MONDAY 20TH FEBRUARY 2023

Atiku: Voting Tinubu after Buhari is Transition from Frying Pan into Fire Says APC candidate will turn Nigeria to his personal fiefdom Meets PDP NASS members, candidates in Abuja Emmanuel Addeh in Abuja and Olusegun Samuel in Yenagoa

The presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, yesterday, called

on Nigerians not to elect his All Progressives Congress (APC) counterpart, Bola Tinubu, arguing

that doing so would mean a transition from frying pan into fire. Atiku said this in a statement

from the Niger Delta region, under

by his Special Assistant on Public Communications, Phrank Shaibu.

The statement came as youths

Continued on page 5

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APC Govs, NWC Take Battle to President, Insist Naira Redesign Policy Hurting People, Economy Urge president to obey Supreme Court order Atiku to CBN: Make more new notes available

Adedayo Akinwale in Abuja

National Working Committee

(NWC) of All Progressives Congress (APC) and governors elected on the party’s platform

called on President Muhammadu Buhari to obey the Supreme Court’s interim injunction on the naira

redesign project, saying the policy and its implementation are causing tremendous difficulties to citizens

and the national economy.

National Chairman of APC, Senator Abdulahi Adamu, in a

resolution read yesterday at the Continued on page 5

Fashola Disagrees with Keyamo, Says President’s Action Not Contempt of S’Court Video of vote-buying with N1,000 old notes in Ogun state surfaces ahead of elections Buhari vows to end hardship faced by Nigerians over naira scarcity Appeals for more patience as necessary actions are taken to ease pains Your loots now completely useless, Kwankwaso taunts APC governors See story on page 5 Dogara hails Buhari’s move to curb vote-buying

APC GOVERNORS' EMERGENCY MEETING… L-R: Governor of Zamfara State, Bello Matawale; Gombe State Governor, Inunwa Yahaya; Kogi State Governor, Yahaya Bello; Kaduna State Governor, Nasir El-Rufai; Niger State Governor, Bello Mohammed; Nasarawa State Governor, Abdullahi Sule and Plateau State Governor, ENOCK REUBEN Simon Lalong, during the APC emergency meeting at party's national headquarters in Abuja…yesterday

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PAGE FIVE FASHOLA DISAGREES WITH KEYAMO, SAYS PRESIDENT’S ACTION NOT CONTEMPT OF S’COURT Deji Elumoye, Chuks Okocha, Onyebuchi Ezigbo, Emmanuel Addeh in Abuja and Segun Awofadeji in Gombe Contrary to a recent comment by the Minister of State, Labour and Employment, Mr. Festus Keyamo in which he had faulted President Muhammadu Buhari’s directive that the old N200 be recirculated until April 10, 2023, while the old N500 and N1,000 cease to be legal tender, the Minister of Works and Housing, Mr. Babatunde Fashola, who is also a Senior Advocate of Nigeria (SAN), at the weekend argued that the directive of the president

was not a direct affront to Supreme Court that had temporarily halted the move to ban the old currencies

by February 10, 2023.

Speaking on Television Continental, the former Lagos State governor maintained that the president only took the step to help ameliorate the pains of Nigerians who were becoming the unintended victims of the policy.

Keyamo, who is spokesperson for the All Progressives Congress Presidential Campaign Council, had in an interview on Channels Television, said the president was wrongly advised to make the pronouncement in a nationwide broadcast.

According to Keyamo, although

Buhari had good intentions for the naira redesign policy, he was wrongly advised. He had also said he would have advised the president to comply with the Supreme Court order, which was to recirculate all the old notes until they decide on the matter.

“My view is that the president acted honestly, without intention to slight the Supreme Court, but he may have acted on wrong advice. I did not give that advice, it’s not my responsibility. I do not know who gave that advice.

“In his speech, he acknowledged that there were certain matters in court.

So, he thought he was playing safe by saying okay, before you decide

ATIKU: VOTING TINUBU AFTER BUHARI IS TRANSITION FROM FRYING PAN INTO FIRE the aegis of Pan Niger Delta Forum (PANDEF) Youth Wing, rejected the endorsement of the Labour Party (LP) presidential candidate, Mr. Peter Obi, by the national leadership of PANDEF. The PANDEF youth wing, instead, announced their support for Atiku and his running mate, Dr. Ifeanyi Okowa.

In a statement by Shaibu, Atiku maintained that Nigerians must not be deceived by Tinubu’s message of renewed hope, describing it as “hopelessness in disguise”.

The former vice president said in the statement, “It is one week to the election, and expectedly, campaigns have reached fever pitch. But amid the excitement and tension, voters must guard their hearts jealously, as the ruling APC will try to use every subterfuge and stratagem in its manual to deceive them once more.

These last days are similar to the end time predicted in the Holy Books.

“Nigerians must not let themselves to be deceived by this ‘corn-man’ selling renewed hopelessness disguised as renewed hope. Your hope will be stolen from you if he is allowed to govern Nigeria. That, indeed, will be a state of hopelessness – hell on earth, frying pan to fire.”

Atiku said as part of an alleged grand deception, Tinubu, who started his campaign mid last year with a promise to continue with President Muhammadu Buhari’s “impeccable legacy”, had in the last three weeks been promising to reverse them.

He asked Tinubu to make up his mind on whether he was running on Buhari’s legacy or running against it so as not to deceive innocent voters.

The statement added, “Tinubu says the petrol scarcity and the naira shortage are aimed at scuttling his ambition. Later, he and his acolytes said they were only voicing out against the policy out of sheer concern for the masses.

“These are people who never muttered a word when students spent 10 months at home in 2020 and eight months at home in 2022 due to unprecedented university lecturers’ strike.

“These are people that never criticised the president at the height of the insecurity when schoolchildren were being abducted almost on a daily basis and when the naira witnessed a free fall that led to a sharp increase in the price of goods.

“Someone needs to tell Tinubu and his band of APC governors to, please, give up this irritating ostentatious performance of moral propriety. They are not angry about the naira redesign because they love the masses. They are only angry that their plan to unleash bullion vans on poor Nigerians has been thwarted.”

Atiku alleged that should Tinubu become the president of Nigeria, he would turn the country into his personal fiefdom and make it a one party state by muzzling the opposition, as he had done in Lagos State since 1999. He added that Tinubu would also turn the National Assembly into his footstool and orchestrate the fall of the Fourth Republic.

Atiku contended, “Tinubu has turned Lagos State into his personal fiefdom by arrogating all powers to himself so much so that even the current governor, Babajide Sanwo-Olu, publicly refers to him

as ‘my principal’, clear evidence that Tinubu is far above the constitutionally recognised authority in the state.

“It is through the instrumentality of the state House of Assembly that he successfully impeached two of his deputy governors – Kofoworola Bucknor-Akerele and Femi Pedro.

It was also through this subservient House that Tinubu passed the obnoxious governors’ pension law that would see him earn more allowances than a former president.

“He has also infiltrated and bastardised every facet of Lagos society, including transport unions, who openly extort money from transporters and shop owners with impunity because they have pledged their loyalty to him.”

Atiku maintained that Tinubu’s actions in the past and even now had shown that he had no respect for Buhari or his office.

He said in 2018, Buhari and some northern governors personally appealed to Tinubu to let Governor Akinwunmi Ambode contest a second term, but the former Lagos State governor ignored their entreaties, thereby publicly embarrassing the president.

He further alleged that Tinubu orchestrated the removal of “respected” former Edo State Governor, John Oyegun, and ensured that his lackey, Adams Oshiomhole, emerged as the national chairman of APC. Through Oshiomhole, Atiku stated that Tinubu undermined several governors in their states and went on to suspend them, including Ibikunle Amosun of Ogun State, who described Tinubu as “Capo Di Tutti”, a term of Italian origin often used to describe the overall boss within a mafia family or group.

Atiku also questioned Tinubu’s mental capacity to lead Nigeria amid the gaffes and slips at the many APC rallies. He said Nigeria was facing monumental challenges and needed a focused leader, not a man who constantly needs his handlers to explain his unintelligible message to Nigerians.

Atiku Meets PDP NASS Members, Candidates in Abuja Following the end of his nationwide political rallies at the weekend, Atiku started a new phase of consultation with party stakeholders, with the election less than a week away.

Last night in Abuja, Atiku met with PDP members of the National Assembly and the party’s candidates in Saturday's election. The venue of the meeting was Transcorp Hilton. It was expected to provide the party’s flag bearer the opportunity to review the campaigns and preparation for the Saturday exercise.

Atiku is expected to follow up Sunday's sessions with meetings with other key party stakeholders in the remaining days before the presidential poll.

The meeting with the National Assembly members was expected to commence at 10 pm.

PANDEF Youth Wing Backs Atiku/Okowa Niger Delta youths under the aegis of PANDEF Youth Wing rejected the endorsement of Obi by some

members of the national leadership of PANDEF. Rising from an emergency meeting yesterday in Yenagoa, Bayelsa State, the headquarters of PANDEF, the leadership of PANDEF Youth Wing, South-south States, said those who purportedly endorsed Obi in a meeting of the Southern Nigeria and Middle Belt Leaders recently were on their own.

However, a group of former agitators from the Niger Delta distanced themselves from the endorsement of the Atiku/Okowa ticket for Saturday's presidential election by the Reformed Niger Delta Avengers (RNDA). The 21st Century Youths of Niger Delta and Agitators with Conscience (21st CYNDAC), in a statement signed by Gen. Izon Ebi, and made available through email, described the Delta State governor and vice-presidential candidate of PDP, Okowa, as a political saboteur.

The group said the press statement

by RNDA endorsing the Atiku/ Okowa ticket on behalf of the exmilitants in the Niger Delta was not only misleading, but also selfish and unpatriotic, especially when they were not consulted.

While the group insisted they had all agreed on Obi as the choice for the presidential election on Saturday, PANDEF youth wing claimed that Obi's endorsers did so without due consultation with stakeholders, particularly the youth body of PANDEF, comprising national officers and state chapters’ chairmen.

The PANDEF youths’ rejection of Obi’s endorsement was contained in a communiqué after the meeting presided by National Deputy Youth Leader, Vincent Oyibode.

The communique was signed

by Edo State Youth Leader, Don Ben; Rivers State Youth Leader, Mr. Henry George; Akwa Ibom Youth Leader, Mr. Victor Asuquo; Cross River Youth Leader, Chief Ani Esin; Delta State Youth Leader, Chief Sylvester Okumagba; and Bayelsa State Youth Leader, Mr Berenengia Samuel.

The PANDEF youths argued that a meeting where sensitive decisions were to be taken must involve all national executive officers and state chapter chairmen.

They stated, "There was no time PANDEF ever held a meeting to debate the need to participate or take a position as a group on the 2023 general elections and that those who purportedly endorsed Obi at that meeting spoke for themselves and not PANDEF and the South-south region of the Niger Delta.

"That the major focus of PANDEF is to promote sons and daughters of the region on issues of public interest that bear direct and indirect impact on the well-being of the Niger Delta people, as that is the constitutional aim and objective of the PANDEF constitution.

"That the same persons, without any meeting with stakeholders, have given ultimatum to a son of the Niger Delta, Dr. Ifeanyi Okowa, the vice presidential candidate of the Peoples Democratic Party (PDP), to drop his ambition for reasons best known to them and that this does not have the blessing of the youths of region."

They sympathised with the families of youths who lost their lives in Edo State and other places as a result of the violent protests over the naira scarcity.

these matters in court, may I just provide some middle ground, so that the country is burning, there are riots everywhere, so let me just try and provide some succour for people, whilst acknowledging the matters are in court.

“Now, if I were to advise him, I would have advised differently. I would have advised him to comply with the terms of the order of the Supreme Court. All the notes should circulate for now, all the notes. All the old notes should circulate side by side with the new notes for now, because that is the order of the Supreme Court,” he had said.

According to him, the matter was not discussed at the Federal Executive Council.

The comments by Fashola came just as a viral video of some residents of Ogun State were being bribed ahead of Saturday’s election with the old N1,000 notes. Those who received the money in white envelopes with the logo of the state government, however, expressed concerns that commercial banks were no longer accepting the currency. But someone suspected to be a government official, who spoke in Yoruba, was heard assuring the beneficiaries that they should go ahead and spend the money, adding that the government had vowed to ensure that banks in the state collect the old banknotes.

However, President Muhammadu Buhari yesterday, reflected on the current hardship faced by Nigerians in the wake of the naira redesign project of the Central Bank of Nigeria (CBN) and pledged to put an end to the pains the programme had inflicted on the citizenry.

But former vice president and presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, described as comical the reaction of the ruling APC and its governors to recent developments around the naira redesign project.

Weighing in also on the debate around the currency policy, the presidential candidate of New Nigerian People Party (NNPP), Senator Rabiu Kwankwaso, knocked the APC governors who criticised Buhari over the naira policy, saying the governors’ loots are now useless.

The Supreme Court had temporarily halted a February 10 deadline to phase out the use of some old banknotes. But a day after the court adjourned the suit filed by some APC states and Sokoto in a move to stop the federal government from banning the use of old N1, 000, N500 and N200, Buhari in a nationwide broadcast, directed that the N200 should be returned as legal tender, while the N1,000 and N500 should be phased out.

The broadcast by the president generated reactions, with nine APC states and Sokoto State now asking the Supreme Court to void Buhari’s directive. Some senior lawyers had also argued that the directive by the president was a clear contempt of the court in a pending matter.

Fashola claimed that the recent

nationwide broadcast by Buhari on the ongoing naira redesign policy was not a direct affront to the Supreme Court.

He stated that although the naira swap policy needed to be reviewed, the president took the decision because he had seen the suffering many Nigerians were facing and not to spite the apex court.

Fashola explained, “Let me say that in a democracy where there is a right to speak freely, there's bound to be divergence of views, as you have had. But I think that the principle about respecting and awaiting the outcome of a court decision sometimes has been stretched, if I may use that word.

“There is also a lot of jurisprudence and scholarship about the boundaries of contempt in actions done and in things said. If I shut the door on your finger, and you went to court to say that the court should direct me to remove or open the door, do I say let's wait for the outcome of court decision when you are in pain, and people are in pain?

“The question to ask is if I attempt to open that door, would you, the person in pain, say I was acting in contempt or would you gladly have me open the door and then go back to the court and say the matter we have resolved it?

“And that is another angle to look at this thing because I think that whatever interventions the president sought to make were interventions in response to the very palpable pain and I think he said that much in his speech about the unintended consequences of the policy.”

Noting that his argument should not be misunderstood for misbehaviour while a case was pending in court, Fashola stated that the conversation around the matter had helped enrich Nigeria’s democracy. He explained that it had also shown the APC presidential candidate, Tinubu, and others that had spoken up as people of courage who would not sit in their comfort zones when the people were suffering.

Fashola said the fact that recent central bank governors in Nigeria tended to get into trouble close to elections should spur a review of the system to look at how political the apex bank had become. He stressed that although the central bank had a right to implement the current naira redesign policy, some of the reasons adduced by the bank were outside the law.

“So the question to then ask is, has a law been used for a policy seeking to achieve an objective that is not within the law? And this is an invitation to parliament and I think this is the time to step up and say, has our politics left our central banking-related laws behind?”

The minister argued that what happened was a mop-up of Nigeria’s currency and not a swap, arguing that the central bank may not have expected the outcome.

“It seems to me that the central bank does not intend or contemplate a

mop-up policy, it actually contemplates in my view, a swap of notes,” he added, pointing out that the central bank may have overreached itself.

