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NNPC Fixes March 21 to Begin Drilling of Oil in Nasarawa Emmanuel Addeh in Abuja The Nigerian National Petroleum Company Limited (NNPC) yesterday announced that it will commence the drilling of crude oil in Nasarawa State from March 21, 2023.

Group Chief Executive Officer of

the national oil company, Mallam Mele Kyari, who spoke when he visited the Governor of the state, Abdullahi Sule, in Lafia, the state capital.

According to Kyari, initial exploratory activities detected that there was a significant amount of oil in the state, noting that the NNPC

was ready to do the necessary work to find the hydrocarbon resources.

“This work must be done very fast because the whole world is walking away from fossil fuels due to the energy transition. The earlier you go to market, the better for you.

Otherwise, 10 years from now, no one will agree to put money in the

petroleum business unless it comes from your cash flow,” he stated.

He said that the company began work in the state in 2010 and has technically found a petroleum environment in the state.

"We have seen a great potential for finding hydrocarbon in Nasarawa State and to confirm this, we are

going to start drilling on March 21.

"We are very optimistic that it would be a successful exercise.

It will not end there, once you find oil, you do further works to develop it, not just for the benefit of the community around it but for Nasarawa state and the country," he said.

Kyari pointed out that the exploration would not be limited to the current location in Obi/ Keana location.

"Once we test this prospect, it opens new roads and we have seen other great prospects across many Continued on page 40

Naira Scarcity Crisis: Channel Your Energy into Voting Out APC, Atiku Tells Nigerians... Page 8 Friday 17 February, 2023 Vol 28. No 10173. Price: N250

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How G-5 Governors, Other PDP Leaders Stand on Presidential Choice Ortom, Mimiko, Duke, George, Anyim back Obi Wike, Fayose lean towards Tinubu Ugwuanyi now backing Atiku Makinde, Ikpeazu still undecided George Okoh in Makurdi and Kasim Sumaina in Abuja Eight days to the presidential bout

of the general election, it appears the centre could no longer hold amongst the aggrieved G-5 governors of the Peoples Democratic Party (PDP), and

other leaders, who earlier shared their sentiments on the state of the party vis-à-vis their choice of presidential candidate.

Although the self-styled leader of the group and Governor of Rivers State, Nyesom Wike, had announced different dates, when he would

announce his choice candidate for the presidential race, he has yet to make any such public announcement.

But with the elections some eight

days away, it is becoming clearer how and where the G-5 and other Continued on page 5

Buhari Insists New Cash Policy Will Address Insecurity, Corruption Emefiele appeals for support, meets bank executives, directs them to make old N200 available Says temporary pains regrettable Withdraw your suit against FG, Katsina Commissioner tells govs Obaseki, apex bank, PoS operators meet, strategise on cash disbursement across Edo Lagos, Gbajabiamila, Wike fault disregard for S'Court order El-Rufai counters president, urges Kaduna residents to continue using old notes See story on page 5

MAMA OSINBAJO IS 90...

L-R: Vice President, Prof. Yemi Osinbajo; his mum, Mrs. Olubisi Osinbajo; General Overseer of The Redeemed Christian Church of God (RCCG), Enoch Adeboye, and Wife of the Vice President, Mrs. Dolapo Osinbajo, at 90th Birthday thanksgiving church service of VP’s mother, at the St Jude Cathedral Church in Ebute Metta, Lagos... yesterday

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Moody's: Nigeria FX Shortage May Threaten Banks' Liquidity Emmanuel Addeh in Abuja Foreign exchange shortages faced by local Nigerian companies may threaten bank liquidity, while a devaluation of the naira precipitated by these shortages would weaken banks' capital, ratings agency Moody's said in a note yesterday.

Banks have been providing

trade finance to companies to cover the foreign exchange (FX) costs of imports, meaning they are on the hook if the companies fail to make the foreign currency payments, Moody's said.

The report stated that off-balance sheet, trade-related exposure of the Nigerian banks rates was about $9.8 billion in 2022, 54 per cent of

banks' liquid FX assets.

Nigeria regularly suffers from acute foreign currency shortages as the central bank tries to steady the naira. It currently trades at N460 per $1 officially , compared to around N750 on the black market, where it fell below 800 naira last year.

Nigeria's commercial banks had lent $10.4 billion of FX in aggregate

terms to the central bank as of June 2022, posing a further risk to bank liquidity, Moody's added in the note.

"The central bank has a strong track record of repaying the FX it owes to the banks, but at a time of acute FX shortages, there is increased risk that it would extend the life of some contracts,

postponing repayment," Moody’s noted as per a Reuters report.

Cash shortages are stoking anger in Nigeria ahead of presidential and parliamentary elections next week, prompting the president to grant an extension to a deadline to turn in old bank notes.

The production of Nigeria’s main foreign exchange earner,

crude oil, has been hobbled by oil theft and deteriorating upstream infrastructure, although recent efforts to stop the menace had begun to bear fruits.

In recent months, the country’s crude oil output has gone from a paltry 900,000 barrels per day, a multi-decade low, to about 1.258 million bpd in January.

has spoken on this matter and the president has sealed the whole issue this morning in his broadcast.

"I think I can only just appeal to Nigerians, let's allow this policy to work. This policy is one policy that goes to reduce the problem of corruption and illicit financial flaws.

"This policy goes to resolve some of the problems in the economy, this policy also goes to reducing the level of insecurity in the country. So these three issues which are the tripod of this administration's policy are all embedded in this policy. We should just allow it to work.

"We keep saying this, there are some temporary pains, but I can assure Nigerians that the long-run benefit to Nigeria is overwhelming and we should just give it a chance to work."

On what Nigerians should expect from the CBN following the directive of the president, Emefiele said the president had given his directives.

The leader of the Parliamentary delegation, House Majority Leader and Chairman of the Ad-Hoc Committee, Hon Ado Doguwa, said the meeting with the president was necessitated by the need to bring him up to date on the “problems of implementation and unintended consequences” of the new cash policy.

In acknowledging the far-reaching quality of the president’s broadcast to the nation earlier yesterday, the House Leader said the legislature and the government were on the same page in so far as the goals of the policy were concerned.

He added, however, that more needed to be done to remove the “hardship and inconveniences” that have attended its implementation.

Also addressing newsmen after the meeting with the President, the House Leader stressed that the naira redesign policy was against the ruling All Progressives Congress (APC), adding that it was going to make the party unpopular.

His words: "I as a member of the ruling party, told Mr. President that the policy in itself is a policy that is against the ruling party, my party because it's a government policy, Muhammadu Buhari government, government of the APC. "And Nigeria's at time of elections are now looking at my government coming up with an unpopular policy. Unpopular because it does not matter if the policy may be seen to be professionally good. Some us see a lot of things good about the policy, but our worry as members of the ruling party is why now? 30-40 days to elections you come out with a policy that is not widely accepted

by Nigeria's and whether we like it or not that will be seen as the program of government.

"So those of us in the APC are not happy about it and I believe some of my colleagues in other parties would not see this as a good policy. Not good because the time is absolutely wrong".

He said the committee came to see the President in spite of his broadcast and his directives to the CBN governor to commend him for that but to also tell him that "It is not yet Uhuru."

Doguwa said he told President Buhari that the Committee will continue to interface with the CBN in the implementation of his directives, adding that the Green Chamber will not hesitate to invoke the instrumentality of law to call the CBN boss to order if he derails from implementing the directive.

According to him, "One important thing I want to stress is that Mr. President has addressed most of the issues we want to raise with him at the national broadcast this morning.

But that notwithstanding, Mr. President allowed us to meet him believing the fact that the committee coming to him represent the institution of the National Assembly.

"And when you have issues to do with policies of government, you have matters that border on lives and livelihood of our people, the best institution to speak for Nigerians is this institution, the National Assembly and in this case, the House of Representatives.

"What excites us is that when we met Mr. President, he was already on ground with those agencies that have something to do with this issue of naira redesign and naira swap.

The CBN governor was there at his instance, the representative of the Ministry of Finance was there, the AGF was also represented there, the inspector General of Police was also there.

"We came to say to Mr. President that in spite of his broadcast this morning, in spite of the fact that he has told the CBN to make some amendments, to take some new steps to ameliorate the hardship this policy has already entrenched in our economy which is impacting negatively on the lives and livelihoods of Nigerians, we told Mr. President clearly that it is not yet Uhuru.

"For instance, the Central Bank has been directed to make money available, this new naira notes should be made available. But how do we ensure that Mr. President's directive is being carried out? That cannot be guaranteed. Thank God that Mr. President addressed us and addressed the CBN governor once again to our face and we used the opportunity to also tell the CBN governor that 'you must go around to implement the directive of the President as contained in the letters of his speech; not a matter of perception, not a matter of being professional.

“You cannot be more professional than the feelings of the actual players in the market place of the economy.

"No matter what policy you want to bring; no matter how good or decent that policy is, as long as it brings about hardship, pressure to the system, then that policy must be deemed to be otherwise. It is on this note that we told Mr President that we would continue to interface with relevant agencies especially the CBN governor.

"Of course while we are discharging our constitutional right to oversight every institution of government, we must ensure that the directive of Mr. President is carried out to the letter, failure to do that we must involve every instrumentality of the law, legislative instrumentality, to ensure that Presidential orders are being abided by and ensure that the laws of the land are also being respected.”

He added: "But I want to state without any fear of contradiction that I share in the perception of Mr. President, in the perception not the CBN governor that there is need for us to entrench this policy to be able to address some security problems; there is need for this policy so that Nigeria can be seen to be working on same page with international economies.

"But why do you want us to be cashless at a time when we are facing a general election where security apparatus working to protect the election process would require cash to service their logistics?

"Why will you insist on cashless when even INEC has raised a lot of fears that without cash is needed to carry out activities by the electoral commission."

He further said the Electoral Act

BUHARI INSISTS NEW CASH POLICY WILL ADDRESS INSECURITY, CORRUPTION Deji Elumoye, Emmanuel Addeh, Udora Orizu in Abuja, David-Chyddy Eleke in Awka, Adibe Emenyonu in Benin City, Francis Sardauna in Katsina and Blessing Ibunge in Port Harcourt President Muhammadu Buhari has said the cashless policy and the naira redesign project of the Central Bank of Nigeria (CBN) have short and long term benefits for the country in dealing with insecurity and corruption.

He however, agreed that the apex bank should take the recommendation of a parliamentary committee to rectify identified challenges associated with the initiative which had created imbroglio in the past few days.

Buhari’s comments came as the CBN Governor, Godwin Emefiele, gave him an assurance that N200 currency notes taken out of circulation would be returned and widely circulated effective yesterday.

This was just as Katsina State Commissioner for Local Government and Chieftaincy Affairs, Alhaji Ya'u Umar Gwajo-gwajo has called on Governors of Zamfara, Kaduna, Kogi, Katsina, Kano, Ondo, Ogun, Ekiti and other states that dragged the federal

government to the Supreme Court against banning the old N1000, N500 and N200 to withdraw the suit.

Nevertheless, Governor of Kaduna State, Mr. Nasir El-Rufai, yesterday in a televised broadcast to residents of the state, countered Buhari’s earlier directive in an early morning broadcast yesterday that only N200 old notes and all the new denominations of Nigeria’s currency remain legal tender.

On his part, yesterday, the Speaker of the House of Representatives, Femi Gbajabiamila, faulted the decision of the federal government to disregard the Supreme Court order on the issue of currency swap.

The apex court had last week given an order for the old N1,000, N500 and N200 should remain legal tender pending the determination of a case brought before it by some state governors. The apex court had on Wednesday reiterated its order and adjourned the matter to February 22.

The president who spoke yesterday at the State House, Abuja, when he received briefing from members of the House of Representatives Ad-hoc Committee on cashless policy and Naira swap, said his speech earlier in the day was comprehensive enough

and was adequate as a response to the general outcry about the problems associated with the currency exchange.

He described the aim of the policy as, “very good, security-wise” as seen from the lessening of kidnappings and associated corrupt practices.

Buhari again accused banks of being a problem.

The CBN governor, as directed by the president, explained that the cashless policy was a global policy.

“Nigeria must go cashless. It is a global policy, checking insecurity and fighting corruption,” Emefiele said.

He added that senior officers at the CBN had all been sent out, complimented by “Super agents,” to take new currencies to unbanked rural populations, expressing optimism that the problems he described as “temporary, passing” will go away in no distant future.

He disclosed that he had met 15 bank chief earlier in the day in an effort to resolve prevailing problems and will do so again later in the evening, assuring that “we are at the end of the problem.”

He also gave the promise that by the end of February, the CBN would bring into circulation between

N700-N800 billion, well in excess of what was needed to run the economy, stating emphatically that it was not possible to put back more than N3 trillion if the economy was to be healthy.

Emefiele gave a firm promise that the apex bank’s policy would not disrupt the forthcoming elections.

Speaking with newsmen after the meeting, the CBN Governor appealed to Nigerians to allow the naira redesign policy of government to work.

According to him, allowing the currency swap to work would go a long way to help the nation's economy.

His words: "I have met with about 15 banks this morning and we have given them directive on go to get all the old N200 available effective today.

And I can assure Nigerians this will help reduce the pain.

“We meet with the bankers at least once daily to get feedback and the rest of them and I think we should just allow this to work, the temporary pains are regrettable but I can assure Nigerians that it will be well."

According to him: "The truth is that we are all servants. We are serving Nigerians. As far as we are concerned the Attorney General

HOW G-5 GOVERNORS, OTHER PDP LEADERS STAND ON PRESIDENTIAL CHOICE party leaders, who would rather a southern president, stand as the election inches closer.

While the G-5 governors had secretly met with the All Progressives Congress (APC) presidential candidate, Bola Tinubu, a couple of times in London, Wike appears to be leaning towards Tinubu as his candidate, even though he has not publicly announced this, but after openly foreclosing any last minute deal with his party’s candidate, Atiku Abubakar.

Wike, expectedly, is not alone in the support drive for Tinubu, a former governor of Ekiti State, Ayodele Fayose, though suspended, has also elected to back the former Lagos State governor, both on ethnic and regional sentiments.

On their part, the Benue State Governor, Samuel Ortom; former Ondo State Governor, Olusegun Mimiko; his Cross River State counterpart, Donald Duke; former Deputy National Chairman of PDP, Chief Bode George and former Senate President, Anyim Pius Anyim, have enlisted support for Obi. While others have not clearly indicated their stand, Ortom, yesterday, crawled out of hiding, and declared support for Obi, asking Nigerians not to vote along party lines but vote individuals with credentials, character, competence, educational backgrounds and the mettle to deliver and revamp the socioeconomic fortunes of the country.

In another breath, while the Oyo State Governor, Seyi Makinde and the Abia State Governor, Okezie Ikpeazu, have remained undecided, the Enugu State Governor, Ifeanyi Ugwuanyi, has retuned to the candidate of his party, Atiku, whom he warmly received recently, when the former vice-president visited Enugu for a presidential rally.

However, throwing more light on his support for Obi, Ortom, who was a guest at a town hall meeting for stakeholders across the 276 councils wards of the state organised by the Inter-Party Advisory Council (IPAC) in Makurdi, said both the ruling All Progressives Congress (APC) and the Peoples Democratic Party (PDP), had failed the nation.

This is as the Benue State High Court, has issued an order of interim injunction, restraining the PDP, its National Working Committee (NWC), National Executive Committee (NEC) or its National Officers (elected or appointed) from expelling the governor of Benue State, Samuel Ortom.

At the same time, Abia State Governor, Okezie Ikpeazu, yesterday, in Abuja, hinted that the agitation of the embittered G-5 governors of the PDP, was beyond the forthcoming 2023 general election.

Speaking on the sidelines shortly after the public presentation of the book, entitled: 'The Biochemistry of Environmental Pollution', co-author by him and Kalu Kalu Igwe, Ikpeazu, said all that the G-5 governors wanted was nothing but inclusiveness.

However, addressing the townhall, Ortom, said the people must fashion out a new Nigeria that would give them equity, fairness, and justice as the nation inch closer to the general election and urged them to shun all partisan sentiments as the major parties today had failed the nation.

He said Nigerians had come to a time where, “We must live out sentiments and safe Nigeria by looking at individuals, who can lead with the fear of God, provide gainful employment for the Youth.”

While observing that Obi surpassed all other candidates by age and capacity, he assured them that he would do the right things for the country hence “we all must give him the support to unite Nigeria and solve insecurity challenges in the country.”

Ortom, who openly threw his weight behind Obi, said among the top three contender, the former Anambra State governor remained outstanding hence he believed that the he would be able to root out insecurity and unite the country.

"They remain committed to the development of the country and that is why I have chosen to support them.

If you make an analysis of the three front runners you will discover that Peter Obi’s quality is outstanding.

Did you see any other person insulting Peter Obi? Obi will do the right thing for Nigeria.

“He will provide security and make sure we sleep with our two eyes closed. This thing is not about party. I am not in labour party but I am working for Peter Obi. You know I am also contesting election and I have others who are also contesting and for easy coordination vote for us in the party we are.

"You can imaging the highest position Ahmed Datti attained in this country. He is a senator but you can see he has two universities. He is a young man, who is sound and

willing to add more values to Obi's value when they are elected,” he said.

In his remarks via live screening, Obi assured the thousands of people who trooped out to the meeting that he would revamp the economy, provide jobs and infrastructure, as well as tackle insecurity in the country.

Makurdi High Court Bars PDP From Expelling Ortom

A Benue State High Court has issued an order of interim injunction, restraining the PDP, its NWC, NEC or its National Officers (elected or appointed) from expelling the governor of Benue State, Samuel Ortom.

Justice A.I Itoyonyiman issued the order on Thursday following a Suit with number MHC/46/2023, which was brought before the court on Wednesday, February 16th, 2023.

In the suit, Ortom is the Plaintiff/ Applicant while Peoples Democratic Party (PDP) and Independent National Electoral Commission (INEC) were first and second Defendant/ Respondents respectively.

The court, upon hearing the Affidavit of Hon. Abraham Kwaghngu, Politician, Nigerian Citizen of Governor's Office, Benue State Government House, Makurdi, Benue State, sworn to and filed at the High Court Registry, Makurdi on 15th February, 2023 made the following order: “Restraining the 1" Defendant/ Respondent either by itself or its National Working Committee and/or it National Executive Council and/ or its National officers (elected or appointed) and/or its North- Central Zonal Executive Officers (elected or appointed) and/or its Benue State Officers (elected or appointed) and/ or its Guma Local Government Area Officers (elected or appointed) and/ or its Nzorov Council Ward Officers (elected or appointed) or any of its other organs or officials (anyhow so called) from expelling, suspending or levying any other punishment on the Plaintiff/Applicant pending the determination of the Motion on Notice for Interlocutory Injunction.

“An interim order of injunction is also made restraining the 2nd Defendant/Respondent either by itself or any of its Officials/ Officers/Directors/Departmental or other Heads/any other officer by whatever name called from receiving and/or acting upon any

communication made by the 1st Defendant/Respondent seeking to disqualify from contesting or seeking not to be placed on the ballot paper the name of the Plaintiff/Applicant as the 1st Defendant's candidate for the Benue North West Senatorial District in the 2023 general election pending the determination of the Motion on Notice for Interlocutory Injunction.

“An order of interim injunction is made restraining the 2nd or Defendant/Respondent either by itself any of its Officials/Officers/Directors/ Departmental or other Heads/any other officer by whatever name called from refusing for whatever reason to place the name of the Plaintiff/ Applicant on the ballot to contest the Benue North West Senatorial election slated for February 25th, 2023 or any other rescheduled dated pending the determination of the Motion on Notice for Interlocutory Injunction”.

Governor Ortom had earlier approached the court with the following demands: “An Order of interim injunction restraining the 1st Defendant/Respondent either by itself, or its National Working Committee, and/or its National Executive Council, and/or its National Officers (elected or appointed), and/or its North-Central Zonal Executive Officers (elected or appointed), and/or its Benue State officers (elected or appointed), and/ or its Nzorov Council Ward Officers (elected or appointed), or any of its other organs or officials (anyhow so called) from expelling, suspending or levying any other punishment on the Plaintiff/Applicant, pending the determination of the Motion on Notice for Interlocutory Injunction.

“An Order of interim injunction restraining the 2nd Defendant/ Respondent either by itself or any of its Officials/Officers/Directors/ Departmental or other Heads/ any other officer by whatever name called, from receiving and or acting upon any communication made by the 1 Defendant/ Respondent seeking to disqualify from contesting or seeking not to be placed on the ballot paper the name of the Plaintiff/Applicant as the 1st Defendant's candidate for the Benue North West Senatorial District in the 2023 general elections, pending the determination of the Motion on Notice for Interlocutory Injunction.

Continued online

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NEWS

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

COURTESY VISIT TO OLU OF WARRI...

L-R: Managing Director of NDDC, Dr Samuel Ogbuku, The Olu of Warri, His Royal Highness, Ogiame Atuwatse III, and the Executive Director, Projects, Mr. Charles Ogunmola , during a courtesy visit in his palace in Warri, Delta State... yesterday.

SYLVESTER IDOWU

Naira Scarcity Crisis: Channel Your Energy into Voting Out APC, Atiku Tells Nigerians Compel APC leaders to release hoarded naira notes, PDP tells Buhari Adedayo Akinwale in Abuja The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar has urged Nigerians not to let their frustrations manifest into violence as a result of the scarcity of the naira, saying they should instead channel such energy into voting out the All Progressives Congress (APC) on February 25.

This was just as the Peoples Democratic Party (PDP) yesterday called on President Muhammadu Buhari to compel APC leaders, including the party’s presidential candidate, Bola Tinubu and governors to immediately release the hundreds of billions of new naira notes allegedly intercepted and hoarded by them for vote buying purposes.

Continuing, Atiku, in a statement issued yesterday, said the country had witnessed upheavals in different parts of the country in which lives were lost and property destroyed in recent days.

Atiku expressed condolences to the families of all those who lost their dear ones during the violent protest and riots in some cities due to the scarcity of the naira.

According to him, “this crisis may be coming on the heels of the currency swap, but it is pertinent to remind us that it is a culmination of the frustrations of Nigerians arising from the maladministration of the ruling All Progressives Congress in the past seven years plus.”

Atiku noted that it was easy for political expediency for the APC that had brought the country, “to this cul de sac to want to hoodwink Nigerians into believing that the crisis was created by others.”

He added: "Truth be told, the crisis that we are witnessing today was conceived, given birth to and nurtured by the ruling APC. Indeed, it was long in coming.

"We are all witnesses to the myriad of problems that Nigerians have had to endure as a result of the cluelessness of the APC, which came into government with no idea of a policy direction.

"We are witnesses to the massive erosion of jobs; hunger and multidimensional poverty; unabated fuel scarcity; deteriorating security that has created an industry of kidnapping and massacre of defenceless citizens; free fall of the Naira; ASUU strike which kept students at home for prolonged periods of time and a general sense of hopelessness."

Atiku stressed that the crises due to the policy of the ruling party’s redesign of the naira, was only the tipping point.

He noted that the least the ruling APC could do was to take responsibility for its own policy, “and the challenges that have followed its implementation, even as they collectively work at addressing those challenges.”

Atiku stated: "My dear brothers and sisters, I understand your frustrations, but I urge you to be calm. Do not let your frustrations manifest into violence. Rather, you should channel that energy into voting out the ruling APC in the elections of 25 February and 11 March. That's the only way to safeguard our collective efforts to Recover and Rebuild Nigeria."

The PDP presidential candidate assured that, “a new day beckons, and together as one, a Nigeria of everyone's dream would be enthroned.”

Meanwhile, the PDP said releasing funds allegedly stashed by APC leaders would go a long way to assuage the pain and anguish being experienced by Nigerians over the current cash crunch in the country.

The National Publicity Secretary of the party, Debo Ologunagba in a statement issued yesterday, said it was instructive to note that Buhari in his address to the nation yesterday, acknowledged that the naira redesign and swap policies are programmes of the APC administration which is also completely in control of the production and circulation of the new notes.

He said it was therefore clear that the PDP had no part in the entire process.

Ologunagba said: "Our party had earlier alerted on how APC leaders allegedly sabotaged the system and diverted the new naira notes so as to create widespread social unrest to justify their plan to derail the 2023 general elections and truncate our democracy.

"The PDP had also exposed how APC governors are allegedly warehousing the new Naira notes in facilities in Lagos, Kano, Kogi, Kaduna, Imo and other States of

the country for the purpose of vote buying in the presidential election.

"In the same vein, our party raised alarm on how the Tinubu/Shettima Campaign had orchestrated the current cash crunch as a strategy to cause crisis while inciting Nigerians to insurrection with the view to truncating the electoral process having come to the reality of the fact that the APC and its Presidential Candidate, Asiwaju

Bola Ahmed Tinubu have been rejected by Nigerians ahead of the polls."

The spokesperson said the PDP sympathised with Nigerians over the pain, torture and distress brought on them, “by the selfish and vicious APC leaders.”

The PDP saluted the resilience of Nigerians in the face of APCinduced suffering.

It noted that the APC and its presidential candidate must come to

terms with the fact that Nigerians were determined to vote in the PDP Presidential Candidate, Atiku Abubakar, come February 25, 2023.

It alleged that the threats and incitement to violence by the Tinubu Campaign cannot deter the people.

The PDP, therefore called on the president to put every measure in place to guarantee peaceful, free, fair, transparent and credible 2023 general election.

Falana: FG Must End Suffering of Nigerians Now Asks FG to comply with S'Court ruling Adegboruwa: President lacks powers to overrule court, says broadcast contemptuous Federal high court awaits apex court ruling, adjourns suit Wale Igbintade in Lagos and Fidelis David in Akure Human rights lawyer, Mr. Femi Falana has asked the President Muhammadu Buhari-led federal government to end what he termed the untold misery, suffering and deaths in the country, warning that “unless firm action is taken, the crisis may get worse.”

Falana in a statement titled, 'FG Must End the Suffering of Nigerians,' observed that the untold crisis across the country, the misery, suffering and deaths were as a result of fight between different clans of the corrupt elite.

Ten state governors — Kaduna, Kogi, Zamfara, Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto - had dragged the federal government to the Supreme Court over the move to ban the use of the old N1,000, N500 and N200, from February 10.

The court had ordered that the move should be halted temporarily until the case is heard.

But Buhari in a broadcast yesterday, announced that the N1000 and N500 shall no longer be legal tender.

According to Falana, the common people were suffering as a result of disputes over who will loot for the next four years or more.

Falana said "The suffering of the Nigerian people is getting worse by the day. President Buhari in his message to the nation gave no hope

that this suffering will end anytime soon. We need action now to reverse the fuel price increases and to make money available again.

"Our suffering cannot continue - we cannot live like this. After 13 days (rather than seven) President Buhari eventually announced a decision this morning. But it is not enough to end the crisis. There are not enough old N200 notes to replace all the old N1,000 and N500 notes. In addition, the new deadline of 10th of April is too close.

"If the government was serious, the crisis could be ended in a few days. All the old currency notes could be made legal tender until the end of the year. In addition, all the old currency could be changed at the banks as well as at the CBN until the end of next year. This would give confidence back in the markets and the old currency would again be accepted.”

According to the senior lawyer, “the problem is that the corrupt elite think that increased suffering and deaths of the common people is a price worth paying if they defeat their opponents. Hungry people can no longer buy food and so they are in more danger of dying from common diseases.

“People cannot afford to travel to hospital. If they get there they cannot afford tests. If they take the tests they cannot afford the medicine.

"This crisis was created by the government. It is only the government that can end the crisis.

The government could end this crisis in a matter of days. The CBN could issue old currency notes to the banks to issue to the public in a matter of days. That is all that is needed to end the crisis.”

He argued that Buhari lacked power to overrule supreme court, adding that the decision of the president to exclude old N500 and N1000 notes from the legal tender of Nigeria was of no legal effect as it constituted a contravention of section 287(1) of the constitution.

Consequently, Falana urged the federal government to comply with the judgment of the Supreme Court without any further delay.

In his contribution, human rights lawyer, Ebun-Olu Adegboruwa, described the broadcast by the President, Muhammadu Buhari that only the old N200 banknote remains legal tender while the old N500 and N1,000 notes are not as contempt of court.

According to him, the president lacked the power to overrule the Supreme Court of Nigeria.

Adegoruwa, in a statement, faulted the president, saying he flouted the principle of the separation of powers.

The statement read: "The president cannot overrule the Supreme Court of Nigeria. There is separation of powers

in a democracy "Under section 235 of the 1999 Constitution, the Supreme Court is the final authority in legal pronouncements in Nigeria.

"Under section 287(1) of the Constitution, the president is statutorily obliged to obey, enforce and give effect to the decision of the Supreme Court.

"Section 287(1) of the 1999 Constitution: (1) The decisions of the Supreme court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the supreme Court.

"The broadcast of the president is sad for our democracy. Since he already admitted that the matter is subjudice, the President should not have proceeded to vary the order of the Supreme Court.

"The president and indeed the executive should not give the impression that citizens can brazenly disregard lawful orders of any court, as that will only encourage anarchy and lawlessness.

"It amounts to executive rascality and brazen disregard and contempt of the Supreme Court, for the President to separate the denomination of the old notes for legality. It is not open to the President to choose which portion of the order of the Supreme Court that will be obeyed.”

Continued online

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NEWS

COURTESY VISIT...

L-R: Deputy President Nigerian-British Chamber of Commerce (NBCC), Ray Atelly; MD Mixta Nigeria, Sade Hughes; Chairman Construction & Real Estate Group, NBCC, Hakeem Ogunniran; President/ Chairman of Council, Bisi Adeyemi; CEO Mixta Africa, Deji Alli; Chairman Programmes Committee NBCC, Tajudeen Ahmed; Vice Chairman, Akin Osuntoki, and Deputy President, NBCC, Bimbo Olashore, during NBCC’s Executive Committee's courtesy visit to Mixta Africa in Lagos…recently

Andersen Nigeria: Petrol Subsidy Removal Will Enable CBN Adopt Pro-Market FX Management Dike Onwuamaeze Andersen in Nigeria, a global tax and business advisory firm, has stated that the eventual removal of petrol subsidy and expected coming into operation of the Dangote Refinery and the Port Harcourt Refinery would enable the Central Bank of Nigeria (CBN) to adopt a pro-market foreign exchange rate management that would close the gap between the official and parallel market rates.

The Partner and Head of

Transfer Pricing, Andersen Nigeria, Mr. Joshua Bamfo, expressed this view yesterday, in Lagos, while unveiling the Andersen’s inaugural “Nigeria’s 2023 Economic Outlook.”

Banfo said: “If you decide to peg your currency, you need to have a lot foreign reserve to maintain it else that peg will collapse. There is an incentive presently to maintain the peg because Nigeria imports a lot of fuel.

“In my view, with Dangote Refinery coming in, with the

Port Harcourt Refinery coming in and with the removal of subsidy, Nigeria will have no business pegging Naira’s exchange rate to the dollar because the rationale behind the peg is already eliminated. If you then take away the peg, then the market forces more or less will determine the exchange rate.

“This will initially hurt us but the truth of the matter is that those who have need for it are those who are going to demand it. But when you create artificial lower rate

those who do not have the need are the ones having access to it, which is misallocation resources.”

The Andersen’s economic outlook also stated that the wellbeing of the Nigerian economy would largely depend on the ability of the CBN and its Monetary Policy Committee (MPC) to curb inflation rate within the first half of 2023, in order to be able to implement expansionary monetary policy that would boost the economy later in the year.

W’Bank President Announces Intention to Step Down The president of the World Bank Group, David Malpass, yesterday informed the Board of Executive Directors of the multilateral institution of his intention to step down from his position by the end of the Bank Group’s fiscal year on June 30 after serving more than four years.

According to a statement, during Malpass’s tenure, he focused on seeking stronger policies to increase economic growth, alleviate poverty, improve living standards, and reduce government debt burdens.

It pointed out that over the last four years, the Bank Group’s five institutions (IBRD, IDA, IFC, MIGA, and ICSID), responded quickly to global crises, mobilising a record $440 billion in response to the COVID-19 pandemic, war in Ukraine, sharp global economic slowdown, unsustainable debt burdens, climate change, and food, fertilizer, and energy shortages.

“It has been an enormous honor and privilege to serve as President of the world’s premier development institution alongside so many talented and exceptional people,” Malpass said.

“With developing countries facing unprecedented crises, I’m proud that the Bank Group has responded with speed, scale, innovation, and impact. The last four years have been some of the most meaningful of my career.

Having made much progress,

and after a good deal of thought, I’ve decided to pursue new challenges.

