that the deceased is a patriotic Nigerian, who has left a legacy worthy of emulation, maintaining that Nigerians should unite and work together to rescue the nation from poverty, insecurity, and economic woes.

55

WEDNESDAY, ͹;˜ ͺ͸ͺͺ ˾ T H I S D AY

WEDNESDAYSPORTS

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

0811 181 3083 SMS ONLY

Mbape Spares Messi’s Blushes with Late Winner against Madrid Five-star Man City have one leg in quarter finals C H A M P I O N S L E AG U E PSG were overwhelmingly dominant last night but needed a 94th-minute strike from Kylian Mbappe to seal a 1-0 victory over Real Madrid in the first leg of their Champions League last 16 tie.

After Lionel Messi's 62ndminute penalty was saved by Real goalkeeper Thibaut Courtois, it looked as though the game would finish goalless until Mbappe struck at the death.

The first chance fell to Angel Di Maria, who was picked out well by a low cross from Mbappe but was unable to keep his shot under the bar when he really should have done better.

Mbappe then had his own effort well saved by Thibaut Courtois, with the French side enjoying the lion's share of the possession and preventing Real from getting anything going in the opening stages.

The visitors didn't have a single shot up until the final kick of the first half, when Casemiro's header trickled harmlessly wide.

It was all PSG, but to Real's credit, they defended well and limited

them to just one shot on target in the first 45.

Mbappe had the second half's first chance too. Some nice work in the box gave the PSG man the angle to get a shot off, but his powerful effort was well repelled by the excellent Courtois.

In the other match, Manchester City are on course for the quarterfinals after Bernardo Silva's brace inspired a five-star 5-0 rout of Sporting Lisbon in Lisbon.

Pep Guardiola's side produced a swaggering display at the Jose Alvalade Stadium to kill off Sporting before the second leg in Manchester on March 9.

RESULTS PSG 1-0 Real Madrid Sporting CP 0-5 Man City

Today (@9pm) Inter Milan v Liverpool Salzburg v B’Munich

Okpekpe Race Organiser Dedicates SportsVille Award to Obaseki

Kylian Mbappe scored the winner as PSG secured a 1-0 edge over Real Madrid in Paris...last night

PHOTO: PSG Images

Organiser of the historic Okpekpe international 10km road race, Mike Itemuagbor has dedicated his award as the pioneer of worldacclaimed road races in Nigeria to the Governor of Edo State, Godwin Obaseki.

Afrobasket: D'Tigress to Receive N25m Presidential Largesse The Nigerian national women's basketball team, D'Tigress are to receive a cash reward of N25 million from the Federal Government for winning the 2020 Afrobasketball Championships in Cameroon.

Nigeria's D'Tigress beat Mali in the final of the Championships in Cameroon last year to win the Afrobasket women's title for the third time in a row.

After the victory, the Minister of Youth and Sports Development, Sunday Dare recommended that a token of appreciation be given to the African queens of the courts for doing the nation proud, a

request that has now received the approval of President Muhammadu Buhari.

Apart from their dominance on the continent, D'Tigress have also become a global force.

Only last week, they qualified as Africa's sole representatives to the FIBA women's World Cup holding in Sydney, Australia in September.

After losing their first game to China, the Nigerian queens beat the World number five ranked team, France and their bitter African rivals Mali to seal their place in the World Cup finals.

D’Tigress are to receive a N25million Presidential handshakes soon

Itemuagbor's effort at organising the first World Athletics label road race in West Africa was recognised at the SportsVille awards on Sunday.

According to the organisers, Itemuagbor was honoured because "the Okpekpe 10km road race which you pioneered has not only succeeded in changing the face of road races in the country but has also put Nigeria in the world map of countries with internationally accredited road races."

In his acceptance speech, Itemuagbor said the race would not have become the first World Athletics label road race in Nigeria nay West Africa without the huge role played by the people and government of Edo state led by the Governor, Godwin Obaseki. ''Without the road infrastructure in Okpekpe this would not have been possible to organise and huge credit must go to His Excellency, the Governor of Edo state, Godwin Obaseki who, as head of the economic team of the former Governor, Comrade Adams Oshiomhole insisted on the construction of the road to Okpekpe and its environs despite criticisms that government was constructing roads from somewhere to nowhere.

....Basketball Players Question Dare’s Silence on NBBF Leadership Crisis Olawale Ajimotokan and Fola Alaran in Abuja

Nigerian basketball players have criticized the indifference of the Minister of Youth and Sports Development, Mr. Sunday Dare, to the crisis that has led to emergence of two factional boards at the Nigeria Basketball Federation (NBBF), headed by Igoche Mark and Ahmadu Musa

Kida.

The players, led by Ejike Ugboaja and Stanley Gumut, expressed their displeasure when they staged a protest yesterday at the Federal Ministry of Sports in Abuja yesterday.