Fashola said Nigeria changed notes some 15 years ago, stressing that it did not cause this much pain, but wondered why the present case was causing untold hardship. He stated that the current development might negatively affect the banking system in Nigeria. He said everyone must work together to ensure that the effect on the banks were mitigated.

Buhari Vows to End Hardship Faced by Nigerians Over Naira Scarcity In the message he sent home from Addis Ababa, the Ethiopian capital, where he was attending the annual summit of the African Union (AU), Buhari said he was fully aware of the hardship some policies of government, “which are meant to bring overall improvement to the country,” had caused. He appealed for further patience, saying the government is taking appropriate measures to ease the suffering.

Buhari, according to a statement issued yesterday by his spokesperson, Mallam Garba Shehu, also expressed gratitude to Nigerians for electing him president for two terms. He urged the citizens to vote for the APC presidential candidate, Tinubu, in the forthcoming election, saying, “He is reliable and I know he will build on our achievements.”

In a video recording to shore up support for Tinubu in the election coming up in a few days, Buhari, according to a statement issued yesterday by Shehu, expressed gratitude to Nigerians for electing him president for two terms. He urged the electorate to vote for the APC presidential candidate.

The president emphasised that Tinubu had demonstrated commitment to the development of the country and the well-being of its people.

In the campaign message to voters, Buhari called on “our traditional rulers, religious leaders and parents to warn their followers and wards alike, to not allow themselves to be used by a few to foment trouble”.

The president stated, “I want to assure you that the government has taken adequate security measures to allow everyone to come out and cast their votes. I am, therefore, appealing to everyone to give them the necessary support.

“Fellow Nigerians, I want to use this opportunity to once again thank you for electing me to be your president on two occasions.

“I am not a contestant in this election, but my party, the APC, has a candidate in the person of Asiwaju Bola Ahmed Tinubu. As I mentioned before, Tinubu is a true believer in Nigeria, who loves the people and Continued on page 11

APC GOVS, NWC TAKE BATTLE TO PRESIDENT, INSIST NAIRA REDESIGN POLICY HURTING PEOPLE, ECONOMY end of an emergency meeting of the party, urged the president to intervene in resolving the issues, which he said were causing great problems for the economy.

Adamu had called the meeting to intervene in the current face-off between governors elected on the platform of the party and the president.

Buhari had in October 2022 authorised the Central Bank of Nigeria (CBN) to redesign the N1000, N500, N200 notes, with a 100-day grace period given to Nigerians to change the old notes to the new notes.

However, the presidential candidate of the party, Bola Tinubu, during the presidential campaign rally in Abeokuta, said the lingering petroleum scarcity and the naira redesign project were targeted at truncating his electoral victory.

Subsequently, the governments of Kaduna, Kogi, and Zamfara filed an application before the Supreme Court by invoking the original jurisdiction of the court to

stop the federal government from banning the old notes.

It was against this background that the Supreme Court temporarily restrained the federal government, via an ex parte order, from banning the use of the old naira notes from the February 10, 2023 the central bank had fixed.

But rather than stay action, Buhari in a nationwide broadcast last Thursday, directed the apex bank to recirculate only the old N200 notes to ease the hardship on Nigerians.

Dissatisfied with the president's decision, the APC governors said his actions would cost the ruling party the forthcoming elections.

The president’s directive, however, did not stop frustrated Nigerians from attacking banks, as the cash crunch bit harder.

To try to calm frayed nerves and ensure that the party remained united ahead of the weekend elections, Adamu called the emergency meeting.

The meeting, which started about

2:35pm ended at about 6:35 pm.

It had in attendance the following APC governors: Nasir El-Rufai of Kaduna State; Mohammed Bello (Niger); Abdulahi Sule (Nasarwa); Yahaya Bello (Kogi); Inuwa Yahaya (Gombe); Bello Matawalle (Zamfara); Mai Mala Buni (Yobe); Abubakar Badaru (Jigawa), Biodun Oyebanji (Ekiti); and Simon Lalong (Plateau).

Others were Deputy Governor of Imo State, Placid Njoku, and Deputy Governor of Katsina State, Mohammed Yakubu.

In his opening remarks, before journalists were asked to step out, Adamu said, "I found it necessary to invite these governors in Nigeria, who were elected to the platform of our great party the APC. "I am happy with the response so far and it is my understanding that more of our members are still on their way coming.

"You would recall the recent developments that have necessitated this invitation. We do not want to Continued on page 52

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NEWS

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

INTERNATIONAL WOMEN'S DAY AWARDS/GALA...

L-R: U.S. Consul General, Will Stevens; Head, European Union Delegation to Nigeria and ECOWAS, Ambassador Samuela Isopi; Minister of State for Budget and National Planning/an Awardee, Prince Clem Agba; Keynote Speaker, Dr. Obiageli Ezekwesili; United States Ambassador to Nigeria, Ambassador Mary Beth Leonard and Chairman, Punch Nigeria Limited, Mrs. Angela Emuwa during the International Women's Day Awards Gala 2023 held in Lagos…recently ABIODUN AJALA

UN: African Nations Extorted by International Lending Finance Institutions Seeks $1.3bn for Nigerians affected by insurgency Emmanuel Addeh in Abuja African countries are getting a raw deal from the international financial system which charges them "extortionate" interest rates, the United Nations Secretary General, Antonio Guterres, said at the weekend.

The UN chief, who spoke at the opening ceremony of the annual African Union summit

in Ethiopia, also announced $250 million in crisis funding, including for famine risk on the continent.

Guterres called for farreaching reforms to the structure of international finance to serve the needs of developing countries more efficiently at the event, quoted by Reuters.

"The global financial system routinely denies (developing

Naira, Fuel Scarcity: Remain Calm, Keep Faith in God, Cleric Appeals to Nigerians Hammed Shittu in Ilorin The National Amir and Spiritual Leader of Daaru-r-Rahmat (DARMAT) Islamic Society of Nigeria, Imaam Muali Musbahudeen Olawale, has appealed to Nigerians to continue to remain calm and keep faith in God view of the current situation in the country.

Speaking with journalists in Ilorin, at the weekend, following protests that greeted some parts of the country over shortage of new naira notes and fuel scarcity, Olawale said, "though the situation was worrisome and sympathetic, but this is our country and we should avoid anything that may lead to the breaking of law and order."

He said: "It is disheartening to note that the current situation came at the time the country is still facing economic challenges and this present situation has compounded the sufferings of the masses.

"The ugly development has caused a lot of havoc in the life of the wellbeing of the people to the extent that, meeting ends meet at this period is really unbearable.

"Many household and families have been put into serious sufferings despite the fact that they could not pay the children schools fees talk less of meeting

the families’ obligations."

Olawale added, "The current situation in our dear country has created lots of confusion, hitch, havoc, destruction of life and properties with unrest here and there.

"No doubt, everyone is under pressure and frustration just because everything is muddled.

As a patriot and responsible citizen, let us keep our faith firm and always be patient while addressing an issue in the society.

"Avoid been provoked by any one because this could lead to high blood pressure and sudden attacks.

"We should love one another and praying for our leaders to get it right."

He noted that, "The instruments of our encyclopedia (Qur'an) takes good care of everything in all our affairs as best mankind on the earth that says and very soon will your Lord give you so that you shall be well pleased (Q93:5).

"Let us believe that Allah (SWT) will surely avert all our challenges as a nation very soon.

"I'm very sure we all aware of earthquake in Turkey that claimed life of thousands people and other problem in Syria."

Olawale, therefore prayed that, "May Allah (SWT) deliver all of us from these unbearable challenges."

countries) debt relief and concessional financing while charging extortionate interest rates," he said.

The UN will spend $250 million from its emergency fund, the largest ever allocation, to respond to several crises around the world, including helping communities at risk of famine in Africa, Guterres later told a news briefing.

The coronavirus pandemic pushed many poor countries into debt distress as they were expected to continue servicing their obligations in spite of the massive shock to their finances.

Public debt ratios in subSaharan Africa are at their highest in more than two decades, the International Monetary Fund (IMF) said last year.

Governments on the continent, including Ethiopia, sought debt restructuring deals under an IMF programme to help them navigate the crisis, but conclusion of the process

has been delayed.

Others, which have not sought to restructure their debt, like Kenya, have seen their debt sustainability indicators worsen after the pandemic hit their finances.

"African countries cannot... climb the development ladder with one hand tied behind their backs," Guterres added.

Ethiopia's Prime Minister Abiy Ahmed echoed the call. "Nearly all of us want to put our economies back on a growth trajectory but this will not happen without sufficient restructuring to make our external debt sustainable," he said.

The summit, which brings together leaders from the 55 African nations, is also focusing on deepening food and security crises on the continent.

Armed conflict from the Sahel to the Horn of Africa and the impacts of droughts and floods have driven ever more Africans from their homes.

Hunger, driven by the impact of the armed conflicts and also extreme weather that scientists have linked to climate change, has also worsened in several nations.

Somalia is on the verge of famine after five failed rainy seasons, with hundreds of thousands of people suffering catastrophic food shortages.

"We need to critically assess why one third of the hungry people in the world are in our continent," Abiy said.

Meanwhile, the UN has appealed for $1.3 billion to provide assistance to 6 million Nigerians who are suffering the impact of a long-running Islamist insurgency in the northeast of the country.

The militant Boko Haram group and its offshoot, Islamic State West Africa Province, have been fighting Nigerian security forces in the northeast for over a decade, displacing more than 2 million people and killing hundreds of others, aid

agencies say.

Matthias Schmale, the UN resident and humanitarian coordinator for Nigeria said the "large-scale humanitarian and protection crisis shows no sign of abating".

The number of children suffering from acute malnutrition was projected to increase to 2 million this year, up from 1.74 million last year, the UN said.

"Women and girls are the hardest hit," Schmale said when launching the financial appeal in north-eastern Adamawa state.

He said more than 80 per cent of people in need of aid across three states - Borno, Adamawa and Yobe - were women and children. "They face increased risks of violence, abduction, rape and abuse," he said.

Nigeria's government says it is winning the fight against insurgents and that some areas have now been cleared of militants and are safe for villagers to return.

Nigerian Appointed Deputy Director at Bill and Melinda Gates Foundation Adedayo Akinwale in Abuja A Nigerian medical doctor, Obinna Onyekwena, has been appointed Deputy Director, Infectious Disease Advocacy at the Bill and Melinda Gates Foundation in Seattle, Washington.

Obinna, 44, would be responsible for leading the foundation’s strategies and portfolio of investments for increasing political commitment, resourcing, and implementation of HIV, tuberculosis, malaria, the neglected tropical diseases and The Global Fund to fight AIDS, tuberculosis and malaria.

He earned his medical

degree from the University of Nigeria, Nsukka and an MSc in Public Health from the London School of Hygiene and Tropical Medicine, the United Kingdom.

Prior to his appointment, Onyekwena had an outstanding 10-year career at The Global Fund to Fight AIDS, TB and Malaria where he supported the strengthening of national responses to three of the world’s deadliest infectious diseases, HIV, Tuberculosis and Malaria - and managed investments that successfully scaled up innovation in delivery of HIV services across Africa and Asia.

Announcing his appointment on his social media yesterday, he said: "Friends and colleagues, I’m thrilled to share that I will be joining the Bill and Melinda Gates Foundation as their new Deputy Director, Infectious Disease Advocacy, based in Seattle, Washington.

"In this new role I will be leading the advancement of the foundation’s HIV, TB, Malaria and NTD advocacy strategies in partnership with the Program Advocacy and Communications (PAC) team.

"I am grateful for the incredible experience and strong friendships from my time at The Global Fund and

the confidence bestowed on me by leadership at the Gates Foundation. I believe there is no better transition to make at this time than to a family working hard together to create a world where every person has the opportunity to live a healthy, productive life," he wrote.

The Bill and Melinda Gates Foundation is an American private foundation founded in 2000 by Microsoft co-founder Bill Gates and his wife, Melinda French Gates. Its total assets of nearly US $55 billion (as of year end 2021) makes the Gates Foundation the largest private philanthropy in the world.

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MIGRATION ON THEIR MINDS… President Muhammadu Buhari (left) with Director-General of International Organization for Migration (IOM) Antonio Vitorino, during a bilateral meeting in Addis Ababa...yesterday

Buhari Canvasses Strengthening of Early Warning Systems to Rein in Conflicts in Africa Tasks AU member-nations to ratify AfCFTA agreement President to IOM: We"ll support your humanitarian work in north-east Somalia President appreciates Nigeria for peace keeping efforts Deji Elumoye in Abuja President Muhammadu Buhari has called on African Union (AU) member countries to strengthen early warning systems to rein in conflicts in the continent.

The president also charged all AU member states to ratify the African Continental Free Trade Area (AfCFTA) agreement.

Nigerian positions and interventions on these issues were conveyed at the weekend by the president during separate meetings at the ongoing 36th AU Summit in Addis Ababa, Ababa.

The summit with the theme, “Acceleration of the African Continent Free Trade Area (AfCFTA) Implementation,” was a key opportunity for the Nigerian delegation, led by President Buhari to emphasise that it has fully embraced the spirit of the AfCFTA, having signed, ratified and deposited the instrument at the African Union Commission.

In this light, Buhari, according to a statement yesterday, by his spokesperson, Mallam Garba Shehu, urged all member States, AUC and the Secretariat of AfCFTA to continue supporting the implementation of the AfCFTA Agreement.

He also called on member states that have not yet ratified the Agreement to do so.

At the High-Level side event on “Early Warning Within the Framework of the African Union Peace and Security Council and the Committee of Intelligence and Security Services in Africa (CISSA),’’ hosted by President Teodoro Mbasogo of Equatorial Guinea, President Buhari noted that, “timely information sharing is vital to successful early warning and response processes.”

The president, who was represented by the National Security Adviser (NSA), MajorGeneral Babagana Monguno (Rtd), warned that when member states deny credible early warning signals of impending crisis, they miss opportunities to address conflict situations before they escalate.

The president was represented at the event because he was engaged in

another meeting, which considered Reports by African Leaders on specific thematic issues at the Summit.

He, therefore, urged member states to cooperate more with the African Union Commission (AUC), Regional Economic Communities (RECs), Regional Mechanisms (RMs) and other relevant partners.

“We also call on Member States to embrace the Continental Structural Conflict Prevention Framework (CSCPF) and its tools, the Country Structural Vulnerability and Resilience Assessment (CSVRA) and the Country Structural Vulnerability Mitigation Strategies (CSVMS). ‘‘Our continent has contended with various issues of insecurity, including terrorism, violent extremism, unconstitutional changes of government, among others.

“These issues have been discussed severally at various High-Level meetings, particularly at the May 2022 Extraordinary Session of the Assembly held in Malabo indicating the importance attached to this worrisome trend. ‘‘Nigeria acknowledges the work of the AU, RECs, RMs in strengthening Continental Early Warning Systems (CEWS), as well as AU security and intelligence organs like CISSA, African Union Mechanism for Police Cooperation (AFRIPOL) and Africa Centre for the Study and Research on Terrorism (ACSRT) for providing timely warnings on emerging threats.

“We reiterate the decision of the 35th Session of the Assembly in February 2022 directing the AUC to establish a monitoring and oversight committee to ensure successful early warning and response systems in Africa, and also call for enhanced horizon scanning briefings.

“In addition, the AUC must develop a holistic approach to peace and security which encompasses the major drivers of conflict on the continent,’’ he said.

Earlier on Saturday, Buhari had joined other African leaders to participate at the opening ceremony of the AU Summit, where President Azali Assoumani of Comoros, officially took over the AU’s rotating presidency.