“I want to thank our staff and Boards of Directors for the privilege of working with them every day to strengthen the effectiveness of our operations in the most challenging of times,” he added.

With developing countries under severe financial pressure, Malpass met frequently with world leaders to discuss supportive policies, including debt reduction to break the cycles of unsustainable debt.

“Under his leadership, the Bank Group more than doubled its climate finance to developing countries, reaching a record $32 billion last year. Malpass led efforts to enable and increase private sector investment and trade and contributed thought leadership to the Bank Group’s analytical products on fiscal and monetary policy, currency systems, and governance reform.

“Malpass also strengthened the institution’s management and personnel and will leave the Bank Group with solidified finances and fundraising to support its AAA credit rating,” the statement added.

“The Bank Group is fundamentally strong, financially sustainable, and well positioned to increase its development impact in the face of urgent global crises,” said Malpass.

“This is an opportunity for a smooth leadership transition as the Bank Group works

to meet increasing global challenges, facilitate private investment, sharpen its focus on global public goods, and maintain strong momentum on operational delivery and portfolio performance for client countries.”

It pointed out that during Malpass’s tenure, the Bank Group accomplished the following: Implemented record surges in financing of over $157 billion in response to the COVID-19 pandemic and $170 billion in response to the war in Ukraine; completed

IBRD and IFC capital increases, record IDA19 and IDA20 replenishments, and rapid ramp-up of medium- and longterm bond issuance; provided emergency health and vaccine operations in more than 100 countries; mobilised $18 billion in emergency financing for Ukraine to support the continuation of essential government services, among others.

“One of Malpass’s key initiatives was to promote debt transparency and sustainability, key to rebuilding investment and growth,” it added.

It said: “The growth of the Nigerian economy from a monetary policy perspective is going to be dependent on the ability of the CBN to and the MPC to successfully curb inflation rates earlier in the year to enable them to start implementing an expansionary monetary policy by reducing the MPR thereby boosting the economy through reduced cost of borrowing by businesses for investment purposes.”

The firm also predicted that the Nigerian economy would slow down in 2023 as a result of the overarching domestic and global economic challenges and uncertainties.

“Continued high inflation rates way above the nine per cent means that the MPR will remain high even if it reduces marginally in the second half of when the inflation rates are expected to taper off and start a gradual decline.

“The relative high cost of borrowing means investments by businesses will be hampered contributing to the slowdown of economic growth,” it said.

The borrowing, according to Andersen in Nigeria, would arise from financing the 2023 national budget’s deficit of N11. 34 trillion,

which is expected to be financed significantly financed through domestic borrowings that has ‘a potential unintended adverse effect of crowding out funds that would have gone into businesses for investment purposes.”

It identified infrastructural development as one of the places President Muhammadu Buhari’s administration has made appreciable impact.

Yet, Andersen in Nigeria noted that the political outlook for Nigeria in 2023 was unstable in view of the impending general elections that would take place on February 25 and March 11.

“It said: “With a tight and unprecedented race for the presidency, the political outlook for Nigeria in 2023 is unstable.

The elections may hinder the current administration from committing fully to some of its policies, including the removal of fuel subsidy in mid-2023.”

The unveiling of the economic outlook was witnessed by Associate Director, Financial Advisory Services, Mr. Mayowa Salami; Partner and Head, Business Advisory Practice, Mr. Lateef Surakatu and Partner, Commercial Practice, Mr. Adeyemi Adeduran, amongst other management staff of Andersen.

Polls: Dataphyte Launches Election Platform to Curb Fake News, Misinformation Adedayo Akinwale in Abuja Dataphyte, a research and media organisation has launched its election platform to provide up-to-date, accurate, and unbiased election data for journalists, election observers and other stakeholders, as well as the general public during the forthcoming elections.

The election platform is a comprehensive repository of election data in Nigeria, offering insights and incidence tracking across all 774 local governments.

Speaking at the launch of the platform in Abuja, yesterday, the Executive Director of

Dataphyte, Joshua Olufemi said the platform was designed to enable stakeholders to access election data, insights, and incidence tracking in a timely manner.

He noted that Dataphyte also launched a Handbook of Data-driven Election Reporting, a comprehensive guide for journalists on best practices for data-driven election reporting.

Olufemi said: "The entire election process, from planning to implementation, involves data.

Data on voters, including the number of people registered, those who have their PVCs, election results, and the number

of polling units.

"So, as a media organisation, we decided to innovate around this to enable stakeholders to experience election data and reporting differently in the 2023 elections. The Dataphyte Election Platform can be accessed at elections.dataphyte.com."

Also, the Executive Director of Centre for Journalism Innovation and Development (CJID), Dr. Tobi Oluwatola commended Dataphyte for providing a platform that could provide the citizenry with factual and credible information to ensure that everyone is rightly informed.

Oluwatola, who was

represented by Bukunmi Akanbi described the launch of the platform as a critical step towards ensuring that journalists, election observers, and other stakeholders, as well as the general public, can access up-to-date, accurate, and unbiased election data.

He said: "Information disorder—misinformation(inadvertent), disinformation (deliberate) and malinformation (true information for harm)—has been with us from the beginning of time but technology and the internet has given actors to propagate this in a way that beckons on us to take this seriously and tread with caution."

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MBAZULIKE AMECHI LAID TO REST AMID ENCOMIUM...

Former Anambra State Deputy Governor, Dame Virgy Etiaba and Anambra State governor, Prof Chukwuma Soludo during the burial mass of first republic minister of Aviation, late Chief Mbazulike Amechi in Ukpor, Nnewi South Local Government Area of Anambra State, yesterday.

Moghalu, Ude Assess Political Parties’ Manifestoes Blame policy inconsistent on absence of philosophical foundation Dike Onwuamaeze Barely eight days to Nigeria's presidential election, the Institute of Governance and Economic Transformation (IGET) has analysed the manifestoes of leading presidential candidates and came out with a verdict that the failure to anchor economic policy on clear philosophical foundation was the major reason for policy inconsistency and underdevelopment in Nigeria.

The IGET stated this in its assessment of the strength and weakness of the manifestoes of four major presidential candidates vying for the presidential election on February 25.

The presidential candidates are Senator Bola Ahmed Tinubu of All Progressive Congress (APC); Alhaji Atiku Abubakar of Peoples’ Democratic Party (PDP); Mr. Peter Obi of Labour Party (LP) and Mr. Rabiu Musa Kwankwanso of the New Nigeria People Party (NNPP).

The IGET made this known in its February 2023 publication titled, “Nigeria Election 2023: A Comparison and Brief Assessment of the Economic Agendas of Leading Presidential Candidates,” which was authored by former Deputy Governor of Central Bank of Nigeria (CBN), Professor Kingsley Moghalu and Mr. Damian Kalu Ude.

It stated that the, “general weakness observed in most of the candidates’ policy documents were the omission of clear philosophical statement or vision on which their plans are anchored.

“The failure to anchor economic policy in Nigeria on a philosophical foundation is a major reason for inconsistency of policy and thus the inability to achieve, let alone sustain, long-term success in economic growth that lifts millions out of poverty.

“Economies that are clearly philosophically anchored, while retaining an element of pragmatism, tend to achieve structural economic transformation better and faster.”

IGET stated that economics alone was inadequate to develop any society as factors such as values and belief systems mattered and influence societies and their governments’ broader approach to governance, including economic management.

They claimed that Tinubu, in his manifesto, believed in a very strong role for the state in a manner that, “directs the economy without prejudice to the importance of the private sector. He is therefore a “command capitalist” or a social progressive.”

The institute also stated that Atiku, “believes strongly in the marketplace as the creator of national wealth.

He is not a fan of the big (and,

presumably, inefficient) state, and is therefore a believer in market capitalism.”

Commenting on Obi’s manifesto, the institute noted that while remaining clearly, “a believer in markets as the engine of wealth creation,” Obi emphasised “the importance of the downtrodden citizen, trade unions, civil society, and women.

“He, therefore, believes in ‘stakeholder capitalism.’ This philosophical leaning will likely pay strong attention to achieving inclusive economic growth that carries different stakeholders along.”

IGET also asserted that while Kwankwaso strongly believed in family-oriented, poverty eradication approaches to the economy, he strongly favoured, “the education of girls, while nevertheless recognising the importance of business and the market economy. He is therefore also a stakeholder capitalist.”

The authors of the IGET’s report also highlighted the strengths and weakness of the presidential candidates’ manifatoes.

For Tinubu, they stated that his strong points in his manifesto included its revenue generation model that would expand taxation base without necessarily raising taxes.

“Other strong points included Tinubu’s commitment to make

savings from the removal of oil and foreign exchange subsidies by floating the naira,” the added.

According to them, Tinubus’s “clear National Industrial Policy, if successfully executed, will improve the structural foundation of the economy, and make the economy more competitive.”

They, however, pointed out that Tinubu’s “support for deficit spending is a major potential pitfall.

While it might theoretically have benefits such as triggering higher levels of GDP growth, and has been the norm in many industrialised countries, it is problematic in a developing country such as Nigeria because it will likely deepen Nigeria’s debt crisis (including illegal Ways and Means Advances by the Central Bank to the FG), cause more inflation, and will not yet be supported by strong, diversified revenue streams including an efficient taxation system which is still absent in Nigeria. It could shut out productivity-led growth that Nigeria is yet to attain in the first place.”

Commenting on Atiku’s manifesto, the IGET saw strength in his quest to restructure Nigeria constitutionally to a more workable federal structure, which if achieved, would address the structural factors that have inhibited Nigeria’s economic transformation.

The institute stated that Atiku’s

Finland Condemns Planned Attack, Disruption of Elections in South-east

Michael Olugbode in Abuja

The Embassy of Finland has condemned any attack targeted at the upcoming election in Nigeria.

A Nigerian resident in Finland, Simon Ekpa, who has link with the Indigenous People of Biafra (IPOB) had few days ago threatened to visit violence on anyone in the south-east who participate in the forthcoming election.

In a publication on its website, the Embassy said: “Referring to the upcoming elections in Nigeria - Finland condemns violence and

incitement to violence in all its forms.

“With reference to the upcoming elections in Nigeria, the Embassy of Finland in Nigeria reiterates Finland’s clear and unequivocal condemnation of all forms of violence and incitement to violence. Political aims should be pursued solely through political means.

“The Embassy underlines the importance of and Finland’s full support to the safe and secure conduct of the upcoming elections in all parts of Nigeria.

“Nationally and through the EU Finland is strongly invested in the

success of the electoral process.”

The publication added that: “The Embassy has been approached with questions about the position of Finland regarding events in South-east Nigeria.

Our position is very clear: We cannot in any way condone calls for stopping the conduct of elections, or any actions aimed at preventing people from exercising their democratic rights.

“Every individual has the right not to vote, but actions aimed at preventing others from doing so are clearly not acceptable.

Finland fully shares the concerns regarding the security situation in

Southeast Nigeria.

“Finland and Nigeria have discussed the situation, and Finnish and Nigerian authorities are cooperating on the matter. The Embassy cannot, however, comment in public on the content of this cooperation.

“A lot of disinformation is currently circulating online on Finland’s role and positions, including a letter allegedly signed by the Prime Minister of Finland. Please note, that the document is a fake, and does not originate from the Government of Finland.”

“market-driven economy, privatesector transformation of power sector and privatisation of ports, if transparently achieved, will renew economic confidence and growth.

“PPPs could potentially create significant fiscal savings for the federal government that could be invested in social infrastructure.”

But IGET warned that any haste

by Atiku in, “proposing constitutional restructuring, and even hastily submitting an Executive Bill to the National Assembly, runs the risk of rejection by vested interests

considering representational imbalances in the NASS.” The institute further highlighted that, “a predominantly market-led economy requires transparency, accountability, and the rule of law for true, inclusive capitalist economist growth. It will be important to avoid crony capitalism, in which corporate elites make all the money through state patronage, while poverty levels in the wider society remain high.”

Continued online

Nigeria, US Agree to Spend Repatriated Alamieyeseigha's $1m Loot on Healthcare in Bayelsa Alex Enumah in Abuja

Nigeria and the United States of America have entered into an agreement to invest nearly $1 million repatriated from the US in the healthcare sector of Bayelsa State.

The repatriated funds were said to be looted by former Governor of the state, the late Diepreye Alamieyeseigha, between 1999 and 2005.

Signing the agreement yesterday, in Abuja, the Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami, commended the efforts by the two countries to make today's event a reality.

"Permit me to express my gratitude towards the efforts of the Government of the United States of America in ensuring that looted funds are returned to Nigeria not only in this case but in other pending cases such as Galactica, Blue Assets, Saborne amongst others.

"You may recall that this asset returns arose from the forfeiture and recovery of approximately $1million USD linked to the corrupt practices of Former Bayelsa State Governor, D.S.P Alamieyeseigha.

"The United States Government, in collaboration with the Federal Republic of Nigeria initiated and completed forfeiture proceedings against certain real property and

investment funds located in Maryland and Massachusetts against the former governor which resulted in the net forfeiture to the Government of United States of America totaling the sum of $954,807.40," the AGF said.

Malami, who was represented at the occasion by the Solicitor General of the Federation and Permanent Secretary of the Ministry of Justice, Mrs. Beatrice Jeddy-Agba, stated that in line with the terms of the agreement, President Muhammadu Buhari had already approved the expected sum to be utilised for implementation of a Health Center Project for the benefit of the people of Bayelsa State.

She added that the project would be monitored by the Civil Society Organisations (CSOs) and the federal government, through the Federal Ministry of Justice.

Meanwhile, the federal government urged the US government to continue to demonstrate the usual cooperation and understanding, in other pending cases, so that the agreements in relation thereto can be concluded as soon as possible, to ensure that the funds are repatriated to Nigeria in earnest.

"I wish to state that Nigeria is in dire need of these refunds to support the implementation of more projects for the benefit of Nigeria and its citizens.”

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POLITICS

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

Mbah Ready to Make Agriculture Enugu’s Growth Template Nana Ogbodo writes that the campaign manifesto of Enugu state gubernatorial candidate of the Peoples Democratic Party, Dr Peter Mbah, makes provision for robust investment in agricultural sector to develop the economy of the coal city state

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or members of a political campaign organization, nothing can be as gratifying as experiencing firsthand, a reinforcing of public confidence in your candidate on a daily basis.

The soaring support for the governorship candidate of the Peoples Democratic Party in Enugu State, Dr. Peter Ndubuisi Mbah, is an indication of the electorate’s grasp of the exigencies of the times that we live in.

We can indeed situate this growing public affirmation, including the unprecedented endorsements from the opposition camp, in his succinct statement in the introductory texts of his manifesto that “the demands of our time require a good head.”

There was a particularly compelling incident last year, with regard to Nigeria’s national wealth that helps shed light on the pretty dire times alluded to in Dr. Mbah’s Statement of Purpose.

It is the disturbing fact that the Nigerian National Petroleum Company (NNPC) failed to remit any revenue to the Federal Accounts Allocation Commission (FAAC) for eight straight months!

So the words, “the demands of our time require a good head,” are not mere campaign blandishments. Its message speaks eloquently to the somewhat sedate socio-economic history of Enugu State in a way that shows that the fairly predictable incremental growth, to which the public has grown accustomed to is not any more sustainable, and must therefore be leapfrogged. And it does require some disruptive thinking!

That is actually what Dr. Mbah’s candidacy represents. As he had himself declared, “I have not come to do something better; I have come to do something differently.”

There is actually a strong sense of reassurance in the knowledge that the PDP governorship candidate clearly acknowledges from the outset that this is a season that calls for a new thinking. The current challenge posed by the dwindling revenue inevitably calls to mind this famously ironic saying by a former oil minister of Saudi Arabia, Sheikh Zaki Yamani that “the Stone Age did not end for lack of stone, and the Oil Age will end long before the world runs out of oil.”

This is the dilemma that confronts Nigeria, nay Enugu State. The era of excess crude when states were guaranteed a constant stream of revenue from the national purse has truly come to an end. Even more so, the clamour for resource control is to a large extent being implemented albeit by subterfuge.

Thus all these exponential incidences of the so-called oil theft, is by implication, a simple euphemism for its actualization.

For clarity, the monthly subventions from FAAC to states are still being disbursed, but they are only barely sufficient to the extent that a state’s priorities and projections remain on a modest trajectory, shorn of any radical vision that can result in a rapid economic development.

There is however a positive subtext that could be gleaned from the near-zero oil revenue, and its deleterious effects on the earnings of most Nigerian states. It is the fact that agriculture which we had inexplicably abandoned in the last five decades, has become the top contributor to the national economy.

As data from the National Bureau of Statistics for 2022 shows, the sector contributed 25.2% to the economy, displacing oil and gas from its familiar top perch to a distant fifth with 6.35% contribution. This has indeed been the trend in the last few years, clearly validating a major plank on which Mbah’s vision for Enugu’s economic revival rests: robust investment in agriculture.

With agriculture reputed as the sector that employs the highest number of Nigerians, Mbah understands that the economic prospects in the sector is huge, especially given that Enugu State is blessed with vast tracts

of arable farmland and that the history of the monumental exploits of the M.I Okparas of the first republic rested almost solely on proceeds of agriculture.

Thus, the state is turning full circle, after all, as George Orwell would say, “who controls the present, controls the past, who controls the past controls the future”.

The goal of his envisioned agricultural

rebirth can be summed up thus: “To feed Enugu State and turn the state into a food basket for Nigeria and a hub for export of cash crops; to eliminate food insecurity in the state by 2031 through massive investments in technology for agricultural productivity in the state, technology-enabled agricultural extension services, implementation of Specialized Agro-allied Industrial zones in

all senatorial districts of the state.”

In specific details, the programmes implementation will focus on agro-allied industrialization in rural communities.

As Mbah himself noted in his statement of purpose, “this will create jobs for rural youths and women, turn rural areas into productivity zones, pull millions out of extreme poverty, and significantly reduce hunger-induced insecurity in rural communities”.

Indeed, there is a sufficient historical validation for the prime attention that agriculture will receive in an Mbah government. For instance, in the First Republic, agriculture was the mainstay of the Eastern Region’s economy. Records indicated that trade in palm produce generated an income of £54m for the government of Eastern Region in 1954 alone! It was the export of this commodity alongside other cash crops like rubber and cashew nuts that funded most of that era’s capital expenditure; from inter-city roads network to the cement factory at Nkalagu (now in Ebonyi State), the cattle ranch at Obudu (Cross River State), the University of Nigeria, Nsukka, Hotel Presidential (Enugu and Port Harcourt), and several other industrial projects some of which still exists.

The scale of the growth experienced in the Eastern Region could further be gleaned from a report in the Harvard Review which described the Eastern Region as the fastestgrowing economy in the world between 1954 and 1964.

-Ogbodo writes from Enugu.

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

Oborevwori Promises to Develop Creative Industry in Delta

Peoples Democratic Party’s governorship candidate in Delta State, Hon Sheriff Oborevwori, on Thursday met with members of the creative industry with a pledge to develop the sector if elected governor during the March 15, 2023 poll

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he Delta State PDP Governorship Candidate for the 2023 general election and Speaker of the State House of Assembly, Hon Sheriff Oborevwori, has promised to pay close and sustained attention to the development of the Nigerian creative industry and welfare of the practitioners if elected next Governor of the state.

At a Town Hall Meeting Thursday with members of the Delta State Creative Industry, in Asaba, Oborevwori who is also the National Deputy Chairman of the Conference of Speakers of State Legislatures of Nigeria, said he would inspire members of the creative industry with his M.O.R.E Agenda through incentives and the continuous enabling environment to promote their skills and talents.

He said: “While you perform your noble creative duties of providing entertainment and education to the society, my administration by the grace of God, will assist you to create wealth and self fulfilment towards enhancing your destinies. Also, I will ensure the provision of jobs and opportunities to discover more talents and hone their skills”.

“Today, we are all familiar with the exploits and impacts of Deltans in the fields of movies, music, comedy and related performing Arts. Whether by human endowments and tourism potentials, our dear state is easy to pride itself among the 36 states of Nigeria as the unbeatable entertainment hub. We have a very long list of Delta-born actors, musicians, comedians and other creative industry practitioners in Nigeria. Infact, we will not leave here today if I begin to mention their names one by one.The population is huge

and everywhere. Hence the popular saying among our people “Delta nor dey carry last “ A befitting recognition and tribute to the leading role of the state in the entertainment and tourism sector in Africa’s largest nation”.

According to him: “The creative endeavour including the film industry popularly called Nollywood has brought so much pride and glory to the nation in local and international circles. It is a fact that Nollywood for instance ranks second to America ‘s Hollywood and ahead of Indian Bollywood in the global film industry. It is one of the biggest non-oil sectors of the economy with annual revenue estimated at about $7 billion dollars according to statistics by the International Monetary Funds, IMF . Your individual and collective contributions to

the socio- economic development of the nation and Delta in particular are truly worthy of commendation”.

He also expressed gratitude to members of the Delta Creative industry for their immense support to the State Government under the administration of Dr Ifeanyi Okowa, adding that; “My profound gratitude goes to you for helping to provide valuable entertainment and at the same time grow the economy of the state,while exercising your God-given talents.

“Happily, it has been a most fulfilling and mutually beneficial relationship between you and the state under the visionary leadership of Governor Okowa who has remarkably provided a conducive environment for the creative industry to blossom.The recent historic opening of a massive entertainment and tourism centre, Maryam Babangida Film Village and Leisure Park, Asaba, is a vivid example of Governor Okowa’s bold commitment to the development and growth of the creative and tourism industry”, he stated.

According to him, the Maryam Babangida Film Village and Leisure Park is so beautiful and comparable to globally recognized entertainment and tourism hubs, saying this intervention has placed Delta State on the world map as the headquarters of Nollywood.

Oborevwori reminded them of the candidacy of the State Governor, Dr Ifeanyi Okowa as Vice President and running mate to Atiku Abubakar under the Peoples Democratic party (PDP) in the 2023 general elections.

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

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Tribute to Imo Politician, Dr. Alex Obi With Peter Obi, a Better Day is Possible for Nigeria

Amby Uneze in this write-up eulogises former Chairman of the Peoples Democratic Party (PDP) in Imo State, Dr Alex Obi, who died recently at the age of 68

Chido Nwangwu writes that the presidential candidate of the Labour Party, Peter Obi, represents a new dawn for a modern Nigeria

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head of the February 25, 2023 critical presidential election and subsequent elections in March 2023, Nigeria’s President and Commander-in-Chief, Muhammadu Buhari, addressed the country he has been in-charge of since 2015.

First, as a legacy and transition speech, retired General Buhari’s efforts on Thursday, February 16, 2023 are inadequate as they lacked useful connection between the current suffering of Nigerians and an uncertain future of the embattled country! Especially, with the elections and Buhari’s countdown to exit the presidency of Africa’s largest economy and demographics.

Second, it is a continuation of the peripathetic swing from one pillar to another post!

The basket of familiar excuses was a familiar reach for Buhari on the Naira scarcity palaver, banking fiasco, financial and economic issues, the escalating political killings, attempted assassinations, criminal violence and threats ahead of the general elections.

There was no coherent fiscal policy. The Naira will be impacted further.

Third, the flurry of forces, fiercely armed ethnic and transnational footsoldiers of several causes and jihadisms have effectuated multiple shades of regional disruptions.

And, along the way and around their communities left ruinous, catastrophic consequences.

Their level of impunity and geo-political impositions on the sovereign and territorial boundaries of Nigeria have been expanding.

There are a litany of issues, known and unknown State persons/ groups bestriding and bedevelling Nigeria’s political economy and existential daily grind for an overwhelmed majority of Nigerians have remained and or become deepened and complicated by the evident limitations of the retired soldier Buhari who has given his best in the service of Nigeria.

Those background factors and realities lead to my timely position that: With Peter Obi, I think a Better Day is possible for Nigeria from this 2023 presidential election.

Especially, taking a non-sentimental assessment of the ancient and modern complexities facing today’s

Nigeria.

Plus, the requisite energy, technological vision, developmental competence and accountable capacity to productively lead Nigeria out of the complexities of the problems it is still facing.

As I stated here in my weekly column on USAfricaonline.com and ThisDay on February 9, 2023: “Some of these challenges are complicated by the seemingly endless incompetence of the Buhari presidency — a presidency of small things, of petty malice and ancient grudges, of crass nepotism and clannishness, of moral corruption and assorted inequities, of impunity and incapacity!”

On Thursday September 1, 2022 in Houston, Texas, I had a one-on-one USAfrica interview with Mr. Peter Obi, the disruptive leader of the popular movement also known as “Obidients”.

Obi’s engagements and agenda for Nigeria’s renewal are clearly rooted in the domestic expansion of production and local empowerment working in synergy with the global, trans-continental leverage of the Nigerian diasporans.

Obi has a bold, responsibilitiesdriven vision for Nigeria, a country in the clutches of exploding crises, murderous impunity and crippling, partisan incompetence of the leadership of the country of 220 million people.

Economic development can only take place in an environment that is harmonious , in such areas as its politics, religious relationships , socio cultural interactions and interethnic dynamics.

Sadly, in Buhari’s Nigeria, some Nigerians are more equal than others. It is not the way of modern systems and progressive societies.

It is especially remarkable that for the second highest position in the very influential and important U.S Treasury department, Biden did not only pick an African-American he chose a Nigerian-American, Adewale Adeyemo.

There are hundreds of others at other levels of corporate and governmental leadership.

Overall, the catastrophic failures of the APC-led Buhari presidency: from personal to economic insecurities, from ancient nepotisms to naked divisive religious and ethnic preferential treatments, daily killings across all the zones/regions of Nigeria, the scandalous drop of the value of the Naira, the murderous visitations of known and unknown gunmen have altered many of the geo-political assumptions of the past 20 years.

For the February 2023 presidential election, I think Peter Obi is the game-changer with realistic vision and strategem to move Nigeria and Nigerians foward. Yes; a better day is possible — with Peter Obi! -Dr Nwangwu, is Founder of the first African-owned, U.S-based newspaper on the internet, USAfricaonline.com Follow him on Twitter @Chido247

“I

t is not the length of life, but the depth of life.” - Ralph Waldo Emerson (1803-1882). Emerson, through his journals, essays, lectures, and poetry, guided the development of American thought, spiritual expansion, and adherence to moral principles. His approach to living and to life was dynamic, forceful, and radical in its conception and fulfillment.

“Without Emerson’s legacy,” said Maglaras, “it would be difficult to imagine American cultural life and impossible to imagine the development of America as a society. Emerson is the spiritual father of the poetry of Walt Whitman, the music of Charles Ives, the teachings of Martin Luther King, Jr.” Following the above assertion by a onetime great American, one also recalls another cerebral quotation of Chuck Palahniuk, a renowned novelist from Portland who said, “We all die. The goal isn’t to live forever; the goal is to create something that will.”

Today, we all mourn the demise of a father, patriot, builder, and achiever, who appropriately fitted in the words of both Emerson and Palahniuk. Chief Dr. Alex Obi, Ikemba Mbaise, was indeed a great political icon that came, saw, and conquered.

An accomplished medical practitioner, respected statesman, administrator and community developer, Chief Obi popularly known as Dr. Alex Obi was born on the 15th January, 1955 in Ile-Ife of today’s Osun State.

His father, Godfrey Ogazi Obi of Oboama, Enyiogugu, Aboh Mbaise Local Government Area of Imo State was an Immigration Officer, and his mother, Mrs. Caroline Akuburuche Obi of Obetiti Nguru, Aboh Mbaise, was a successful business woman.

With academic and professional qualifications in the fields of medicine, administration and management, Obi commenced his formal education at St. Thomas Aquinas Primary School, Surulere, Lagos, and completed that level of education in his hometown, Oboama.

He was admitted to Enyiogugu Secondary School, Mbaise, where he graduated with straight ‘A’s in the West African School Certificate Examination (WASCE).

He moved on to Federal Government College, Warri, Delta state, for his Advanced Level studies (Higher School Certificate Course).

Obi’s performance in the external examinations easily earned him admission to the College of Medicine of the famous University of Lagos (Unilag), which also supervised the renowned Teaching Hospital popularly known as ‘LUTH’.

His graduation with the MBBS in Medicine & Surgery in 1981 was a fait accompli. Some

years later, He studied for and obtained a Diploma in Family Medicine from the National Post- Graduate Medical College of Nigeria.

Obi had a successful career in his chosen specialties and vocation. As a medical practitioner, his experience was enriching.

Aside from serving under the guidance of some of the best in the profession, he also went through various postings, including rural areas.

A call to national service beckons and beyond the hospital wards, he undertook many strategic national assignments. They include: being a Trustee of the People’s Democratic Party (PDP); Chairman, Board of the National Orthopaedic Hospital, Lagos; Chairman, Board of Directors, Federal Institute of Industrial Research, Oshodi (FIIRO) and member, National Business & Technical Examinations Board (NABTEB).

As a leader and community developer, Obi’s leadership qualities became manifest early in his life. Among other roles he played, included being the Senior Prefect in his final year at Enyiogugu Secondary School and the Interim Student at LUTH. He devoted his life to helping others, using his medical knowledge and expertise, as well as his political influence, to make a lasting impact on the communities he served.

A founding member of the People’s Democratic Party (PDP), Obi served as the Imo State Chairman of the party for about five years and was very instrumental to the string of electoral successes of the party across the State.

More recognition came as he was elevated to a member, Board of Trustees of the Party and was part of several Government delegations.

As a community developer, Obi made tremendous impact. Among other recognitions, his contributions as a vibrant, dynamic leader earned him the traditional title, Ikemba Mbaise (Strength of the People of Mbaise).

At the national level, he was also a deserving recipient of the National Award of Member of the Federal Republic (MFR).

Obi’s life was truly a testimony to the power of love, compassion, and pure selflessness, which manifested in him as a christian, husband, father, grandfather, brother and community citizen. He will be sorely missed.

He passed on, on his 68th birth-date, January 15, 2023, after a brief illness.

As we mourn his loss from this physical realm, we are comforted that he lived a worthy, fulfilled life as enunciated by Emerson and Palahniuk that life is to create something that will outlive us.

We pray that Almighty God will accept his soul in His Kingdom.

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T H I S D AY ˾ FRIDAY, FEBRUARY 17, 2023

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BUSINESSWORLD R A T E S MONEY MARKET

A S

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REPO

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

08056356325

F E B R U A R Y

S & P INDEX

1 6 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

How Nigerian Airlines Spend N300bn Annually for Double Insurance on Aircraft

Chinedu Eze In a bid to meet the National Insurance Commission (NAICOM) regulation, Nigerian airlines insure their aircraft locally and also insure the same aircraft with international insurance companies like Lloyd to meet the criteria of aircraft manufacturers and lessors, amounting to double insurance, THISDAY can report.

The payment on double premium has been projected by industry experts to cost Nigerian carriers over N300 billion annually.

In addition, Nigerian airlines pay high insurance premium compared to other countries in the world because it is designated as high country risk.

Nigeria is described as harsh environment to operate aircraft, so while many countries pay one per cent value of an aircraft in insurance, Nigeria is made to pay eight per cent of the value of the same aircraft.

International aircraft insurance companies defend the high premium Nigerian carriers pay for insurance because of the designation of high country risk and they also do not recognise the premium airlines pay to meet local regulatory requirement of NAICOM. The Chief Operating Officer of United Nigeria Airlines, Osita Okonkwo, said because of the insurance policy in Nigeria, some lessors don’t lease aircraft to Nigerian

airlines and even those that lease their aircraft to Nigerian operators, insist on wet lease, which is a situation whereby the lessor would be in the management of the aircraft, including maintenance and crew and insurance (Aircraft, Crew, Maintenance and Insurance (ACMI); unlike dry lease where an aircraft is leased to an airline and the airline would solely manage the equipment in terms of maintenance and crew.

Okonkwo also said that Nigerian insurance companies lack the capacity to insure aircraft because of the cost of the asset, so Nigerian carriers resort to group insurance, which aircraft manufacturers and lessors do not allow. They insist you must insure with major insurance companies

like Lloyd.

“The problem we have is what they describe as country risk. It has nothing to do with the operators. We have had cases where lessors will say your books are good and you are doing well, but your country has this risk rating and we are not allowed to lend to this country because of its rating. So, we have to be mindful of that. And really what I will appeal to you journalists is to find out how this matter can be resolved.

“The other one on insurance is that there is no capacity internally in Nigeria to do big insurance here, like aircraft insurance. Many big aircraft may go for a minimum of $600 million combined single unit

and there is a law in Nigeria that says you must originate the insurance in Nigeria. But most lessors, whether it is leased, it is wet or dry lease, would want the aircraft to be insured

by Lloyds in London or in Dubai or New York, anything short of that they will not allow it. They also insist that the insurance has to be specific, reinsurance has to be specific (that is insuring an aircraft alone without making it group insurance). So we have to insure in Nigeria to abide by the Nigerian law and also insure outside to meet the requirement of the lessor or the manufacturer. So many lessors are not operating in Nigeria because of insurance and this is another point.