Ugboaja said the minister should not sit on the fence and must show boldness in addressing the issues without sentiment.

"The two elections were concluded two weeks ago, and we don't know the stand of the minister. I served under the Musa Kida's board and I have played the game for more than 12 years. We have never experienced this type of problem before, except, the minister has been compromised. I think by today, we ought to have our President and not the ministry

running the show.

“We want the minister to come out and tell us what is going on, we want him to address us. We want the minister as the father of the game to tell us his position.

Without the players there is no basketball,” Ugboaja fumed.

Also, Gumut, who is the present Players Representative in the NBBF factional board headed

by Igoche Mark, insisted that

basketball players in the country and abroad have thrown their lot in support of Mark and are not ready to repeat the mistake made four years ago.

"We don't want to repeat the mistake we made four years ago; wasted time is what we don't want to repeat again, all our fight is about players' welfare.

The truth of the matter is that we the players have thrown our

weight behind Mr. Igoche Mark.

Unfortunately, the ministry is not saying anything about it.

We the players are the pioneers of this game and we don't want to play free basketball anymore.

The minister is supposed to come out and talk to us as a father, but the man has been shying away from talking to us and his action becoming worrisome to us,” Gumut concluded.

Wednesday, February 16, 2022

TR

UT H

& RE A SO

N

Price: N250

MISSILE NANS to FG, ASUU

“We shall fight this impunity and recklessness without any consideration other than an immediate end to this strike. We, therefore, inform the Minister of Labour, Chris Ngige, to expect us in our numbers, and ASUU should be ready to return to the table to end this avoidable, reckless and repugnant strike. We are resolute, to hold government responsible”--NANS President, Asefon Sunday, gearing for a showdown with government, to end incessant strike actions in the ivory towers.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

The Primacy of Social Inclusion W hile politicians are legitimately planning for political power in 2023, it is also important to pay due attention to what is happening in the social realm

right now.

There are issues of social exclusion, the dignity of the human person and widening inequality.

These are central issues that should be addressed today as they cannot wait for even another month more.

Tackling the issues requires “the fierce urgency of now,” to borrow the phrase employed by American civil rights activist Dr. Martin Luther King Jr in a different context on August 28, 1963.

The point has been made from very respectable quarters that the vertical restructuring of the Nigerian federation should even precede the elections. For some, a new constitution should be made before you could talk of legitimate elections. So, some patriots have continued with the agitation for restructuring despite the moves at the National Assembly to review the constitution. Furthermore, discussions towards the next year presidential election are largely in geo-political terms. The focus of pundits is on the ethnic or regional origins of presidential aspirants as well as their proclaimed faiths.

However, politicians in and out of power do not seem to recognise the primacy of the unjust social structure of the system and the crisis emanating from it. The horizontal manifestations of the social crisis include worsening poverty, exclusion of millions of people, absence of wider social protection, deepening inequality and the lack of respect for the dignity of persons.

In other words, the lot of the people in the Internally Displaced Persons (IDPs) camps and the other victims of the festering humanitarian crisis deserves urgent attention. In the same vein, the urgent response to the condition of children dying of starvation and dehydration cannot be postponed till after the election regardless of who the winner would be 12 months from now.

In a clime of issue-based politics, the announcement two days ago by the federal government of a “five-year strategic roadmap” on social investments ought to generate a virile debate among political parties.

In fact, the debate ought to be led by the party in power at the centre, the All Progressives Congress (APC) while the Peoples Democratic Party (PDP) and other parties should also be interested in the “roadmap” presented by a ministry for which hundreds of billions are voted yearly.

Ordinarily, the programmes that the Humanitarian Affairs Ministry is expected to implement are those ones that a typical social democratic party should articulate with vigour while a right- of -the -centre party is expected to sharply criticise the programmes from its ideological perspectives. The work of the ministry ought to be a major issue in the next year’s election. But no major party has efficiently articulated a programme of social democracy or liberal economic reforms in this dispensation.

It is, therefore, unclear what the party positions are on matters of social investments. Yet, parties ought to state their positions on the programmes.

Well, it is predictable that politicians would just

Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar-Farouq ignore the roadmap while continuing with the debate over power rotation and other geo-political calculations they consider more important in the race towards 2023.

At the launch of the the rejig of humanitarian interventions programme, Minister of Humanitarian Affairs, Disaster Management and Social Development Sadiya Umar-Farouq said it was done in fulfilment of the mandate President Muhammadu Buhari gave her when she was appointed in 2019.

According to the minister, the strategic theme is as follows: “Mapping out a life of dignity for all.” Instructively, Vice President Yemi Osinbajo has reportedly drawn a link between the roadmap and the recently launched National development Plan.

Elements of the strategy include implementation, review and monitoring of the social programmes for the purpose of achieving greater results.