Meanwhile, Buhari has pledged

Nigeria’s continued support to international organisations working in the north-east region of the country, who are providing humanitarian assistance to citizens impacted by long years of insurgency.

A statement issued by presidential spokesperson, Mallam Garba Shehu, stated that the president made the assurance when he met with the Director-General of International Organization for Migration (IOM), Antonio Vitorino, on Sunday in Addis Ababa, Ethiopia, on the margins of the 36th AU Summit.

Assuring IOM that the federal

government would continue to partner with them to make their work more effective and efficient, Buhari lauded the organisation’s humanitarian activities in the northeast and northwest regions of the country.

He noted that their staff have often braced the difficult terrain to provide assistance to those in need.

The president urged the international community not to neglect those living on the fringes of Lake Chad, who have lost their means of livelihood because of the impact of climate change and the

monumental shrinking of Lake Chad from its original state.

Giving a brief on its projects in the country, the IOM DG told the president that his organisation was partnering with the Borno State government on strengthening its humanitarian response capacity, including the reintegration, rehabilitation and resettlement programme of IDPs. He thanked the federal government of Nigeria for the unflinching support to IOM operations in the country.

Also yesterday, Buhari met with President Hassan Sheikh

Mohamud of Somalia, during which they exchanged views on how to counter the propaganda and threats of terrorists’ organizations such as Boko Haram and Al-Shabab.

Mohamud underscored Nigeria’s support to Somalia, dating back to the deployment of Nigerian peacekeepers to ensure stability in the restive country.

He said Somalians would not forget the sacrifices of the Nigerian peacekeepers who died in the line of duty and those who were injured while risking their lives to bring peace to his country.

NESG to CBN: Allow Old Currency Notes Circulate Side-by-Side with New Notes for Now CPPE asks central bank to allow commercial banks handle collection of old notes Dike Onwuamaeze The Nigeria Economic Summit Group (NESG) has advised the Central Bank of Nigeria (CBN) to adapt a gradual phasing out of the old naira currencies by prolonging their legal tender usage side-by-side with the new notes.

The NESG which gave the advice in a report titled, “Naira Redesign Policy: Caught in the Web,” noted that this would stave off further adverse socio-economic effects the implementation of the current naira redesign policy was having on the economy and to restore confidence in the country’s financial system.

It, however, warned that prolonging the cash scarcity associated with the currency redesign policy would likely motivate a slowdown in Nigeria’s economic growth as many productive activities might have been halted due to the inability to access cash, especially the informal sector that runs primarily on cash and controlled about 65 percent of Nigeria's GDP. The report stated: “As laudable as the aims of the CBN were in its decision to redesign the currency, the evidence is that there has been a myriad of unintended challenges, which have been significantly disruptive to economic activity and

negatively affected the welfare of citizens. Urgent redress is, therefore, required to stave off further adverse socio-economic effects and to restore confidence in the financial system.”

The NESG recommended that due to the hardship households and businesses were facing, especially in the informal sector, “the CBN needs to reconsider prolonging the legal tender usage of the old notes side-by-side with the new notes.

This is important to give the CBN the opportunity and time to devise effective ways of getting the new note to the unbanked populace and rural dwellers that constitute a large portion of the informal economy. As such, a gradual phasing out of the old note is advised.”

It added that the CBN should, “expedite the printing of new notes and streamline their distribution channels to ensure efficient delivery of the new notes to commercial banks and other financial institutions. This will help ensure an adequate supply of cash to meet the public's demand and reduce long queues and other inconveniences.”

The NESG also urged the CBN to, “launch a public sensitisation campaign to educate the public on the need for new notes and the reasons behind the delayed printing process or scarcity of cash. This will help prevent

negative vested interest narratives and misinformation resulting from an inadequate supply of cash. The campaign should emphasise the objectives and benefits of currency redesign.”

It also emphasised the, “urgent need to expand the capacity of the digital financial system to accommodate the mass migration to digital channels. This is important to ensure a seamless transition to digital channels as alternatives to cash. The difficulty experienced by people attempting to use digital channels for transactions suggests that payment platforms are not adequately mature to adjust quickly to a cashless economy.”

The NESG noted that the naira redesign policy, alongside other policies that have had unintended consequences, would continue to dampen investors' confidence in Nigeria.

“Policies such as this further compound the level of uncertainty in the economy, which disincentivises investors from committing their funds to the Nigerian economy.

“With nearly 40 per cent of the adult population being excluded from the financial system, the challenges emanating from the cash crunch following the redesign will amplify the trust deficit in the financial system.

“Hence, many more people will resort to stacking up cash. This will be against the cashless policy agenda of the CBN and will defeat the essence of the Naira redesign policy,” the group warned.

Similarly, the Centre for the Promotion of Private Enterprise (CPPE), has expressed concern over the CBN’s conflicting directives on where to deposit the old currency notes, whether the commercial banks or central bank.

The Chief Executive Officer of the CPPE, Dr. Muda Yusuf, stated yesterday that this confusion was inflicting additional pains on already traumatised millions of innocent Nigerians seeking to return the old notes.

Yusuf said amidst the chaos which the policy had created, it was evidently impractical for the CBN’s offices to properly handle this process of receiving old currency notes, which are still in abundance in the hands of millions of Nigerians.

“The process should also be simplified to accommodate millions of rural dwellers, the informal sector players, the over 30 million unbanked Nigerians and several millions that are not literate. We plead with the CBN to review its processes in the interest of fairness, justice and social inclusion,” he added.

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NEWS

ENDORSEMENT RALLY FOR MBAH...

L-R: Chairman of the Peoples Democratic Party (PDP) in Enugu State, Hon. Augustine Nnamani; Deputy Governor of the State, Hon. Mrs. Cecilia Ezeilo; Governor Ifeanyi Ugwuanyi and candidate of the PDP for Enugu North Senatorial District, PDP governorship candidate, Dr. Peter Ndubuisi Mbah, and his running mate, Ifeanyi Ossai, during the Enugu West Senatorial District Endorsement Rally for Mbah and Ossai held at Awgu Local Government Area Headquarters, yesterday

FG Rallies Private Sector in Search of Financing for Nigeria's $410bn Energy Transition Plan Peter Uzoho and Ugo Aliogo The federal government has kicked off the private sector roundtable dialogue series intended to drum support of the Nigerian private sector players towards the financing and implementation of the country's $410 billion Energy Transition Plan (ETP) till 2060.

At the private sector roundtable dialogue held in Lagos, over the weekend, which was attended by participants drawn from the oil and gas, renewable energy, power, and finance/investment services communities amongst others, the government stressed the need for alignment of the public and private sector to facilitate funding of key

pipeline projects within the ETP. The private sector roundtable dialogue, according to the Energy Transition Office, seeks to secure strong private sector partnership in support of the financing and implementation of the ETP; and identify approaches and market enablers that could help crowd in private finance at scale to the ETP. The dialogue also seeks to define a framework for the Private Sector Working Group of net-zerocommitted financial institutions that will help guide the ETP resource mobilisation process.

The proposed Private Sector Working Group would support the Vice President, Prof. Yemi Osinbajoled Energy Transition Working

SERAP Sues Buhari over Ban on Old N500, N1,000 Notes Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari over the directive banning the use of old N500 and N1,000 banknotes, contrary to the interim injunction granted by the Supreme Court that they should remain legal tender pending the determination of the suit.

Joined in the suit as Defendants are the Attorney General of the Federation and Minister of Justice, Abubakar Malami and the Central Bank of Nigeria (CBN).

The Supreme Court in a case initially brought by 10 states recently held that the old banknotes remain legal tender pending the determination of a motion on notice fixed for February 22. The deadline for the swap of the old notes expired February 10.

However, Buhari in a national broadcast last week directed the CBN to recirculate only the old N200 banknotes, thereby overruling the Supreme Court and banning the use of old N500 and N1,000 notes in the country.

In the suit number FHC/ ABJ/CS/233/2023 filed last Friday at the Federal High Court, Abuja SERAP asked the court to determine whether Buhari’s directive banning the N500 and N1,000 banknotes was not inconsistent and incompatible with the constitutional duties to obey decisions of the Supreme Court

and oath of office.

SERAP asked the court for a declaration that Buhari’s directive banning the use of old N500 and N1,000 banknotes was a fundamental breach of section 287(1) of the Nigerian Constitution 1999 (as amended) and his constitutional oath of office, and therefore unconstitutional, unlawful, null and void.

SERAP also sought an order of interim injunction restraining Buhari, the CBN and Malami, their agents or privies from further enforcing the presidential directive banning the old N500 and N1,000 banknotes, pending the hearing and determination of the motion on notice filed contemporaneously in this suit.

The suit filed on behalf of SERAP by its lawyers Ebun-Olu Adegboruwa, and Kolawole Oluwadare, read in part: “It is a very serious matter for anyone to flout a positive order of a court. President Buhari’s directive undermines the authority and independence of the judiciary, which is an underlying constitutional principle intended to ensure that government is conducted according to law, and to prevent the arbitrary exercise of powers or discretion by public officials and authorities.

“An order of Court must be obeyed even if such an order is perverse, until such a time that the order is set aside by a competent court. A flagrant flouting of an order of the court by the executive is an invitation to anarchy.

Group (ETWG) by identifying barriers to sourcing the necessary private investment, advocating for reforms necessary to address those barriers, and identifying approaches that could help mobilise private finance at scale.

Unveiled in 2022, Nigeria's Energy Transition Plan seeks to tackle dual national challenges of energy poverty and impacts of climate change, and ultimately deliver the UN's Sustainable Development Goal (SDG7) of universal access to clean and affordable energy for the entire Nigerian population by 2030, and also attain the nation's net-zero target by 2060. The ETP, details pathways for significant low-carbon development of energy systems across five key sectors including, power, cooking, transport, industry, and oil and gas.

Speaking at the roundtable dialogue in Lagos, the Head of Energy Transition Office, Dr. Muntaga Umar-Sadiq, explained that the need to seek private sector partnership was predicated on the fact that the Energy Transition Plan involved a lot of money and would require a significant amount of domestic financing to implement it.

"We expect that the programme will cost roughly $410 billion in the

excess of business-as-usual spending.

That translates into $10 billion a year. Where would that money come from? So, we are convening this private sector roundtable to provide support for the investment facilitation that will be required - to understand the barrier and engage the stakeholders to understand the bottlenecks.

"We are looking at particular project pipeline. We have a $23 billion investment opportunity that was a co-created pipeline of proven projects, and sponsors of those projects will speak directly to the private sector, so that they understand what are the important bottlenecks, what are the policy priority required for financing to flow towards those projects. That is one," Muntaqa said.

He said they had also spent quality time engaging with civil society organisations, youth and women groups and other interest groups like the Niger Delta region, the oil and gas sector and the labour unions, to understand their capacity and how to collaborate to achieve common goal.

He said so far, the feedback from the private sector with respect to their understanding of the plan and their cooperation had been great.

Muntaqa added that the fact that Nigeria's ETP provides the space for the country to industrialise, focus on using gas as a transition fuel, harness Nigeria's selective advantage as a country, and being context-specific plan, makes it easier for the private sector to buy into it.

Finance Specialist at the Energy Transition Office, Mr. Somkele Awa-Kalu, expressed optimism that the government would get the necessary finance to implement the ETP, noting that they would explore all possible financing instruments to raise funding for the plan.

Awa-Kalu said, "I'm extremely positive about rallying the necessary finance that we need because we are going to leverage all the possible financing tools and financing instruments in order to get this funding. So, that means in terms of grants, concessional financing, leveraged financing, and just essentially trying to ensure that we put the message across, that there is a comprehensive plan of how Nigeria wants to reach net-zero by 2060.

"In fact, it's actually about $10 billion above business-as-usual per year, and I believe that there is that kind of funding within the Nigerian private sector space,

which is why we are organising this private sector roundtable, to intimate the private sector; because you can't expect to get financing if people are not aware of what it is they are trying to finance, and the outcomes and the goals and the returns that they can possibly get on that financing.

“So, I believe that it's very achievable and we need to do a lot more on this roundtables and stakeholder engagements."

On her part, Senior Special Assistant to the President on Planning and Coordination, Mrs. Lanre Shashore, said they expected investors and private sector players to work with some officials within the ETP Office and energy developers to identify opportunities for investments in Nigeria’s ETP and the identified projects in the power sector.

She expressed Nigeria's commitment to the plan, stressing that Nigeria was the first country to develop an energy transition plan in African, as the plan was developed in February 2022, one year after President Muhammadu Buhari’s announcement of Nigeria's 2060 net-zero target, at the Climate Change Conference of Parties (COP 26) in Glasgow, Scotland.

Sylva to Perform Groundbreaking of Oloibiri Museum in Bayelsa Olusegun Samuel in Yenagoa

The Minister of State for Petroleum Resources, Chief Timipre Sylva will tomorrow perform the groundbreaking of the Oloibiri Museum and Research Center (OMRC), in Ogbia Local Government of Bayelsa State.

The minister is expected to perform the task on behalf of President Muhammadu Buhari.

The minister would also perform the groundbreaking of the NCDMB Conference Hotel Project (CHP), a three-star hotel being developed by the Nigerian Content Development and Monitoring Board (NCDMB) at Swali, adjacent to the 17-storey Nigerian Content Tower.

The Oloibiri Museum and Research Center would be erected at the location where commercial quantities of oil were first discovered in 1957

by Royal Dutch Shell.

This is coming 66 years after the historic discovery of hydrocarbon resources, which became a turning point for the Nigerian economy.

The Museum and Research Center is being developed as a collaboration between the Petroleum Technology Development Fund (PTDF), the Nigerian Content Development and Monitoring Board (NCDMB), Shell Petroleum Development Company of Nigeria (SPDC) and the Bayelsa State Government (BYSG).

The Federal Executive Council (FEC) had on February 8 awarded the contract for the Phase-1 Engineering, Procurement & Construction of the OMRC to Julius Berger.

Speaking ahead of the groundbreaking event, the Executive Secretary of the Nigerian Content Development

and Monitoring Board, NCDMB, Engr. Simbi Kesiye Wabote, who serves as the chairman of the project’s steering committee, explained that the Museum and Research Center would correct a historical oversight that lasted for several decades during which time the people of Bayelsa State complained that they had nothing to show for being the birthplace of oil and gas production in Nigeria.

He added that the project would place Nigeria among other oil-producing nations that established oil and gas museums to recognise and preserve the heritage and origin of their oil and gas production.

He listed the benefits of the facility to include the provision of a suitable location where historic developments, data, equipment, and tools used in the Nigerian oil and gas industry would be stored for posterity and provision of a

Research Center where research prototypes from the industry can be tested against the requirements of the industry.

The museum would equally encourage tourism, and integration of oil and gas host communities into the development of the sector.

On the Conference Hotel Project, the NCDMB boss explained that it was designed to provide suitable accommodation for stakeholders and other personalities that visit Yenagoa for business or to participate in the several oil and gas events organised periodically at the Board’s 1000-seater ultra-modern Conference Centre.

He added that the hotel would equally provide accommodation for researchers and other persons that would visit the Oloibiri Museum as well as boost the attraction of Yenagoa as a tourist destination.

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NEWS

CELEBRATION OF THE 36TH LISABI DAY...