“And we really want you to

do some more work on this and educate our NAICOM on this because it is killing business.

Even though you want to do indigenization, you can’t do indigenization with another person’s asset. Even if you buy an aircraft today, it is a requirement that you have to insure it with known insurers even if you pay with your own money. You can buy it from Embraer or from Boeing, but insurance must cover them even though they have sold the aircraft to you. So, you can’t escape the international requirement for that part of the business. And limiting it locally will not help Continued on page 22

Agusto & Co: Insurance Industry Poised to Survive Weak Macro Economy Eromosele Abiodun Pan-African credit rating agency and business information provider, Agusto & Co. Limited, has predicted that the insurance industry will survive the weak macro economy and continue its steady growth in 2023. the rating agency which stated this in its 2023 insurance industry report, stressed that it expects a modest performance by the Industry in FY 2023, supported by the rising yield environment.

According to Agusto & Co,

“Initiatives such as the bancassurance model, which would enable insurance operators to partner with the banking industry to deepen their reach in the retail market will also bolster the Industry in our view. The rate hikes for third-party motor insurance and the bullish growth track for micro insurance, takaful insurance and some new entrants in the conventional insurance landscape are also growth drivers for the Industry. Furthermore, the intensified marketing campaigns, awareness programmes and adoption of digital channels would continue

to support penetration, albeit strong broker relationships would remain vital in bolstering performance. The political terrain would also shift in the year 2023 and the operators’ ability to respond promptly to these changes would be a key factor for the Industry’s performance in the near term.”

It pointed that the nonconventional takaful insurance segment which is an under-tapped area is already witnessing significant growth as evidenced by the marked 172 per cent growth in gross premium income (GPI) in FY 2021.

“We anticipate that the segment would continue on its upward trajectory in the near term.

Takaful insurers offer alternatives to conventional insurance and their model is based on the concept of social solidarity, cooperation and mutual indemnification of losses of members. Agusto & Co believes that these alternative insurers would continue to leverage the large Muslim population in Nigeria estimated at over 100 million to grow the segment.

Albeit, the relatively low awareness of these alternative products remains a challenge to be surmounted. Micro

insurance is also poised for growth given the dwindling consumer purchasing power, large informal sector and relatively high poverty rate in the country.

In the near term, Agusto & Co. expects the introduction of a risk-based capital regime to gain momentum while NAICOM continues to implement policies and directives that would boost the Industry’s sustainability. A strong regulatory stance to claims payments, which resulted in the withdrawal of the license of some insurers in 2022, though being contested in the

court of law, would remain in 2023 and possibly going forward as part of NAICOM’s efforts to sanitise the Industry, “it stated.

Continue to leverage the large Muslim population in Nigeria estimated at over 100 million to grow the segment. Albeit, the relatively low awareness of these alternative products remains a challenge to be surmounted.

Microinsurance is also poised for growth given the dwindling consumer purchasing power, large informal sector and relatively high poverty rate in the country.

M A R K E T D ATA A S AT T H U R S D AY, F E B R U A R Y 1 6 , 2 0 2 3 BONDS DESCRIPTION Price ^14.20 14MAR-2024 ^13.53 23MAR-2025 ^12.50 22JAN-2026 ^16.2884 17MAR-2027 ^13.98 23FEB-2028

10.362, 00 10.459, 00 10.287, 00 11.168, 00 10.386, 00

Change Updated Time (%) 10.82 -0.01 January 6, 2023 January 11.11 -0.71 6, 2023 January 0.00 6, 11.35 2023 January 12.60 0.00 6, 2023 January 12.92 0.00 6, 2023

Yield

BILLS MATURITY

Discount

NTB 26-Jan23 NTB 9-Feb23 NTB 9-Mar23 NTB 27-Apr23

3.01

NTB 11May-23

3.23

3.01 2.21 3.20

3.27

OTC F X F U T U R E S

CPS

Change Updated Time (%) 3.01 -0.01 January 6, 2023 January 6, 0.00 2023 3.02 January 6, 2.22 -1.71 2023 January 6, 3.23 0.00 2023

Yield

January 6, 0.00 2023

MATURITY FDHP CP III 17-MAR-23 VHPL CP III 1-APR-23 MREP CP VI 11-APR-23

Change Updated Time (%) January 6, 9.26 9.43 0.00 2023 January 6, 14.15 14.64 0.00 2023 January 6, 10.52 10.81 -0.01 2023

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CONTRACT Current TENOR Contract Rate Updated Time ($/₦) (MONTH) NGUS JAN 25 469.87 January 6, 1 2023 2023 January 6, NGUS FEB 22 2 472.05 2023 2023 NGUS MAR 29 474.23 January 6, 3 2023 2023 NGUS APR 26 476.42 January 6, 4 2023 2023 NGUS MAY 31 478.60 January 6, 5 2023 2023

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AIR WATCH

Rector Seeks FG’s Subvention, Waivers for Aviation College The Rector of the International Aviation College (IAC), Ilorin, Yakubu Okatahi, has called on the federal government to support the institution with grants and subventions for the school to fully achieve its mandate of teaching and research.

Okatahi made the call during an interview with aviation correspondents, who were in the college for one-week training.

He also said the school was open to investors who are willing to partner with it through the Public Private Partnership arrangement.

According to him, the Kwara State government has lived up to its expectations in funding the school but subvention and support from the federal government will go a long way in putting the institution on an international pedestal.

He noted that currently, facilities within the college need upgrade, with at least three unserviceable trainer aircraft that would cost about N4.5 million to fix.

He is of the opinion that since the school is training Nigerians who would eventually go back to impact the community, the federal government needs to extend same subventions that it gives to other institutions, to enable the college benefit from it.

“The state government is trying its best, it is proactive and is keen on developing the school, salaries are paid as and when due, the state government released money for aircraft and parts purchase, fuel and upgrade of the college but it will be very good for federal government to help us, the waiver on spare parts should be extended to us, they should give us subvention yearly because we are training Nigerians,” he said.

Okatahi, who disclosed that the college would introduce Engineering and Cabin Crew courses in the new session to shore up its revenue, revealed plans to increase the school fees from N12.5 million to over N17 million for a full course.

“Yes, we need partners and investors, we need more funding, we source our forex from the third tier market, it’s been very expensive, all expenses here are based on dollar, therefore, it is reasonable for us to increase the fees.

“Now our school fee was N12.5million for the whole course but we have increased the fees now. NCAT Zaria is now charging over N17.5million. We will not stop at N17 million because it is not adequate but we have not determined how much it is going to be.

“NCAT gets subsidies from the government and grants. They also share in the Bilateral Air Service Agreement money. They share the money being collected by the Federal Airports Authority of Nigeria (FAAN). We don’t get anything. So, we don’t have anything to cushion the effects of aviation fuel price increase. Our school fees will be more than N17.5million,” the IAC Rector said.

Ethiopian Adds Xiamen, Shenzhen to its Cargo Destinations in China Ethiopian Cargo & Logistics Services, Africa’s largest network operator, has started two weekly freighter flights connecting Xiamen with São Paulo and Santiago via Addis Ababa.

Ethiopian also plans to commence two weekly freighter flights between Shenzhen and Liège as of February 17, 2023. Ethiopian will deploy B777 Freighter on the new cargo routes.

Regarding the launch of the new flights, Ethiopian Airlines Group CEO, Mr. MesfinTasew, said: “We are glad to expand our reach in China adding Xiamen and Shenzhen in our global freighter network. The new cargo flights will be instrumental in facilitating cargo shipments across the world by improving air connectivity

among China, Africa, Europe and South America. As the largest cargo network operator in Africa and a key air cargo service provider globally, Ethiopian Airlines will continue expanding its services around the world by opening new routes and increasing flight frequencies so as to facilitate global trade and the flow of goods.”

Ethiopian said it is launching these new flights as it marks the 50th anniversary of the start of its passenger service to China back in 1973. Xiamen and Shenzhen will join the vast Ethiopian network increasing its cargo destination in China to eight, including Guangzhou, Shanghai, Zhengzhou, Changsha, Wuhan and

Chengdu. In addition to the cargo services, Ethiopian currently flies to four passenger destinations namely, Beijing, Chengdu, Guangzhou and Shanghai with its enhanced services and modern fleet.

As one of the leading global air cargo operators, Ethiopian Cargo and Logistics Services covers more than 130 international destinations around the world with both belly hold capacity and 68 dedicated freighter services. Ethiopian Cargo and Logistics Services, one of the major strategic business units within the Ethiopian Airlines Group, has been winning global awards for its remarkable performance and service excellence.

NSIB DG Clinches Aviation Leadership Achievement Award The Director-General of the Nigerian Safety Investigation Bureau (NSIB), Engr. Akin Olateru, has been honoured with the Aviation Innovation Leadership Achievement Award during the recently concluded 12th Nigerian Aviation (NIGAV) award.

The award, which was given to the Director General in recognition of his innovative and leadership qualities that has resulted in the transition of the Accident Investigation Bureau (AIB) to the NSIB, came some days after he was bestowed a Pan African Award of Excellence by the African Students Union Parliament (ASUP).

Speaking, Olateru expressed his

appreciation to the organisers of the NIGAV for the recognition bestowed upon him and for identifying the roles stakeholders in the aviation industry play in ensuring that the sector is not only safe but also business friendly for investors.

The DG also acknowledged and appreciated the endless support of the Minister of Aviation, Sen. HadiSirika and the NSIB staff towards the actualization of his vision of making the Bureau a world class organization.

He assured that the Bureau, which is still in its transition process, would continue to improve its systems and processes in order to ensure safety in all modes of transportation, as

stated in the NSIB Act 2022.

Other awardees at the event included the Minister of Aviation, Senator Hadi Sirika, who won the Aviation Man of the Year; the Director General, Nigerian Civil Aviation Authority (NCAA), Capt. Musa Nuhu, who received the Aviation Strategic Leadership Achievement Award and the Managing Director, Federal Airport Authority of Nigeria (FAAN) who won the Aviation CEO of the year.

The acting Managing Director of Nigerian Airspace Management Agency (NAMA), Matthew Pwajok, was also honoured with a premium award for his outstanding performance in office.

HOW NIGERIAN AIRLINES SPEND N300BN ANNUALLY FOR DOUBLE INSURANCE ON AIRCRAFT lessors” Okonkwo said.

He further said: “So what people do is to embark on local insurance just to satisfy all righteousness.

You still have to go outside and take another one to satisfy the lessor and the manufacturer. That is double cost. There is nobody that will give you an aircraft today sell or lease that will accept local insurance, especially if it is above $200 million. The other ones we have like Embraer E145 and other small aircraft, there is no problem; the capacity is there. But once you start going to bigger aircraft, forget it; the premium is very high. The 50-seater and less than 100-seater aircraft you can manage locally but once you start having bigger aircraft you have to go out.”

Reports indicate that in 2017

airlines operating in Nigeria pay an average of $1 million annually to insure a B737-300 aircraft while airlines in Ghana or US pay between $200,000 and $300,000 to insure the same aircraft type.

But defending the policy, the Managing Director of Universal Insurance Plc, Ben Ujoatuonu, told THISDAY that airlines should insure their risks here in Nigeria in line with the local content rule, noting that it would help the development of the local market and reduce foreign exchange flight to international market.

“Again one has to look at he issue of capacity to accommodate the entire risk. The capacity of the local market obviously cannot accommodate the aviation risks, which we know is enormous. So the indigenous insurers

must seek for reinsurance outside the country and that is from foreign market but they must start here that is the airline operators must first of all feed the local market. Good enough Nigerian insurers are now shoring up their capital. The essence is to be in position to accommodate higher risk like the aviation risk. It is true airline operators complain about high cost of aviation insurance in Nigeria but they should consider the peculiarity of aviation risk in Nigeria. It is true that every business operator is looking for how to cut cost and get the best service. It is really a challenge but airline operators should take note of the fact that although anybody can go anywhere and get insurance cover the issue of patriotism is a strong factor,” he said.

A I R WATCH United Nigeria Identifies Challenges, Prospects as Domestic Operator

Chinedu Eze What has become traditional in Nigeria’s air transport industry is the optimism, which airlines have when they go into operations, but in few weeks after their inaugural flight, they are always awakened to the reality of operating schedule flights in Nigeria.

From policies to fuel cost, airport facilities, to charges and aircraft maintenance; the airline begins to reconcile itself to the challenges of doing business in Nigeria. Sometimes some of them survive for a long time, sometimes some of them give in like Discovery Airline, which lasted barely two years and Afrijet, which started flight service alongside Dana Air in 2008, but went under less than three years later.

However, United Nigeria Airlines that started flight operation on February 12, 2021 shortly after the COVID-19 lockdown, which paralysed flight service globally, seemed to be soldiering on.

The Chief Operating Officer of the airline, Osita Okonkwo, in a press conference on Monday in Lagos, said the new carrier has so much to look forward to as it has done very well in the domestic airline market.

“On the 12th of February 2021, we did our inaugural flight and it was a flight that took us from Lagos to Enugu. That happened a few days after we obtained our AOC (Air Operator Certificate). And that period was towards the peak period, COVID-19 was still very much around and the aviation sector has just reopened for business. It was like, would it happen, would it not happen. We did that on that day, so looking back two years after, it is like what a journey. But before the inaugural flight, we had actually started our process almost two years earlier.

“We got our aircraft in 2019 and took them to Mexico for C-check. We had our people sent to South Africa for training. We were caught up by COVID-19 lockdown. We had our crew staying in South Africa for almost eight months. Our aircraft was on ground for almost one year. So instead of coming back in November 2019, they came back November 2020. They spent almost one year in Mexico. We had two engineers out there.

We had four aircraft out there; we had our pilots out in South Africa. So, it was like will this ever happen? We had actually started with a lot of difficulties. There were costs that we incurred without any plans for them.

So it was tough but when we now came back, what also happened, maybe it was a blessing in disguise, because it gave us time to plan, to know ourselves, to review one or two things. And at the end of the day, we were able to start just a few days after we got our AOC and since then we have been flying. Everyday of the year we have flown,” Okonkwo said.

He said United Nigeria started with five destinations, but now operate to nine destinations, a situation he described as a journey with invaluable experience garnered

in the last two years that would propel to farther the journey, look ahead with attendant expansion plans.

“For us, it is the beginning. Lessons have been learnt, and what we have done is to build in some of these lessons into our plans for the future. The space we are in is the one that is, first difficult, second it is very competitive, third very uncertain and whether you are talking of ground operations and facilities, whether you are talking of aviation fuel, access to foreign exchange, the ability of lessors and manufacturers and sellers to do business with Nigeria. All these things come together to make the industry challenging.

“That is one. The second one is that we are actually pleasantly surprised by the reaction of the traveling public when we came on board. We were very warmly received, and not just like an addition but also like a partner that has come to make things differently or to add to the service delivered. This industry is a service delivery industry; it is about making customers happy irrespective of what happens in the back office. The front office is what people see, you come to the checking counter, you get checked in, you go to the departure and move into the aircraft and you fly to your destination. That is all the passengers care about,” he further said.

The COO remarked that whether you are having tech (technical issues) or break down system, passengers don’t care about that; what passengers want is to be satisfied and the airline has striven to look at issues from passengers’ perspective; to always have it at the back of the mind that the crux of the matter is to satisfy the passenger.

“So, what we are saying is that we try to see it from the passengers’ perspective.

Somebody wants to travel and has decided to travel with you or through you, so you have to go out of your way to make it happen.

To make the flight experience possible, to make it pleasurable, to make it safe and that is one thing that we try to do, it is one thing that keeps us sleepless every night, every day, we continue to work hard. We know that there are areas of improvement.

In United Nigeria, we claim to be a learning organization, an organisation that is never satisfied with what it has done. We see areas of improvement in everything we do, so consistently and continually try to make a difference or to make some improvement,” Okonkwo said.

He also stated that the airline has good relationship with the regulatory agency, the Nigerian Civil Aviation authority (NCAA), the Nigeria airspace Management Agency (NAMA), the Federal Airports Authority of Nigeria (FAAN) and the Ministry of Aviation and others.

“All the agencies have been very supportive. We work hard to ensure that that good relationship is maintained by doing the right thing to meet their expectation,” he said.

T H I S D AY ˾ FRIDAY, FEBRUARY 17, 2023

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BUSINESSWORLD

AVIATION

Need to Review Aircraft Size for Profitability Economic realities, coupled with advanced technology in airspace management are redefining possibilities in domestic flight operations in Nigeria, a development that calls for a review of the choice and size of aircraft put into service, for profitability, writes Chinedu Eze

M

any years ago Nigerian airlines seemed to have fallen in love with Boeing B737, after they retired the British Aerospace BAC 1-11 and the nation’s airspace was filled by the Boeing aircraft type.

Over the years, Nigerian carriers have realised that while they need aircraft like the size of Boeing 737, they also need smaller aircraft for shorter distances and for airports that cannot provide more than 50-70 passengers at any time. So that reality and the fact that bigger aircraft demand high operational cost, from fuelling to insurance and other factors, airlines began to make changes in their choice of aircraft.

Now, high cost of aviation fuel, country risk, which has upped the cost of aircraft insurance and handling charges, have made a review of aircraft size inevitable, coupled with the fact that technology is reducing the time of flight. So at non-peak hours, airlines may need narrow body aircraft for more profitable operation.

In the book, ‘Air Transportation in Nigeria: The Lingering Expectations’, the authors stated that matching aircraft size to the routes has been one of the most challenging problem of Nigerian airlines and that has contributed significantly to their failure to become maximally profitable in their operations.

MIXED BAG

Industry experts have however observed that one size fits all is not the solution to choosing aircraft for domestic and regional routes because there are times bigger aircraft are needed and sometimes narrow body aircraft would be necessary.

The former Managing Director of the Nigeria Airspace Management Agency (NAMA) and a seasoned pilot, Captain Fola Akinkutou, told THISDAY in a telephone interview that what airlines needed in terms of aircraft choice was a mixed bag.

Akinkuotu said while choosing aircraft type and size, an airline ought to consider the culture of the people, noting that in Nigeria air travellers expect a certain kind of aircraft that they feel comfortable with.

He also noted that majority of the travelling public in Nigeria carry load and if an airline deploys narrow body aircraft like the Embraer EM145 or propeller aircraft like ATR, they may not be able to carry the luggage of travellers.

“Most of the time Nigerian traveller carries more than a suitcase. It is good to have smaller aircraft, which will make cost of operation low, but you have to realise that profit of an airline comes in pennies so for the airline to be profitable it has to collect a lot of pennies, which means that you have to make a lot of flights. This means that you need volume; you need critical mass. Two small airplanes can give you money but not enough money that can enable you make profit.

“So for you to hit critical mass you ought to have 13 airplanes to take advantage of the benefits of volume.

Then you have to put the culture of the people that you are carrying. This is very important. During holidays, which we have many in Nigeria, those who hitherto carry portfolios will now carry big bags. So there should be a mix. You have to have five-year plan to grow from two aircraft to 13 aircraft. If you have two or three aircraft, wait till one is due for C-check.

If it goes and comes back in due time you will know the airline is making money,” Akinkuotu who is also former Director General of the Nigerian Civil Aviation Authority (NCAA), said.

RIGHT EQUIPMENT

Air transport specialist and former Managing Director of the Federal Airports Authority of Nigeria (FAAN), Richard Aisuebeogun, said there was need for Nigerian carriers to review their choice of aircraft and pointed out the benefits of using the right aircraft in domestic and regional operations. He urged Nigerian operators to take the right decision by choosing the aircraft that best suit their business plan.

“Gone are the days when people wake up and just say that they want to bring in aircraft because they want to startup an airline. You just don’t bring any aircraft in; you look at the market. A new trend is being witnessed in the last four to five years. The new entrants into the airline business have demonstrated that they understand the airline economics business.

And so when you see airlines like United Nigeria, which arrived with the Embraer 145, Ibom Air with the CRJ 900, lately ValueJet with CRJ 900. Two other airlines besides Cally Air and one other airline from the northern part of the country made the right choice of aircraft. And some of the old airlines, which are going into wet lease, are leasing what I would term appropriate equipment for the routes as well.

“So gone are the days when you do showmanship by bringing in 737-800, B737-700, these are new generation aircraft and these are aircraft that should do minimum of five hours because of their endurance and their capacity as well. And we should know that that is the appropriate thing. I will tell you, look at Kenya Airways, for all the years that I have known Kenya Airways operate from Nairobi to Lagos and Lagos to Nairobi and all occasions I have flown Kenya

Airways, I have flown the 737-700 NGs, not even 737-800, it has been 737-700 NGs. Nairobi-Lagos, five and half hours’ flight. So, the truth is that, that is what those aircraft are meant to do.

Therefore, when you now have variables, such as jet fuel price rising astronomically and, of course, you know that in the entire operating cost of an airline business, jet fuel is almost 30%. It used to be about 25% but it has gone up as 30% right now. So, if one component in the entire value chain of your operating cost is 30% of the entire total cost of the operation of the business, you can imagine what you are going to be going through. And coupled with the fact that this component is not readily available. The epileptic availability is of concern as well. Therefore, without any gainsaying, it is going to be very appropriate for entrepreneurs to get the right aircraft, which is narrow body aircraft, such as the ones we are seeing in the fleet of the current airline operators in Nigeria,” Aisuebeogun said.

He emphasised that these narrow body aircraft would definitely contribute to the economics of airline business. In other words, the chances of making profit are high when you operate such aircraft size, remarking that in 2019 Air Peace announced firm order for the Embraer E195-E2, noting that the aircraft type is the most advanced aircraft operating in Nigeria’s airspace today; after the airline took delivery of some of the order and is expected that it would receive more of the aircraft this year.

“The E192 is perhaps the most advanced airplane in Nigerian airspace today in the domestic route. And Air Peace has been flying this aircraft in addition to the Embraer E145 they have in their fleet. So, there is no doubt that it is going to increase the profitability of Air Peace. And that is exactly what Overland Airways has done consistently in the last 20 years for the hub and spoke regional operations.

That is the appropriate thing to do; that is the way to go to be profitable. Now my conclusion would be that, yes, whether it is going to be on the domestic route or on the regional, the appropriate aircraft should be narrow-body with long endurance. Take note of that,” he further said.

Aisuebeogun reiterated the need for long endurance aircraft and said that it is the aircraft that has the capacity to operate for minimum

of five hours so that it would be suitable for regional services.

“And when I say long endurance, it is a minimum of five hours endurance for the regional operations. So that is the business model that airline like Asky, and an airline like Air Cote d’lvoire are using. Air Cote d’lvoire flies Airbus A320 to Lagos. In fact, in the region where Air Senegal flies to, although they don’t come to Lagos, they still fly the mid-size aircraft, the single isle narrow-body aircraft across the entire West Africa region and beyond. Even to Europe, that is what they fly to Europe from Dakar.

These are mid-size narrow-body aircraft. That is what the domestic operators in Nigeria must embrace quickly. Look, never mind the mindset of the Nigerian travelling public,” he said.

DOMESTIC AND REGIONAL SERVICE

The Managing Director of Flight and Logistics Solutions Limited, Amos Akpan, said single isle aircraft were built for domestic and regional service and explained that they are chosen by operators because they fit into market size of the routes they are deployed to.

Akpan, who had managed airlines in the past, noted that the decision to chose which of the aircraft type and size, is embedded in the business plan of an airline, adding that it is not expected that the airlines should deviate from it; unless there was a need for another review.

“Single aisle aircraft are built for domestic and regional flights usually for duration of 45 minutes to four hours of flying. They are so chosen by the operators because they fit into the market size of the routes they are deployed. It is a consequence of the business plan of the airline. Many questions will need answers and the answers properly situated in the business operations module.

Who is currently traveling?

Who can be potentially pulled in or wooed? What will be used to attract them? What is the break-even payload per flight on a specific route with a specific aircraft type? What makes economic utilisation of the chosen aircraft,”? he

queried.

Akpan explained that West Coast operation is now a mixed market module consisting of international travellers pulled from sub-hubs in the West African major airports. In other words, airlines designate aircraft for long haul destinations and mop passengers from Abidjan, Lagos, Dakar, Togo, Abuja and board them on intercontinental flights to Europe, the US, China, Middle East and other major destinations.

“West Coast Operations now is a mixed market module consisting of traders and corporate business travelers within the region. West Coast flyers carry a lot of baggage and cargo. When the West African flies in from international trips, they carry plenty of luggage, which is difficult to fit into the single aisle aircraft. This is a problem for operators because most regional aircraft have no capacity for a lot of baggage and cargo. An operator may need to get aircraft that carries 60 passengers with six tons of baggage and cargo on a flight.

Then they will compute cost versus income to determine yield per kilometer and yield per route.

Currently, no operator on the West Coast route uses a wide - bodied double aisle aircraft,” Akpan further said.

On the cost of aviation fuel, he said it is the costliest component, followed by the cost of maintenance and insurance, then handling and navigation charges are next, remarking that business plan and corporate governance remain the key to unlocking profitable west coast operations.

“Cutting flight time in the region with the use of satellite based augmentation system will help reduce the cost of operations per sector.

It saves fuel when a 50 minutes flight lands at 50 minutes instead of landing at 90 minutes because of the navigational aids. This will save cost,” he said.

24 T H I S D AY FRIDAY FEBRUARY 17, 2023 TR

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Friday February 17, 2023 Vol 27. No 10170

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opinion@thisdaylive.com

www.thisdaylive.com

DESIGNS AND BUGS: NIGERIA AS IT IS Nigeria is designed to fail, contends JOSHUA J. OMOJUWA

See page 25

LET DEMOCRACY PREVAIL

NOAH DALLAJI canvasses for a free and credible elections

See page 25

EDITORIAL

THE GROWING MENACE OF CULTISM

26

1

The presidential reissue of old N200 notes will not resolve the political and social crises precipitated by the new monetary policy, writes BOLAJI ADEBIYI

FAR FROM THE MIDDLE GROUND Only a political novice would have failed to anticipate the growing violent protest of the implementation of the new naira notes monetary policy.

Once it was perceived as a political initiative to disadvantage a frontrunning presidential candidate, there was bound to be a political response.

Those that understand the game know very well that the fastest way to extract concession in politics is to mobilise the streets in order to demonstrate the minimum capacity for damage.

This, perhaps, was what played out yesterday when President Muhammadu Buhari had to beat a retreat from his obstinacy over the rigid and provocative implementation of the deadline for the swap of the old and new notes. After a lengthy rehash of the Central Bank of Nigeria’s reasons for the policy and its three-month implementation tenure, the president decided on a middle ground apparently aimed at calming frayed nerves on the streets.

No doubt, the success of this middleground approach would depend on the attitude of the hawks who engineered WKH RͿ HQVLYH SROLF\ RQ WKH HYH RI DQ important election. This is because they appear to have developed the belief that with power and the machinery of government in their hands, they FRXOG JHW DZD\ ZLWK RSHQ GHÀ DQFH RI constituted authority and due processes.

Obviously, this kind of thinking must be responsible for the disobedience to the 8 February restraining order of the 6XSUHPH &RXUW ZKLFK HͿ HFWLYHO\ SXW in abeyance the implementation of the deadline for the policy.

Rather than the attorney-general of WKH IHGHUDWLRQ DV WKH FKLHI ODZ R΀ FHU RI the country, directing the CBN to obey the order, he looked the other way as the apex bank practically shut down currency circulation by neglecting to supply the new notes to deposit money EDQNV DQG RWKHU À QDQFLDO LQVWLWXWLRQV having mopped up the old notes from WKH V\VWHP :RUVH *RGZLQ (PHÀ HOH the apex bank governor, openly ignored the apex court order, utilising every speaking opportunity and engagement to insist on the sanctity of the 10 February 2023 deadline even when all the banks had shut down two days before.

With the federal government and its agencies not obeying their own law and the directive of their own court, is it any ZRQGHU WKDW WKH SHRSOH DͿ HFWHG E\ WKHLU partisan implementation of the policy reacted from the streets? It should be unfortunate that it took violent demonstrations in many cities, deaths, and destruction of lives and property

before the presidential middle ground SDOOLDWLYH FRXOG EH RͿ HUHG The idea of releasing the lower denominations into circulation had been proposed way back in January when it became apparent that either WKH &%1 KDG QR VX΀ FLHQW QHZ QRWHV or the banks were hoarding them and pushing out the soon-to-be-phasedout currencies. If the N1,000; N500 and N200 notes were the problems, why did the CBN and the banks not populate the Automated Teller Machines with N100 notes and dispense the N50, N10, and N5 notes across the counter from the 15 December 2022 commencement date of the swap?

This brazen impunity around the president might have also created the prevailing situation in which his directive extending the lifespan of the old N200 note might have clashed with the order of the Supreme Court.

The apex court’s order, which was reiterated on Wednesday, was that the status quo ante bellum be maintained until the determination of the matter. It is the rule that when a matter is before the court, litigants should do nothing to present it with a faith accompli. The implication of the adjournment till 22 February is that all the old notes remain legal tender until, at least that day, or ZKHQ WKH PDWWHU LV À QDOO\ GHWHUPLQHG Had the president been properly guided by his attorney-general, he would have refrained from giving the directive, which is patently contrary to the order of the Supreme Court. In fact, the presidential speech is a contravention of Section 287 (1) of the Constitution as altered, which mandates all authorities of government to enforce the decision of the apex court. Ordinarily, this is DQ LPSHDFKDEOH RͿ HQVH $OWKRXJK the president could be excused on the ground that he wanted to calm the streets that had erupted in violence but in a country of laws, palliatives must be provided within the rule of law. If his minders were interested in compliance with rules, the alternative would have been to avoid commenting on a matter before the court and direct the CBN to release the non-contentious legal

tenders in large quantities to the public.

Apparently, it is either the obsession ZLWK À JKWLQJ EXOOLRQ YDQ SROLWLFV rather than engendering life-saving policies to rejuvenate a dying economy that beclouded the reasoning of the policymakers or they were simply incompetent in the handling of a political matter of this nature. Both inadequacies appear to have plagued the president’s inner cabinet which is using an economic policy to tackle a political problem. For the record, a similar challenge faced President Olusegun Obasanjo in 2007 at the Peoples Democratic Party presidential primaries in Abuja. He resolved the matter politically without having to bring down the roof on everybody but his targeted adversary.

A certain governor who had amassed so many funds was set to coast home to victory against the president’s choice.

The party hierarchy expressed concerns that the president’s candidate was about to be worsted if nothing was done to arrest the trend. But as usual, Obasanjo was too calm for the comfort of party leaders who were apprehensive of the consequence of a defeat at the internal contest. What did he do? +H LGHQWLÀ HG PRQH\ DV WKH VWD\LQJ power of the adversary and went straight for the kill. A month before the primaries, all the accounts of the state government the adversary headed were restrained, while a few days before the elections, the raw cash meant for the intra-party electoral battle was traced to the warehouses where they were kept, arrested and brought into the custody of the security agencies. By the day of the primaries, the adversary had been left high and dry without the naira for WKH À QDQFLDO VKRRWRXW KH KDG SUHSDUHG for. Very few knew what happened. The only thing people saw was the outcome: Obasanjo’s candidate won against the run of play as it were.

Surely, were the hawks at the Presidential Villa been more diligent in thinking, they would have been able to edge out their target at the primaries level. But outmaneuvered within the party they lent themselves as a ready WRRO WR WKH LQÀ OWUDWLRQ RI WKHLU RZQ government by the main opposition party, which was bent on engendering a debilitating crisis on the eve of a crucial general election. It would be interesting to see how it will all end.