Farouq said the plan is a product of the analysis of the feedbacks the ministry got from its public. Among the objectives of the plan are strategic partnerships, mainstreaming the Sustainable Development Goals (SDGs), the integration of the social investment programmes and the inclusion of those with disability. The ministry is also scaling up its capacity to deal with natural and man-made disasters.

Besides, the also plans to coordinate the implementation and evaluation of its signature programmes better in the next five years.

These programmes include the National Social Investment Programmes (NSIPS), the National Home-Grown School Feeding Programme, the N-Power Programme, the Government Enterprise and Empowerment Programme (GEEP) and the Conditional Cash Transfer (CCT). The minister also pointed to some steps already taken to realise the broad objectives of the roadmap.

Significantly, the National Commission for Persons with Disabilities (NCPWD) has been

established. Similarly, the Board of the National Senior Citizens Centre has also been constituted.

It is also worth noting that the President has launched the Alternate School Programme (ASP) in response to the social disaster inherent in the burgeoning population of children out of school.

Nevertheless, Nigeria is certainly not yet on the road to social protection given the fact of millions who still lack access to basic needs.

Doubtless, a lot deficits are still noticeable in the operations of the ministry despite the minister’s upbeat mood in her recent statement on the roadmap. She claimed that the ministry had embarked on self-evaluation. She should also be receptive to the critical assessment of the public.

The public perception is quite different.

For instance, not a few members of the public would wonder what has been the impact of the Alternate School Programme of the government given the number of children still roaming the streets during school hours in cities and rural areas.

Given the huge amount of money voted for the programmes of the ministry, the public is surely owed greater accountability. In this sense, accountability is in both moral and material terms.

So, it is not only a matter of Naira and Kobo; it is also about proper articulation of policies.

To be fair to the minister, if the APC were to be a party in the organic sense of it, the party ought to embark on the broad articulation of the programmes of the ministry and those of other departments and agencies. The programmes are so pivotal to social cohesion that the instrument of a political party properly organised should mobilise popular support for its conception and implementation. But that may be too much to ask of a party that seems incapable of even organising a national convention after 20 months of allegedly planning to do so.

Elsewhere, social democratic and right-wing parties are even debating the efficacy of Universal Basic Income in deeply philosophical terms as part of anti-poverty policies. In Nigeria, even the Conditional Cash Transfer on a severely limited scale is being glibly dismissed by our neo-liberal experts. These experts receive their incomes in millions; so they cannot imagine what impact N5, 000 could make to a poor family!

“One of the lessons of economic thinking of the last century for mankind is that for the purpose of social cohesion, the state has a primary role in promoting the welfare of the people”

The sensitive nature of the job of the social development ministry does not give room for opaqueness. When you handle the affairs of the poor and the distressed, you cannot be tired of making explanations. The ministry should be seen to be pursuing the cause of social inclusion fervently with utmost transparency.

The public, in turn, should avoid cynicism in viewing the work of the ministry. Such an approach would be grossly unhelpful.

The hundreds of billions of naira being spent by the ministry belong to the people. In this light, the five-year plan announced by Farouq should not only be subjected to a critical examination; the work of the ministry could be improved upon with constructive ideas from the public on the design and implementation of programmes.

For instance, some programmes of the ministry should be better structured and institutionalised where possible. Beyond giving cash and care, some structures should be put in place for sustainability.

The process of getting the benefits across to the people should not be made complicated.

While basic principles of checks and caution are maintained, things should be made as easy as possible for the beneficiaries.

The ultimate question in the debate over the efficacy of social protection programmes is this: where is the money to fund it? In places where one form of social policy or the other has succeeded, it has always been a deliberate choice of governments based on ideological convictions.

To the neo-liberals, welfare is a dirty word. They say it promotes laziness. Yet, you don’t have to be versed in Karl Marx’s materialist conception of history to gauge the ominous consequences of social exclusion. So, it is a matter of priority in the face of obviously limited resources. A government that is convinced that no investment could be greater than the investment in the people would surely make it a priority at the expense of other things.

The efficiency and honesty of implementation also matter. Only the poor who deserve the benefits should have access.

Besides, a programme of social inclusion can only be implemented in a setting where the role of the state in tackling poverty and inequality is widely acknowledged.

In the wake of the 2008 financial crisis, millions of children in the United States got access to free lunch for years because the economic crisis made their parents poorer. That happened in the headquarters of global capitalism. But here in Nigeria, our neo-liberals dismiss welfare policies as if their implementation is the original economic sin.

One of the lessons of economic thinking of the last century for mankind is that for the purpose of social cohesion, the state has a primary role in promoting the welfare of the people.

That’s why wise governments around the world are investing heavily in the welfare of their people regardless of the technical arguments of some experts to the otherwise.

There is, therefore, a lot of wisdom in the important provision in the much-despised 1999 Constitution that “the primary purpose government is the security and welfare of the people.”

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja .

All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com