L-R: Olowu of Owu, Oba Saka Matemilola; former Governor and national leader of the All Progressives Congress, Chief Olusegun Osoba; Deputy Governor Engr. Noimot Salako-Oyedele; Governor Dapo Abiodun; Alake and Paramount ruler of Egbaland, Oba Adedotun Aremu Gbadebo; his wife, Olori Tokunbo Gbadebo and the Agura of Gbagura, Oba Sabur Bakre during the celebration of the 36th Lisabi day held in Abeokuta…recently

Catholic Bishops Urge Nigerians to Reject Evil, Vote God-fearing Leaders Olu of Warri advises thoroughness in choice of candidates NGE urges INEC, security agencies, others not to disappoint people NPSA tasks electoral body on effective deployment of technology Michael Olugbode, Udora Orizu in Abuja and Gbenga Sodeinde in Ado Ekiti The Catholic Bishops Conference of Nigeria (CBCN), has counselled Nigerians to vote wisely in next Saturday’s presidential election and elect transparent leaders with capacity to transform the country's economy as well as ensure good governance.

This is as the Olu of Warri, he Olu Atuwatse III, has charged Nigerians to be thorough and deliberate in their choice of those to lead them in order not to repeat mistakes of the past.

At the same time, the Nigerian Guild of Editors (NGE), has urged the Independent National Electoral Commission (INEC), the security agencies and other stakeholders not to let the people down, as the nation is at the threshold of another democratic transition of government.

Also, the Nigerian Political Science Association (NPSA), has tasked INEC to ensure the deployment and use of technological devices that were well-tested, protected from hacking, and replace those malfunctioning for effective functioning during the elections.

Specifically, the Bishops said the 2023 general election provides Nigerians with yet another opportunity in her national history to reject evil leaders and choose those that will govern with the fear of God. “This is now the time to reject evil, greater or lesser, and wisely

choose good and capable candidates at all levels. Our votes are precious; we must use them well, encouraging all eligible citizens to come out en masse to vote God-fearing, honest, vibrant and transparent leaders for a better Nigeria,” they stated.

In a Communique issued at the end of their first plenary meeting held at the CSN Resource Centre, Catholic Secretariat of Nigeria, Durumi, in Abuja, and signed by the President, CBCN, Most Rev. Lucius Ugorji, Archbishop of Owerri and Secretary, Most Rev. Donatus Ogun, OSA, and released by Most Rev. Felix Ajakaye, the Catholic Bishop of Ekiti Diocese to newsmen, they “urged the Independent National Electoral Commission, INEC, and its officials to ensure that their conduct during the entire electoral process are transparent, honest and beyond reproach.”

According to the communique titled: “Citizens Participation in Good Governance In Nigeria”, they contended that, “We continue to enjoin the commission to make sure that the newly adopted technologies for accreditation, transmission and collation of election results are transparently and sincerely deployed and not manipulated to give false results.”

The communiqué stated that, the media have a crucial role to play in entrenching good and democratic governance, by providing the necessary information that empowers the citizens, not only to engage the political class in debates on the issues that affect their lives, but also, to exercise their

Look out for New Moon of Sha’aban, Sultan Tells Muslims The Sultan of Sokoto and President General Nigeria Supreme Council for Islamic Affairs (NSCIA), Alhaji Sa’ad Abubakar, has directed Muslims to look out for the new Moon of Sha’aban 1444 AH from Monday.

Abubakar made the call yesterday in Sokoto in a statement signed by the Chairman Advisory Committee on Religious Affairs Sultanate Council, Prof. Sambo Junaidu, in Sokoto.

The statement read: “This is to inform the Muslim Ummah

that Monday, February 20, 2023, which is equivalent to the 29th day of Rajab 1444 AH shall be the day to look for the crescent of Sha’aban 1444 AH. “Muslims are therefore requested to start looking for the new moon of Sha’aban on Monday and report its sighting to the nearest District or Village Head for onward communication to the Sultan,” it said.

The Sultan further prayed to Allah to help Muslims in the discharge of their religious duty.

democratic choices and informed decisions about public issues.”

On the challenging economy and its effects on the citizens, the Bishops urged the federal government and its relevant agencies to immediately increase the circulation of new naira notes and put in place adequate and effective monetary cum relevant policies that would reduce the hardship experienced by the people.

The Bishop noted that the poor economy has continued to make life difficult for the people, as the value of the naira continues to decline, while the high cost of goods and services, including food items, continue to soar.

“The flawed implementation of the cash swap policy, which resulted in a cash crunch, has added to the ordeal, hunger, anger and frustration of the people.

“We enjoin all to strengthen

security measures in their homes and institution. We call on all Nigerians to be law-abiding and vigilant and to shun all forms of violence and criminality, ”they said.

Olu of Warri Urges Thoroughness in Your Choice of Leaders With the 2023 elections six days away, the Olu of Warri, the Olu Atuwatse III, has charged Nigerians to be thorough and deliberate in their choice of those to lead them in order not to repeat mistakes of the past.

The Warri Monarch, who gave the charge in a message titled: "A Call for Peace and Participation in the General Election" said it was time for Nigerians to show that their voices and votes do matter.

He said the 2023 general election presented a golden opportunity for the people to redirect the affairs of the country in a way that would be beneficial to all.

He further noted that the only way this could be achieved was for the people, especially the youths, to come out en mass to cast their votes for the right persons.

"For far too long, too many have believed the lie, that our voices don’t matter, and our votes don’t count.

This lie has only birthed despair, which steals our ability to create the future we need. Apathy can no longer be a choice, just as last minute fire brigade approach, can no longer be our choice.

"We must be thorough and deliberate in our choices, as well as the manner in which we go about it, for our sakes and for the sake of generations to come. Young

Nigerians, we can only birth change by voting for the leaders who will champion laws, policies, and actions for our peace and progress.

“Leaders who will choose our collective future over their personal aims and ambitions. These elections will be a turning point in the history of our country, and the youth cannot afford to be mere observers. It is time to become active participants in the affairs and future of our nation," he stated He therefore, urged the people to eschew violence and be orderly as they exercise their franchise on the days of the elections.

The monarch also appealed to the prospective victors to be magnanimous in victory, as well as those who will eventually lose to imbibe the spirit of sportsmanship Continued on page 52

Seven Deep Offshore Blocks: NUPRC Evaluates Expression of Interest Tendered by Prospective Investors Targets addition of 1.2m barrels to Nigeria's oil production from strategic initiatives Peter Uzoho As local and foreign investors currently jostle for a share of the seven Deep Offshore oil blocks recently put on offer in the 2022/2023 petroleum prospecting licensing round, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe has disclosed that the commission has started evaluating Expression of Interest (EOI) tendered by prospective investors.

Komolafe, equally stated that Nigeria's oil production would be boosted in no distant time with over 900,000 barrels per day (bpd) expected to be earned from Quick Win interventions and additional 1.2 million bpd to be earned from medium and long-term initiatives of the commission.

The NUPRC chief executive made the disclosures in his paper presentation at the Petroleum Club of Lagos quarterly dinner, held in Lagos, with the topic, "Nigerian Upstream Petroleum Sector: Value Optimisation, Energy Transition, And Regulatory Perspectives.”

Komolafe, explained to the

industry players present that as part of the strategic actions for hydrocarbon value optimisation and in keeping with industry laws and regulations, the commission had issued a licensing round guideline and published a licensing round plan for a total of seven open blocks.

He listed the blocks as 300-DO, 301-DO, 302-DO, 303-DO, 304-DO, 305-DO & 306-DO. Some analysts had expressed optimism that the Deep Offshore blocks would attract interests from local and foreign businessmen because of their low tax obligation, in addition to their insulation from security risks such as theft and vandalism that are associated with onshore assets.

Specifically, the Partner in charge of Energy and Natural Resources, at KPMG Professional Services, Mr. Ayo Salami, had told THISDAY that under the Petroleum Industry Act (PIA), Deep Offshore fields were very lucrative because the tax rate was 30 per cent, stressing that the fiscals of the assets remained competitive enough to attract any potential foreign investment.

Komolafe had in December, 2022 announced the beginning

of the 2022/2023 mini bid round for the seven Deep Offshore blocks otherwise called Petroleum Prospecting Licences (PPLs).

The blocks covering an area of approximately 6,700 square kilometres in water depths ranging from 1,150metres to 3,100metres, are located outside the coast of Lagos.

He had equally announced during the pre-bid round conference in Lagos in January that winners of the deep offshore licensing round would be announced in the next four months, revealing that a renowned global firm, Wood Mackenzie, had been contracted as the consultant for the mini-bid.

However, providing updates on the ongoing mini-licencing round, Komolafe revealed that the commission is currently evaluating Expression of Interest (EOI) from prospective investors, saying the exercise was expected to be a huge success for Nigeria and a big step towards growing the nation’s oil and gas reserves.

"We are currently evaluating the Expression of Interest (EOI) received from prospective investors.

The exercise is indeed expected to

be a huge success for Nigeria and a big step towards growing the nation’s oil and gas reserves. This will be done through aggressive exploration and development efforts", Komolafe said.

He recalled that Section 6 of the Petroleum Industry Act (PIA) 2021, prescribed a number of statutory functions for the commission as the upstream petroleum technical and commercial regulator.

In alignment with the objectives, he said they had focused on achieving basic regulatory goals, including increasing Nigeria’s oil and gas reserves and production, developing a transparent approach to hydrocarbon accounting, and attaining operational efficiency and effectiveness in the industry operations.

In addition, Komolafe said the commission was committed to facilitating peace and harmony in the host communities to guarantee conducive operating environment for investors, positively impact on operating cost and attraction of more investment opportunities.

Continued online

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NEWS

STATE OF THE NATION… L-R: Commissioner for Agriculture, Ms. Abisola Olusanya; Deputy Governor, Dr. Obafemi Hamzat; Commissioner for Women and Poverty Alleviation (WAPA), Mrs. Cecilia Dada; Energy and Mineral Resources Commissioner, Mr. Olalere Odusote; Governor, Mr. Babajide Sanwo-Olu; Transportation Commissioner, Dr. Frederic Oladeinde; his counterparts, Mr. Gbenga Omotoso (Information and Strategy) and Mr. Moyosore Onigbanjo (Justice/ the Attorney General), when the governor addressed Lagosians on the ongoing situation (change of currency notes and cases of POS and Petrol Station attendants) in the country, at the Lagos House, Marina…recently

Obi: We're Re-energised By Things We Saw Across Nigeria You’re only sure beacon of hope for Nigerians, says Osuntokun OBIdients round off nationwide rally, optimistic of victory Emameh Gabriel in Abuja and Gbenga Sodeinde in Ado Ekiti Presidential Candidate of the Labour Party, Peter Obi, has reappraised his nationwide campaign rallies, which kicked off in Nasarawa State on Saturday, October 29, 2022, and rounded off in Lagos on Saturday, February 11, 2023, describing his experience as both inspiring and reassuring.

This is as the Director General of the Peter Obi/Yusuf Datti Presidential Campaign Council (PCC), Chief Akin Osuntokun, has described Obi as the only sure beacon of hope for Nigerians, saying he was a leader with character, capacity, competence, commitment and clean records that Nigerians needed at the moment.

At the same time, the OBIdients recently wrapped up their nationwide rally in Abuja and across other cities in the country in expression of their readiness to take back Nigeria from the current crop of leaders in the country.

However, in an interface with some journalists after his three and a half months state-by-state rally, Obi said

more than ever before, the resolve to lead the take-back Nigeria movement was far strengthened than before he and Datti embarked on the campaign.

"From one state to the other, we saw a people fatigued by failed governance but looking very eager and willing to see a new Nigeria,” he declared.

He said rather than feeling fatigued and exhausted, the rallies had reenergised them and become a propelling catalyst for Datti and him because Nigerians of all tribes, religions, regions, classes, and sex were unanimous in their desire for a real change and a new Nigeria.

His words: "The love shown to me and Datti in all the places we went has energised us into wanting to render all to rescue this country.

We saw poverty, which shouldn’t be for a naturally endowed nation like ours; we saw people denied compassion by their leaders.

"We saw energy and vitality being wasted, youths in their productive age wrongly deploying their talents because of lack of direction and engagement. In the East, West, North, and South, we saw conspicuous

unanimity of abandonment arising from failure of governance.

"I saw poverty in the North, but I also saw untapped talent, underutilised and wrongly deployed energy, and also saw vast arable land, the country’s future gold, and oil.

“I am thrilled by what I saw across the country in the people’s zeal for something different; people who are suffering but are hopeful about tomorrow. People are disappointed by the failed leadership over the years but remain optimistic and expectant about tomorrow.

“Our top priority remains securing and uniting the country, because without security, there is nothing anybody can achieve and without harmony among the people, there cannot be meaningful progress.

“I am grateful for the show of love from all the states and I appreciate and assure the people that Datti and I will not disappoint them. We will deliver exactly what we have promised."

Obi, therefore, urged Nigerians to reenergise the “take back Nigeria project” by ensuring that they come out in their numbers to cast their

votes for character, competence, capacity, and capabilities.”

Meanwhile, as the ObiDient wrapped up its nationwide rally at the weekend in Abuja and across other cities in the country, it has expressed optimism on the chances of Obi to win the presidential election.

Speaking with newsmen on the sidelines of the rally tagged: "It's Now or Never", at Unity Fountain, Abuja, the Convener, Good Governance Institute and Head of Strategy Global March, Marcel Ngogbehei explained that, the "youths have wasted too much time following and clapping for corrupt politicians", saying that it was "time to take the country back from the grip of corrupt politicians."

Similarly, in a statement issued at the event by the Organizing Committee for the event made up of all ObiDients worldwide and signed by Amb. Kingland Justin; Lead Global March,Professor Chris Nwaokobia Jnr; founder of the 100 Million March, Nina Atalor, and heads of other affiliated bodies, the groups explained that the Obidient 100 Million Global March was the

final phase of the campaign to take back Nigeria.

Nevertheless, Osuntokun, has said Saturday is the biggest day of decision-making day when Nigerians will choose between the real change they earnestly desired, or continue to wallow in pains, urging Nigerian masses to choose right in order to ensure a better life.

Specifically, he described Obi as the only sure beacon of hope that could bring back Nigerians’ fortunes and revive Nigeria's collapse economy.

Osuntokun, who made the declaration at the weekend in AdoEkiti, the Ekiti State capital, while addressing party supporters from across the 16 the local governments, at a Town Hall Meeting, urged the people to make use of the opportunity and vote wisely for the LP presidential candidate on Saturday.

The former presidential adviser, assured Nigerians that Obi’s emergence as the next Nigeria president would put an end to all the agonies and suffering they were made to face as a result of uncaring leadership.

He enjoined all Labour Party members across the country, as well as agents, to build on the current tempo of mobilisation for Obi, assuring them that he would speedily address all challenges facing the country, not long, after winning the poll.

Also, state Chairman of Labour Party, Mr Odunayo Okunade, boasted that the party would rule Nigeria and promote family values, according to the dictates of its logo, which is about father, mother and children.

In her address, the women leader of the party in Ekiti, Mrs Wendy Obi, called on voters in the state, especially women, to make sure they vote massively for labour party so as to free themselves and their children from the current hardship, showing faces in virtually all facets of life.

Earlier, the Presidential Campaign Coordinator in Ekiti, Mr Moses Jolayemi, urged voters to troop out on Saturday to elect Obi and his running mate as the next president and vice president of Nigeria, assuring them that the candidates and the party would not renege on promises made to them.

FASHOLA DISAGREES WITH KEYAMO, SAYS PRESIDENT’S ACTION NOT CONTEMPT OF S’COURT the development of our country.

“I am calling on all of you to vote for Asiwaju Bola Ahmed Tinubu.

He is reliable and I trust he will build on our achievements.