Adebiyi, the managing editor of THISDAY Newspapers, writes from bolaji.adebiyi@ thisdaylive.com

T H I S D AY

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FRIDAY FEBRUARY 17, 2023

Nigeria is designed to fail, contends JOSHUA J. OMOJUWA

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26 4

T H I S D AY

FRIDAY FEBRUARY 17, 2023

EDITORIAL

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

THE GROWING MENACE OF CULTISM Cult wars have exacerbated the climate of lawlessness in the polity

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t should worry the government that despite HͿ RUWV WR FXUE WKH PHQDFH FXOW UHODWHG YLROHQFH LV RQ WKH LQFUHDVH DFURVV WKH FRXQWU\ No fewer than eight people reportedly ORVW WKHLU OLYHV IROORZLQJ D FODVK EHWZHHQ ULYDO FXOW JURXSV LQ *ERNR %HQXH 6WDWH ODVW 6XQGD\ 7KH À JKW EHWZHHQ WKH JURXSV UHIHUUHG WR DV UHG DQG EODFN FRQIUDWHUQLWLHV ZDV VDLG WR KDYH EHHQ VSDUNHG E\ GLVDJUHHPHQW RYHU WKH VKDULQJ RI PRQH\ JLYHQ E\ VRPH SROLWLFLDQV /DVW PRQWK JXQPHQ NLOOHG À YH SHUVRQV LQ ,GHPLOL 1RUWK DQG $ZND 6RXWK ORFDO JRYHUQPHQW DUHDV RI $QDPEUD 6WDWH ´DV D FRQVHTXHQFH RI FXOW UHODWHG ZDU DPRQJ ULYDO FXOW JURXSV LQ 2NSXQR ,À WH DQG 2ERVL FRPPXQLWLHV µ DFFRUGLQJ WR &KULVWLDQ $EXULPH VSRNHVPDQ IRU *RYHUQRU &KXNZXPD 6ROXGR 7KDW PDQ\ RI RXU young people now WDNH VRODFH LQ FXOW JDQJV LQVWHDG RI GHYRWLQJ WKHLU HQHUJ\ WR SRVLWLYH HQWHUSULVH LV GHHSO\ FRQFHUQLQJ 7KH\ RSHUDWH IUHHO\ on our streets and higher institutions of learning where they have splintered from the original FRQIUDWHUQLW\ LQWR %ODFN $[H (L\H $\H WKH 9LNLQJV %XFFDQHHUV 0DÀ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s we have reiterated in previous interventions

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So prevalent is the menace that in many states of the federation cultists of various stripes act with impunity, killing, raping, and maiming victims while causing widespread destruction 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

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LETTERS OPEN LETTER TO THE NATIONAL CHAIRMAN OF APC , DP ZULWLQJ \RX WKLV RSHQ OHWWHU DV D FRQFHUQHG PHPEHU RI RXU JUHDW SDUW\ DV UHJDUGV WKH IRUWK FRP LQJ JXEHUQDWRULDO SULPDULHV RI RXU SDUW\ LQ .RJL 6WDWH +LVWRU\ WKH\ VD\ LV UHSOHWH ZLWK H[DPSOHV DQG it reminds us of how similar happenings in the past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

HU RI WKH $3& LQ WKH VWDWH <DKD\D %HOOR WR KDQGSLFN WKH GHOHJDWHV IRU WKH IRUWKFRPLQJ JXEHU SULPDULHV RI WKH SDUW\ LQ WKH VWDWH 7KHUH LV HYLGHQFH RQ WKH JURXQG WKDW LW LV QR ORQJHU LQ WKH UHDOP RI D UXPRXU 0U &KDLUPDQ LW LV QRZ UHDOO\ DQQR\LQJ ZKHQ LW LV D NQRZQ IDFW WKDW <DKD\D %HOOR ZKR ZDV RQH RI WKH JUHDWHVW EHQHÀ FLDULHV RI WKH PDJQDQLPLW\ RI GXH SUR FHVV FKDPSLRQHG E\ WKH &RQVWLWXWLRQ RI RXU JUHDW SDUW\ LV WKH YHU\ RQH VFKHPLQJ WR QHJDWH WKH WHQHWV RI GXH SURFHVV RXU SDUW\ LV NQRZQ IRU DQG WKHUHIRUH VKRXOG EH FDOOHG WR RUGHU %HOOR KDV D ORW WR SURYH LQ WKLV UHJDUG EHFDXVH ZH ZRXOG QRW DOORZ DQ\ERG\ QR PDWWHU KRZ KLJKO\ SODFHG WR WKLQN KH FDQ SUHVLGH RYHU WKH GHDWK RI WKLV SDUW\ ZKLFK KDV EHFRPH D PHPHQWR IRU RXU VWUXJJOH IRU JHQXLQH GHPRFUDF\ DQG GHYHORSPHQWV LQ DOO LWV UDPLÀ FDWLRQV I therefore wish to use this letter to appraise you RI ZKDW LV KDSSHQLQJ FODQGHVWLQHO\ DQG ZKLFK KDV

QRZ EHFRPH VRPHWKLQJ LQ WKH SXEOLF GRPDLQ EH FDXVH HYHQ WKH ZDOOV KDYH HDUV 3OHDVH XVH \RXU JRRG R΀ FH WR QLS LW LQ WKH EXG 7KLV LV EHFDXVH WKH 3UHVL GHQWLDO HOHFWLRQ LV DW KDQG DQG DV SDUW\ PHQ , WKLQN ZH VKRXOG QRW EH HQJDJHG LQ DQ\WKLQJ WKDW ZRXOG EULQJ RXU SDUW\ WR GLVUHSXWH DV LWV FRQVHTXHQFHV SR OLWLFDOO\ ZRXOG EH WRR JUDYH IRU XV DV D SDUW\ WR EHDU .RJL SHRSOH DUH QRZ PRUH SROLWLFDOO\ VRSKLVWLFDWHG DQG WKH\ PXVW EH DOORZHG WKURXJK D FUHGLEOH SURFHVV WR UHFUXLW WKHLU OHDGHUV DV WKLV LV ZKDW GLͿ HUHQWLDWHV XV IURP WKH RWKHU SROLWLFDO SDUWLHV ,I ,PR DQG %D\HO VD 6WDWHV DUH RSWLQJ IRU WKH GLUHFW SULPDULHV ZKLFK LV WKH PRVW DFFHSWDEOH DQG WUDQVSDUHQW ZK\ LV RXUV LQ .RJL 6WDWH GLͿ HUHQW DQG VKURXGHG LQ VHFUHF\" 0U FKDLUPDQ VRPHWKLQJ À VK\ VHHPV WR EH KDSSHQLQJ 7KH VLJQV RQ WKH KRUL]RQ VHHPV QRW WR EH SDODWDEOH Musa Wada, Kogi State, muswady@yahoo.com

T H I S D AY ˾ FRIDAY, FEBRUARY 17, 2023

27

BUSINESSWORLD

INDUSTRY

A’Ibom: Eno Can Deliver on Agricultural R e v o l u t i o n if Given a Chance Tunji Adeniran

A

mong those that would be on parade during the governorship election in Akwa Ibom State on March 11, 2023, Umo Eno, the flagbearer of the People’s Democratic Party (PDP), stands tallest, to take over the mantle of leadership of the Land of Promise from Governor Udom Emmanuel.

Eno is not Udom’s most suitable successor simply on account of belonging to the same party as the incumbent governor. He is in terms of character, competence, capacity and compassion – the four basic requirements for the job has everything going for him.

The PDP candidate is in contention for the state’s top job with a deep knowledge and understanding of the comparative and competitive advantage Akwa Ibom has over many states in Nigeria, especially in the production of some agricultural produce and the revolution it could ensure, in order to make the state not only self-sufficient in food production, but also a major food exporter. This definitely explains his strategic decision of making agriculture a major pillar of his A.R.I.S.E. agenda – the acronym for agricultural revolution, rural development, infrastructure maintenance/advancement and educational advancement.

Akwa Ibom is generally known as Nigeria’s leading oil bearing state, accounting for more than 30 per cent of the country’s total oil production. However, not many know that the state has more than oil to offer, especially in the area of agriculture. The state has been a major producer of cash crops such as yam, cassava, plantain and maize, though producing essentially at subsistence level. It accounted substantially for palm oil production in the then Eastern Region which made Nigeria, in the pre and post-independence eras, the world’s largest producer of the commodity.

The state’s coastline, one of the longest in Nigeria, makes it among the richest in marine life, with the riverine communities engaging predominantly in fishing.

A peep into the agriculture component of A.R.I.S.E. shows a comprehensive programme that could turn the sector around if implemented to the letter. A novelty by an Eno administration is his plan to establish a college of agriculture, an institution that would offer training in all aspects of agriculture.

The prospect of an Akwa Ibom that brims with agricultural experts to drive the kind revolution envisaged by the candidate seems quite attractive.

To actualize the plan, Eno has promised to provide adequate support by way of extension services and capacity building through the Akwa Ibom Agricultural Development Programme (AKADEP). He has also promised to increase access to agricultural credit facilities through the Ibom FADAMA Microfinance Bank, as well as other agricultural credit banks.

An experiment by the administration of Governor Udom Emmanuel shortly after it came into existence in 2015 showed that Akwa Ibom has the potential to grow food items such as tomato, onion, cucumber, carrot, cabbage, etc, in commercial quantity, in terms of soil quality and other geographical conditions. This was hitherto thought to be impossible in the state. All that is required to realize the economic potential inherent in the cultivation of these items is to give it a push on a larger and commercial scale, beyond the “discovery” by the current administration.

That, basically, is what Eno has promised to do in agriculture.

The plan by the leading governorship candidate to focus on agriculture is also informed by the reality of the dwindling fortunes from oil, and the need for a timely diversified economy towards sustainable revenue levels outside of oil. Also, in proactive

Eno

planning should there be a drying up of revenue from that sector through the monthly federal allocation – no thanks to the fact that the world is fast turning away from fossil fuel as an energy source. There is, therefore, a compelling need to chart a new course, by way of alternative means of existence.

An agricultural revolution driven by an Eno administration would be aimed at achieving the three-pronged objective of bringing about food sufficiency as well as food security for the people, creating a new source of income for the state and embarking on massive job creation for youths in the sector. The objective of achieving food sufficiency is premised on the fact that a well fed population is a healthy population. The ultimate goal Eno projects, is the upliftment of the standard of living of the people.

Eno has also indicated intention to encourage participation of women and young people in agribusiness. This is a venture that would be attractive enough to turn the attention of young people – fresh graduates, the not-so-educated and the idle – away from paid employment that is becoming more scarce and almost unavailable. It is a programme that will create wealth amongst the teeming youth population and transform them from job seekers to job providers, through the entire agricultural value chain – farmers, transporters, market men and women, suppliers in the hospitality industry, etc. The governorship hopeful has promised to develop full value chains for the major crops that are cultivated in the state, using farm settlement schemes.

One dares say that Eno’s decision to make agriculture one of the programmes of his fivepoint agenda stems from his understanding of the fact that Nigeria today faces an existential threat posed by food insecurity, on account of the general state of insecurity that has virtually enveloped the country, keeping farmers away from their farms. Thankfully, Akwa Ibom has been spared the level of insecurity that has ravaged some parts of the country, especially the region where the bulk of food consumed in the country comes from.

The relative peace maintained and enjoyed in Akwa Ibom state in the last seven and a half years cannot be taken for granted.

Rather it consciously presents a huge opportunity for a stable enough economy to attract agro-investors thus creating ample jobs along the value chain. And only a man like Umo Eno who understands the currency of a peaceful atmosphere in Akwa Ibom can sustain it knowing how it will enable an unencumbered implementation of the agricultural programme as conceived in the A.R.I.S.E. agenda.

I dare say, this would however, come to be when the people of the state find him worthy of their mandate, on Election Day. t "EFOJSBO B CVTJOFTTNBO BOE GSFRVFOU WJTJUPS UP "LXB *CPN 4UBUF MJWFT JO -BHPT

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PUBLIC NOTICE SAMON PETROLEUM LIMITED (TRADING AS SAMON PETROLEUM FZE)

Our attention has been drawn to the Thisday Newspaper publication of Tuesday, 14th February, 2023 at the instance of one TOBENNA NNAMANI, INSOL FELLOW, the Receiver Manager of Samon Petroleum LTD (trading as Samon Petroleum FZE) (In Receivership). The said publication titled, ‘PRIME ASSETS FOR SALE’ advertised several assets of Samon Petroleum FZE (In Receivership) for sale. The said Mr. Tobenna Nnamani – the Receiver Manager called for sealed bids to be addressed and submitted to him between February 13th, 2023 and February 20th, 2023. In a desperate bid to overreach the Directors of the Company and render the eventual Court decision nugatory, he went further to promise that the bid would be opened immediately after the deadline of the submission and result communicated to bidders accordingly.

Our Clients had previously made two publications is the newspapers informing the public of all the above facts, the first being the publication in Thisday Newspaper of 7th February, 2023, and the second being the publication in Thisday Newspaper of Wednesday, 15th February, 2023. We however believe it is necessary to make this publication informing members of the public, particularly, the would-be bidders that they are hereby put on notice that there is a subsisting and pending suit in respect of this subject matter, constituted in Suit No.; FHC/CA/ CS/167/2022 BETWEEN BB ENERGY HOLDING MAURITIUS LTD & SAMON PETROLEUM LTD (TRADING AS SAMON PETROLEUM FZE) (IN RECEIVERSHIP) VS. SAMUEL CHUBA OKEKE, OGONNA CHUKWUEBUKA OKEKE & IFESINACHI CHIBUZOR OKEKE. IN RE TOBENNA NNAMANI. Also pending in this suit is a Notice of Preliminary Objection not only challenging the jurisdiction of the Court, but also challenging the appointment of Mr. Tobenna Nnamamni as a Receiver/Manager of Samon Petroleum Ltd (trading as Samon Petroleum FZE). This suit has been adjourned to Monday March 6th, 2023 for further hearing. The legality or otherwise of Mr. Tobenna Nnamani’s appointment as a Receiver/Manager by BB Energy Holding Mauritius Ltd is an issue for determination by the court in the pending Notice of Preliminary Objection.

Members of the Public and would-be bidders are hereby advised to disregard the said advertisement, to do otherwise will be at a great risk. The Court of law does not allow parties in a pending litigation to foist on the Court, a fait accompli or do anything or take any action that will render the eventual decision of the Court nugatory. The Receiver Manager – Mr. Tobenna Nnamani who has submitted himself to the jurisdiction of the Court lacks the powers to take any step or do anything that will undermine the Court process. He initiated the Court process and he must allow it to run its full course before he can know whether his appointment was legal or illegal and before he can sell off the assets of the Company in receivership.

Please take notice that until the validity of Mr. Tobenna Nnamani’s appointment which is being challenged in Court is determined and the suit has been decided, members of the public are please advised to completely and totally disregard the advertisement.

DELE ADESINA LP Solicitors & Advocates (CITYGATE CHAMBERS)

No. 109 Opebi Road, Ikeja, Lagos, Lagos State.

This

Weekend FRIDAY, FEBRUARY 17, 2023

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

07010510430

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WEEKLY MAGAZINE

DOZY MMOBUOSI:

Serial Entrepreneur Revolutionising Tech, African Food Industry

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Dozy M mo b uo si : S e ri a l E ntre pre ne ur Revolutionising Tech, African Food Industry Nigerian-born UK serial entrepreneur, Dozy Mmobuosi might be known to many as the CEO of Tingo International Holdings Incorporation, an investment company focused on identifying and making targeted acquisitions in the technology sector, but he is much than that. The tech entrepreneur is the founder and CEO of Tingo Inc., Africa’s Agri-Fintech company; Tingo Remit, a financial services holding company; and NWASSA, a platform dedicated to African farmers. Recently, it was reported that Mmobuosi was close to completing a £90 million takeover of English football club Sheffield United, but perhaps, his greatest achievement yet is proving his roots with the groundbreaking of his multi-million Tingo Food Factory right in his hometown, Onicha-Ugbo in Aniocha North Local Government Area of Delta State. Chiemelie Ezeobi reports that the project, which costs 1. 6 billion dollars, is intended to save Africa from paying foreign exchange to import finished food products, as well as aid the export of made in Africa foods to the world

O

n a certain Tuesday this month, Onicha-Ugbo, an agrarian town located in Aniocha North Local Government Area of Delta State, Nigeria, was agog.

Unbridled joy rippled across the entire town as they witnessed the groundbreaking ceremony of Tingo Food Factory from Tingo Foods, a subsidiary of Tingo International Holdings Incorporation. Championing this notable project is none other than Dozy Mmobuosi, a son of the soil, whose quest to set up the food processing facility in Delta State, will turn the fortunes of the community and Nigeria at large.

GROUNDBREAKING IN DELTA It was pomp and ceremony at the ground breaking of the first of its kind multi-million Tingo Foods Processing factory in Ishiekpe village Onicha-Ugbo.

The groundbreaking was attended by eminent persons from government and industry across Nigeria, including the Minister of Agriculture and Rural Development, Dr. Mohammad Mahmood Abubakar; the monarch of Onicha-Ugbo host community, HRM Obi Chukwumalieze 1; President General of Onicha-Ugbo Patriotic Union, Barr Peter Kogolo and other respected chiefs of the town.

REVOLUTIONISING AFRICAN FOOD Eminent Nigerians at the groundbreaking ceremony of Tingo Food Factory from Tingo Foods, a subsidiary of Tingo International Holdings INDUSTRY According to Mmobuosi, the project which Incorporation costs 1. 6 billion USD will also save Africa University of Oxford in 2022. from paying foreign exchange to import As part of his foray into tech, Mmobuosi finished food products. in 2001 founded Tingo Mobile to bring Additionally it will aid the export of mobile technology and Fintech solutions made in Africa foods to the world enhance to rural communities in Nigeria.Two years inter Africa trade via the Africa Continental later, he founded Najafans, a social media Free Trade Agreement and sell high quality connectivity platform in Nigeria. and nutritious food products in Nigeria.

In January 2019, he launched Nwassa, Mmobuosi, an iconic tech guru is making a digital Agri-Marketplace that is Africa’s the massive investment as a way of giving first agricultural technology and digital back to his birth place, Delta. He has vowed platform where it utilises technology to to revolutionise the African Food Industry provide farmers with accurate weather and create direct employment for the forecasts, payment systems, live information teeming youths in Nigeria, providing a on market prices and access to other service significant boost to the Nigerian economy providers for lending and pension solutions. and contributing to the United Nations’ Reports also had it that in 2022, Tingo, Sustainable Development Goals (SDGs).

Inc. executed an agreement to merge and His entrance into the sector is promising consolidate its operations with MICT, Inc, given that the African food processing to enable the combined technology stack industry has thrived in snail pace, with of both Tingo and MICT to create one of low productivity and poor usage of human the world’s leading fully integrated fintech capital. platforms given that Tingo, Inc. already Africa’s farmers and agribusinesses could had over 9.3 million subscribers for create a trillion-dollar food market by 2030 its Agri-Fintech services. if they can expand their access to more With the aim of developing African capital, electricity, better technology and leaders skills to help them transform irrigated land to grow high-value nutritious their private and public sector services, foods, and if African governments can in December 2022, Mmobuosi unveiled work more closely with agribusinesses the Dozy Mmobuosi Leadership Centre to feed the region’s fast-growing urban (DMLC), in Oxford, United Kingdom. population, according to a new World He also launched his own personal Bank report launched recently. foundation, the Dozy Mmobuosi According to the Growing Africa: Dozy Mmobuosi Foundation, aimed to support Africans Unlocking the Potential of Agribusiness across multiple sectors including education report, Africa’s food systems, currently United has faced a great financial crisis and healthcare, and facilitate social the African food industry. valued at US$313 billion a year from The company would decongest the and Mmobuosi, who is valued at $7.6 empowerment by solving key structural agriculture, could triple if governments labour market with the creation of no billion, can complete the acquisition of challenges present on the continent. and business leaders radically rethink Through Tingo Mobile, he has also fewer than 12,000 direct employments the club after making a larger deposit of their policies and support to agriculture, awarded the first of a series of grants from with the setting up of its food processing the money. farmers, and agribusinesses, which together a dedicated fund, totalling approximately facility in Delta State. account for nearly 50 percent of Africa’s $6m, which aim to empower female Potential Incursion into Football ABOUT DOZY MMOBUOSI economic activity.

According to Wikipedia, the Bachelor of smallholder farmers in Nigeria as part Investment Due to a combination of population Beyond tech and agriculture, Mmobuosi Science in Political Science graduate from of the company’s wider ambitions to growth, rising incomes and urbanization, has ventured into the world of sports- Ambrose Alli University in Ekpoma, Edo tackle inequality in Africa. strong demand is driving global food and Mmobuosi might be set to conquer football to be precise. He is said to be State, also had his Master of Science degree agricultural prices higher. This is where close to buying English Football League in Economics from the same university. the world but his roots to Nigeria, Mmobuosi comes in.

However, for his doctorate, he did as well as Africa, always bring him club Sheffield United at a £90 million Expected to begin operations in the Rural Advancement from Universiti Putra home to chart workable and sustainable takeover. next 18 to 24 months, Mmobuosi noted According to The Times, the 43-year- Malaysia. He went further to complete the solutions to the continent’s wide range that the facility is the first phase of a old will be subject to the EFL’s Owners’ Advanced Management and Leadership challenges, either in tech, agriculture or multi-billion dollar investment that Tingo and Directors’ Test given that Sheffield Programme at Saïd Business School, even leadership.

International Holdings plans to make in

“Africa’s farmers and agribusinesses could create a trillion-dollar food market by 2030 if they can expand their access to more capital, electricity, better technology and irrigated land to grow high-value nutritious foods, and if African governments can work more closely with agribusinesses to feed the region’s fast-growing urban population, according to a new World Bank report launched recently.”

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NEWS PARTNERS DEVELOPER FOR Event Professional Across Africa Converge on Nigeria ARMY ULTRAMODERN MARKET IN OJO Stories By Mary Nnah Event professionals across Africa had an unforgettable experience during the recently concluded The Event Xperience Africa (TEXA) 2023 held in Lagos.

Convener and MD/CEO of Zapphaire Events, Funke Bucknor-Obruthe, said the inspiration behind TEXA, an annual gathering of event professionals across Africa, was the need for her to see people, especially from Africa learn.

“Bringing together people from diverse countries and cultures to learn and impart knowledge is my ultimate goal for this event. And there is also networking.

“You can experience the opportunity of meeting people from different parts of Africa.

We often have not had the opportunity to attend these conferences, so it is almost like bringing the conference to people.”

Speaking further on the event which targeted people in the creative industry, particularly the event industry, she said, “I am an event planner and

I have been planning events for like 20 years now and for me, I just thought the industry needed the opportunity for us to be able to learn, engage and collaborate and that is what we have done with TeXA 2023”.

For the event, which had in attendance over six Francophone countries and from different parts of Nigeria, she expected

that people go away with knowledge having known that something had impacted their businesses to grow bigger.

“This is more than just a conference. I travel around the world for many conferences yet no conferences are available for us as Africans in Africa. This vision will not stop and we hope that through it, all creatives in

the event industry gain access and knowledge to enhance and build their dreams”.

Noting that the theme for this year is the reset, BunknorObruthe, said, “You can reset by totally shooting down and changing direction. You can reset in different ways- in technology, invention, reinvention, and so on or even just getting up again.”

L-R: Tara Fela-Durotoye, CEO House of Tara Int’l; Funke Bucknor-Obruthe, TEXA Convener/CEO Zapphaire Events,; Stella Duru, Partner at Banwo Ighodalo; and Osayi Alile Oruene, CEO Aspire Coronation Trust Foundation

AANI Calls for Credible, Violence-free Elections Precious Ugwuzor The President of the Alumni Association of the National Institute (AANI), former Inspector General of Police, MD Abubakar, has called on the Federal Government of Nigeria, security agencies, and the Independent National Electoral Commission (INEC) to intensify efforts towards a credible and violence-free election in all parts of the country.

The former IGP stated that AANI had noted with great concern that the prevailing economic difficulties in the country have been aggravated by additional tension occasioned by perennial fuel scarcity and cashless policy and must be addressed decisively ahead of the 2023 general elections.

In a statement signed by AANI’s National Publicity Secretary, Brigadier General

Sani Kukasheka Usman (rtd), he said the government must ensure that an enabling environment is created for Nigerians in all parts of the country to freely exercise their franchise, adding that reliable elections and a smooth handover of power would strengthen Nigeria’s democracy and help it reach its full potential.

The AANI president said the association condemns all forms of electoral malpractice, including intimidation, vote-buying and election violence.

He urged all contestants for the various elective positions to eschew violence and money politics and uphold global best practices and focus on the issues of security, welfare, and economic prosperity of Nigerians, over and above personal and pecuniary interests.

He also urged politicians to follow the rules and respect the results of elections and advised

voters to choose candidates based on their skills and honesty rather than putting their children’s and grandchildren’s futures at risk for small sums of money or ephemeral items.

He disclosed that, as part of its efforts to promote credible elections, AANI is poised to observe the forthcoming elections across the country.

He said AANI will not be biased when it comes to watching elections and will do its job as a national organisation with the utmost dedication and impartiality, just like it did during the last elections.

He recalled that AANI had held a national conference on national unity in September 2022, which came up with farreaching recommendations for implementation by the government and other stakeholders, adding that the association is always available for partnership and further collaboration to enhance

national unity and cohesion.

The Alumni Association of the National Institute (AANI) is the foremost national association of a diverse group of eminent Nigerian men and women that cut across professional, sociocultural, economic, and political affiliations in the country who were trained on the rudiments of policy formulation and strategy and have been contributing to national development through our mission, “To serve as a think tank to the government of Nigeria,” our vision, “To promote the noble ideas of a better society,” and the motto, “Towards a better society.”

It is the most important think tank for Nigeria’s federal, state, and local governments. It has been contributing objectively to the national conversation on many issues that affect Nigeria’s growth and development and give the government the right recommendations and implementation strategies.

Three Crowns Mum of the Year Lola Akande Releases New 2022 Comes to a Thrilling End Novel, The Truth About Sadia

Joy Obiese, Ivbade Odigie and Oluchukwu Rose Igwe have won an all-expense-paid trip to Dubai and one year’s supply of Three Crowns milk in the just concluded Three Crowns Mum of the Year campaign organised

by Three Crowns Milk, Nigeria’s heart-friendly dairy brand.

The campaign started with a call for members of the public to nominate any mother or mother figure deserving of a much-needed vacation, an allexpense-paid trip to Dubai – an amazing travel destination with exciting attractions.

After weeks of intense and interesting competition, over 300,000 entries were received, screened and narrowed down to the top 6 contestants. These contestants went on to battle for the grand prize of an allexpense-paid trip to Dubai, one year’s supply of Three Crowns milk, and other exciting prizes, courtesy of Three Crowns milk.

The finale was hosted by the delectable, energetic influencer and host; Bukunmi AdeagaIlori, aka Kie-Kie, and judged

by Public Health Professional and Nutrition Specialist, Jamila Lawal; award-winning actor and host; Linda Ejiofor-Suleiman; multi-award-winning weight

loss expert, Adedamola Ladejobi (AskDamz); and fitness expert, Seyi Olusore (Shedams). It was indeed a beautiful event with celebrities, top government officials and other stakeholders in attendance.

The top six contestants were judged based on set criteria, including fitness, smartness, dance moves, and the number of votes by the audience.

At the end of the day, Mrs. Joy Obieze won 1st place, followed by Mrs. Ivbade Odigie and Mrs. Oluchukwu Rose Igwe, who clinched the 2nd and 3rd spots respectively, winning an all-expense-paid trip for themselves and two family members to Dubai as well as one year’s supply of Three Crowns milk.

Clinching the 4th, 5th and 6th positions are Mrs. Jane Francis, Mrs. Elizabeth Olanrewaju and Mrs. Blessing Caleb, winning N500,000, N400,000, and N300,000 respectively, and a year’s supply of Three Crowns milk. For the first time, the Three Crowns Mum of the Year competition recognised and also rewarded an outstanding retailer mum, Mrs. Abiodun Abolade Sodiq, with an all-expense-paid trip to Dubai and one year’s supply of Three Crowns milk.

Lola Akande of the Department of English, University of Lagos has released a new novel, “The Truth about Sadia”.

The Truth about Sadia explores how the use of alcohol and hard drugs can lead to the development of mental illness. It recounts the life from childhood to middle age of a beautiful, talented Nigerian woman,SadiaOnaolapoOyelowo who must endure tragedy to realise the person she is: strong, resourceful and, above all, a survivor.

Her husband, Mofeoluwa Ayowumi Bolarinwa is not of sound mind and is inclined to go off the rails in fits of abnormal and strange behaviours following alcohol and drug binges, for which he is hospitalised at a psychiatric hospital. Each time he is treated and gets better, he returns to the use of the drugs which in turn triggers a relapse. Inevitably, and despite Sadia’s best efforts, the marriage breaks down and she is forced to raise their only child as a single mother in Lagos surviving on a teacher’s salary.

The Truth about Sadia is a rich, multi-layered novel that does not shy away from delving into the seamier sides of modern Nigerian life in a Lagos rife with contradic-

tions and, above all, the energy for which the city is famous.

Indeed, the city is as much a presence in the novel as the characters, especially the two main characters who must reconcile their separate destinies against the city’s contradictions.

This is a novel for our times, warts and all. It will appeal to students at undergraduate and postgraduate levels, teachers and the general public.

The Ph.D. holder is an accomplished fiction writer and academic. She is presently a senior lecturer in the Department of English, Faculty of Arts, University of Lagos where she teaches African literature.

She earned her doctorate in English with specialisation in Prose Fiction/African Literature from the University of Ibadan. Akande has worked in various capacities as a teacher, journalist, public servant, development worker, and public relations consultant.

She has published three novels including In Our Place (Macmillan (Nigeria) Publishers, 2012), What It Takes (Kraft Books, 2016) which won the Association of Nigerian Authors (ANA) Prize for Prose Fiction in 2017, and Where Are You From? (Kraft Books, 2018).

Plans are underway to replicate the Nigerian Army Shopping complex in Oshodi known as Arena in the Ojo area of the state.

According to the Chief Executive Officer (CEO), Acada Arcade Project, Col. Kingsley Umoh (rtd), the ultramodern market which was a joint venture with Post Service Housing Development Limited and the Nigerian Army (NA), was aimed at decongesting the Alaba International Market and other surrounding markets in the axis.

Noting the need for residents in that axis to have pleasurable shopping experiences, Umoh said the army was interested in bringing orderliness which was inline with the state government’s vision.

He said: “It is an attempt to provide a shopping complex for the Ojo environment to help offload the pressure from markets like Alaba and others along that axis.

“It has all the facilities that should make going to the market comfortable and pleasant. It is a public-private sector project.

The army is the owner of the property but has given the opportunity to investors to mobilise the funds and develop it in a profit sharing arrangement.”

He urged private sector players to invest in the project, noting that aside reaping huge returns on their investments, they would be part of history as the chaos in markets in that axis would drastically reduce.

“This arrangement is done in order to sensitise would-befunders about the project and to display the merits of the project to them. “The expectation of the project is to deliver a decent market in that environment of chaos,” he said.

Umoh said that it was not his first experience developing modern market projects on behalf of the Nigerian Army, adding that Arena Modern Market which is located behind Nigerian Army Cantonment, Bolade, Oshodi was the pilot. “The luck we had at that time is that we got funds from Oceanic Bank who took over the project and sponsored it to the end. But we need to source for funding for the Ojo project,” he said.

Umoh said that funders’ return on investment was assured because the project was a secured one in which the Nigerian Army was involved.

“The army as an institution will not get involved in frivolous activities. The project belongs to the army and we are just developers developing on behalf of the army.

“The biggest selling point for this project is the integrity that goes with it,” the Colonel said.

Director of Finance, Folarin Aluko-Olokun, said the Ojo project would consist of 1,500 shops and 28 bays of warehouses as well as a creche, green area for relaxation, hotel and other facilities for the comfort of the shoppers.

“It is a one stop shop for everything stemming from retail household materials to electronics to industrial goods, among others. “We have made it flexible for people to adopt ownership and we have mortgage bankers that are ready to finance shops or warehouse owners. “The market is meant to decongest Alaba International and other markets along that axis for those who do not like rowdiness,” he said.

Acada Arcade project’s architect, Lanre Adeleke, said the market would have the added advantage of being organic.

WINNERS EMERGE IN 9IJAKIDS’S BIBLE CONTEST Omolabake Fasogbon No fewer than 29 persons of over 850 entries, have emerged winner at the just concluded Bible competition organised by 9ijakids, in collaboration with SIATO Foundation.

The annual initiative which tests children’s knowledge of the Bible, aimed to encourage children to read and improve their understanding of the word.

At the end of the competition which captured children between ages seven and 15 from across the country, one Joshua Eseigbe, 13, emerged overall winner after 4764 attempts.

Moreso, 28 other participants were also declared winner in various categories of the contest to win over N1.5 million cash prize.

The competition consisted of multiple rounds, with each round tested participant’s knowledge of different books of the Bible from the old to New Testament.

Commenting, Co- Founder of 9ijakids, Titi Adewusi stressed that the competition afforded children an opportunity to deepen their knowledge of the Bible and their maker.

“The Bible is a living book, and the more we read and understand it, the more it can change our lives for the better.