“Finally, I want to once again assure you that I am fully aware of the current hardship you are facing as a result of some policies of the government which are meant to bring overall improvement to the country.

“I am appealing to you to exercise further patience as we take appropriate measures to ease these hardships. God willing, there will be light at the end of the tunnel.”

Atiku: APC Governors’ Reaction to New Policy Comical Atiku described as comical the reaction of the APC governors to the naira design project. In an email message he sent to out yesterday, Atiku stated, "In the last weeks of the campaign, it is comical to see the ruling APC in open disagreement about how their party has taken the country aback.

"The good part of it is that the APC governing elite has by itself admitted that the party has only brought pains and hardship on the country.

"But while the APC continues with their rumblings, I am very

proud of the work that we have done together in bringing the Recover Nigeria message to every doorstep across the country.

"It is the determination and commitment by folks like you in pushing the campaign that gives me the confidence that we shall achieve victory on Saturday. In these final days, we have to do even more!

"We still have ample time to push harder in ensuring, first, that everyone around you with their PVCs comes out to vote.

"Secondly, we must rally our base by convincing our friends, colleagues, families, and spouses to vote for the safe choice, which the PDP represents. Governor Okowa and I are exceptionally proud of your terrific work and we both believe that you shall deliver your polling units for the PDP on Saturday.”

Your Loot Now Completely Useless, Kwankwaso Taunts APC Governors Kwankwaso knocked the APC governors criticising Buhari over the naira redesign policy. The former Kano State governor said he was shocked that APC governors could act in that manner.

Kwankwaso said at an NNPP function, “In each state, you have branches of banks and in some

states, you have even the national headquarters of those banks, on one hand we thought they (governors) would take all the billions from government houses and so on to banks.

“But we realised these same governors were abusing their leaders, insulting them, I was shocked. I never thought some of them could abuse Buhari to that level.

“On one hand, I was surprised that facts were coming out and we began to wonder what is wrong with them? Maybe the Economic and Financial Crimes Commission (EFCC) was right that some governors are keeping billions of naira in their compounds across the country.

“Now the policy has made that looted money completely useless, I think that is why they are angry. So we are so happy with the federal government on that, the money they have collected is completely zero, it has expired.

“And I think all agencies should keep their eyes on that and I want to assure you that our party is going to assist the federal government, especially on election day, please tell all members of NNPP to join EFCC, to join the police and other security agencies that wherever they see them trying to buy votes, please stop them.”

Dogara Hails Buhari’s

Move to Curb Votebuying Former Speaker of the House of Representatives, Hon Yakubu Dogara, commended Buhari's efforts aimed at curbing vote-buying ahead of the 2023 general election.

Dogara said he was also affected by the hardship caused by the naira redesign and currency scarcity, but pleaded with Nigerians to endure this for a few weeks and see it as a sacrifice for free, fair and credible elections.

He spoke at the weekend in Kaltungo, Gombe State, at the gathering of over 15,000 Christian youth under the auspices of Evangelical Churches Winning All (ECWA) International Youth Conference, where he was honoured with the award of service to the youths, the church and humanity.

Dogara stated, "For those critising the president on the issue of timing, I want to remind them in the words of Dr King Jnr that time is eternally neutral and the time is always ripe to do right.

“Let me end by calling on the CBN to ensure the redesigned notes are made available to our people but even if the CBN failed to do so, my plea to all Nigerians is to endure the pains for few more weeks for our votes to count and for us to elect a president we truly deserve.

"Let me emphatically say that the president has the sole constitutional powers over currency matters and all those busy running their mouths because they have been denied the opportunity to deploy the ill- gotten naira they have stashed to buy votes, they are committing treason," he stated.

The former speaker added, "The president is absolutely right not to have given in to the greed of the few against the needs of the many. While the president is right to have acted on what he knows and in the best interest of the country, his traducers are petty, unpatriotic, treacherous and grossly irresponsible.

“I want to specifically commend President Buhari over the initiative to curb vote buying in the forthcoming general elections.

I am not uninformed of nor unaffected by the hardship caused by the naira redesign and swap policy, but I want to plead with Nigerians to endure it for these few weeks as sacrifice for a free, fair and credible election."

The former speaker stressed that Nigeria needed a steady hand, not one that must always be steadied.

He emphasised, "We need a hand on which nothing dies not the hand that spills everything that is placed on it if we do not want our collective national destiny to be spilled.

"We need a grounded leader not a feckless pretender who has become a perfect gift to every level of comedy

both local and internationally. By our votes, let us send a strong and clear message to those who want to foist this tasteless joke on us that Nigeria is no comedy cellar or Viva Blackpool."

Dogara urged Nigerians to vote for Atiku.

Kaigama Condemns Attack on Banks, Urges Free, Fair Election Catholic Archbishop of the Abuja Metropolitan Archdiocese, Most Rev. Ignatius Kaigama, condemned what he described as unruly acts of rioting in some parts of the country that saw protesters attacking bank ATMs, beating up bank staff, and destroying their property.

Regarding Saturday's presidential election, the archbishop said his prayer was for the Independent National Electoral Commission (INEC), the security agents, and the judiciary not to bow to pressure from any quarter and compromise their work so that only true winners would emerge in the elections.

While delivering sermons at St. Augustine's Catholic Church Parish, Dutse-Sangbagyi, in Abuja, yesterday, Kaigama said notwithstanding the hardship in the land, persons opposed to certain government policies should react in an enlightened manner.

Continued online

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NEWS

HANDOVER CEREMONY OF RENOVATED LAW FACULTY LIBRARY...

L-R: GMD/CEO, VFD Group Plc, Nonso Okpala; Dean, Prof. Simisola Akintola; Vice-Chancellor, Prof. Kayode Adebowale, and Alumnus and Chairman, VFD Group Plc, Mr. Tunde Busari (SAN), at the official handing over ceremony of the newly renovated Law Faculty Library at the University of Ibadan donated by the VFD Group Plc in honor of its chairman held at Ibadan.... recently

All Parties Including APC Not Fair to Women, Says Tallen ActionAid Warns against attack on female gender Kuni Tyessi in Abuja The Minister of Women Affairs, Paullen Tallen, has said all parties, including the ruling party had not been fair to women, adding that although the most vulnerable group, women have proven to be better leaders and must be protected from electoral violence.

But the Country Director of ActionAid, Mrs. Ene Obi, has threatened that Nigerian women would downtool and remove their wrappers in solidarity for any woman who might be attacked as contenders or electorate during the general election, adding that violence against women would not be tolerated.

Tallen spoke in Abuja at a national dialogue on preventing violence against women in the 2023 general election with the theme: “Securing Nigerian women at the 2023 polls and beyond” organised

by Women in Politics Forum (WIPF).

“We’re going through so much as women particularly, in this political season. All the parties, including my party are not fair to women. All the parties are not fair to women, I say openly. This is not because we do not have qualified women. But

after listening to the cases violence being presented, I don’t want your spirit to be dampened, because we will continue to intensify until we change the mindset of many.

“Women are the most vulnerable and are better leaders, having a mother’s heart to make things happen. The performance of the few women in the national assembly is proof that each of them does ten times what the men are doing for their constituencies. There’s no woman that will see a community in need of basic amenities and will not take steps to change the narrative,” she said.

On her part, Obi, who also spoke at the event, said, there was the need to activate women-related agencies like FIDA, NAWOJ and other groups, which are doing many wonderful things.

“Any act against one person during this election, any act against any woman is against all women and we will rise and go to the root of wherever. All of us will down tool however we get there; we will downtool to make sure that we remove our wrappers for our sisters. Let the concern of every woman be your concern.

“The issues of violence against women in elections are things we

have seen. Sanctions are what we are talking about. When you strike a woman, so many humans are affected. We must not forget the labour of our heroes past. There’s a changing trend and which is if you touch a woman now, you have touched every woman.

“When you strike a woman, so many humans are affected.

We must not forget the labour of our heroes past. There’s a changing trend and which is if you touch a woman now, you have touched every woman. We need to activate the agency of women like FIDA, NAWOJ and other groups which are doing many wonderful things.

“What are you doing with petty jealousy? The dignity of self and

confidence you put in self is what matters. So when your sister had been wounded, you have also been wounded. A woman has no tribe.

Our tribe is humanity. If you don’t protect the next woman to you, you are also not protected. As we face the 2023 general election, again we are going to see violence. We need to mobilise. We need to get the

agencies of women right,” she said.

The convener, Ebere Ifendu, in her speech, said credible elections was all that Nigerian women were asking for, adding that, it was sad if 47 per cent of the electorate who are women will not have a say in the forthcoming elections due to fear of intimidation, blackmail and violence.

EFCC Denies Raiding Tinubu's House, Recovery of N400bn Recovers N3.3bn belonging to NHIS held in banks since 2015 Kingsley Nwezeh in Abuja The Economic and Financial Crimes Commission (EFCC), weekend, denied raiding the residence of the presidential candidate of the ruling All Progressives Congress (APC), Chief Bola Ahmed Tinubu and recovering some N400 billion.

The commission, in another statement, signed by its Spokesman, Wilson Uwujaren, however, disclosed that the antigraft agency had recovered N3.3 billion belonging to the National Health Insurance Scheme (NHIS) and fraudulently held by some

banks.

However, the EFCC statement said reports that the agency conducted a raid on Tinubu's residence was unfounded.

"The attention of the Economic and Financial Crimes Commission has been drawn to a report circulating in the social media, claiming that operatives of the commission raided the home of Asiwaju Bola Ahmed Tinubu, standard-bearer of the All Progressives Congress, APC, in the forthcoming presidential elections and recovered a humongous sum of N400 billion.

"The commission wishes to

state that no such operation was carried out by the EFCC. The public is enjoined to disregard the report as fake news," it said.

Meanwhile, in a separate statement, the agency said it recovered an additional sum of N900 million for the National Health Insurance Scheme (NHIS).

It said the sum was part of monies which some deposit money banks fraudulently withheld since 2015 and refused to remit into the NHIS’ Treasury Single Account (TSA).

"The recovered funds were released to NHIS on February

8, 2023, two days shy of one year, when the commission, on February 10, 2022, also released the sum of N1billion recovered from the banks to the NHIS. This is in addition to the N1.4 billion earlier released to the scheme on August 5, 2022", it said.

The commission noted that, the Executive Secretary of NHIS, Professor Muhammad Sambo, had, on July 29, 2021, commended the commission for assisting the scheme in the recovery of funds fraudulently trapped in the vaults of some commercial banks.

Lagos Hosts APC Presidential Campaign Grand Finale Ekiti Speaker: Tinubu has capacity to transform Nigeria Segun James in Lagos and Gbenga Sodeinde in Ado Ekiti All is set for the grand finale of the All Progressives Congress (APC) Presidential Campaign in Lagos, tomorrow, Tuesday.

This is as the Speaker of Ekiti State House of Assembly, Rt. Hon. Olubunmi Adelugba, has described the presidential candidate of the APC, Bola Tinubu, as the best among the contestants fielded by political parties for Saturday's presidential election.

However, President Muhammadu Buhari will lead

the Presidential Campaign Council comprising the National Chairman of the party, Senator Abdullahi Adamu; Director General of the PCC, Governor Simon Lalong of Plateau State, all APC governors, members of the National Assembly and other prominent leaders.

The venue is the Teslim Balogun Stadium, Surulere, Lagos, according to the Publicity Secretary, APC Lagos State, Mr Seye Oladejo.

He said the rally would bring to a befitting climax the campaign, which has seen Asiwaju traverse all the nooks and crannies of the

country, selling his “Renewed Hope” manifesto.

The event has been put together to showcase the traditional hospitality of Lagosians and underscore the tremendous support enjoyed by Bola Tinubu not only as the founder of modern Lagos but also celebrate him as the hero of our nascent democracy.

"As a responsible party and government, we have made solid arrangements to ensure there is no disruption to normal daily activities of citizens. Special attention has been given to the security and safety of participants

and supporters to ensure a hitchfree event," he said.

Oladejo noted that Travel Advisory has also been issued by the state Ministry of Transportation to enable residents and visitors plan their movements around the city.

Governor Babajide Sanwo-olu as the Chief host, has enjoined Lagosians to give Tinubu a tumultuous welcome, he said.

Relatedly, the Ekiti speaker, who said Tinubu had the best blueprint for the sustainable development and positive turnaround of fortunes for the country, urged all eligible voters

in the state to elect Tinubu as the next President for him to transform the country to an economic giant in the comity of nations.

According to a statement by her Special Adviser, Odunayo Ogunmola, the Speaker made the call at the weekend when she led the campaign team to Emure and Gbonyin Local Government Areas in her capacity as the Director General of the APC Campaign Committee for Ekiti South Senatorial District.

The APC Campaign Committee for Ekiti South also has House of Representatives members,

Hon. Femi Bamisile and Hon. Yemi Adaramodu, members of the House of Assembly, local government chairmen and other party chieftains as from the zone as members.

The speaker described Tinubu as the "most qualified, the most experienced, the most cosmopolitan and the most detribalised" among all the presidential hopefuls on parade to preside over a complex country like Nigeria, noting that his performance as Lagos State governor has become a benchmark for good governance in the country.

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E As APC Ends Presidential Campaign in Lagos Tuesday...

The ruling All Progressives Congress holds the grand finale of its presidential campaign tomorrow in Lagos as it canvasses for votes for its flag bearer, Asiwaju Bola Tinubu, ahead of the Saturday’s presidential election. Adedayo Akinwale writes:

Tinubu

T

he All Progressives Congress (APC) will on Tuesday draw the curtain on its message of “Renewed Hope” with the grand finale of the 2023 campaign taking place in Lagos, even as the party strives to retain power beyond 2023.

Since the campaign activities was flagged off on September 28, 2022, the presidential candidate of the APC, Asiwaju Bola Tinubu, has criss-crossed the entire country soliciting for support and votes of eligible Nigerians.

The former two-time Governor of Lagos state who had publicly declared that becoming the president of the country has been his life-long ambition has not looked back as he takes his campaign to the high and mighty, rich and the poor, meeting with several stakeholders in order to realise his ambition.

Recall that during the unveiling of the APC Presidential Campaign Council (PCC) and the Action Plan of the party’s presidential candidate in October, 2022 in Abuja, President Muhammadu Buhari promised to lead the party’s campaign.

At the onset, nothing much was heard from the president regarding his commitment to lead the party to victory. Despite the assurance he gave that he would lead the campaign, he refused to show keen interest, giving rise to speculations that Buhari was not enthusiastic about Tinubu’s presidency.

As the leader of the party, one would have expected that Buhari should tour the 36 states with Tinubu, if not anything, reciprocate the same gesture done to him in 2015. However, that was not to be.

But after much foot-dragging, the APC Presidential Campaign Council subsequently announced in a statement signed by its Spokesperson, Festus Keyamo, that Buhari would campaign for Tinubu in 10 states, including Adamawa, Yobe, Sokoto, Kwara, Ogun, Cross Rivers, Nasarawa, Katsina, Imo State and the grand finale in Lagos.

During the party’s campaign in Damaturu, Yobe state, Buhari assured Nigerians that Tinubu would continue to build on his legacy to rebuild Nigeria. He said the party’s presidential candidate was the person capable of continuing the work of rebuilding Nigeria he started over seven years ago.

“I accompany Asiwaju here to tell you to vote for him so that he can continue with my legacy of rebuilding Nigeria,” he said.