The competition also teaches us the value of perseverance and determination in achieving our goals. As we congratulate Joshua and other winners on their victories, let us also strive to deepen our understanding of the Bible and strengthen our relationship with God”.

In his response, Joshua said his persistence and resilience earned him the win. He said, “I was tired of playing the game at a point as i was experiencing difficulty in internet connectivity and my scores was not increasing, but my mum encouraged me to continue playing” Also, a mother to one of the participants, Mrs. Folu Adekunle commended the organisers for the initiative.

She added, “I really admired my son’s consistency in playing the game daily. I have never seen him so committed to a quest.

This challenge taught me that with resilience and consistency, we can achieve all that we desire, and I am proud of my son, Dayo. This is a call to other parents to expose their children to the word of God at an early age.

Editor’s Error Last Friday, in our story on “Spotlight on Female Presidential, Governorship Candidates for 2023 General Elections” we erroneously reported that the former NPA MD, Usman Hadiza was running for governor of Zamfara State on the platform of Zenith Labour Party. The error is regretted!

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T H I S D AY ˾ DAY ͯ͵˜ 2023

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

L-R: Executive Director, Institute for Media and Society, Dr. Akin Akingbolu; Chief Executive Officer, Albino Foundation, Jake Epelle; Executive Director, International Press Centre, Lanre Arogundade; and Executive Director, Yiaga Africa, Samson Itodo, during the media/CSO roundtable on the 2023 elections in Abuja… recently PHOTO: ENOCK REUBEN

L-R: Special Assistant to the Commissioner for Health, Lagos State, Dr. Tunde Ajayi; Senior Special Assistant to the Lagos State Governor on Health, Dr. Oreoluwa Finnih; a beneficiary of a free medical outreach programme, Ms. Ketiku Onaopemipo; and the Medical Officer of Health Department, Mushin LGA, Dr. Kayode Odufuwa, at the programme sponsored by the Lagos State Governor, Mr. Babatunde Sanwo-Olu, in Mushin, Lagos State…recently ˝

L-R: Head of Prime Business Unit, Grand Oak Limited, Mr. Stanley Obi; Group Executive Director, Grand Oak Limited, Mr. Adekunle Rosiji; Executive Director of Finance and Operations, Mr. Wale Majolagbe; Imperial Distillery Limited, Ms Solange Kuimo; Marketing Director, Mr. Obinna Ike; and Head, Fountainhead Business Unit, Mr. Busuyi Olofin, at the 2023 Grand Oak Limited Commercial Conference held at the Marriott Hotel, Lagos...recently

L-R: Author/former Chairman, Police Service Commission (PSC), Chief Simon Okeke; former President, Chief Olusegun Obasanjo; Deputy Governor of Anambra State, Dr. Onyeka Ibezim; and author’s son, Mr. Tagbo Okeke, the during the public presentation of Chief Simon Okeke’s new book: ‘Policing the Nigeria Police’, held at the Shehu Musa Yar’adua Centre, Abuja…recently

L-R: Bayelsa State Coordinator, National Youth Service Corps (NYSC), Mrs. Obiageli Okpalifo; Speaker, Bayelsa State House of Assembly, Hon. Abraham Ingobere; state Deputy Governor, Senator Lawrence Eruhjakpo; NYSC Director-General, Brigadier-General Yusha’u Dogara Ahmed; state Governor, Senator Douye Diri; and his wife, Dr. Gloria Diri, during the inauguration of an ultra-modern NYSC state orientation camp built by the state, in Boro, Kiama Local Government Area of the state…recently

L-R: Bride’s father, Pastor Ezekiel Olufemi Adepoju; his wife, Mrs. Modupeola Victoria Adepoju; couple, Mr. Tolulope Gabriel Omoyele and Mrs. Adeyemi Aderonke Omoyele; groom’s father, Elder Micheal Olu Omoyele; and groom’s mother, Mrs. Helen Omoyele, after the solemnisation of the couple’s wedding in Ibadan, Oyo State...recently

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FRIDAY, FEBRUARY 17, 2023 • 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 15Feb-2023, 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 200.79 201.94 6.17% Afrinvest Plutus Fund 100.00 100.00 11.26% Nigeria International Debt Fund 320.66 320.66 3.83% Afrinvest Dollar Fund 106.43 107.53 0.96% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 13.30% AIICO Balanced Fund 3.91 3.97 14.89% 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 7.01% Anchoria Equity Fund 154.60 156.26 6.66% Anchoria Fixed Income Fund 1.23 1.23 -0.11% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 23.56 24.28 7.38% ARM Discovery Balanced Fund 550.40 567.00 5.60% ARM Ethical Fund 46.67 48.08 3.45% ARM Eurobond Fund ($) 1.13 1.13 0.70% ARM Fixed Income Fund 1.12 1.12 1.12% ARM Money Market Fund 1.00 1.00 10.04% ARM Short Term Bond Fund 1.04 1.04 0.82% 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 97.14 97.14 2.15% AVA GAM Fixed Income Naira Fund 1,104.92 1,104.92 -1.91% 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 N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalfif@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A 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 1.01 1.01 1.06% 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 12.30% Paramount Equity Fund 18.53 18.87 8.20% Women's Investment Fund 152.42 154.30 6.25% CHD Nigeria Bond Fund 108.39 108.39 10.91% CHD Nigeria Dollar Income Fund 1.06 1.06 9.30% 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 N/A N/A N/A Cordros Milestone Fund N/A N/A N/A Cordros Fixed Income Fund N/A N/A N/A Cordros Halal Fixed Income Fund N/A N/A N/A Cordros Dollar Fund ($) N/A N/A N/A CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 9.94% Coronation Money Market Fund 1.22 1.24 2.30% Coronation Balanced Fund 1.37 1.37 -2.70% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn 100.00 100.00 9.87% EDC Nigeria Money Market Fund Class A 1,000,000.00 1,000,000.00 11.41% EDC Nigeria Money Market Fund Class B 1,115.30 1,118.81 0.73% EDC Nigeria Fixed Income Fund EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1493.44 1493.44 12.55% FBN Balanced Fund 210.44 211.94 5.38% FBN Halal Fund 124.90 124.90 12.87% FBN Money Market Fund 100.00 100.00 12.36% FBN Dollar Fund 121.22 121.22 6.87% FBN Smart Beta Equity Fund 176.86 179.49 6.79% FBN Specialized Dollar Fund 105.23 105.23 9.75% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.49% Legacy Debt Fund 3.55 3.55 -11.33% Legacy Equity Fund 2.09 2.14 20.42% Legacy USD Bond Fund 1.27 1.27 5.27% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com 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

Bid Price 4,374.70 3,749.50 100.00

Offer Price 4,405.40 3,749.50 100.00

Yield / T-Rtn 31.45% 7.99% 11.56%

FSDH Dollar Fund 1.14 1.14 5.78% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn 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 N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A 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) 101.77 101.77 8.98% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.22% 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 128.86 134.71 0.05% 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 1.00 1.00 11.03% 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 3,808.59 3,839.89 12.36% Stanbic IBTC Bond Fund 246.30 246.30 4.55% Stanbic IBTC Ethical Fund 1.52 1.54 21.43% Stanbic IBTC Guaranteed Investment Fund 335.06 335.06 7.00% Stanbic IBTC Iman Fund 276.80 279.87 18.45% Stanbic IBTC Money Market Fund 1.00 1.00 12.91% Stanbic IBTC Nigerian Equity Fund 12,914.69 13,071.76 18.29% Stanbic IBTC Dollar Fund (USD) 1.38 1.38 6.53% Stanbic IBTC Shariah Fixed Income Fund 121.98 121.98 4.34% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 116.24 116.24 9.27% Stanbic IBTC Absolute Fund 4,615.91 4,615.91 8.50% Stanbic IBTC Aggressive Fund 3,436.01 3,479.51 23.60% Stanbic IBTC Conservative Fund 4,357.31 4,374.17 14.46% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.02 1.04 6.67% United Capital Balanced Fund 1.54 1.57 12.58% United Capital Wealth for Women Fund 1.21 1.23 4.16% United Capital Sukuk Fund 1.12 1.12 10.05% United Capital Fixed Income Fund 1.97 1.97 7.35% United Capital Eurobond Fund 126.22 126.22 5.53% United Capital Money Market Fund 1.00 1.00 11.94% 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 14.43 14.57 4.06% Zenith ESG Impact Fund 16.44 16.61 4.03% Zenith Income Fund 23.78 23.78 0.93% Zenith Money Market Fund 1.00 1.00 10.83% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 4.48 4.58 11.50% Vetiva Consumer Goods Exchange Traded Fund 6.13 6.23 4.80% Vetiva Griffin 30 Exchange Traded Fund 19.83 20.03 12.05% Vetiva Money Market Fund 1.00 1.00 10.94% Vetiva Industrial Goods Exchange Traded Fund 24.67 24.87 23.33% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 140.22 142.22 -11.05% REITS NAV Per Share

Yield / T-Rtn

114.09 53.06 101.31 9.92

7.63% 3.98% -13.13%

Bid Price

Offer Price

Yield / T-Rtn

16.69 141.71 110.59 17.40 16.40

16.79 144.18 112.50 17.50 16.50

7.86% 11.05% 10.60% -1.31% 2.88%

NAV Per Share

Yield / T-Rtn

106.75

0.00%

Fund Name

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

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

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.

FRIDAY, FEBRUARY 17, 2023 ˾ T H I S D AY

36

BUSINESS/MONEYGUIDE

GTI Vows to Revolutionise Nigeria’s Sport Ecosystem with N5bn TNFF Eromosele Abiodun GTI Group has stated that the N5 billion Nigeria Football Fund (TNFF), will unlock more private sector investment and transform sports into a profitable venture in the country.

According to GTI, TNFF is a novel initiative of the Group designed to build a football economy. At a media parley with sports and business editors in Lagos, the Project Director, TNFF, Nelson Ine, said the ultimate deliverables of TNFF would help convert donations to investments, ensure safety of investments, guarantee returns on investments, facilitate liquidity in the sports ecosystem and institute transparency and accountability.

He also stated that the initiative would enhance professionalism and efficiency, create jobs and economic empowerment, contribute to growth of Gross Domestic Product (GDP) to foster national unity and stronger economy.

Describing the fund, he said is a specialised collective investment scheme or mutual fund that combines the regular advantages of a mutual fund with unique propositions of a structured fund. He also stated that the fund is a national project that requires the support of all key stakeholders in the sports ecosystem.

He also pointed out that the fund eliminates the trust deficit and build a renewed confidence that will facilitate accelerated growth and development of the nation’s football sector.

“We must manage our resources to achieve sport development. This fund will be the highest yielding fund in the capital market in the next five years. It will create a platform from for investments from both local and foreign investors into the football industry “ he said.

“Therefore, it is our desire to secure the necessary funding required for the Nigeria Premier

Football League (NPFL) management in the quest to implement a football economy that will make Nigeria the hub of Africa sports, custodian of continental glory uniting the people and delivering a stronger economy,” he said.

Also speaking, the Group Managing Director, GTI Group, Abubakar Lawal said Nigeria still remains the best destination for investment on the continent.

He that the scheme is national project beyond the fund, “but an enabler for sports development in the country.”

“We have to work together to make this national project work.

We are currently engaging with FIFA for endorsement. We are also selling the project to other nations and this would put Nigeria on the global map to say it is possible to achieve some significant level of development in the nation’s sport sector. We have demonstrated our capacity and we are full of confidence to do more, “he said.

L-R:The Managing Director, ENL Consortium, Mr. MarkWalsh; Chairman, SeaportTerminal Operators Association of Nigeria (STOAN), Vicky Haastrup and former Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Ade Dosunmu when Haastrup received the Award of Exceptional Leadership Excellence at theCentreforValuesinLeadership(CVL)inLagos…recently

MARKET INDICATORS

Vicky Haastrup Wins CVL Award of Excellence The Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Vicky Haastrup has been conferred with the “Award of Excellence” by the Centre for Values in Leadership (CVL). The award was presented to Haastrup at the 58th CVL Leader Without Title (LWT) Sector Leadership Tribute Colloquim in recognition of her outstanding contribution to the Nigerian maritime sector.

The Founder/CEO of CVL, Prof. Pat Utomi, said the award ceremony and a leadership colloquium with the theme “Inclusive Human Capital

in the Maritime Sector” were organised to honour outstanding sector leaders for their special contributions in the sector where they worked.

The award, according to him, serves as a great platform to celebrate excellent leadership in service, extolling the virtues that distinguish the honorees and made them outstanding sector leaders and encouraging younger ones to emulate such virtues.

A hard working, passionate, compassionate and pragmatic leader, Haastrup also serves as the Executive

Vice Chairman/CEO of ENL Consortium, President of the Certified Institute of Shipping of Nigeria (CISN) and as a Trustee of some professional maritime women groups including the Women in Logistics and Transport (WILAT).

Having developed a rare knack for managing people and resources, Princess Haastrup has made remarkable impact in the seaport especially in terminal operation, among dockworkers, professional women in maritime groups, and in maritime education, among others.

Standard Chartered Launches Aspiring Entrepreneurs Programme Standard Chartered Bank Nigeria Limited in partnership with FATE Foundation and Youth Business International (YBI), has launched the second cohort of the SC Futuremakers Aspiring Entrepreneurs Programme (AEP).

The initiative that is sponsored by the Standard Chartered Foundation, kicked off the 2nd cohort with 40 entrepreneurs from the University of Lagos, Lagos State University and Yaba College of Technology.

Standard Chartered Foundation in partnership with FATE Foundation has been running enterprise development interventions since 2020, to help entrepreneurs build resilience and develop the requisite skills needed to thrive in emerging economies. In 2020/2021 the first intervention was designed

and implemented in collaboration as the Business Recovery Programme (BRP) providing enterprise development support to over 800 young entrepreneurs especially during the peak of the COVID pandemic, across the country.

Speaking at the induction ceremony, General Manager, Corporate Affairs, Branding and Marketing, Standard Chartered Bank Nigeria Limited, Dayo Aderugbo, said, “Through Futuremakers by Standard Chartered, we’re championing economic inclusion for young people from low-income backgrounds, once success story at a time. We believe that social and economic inclusion leads to more prosperous and sustainable communities. Futuremakers is our global initiative to tackle inequality and promote greater economic

inclusion for disadvantaged young people in our communities.3 Our aim is to raise USD75 million (through fundraising and Group-matching) between 2019 and 2023 to empower the next generation to learn, earn and grow. We are excited about the AEP program and the second cohort as they commence their training today. At Standard Chartered, we remain committed to empowering the next generation of entrepreneurs to be agents of change for society and wish our 2023 cohort all the best.’

Executive Director, FATE Foundation, Adenike Adeyemi, added the foundation is delighted to have partnered with Standard Chartered Foundation and YBI to design and implement the Aspiring Entrepreneurs Programme Futuremakers,

Ports & Cargo Launches Graduate Trainee Scheme In line with its industry leadership objectives and in fulfillment of its promises to the Council of Registered Engineers (COREN) at its 2022 Annual Conference, SIFAX Group has kicked off one of its industry capacity development initiatives.

The one-year programme will afford the participants the opportunity of practical technical training and mentorship.

Speaking at the induction

ceremony held in Lagos, Managing Director, PCHS, John Jenkins, said the programme was launched to address the shortage of competent technical manpower in the country’s maritime industry as well as provide job opportunities for young and competent Nigerian engineering graduates.

His words: “We designed this engineering graduate trainee scheme for two major reasons. First is to open

Nigerian young engineering graduates to the immense opportunities that abound in the Nigerian maritime industry. We want them to know they can build a long career in maritime.”

In his remarks, Christopher Nnamuah, HR Manager, PCHS, said the scheme would also serve as a succession plan programme to groom the next set of engineers both for the company and the industry at large.

MONEY AND CREDIT STATISTICS (MILLION NAIRA) AUGUST 2022 Money Supply (M3)

49,356,443.6

-- CBN Bills Held by Money Holding Sectors

50,601.36

Money Supply (M2)

49,305,842.3

-- Quasi Money

27,869,678.3

-- Narrow Money (M1)

21,436,164

---- Currency Outside Banks

2,680,236.81

---- Demand Deposits

18,755,927.2

Net Foreign Assets (NFA)

5,074,909.92

Net Domestic Assets(NDA)

27,869,678.3

-- Net Domestic Credit (NDC)

61,195,142.4

---- Credit to Government (Net)

21,001,401.5

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

40,193,740.9

--Other Assets Net

6,785,979.22

Reserve Money (Base Money

14,040,351.9

--Currency in Circulation

3,210,664.98

--Banks Reserves --Special Intervention Reserves

10,829,686.9 390,557.8

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2022

Inter-Bank Call Rate

13.00

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

14.00

Treasury Bill Rate

2.76

Savings Deposit Rate

1.42

1 Month Deposit Rate

3.64

3 Months Deposit Rate

4.96

6 Months Deposit Rate

5.87

12 Months Deposit Rate

5.76

Prime Lending rate

12.10

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 10 JANUARY, 2023

The price of OPEC basket of thirteen crudes stood at $82.78 a barrel on Thursday, compared with $81.86 the previous day, according to OPEC Secretariat calculations.

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), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela)

37

T H I S D AY ˾ FRIDAY, FEBRUARY 17, 2023

MARKET NEWS

Yuguda Reiterates Importance of Investors’ Education Kayode Tokede The Director General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has enjoined the Management of the Lagos Free Zone to step up their investor enlightenment campaign as the company prepares to access the capital market.

Yuguda who stated this during a meeting between the SEC, the Nigeria Export Processing Zones Authority and

the Lagos Free Zone in Abuja recently, said this will further enlighten potential investors on the operations of the Zone.

The SEC Boss stated that there is a lot of ignorance among investors in this regard, stating that when companies are planning to access the market there is need for aggressive investor education to enable them make informed decisions.

According to him, “when

P R I C E S MAIN BOARD

DEALS

F O R MARKET PRICE

you come to the market to list, you need to massively educate people. The reason why companies list is to be able to have access to a wide range of investors, from small to big. The key thing between companies is cash flow and if you have a positive cash flow over a long period of time it makes your company attractive to investors. If you add this to the fact that you are operating in NEPZA regulated Free Zone,

that adds another layer.

“Investors would need to have as much information as possible about the operations of your company, especially since it operates within a Free Zone. They want to know how the NEPZA Act affects your cash flows, and what is available to investors. These are important so investors can see the value the companies in the Free Zone have over the ones that are not operating

S E C U R I T I E S

T R A D E D

QUANTITY TRADED

VALUE TRADED ( N )

MAIN BOARD

there. They also want to know what the goal of listing is as you need to erase those doubts and scepticism before listing”.

Yuguda stated that given the quantum of development and investment domiciled within the Free Zone, it holds the key to Nigeria’s future and commended the Management for already contributing immensely to the economy by attracting international brands like Kellogg’s, Dano, BASF and Colgate

AS O F

to the Zone.

“Lagos Free Zone is enough to give domestic and international business communities the hope and courage to make valuable investments in Nigeria. You can imagine how much we spend travelling to buy goods abroad.

With LFZ, I am convinced that we can transfer some of our demand to local production.

I believe this is a bold step to bring back Nigeria’s industrial prowess”.

1 6 / 0 2 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

38

FRIDAY, FEBRUARY 17, 2023 • T H I S D AY

INTERVIEW

Nana Ogbodo: Peter Mbah a Gift That’ll Give Enugu a Lift In this interview, Nana Ogbodo, the Enugu State PDP Campaign Council spokesman, touts the unique qualities of Dr Peter Mbah as the potential winner in the March 11 gubernatorial poll, dismissing the possibility of PDP losing its grip on power Many observers said next month’s governorship election in Enugu will be keenly contested, unlike in the past when the PDP had an easy ride without any viable opposition. How does that affect your candidate’s chances?

It’s not the first time that such sentiments have been expressed. It has become a common refrain since 2003.

But it is all wishful thinking. In the end, it always boils down to the quality of candidates on the ballot.

There is not a shred of doubt that the experience and accomplishments of the PDP governorship candidate, Dr. Peter Mbah, have made him a towering figure in this election with an unassailable chance of being elected governor of Enugu State. This is the reality reinforced every day as our candidate receives massive support and endorsements across the state, including from among the opposition. Despite the glaring popularity of our candidate, we believe the electorate should never be taken for granted, and we have, therefore, consistently held town hall meetings in all the 68 Development Centres of the state. This has given the PDP a strong grassroots presence. You can’t possibly win the people’s hearts and minds if you don’t campaign. That is a lesson the opposition parties in Enugu State need to learn.

There is rising poverty among the populace, as evident in a recent National Bureau of Statistics report, with states barely fulfilling their statutory obligations due to dwindling allocation from the federation account. How does your candidate intend to change this grim narrative?

Whatever promises Dr. Mbah has made on his campaign trail were not made to hoodwink the electorate.

First, it is gratifying that our candidate had himself demonstrated from the outset an understanding of the scale of the socio-economic challenges that confront a state like Enugu State, which has for years lived with the unflattering moniker of a “civil service state”. The exigencies of the time that we live in clearly require new thinking, and the bold growth template that Peter Mbah has outlined in his manifesto is reflective of this.

For instance, the agricultural rebirth, which he seeks to enthrone through sustained investment in the sector and planned creation of special agro-industrial zones in all

Ogbodo three senatorial districts of the state, is anchored on the indisputable potential of agriculture to create jobs. One of the significant things about Mbah’s plan to scale up production in agriculture is that the programme is largely export-oriented.

As envisioned, there would be a partnership with the private sector in a way that will develop small and medium-scale enterprises for processing and packaging cash crops such as cashew, yam, cassava, maize, palm oil and the famous Nsukka Pepper for the export market.

How do you relate to the fact that so many allegations have dogged your candidate since he threw his hat in the ring for this gubernatorial contest? From the claim of EFCC detention to the allegation of a plea bargain and the

latest NYSC saga. What should we believe?

Anybody in the contest to become governor of Enugu State in this season and who had known the intimidating profile of Dr. Mbah would rightly identify that without pulling him down, he would not possibly make any headway. Don’t forget that it is the tree that bears the most luscious fruits that people cast stones at. Unfortunately for all of them, Dr. Mbah is too clean and too smart to be dented. Like the previous ones, the latest ploy is unravelling woefully.

Contrary to their prevarications, Dr. Mbah has never been tried by the EFCC, let alone having the need to enter a plea bargain. The NYSC allegation is yet another storm in a teacup, the delusional fantasy of a desperate opposition who wants to ascend to power by subterfuge. It’s a hatchet job by a purchased syndicate essentially to smear and distract our campaigns. In determining a crime, one of the basic questions we ask is what is the main reason; that is, what could be the persuading factors to such crime? Possession of an NYSC certificate is not a qualifying credential to contest an election into the office of the governor, so why should anyone have to present a fake one? So there was, ab initio, no incentive to forge an NYSC discharge certificate.

That’s not implying, however, that the allegation of forgery is correct. It’s a wicked tale concocted to mislead the public. Besides, the fact of our candidate’s NYSC certificate is not subject to the whims of any desperate individuals. His call-up letter, deployment letter to his place of primary assignment, and clearance upon completion of his NYSC programme, culminating in his discharge certificate, are very much intact. Interestingly, some of the purveyors of this trash could not even graduate from the university, let alone go for youth service. Some others are irreverent upstarts, promoted beyond their ken and who have all this while been boxing above their weights, oblivious of the fact that the fantasy is over. The recent lie by the opposition is simply a case of trying to gain by subterfuge what they know they can’t secure via the ballot. I have no doubt that history will vindicate the just!

Isn’t the fact that a serving PDP senator in Enugu

openly campaigning for the APC presidential candidate a worrying issue capable of hurting your candidate’s prospects in the election?

By no means! That PDP has always been the ruling party in Enugu State may not be that the populace had always wholesomely been enamoured of the party than the quality of the candidates we have always sponsored for elections. The trend is certainly not different in this election cycle, where the stature of the PDP governorship candidate, in terms of accomplishments and vision, is stratospheric in comparison to the other parties’ candidates. So we are clearly not bothered by that, even though it is not lost on us that the brand of politics we practice in Nigeria is partisan democracy.

Many have observed that Governor Ifeanyi Ugwuanyi has not shown adequate presence at the campaign stumps of Dr. Peter Mbah during his tour of development centres. This is different from what we saw under Gov. Sullivan Chime.

Does it signify any friction in the house?

It depends on what you consider to be ‘adequate presence’. Whereas it is important to point out the fact that this season’s campaigns, which adopted a town hall model of interface with the people, differ significantly from what it used to be, it must, however, be stated that Governor Ugwuanyi, more than any other in the past, has campaigned most vigorously for the incoming governor. There is no stratum of the society he has not personally engaged for this purpose. That perhaps explains the near unanimity in the acceptance of the candidate of our great party.

Besides, unlike the Sullivan era, Governor Ugwuanyi is himself a candidate for the Enugu North senatorial district, and he is campaigning vigorously there.

Don’t forget that those who will vote for him at the election will also vote for the governorship candidate at the gubernatorial election because it is PDP all the way. Even then, for Governor Ugwuanyi, when you do a great thing, you don’t have to make a great fuss. He has given the state the best candidate we can ever hope for, and the facts are immutable. Dr. Peter Mbah is a gift, and he will give Enugu State a magnificent lift.

NEWS

INEC: Youths Can Sway Electoral Outcomes, Must Eschew Violence James Emejo in Abuja The Independent National Electoral Commission (INEC), yesterday said the Nigerian youth population with their numbers constitute a power block that could influence the direction of electoral processes and their outcomes in the country.

The commission however, lamented the involvement of youth in election violence.

INEC Deputy Director, Gender and Inclusivity Department, Mr. Samuel Bassey, disclosed this at a Youth Dialogue on Party Manifesto for the 2023 Election, which was organised by the Nigerian Youth Parliament (NYP) and sponsored

by PressPayNG. The event witnessed some of the presidential candidates of political parties share their plans for the youth.

The INEC deputy director said, “It is quite worrisome that youth are often used by unscrupulous politicians who see them as willing tools to be manipulated to advance their narrow agenda during electioneering.

“Bad elements among the political class often preyed on the innocence and the vulnerability of the youth during a period like this to perpetrate violence and disrupt election process.

“Election violence comes with a great socio- economic and political cost to the nation and to the lives and future of the youth. The youth who are often used as tools are the immediate victims of violence during elections; majority of the people being maimed, killed, sent to jail and whose future is undermined during violence are the youth.”

He said a lot can be achieved

by any social group, including the youth as an important demographic block, if there is a strong will power, organisation, internal cohesion and social networking.

“The youth in Nigeria can organise themselves into a formidable social block for a stronger voice for sensitisation, advocacy, leadership recruitment and capacity building on electoral matters using multimedia platforms,” he said.

He said the commission through Youth Engagement Strategy (YES), a policy document to guide youth responsive activities - is strategically positioned for a sustainable youth focal activity to promote their access and peaceful participation in 2023 General Elections and beyond.

However, Brand Manager, PressPayNg, Ruth Garuba, said conversations would strengthen, reinforce and consolidate efforts by all stakeholders in empowering the youth.

She said, “At PressPayNg, we believe in the youth and in their abilities to thrive given the right resources and opportunities. We are passionate in making their educational dreams a reality because the possibilities for an educated mind are limitless.

“We want Nigeria to be ground zero for economic reforms that will directly influence the standards of living for the youth even across the Nigerian borders and this can be achieved by voting and electing the right person that we can rely on to do what is necessary to properly utilise the youth population to attain their maximum potential.”

Garuba further pointed out that stakeholders have the responsibility

of further finding out the workability of the party manifesto, noting that “planning alone is insufficient, ensuring that the manifesto can be delivered and achieved regardless of the reality on ground is also important”.

She said, “In 2020 the United Kingdom granted 8,229 study visas to Nigerians, in 2021 they issued 36,783 and in 2022 65,929. The reality is that young people are migrating out of the country and we need to ensure we do not lose our greatest

asset which is the human capital to other countries.

“The progression is skyrocketing with a 79% increase which I hope is a major concern of the Presidential candidates because we need the youth as much as we need other demographics, everybody is important for national growth.”

Chairman, House Committee on Political Engagement, NYP, Mr. Mathew Adavize Samuel, said the event serves to address inclusion and advocacy for youth engagement.

He said, “And as we approach the 2023 election, it is very important to engage every critical stakeholder to ensure that youth agenda is carried along.

“The youth population constitute the largest demography as far as election is concerned. But it is to our surprise that that largest constituency is being left behind.

“And we are asking for our own pound of flesh as youths who constitute the strength of this nation to be given our constitutional and

fundamental role to play in the scheme of things and today, this event will help to interact with critical stakeholders like INEC to know their level of preparation, the various parties, to know what their agenda for the youth of this nation.”

Samuel added that the engagement would further help to monitor and evaluate the programmes and policies of the government if at the end of the day any of the parties emerge as president of the country.

Lassa Fever: Edo Govt Strengthens Surveillance, Contact Tracing in Etsako West, Esan West, Esan North East Edo State Government in strengthening surveillance, contact tracing and other activities to contain the Lassa fever outbreak in the state, took the campaign against the spread of the disease to the three high-burden local government councils.

They included Etsako West, Esan West, and Esan North East.

These three local government councils with 72, 41, and 35 cases, respectively, account for over 83 percent of the 176 confirmed cases in the state.

The Edo State Commissioner for Health, Prof. Obehi Akoria, led a team from the Ministry of Health, the World Health Organisation (WHO), and the Nigeria Centre for Disease Control (NCDC) to visit the respective local government council leaderships.

The team also visited the Irrua Specialist Teaching Hospital (ISTH)

to bolster the government’s efforts to efficiently and effectively respond to the disease.

The Commissioner for Local Government, Community and Chieftaincy Affairs, Hon. Monday Osaigbovo, along with the Heads of Local Government Administration (HOLGA) in the three local government areas, pledged their continued support to curb the spread of Lassa fever in the state.

Addressing journalists in Benin City, the Commissioner for Health noted, “I would like to reassure the public that ongoing efforts to combat Lassa fever remain steadfast and unwavering. We are strengthening our response, and we are happy that the local government health authorities and affected communities have taken ownership of the response and are driving it.

“We understand the grave threats that Lassa fever poses to the health

and well-being of our citizens, and we are working doggedly to implement the most effective strategies for prevention, early diagnosis, treatment, epidemiological tracking, and mapping, to contain and ultimately eliminate the disease.”

She continued: “We met with the Heads of Local Government Administration and members of the Lassa Fever taskforces in the three high-burden LGAs to review the impact of the various interventions, identify gaps and further strengthen mechanisms to contain the disease.

“Thankfully, we have recorded a decline in the number of new confirmed cases in the last two weeks, and we hope that the reduction will be sustained.

“It was heartwarming to find that Esan West LGA had put taskforces in place in the 10 wards, headed by the Special Assistants to the government, which are replicating

the governance and other measures that are ongoing in the State and LGAs. Other LGAs have promised to put similar structures in place.”

Prof. Akoria added, “Ours is a One Health response that includes stakeholders from the Ministries of Local Government, Community and Chieftaincy Affairs, Agriculture, Environment, Science & Technology; WHO, NCDC, traditional and religious institutions, ISTH, UBTH, and other partners.

Noting that most of the deaths that have occurred in the State were due to delays in seeking appropriate healthcare, the health commissioner urged residents to call the following numbers to seek advice on these and other healthcare issues: the Commissioner, 09016350001; Director of Public Health, 08065525595; State Epidemiologist, 08064258163 and the State Disease Surveillance and Notification Officer on 08060593802.

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FOCUS

Fashionistas Enhancing Nigeria’s Economy Using Decent Modeling Blessing Ibunge in Port Harcourt

A

fast-growing fashion world, The Nook International Fashion Weekend, has restrategies to contribute to the growth of the nation’s economy.

The Nook International is a multi-day branded fashion environment providing activities and opportunities for fashion designers, models and sponsors to come face to face with principal tastemakers, celebrities, the media and consumers.

The fashion group also strives to elevate the fashion scene in Nigeria to become more relevant and influential in the fashion world. The group shifted focus from modelling being synonymous with indecency to decent fashion.

The 2023 Nook International Fashion exhibition and modelling held in Port Harcourt at the weekend attracted designers from Nigeria and abroad.

The exhibited designs, which met international standards at the event, had fashion designers from Ivory Coast, Ghana, Nigeria, and others.

Speaking to THISDAY at the event, the convener, Dame Ochuko Momoh, said the goal was to redefine fashion by promoting decency in dressing and also using the NOOK brand to bring together all well-meaning fashion enthusiasts to an annual or bi-annual fashion event through advocacy, partnerships, promotions, sponsorships and training of fashion entrepreneurs.