The reason why APC campaign was desperate to have Buhari on its campaign train was understandable. Since 2003 when

Shettima

Buhari first contested, he had consistently gotten over 10 million votes, except 2007 where he got over six million votes. Based on this, Buhari’s strong electoral strength in both the North-west and North-east is expected to be an asset for Tinubu.

Nevertheless, Buhari has a history of not staking his political capital unless his personal political interest is on the line. What happened in Ogun state In 2019 during the battle between Adekunle Akinlade and Dapo Abiodun over the governorship ticket easily comes to mind. It was a surprise to many that President Buhari as the leader of the party asked voters to vote him at the presidential election and the governorship candidate of their choice in the governorship election, even though Akinlade and allies had defected to APM. The President had said then: “On Saturday, February 16, you are to vote for Presidential candidate of the APC. But I want to urge you to choose whoever you like across the parties as governor of Ogun State. There is no problem about it. I have no problem about it. The people of Ogun State will decide.

Also, similar scenario played out during the tussle between Henry Nwosu and Hope Uzodinma in Imo State, Buhari repeated the same statement he made in Ogun state.

He said, “You can vote for whosoever you want, do not allow intra

Abdullahi

or inter party affairs stop you from voting for the candidate of your choice”.

If one may ask, of what asset has Buhari been to Tinubu’s campaign? Which of the legacies of Buhari would Tinubu build on?

Under his administration, the Academic Staff Union of Universities (ASUU) embarked on strike in 2022 alone which lasted eight months; insecurity that was limited to the North-east has been fully democratized under Buhari’s administration, no region is safe at the moment, the prices of foodstuff is now beyond the reach of common man.

Besides, under this administration, Nigeria became the poverty capital of the world; exchange rate was 179/$ in 2015, it is now N800; petrol was N85 per litre in 2015, it is now N195 in Abuja, while in some states it goes for N300 or N400. Bag of rice was N8,000 in 2015 and at the moment, it is being sold at N45,000 per bag. The list is endless.

There is no gain saying that Nigeria appears worse that the APC-led federal government met it. The performance indices of the Buhariled government appears enough for the party to be voted out on Saturday.

To add insult to injury, the Central Bank of Nigeria (CBN), under the directive of Buhari, was asked to redesign the N1,000; N500 and N200 notes, while the old notes are no longer accepted as legal tender. While no one has actually faulted the policy, almost everyone is unanimous that the policy was poorly implemented. Just because Buhari plans to catch thieves, he has set the whole house on fire.

Sadly, people now sleep at ATM terminals to withdraw money from banks. While the CBN has directed banks to pay over the counter, it hasn’t really helped matters as Nigerians are restricted in terms of the amount they can withdraw. Some backs even pay as little

Asiwaju Bola Tinubu has criss-crossed the entire country soliciting for support and votes of eligible Nigerians.

The former two-time Governor of Lagos state who had publicly declared that becoming the president of the country has been his life-long ambition has not looked back as he takes his campaign to the high and mighty, rich and the poor, meeting with several stakeholders in order to realise his ambition.

as N1,000 over the counter.

As a result of this, small and medium scale businesses have started crumbling. It would take a miracle for the country’s economy to avoid another recession.

In his intervention, a chieftain of the party, Senator Ayo Arise said he believed that it was unwise for the ruling party to visit hardship on the people few days to the election.

He said: “A lot of people are walking about with a lot of anger. A little thing can trigger unexpected consequences. And this currency thing has festered for almost two weeks now.

We’ve seen the effect, we’ve the consequences of lack of good planning, and ordinarily should not have required the Supreme Court to intervene for this policy to have been changed.

“Even if that was not the intention of the policy (targeted against Tinubu). It is not rocket science for us to see who will be affected most by this policy. We were here in 2018/2019 when we were campaigning for the second term of our president, what was going on was people like (Yemi) Osinbajo going into markets, going into every state doing market money (trader-moni) to relieve the burden and the pains on the people, to show that this government cares. So if the same government now says we have about two weeks to our election and they now say they want to visit hardship on the people, do you think that the average man on the street would like APC as a party when you have such a keen competition?

“So, it might not be the original intention or their purpose, but that is what we’re seeing on the streets. People are angry. Why do you want to go to an election, you don’t create an atmosphere that will bring so much anger to people on the street. The everyday person who’s going to vote, they have forgotten all the good things that APC did in the past. They’re only going to remain with this knowledge of what have been visited upon them. So if Asiwaju says it is targeted at him, he’s speaking correctly.”

With the below average performance of Buhari, coupled with the poor implementation of naira redesign policy that has practically turned an average Nigerian to a beggar, it will require extra efforts by the ruling party for Nigerians to vote APC in the forthcoming elections.

It does appear that the APC was formed to win Buhari the presidency which had since been achieved and as such, the man from Daura does not mind if the link bridge to the Villa collapsed at the end of his tenure.

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INTERVIEW

Victor Adoji: My Plans for Kogi East Senatorial District In this interview with THISDAY, Victor Alewo Adoji, who hails from Okula-Aloma in the Ofu local government area of Kogi, a senatorial candidate of Kogi East in the March 11 election, talks about the socio-economicpolitical development of Kogi and the nation. He is contesting on the platform of the PDP. Excerpts: Why do you want to go to the senate?

Nigeria’s total public debt profile was more than N50 trillion as of December 2021. If reasonable adjustments are made for banditry and terrorism, rising insecurity is largely linked to frustration and economic marginalisation of youths and young adults. Nigeria has about 90 million unemployed youths and around 20 million out-of-school children. You can see there is no wonder that Nigeria has the highest rate of extreme poverty and the unenviable designation as ‘the poverty capital of the world’. Added to these, very high and increasing public debts and worsening inflation further satirise output.

Despicably, Nigeria currently devotes almost 90 per cent of revenue to debt-servicing occasioned by an initial and lingering misreading of the dire situation as a revenue problem which explains but does not justify the resort to unrestrained borrowings. Our myriad challenges in Kogi East are cast in a similar mould. Specifically, from the salient issues of unifying our assorted array of interests, creating a common purpose, understanding each other, appropriating our collective failure, and establishing a shared identity to the more palpable issues of upending extant multidimensional poverty/inequality amongst our citizens and onboarding the Igala/Bassa nation into the national equation. I decided to oblige these facts to give a picture of how bad our situation is and, on that basis, aver that our disturbing predicament as a people and a country are a result of two factors: terrible or non-existent oversight/override on the part of the parliament.

Secondly, destructive partisanship that condones bad leadership and regards political party loyalty far and above national health and progress.

In plain language, I am suggesting failure at the parliamentary level. Inferably, without a well-informed legislator who should churn out the enabling laws and exercise needed oversight/override, it is impossible to get a handle on the economy, our social engagements and poor management of our collective patrimony.

Oversight/override, which are also major responsibilities of the legislature, are meant as the ‘clearing house’ for inadvertent executive missteps. But is that what we have now? Certainly not, which is why people like me aspire to go in and disrupt the system to the benefit of most people and our bleeding country.

How do you rate the performance of the current occupier of the office?

A lawmaker should be accessed by the number and quality of bills (passed into law) and the value of oversights, particularly as they relate to the collective desires of an impact on their constituencies. Any other addition should be viewed as a secondary, if not tertiary, contribution to the core purpose. Against this backdrop, I believe we have been terribly short-changed by incompetent representation and have therefore lost grounds. When elected, I hope to foremost disrupt the infrastructure holding in place the plenty of anomalies in the national space as they affect our onboarding into the national framework, which can only come about by enthroning an uncompromising and an unsequestered representative who is unconditionally accountable to the Igala-Bassa people and agenda. We should reckon with Senators who have usurped the duties of local government chairmen and who are in cahoots with the executive to emasculate the third tier of government. Why else do you think there is so much suffering at the grassroots?

The resources meant for that level of government no longer get to them, which is why one of the bills I will sponsor will be that which will empower INEC, not SIEC, to conduct the local government elections.

Only then can we birth real autonomy for that tier of government. Other senators will continue to bandy boreholes, SDG gifted transformers, ‘keke Marwa’, donation of rice and Indomie noodles, motorcycles, painted classroom blocks and other such projects as achievements. I will be a senator, not a local government councillor or council chairman.

Virtually all candidates will say what you have said.

What would you do differently if elected senator?

When elected senator, one of my immediate endeavours would be around the disturbing political dynamics that mostly hinder the various institutional arrangements for providing social and public services in Nigeria, particularly as they affect Kogi East. The fundamental difference would be the approach with regard to non-state actors who provide similar services in the country because the provision of social-public services is a complex undertaking that characteristically entails several state and non-state players. Our dismal performance as a nation makes a case for non-state actors to play a major role in public service provision;

with spend on foreign consumables, travels for leisure, pleasure, education, or health and think for a moment the leakage therefrom and what its retention can do for our economy.

Adoji for example, recall the phenomenal impact of the transitions from NITEL to the existing GSM companies and the transition from largely public sector-controlled banks to private-sector-owned DMBs. In order words, we need to take the government out of the lives of the people as much as possible, especially in areas that are not directly related to national security.

There exists valid and verifiable evidence that public-private partnerships work best where there is a good fit with policies, laws and institutions all co-existing in a structured manner. A manner that can provide and sustains some good balance between operational independence and state involvement. Of course, sectoral characteristics and the complexity of particular services are major determinants of the extent of legislative engagement and involvement.

The interface works efficiently if the partners are informed, inquisitive and committed; a case in hand is the inability of the electricity sector to get off the starting block till this moment literarily, even after a huge injection of N2.9 trillion, $500 million and outstanding debt to commercial banks of close to N900 billion.

Choices about which public services to deliver, to what degree and to whom, and how to offer them, are all essentially political. These choices have consequences for various social groups and communities, and what the Igala-Bassa stand to gain and lose from such decisions is largely defined by the quality of representation. I assure you that I won’t be a seat-warmer or an ‘I concur senator’ when elected as your senator. I will stand for the people, and if others stand to me, I will stand out.

And if they stand out also, I will be outstanding for the people.

The tolls from our imprudence have been enormous, and the implications, as seen in the unalluring state of affairs, are unambiguous even to the most unperceptive of minds. This account, in large part, for our perplexing lack of good progress and the disorderliness therefrom, represents a profound challenge to our identity, our values, and our collective resolve and endangers our push towards a common purpose. This must not fester, and it would be my duty to act according to the oath of office I will swear to.

And you think the 2023 election provides the silver bullet?

2023 provides a huge opportunity. I daresay 2023 is more about painstakingly actioning the decision that affects not only our future but also our children, grandchildren, and the survival of our ethnic nationality.

Accordingly, I beckon you to a progressive communion where everyone is involved, valued and assured a role and a place in the drive to our redemption.

We must reckon that great nationalities, including our nationality, do not evolve by a eureka moment in which they transmute abruptly. They essentially figure out what has to be done and take deliberate steps to either rebuild or build the future they seek.

All said, this is almost entirely in our hands, and I respectfully implore us to continue the push towards changing our narrative as a virile ethnic nationality even beyond the forthcoming 2023 polls.

What do you think is the main problem with Nigeria’s economy, and how will you address that as a senator?

At the Davos forum of 2009, the Prime Minister of the Peoples Republic of China, Wen Jiabao, obliging his views on the 2008 economic meltdown occasioned by the collapse of the Lehman Brother and ushered in the biggest financial crisis since 1929, said in an attempt to comprehend the catastrophe better he had ‘re-read’ Adam Smith’s The Theory of Moral Sentiments as opposed to the renowned Wealth of Nations. Invariably, the Prime Minister was saying the underpinning of the economic (and resulting political) problem was largely moral in nature and value-based. Everything considered, any of the challenges and problems we are faced with have their roots in our self-aggrandising indiscretion, an assortment of profiteering, our collective inaction, lack of institutional coverage and overreach and the massive recognition accorded to self-serving idiosyncrasies.

Our economic problems are largely sociological and psychological. For instance, why should my quality as a person be adjudged by the adornment of design clothing or apparel? We proudly confess spending summer in Europe, America, Dubai or elsewhere but condemn the scorching sun in Lagos, Kano or Borno.

Eating a bowl of pounded yam with fisherman’s soup in a restaurant is viewed as antisocial, yet it is class to inch up fats at McDonalds. Let’s fix our mindsets, and false positives, which are largely moral, sociological, and psychological issues first, and then the economy will literarily fix itself. Imagine the amount

As you have mentioned, there’s the scourge of youth unemployment and restiveness. How will you address these issues?

I am told one of our former Presidents once said youths whose parents support their oppressors in any form, shape or size should insist on a DNA check. In a similar breath, one wonders how and why some youths will show any form of support for such bullies and administrators of our prevailing adversity. That said, it is unfortunate that when we talk about youths of today, what easily comes to mind is thuggery, fintech crimes, cultism and other such vices. For the most part, these emphases are overstated purposely to feather the nest of those who are tired and should leave the stage for other co-owners of our communion and commonwealth. The demographic that constitutes over 70 per cent of our total population cannot be ignored, reduced or painted in the same brush by such generalisations. It was not like that in the past, and this phase created by some self-serving and self-seeking, relatively privileged members of society must fade away unconditionally.

For me, when I see youths, I see creativity, enterprise and industry, which was why a couple of years ago, in concert with one of the best talent hunters I know, himself a young adult, we activated a pilot scheme of creative wealth creation using the auspices of soccer.

In less than two years, some of our boys are now earning foreign currencies while the Igala United football club, which we deployed as the vehicle, is now a National League Division 2 club.

Encouraged by the outcome of this intervention, I undertake to leverage existing policies and sponsor bills that will amplify these milestones and make further inroads, especially in Nigeria’s creative and entertainment industry but with special consideration accorded to Kogi East. The Nigerian Entertainment goldmine is said to be worth about $10.5 billion. The global creative industry is worth $2.2 trillion and accounts for nearly 50 million jobs worldwide. With the right policies and laws and the advantage of the youth bulge, Igala-Bassa youths can particularly tap into and account for a sizeable chuck of this market. This will be one of my greatest foci, and I undertake to do everything to integrate the youths and enlist them as critical stakeholders in Project Nigeria.

For instance, Nigeria is currently experiencing a youth bulge which the legislature and policy are ostensibly ignorant about. Empirical research suggests that there is a strong correlation between poorly managed youth bulge, armed conflicts, poverty, inequality and underdevelopment. Therefore, creating employment and engagement for the youths is a matter of engendering conducive enterprise and educational policies. China understood the era and moved by initiating policies that helped to harness their youth potential by creating laws and policies (a parliamentary responsibility), the encouraging environment within which small businesses could flourish. In the process, 269 million youth population were truly empowered to own and run small businesses.

In other words, we must be deliberate in encouraging and supporting our youths and young adults to unleash their entrepreneurial and creative talents in these areas so that they can become economically independent and fast-track the process of surmounting the scourge of unemployment and the evil loosely regarded as poverty. My hope is that, with the support of my parliamentary colleagues, we shall, through policies and laws, institutionalise youth enterprise against the current disposition of weaponizing their indiscretion and stamina.

If we succeed, the youths will ultimately become net employers of labour and proudly engage in our nation’s socio-political and socioeconomic lives as respectable and responsible stakeholders.

You have spent a good chunk of your life in Lagos and yet desire to serve your Kogi East people. How much of Kogi East’s economy and people do you know?

Upfront, I should have it on record that I am in the top t0 brackets of people of Igala-Bass origin who are not resident at home but visit the hinterland at the slightest opportunity. I have taught in Igala land.

Continued on page 19

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MONDAY, FEBRUARY 20, 2023 • T H I S D AY

INTERVIEW

I Have Full Trust in INEC to Conduct Fair, Credible Election I have friends across the length and breadth of the land. My father was from Ofu. My mother is from Olamaboro. My wife is from Dekina, and I am of the Achadu lineage. Who can be more Igala than me? Kogi East is home to about 2,100 communities and about as many hamlets. With a population of over two million people and vast arable lands, the Igala-Bassa people are predominantly subsistence farmers. Albeit, with potential for commercial quantity production and export, the residents subsist on crops including cassava, cashew, rice and yam. There is also widespread endowment of soya beans, benniseed, oil palm and fish.

As a region, we consume all we produce and buy more to augment our consumption deficit. In other words, there is a constant outflow of resources away from Kogi East, stripping the region of the benefit of circulation of money and the compounded benefit therefrom.

Kogi, particularly Kogi East, is the highest cashewproducing state and region in Nigeria, respectively, exporting about 100 metric tonnes out of the 220 metric tonnes of cashew nuts exported by the entire country annually. While the export and the proceeds therefrom are good for purposes including reflating the Igala-Bassa economy, the export of cashew also entails the export of jobs and some small and medium-scale companies along the value chain. When I become your senator, I shall leverage policies and laws to insist that the cashew nuts are washed and semi-processed in Kogi East for onward export. I assure you that this policy alone will create hundreds of jobs with several accompanying trickling effects.

Nigeria’s total cashew export from 2017 to 2019 stands at over N122 billion, and Kogi East should have accounted for up to 30 per cent of this amount; that is a whopping N27 billion. To achieve this, I shall influence coalescing smallholder farming to amplify the bargaining power of the farmers, pursue policies that will make capital available to the farmers to upgrade and set up processing plants and source for their partnerships with investors so they are able to build modern storage facilities to mitigate the huge income losses attributable to poor storage and distribution facilities. This is just using cashew as a treatise. The same will apply to other crops and agricultural endeavours of our people under the broad heading of agripreneurship.

Outside the well-known issues of underdevelopment, unemployment and poverty, which are a national menace, what other problems specific to Kogi East do you intend to address if elected senator?

Well, from your question, which insists I focus on some specifics, off the top of my head, I can call to focus on some dire needs in some areas. Firstly, establishing a bureau for records and analytics to end the era of working in limbo will be paramount while leveraging the advantage of our location as a nexus to influence the opening-up of Kogi-East through influencing the building of bridges between Idah and Aganabode, Bassa and Shintaku, and the one from Abejukolo to Toto in Nasarawa state. The roads through Ibaji that terminates in Anambra/ Enugu will also be a topmost priority.

Before then, it is imperative to highlight a few of the several problems besetting the Igala-Bassa people and the entire Kogi East senatorial district. Prior to the 2022 flood, which overran large swathes of the state, Ibaji was home to 91 communities before seven communities were obliterated by flood as of 2012; we are waiting for new figures. A well-researched 2021 study published in the Journal of Environmental Science, Toxicology and Food Technology reports that over 85 per cent of Ibaji people are negatively impacted by floods almost year-on-year, while livelihood losses peaked at 72 per cent at some point. Ibaji is clearly an endangered people and a constellation of communities at the edge of society. May I also state that it was in a bid to address such challenges the federal government established the Ecological Fund in 1981. The Fund has the prime objective of pooling funds solely devoted to ecological challenges (such as in Ibaji) to mitigate serious ecological problems and their accompaniments. The states (including Kogi state) and local governments (including Ibaji LGA) receive allocations for ecological purposes as part of the monthly allocation from the Federation Account, implying that there exist provisions for both incremental and strategic interventions to the Ibaji problem which all the three tiers of government have ostensibly failed to address.

To make matters worse, over the last five years, the federal government approved and awarded over 280 projects under the Ecological Fund Office (EFO) to improve the living standards of people like the Ibaji people across communities in the country. Ibaji was not considered or regarded as deserving of attention: A very unambiguous case of failure on the part of the extant representatives, especially at the national and state levels.

At the Bassa end, there is this unending avoidable conflict that has terribly fractured the social and economic lives and livelihoods of the people. I use this opportunity to unequivocally denounce the disgraceful decline of Bassa land into a war theatre. The warring situation in Bassa land is unfortunate and condemnable, and we must do anything and everything humanly possible to stop the carnage. To this end, I strongly call for

and incorruptible.

In my view, the lack of unity in Nigeria is an indication of poor management of our differences and not a natural unwillingness to co-exist; this makes the problems/issues associated with our lack of genuine unity temporary and surmountable. However, it must start with all tiers of government mainstreaming the importance of other ways of life, beliefs and peculiarities among Nigeria’s diverse social, cultural and religious groups. Nigeria as a nation must be truly and publicly committed to encouraging partnerships and dialogues among the various nationalities to avoid Stiglitz’s qualification of an “evil nation”. Stakeholders across the nation and from all zones of the country should make clear that no interest or people, influential, powerful and/or powerless, can use any paradigm whatsoever to justify a strategy or policy of cultural superiority.

We as a nation can achieve much from diversity if the right mechanisms are adopted to blend our differences to yield positive outcomes for us. If diversity unites us as one Nigeria, then we to embrace one another with love and respect each other’s culture, norms, values, and religion.

How do you rate the preparedness of the INEC ahead of the February 25 and March 11 elections?

I closely monitored the elections conducted in Ekiti and Osun states in which BVAS machines were deployed, and I can confidently say INEC did a fantastic job in those elections. However, a lot has happened between then and now and professional politicians being what they are, would and could have gone all over the place with the active connivance and support of dubious officers to see how to compromise the process.

INEC has assured that their systems are impregnable, but I wonder what those who are buying off PVCs from hapless citizens or copying the voter card numbers would do with them. There are also reports in the media of attempts to preload some BVAS machines ahead of elections. All these are in the realm of rumours, but the good thing is that the umpire knows it is being closely watched by all Nigerians.

Adoji an immediate termination of hostilities by all actors in the conflicts in favour of a resort to engagements, discussions, negotiations and resolutions of the crises by both direct and indirect actors.

I plead for uncommon understanding on all sides and appeal to percussors and war merchants who fan the embers through their misinformation and disinformation to give peace a chance. It is unimportant to arrogate the powers of ascribing faults to anyone or any group at this time, and all peace lovers must genuinely get involved and not just pretend all is well or assume all will be well upon the faulty premise that they are not directly impacted yet. There is also the issue of erosion in Idah, Ankpa and Ugwolawo in Ofu, to mention a few. While the topography and soil nature of these areas are clearly a catalyst for gully erosion, it also makes it easy to establish drainages with suitable gradients to the rivers that run through these local governments.

Therefore, it would be one of my major cries and in fact, sing-songs to the federal government and international meteorological/ecological/environmental agencies to come to the aid of these communities. In the end, there may also be inherent in the erosion threat an opportunity to create jobs by adopting an integrated agronomic and engineering practice purposively meant to protect the soil and reduce run-off but will be done and maintained by citizens who have to be paid. Also, re-afforestation or agro-forestry practices, which imply an interface between the agricultural and forestry use of land in the affected areas, maybe another income spinner.

You’re running against a sitting senator, a member of the ruling APC. What are your chances of victory?

Ayn Rand once said, ‘when you see that in order to produce, you need to obtain permission from men who produce nothing - When you see that money is flowing to those who deal, not in goods, but in favours - When you see that men get richer by graft and by pull than by work, and your laws don’t protect you against them but protect them against you - When you see corruption being rewarded and honesty becoming a self-sacrifice - You may know that your society is doomed’. The current holder of the office clearly does not have the capacity to upturn the concerns captured in Ayn Rand’s very informed averment. The current officeholder does not seem to know the difference between being a local government chairman and a senator. Even more, he has supported all anti-people bills/laws and can no longer said to serve the interest of the people. From his vote against the new electoral law to the one against increased women’s participation in our socio-political economy to the pending water resource bill, he cannot be said to be fit for that office.

If he deems himself fit to be entrusted a second time, I am available to meet him for a debate, even in his house, moderated by anyone of his choice to give him the opportunity to justify his odious claims.

More so, the 2023 election at the Kogi East senatorial is not between I and the outgoing senator or anyone for that matter. Like all other elections in 2023, it is a demand to take a giant leap away from politics as usual and declare through votes our collective resolve for a better life for all of us and generations after ours.

Clearly, the 2023 election is a vote between poverty and prosperity; retrogress and progress; a future of despondence and a future of hope; democracy and

the Moloch called plutocracy. It is a vote between unemployment at 11 per cent or $3 per cent. It is a vote between a bag of rice at N8000 or N45,000. It is a vote between a declaration that one is stupid or wise.

As for my chances, I am one of the lucky ones who will benefit from the terrible misadventure called the APC. Aligned with my widespread acceptance, my chances are exceedingly bright, especially because the people know that one can never solve problems with the same kind of thinking that created them in the first place; APC and its agents can never change.

Let me quickly add that I am proud of the PDP, but I must put on record that I regard my people far and above partisanship and other considerations, which is why it is to them, regardless of affiliations, differences, interests, and biases that I bring the fate of our tomorrow as a people and a nation.

Nigeria’s unity is a major issue in the 2023 elections. What are your concerns in this regard?

Let me state foremost that of the eight billion people on the planet, less than four per cent (that’s about 320 million) have immigrated from their countries of birth. Inferably, over 95 per cent of citizens remain in their home countries. You see why we must fix our country, as there are no provisions out there for all of us. If God deems it fit for all the 250 tribes and different religions to live together as one in Nigeria, who are we to question or challenge the supremacy by killing each other because he/she is from the same ethnic group as ours or he\she doesn’t practice same religion same as ours. Due to our differences as humans, it is pertinent to note that we are bound to make mistakes or hurt one another. I bet you violence has never been an option in resolving conflict and never will. Rather, it makes issues more terrible.

That said, Nigeria continues to grapple with how to ensure unity in diversity among its various regional, religious, and ethnolinguistic groups. Government after government have applied different strategies aimed at achieving unity in diversity or national integration.

From the establishment of the National Youth Service Corps through the implementation of the Federal Character principle to the ‘gentleman agreement’ on the zoning of political power positions, Nigeria keeps trying to achieve a unification of its enormous diversities. The plethora of efforts notwithstanding, integration remains a big challenge in Nigeria with an escalating propensity for fractionalisation typified by resort to ethnic sentiments on issues of significant national importance and hence the unrelenting call for a renegotiation of the terms of our union under the broad name of “restructuring”. This is clearly a result of our failure to achieve genuine unity in diversity.

We do not have a choice but to evolve ways of strengthening and deepening the political culture of democracy and federalism as mechanisms for managing diversity and pursuing a public interest in a plural society. A fundamental challenge of democracy and federalism in Nigeria has less to do with constitutional design than with cultivating and nurturing a democratic culture, which binds and restraints all. We must turn the searchlight on the material, cultural, normative, and social anchors and pressures that will strengthen political culture generally in state and society and serve at the same time to make the constitutional and political architecture of democracy and federalism much more durable

What about issues of security on election day?

The issue of insecurity, before and during the elections, is the creation of rejected politicians. This outmoded crop of politicians resorts to violence purposely to scare the electorates from exercising their franchise while assuring their insignificant crowd of supporters security on election day. A few days ago, the PDP House of Representatives candidate was attacked by APC thugs before they were repelled by the mammoth crowd of citizens who said they had had enough of the killings, mayhem and threats chorusing everyone dies someday.

However, I must commend the speed with which the police and the military were deployed to restore calm and hope that this would be a regular line of action throughout the election period. President Buhari has promised non-involvement of the security agencies in the 2023 elections other than to provide security to all parties and for the process. We shall hold him to it despite the desperation on the part of the APC in Kogi state.

We know that compromises exist in the ranks of those charged with the onerous responsibility of protecting lives and property. They, too, are being impacted by the prevailing hardship, and those who ignore the lessons of history will be punished by God. It has happened in the past, and God is still on His throne. We must also keep an eye on non-state actors deployed by the state under the instrumentality of vigilante or any other guise. During the 2019 elections, young Daniel Usman was gunned down in cold blood at a polling unit in Anyigba while Mrs Salome Abu was burnt to death in her house in Ochadamu, a bestiality that was validated by certain people forcibly rail-roaded to represent her in hallowed places. To date, I am unaware of any condemnation of these killings by our current crop of the so-called representative whose indiscretions have seemingly emboldened the saying that ‘might is right’. Nonetheless, as has been said in many quarters, the vote is the most powerful instrument ever devised by man for breaking down injustice and destroying the terrible walls which imprison men and in Kogi east, we shall deploy it to our benefit.

A few months to the 2023 elections, the naira was redesigned, and despite protests against the naira swap and scarcity, the president linked it to several benefits, one of which he said will curb vote buying. What are your thoughts?

Between N2.5 and N3.2 trillion outside the bank industry is a no-no. The fact that the APC governors and their several acolytes are the ones shouting the loudest allows for the logical conclusion that these monies are largely within them. If they had applied the same energies during the almost 10-month-long ASUU strike, our children would not have been home even a month.

The president is the chief security officer of the country, and if he says he has good intelligence upon which he approved the CBN policy, then he has. I am confident that the CBN working with the commercial banks will ensure reasonable liquidity is available for some of us who do not have the misfortune of warehousing billions in stolen funds. In the end, the system cannot weaponize poverty, objectivize the citizens and buy their conscience with stolen wealth. We are all impacted, but we must all make sacrifices if we must upend those keeping us in bondage because occasionally, it is the waves of unpopular decisions such as the Naira redesign that we find true direction.

20 T H I S D AY MONDAY FEBRUARY 20, 2023 TR

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Monday February 20, 2023 Vol 27. No 10173

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opinion@thisdaylive.com

www.thisdaylive.com

APC: THE WAR WITHIN, SATURDAY AND BEYOND CHRIS GYANG writes that the cracks within the party have further exposed the group for what it is

See page 37

WILL UMEH WEAR THE BLUE RIBBON? It is possible, argues PAT ONUKWULI

See page 37

EDITORIAL

CHALLENGE OF MULTIPLE TAXATION

38

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LINUS OKORIE contends we must change the way we think if we want change in the country

NIGERIANS IN GREAT NEED OF MIND LEADERSHIP The whole country at the moment is at a very critical state. The level of anger and frustration is unprecedented.

Those at the lowest ebb of the economic ladder are actually in pains. We cannot FRQÀGHQWO\ VD\ WKDW ZH KDYH D PLGGOH class but for the sake of this article let us pretend there is a middle class. These set of people are just going through challenges that have put them in a place of confusion and uncertainty. Let us say that the followers and citizens are obviously reacting to the hardship that is biting hard in the land. The most annoying part of this whole happenings is the behaviour of the political class. Those entrusted with leadership and responsibilities have also fallen into a mood that proves their inability to practice mind leadership.

The outcome of this stark reality is the anger, frustration and outbursts that is unhealthy for our polity. It only heats up the political system and makes it GL΀FXOW IRU WKHUH WR EH D YHU\ SHDFHIXO atmosphere for the conduct of 2023 elections.

Nigerians as a matter of urgency must equip themselves with the fundamentals of mind leadership. Mind leadership is the ability of an individual to create a state of control, excitement, peace, insight, inspiration and perspective in his or her mind, consistently transmitted from the subconscious mind. You recall September 2011 during the attack on the World Trade Centre. President George Bush was in Florida to visit the Emma E. Booker Elementary school in Sarasota to highlight education reforms.

As he entered the school, he received a report that an airplane had crashed into the World Trade Centre Network.