Dame Momoh noted that the fashion industry is a growing community of innovative designers and a major area of apparent talent that paves the path for newness. She said through the programme, lives have been elevated, adding that the fashion industry is contributing to the economy’s growth.

Momoh who revealed that Nook International Fashion is two years old, disclosed that it has touched so many lives by providing scholarships to some youths to further their studies in the university, pulling out the young people from a negative lifestyle to industrious and fulfilled life.

The fashionista said, “We decided to come up with a Nook International Weekend Fashion Show to be able to give back to society. Like you were here with those two models, which we also did last year and out of the crowd, we’ve been able to get people that donated about a million. Now because of what we have seen, we decided that we will train the models.

We need to go a bit further to train the models, and among the crowd, the people volunteered to train them for free. So it is looking like we are going to go into a modelling school so that the models will work better.

Momoh explained that at the end of today, “we are aiming to be at the international level with the youngsters,

Dame Ochuko Momoh

and you can see that they have dreams, and like we said, when you speak to them because they lack good education, they can’t speak properly. So the main reason for us is to give back, and this is the only

way we can give back to society.”

She added that the event was “our second edition” which started last year, stressing her love for fashion and attributing it to divine inspiration.

“I won’t say it was my idea, I heard from the Holy Spirit, and when I obeyed, it started revealing as we went along. So this year, what we did, we had a fashion summit where we brought people that have been designers that have been in the industry to come and speak to them, to come and teach them how to do their bookkeeping, how to take a loan from the bank,” Momoh pointed out.

She brought a creative person who taught “them how to create their design, not copy other people’s designs.

“But for us,” said Momoh, “they said we are the first fashion house that has a summit outside fashion contest that is calling the designers together to see what they did wrong and how they can do it better.”

“The fashion industry helps the economy a lot in the sense that when it comes to materials, it comes to labour, it comes to machines,” the fashionista state. “So widely it affects the economy is not just about wearing a dress and coming to run

on the runway. You buy fabrics; you are patronizing the fabric industry. You have models that you have to pay. You are helping the youths.”

Another thing she mentioned is “bringing decency into the fashion world.

“Because I am of the philosophy that believes that you do not have to be naked to look beautiful. You don’t come on my runway and expose your body, is not allowed,” she said. “So our theme is “Bringing Decency into the Fashion Industry.”

Barbara Manuel, co-conveners of Nook International Fashion Weekend, said they have given out scholarships to some youths, fully impacting the lives of over 20 youths who are contributing meaningfully to the country’s economy.

“We have been able to elevate them by giving out scholarships and funding for the youths and see how we can assist them. We gave out scholarships to some of them for their Master’s programme in any of the universities in the country,” Manuel explained.

She added, “For the past two years, we have touched about 20 youths. We turn their lives around for the better.

Apart from the male phase and the women phase, we have been able to impact their lives.”

Models at the Nook International Fashion Weekend runway, held in Port Harcourt, at the weekend

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NEWS

ANDERSEN'S PRESENTATION OF 2023 ECONOMIC OUTLOOK PUBLICATION...

L-R; Partner, Commercial Practice, Andersen Nigeria, Mr. Adeyemi Adediran; Partner and Head, Transfer Pricing Group, Dr. Joshua Bamfo; Chief Operating Officer/ CFO, Dr. Olurinu Jose;Partner and Head, Business Advisory Group, Mr. Lateef Surakatu; Associate Director, Financial Advisory and Strategy, Mr. Mayowa Salami; Senior Manager, Oil, Gas and Power Group, Mr. Temitope Kolade; and Partner, Transfer Pricing Group, Amaka Samuel- Onyeani, at the Andersen Nigeria media presentation on 2023 Economic outlook publication in Lagos yesterday ETOP UKUTT

Tinubu in Ibadan, Declares He’ll Be President of United Nigeria Says Makinde has done good job in Oyo We’ll vote for equity, fairness, justice, governor declares

Kemi Olaitan in Ibadan Presidential candidate of the ruling All Progressives Congress (APC), Bola Tinubu, yesterday, in Ibadan, said his vision was to become the President of a united Nigeria.

This is just as Oyo State Governor, Seyi Makinde, said he and his colleague Governors under the aegis of G-5 Governors, would vote equity, justice, fairness and unity of Nigeria come February 25.

Tinubu and Makinde, spoke when the former paid a courtesy call on the latter at the Oyo State Government Secretariat, Agodi-Ibadan, yesterday.

Tinubu and other APC chieftains were in Ibadan, for the presidential rally of the party which held at the ancient Mapo Hall.

The visit, according to Tinubu, was to honour Makinde, intimate him of his visions and plans for the country, canvass for votes among the people of the state and also solicit the support of Makinde and the state as a whole in order to realise his presidential ambition.

The APC presidential candidate, in his remarks, lauded Makinde

for being a lucky individual to be part of the history of a great state like Oyo state, adding that national politics should be devoid of ethnic sentiments.

He maintained that his aspiration is to become the next president of a united and secured Nigeria, while assuring that the APC rally in the state would be peaceful and orderly devoid of any crisis.

According to him, "I am aspiring to become the president of a united, one country, Nigeria, and for that sake, political divide and separation must be clearly out of our way.

"That is why the first port of call should be the Chief Executive and the Chief security officer of the state, constitutionally. So, I am here to give you insights into why we are all in Oyo State today.

"I really want to thank you for your good reception because it is not easy to take an opposition entourage into the canopy of your own shade, but you did.

"Equally, you have demonstrated the characteristics of a good leader, a persevering individual, hardworking regardless of our political divide,

Catholic Bishops Urge FG to Increase Circulation of New Naira Notes Onyebuchi Ezigbo in Abuja The Catholic Bishops Conference of Nigeria (CBCN) has asked the federal government and the Central Bank of Nigeria (CBN) to take urgent measures to increase the amount of the newly introduced naira notes in circulation nationwide to ease the current hardship the citizens are going through.

Ahead of the February 25 presidential election, the clergymen enjoined the Independent National Electoral Commission (INEC) and security agencies to exhibit professionalism and avoid being bias in their conduct.

In a communiqué issued at the end of their meeting in Abuja, the bishops urged the federal government and its relevant agencies to immediately increase the circulation of new Naira notes.

They lamented that the twin scarcity of petrol and Naira note has imposed added suffering on the masses.

"We, therefore, urge federal government and its relevant agencies to immediately increase the circulation of the new naira notes and make and implement adequate monetary and other relevant policies that will reduce

the suffering and hardship experienced by our people.

“We admonish those who collaborate in hoarding the new currency and petroleum products to desist from such a dastardly act.

"We laud the citizens for their bravery in the face of the hard situation while we thank the president for approving the extended use of the old N200 notes. Furthermore, governments need to provides enabling environment for the creation of more jobs by both the government and the private sector," the bishops said.

Regarding the forthcoming general elections, the bishops urged all eligible citizens to come out en masse to vote for God-fearing, honest, vibrant, and transparent leaders for a better Nigeria.

They also urged the INEC and its officials to ensure that their conducts in the entire electoral process are transparent, honest, and beyond reproach.

"We continue to enjoin the Commission to make sure that the newly adopted technologies for accreditation, transmission, and collation, are transparently and sincerely deployed and not manipulated to give false results.

and respectful in every aspect of your behaviour.

"So, today, I decided to pay you that respect and thank you for the good job you are doing in Oyo State."

Makinde, in his remarks, said the people of Oyo State would vote for equity, fairness, justice, and unity of Nigeria in the presidential election.

He explained that as governor of Oyo State, he does not play politics with governance, noting that the government always put the people first as opposed to party affiliation.

The governor maintained that the message of the G-5 governors and integrity group is that, if they have

to choose between the unity of this country and political aspirations, they will choose the unity of this country.

He equally stated that if Nigeria is to progress, citizens must evolve a system that includes inclusivity, fairness, justice, and equity in how the country is run.

He said, "Let me use this opportunity to welcome you to Oyo State for your campaign. We have done everything to ensure that the exercise is peaceful and also enable you to pass your message to the people of the state.

"We don't play politics with

governance here. I have my brother here, the former governor of Osun State, Gboyega Oyetola. We worked together irrespective of the party affiliations, to solve a particular problem, which has lingered between Oyo and Osun States. It is a demonstration of putting our people first as opposed to the party affiliations.

"Like you rightly pointed out, Sir, if you look at the wall (in the Executive Council Chambers), you will see from the colonial masters all the way to the immediate past governor Abiola Ajimobi. Here, we do have a sense of history, and

some of them ruled under different political parties.

"So, players will come and go but our country will remain.

"We, the G-5 and Integrity group are saying that, look, if we have to choose between the unity of this country and our political aspirations, we will choose the unity of this country.

"So, I alluded to the sacrifices made by our APC colleagues, the governors from the Northern part of this country because we also monitored your emergence, and they sacrificed certain things for the unity of this country.”

FG Urged to Review National Livestock Transformation Plan Adedayo Akinwale in Abuja The federal government has been urged to review the National Livestock Transformation Plan (NLTP), other similar programmes and broaden them with a clear funding framework as part of a plan to find a permanent solution to the farmers/herders clashes.

This was contained in a communiqué issued yesterday, at the end of the National Conference on Livestock Reforms and Mitigation of Associated Conflicts organised and sponsored by the Kano State Government.

The communiqué signed by the Chairman, Conference Planning Committee, Prof. Attahiru Jega, said there were numerous policies and programmes that have been initiated by both the federal government and state governments directed towards modernising traditional livestock

management systems.

He said the implementation of such programmes would go a long way in addressing the fundamental challenges facing the livestock sector.

It stated: "Media narratives and profiling by some sections of the Nigerian mainstream media and more recently the social media are negatively affecting inter-communal relations and development of the livestock production sub-sector.

"The traditional rulers and community leaders have proven to be effective Institutions in managing farmers — herders' relations in all parts of the country, with well-established framework for resolution of all forms of disputes."

The communiqué noted that the negative consequences of the recurring conflicts between farmers and pastoralists which included loss of lives and property, worsening security in the country, deepening

of disunity among the citizens and lowering of agricultural productivity, have aggravated the risk of food insecurity.

It added: "Insecurity in the forms of cattle rustling, raiding of villages and kidnapping of persons for ransom is significantly affecting farmers and herders with enormous consequences on Inter-community relations, livelihoods, access to social services and social well-being.

"The rising crimes have also led to heightened fears, absence of social cohesion and acrimony among some farmers and herders' communities.

"There is increasing use of sophisticated arms in farmer-herder conflicts in the country resulting in high casualties and destruction of means of livelihood and dwellings of rural farming and herding communities."

It said there was the need to

strengthen and improve the security architecture for the prevention of violent crimes, including cattle rustling, raiding of villages, kidnapping of persons for ransom and trade in illicit arms and drugs.

It stated: "Review the National Livestock Transformation Plan (NLTP) and other similar programmes and broaden the development options with clear funding framework and mechanisms to ensure effective implementation, supported by strong political will.

Such programmes should be environmentally adaptable, socially acceptable and viable over the short, medium and long term periods."

It noted that there was a need to strengthen the process of litigation for more effective dispensation of justice and handling of the various litigations relating to violent crimes and other perpetrators of violent conflicts.

NNPC FIXES MARCH 21 TO BEGIN DRILLING OF OIL IN NASARAWA parts of the State. This will herald history and bring value to all of us," he added.

He thanked the government and people of Nasarawa state for the cooperation and support so far and called for its sustenance.

"Peace and cooperation is essential in oil exploration and we have seen enormous cooperation in this respect. We have seen no danger, no risk to our operation from all stakeholders in our area of operation and we thank them for that," he added.

Kyari stressed that the company would continue to do its best to bring immediate value to the host community and ultimately to the wider society when oil was found

in commercial quantity.

In his remarks, Sule urged the people to sustain the peace in the area and across the state and identified insecurity as a major challenge to oil exploration in the country.

He called on the people of the state to ensure they maintain peace and support the company for the project to succeed and expressed optimism that the drilling of the oil well, named "Ebenyi-A" would be the first in the North Central zone of the country.

Also speaking, the Emir of Lafia, Justice Muhammad Sidi-Bage (rtd), reassured the NNPC of the people’s support.

"On behalf of our people, we

want to say that you will find peace. We have been known for being peaceful, kind and loving.

You will not have any reason to feel otherwise within the period of your operation in the state," Sidi-Bage said.

Managing Director, NNPC Energy Services Limited, Sophia Mbakwe, ,in her remarks, said the assurances from the government and stakeholders in Nasarawa state was critical to the operation of the company.

"For the right to operate, we need the cooperation, support and blessing of the governor and the community, and that we have got today.

"The intent is that it's going to

benefit both parties and we want to go there to ensure no harm to people, no harm to the environment and be able to commence drilling as planned on March 21," she noted.

Executive Director, Frontier Exploration Services of the company, Mr Muktar Zanna, had led a team other executive directors of the company on a visit to various traditional rulers in the area to get their support.

Some of the traditional rulers visited included Alh. Aliyu Dangiwa-Orume, Osuko of Obi; Alh. Abdullahi Agbo, Osana of Keana; Alh. Umar Apeshi, Osoho of Olosoho (Agwatashi), as well as Retired Justice Muhammad Sidi-Bage, Emir of Lafia.

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NEWS

STRATEGISING ON CASH DISBURSEMENT...

L-R: Vice Chairman, Edo State Chapter of the Association of Mobile Money and Banks Agents (AMMBAN), Maduike Juliet; Secretary to State Government, Osarodion Ogie; Edo State Governor, Mr. Godwin Obaseki; Central Bank of Nigeria (CBN) Benin Office Branch Controller, Mr. Renner Jumbo; Chairman, Edo State Chapter of AMMBAN, Osaro Ekhator, and Ex-Officio Member of the Association, Idonije Emmanuel, after a meeting at the Government House in Benin City... yesterday

IG: Police to Deploy 310,973 Personnel for General Election Says other security agencies to complement with 93,133 workforce

Deji Elumoye in Abuja The Inspector-General of Police, Usman Alkali Baba, yesterday, confirmed the readiness of the Nigerian Police Force for the general election, saying some 310, 973 officers and men have been mobilised to provide security during the exercise scheduled for February 25 and March 11.

Baba, who spoke with newsmen at the State House, Abuja, also said other security outfits, aside the military and the Department of State Service (DSS), would complement efforts of the police with a total of 93,133 personnel, bringing all to 404, 106 personnel.

He said, “Nigeria police will

deploy 310,973 personnel for the elections security operations. This will comprise of the conventional policemen, the mobile policemen, the special counterterrorism unit, the special forces, intelligence response team and other sections of the police.

“The manpower requirement for this exercise will be complemented by the military and other security agencies. In this regard, aside the military and the DSS, other security agencies will contribute a total of 93,495 personnel for the election security operations.

“These include the Nigerian Security and Civil Defense, which will deploy, through the Police, 51,000 personnel; the Federal Road

Afenifere: Why We Insist on President of South East Extraction James Sowole in Abeokuta A Pan-Yoruba Socio-Political Group, Afenifere, yesterday, re-emphasised that its insistence, that power returns to the South and specifically to the South East, was a clarion call to equity, inclusiveness and respect for the abiding covenant of national engagement.

The group, said its position on the 2023 Presidential Election, was informed by the fact that other parts of the Southern Nigeria, had taken their shots in the presidency.

The position of Afenifere, was re-emphasised by the former Secretary General of Afenifere, Chairman Presidential Advisory Committee on the 2014 National Conference, Senator Femi Okunrounmu, in a statement entitled: "The Imperative of Nigerian President from South East Extraction" Okunrounmu, who highlighted some of the recommendations of the 2014 CONFAB, said the issue of Federal Character and Power Rotation, was paramount.

He said, "The government of Goodluck Jonathan constituted the 2014 National Conference, which I had the privilege of being appointed as Chairman of its Presidential Advisory Committee and a delegate.

"The resolutions at the 2014 CONFAB have since become the new testament of our national political engagement. One of the fundamental gains from the Conference which derived from earlier conferences under Abacha and Obasanjo, was the rotation of

the office of the President between the North and South and amongst the constituent six geo-political zones.

"While the military-imposed 1999 Constitution has made itself not amenable in its fundamental essence, the rotational principle has become the binding convention, which can only be breached at the health of the federation."

Okunrounmu, specifically, said the South West and South-South had taken their turns through Chief Olusegun Obasanjo and Goodluck Jonathan, respectively.

"Thus, those who delinquently run their mouths against Ayo Adebanjo, Leader of Afenifere for expressing in the strongest terms that the denial of the South East its legitimate turn may sound the death knell of the federation are only being hypocritical or in the uneasy foreboding of losing unmerited privileges in the Nigeria contraption.

"Let it be said that no argument of democracy based on the flawed Nigerian demographic statistics will make a Northerner succeeding Buhari see the light of the day nor will an enactment of Fulani/ Yoruba rotation of power through the 2023 election peacefully come to pass.

“Those who gleefully share the nation’s resources on the basis of federal character cannot hypocritically seek to jettison the principle in the access to the Presidency of Nigeria without dire consequences for its continued corporate existence.

Safety Corps, 21,000; Nigerian Correctional Service 11,336; the National Drug Law Enforcement Agency, 9,447; Economic and Financial Crimes Commission, 350, totalling 404,106 to police the elections.

“With this layout, a minimum of at least two personnel, drawn from the above agencies, will be jointly deployed to man each of the polling units across the country while the armed personnel will secure the public space, INEC facilities, vulnerable locations, border areas, as well as undertake armed escort duties for INEC personnel, materials and local and international observers.

“We also expect the military to complement this situation by providing armed protection to critical national assets, ensure that the enforcement of movements are

curtailed through the blocking of exit points and entry points to various states, local governments and so forth.”

According to him, an intelligence unit had been put in place to track and apprehend those who might engage in vote-buying and others, who might want to disrupt the exercise.

“As part of efforts to address the menace of votes selling and buying, a special intelligence unit of the force has been constituted to clandestinely monitor the trend and work with EFCC, ICPC and INEC in identifying the network that may be involved in this illegality and apprehend them where possible.

“In addition, the unique technical intelligence assets of the force are also being deployed towards identifying adverse elements that may be planning to disrupt the

process. Through this initiate, such elements will be identified real time, geo-located, isolated, arrested and brought to justice,” he said.

The police boss, who listed some threats against the elections to include fuel and cash scarcity, assured the people that the situation would stabilise before the commencement of the elections.

“We are very sure the situation of cash and petrol will stabilise before the conduct of the election,” he stated.

On what the police would do to address post-election challenges and the preparation to ensure elections were held in South East and North West zones, Baba said the force was ready with the use of minimum force, adding that, "We are prepared to confront any situation that requires special intervention from simplest to

violent ways of confronting rioters."

Commenting on the issue of the factional leader of the outlawed Indigenous People of Biafra (IPOB), Simon Ekpa, the police boss said all necessary protocols would be respected as he was inciting people from Finland, which was outside the country.

He added the police would change the narrative by ensuring that people saw his action of declaring curfew and asking people not to vote in the South East as an act of incitement meant to destabilise the country.

Baba, however, absolved the police of any blame over low prosecution of electoral offenders, saying, “The Electoral Act as amended gives us latitude to investigate but not to prosecute. We have done much but prosecution is very low.”

Saraki: APC Leaders Sabotaged Their Own Policies for Selfishness Kwara north monarch backs AbdulRazaq for second term

Hammed Shittu in Ilorin.

A former President of the Senate, Dr. Bukola Saraki, has lashed out at the leaders of the ruling All Progressives Congress (APC) and some officials of government for allegedly sabotaging the policies of their own administration for selfish reasons.

This is as a first class traditional ruler in Kwara State, Etsu of Tsaragi, Alhaji Aliyu Abdullahi Kpoto, has said Governor AbdulRahman AbdulRazaq of the state had done so much to be reelected in the March 11 governorship election in the state.

Speaking with journalists in Ilorin, yesterday, against the backdrop of the recent claim by the Publicity Secretary of the APC in Kwara State, Mr. Femi Aro Folaranmi that, Saraki was allegedly behind the failure of APC policies in the country, Saraki said, "it’s illogical attempt to blame the policies of APC government on a man, who for the past 45 months has been out of government and not holding any public office."

He said, "APC leaders sabotaged the policies of their government for selfish reasons. If the APC leaders had exerted the energy, time, resources, and strategies they have deployed to fight the change of currency notes on fighting insecurity, improving

the economy, thinking about how to create jobs for the masses, and solving issues militating against the seamless supply of fuel, Nigerians would have been enjoying and the country will be a better place.

"For APC leaders, their ingenuity and skill came on display, when they needed to fight and obstruct their party’s policy, which seeks to stop vote-buying and enthrone a regime of free, fair, credible, and peaceful polls. This has been the crux of Dr. Saraki’s statements at all times and it has not changed.

"I have also canvassed that it is not the culture of Nigerians to reward or tolerate failure. Therefore, since the APC administration has failed on all fronts and made life unbearable for the people, voters across the country should use their PVCs to vote against all APC candidates on February 25 and March 11, 2023, when they go to the polls.

"While the best response to such a thoughtless, unintelligent, and incoherent claim would have been to ignore it, we believe it is better to put it on record that only a party like the APC will make such a reckless, baseless and illogical attempt to blame the policies of its government on a man who for the past 45 months has been out of government and not holding any

public office.

"The question people should ask the APC revisionists and hagiographers is that in what capacity did Saraki initiate or contribute to the policy of changing currency notes and not putting a proper plan in place to execute the policy?

“Also, I have been shouting about the unprecedented rate of crude oil theft and the inflation of the figures of the litres of petrol consumed locally contribute to the fuel scarcity crisis in the country.

"Nigerians have overrated the APC and the level of intelligence of its officials, particularly, the ones in Kwara State. They could not even argue any point successfully based on logic and fact," he said.

He therefore, said, "The day of reckoning is here against those who flagrantly abused the trust of the people as well as those who made lofty promises but delivered pain to the people".

Meanwhile, Kpoto, who is from Kwara North senatorial district of the state stated that, the governor has touched every part of the state in a way never seen in recent past, calling him a silent achiever with several infrastructural projects to his credit.

Kpoto, made the remarks at Tsaragi town, when he received

AbdulRazaq and the APC campaign council at his Palace.

"We know what you are doing for us and sincerely appreciate you. Like I usually tell people, what we need to do on our part is to appreciate all your efforts, and the only way to do that is to massively vote for you and all the candidates of APC. "It is not possible to have 100 per cent votes in every election but I can assure you of a minimum of 70 per cent vote," the monarch said at his palace amid dozens of his subjects that hosted the governor on a courtesy visit.

AbdulRazaq, however, expressed gratitude to the people of Tsaragi for their support and resolve to accept him as their candidate, promising to consolidate on his feats in their locality and the entire Kwara State when re-elected.

"I am truly overwhelmed by His Royal Highness' speech. When we did our work here, we didn't know that it was being noticed and appreciated this much, but we knew that sometime down the line, our efforts would be appreciated. We know the importance of this town.

"That is why we invested in infrastructure, education, and healthcare. Your gesture encourages us to do more. We will totally transform Tsaragi for you," he said.

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NEWS

WEEKLY STATE HOUSE BRIEFING...

L-R: Senior Special Assistant on Media and Publicity, Mallam Shehu Garba; Inspector General of Police, Usman Baba; Deputy Inspector General, Operations Force Headquarter , Adeyinka Adeleke and Assistant Inspector General , Federal Operations , Bala Ciroma during the weekly State House briefing at the Presidential Villa ,Abuja….yesterday.

GODWIN OMOIGUI

PDP to Nigerians: Resist APC's Attempt to Derail National Polls Says APC jittery over Atiku's imminent victory Commends Buhari's broadcast on naira scarcity, free election Omon-Julius Onabu in Asaba The Peoples Democratic Party (PDP) has appealed to Nigerians, particularly the youths, to resist alleged attempts by the All Progressives Congress (APC) to derail democracy in Nigeria by taking advantage of suffering Nigerians to disrupt the process of the general election.

The PDP also commended President Muhammadu Buhari's restated commitment to delivering a free, fair and credible election as well ensuring that the old naira notes stashed away by unscrupulous politicians were not used for 'vote-buying' during the general election.

Spokesman of the PDP Presidential Campaign Council, Mr Charles Aniagwu, stated this at a media conference in Asaba on Thursday.

Flanked by the Chief Press Secretary to the Delta governor, Mr Olisa Ifeajika, the spokesman stressed that the PDP was in support of Mr President's directive to the CBN to recirculate the old N200 notes till April 10 in order to ease the suffering of Nigerians on account of the scarcity of the redesigned currency.

Aniagwu, who observed that the APC had resorted to mounting pressure on Buhari on the issue of new currency notes and his insistence on credible election, said, "We must agree with the president that we appreciate the things that Nigerians are going through on account of the scarcity of the redesigned Naira notes.

"We believe that it is important that the CBN takes steps to further ameliorate what the masses are

going through. And, what the President did today is a pointer that government is desirous of solving the challenges being experienced by very credible Nigerians as they approach the banks for their monies.

"The decision of the president that authorises the release of the old N200 naira notes into the economy in order to reduce the sufferings of people, is a welcome development.

"We also agree that it is important to take steps to curb corruption, issues of vote-buying and that of insecurity, which has been a major problem. So, this policy, to a large extent, has addressed those issues.

"We do hope that the suffering Nigerians are going through will be mitigated by this directive that Mr. President has given the CBN to release the old N200 naira notes until the 10th of April."

While appealing for calm and patience to allow the CBN implement the president's directive so as to significantlty ameliorate their suffering, Aniagwu further said, "We want to plead with our people to exercise patient with the government because we have it on intelligence that members of the APC, both in the state and at the national level, are trying to take advantage of the pains in the minds of Nigerians to trigger some form of crisis with a view to derailing the upcoming election.

"What you saw happening in a number of places does not show the real pains in the minds of Nigerians, who have demonstrated understanding with the government's policy.

You have seen what happened

in Warri and Udu areas of Delta yesterday. Some were burning billboards and shops. The question is, do we keep the redesigned naira notes on bill boards or in those local shops?

"So it not proper for us to inflict

pains on our fellow Nigerians.

Therefore, it tells you that this protest is coming from somewhere with a view to creating crisis.

"Secondly, our brothers and sisters work in these bank branches and earn monies from

the banks. So, when you burn down these banks, you are also causing pains for this our brothers who are going to lose their jobs on the account that the bank branch where they work is destroyed or closed.

"So, we are pleading to Deltans and other Nigerians to please not to fall prey to the antics of those who know that they would lose this election and want to cause mayhem and thereby undermine the election.”

Buhari Wants More Women Inclusion in Devt Policies, Projects Launches advisory council on support for female gender Neem Foundation says discrimination is clog in wheel of any nation

Deji Elumoye and Michael Olugbode in Abuja President Muhammadu Buhari has launched High-Level Advisory Council on Nigeria’s Support for Women and Girls, calling for upscaling of efforts for more inclusion of women in development policies and projects.

At the launch of Advisory Council, Adolescent Girls’ Initiative for Learning and Empowerment Project and National Women’s Economic Empowerment Policy Dialogue at the State House, Abuja, yesterday, the president said the three initiatives would target reduction of poverty, and building of a sustainable economy.

According to him, “This is what we promised to all Nigerians – including our women and girls when our party, the All Progressives Congress (APC), was elected in 2015. I am proud to say that our government has delivered over the past eight years.

“The wellbeing of women and girls remain a pivotal indicator of how well any Nation is doing in driving her developmental plans.

I am proud of the tremendous

progress that has been made to emphasise the needs of Nigerian women and girls into national economic planning, policy development, public programming, and public financial management.

“While there has been progress, we are not unmindful of the gaps associated with harnessing the available resources of government, the innovation and efficiency of the private sector, and the technical expertise of our social and development sector partners to drive women and girls empowerment outcomes."

The President noted that coordination had remained a key gap in the efforts to improve livelihoods and democratise opportunities for women and girls.

“It is expected that the HighLevel Advisory Council on Nigeria’s Support for Women and Girls, which I am very proud to inaugurate today, therefore, comes as an answered prayer to bridge this identified gap.

“As this Council takes off, I want to charge it with the mandate to drive all round collaboration and action towards achieving the Sustainable Development Goal 5:

Gender Equality between now and 2030,” the president added.

In her welcome address, Minister of Women Affairs, Dame Pauline Tallen, noted that the inauguration was evidence of Buhari's commitment to the empowerment of women and girls in Nigeria, adding that the President had in December 2022, approved the formation of a Presidential High Level Advisory Council on women's support to women in Nigeria.

According to her, the Council would provide strategic guidance, oversight, policy and support to the government-led gender equality initiatives as well as advise Nigeria's financial and technical partners on critical areas of support for women and girls in Nigeria.

Meanwhile, the Executive Director, Neem Foundation, Dr Fatima Akilu, has said the discrimination and disempowerment of women and girls was a clog in the wheel of progress of a nation.

Speaking at a Stakeholders’ Forum in Abuja, organised by Neem and Ford foundations to Review Access and Response to Sexual and Gender Based Violence

(SGBV) in Northwest Nigeria, Akilu said, “The discrimination and disempowerment of women and girls threatens democracy, peace and security and is an obstacle to sustainable development. It weakens social cohesion, harmony, and justice and put a heavy burden on national economies.”

She, however, said, “Despite the various challenges and gaps, progress has been seen in recent years, which is attributed to the leadership of many stakeholders at the Abuja meeting.”

Akilu told the gathering of stakeholders in Sokoto, Kaduna and Kano, that, “From being hidden in a culture of silence and impunity, eliminating violence against women has become a national priority, supported by a solid national and international framework.”

Sokoto State Commissioner for Women and Children Affairs, Hajiya Kulu Abdullahi Sifawa, commended the Neem and Ford foundations for a job well done in the execution of the 18 month-funded project: “Prevent and Protect; Strengthening access and response to GBV in Sokoto, Kaduna, and Kano State.”

Supreme Court Upholds Alia as Benue APC Governorship Candidate George Okoh in Makurdi The Supreme Court has affirmed Rev Fr Hyacinth Alia as the governorship candidate of the All Progressives Congress (APC) in Benue State, effectively ending the prolonged legal tussle over the authentic governorship candidate of the APC in the March 11

governorship election in the state.

Professor Terhemba Shija had filed an appeal against the May 27, 2022 primary election that produced Alia on the grounds of filling out of time.

Justice John Inyang Okoro, who led a 5-man panel of Justices of the apex court in a brief ruling, dismissed the appeal.

A hot argument had ensued between Prof Shija’s counsel, Mr Kenneth Ikonne and that of the APC, Mr Matthew Burkaa on when the cause of action arose.

While Shija’s counsel insisted that the cause of action arose on May 28, 2022, the APC counsel, a Senior Advocate of Nigeria, SAN, stood his ground that the cause

of action emanated on May 26.

The APC drew the attention of the Court to Shija’s letter in which he complained about an event on May 26 and 27 and dissociated himself from it.

Shija counsel had insisted that the cause of action arose on May 28, when the results of the primary election was announced,

the content of his letter he wrote to INEC shows that he became aware of the cause of action on May 26 and ought to have instituted the suit within 14 days stipulated by section 285 of the 1999 Constitution.

The court agreed that the suit was filed outside 14 days allowed by law and was subsequently

dismissed by a unanimous decision of the court.

Meanwhile, Alia has appreciated Benue people and the APC family, led by Senator George Akume, for standing with him throughout the time of the prolonged court cases.

He said his team was happy the case has come out victorious at the courts.

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NEWS

NCC GETS AWARD...

L-R: Commissioner for Science and Technology, Lagos State, Hakeem Fahm; Director, Digital Economy, Nigerian Communications Commission (NCC), Dr. Austin Nwaulune; Chief Executive Officer, ITedge/Awards convener, Olusegun Oruame, and Director, Public Affairs, NCC, Reuben Muoka, at the Nigeria's Top 50 Digital Economy Enablers Recognition Ceremony held in Lagos…recently

Osinbajo’s Mother, Olubisi, Marks 90th Birthday with Worship Service Buhari, govs, Adeboye, others join family to celebrate VP reveals four things he learnt from Mama Deji Elumoye in Abuja Nigerians from all walks of life, yesterday, joined Vice President Yemi Osinbajo and family in Lagos, to celebrate the grace of God in the life of their matriarch, Mama Olubisi Osinbajo as she clocked 90.

The day was marked with a church service laced with singing, prayers, musical performances and biblical ministrations.

At the thanksgiving service held at the Cathedral Church of St. Jude, Ebute-Meta, which featured songs ministration, an elated Mama Osinbajo, fondly nicknamed “Mumisco” by her many children, grand and great-grandchildren, was full of appreciation and gratitude,

praying that everyone at the event would also grow up to be 90 in good health and prosperity.

In his sermon at the service, the Bishop of Lagos Mainland Diocese, Rt. Revd. Akinpelu Johnson, recalled Mama and her family's early days at St Jude's Cathedral and particularly her devotion to the service of God. He emphasised the significance of thanksgiving and obedience to the will of God, noting that a birthday celebration is "an opportunity to take stock of one's life."

While praying for Mama, Bishop Johnson declared that even at 90, God would continue to work wonders in her because of her devotion to His work and obedience to His will.

The General Overseer of the Redeemed Christian Church of God, Pastor E.A. Adeboye, who also ministered at the service, prayed for the celebrant, thanked God for her life and asked for God's blessings on her and everyone at the service.

Leading the special celebration messages for Mama contained in the event brochure was President Muhammadu Buhari, who wrote a personal letter to Mama Osinbajo.

According to the President in a message earlier released by the Presidency, "On behalf of myself, my family, and Nigerians, we rejoice with Mama and wish her continued grace and joy in the Lord, all the days of her life. Amen."

President Buhari thanked God

for the gift of long life and all her accomplishments, particularly "for giving Nigeria the gift of your son, our Vice President, Prof. Yemi Osinbajo, SAN, and his other illustrious siblings."

He also expressed happiness that, "the matriarch of the Osinbajo family had thought it worthy to establish the Olubisi Osinbajo foundation, which caters to the wellbeing of widows and families of clergymen. It is an initiative I recommend to other endowed people in our society, as it has lofty rewards not only here, but also in the hereafter."

On his part, Vice President Yemi Osinbajo said Mama was so exceptional in many respects but there were four things he has

learnt from her.

According to him, "four things I learnt from Mama. First, is her personal integrity, simply telling the truth always. She simply did not tolerate lying, even seemingly white or innocuous lies! She also had a problem with excessive display of wealth; she felt it reflected poor breeding.

"Second is her insistence on proper behaviour, politeness and respect for elders. Third is how she had always believed I would be a lawyer. She always resisted every attempt to distract me. The fourth is her service to the gospel and her prayerfulness."

Several Nigerians, however, graced the event, especially members

of the church family, top government functionaries and other dignitaries.

They include the Speaker of the House of Representatives, Hon. Femi Gbajabiamila and his wife, Salamatu Gbajabiamila, who represented First Lady, Aisha Buhari; Governors Babajide Sanwo-Olu of Lagos State, and Dapo Abiodun of Ogun State, while Mr. Lucky Ayedatiwa the Deputy Governor of Ondo State represented the State Governor Arakunrin Rotimi Akeredolu and several former governors including Senator Rochas Okorocha of Imo; Chief Olusegun Osoba and Mr Ibikunle Amosun, both of Ogun State; Rotimi Ameachi of Rivers State and Abdulaziz Yari of Zamfara State.

the process of implementation of the new monetary policy. I am deeply pained and sincerely sympathise with you all, over these unintended outcomes.”

to continue to circulate, the aim of the policy of ending money politics will not be achieved. Therefore, we are in support of the policy, and any leader who is working for the masses should also support the decision of the president.

"Our major issue is that, if the masses were helped, and their suffering is reduced, that's our aim, we can only say thanks be to God. We are not supporting the further circulation of other old naira notes, as we are not in support of importing farm products or reopening of the borders."

BUHARI INSISTS NEW CASH POLICY WILL ADDRESS INSECURITY, CORRUPTION makes provision of the amounts individuals especially those contesting elections are supposed to have to execute elections.

"I need to have N70 million in hard copy, the law has permitted it and as I speak to you, I don't have it.

ATM stations have turned to wrestling grounds."

Buhari Okays Recirculation of Old N200 Notes, Says Policy Reduced Money Politics Meanwhile, confirming THISDAY’s exclusive report, the president has directed the CBN to release into circulation the old N200 note as legal tender up till April 10, 2023.

The president gave the directive in a national broadcast yesterday morning, to address challenges associated with the naira scarcity which had resulted to violent protest in some cities.

He sympathised with sufferings of Nigerians, just as he said the directive was to ease the sufferings causes by scarcity of the nation’s currency.

Buhari stressed that in line with Section 20(3) of the CBN Act 2007, all existing old N1,000 and N500 notes would no longer be legal tender, but remains redeemable at the CBN and designated points.

While disclosing that the approval was as a result of wide consultations with relevant stakeholders including the representatives of state governors, Council of State, Buhari said he was aware that the new policy had also contributed immensely to the minimisation of the influence of money in politics.

This, according to him, was a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections The president, who listed the advantages of the ongoing financial reforms embarked upon by the apex

bank, said the policy was part of efforts of his administration to restore the statutory ability of the CBN to keep a firm control over money in circulation.

He, therefore, challenged the citizens to make their deposits of the old notes by taking advantage of the platforms and windows being provided by the CBN. Buhari also directed the CBN to intensify collaboration with anticorruption agencies in checking the activities of those who were bent on sabotaging the smooth implementation of the new Naira redesign policy.

He reassured that government would continue to assess the implementation of the policy with a view to ensuring that Nigerians were not unnecessarily burdened, adding that the CBN would ensure the availability of the new naira notes across the country.

While appealing for more understanding from the citizens, he reiterated the commitment of his administration to handover a financially stable economy to the incoming administration on May 29, 2023.

According to President Buhari: "I have found it necessary to address you on the state of the nation and to render account on the efforts of our administration to sustain and strengthen our economy, enhance the fight against corruption and sustain our gains in the fight against terrorism and insecurity which has, undoubtedly, been impacted by several internal and external factors.

“Particularly, I am addressing you, as your democratically elected President, to identify with you and express my sympathy, over the difficulties being experienced as we continue the implementation of new monetary policies, aimed at boosting our economy and tightening of the loopholes associated with money laundering.

"Let me re-assure Nigerians, that strengthening our economy,

enhancing security and blockage of leakages associated with illicit financial flows remain top priority of our administration. “And I shall remain committed to my oath of protecting and advancing the interest of Nigerians and the nation, at all times. In the last quarter of 2022, I authorised the CBN to redesign the N200, N500, and N1000 Nigerian banknotes. For a smooth transition, I similarly approved that the redesigned banknotes should circulate concurrently with the old bank notes, till 31 January 2023, before the old notes, cease to be legal tender.

“In appreciation of the systemic and human difficulties encountered during implementation and in response to the appeal of all citizens, an extension of ten days was authorised till 10th February, 2023 for the completion of the process.

"All these activities are being carried out within the ambit of the Constitution, the relevant law under the CBN Act 2007 and in line with global best practices. Fellow citizens, while I seek your understanding and patience during this transient phase of implementation, I feel obliged to avail you a few critical points underpinning the policy decision.”

He added: These include: The need to restore the statutory ability of the CBN to keep a firm control over money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4 trillion.

“The proportion of currency outside banks grew from 78 per cent in 2015 to 85 per cent in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation.

“The huge volume of bank notes outside the banking system has proven

to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth; economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria.

"Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative.

I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, had been successfully retrieved.

“This represents about 80 per cent of such funds. In the short to medium and long terms, therefore, it is expected that there would be: a strengthening of our macroeconomic parameters; Reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices; lowering of inflation as a result of the accompanying decline in money supply that will slow the pace of inflation collapse of illegal economic activities which would help to stem corruption and acquisition of money through illegal ways, exchange rate stability; availability of easy loans and lowering of interest rates; and greater visibility and transparency of our financial actions translating to efficient enforcement of our anti- money laundering legislations.

"I am not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry, entrusted with

Withdraw Your Naira Redesign Policy Suit against FG, Katsina Commissioner Tells Govs The Katsina State Commissioner for Local Government and Chieftaincy Affairs, Alhaji Ya'u Umar Gwajo-gwajo yesterday called on governors that dragged the federal government to the Supreme Court to withdraw their suit.

Reacting to the national broadcast

by Buhari, the Commissioner urged the governors of the respective states to withdraw the suit and allow God's will to prevail.

Gwajo-gwajo while addressing journalists, said if the governors were actually acting in the interest of the masses, they should withdraw their litigation against the federal government in view of the retention of N200 old notes as legal tender

by Buhari.

He explained that while he was not in support of the common man suffering as a result of the CBN policy, it would change the attitude of leaders for the better and improve the nation's economy and tackle vote-buying as well as money politics in the country.

He said: "If they (governors) are doing it for the benefit of the masses and for them to have relief from the current challenges, they should withdraw their suit and by God's grace the challenges will be over."

He added that Buhari's intervention was aimed at reducing the hardship faced by Nigerians since the coming of the new policy, especially the petty traders and other low income earners.

According to him, "If all the redesigned naira notes were allowed

Gbajabiamila Faults FG's Disregard for Supreme Court Order The Speaker of the House of Representatives, Femi Gbajabiamila has faulted the decision of the Federal Government to disregard the Supreme Court order on the issue of currency swap.

Gbajabiamila, in a statement he personally signed in Abuja, said though the president's directive was a step in the right direction, the federal government could not afford situations that "suggest a wanton disregard for the rule of law."

"This morning, President Muhammadu Buhari, announced that he has authorised the CBN to reintroduce the old N200 notes into circulation, pending when the bank can make sufficient amounts of the new currency available. This is a step in the right direction, and I hope it helps curb Nigerians’ suffering.

“However, the decision still falls short of the order of the Supreme Court that the old currencies remain legal tender pending the adjudication of a pending suit brought by state governments on the legality of the policy and its implementation.

Continues online

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FRIDAY FEBRUARY 17, 2023˾ T H I S D AY

NEWS

KPMG AUDIT COMMITTEE SEMINAR…

L-R: Partner, Technology Assurance, KPMG , Mr. Lawrence Amadi;Medical Director, Doren Specialist Hospital and Locum Consultant for Lagos State Health Regulatory Body ( HEFAMAA), Dr. Akinsiku Oladipupo; Partner and Head, Audit Services, KPMG, Mr. Goodluck Obi; President, Noble Shareholders’ Solidarity Association ( NSSA),Mr. Mathew Akinlade;Associate Director, Audit Services, KPMG, Omolola Oloye; and Partner, Audit Service, Mr. Okunlola Kiabir, at the KPMG Audit Committee Seminar in Lagos recently ETOP UKUTT

CUPP Alleges Clampdown on Opposition in Imo, Seizure of PDP Campaign Materials Udora Orizu in Abuja

The Coalition of United Political Parties (CUPP) has alleged that the ruling All Progressive Congress (APC) in Imo state is clamping down on members of opposition parties, particularly the Peoples Democratic Party (PDP) seizing their campaign materials.

CUPP in a press conference

in Abuja, accused Imo Commissioner of Police (CP), Mohammed Ahmed Barde, of colluding with the ruling party in the state to seize voter education and campaign materials belonging to its Spokesman and PDP House of Representatives Candidate, Ikenga Ugochinyere.

Speaking on behalf of the group, the co-spokesman Mark Adebayo also alleged the

Group Canvasses Support for Okowa as VP Candidate to Atiku

Sylvester IdowuinWarri

A political pressure group, The Mid Westerners, has called on critics of Senator Arthur Ifeanyi Okowa as the vice presidential candidate to Alhaji Atiku Abubakar to sheathe their sword and support the duo in their bid to reform the country.

The group, at a press briefing yesterday in Warri Delta State, said since civilian regime till now, no mid westerner had been given the opportunity to occupy the position of the VP of this country.

Chairman of the group, Hon,

Iwemdi Nwaham, said those criticising the choice of Okowa as the vice presidential candidate to Atiku should not lose this opportunity given to the mid western region of the country.

According to Nwaham, who was flanked by his Vice Chairman and Secretary, Prof. David Ejenobo and Hon. Fidelis Chimokwu, noted that, since the creation of the Mid Western region from the Western region since 1963, the Mid Western region, which is made up of Edo and Delta state, has remained marginalised politically.

detaining and torturing of those in possession of the materials for six days without charging them to Court or releasing them.

Aseven-year-old boy was yesterday killed in the inferno that razed two bungalows in the Ketu area of Lagos.

A twin fire incident rocked the Leisure Mall on Adeniran Ogunsanya Street, Surulere, beside Shoprite, destroying goods worth several million. The fire outbreak, which claimed the little boy’s life, occurred at 19 Adekanbi Street off Alli Street, Mile 12 in Ketu.

Reports have it that rescuers could not save the child due to

a delay in a distress call to fire service officials.

The Director of Lagos State Fire and Rescue Service, Margaret Adeseye, confirmed both incidents.

She added that they recovered the male child’s body from the affected building.

Adeseye said the boy was suspected of having died before the fire spread but was later confined and eventually subdued.

Meanwhile, the director noted that the Lagos State Fire and Rescue Service doused the flames at the Leisure Mall in Surulere.

Bolaji Giwa Goes Home A retired Director, Federal Highways at the Federal Ministry of Works, Engr. Ganiy Bolaji Giwa who died last Monday, was buried on Tuesday, 14th of February, according to Islamic rites.

According to a statement from the family, the 8th day Fidau prayers will take place on Monday 20th of February 2023, at 12 noon at his residence, number 8, Opeifa Crescent,

Anthony Village, Lagos.

was released after three days.

Adebayo also said the Imo CP shielded those responsible for voter register manipulation

but only went ahead to charge innocent INEC staff to Court and action which has been struck out by the court for lack of evidence.

North-east Crisis: US1.3bn Needed as Humanitarian Assistance for Six Million People, Says UN MichaelOlugbodeinAbuja

The United Nations has said $1.3 billion is needed this year to provide critical life-saving assistance to six million people suffering from the devastating impact of the 13 year armed conflict in the North-east.

It disclosed that this is an increase

of 500,000 people from the 5.5 million people identified for assistance in 2022.

A statement yesterday by the UN Office for the Coordination of HumanitarianAffairs said: “The 2023 Humanitarian Response Plan for north-east Nigeria launched today requests $1.3 billion to provide

critical lifesaving assistance to 6 million people suffering from the devastating impact of the continuing 13 year long non-international armed conflict. This is an increase of 500,000 people from the 5.5 million people identified for assistance in 2022.”

The UN Resident and Humanitarian Coordinator for

Nigeria, Mr. Matthias Schmale, was quoted in the statement to have said: “The large scale humanitarian and protection crisis shows no sign of abating,” revealing that: “An estimated 2.4 million people are in acute need, impacted by conflict, disaster and disease and require urgent support.”

59. 36% Pass Maths, English, Three Others as NECO Releases 2022 SSCE External Results

KuniTyessiinAbujaandLaleye DipoinMinna

The National Examinations Council, NECO, has announced the release of the result of the November/ December 2022 Senior School Certificate Examination (SSCE).

Registrar of NECO, Prof

Dantani Ibrahim Wushishi, who made the announcement in Minna, Niger State, yesterday said, 59,124 candidates sat for the examination, with 31,316 males, representing 52.96 per cent while 27,808, representing 47.03 per cent were female.

Wushishi added that the number

of candidates that sat for English Language is 58,012 out of which 44,162, representing 76.13 per cent got Credit and above, while the number of candidates that sat for Mathematics is 57,700, out of which 43,096, representing 74.69 per cent got Credit and above.

He further disclosed that the

number of candidates who got five Credits and above, including English Language and Mathematics is 33,914 representing 57.36 per cent.

“Also 46,825 candidates, representing 79.20% got five (5) Credits and above irrespective of English Language and Mathematics,” he said.

Abia SDP Dissolves into Labour Party, Adopts Otti as Guber Candidate

Emmanuel Ugwu-Nwogo in Umuahia

Lagos Fire Kills 7-year- With the first round of the 2023 election less than 10 days old Boy, Destroys Goods general away, the Social Democratic Party

RebeccaEjifoma

He further alleged that the lawyer who went to secure the bail of the arrested people was also arrested and detained but

(SDP) in Abia State has collapsed its structures and fused into the Labour Party(LP) saying that they were now supporting the party’s governorship candidate,

Mr. Alex Otti.

The entire leadership of the Abia SDP led by the state chairman, Chuks Gold Abangowe, went to Otti’s campaign office in Aba and surrendered the party’s structure to LP, vowing to work for the success of the LP governorship flag bearer on March 11, 2023.

A press release from the Alex

Otti Campaign Council said that the fusion of the two parties took place on Wednesday in Aba. All the State Working Committee (SWC) members of SDP, as well as all the executives from all the 17 local governments of Abia were said to have been involved in the combination of the two parties.

“Let it be on record, we’re doing what we’re doing based

on conviction not persuasion. We know that with Dr. Alex Otti, Abia state shall be salvaged,” Abangowe said.

Though the governorship candidate of SDP in Abia, Mrs. Ngozika Johnson-Ogbuneke was not part of the defectors, her deputy, Dickson Asonye was present to renounce their ticket and render it invalid.

One Dies, Two Injured as Two APC Factions Clash in Kwara Hammed Shittu in Ilorin

One person has been reportedly killed while two others sustained serious injuries at Tsonga town in Edu Local Government Area of Kwara State following the bloody clash between the factions of the two leaders of the All Progressives Congress (APC) in the town.

Already, one has been

hospitalised as a result of the injuries sustained during the incident.

Incidentally, the 2023 gubernatorial candidate of the Peoples Democratic Party (PDP) in the state, Alhaji Yaman Shuaib Abdullahi, hails from the town.

The two APC leaders are the House of Representatives candidate for Edu/Patigi/ Moro federal constituency in

the forthcoming election, Hon. Ahmed Saba, and the outgoing lawmaker representing the federal constituency, Hon. Muhammed Ndakene.

The development, according to THISDAY checks, might not be unconnected with the recent cancelation of the campaign rally in the town by the state Governor, Alhaji AbdulRahman AbdulRazaq.

However, trouble started between the two gladiators last Wednesday over who should take control of Governor Abdulrazaq’s visit to the area.

Similarly, with such political tours by the state governor, the issue of who should take charge of pecuniary funds also became another bone of contention between the two warring factional leaders in the area.

Ekiti to Establish Customary Court of Appeal in All Divisions Gbenga Sodeinde in Ado Ekiti

Giwa

Ekiti State Governor, Mr. Biodun Oyebanji, has restated his commitment to the welfare of the judiciary in the state, even as he unfolded plans by his administration to establish befitting Customary Court of Appeal in

all judicial divisions in the state.

The governor, who stated this in Ado- Ekiti yesterday during an inspection of the construction work at the Customary Court of Appeal complex at the Oke-Ori Omi area of Ado-Ekiti, assured the judiciary that his administration would continue to provide conducive

working environment for all judicial workers in the state.

While appreciating the National Judiciary Commission (NJC) for the establishment of Ekiti State Customary Court of Appeal, Oyebanji said his administration would further expand the scope of Administration of Justice in the

state.

The governor, who said he was satisfied with the quality of work at the complex, said his visit to the project site was an attestation to the fact that he holds the judiciary in high esteem and would continue to ensure their welfare at all levels.

FRIDAY FEBRUARY 17, 2023 ˾ T H I S D AY

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NEWS XTRA

Osun Gov Sacks 20,000 WORLD OF ISLAM Youths, Unveils New Empowment Scheme Your Brain: Use It or Lose It

Edited by: MJO Mustapha Email deji.mustapha@thisdaylive.com

Yinka Kolawole in Osogbo About 30,000 youths working under the Osun Youth Empowerment Scheme, popularly known as (O-YES), were sacked yesterday by Osun State Governor, Mr. Ademola Adeleke, who created another scheme to be known and called the “Imole Youth Corps.”

In a circular issued by the Secretary to the Osun State Government, Hon. Teslim Igbalaye, the state government said that the decision was taken to reposition the youth empowerment programme inherited from the previous government for effective

functionality, sustainability and dignity of labour.

It would be recalled that the OYES was introduced on December 17, 2010, by former Governor Rauf Adesoji Aregbesola in fulfillment of a promise he earlier made to the people.

The OYES scheme empowered about 30,000 volunteers across the state’s 31 local government areas, including Ife East Area Office.

In 2019, the immediate past Governor, Mr. Oyetola, emphasised that the OYES is a wonderful legacy scheme, which must be sustained despite paucity of funds because it

drastically reduced restiveness, poverty and possibility of vices among youths in the state.

He stated that an unengaged youth is a tool for devil’s vices and increased the stipend of the cadets from N10,000 to N12,500 while the OYES teachers’ corps allowance was increased to N15,000 from N10,000.

However, Adeleke, according to a statement obtained by our correspondent, has said that the application forms for the new scheme will be available for prospective youths at no cost in all the local governments, including Ife East Area Office of the state from Friday, February 17, 2023.

2023: ‘Atiku Will Win Resoundingly’ Seriki Adinoyi inJos

Former Comptroller General of Nigerian Immigration Service (NIS), Mr. David Paradang, has expressed confidence that the Presidential Candidate of the Peoples’ Democratic Party (PDP), Alhaji Atiku Abubakar, would defeat other candidates at the polls in the February 25th presidential election.

Speaking in an exclusive interview with THISDAY in Jos, Paradang said that “Atiku is going to win resoundingly; I campaigned for him in 2019, and I know he won. It was taken away from him.

He was robbed of it in 2019. But in 2023, all the permutations are pointing to the fact that Atiku is

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going to win.

“If we want one Nigeria, it’s Atiku; he represents the broad spectrum of the Nigerian man, not boxed to a corner, well exposed and experienced in the role of government that requires working with everybody, giving them a chance. I can assure you that Atiku will win, come February 25, 2023.”

He claimed that Atiku was short-changed in 2019. “Then, there were incident forms and results sheets being given without technological validation. We have learnt from the costly mistakes of the past. Now, our votes will count.

You can no longer sit down at the polling units and share unused ballot papers, or take result sheets and change the figures and go to announce at the collation centres,”

he said.

According to Paradang, the Independent National Electoral Commission (INEC) has learnt its lessons from the Osun experience.

“We thank God that the BVAS has been tested and we know the areas that need improvement and fine-tuning. Osun experience was a very good wake-up call. Party agents must follow step by step.”

He said that the attention being currently given by local and international observers is high because they know the implication of getting things right in the election.

Paradang also said that the “Obidient Movement,” would not affect the PDP, adding that the movement is made up of people that have not really been in politics for long.

Welfare: Enugu Workers Commend Ugwuanyi Enugu State Workers under the auspices of the Organised Labour has expressed gratitude to the state Governor, Ifeanyi Ugwuanyi, for his “passionate and unprecedented interventions in improving their welfare despite the fact that he assumed office in 2015 and experienced avalanche of challenges such as the economic recession, lean resources, outbreak of COVID-19 pandemic, security issues, among others.”

The workers expressed delight that Ugwuanyi gave

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their welfare the priority it deserves by introducing the payment of the 13th month salary, which he paid till the outbreak of COVID-19, as well as the payment of the N30,000 new minimum wage with its consequential adjustment.

Stressing that the he was the first governor of Enugu State to witness economic recession on two occasions in five years, and faced with the challenges of not being in the same political party with the government at the national level, the workers hinted that Ugwuanyi’s utmost commitment to their welfare first manifested shortly after he assumed office when his administration paid 54 percent equity contribution for 100 lucky civil servants who won the 100 units one bedroom apartments at Elim Estate, Enugu, through open lottery.

They added that the governor ensured regular payment of their salaries and retirees’ pensions at the end of the month even at the peak of the country’s economic recession when 27 states could not pay workers’ salaries.

The workers further added that he approved improved hazard allowance and life assurance policy for frontline workers, and 60 percent Consolidated Health Salary Structure (CONHESS) for health workers amid economic hardship as well as the N100 million earmarked monthly for payment of backlog of gratuities inherited by his administration which was equally put on hold because of the adverse effects of COVID-19.

By: Asma Jarad/HalalConsumer/ IslamiCity

O

ne thing we know for certain is that as we age, we undergo gradual yet drastic changes. One of those changes is that we are gifted with maturity and wisdom. At the same time, our skin becomes wrinkled, and our brain health deteriorates. The good news is there are ways to protect our brain health, but we must start now.

Our brain controls every aspect of our bodies, including our thoughts, memory, emotions, motor skills, vision, breathing, and temperature. For humans, the most intelligent creation, God says in the Quran, “Indeed, We have dignified the children of Adam, carried them on land and sea, granted them good and lawful provisions, and privileged them far above many of Our creatures” (Quran 17:70).

The most valuable gifts we possess, which elevate us over other creations, are our brains.

We must protect these precious gifts and continually seek to enhance their health.

In an article from the Mayo Clinic Health System, Donn Dexter, MD, a neurologist in Eau Claire, Wisconsin, lists a few practical ways to protect our brain: Exercise I know we keep seeing this advice at the top of any list of how to maintain our health, but it’s there because it’s paramount.

Exercising is NOT optional. Regular physical activity benefits the brain by preventing a decline in mental function and lowering the risk of Alzheimer’s disease. Increased blood flow to the brain during exercise counters some of the natural reduction in brain connections that occur as we age. Aim for moderate aerobic activity that increases your heart rate several days each week.

Manage Your Diet Dexter and many other health professionals around the globe recommend following a Mediterranean diet, which emphasizes plant-based foods, whole grains, fish, and healthy fats such as olive oil. Studies show that the omega fatty acids found in extravirgin olive oil and other healthy fats are crucial for proper cell function, increased mental focus, and slowing cognitive decline in older adults.

Social Interaction Ward off depression and stress by looking for opportunities to connect with loved ones and friends. Research links isolation to brain atrophy, so remaining socially active strengthens your brain. Hearing loss is one of those inevitable side effects of aging, and untreated hearing loss increases social isolation and loneliness, thus increasing the chance of cognitive impairment. Get your hearing checked, and don’t be embarrassed to use a hearing aid.

Rest Research shows that not getting enough sleep is linked to slower thinking and a higher risk for dementia. Some theories suggest that sleep helps clear abnormal proteins in the brain and consolidates memories, which boosts overall memory and brain health. Once in bed, complete a series of slow, deep breaths. This simple manipulation of your breath reduces stress in your nervous system and prepares your brain for sleep.

Nootropics: Smartness in a Pill?

From Hollywood fiction, we’ve seen how a single pill can transform an ordinary person into an extraordinary high-performing individual. Is this a reality for you?

Nootropics, also known as neuroenhancement drugs, are pills, supplements, and other substances designed to improve cognitive functioning in healthy individuals by boosting their brain power. As with most “cure-all” drugs, limitations and side effects inevitably raise the question: are nootropics worth the risk?

According to Markham Heid, a freelance

writer for Time magazine, “the idea that a pill can supersize human intelligence is decidedly science fiction.” Heid summarizes the study “Effect of Nutrients, Dietary Supplements, and Vitamins on Cognition: A Systematic Review and Meta-Analysis of Randomized Controlled Trials” by Forbes et al., which found no convincing evidence that various nutrients and dietary supplements result in improved cognitive performance. While “plausible mechanisms” link these to better brain function, “supplements cannot replicate the complexity of natural food and provide all its potential benefits,” adds Heid.

In other words, although some promising prescription drugs and over-the-counter supplements may have performance-related effects on the brain, they are a poor substitute for food itself. You may enjoy a short-term brain boost, but you could also end up harming your brain and other aspects of your health in the long run. Furthermore, many of these supplements include omega-3s, creatine, ginseng, and flavonoids—well known to improve brain health and function—but consuming fatty fish, berries, herbal teas, and other foods high in these nutrients is arguably a safer option.

Use It or Lose It The human brain is a three-pound organ that is the most complex part of the human body. It is physically composed of frontal lobes, parietal lobes, temporal lobes, and occipital lobes.

The brain sends and receives different chemical and electrical signals throughout the body. For example, some signals make us feel happy, while others make us feel stressed. The central nervous system relies on billions of nerve cells to relay messages through the spine and across the body’s massive network of nerves.

The brain is not a muscle. However, it is similar to a muscle in that we will retain its power only if we use it frequently. Think of how you must hit the gym several times a week if you want a healthy body. If you want a healthy brain, you must regularly and consistently engage in problem-solving tasks and complex learning.

Remember: the less physically or mentally active you are, the more strength and agility you will lose. In other words: use it or lose it.

Although we cannot control some neurological disorders, we must do what we can today to prolong our brain health by opting for intelligent choices. Poor choices now lead to poor outcomes in advanced age, such as reducing our level of independence, prematurely removing ourselves from the community and workforce, and adding to our burden of care.

Training our brains to maintain and even increase effectiveness is possible. We should avoid excessive screen time that limits brain stimulation and opt for a brain workout of reading, picking up a fun (and active) hobby, or completing a difficult puzzle. It is encouraging to know that through our actions and choices, we have the ability to positively impact our overall health and performance. Whether it’s keeping up with technology, learning a new skill, or traveling to a new place, our brains thrive on tackling fresh adventures. Make your goal to keep discovering and challenging yourself as you get older.

Quick Brain Facts B $5;8 (8'/4 /9 ?5;8 ,'::/+9: 58-'4 3'*+ up of sixty percent fat.

B $5;8 (8'/4 /94 : ,;22? ,583+* ;4:/2 '-+ twenty-five.

B $5;8 (8'/4 9 9:58'-+ )'6')/:? /9 '2359: unlimited.

B $5;8 (8'/4 /9 '2='?9 '):/<+ +<+4 =.+4 you are sleeping.

B $5;8 (8'/4 )+229 ;9+ +2+):8/)/:? '4* chemicals to communicate.

At the beginning and the end, we must seek God’s mercy and guidance, for with Him lies all control. “Allah grants wisdom to whoever He wills. And whoever is granted wisdom is certainly blessed with a great privilege. But none will be mindful [of this] except people of reason” (Quran 2:269).

FRIDAY, FEBRUARY 17, 2023 • T H I S D AY

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BACKPAGE CONTINUATION TINUBU: THE MOMENT OF TRUTH IS NIGH As I have repeatedly stated, I make no illusion of the fact that Nigerians are incredibly smart people, with a history of foolish choices. But it is staggering how much more, many in this geographical space called Nigeria, actually work to undermine the country’s progress. And after making bad choices, we begin to hope and pray that somehow, our nightmare will end in a miracle. We begin to pray that clay would somehow magically turn into gold and the bad choices we consciously made with our eyes wide open will become good and things will just get better. But things have never gotten better this way. As a matter of fact, they only got worse as the Buhari years have shown.

In 2015, Tinubu and his cohorts presented to Nigerians a man who had no reason to go near the presidency of Nigeria and branded him the messiah who would make things right. Tinubu, the Emilokan, was the arrowhead of that scheme. They recruited people with credibility to their Change project. See where they got us into. To rub salt in the wound, he recently boasted in-your-face that he made Buhari president in 2015. But a confused Tinubu later hit out at the same government thus: “Today, they moved the exchange rate from N200 to N800. If they had repaired it, if they had arrested this, we won’t be where we are today, we will be greater.

They don’t know the way, they don’t know how to think, they don’t know how to do”.

Was that not enough to kill his presidential dream, if many people shouting Jagaban care about the tragic state of the nation today under the Buhari, that Tinubu made President? But this is a country of “anything goes”, where many reason anti-clockwise or don’t even reason at all. That is why in 2023, the APC that has wreaked so much havoc on our country is asking Nigerians to vote for the most flawed presidential candidate in the history of this country. How many times shall we be fooled as a people before realising that making the same foolish choices won’t lead to better outcomes?

Imagine worse outcomes than these: Can anyone remember how much the dollar was in 2015 compared to how much it is today? At least, Tinubu, still remembered as the hypocrite blasted Buhari for the depreciation of the naira recently. One US dollar exchanged for N197 in 2015, today it exchanges for N751 or more. Can Tinubu’s supporters and APC choristers tell Nigerians how much a litre of petrol cost in 2015?

Perhaps, we should remind them. A litre of petrol sold for N87 in 2015, now it’s in the range of N300 to N450; Kerosene sold for N150 in 2015, and now N1,000; diesel sold for N155, now selling for N850; cooking gas sold in 2015 for N180, but now N850; rice was N8,000 per bag in 2015, now N45,000 and above; bread was N300 in 2015, now N1,000 to N1300; chicken sold for N2,500, now N10,000; airfare from Lagos to Abuja was between N18,000 and N25,000 in 2015, now it is between N50,000 and N80,000. Inflation was in single digit, now, it’s over 21 percent. The country’s misery index is at an all-time high of 62.79 as of July 2022. Under the APC-led government, the number of Nigerians living in poverty stands at over 133 million, the National Bureau of Statistics (NBS) announced recently. That figure, according to the bureau represents 63 per cent of the nation’s population. Nigeria has even earned the ignoble prize as the poverty capital of the world. Until Buhari brought that laurel home, I personally had never heard of such ranking. Lest I forget, the country’s debt profile was $9.7bn but is now about $167bn that is about N77trn including Ways and Means.

Before 2015, insecurity was mainly restricted to

the North-east zone, but Buhari’s government has democratised it to every part of the country. Bandits now strike everywhere at will. Hundreds of schools in the North have been shut down owing to frequent kidnapping or threats of it. Travelling by either road or rail has become a death wish. Many of your compatriots have lost their lives for simply going about their normal lives. That is Buhari’s legacy.

Why should you or your relatives or friends vote for the APC? What did Tinubu do when Buhari showed reluctance to campaign for him? He hit out at his government and tried to dissociate himself from it.

Blackmail you know. But the moment Buhari started campaigning with him and raising his hand in different states, everything changed. Tinubu gushed saying he wouldn’t have minded if Buhari continued in office but for term limits. He sure knows Buhari’s number and how to arm-twist him into doing his bidding.

In Imo State, after Buhari again raised his (Tinubu’s) hand, telling Imo people during the APC presidential rally there on Tuesday to vote for him, Tinubu gushed out once again that he would build on Buhari’s legacy as enumerated above. Nigerians should ask Tinubu what legacy of Buhari he was talking about. Legacy of colossal failure by a man he said recently doesn’t know how to think or do? Or a legacy of taking the naira from 200/$1 to N800/$1? Is that what he wants to build on? Hell No. Now, take a comparative look at where we were in 2015 and where we are today and tell me why anyone in his right senses would even contemplate voting a party that has caused this country so much pain and misery with the lives of so many lost under its tragic misrule and incompetence? In eight years, Buhari’s scorecard has been an unmitigated disaster on a scale never experienced in this clime. Immediately Buhari was elected, it became obvious to the discerning that the country had made a fatal mistake. That terrible mistake was repeated in 2019 by the strange people called Nigerians.

Today, the country is in a mess. Men of anarchy are loosed upon the land. If you vote for the APC in next week’s presidential election, then you are an accessory to this buffeting tragedy. In eight years, they have pauperised our great country. They have turned the land of our fathers into a land famished by poverty and disease. A land of perpetual violence and bloodbath, a land that is eating its own alive. A land ruled by avarice, covetousness, mind-boggling corruption and nepotism.

It may be impolite to always criticise anyone for supporting Tinubu, but not doing so would amount to granting them immunity from responsibility for our current tragedy. They are the oxygen fuelling Tinubu’s campaign; likewise they did to Buhari’s. They are the ones applauding him foolishly when he speaks gibberish. We cannot exempt them. The astonishing mediocrity of their thought and the sheer insanity of their behaviour must be condemned… How many times shall we allow their actions to condemn this country to a moral and economic abyss? How many times shall they be fooled before they realise that Tinubu and his party have nothing to offer this country?

A party that has caused so much damage to our national self-esteem as a people? How does one even wrap his head around it that any normal, sane human being, knowing what we know now, and seeing the daily disaster on his campaign train still sing, “on your mandate we shall stand” or hail him Jagaban, Jagaban? A man who can barely express himself

without committing multiple gaffes? His campaign speeches are little more than a laundry list of gaffes and insults, tied together with haughty rhetoric devoid of even pedestrian civility or fluency. They are disjointed contextually, inelegant in delivery, pompous in character, lacking in charisma and eloquence, petty and devoid of addressing the issues, and lacking in finesse. His hired flatterers accompany him everywhere he goes, ready to applaud his most nonsensical and unintelligent statements, even in their misery. Poor people! They clap and clap and gyrate for a morsel of food to entertain a man who has single-handedly appropriated their common wealth. A man most guilty of their miserable condition.

Can anyone remember Tinubu’s Chatham House debacle? It was one of those moments you were overwhelmed by shame and pity. Here is a man who wants to be president of Nigeria unable to answer questions on his manifesto directed at him in front of a global audience. Instead, he nominated members of his delegation to answer questions for him. While his flatterers applauded, his spin doctors quickly went to town with the narrative that it was evidence of Tinubu’s team approach to leadership and that it would form his governance model if elected.

The man did not remember his date of birth, so an aide had to write on a piece of paper for him to read from. What did his supporters do? They clapped for him. What were they clapping for, I asked? For God’s sake, this man is running to be president of Nigeria, not president of his residents’ association. He is contesting in an election he claimed would hold on January 25, two weeks after that date had already passed. But Nigerians know the presidential election would hold on February 25 and not January 25.

For those actively and secretly supporting this man, again, I ask; what did Nigeria do to you to wish her this? It is truly frightening how casually we think or do things that affect our country and its future.

Recently, I asked an ardent Tinubu supporter if he would engage someone like Tinubu to run his company after seeing his record-setting gaffes or his fragile condition - just based on what we see on his campaign trail? He just stared blankly at me, unable to answer. This same individual is supporting Tinubu to be president of Nigeria. Something is certainly wrong with a lot of people in this country.

We are in perilous times. Who knows, perhaps the much-talked end times are upon us. Doesn’t the Bible say towards the end, many strange things shall happen and many false prophets shall rise and people shall be led astray? For the avoidance of doubt, the reference to prophets to me, doesn’t mean those who purport to be men of God alone. It refers to leaders who in that capacity can mislead those they lead.

The future of our nation hangs precariously in the balance. Our national values, norms and mores are facing an assault from a desperate politician who declared Emilokan. He has deployed a massive war chest, he cannot account for in the campaign to wrest power at all costs from the people. For him and his team, it is about winning at all costs. The end justifies the means is the philosophy upon which Tinubu’s democratic credentials are built. Of what use is democracy if Emilokan doesn’t win? That seems to be their definition of democracy. He approximates and interprets his selfish interest to mean “victory for democracy.” Only when he wins or his party wins is an election free and fair. I saw this trend a long time ago and warned Nigerians about the danger he poses

to democracy and all its canons. But many didn’t listen.

Now, he has recruited a few vocal bandits as salesmen and consultants hell-bent on foisting another calamity on this land of our fathers. Ex-activists, veteran journalists and a few good men who once stood for the good of society are scrambling to be part of an army of wolves, ready to tear apart anyone who dissents with a thousand bites. Pundits and ordinary citizens have been trained as effective apologists and deniers of the sins of our tormentors.

These politicians have been successful thus far because many often see them from primordial lenses and support their aspirations for base reasons. But the fact that some people think this way reveals that something vital has already been lost in our culture that needs to be recovered. They threaten anyone who dares to ask questions of their principal. But do they think we are afraid of them? The arc of history bends towards the values some of us stand for. We may honour them for what they did in the past, but more importantly, we’ll judge them by what they are doing to our country today. After all, roads, we were told by ancient wisdom, are made for journeys, not destinations.

Frankly, I am shocked, and I am sure many are too, by their capacity for mischief and lies. Now, they tell us, it is Tinubu who built Lagos. And that the video of him muttering Bala blu …. was doctored. Honestly, I really don’t see how anyone can defend Tinubu’s transgressions and flaws without looking ridiculous.

Just before this, another hopeless member of Team Tinubu came out to tell Nigerians that the bullion vans that conveyed cash to his Bourdillon Ikoyi residence on the eve of 2019 election missed their address and that they were actually empty. First, they missed their way, then he stated they were empty. How did he know they were empty when they missed the way?

It means they opened the bullion vans that “missed their way”?

I tell you this, there is a saying in the land of my fathers, “It is less of a problem to be poor than to be dishonest.” Unfortunately, some of these guys are people one had respected so much. The revelation here is that the human being is a very complex creature that is driven by several emotions and situational factors that could make a man compromise his principles or values. However, I think in life, a man should be able to stand for something, no matter what.

Let’s return to what we have lost as a people. It is an understanding of moral truth that is connected more to virtue than to the outcomes of our actions. I say this regardless of the outcome of the presidential election next week. If Tinubu emerges victorious, the lines between good and evil will collapse. The fabric of our institutions – and moral essence will dissolve.

In a few words, it would mean the people of Nigeria chose Barabbas over Jesus (speaking literally) with all its attendant ramifications.

All men of goodwill must come together to prevent this from happening. We must fight until the final whistle. Duty calls on everyone with a PVC who means well for the future of Nigeria not to vote Tinubu in next week’s presidential election. Voting “against” him will be a most worthy endeavour and an honourable epitaph on our gravestones, preserved for future generations. Let the everlasting memorial on my gravestone read: “Here lies a man who in words and in deeds fought for the very soul of Nigeria by voting against Bola Ahmed Tinubu in the February 25, 2023 presidential election.” I believe we shall overcome if we stay together on this.

NIGERIA, OUR BALLOONED DEBT AND OUR GREAT GRAND CHILDREN’S BURDEN Just imagine: our current debt stands at US$101 billion, about N44 trillion. According to the data available from the Debt Management Office, the debt categories are as follows: Total External Debt = US$39,661.72 million, Total Domestic Debt = US$62,251.71 million, Federal Government of Nigeria Debt only = N49,846.02 million, States and FCT = US$12,402.69 million. All these total to over 100 billion US Dollars. By the First Quarter of 2022, our debt stock stood at a staggering $40 billion, up 288% from $10.3 billion at the beginning of Buhari’s “change” government. Take a look at the profile of our domestic debt that has risen above 160% from N8.4 trillion to well over N22 trillion, and see how the country’s debt-to-GDP ratio has been pushed beyond a 40% threshold.

The agony of our predicament is that we now spend as much as 90% of our revenue on debt servicing. We are at risk of economic extinction if you consider the position of other economies. For instance, South Africa which has about 2.5 x Nigeria’s debt stock and over 2 x the debt-to-GDP ratio, is a good case in point. Like an economist wrote; “Nigeria is staring down the barrel of financial bankruptcy.”

The challenges confronting Nigeria are grievous and very real. The threats posed by the debt conundrum should never be underrated or exaggerated, but must be viewed as absolute antithetical to Nigerian interest, values, goals, and future. This phenomenon has become counterproductive, yielding devastating domestic repression and orthodoxy. On a melancholic meditation, my firm grip on the causes of our present and future anticipated stagnation and decline can mostly be pointed to the consequences of our protracted and senseless borrowing and our ever ballooning debt.

Today, the most pressing question is; what is the fate of our economy in the face of the huge and mounting debt? The answer can be found in the many upheavals the country is experiencing. Nigeria is presently in the midst of the most consequential economic decline in its entire history. There is a growing consensus that the present level of economic decay is beyond destructive

Buhari demagoguery with definite and clear danger, uncertainty and ambiguity.

The burden of our debt can be linked to the rapidly growing inconsistencies in our economic policy plans and the inherent failure of our planners, the institutions and its apparatus to lift us out of abject poverty and misery.

The consistent advocacy for infrastructural investment financed by borrowed funds, is challenged by the ever constant failure in matching the rhetorics with the volume of funds borrowed. The borrowed funds have failed to address the myriad of problems confronting and hindering the economic growth of Nigeria in the areas of power supply, inadequate road network, air, rail and waterways provisions, insufficient domestic food production and processes, fuel and oil industry supplies, and other infrastructural areas. To be clear, these inadequacies have continued to fester unabatedly, holding our country in a precarious stranglehold.

For over 50 years, Nigeria has failed, or has been

unable to solve these problems as we have exponentially become desperately poorer, weaker, and despondent.

The variables that made us economically strong in the early 1960s have all but disappeared. Recall that we used to be number 3 in the entire world in the production and distribution of cocoa, rubber, palm oil, and were in the group of the world’s largest producers of textile, sugar cane, sorghum, cotton, magnesium, columbine and tin. Until crude oil became a prominent feature in our economy, Nigeria had a relatively strong, viable and potentially progressive economy. Today, we have become intensely poorer and may have no clue of how to creatively scamper out of this quagmire, except to borrow, borrow and borrow, jeopardizing our generations to come.

We must all worry about the present position of our country’s debt profile. We must be disturbed, knowing that our government is poised to go a-borrowing again at a time it is paying out of its nose to service the existing debts, even as it is glaringly evident that our main source of income which is oil is experiencing unpredictable and very sluggish movements.

Uncertain times call for hope and for redemptive minds, but the notion of a quick repair of this damage to our country now and in the future, is a chimerical projection. There is no iteration evident in our past and present behavior in history that allows us to dream of a better tomorrow, especially in the area of our indebtedness.

My passivism is cemented in my knowledge of how pervasive the repercussions for indebted countries have become and attracting dire consequences. How do we expect to bail out of these debts without attracting stiff conditions and penalties that will force major austerity measures which will plunge an already reeling country into further turmoil? I bet that with the barrels of the guns of these borrowing entities staring us in our eyes, we will begin to lose our sovereignty and our economic order and independence. Without any doubt, the days are coming when we will be unable to repay our debts.

The debtors will have no choice but to find ways to recover their funds either by taking control of our national

treasuries, and compelling us to open our territories for exploitations.

Perhaps one of the most fundamental setbacks of our debt burden issue, is the positions taken by The International Rating Agencies. Moody’s and Fitch downgraded their rating for Nigeria, targeting the cutting of our long-term foreign currency bond, by revising Nigeria’s economic outlook downwards, from stable to negative. The reasons announced for these downgrades are pointed to the burden placed on the economy by the ever rising budget deficit, the ballooning and mounting debt profile and other supply-side issues and challenges. The general expectation is that Nigeria’s fiscal and debt position will continue to decline and deteriorate, and that its capacity to respond remains constrained by sustained and long-standing institutional and structural weaknesses and defaults.

The forecast for our economic future is bleak and precarious. Our external position will be gravely weighed down by our government’s constrained access to external funding, depressed and the uncertainties surrounding oil production, capital outflows, and other extraneous circumstances. Most crucial, is our government’s inability to demonstrate a clear vision of delivering on fiscal reforms.

Another depressing drawback, is the negative governance profile score (G-5 issuer profile), that shows very weak control of corruption and the rule of law, and an alarming failure in the management of internal resources and public funds. Ultimately, we are on our way to a fiscal deterioration, the type never seen or recorded in our history.

My perception is that these mountains of loans and the resultant heavy debts will further presage and worsen the conditions of our children yet unborn, and will imperil their future with problems and challenges. We have bequeathed onto them, a destabilizing and consequential tomorrow whose outcome is predictably frightening.

•Dr. Okey Anueyiagu, A Political Economists Writes from Ikoyi, Lagos

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Falcons Suffer Sixth Consecutive Defeat under Waldrum in Mexico

Duro Ikhazuagbe

Nigeria’s Super Falcons continued to flounder under the watch of American coach, Randy Waldrum as the nine-time African champions were beaten by the odd goal by hosts Mexico at the invitational Revelation Cup 2023 in Leon.

The defeat was the straight sixth loss under Waldrum even as Falcons are heading to the FIFA Women’s World Cup to be jointly hosted by Australia and New Zealand in the

R E V E L AT I O N C U P 2 0 2 3

summer.

Mexican Kiana Palacios was the heroine of the clash. She headed in a cross, into the net in the 85th minute for the only goal of the game.

The last time Super Falcons won a game was against Cameron at the 2022 Women’s Africa Cup of Nations in Morocco. They crashed out of that tournament at the semi final stage.

Although the female national football team still have the chance to redeem their image at this tournament when they take on Colombia on Saturday, pundits generally believe a repeat of the type of starting lineup like the clash against Mexico on Wednesday night will only break Nigerians heartache.

The Nigerian ladies dominated the first 20 minutes of this game, but could not put away the chances they created.

Spain-based forward Rasheedat Ajibade captained the Nigerians with Barcelona star Asisat Oshoala conspicuously absent.

France-based goalkeeper Chiamaka Nnadozie impressed again to ensure the Super Falcons did not suffer a heavy defeat.

With Costa Rica and Colombia grinding out a one-all draw in the other game of the night, Super Eagles are rooted to the bottom of the table Meanwhile, the FIFA Women’s World Cup Trophy Tour is scheduled to begin this month with Nigeria as one of the 32 countries to feature in the tournament as well as play host to the trophy in March.

The tour goes by the theme:

‘Going Beyond’ and it is to inspire people of all ages to get excited about the FIFA Women’s World Cup Australia & New Zealand 2023.

Arriving from Zambia, the trophy is expected on Nigerian shores on 26 March. The tour’s Skills Drills will encourage women and girls worldwide to join the celebration by showcasing their footballing ability and creativity.

Ten Hag Hails Man Utd after Draw with Barca rik ten Hag was full of plaudits for Manchester United last night after the Red Devils were forced to a thrilling 2-2 draw in their Europa League play-off at Camp Nou. Hag insisted that the Red devils "displayed a lot of character and determination" after his side contested a thrilling first-leg draw at Barcelona.

Having previously met in two Champions League finals - both of which Barca won - the sides are trying to reach those heady heights again.

This encounter at the Nou Camp in Europe's secondary competition was another step on that road back to the top.

Xavi's men grabbed the opener when Marcos Alonso headed in at the back post from Raphinha's

E U R O PA corner, but United responded immediately through the in-form Marcus Rashford as he slipped in a finish at the near post.

They showed their resilience to turn the game around as Rashford's cross was then turned into his own net by Barcelona defender Jules Kounde.

But United were unable to hold on as ex-Leeds winger Raphinha's cross from wide on the right sailed all the way into the net.

Barca, though, almost snatched a late victory when Casemiro's attempted clearance struck his own post, but little separated the sides heading into next Thursday's second leg.

Manchester United's Bruno Fernandes (left) battling Barcelona Captain Jodi Alba for ball possession during their playoff first leg last night in Camp Nou. Game ended 2-2 PHOTO: Reuters

Neymar Close to PSG Exit Maiden Abuja International Marathon

A number of Premier League top clubs have been alerted to the possible availability of Paris Saint-Germain forward Neymar, according to 90min.com.

The Brazil international is enjoying a stellar year in Paris, recording 17 goals and 16 assists in just 28 games, although PSG's recent slump has cast doubt over his long-term future in the French capital.

The 31-year-old remains under contract until 2025 and while PSG are not rushing to offload Neymar, they are understood to be open to his possible departure at the end of the season and sources have confirmed to 90min that a number of Premier League sides have been spoken to over a potential deal.

Indeed, intermediaries are believed to have spoken with Chelsea, Liverpool, Manchester City, Manchester United and Newcastle, informing the clubs of Neymar's interest in a move to the Premier League, as well as his potential availability.

Neymar's name is also understood to have been mentioned during a recent meeting between Chelsea co-owner Todd Boehly and PSG counterpart Nasser Al-Khelaifi, which had been scheduled to discuss other topics.

Boehly has held regular meetings with a number of leading executives across Europe in an attempt to boost his connections, and it is understood he scheduled a meeting with Al-Khelaifi to discuss the failed loan move of Hakim Ziyech, whose switch to PSG was not finalised in time last month.

While Ziyech was the main subject, the discussion is believed to have included Neymar's future, with Boehly open to making such a high-profile signing. Sources have described Boehly as 'intrigued' by Neymar's possible availability.

Neymar joined PSG in the summer of 2017 in a record €222m deal and has had a mixed spell in France.

The Brazilian has lifted four Ligue 1 titles but has failed to inspire the Champions League glory that was supposed to follow his signing.

PSG are on track to add another league title this season but have already been eliminated from the Coupe de France and are on the brink of another early exit from Europe after Tuesday's defeat to Bayern Munich.

to Deliver Road Race Culture in the FCT Organisers unveil 7UP Bottling Company as Partner of the race

Organisers of the maiden Abuja International Marathon scheduled to hold on April 29 have promised to deliver a road race culture in the Federal Capital Territory.

Speaking at the unveiling of Seven-Up Bottling Company Limited as the Refreshing Partner of the event in Lagos yesterday, Managing Director of Universal Resources Generation Limited, Szuszzane Ogunmiloyo, expressed her excitement that Seven Up Bottling Company with its arrays of popular brands were going to

be part of the maiden 42.9 km international road race in Abuja.

She said the bottling company has demonstrated its love for sporting events over the years and it was not a surprise that they have come to team up with the project.

"Seven Up Bottling Company, will be our first official sponsor for the very first Abuja International Marathon and we are delighted to have them as our sponsor; they have been reputed as one of the public-spirited companies

in Nigeria.

"Their brand of drinks which include 7Up, Pepsi, Mirinda, Teem, Aquafina and others will serve as great refreshment for the event," Szuszzane Ogunmiloyo stated, Also speaking at the event, FCT Director of Sports, Lucas Istifanus, assured stakeholders that modalities to ensure a successful event have been put in place, stressing that the Abuja International Marathon will be used as a springboard for the Nigerian Capital city to play host

24 Teams Listed for Maiden Lagos Athletics Club Series Twenty-four teams from across the country were able to meet the February 15 deadline for the registration of clubs for the maiden Lagos Athletics Club Series.

The Series, which is a four-leg event, will begin at the Yaba College of Technology Sports Complex on Sunday February 19.

According to the Technical Director of Lagos State Athletics Association (LASAA) Enefiok Udo-Obong, the 24 teams that met the criteria for the registration will compete at the one-day championships while there are opportunities for more teams to

join in the second leg.

He however, said that athletes from Togo and Benin Republic have decided to team-up with their Nigerian counterparts to form teams for the championship.

“We are excited with the turnout of teams for the championships. At the end of the deadline, 24 teams were confirmed for the take off this Sunday and for us, we are excited with the huge interest in the tournament. We are all set for the kick-off on Sunday. We hope to start early and hopefully by 5pm, we should be rounding up the tournament,” stressed the

Sydney Olympic gold medalist.

He hinted that the objective of the Series is to: “ensure we engage our athletes and want them to compete as teams which is another virtue we want our athletes to inculcate while competing at top level.

“Our aim goes beyond winning because we want to unearth new talents that will represent the country in major competitions,” observed Udo-Obong.

The Technical Director confirmed that the Series has also secured the approval of the World Athletics (WA) in recognizing some records expected to be set at the tourna-

ment.

Also, a board member of LASAA, Dr Modupe Ogunbanjo, however, tasked the athletes to keep away from doping as there are no shortcuts to success in life.

“We are concerned with the welfare of our athletes and this will remain our priority. We know we cannot meet all their needs but within our reach, we will try our best. But we must also warn them to keep off performance enhancing drugs that will jeopardise their career as well as tarnish their image across the globe,” concludes Dr Ogunbanjo.

to international sporting events like Lagos.

Istifanus disclosed that about 60 organisations tender interest in hosting international marathons in Abuja but the authorities settled for Unicentral Resources Generation Limited because of its track record.

John Ola Shittu, the MD of Global Link Sem, the official marketers of the marathon, said more sponsors would be unveiled in the coming weeks.

"This is just a tip of the iceberg because we are going to be unveiling more sponsors while the title sponsors will also be unveiled soon."

Shittu, who was manager of Nigeria international football star, John Mikel Obi, expressed confidence that the marathon will gain prominence in the next few years.

The marathon is expected to feature a 10-day Expo where various Nigerian cultures would be showcased and is expected to precede the three-in-one race.

The top three finishers in male and female categories will pocket $55,000, $40,000 and $30,000 respectively while the top three Nigerian finishers will also earn N3million, N2million and N1million respectively. There will also be prizes for top 10 finishers in both categories.

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Friday February 17, 2023

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MISSILE COAS to Army Personnel

“You must therefore, refrain from hobnobbing with political gladiators and maintain your apolitical stance. The elections scheduled to hold...is staring at us. Therefore, adequate preparations are key to the overall outcome of the elections. We are all aware of the dynamics of the security of our political environment and therefore continual reappraisal and adjustment where necessary, particularly on strategies and tactics...”

–Chief of Army Staff, Ltd. Gen. Faruk Yahaya, tasking the military for a conducive and secure environment for the upcoming general elections.

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Tinubu: The Moment of Truth is Nigh

F

ellow Nigerians, the moment of truth is nigh. We are at a critical moment - another opportunity to seize back the country from the All Progressives Congress (APC) and its merchants of anarchy and grotesque self-entitlement. Failure to get it right for the third time in a row will cause the entrenchment of wuruwuru and a stinking culture of impunity in this land of our fathers. There is a grim sense of foreboding that this could happen. However, it will be imbecilic for a nation craving sanity to elect one who is a peril to democracy and the state’s institutions.

The road ahead is going to be very difficult because the forces of evil are very powerful and relentless; they are pulling the strings behind the stage and putting the brakes on many changes that will make the elections more transparent, knowing full well that they don’t stand a chance in credible elections. That is the reason for the desperate loud cry recently by the presidential candidate of the APC, Bola Ahmed Tinubu that the fuel scarcity that has been with us for months and the naira redesign policy of the Central Bank of Nigeria (CBN) were meant to sabotage his victory. The media blitz that followed was all part of the script to capitalise on the suffering of the people to gain their sympathy and make them feel he cares for them. Anyone who cannot see through that, is at best naïve in the extreme.

Tinubu does not give a hoot about the poor. It’s all about himself.

Ask yourself; is he the only presidential candidate affected by the naira redesign policy? Why would fuel scarcity and naira redesign be targeted at him?

Every Nigerian is affected, including other presidential candidates. I cannot think of how Tinubu is more affected than other candidates, except he is telling Nigerians the naira redesign has shaken his plan to deploy his vast ill-gotten wealth to buy votes.

Tinubu It is instructive that all through the strike that was embarked upon by the Academic Staff Union of Universities (ASUU) which lasted nearly nine months, Tinubu never felt that it was targeted at sabotaging his presidential ambition. He was travelling round the country then sensitising leaders of thought to his presidential quest. He did not give a thought to the varsity students who were forced to idle away at home

by the government he installed. Tinubu jostled in the primary and won the ticket, by hook or by crook, while the strike lasted. Nor was the massive insecurity across the country targeted at undermining his chances of winning the election. The attack and mass abduction of students in schools in many northern states were not targeted at Tinubu. Little wonder he never said a word about these serious acts that threatened the lives of ordinary people. The truth is that this man has never cared about the people of Nigeria. He is the one who has consistently exploited the misery of the people he is partly responsible for, to advance his political career over the years.

I was amused watching the Kaduna State governor Nasir el-Rufai the other day on television regaling the public with tales of a cabal in the presidency working against Tinubu’s presidential ambition. Others have alleged that the cabal is working for Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP). So many of their “internet infestations” (to borrow Wole Soyinka’s phrase) have gone on overdrive, dropping names of senior government officials they believe are working against Tinubu’s ambition to be president. One has gone as far as branding the Attorney General of the Federation and Minister of Justice, Abubakar Malami and the Governor of the CBN, Godwin Emefiele enemies of the public. Can you imagine that? I swear, these people are the worst hypocrites living on God’s earth.

They have forgotten so soon that Tinubu and his associates have been holding meetings with the Governor Nyesom Wike-led G5 governors of the PDP, who are working tirelessly against their party’s presidential candidate. Tinubu and the G5 governors have held several secret meetings, negotiating a working arrangement to support him. Many in Tinubu’s camp openly celebrated

the working arrangement. They saw no betrayal in what the governors were doing to their party, so long Tinubu profited from it, but when he was on the receiving end of a similar scheme, he and his associates started screaming betrayal. Where was el-Rufai when Tinubu was holding his working-alliance meetings with Wike and co.? These people must think everyone is a fool in this country. A sitting PDP governor was reported to have asked his appointees and elected local officials to work for Tinubu against his own party’s candidate?

El-Rufai must tell Nigerians what that means.

Now, come to think of it. How can anyone in his right senses, knowing what we know now about Tinubu, vote for him? How can any rational person vote or canvass for votes for him seeing what we have all seen and/or heard on the campaign train? Have we lost our minds? Don’t we have any shred of honour left in us as a people? Honestly, I am flabbergasted. Words fail me to describe some of my fellow countrymen riding on the Tinubu train to Aso Rock. Clearly, this land of our fathers is in bondage, held hostage by criminal gangs of politicians masquerading as agents of change and their supporters from hell who cheer them on even when they are talking unintelligently.

These people (supporters) live amongst us - as friends, family members, acquaintances, neighbours, colleagues, etc. They are the educated and the uneducated. They are the high-ups and those amongst the lowest rung on the social ladder. We encounter them every day, in offices, bars, malls, marketplace and social events. They fill you with righteous indignation with the way they reason and you wonder aloud; dense people everywhere.

How did I find myself sharing the same country with them? Oh my God! How did our country get here?

Continued on page 46

OKEYANUEYIAGU GUEST COLUMNIST

Nigeria, Our Ballooned Debt and Our Great Grand Children’s Burden

T

oday, our country’s debt is about ten or more times what it was at the start of this present government. Compared with the size of our economy, this is the largest it has been since independence. To make it worse, this debt profile is projected or expected to grow exponentially to an alarming, but unknown ratio, in the coming years.

Our ballooning debt is the result of the unconscionable choices made by our government from their habitual habit of borrowing money to mostly finance frivolous expenditures, irresponsible spending to support recurrent expenditures for huge salaries of politicians and their unproductive workforce.

This level of debt that we are experiencing today, has in itself, become an economic crisis. The growth of our economy has therefore become imperiled, stunted, and almost comatose. What is assured, is complete catastrophe and doom.

How we got ourselves into this fiscal quagmire is not very difficult to decipher. The constant need to borrow money to fund federal budgets that include salaries, defence, security, education and everything else that government provides for, and the unrealistic expectations for our economic books to balance, created the imperativeness and necessity for government borrowing.

At the end of the civil war, and from years proceeding the war, our coffers were flush with huge revenue from oil wealth and from the export of various products

ranging from agriculture to mineral resources. We, at that point, did not know what to do with money. This proposition, of course, did not last for long, for we were very soon to fall into distress and into one of the world’s most indigent and indignant countries.

Paradoxically, we have faced tremendous challenges from many fronts; both institutional and structural, bringing with them, deep-rooted corruption, income inequality, incompetent governments, disjointed policies, deepening poverty and hunger, insecurity and all horrible vices capable of distorting even a well-endowed economy, and hindering prosperity. The results of these contraptions are the colossal losses of economic opportunities that have deprived us of significant growth and progress, leaving us in the throngs of being a beggarly country.

It is clear that what drives a stable economy to a large extent, is the macroeconomic environment which invariably reflects the productive capacity and performance for the competitiveness and profitability of local initiatives and companies that push and provide stability for the economy. But the distortions that we are experiencing in these various sectors, today, portray government’s incapacity to intervene and maintain stability and good economic outlook.

Preceding Buhari’s time, and more prevalent right after his advent in 2015, Nigeria’s macroeconomic environment became essentially unstable, disjointed and portending a dangerous trend hindering economic growth. The

dilapidating drivers for these economic outcomes are; foreign exchange drastic volatility, outrageous inflation, fiscal unsustainability and other unfavourable variables that brought high rate of macroeconomic instability.

I have heard a lot of Nigerians, especially our politicians talk about how our country will prosper, but I have not heard any of them tell us how we will grow out of the deep mess of debt that we owe. Fantasize as they may about our prosperous future, the quantum of problems awaiting us and our great-grand-children are unimaginable. It is difficult to share in this fairytale prosperity framework philosophies that will create jobs, reduce poverty and inequality, while ensuring economic and social prosperity for all Nigerians, without capturing the dreadful calculus of our prohibitive huge debt burden.

This is very distressing and bewildering to say the least.

Nigeria’s current dispensation finds itself grossly deficient in many of the attributes and qualities that define and power a country’s rise. Our collective strengths in all the facets of our existence should be the building blocks of what should propel our prosperity. But to succeed, we must reinforce and support these collective strengths and attributes. Instead, our aggregious penchant for little ambition, shortsightedness, lack of diversity, and lack of willingness to learn and adapt to proper ways of doing things, have imperiled and slowed, or even regressed our economic development and growth.

The first essential indicator or characteristic of the

foundation of a country’s strength lay in its economic power and wellbeing. The causal links between these, and the success a country records across board, suggest that they play very prominent role in determining the fate of all nations, Nigeria inclusive. When the dynamism and vitality of our oil boom era evaporated, the fearful threat to our existence faced a strikingly dreadful peril.

I find it rather difficult to begin to apportion and assign responsibility, or blame to individuals or regimes for our levels of debt, but by their disgustingly crude action, the debt has become a stinking filth that has been the bane of all our past and present leadership. Even as some economists agree that by borrowing during economic downturn, the borrowing entity helps to revive the economy by protecting its citizens and businesses. However, the case of our debt burden is disproportionately inconsistent with reality.

In order words, we cannot justify the huge debt we have accumulated with any significant commensurate development and economic growth. Where did all the money go? Some think that it disappeared into the leaky pockets of our politicians and their lackeys.

Others swear, that they can trace these borrowed monies to the Swiss Bank and Dubai Bank accounts of our citizens and their thieving partners.

Continued on page 46

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