At that point, it was believed to be an accident. While he was taking part in a reading lesson with the children, his FKLHI RI VWDͿ LQIRUPHG KLP ´$ VHFRQG plane hit the second tower… America is under attack.” Bush’s response was not to jump up and scare the children.

His response was calmness and a sense RI FRQÀGHQFH +H DFWXDOO\ SUDFWLFHG mind leadership. He had control of his mind and created a body language that inspired hope and inspiration to the American people. His rating shot up.

A leader must develop the capacity to go through very challenging situations but still give it an interpretation that HQDEOHV KLP WR IXQFWLRQ HͿHFWLYHO\ DQG still be in control. Mind leadership is the ability of an individual to continue to plant positive thoughts, ideas, values, dreams, and positive emotions in his or her subconscious mind with

the purpose of getting direction, motivation, inspiration and perspective from his or her mind for daily living.

When leaders are angry, they control their anger, create a state of instant forgiveness and stay in a state of control and calmness. They can then become so proactive that they set the standard of LQÁXHQFH DQG UHVSHFW :KHQ WKH SHRSOH are dehumanized, they refuse to fall into a state of depression but create a new state where they experience unlimited joy and happiness while reinventing their lives.

Nigerians and their leaders must as a matter of urgency see a country that LV QRW ÀQLVKHG EXW D FRXQWU\ WKDW LV expecting a coming prosperity. Each Nigerian will take on the role of leader LQ LQÁXHQFLQJ FKDQJH 0LQG OHDGHUVKLS that is well practiced would lead to HͿHFWLYH SHUVRQDO RU VHOI OHDGHUVKLS 7KH PRPHQW \RX EHFRPH YHU\ HͿHFWLYH ZLWK VHOI OHDGHUVKLS \RX ZRXOG JDLQ LQÁXHQFH DQG EHJLQ WR OHDG RWKHUV which is referred to as leading others.

When you succeed in leading others HͿHFWLYHO\ WKHQ \RX EHJLQ WR OHDG for impact. You begin to have great accomplishment and exceed goals both at organisational and at national levels.

Currently if the practice of mind leadership becomes a critical mass of Nigerians who adopt this principle, it will give them the ability to see beyond WKH GL΀FXOWLHV WKH FDSDFLW\ WR LQWHUSUHWH WKH GL΀FXOW KDSSHQLQJV DURXQG WKHP WR give it a positive interpretation that will strengthen their resolve to go through the challenges, keeping their focus on the success that is to come.

Institutions fail, organisations crumble, companies go into oblivion and nations go on the path of decline as a UHVXOW RI GHÀFLW RI PLQG OHDGHUVKLS 7KH pain we go through each day as a people is overwhelming. We must all work on

If we must build a country that works for all of us, we must take advantage of this election to reinvent ourselves, speak positives words, believe that Nigeria can elect credible leaders and that our votes will count

our minds so that we can develop mind security where our state of mind is free from internal and external threats such as fear, confusion, anxiety, bad news, small talk and gossip. We must build our mindset with positive emotions like love, compassion, kindness, caring attitude and a sense of possibilities.

Empires, nations, businesses, companies and individuals have been built as a result of quality mind leadership. These leaders succeeded as a result of solid mind leadership that found expression in certain ways; you can call it the language of leadership.

These leaders spoke the language of leadership. They spoke courage, possibilities, passion, success.

If we must build a country that works for all of us, we must take advantage of this election to reinvent ourselves, speak positives words, believe that Nigeria can elect credible leaders and that our votes will count. We must believe that the time has come to unify our country and get it to work. Let us with our new mindsets prepare to elect leaders that believe in possibilities and a sustainable future for our country. $FFRUGLQJ WR $OH[DQGHU WKH *UHDW ´, am not afraid of an army of lions led by a sheep. I am afraid of an army of sheep led by a lion.” When leaders who practice mind leadership step up their game, more Nigerians will join in its practice and the whole idea will be to get every Nigerian to begin to think like this.

If we want to change this country, then we must change the way we think. I will be interested to know the prevailing thoughts in the hearts of Nigerians now. If we can change these SUHYDLOLQJ WKRXJKWV OLNH ´1LJHULD LV ÀQLVKHG µ ´YRWHV GRQ·W FRXQW µ ´LW·V not possible to have a new Nigeria,” ´1LJHULDQV DUH QRW UHDG\ WR YRWH WKH right people,” and replace them with possibility thoughts, then that becomes the foundation for the practice of mind leadership. Then we begin to take the necessary actions of going en masse to ensure that only leaders with the right competences are voted into power with the belief that we can achieve a Nigeria that works.

Okorie, MFR, is a leadership development expert spanning 27 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre. www.gotni.africa. email me linus.okorie@ gotni.africa

T H I S D AY ˾ MONDAY, FEBRUARY 20, 2023

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BUSINESSWORLD R A T E S MONEY MARKET

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Banking Stocks Tumble Amid Naira Swap Polemics, Investors’ Profit-taking

Kayode Tokede Prices of listed banking stocks on the trading floor of the Nigerian Exchange Limited (NGX) tumbled last week on the back of profit-taking and naira swap controversies that have continued to rock Nigeria’s banking sector.

Consequently, the NGX Banking Index emerged worst performing index on the NGX as highly capitalised listed banking stocks

such as Zenith Bank Plc, Guaranty Trust Holdings Plc (GTCO), among others depreciated.

As the stock market dropped by 0.96 per cent Week-on-Week (WoW) to close at 53,804.46basis points, NGX Banking index depreciated by -1.34 per cent WoW or 6.05 basis points to close at 446.97 basis points.

The banking sector in February 2023 has so far performed poorly due primarily to the currency

swap policy of Central Bank of Nigeria (CBN), which President Muhmmadu Buhari insisted has short- and long-term benefits for the country.

Out of 14 listed banking stocks on the NGX, a total of nine depreciated, four traded flat, and three appreciated.

Fidelity Bank Plc depreciated the most, followed by FCMB Group Plc and Wema bank Plc. The stock price of Fidelity

Bank dropped by 0.82 per cent to close last week at N4.76 from N5.58 it opened for trading, while FCMB Group declined by 0.32 per cent from N4.60 per share to N4.28 per share.

Wema Bank saw its stock price closing last week at N4.00 per share, a decline of 0.13 per cent from N4.13 per share as Zenith Bank dropped by 0.2 per cent to close at N25.00 per share from N25.2 per share.

THISDAY findings revealed that for the first time since 2022, the stock prices of GTCO outperformed Zenith Bank last week.

Both Zenith Bank and GTCO had opened for trading last week at N25.20 per share but investors’ profit taking down Zenith Bank to N25.00 per share, while GTCO closed for trading at N25.15 per share.

Nigeria’s largest bank by profits

and net assets, Zenith Bank still outpaced GTCO as the most valuable bank in the country.

Zenith Bank’s market capitalization rose to N784.9 billion last Friday, while GTCO hits N740.19billion.

Nigeria’s most efficient bank, GTCO, the owner of GTBank has gained N63.2billion in market valuation as Zenith Bank added Continued on page 23

Umar: With Fierce Global Competition for FDIs, NIPC Will Attract Fair Market Share James Emejo in Abuja The Executive Secretary/Chief Executive, Nigerian Investment Promotion Commission (NIPC), Mrs. Saratu Umar, has said that with about 180 Investment Promotion Agencies (IPAs) globally competing to channel Foreign Direct Investments (FDIs) to their respective countries, the commission is better prepared to ensure that Nigeria gets a fair share of the global market.

Speaking at a stakeholder

engagement forum with states IPAs in Abuja, she said Nigeria remained a resource rich country with a potential that is unrivalled by any other country in the world, adding however, that the potential was yet to be fully harnessed.

Umar said, “The level of resource mobilisation is insufficient to harness this potential for inclusive growth and national development, and this is where the role of investment promotion comes in to attract Foreign Direct Investment (FDI) and mobilise Local Direct

Investment.

“Global FDI market over the last decade have become very competitive and versatile where the investment promotion thrust of successful jurisdictions that are attracting the largest global market share of FDI inflows are driven by effective, efficient and performance driven Investment Promotion Agencies (IPAs).”

She pointed out that the commencement of the Africa Continental Free Trade Area (AfCFTA) agreement makes it

imperative for the country to enhance its investment promotion drive and outclass other economies within the area, in order to remain the preferred investment destination of choice.

According to her, with ACFTA, an investor could establish operation in any African country that is signatory and still access the Nigerian market.

However, the NIPC boss maintained that Nigeria’s investment promotion drive was currently largely fragmented thereby “depriving us of cohesive leverage we could have achieved

if we synergized our efforts and resources”.

She said the coordination of investment promotion activities between the National IPA, NIPC, and sub-national IPAs for the effective implementation of investment promotion activities was largely absent.

Umar said, “As NIPC strategises to increase national attractiveness and branding to position Nigeria as a constant preferred investment destination of choice, strategies at the national and subnational levels

to deepen investment promotion drive of Nigeria and the day-to-day problem-solving for established and incoming investors must be developed, harmonised and implemented.

“Country level effort should be created for investment promotion under the coordination of the national IPA, NIPC and protocols put in place, to avoid a ‘race to the bottom’ conduct, which will eventually be detrimental.”

Continued on page 23

M A R K E T D ATA A S AT F R I D AY, F E B R U A R Y 1 7 , 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

10.335, 00 10.339, 00 10.129, 00 11.289, 00 10.543, 00

Change Updated Time (%) 11.02 -0.01 January 13, 2023 January 11.71 0.11 13, 2023 January 11.98 -0.01 13, 2023 January 12.24 0.00 13, 2023 January 12.50 0.00 13, 2023

Yield

BILLS MATURITY

Discount

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

1.53

NTB 11May-23

2.70

1.54 1.83 2.43

Change Updated Time (%) January 1.53 0.00 13, 2023 January 0.00 13, 1.54 2023 January 1.84 0.01 13, 2023 2.44 -0.31 January 13, 2023

Yield

2.72

January -0.54 13, 2023

OTC F X F U T U R E S

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

Change Updated Time (%) January 8.08 8.20 -0.24 13, 2023 January 13.12 13.50 -0.33 13, 2023 January 9.52 9.74 -0.39 13, 2023

Discount Yield

.

.

.

. .

.

.

.

. .

CONTRACT Current TENOR Contract Rate Updated Time ($/₦) (MONTH) NGUS JAN 25 469.87 January 1 2023 13, 2023 January NGUS FEB 22 2 472.05 2023 13, 2023 NGUS MAR 29 474.23 January 3 2023 13, 2023 NGUS APR 26 476.42 January 4 2023 13, 2023 NGUS MAY 31 478.60 January 5 2023 13, 2023

22

MONDAY, FEBRUARY 20, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Free Trade Zones to List on Capital Market, NEPZA Assures James Emejo in Abuja The Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, has disclosed that plans are underway to facilitate the listing of the country’s Free Trades Zones and their enterprises on the Nigerian capital market.

He said the development will among other things allow for greater redistribution of wealth and prosperity in the country.

Adesugba disclosed this during a business meeting with the Director-General of the Securities and Exchange Commission (SEC), SEC, Alhaji Lamido Yuguda in Abuja.

He noted that NEPZA was partnering the Nigeria Economic Zones Association (NEZA), the capital market regulator, SEC, as well as the Lagos Free Zone (LFZ) on the effort.

According to him, the prosperity and wealth of the free trade zone

would be effectively extended to the investing public through the stock market.

Adesugba, stressed that the law establishing NEPZA gave it substantial latitude to effect changes that ensured dimensional linkages between the free zone and the Nigerian public for mutual benefits.

In a statement issued by NEPZA spokesman, Dr. Martins Odeh, the MD said that best governance structure and framework to drive the innovation was already being worked upon.

He said, “We are not in this alone; it is indeed a synergy between some key agencies of government with the Security and Exchange Commission driving the process in order to grant access to the free trade zone community to trade on the Nigeria Stock Market.

“The best governance structure and framework to drive this innovation is also being worked

on. This initiative is a sign of greater things the Authority and the Commission can do together to position the country’s business environment and the stock market for global competitiveness.

“We are, therefore, about to unleash immeasurable wealth, technology and prosperity into the country’s stock market. It is our desire to convert the country’s business space into a free trade zone as obtained in Dubai. This is like a first step towards that direction.”

On his part, Yuguda, expressed delight in the initiative that aimed to pull more players to the stock market adding, however, that all grey areas that could act as impediment must be dealt with.

Yuguda also said that the commission was interested in the governance structure of the free trade zones enterprises as that was fundamental to the declaration of profits and sharing of dividends.

Sambo Mandates Shippers’ Council to Develop Port Community System The Minister of Transportation, Mu’azu Jaji Sambo, has charged the Nigerian Shippers’ Council (NSC) with the responsibility of establishing a Port Community System (PCS), which, he said, must become functional before the end of President Muhammadu Buhari’s administration.

Speaking when he visited the NSC headquarters in Lagos, Sambo said Nigeria needs a Port Community System that can compete favourably with its counterpart elsewhere.

He cited the Republic of Benin as a good example of a country with a working Port Community System.

“You are the regulator of the Nigerian Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA) and other agencies that have anything to do with the port.

“The responsibility is on you to ensure we have a port community system. I think it is because we have not placed the responsibility on somebody, that is why we have not been able to achieve the PCS. “Next week, I will call you and other agencies and roll out the issue.

We must have a PCS working for us in Nigeria before the administration comes to a close,” he said.

He urged the NSC to study how the Port Community System in other countries and replicate same in Nigeria.

Speaking earlier, the Executive Secretary/CEO of Nigerian Shippers’ Council, Emmanuel Jime, commended the Minister for obtaining approval for the council to implement the Cargo Tracking Note (CTN) and the observable success of the inland dry port projects being

championed by the NSC. “I told you that we needed to complete the process of the development of the inland dry port infrastructure put in place, as well as an update on other key transport infrastructure being promoted by the NSC. “We accompanied you this month together with the President to deliver on your first low-hanging fruit in the industry, the Dala dry port and also the Funtua as the port of origin and destination.

“These are key transport infrastructures that will aid the policy of the federal government as regards exportation,” he said.

He stressed the need to strengthen the legal framework of the NSC to be able to perform its functions and bring about efficiency at the port.

African Startups to Receive $385,000 to Develop Solutions for the Blue Economy Emma Okonji Triggering Exponential Climate Action (TECA) has announced the selection of seven startups that would benefit from the $385,000 startup grant, with each receiving $55,000 in funding to advance their solutions for the blue economy in Africa.

The startup founders were selected following their participation in TECA’s fellowship program, where they were supported to create ideas for companies in the blue economy, build teams, and form companies.

Each startup will receive $27,500 in seed capital and $27,500 in hands-on venture building support to progress financial and tech-enabled solutions

that bolster the climate resilience of communities and ecosystems in and around the oceans, lakes, and rivers across the Eastern region of Africa.

Announcing the grant, Chairman and Chief Innovation Officer at BFA Global, David del Ser, said: “Through the TECA program, we are proud to support and accelerate the development of innovative solutions that will protect and sustain the environment and vulnerable communities in the Eastern coast of Africa. These seven startups represent the forefront of the blue economy in Africa, and we look forward to seeing the impact of their financial and tech-enabled solutions on communities and ecosystems.”

Digital Economy Director at FSD Africa, Juliet Munro, said: “The ventures that have been formed through the TECA program are an inspiration. They represent young Africans - including women - coming forward with great ideas and solutions to climate-related challenges, in this case, in the blue economy. I’m proud that FSD Africa is supporting this initiative, which leverages finance and technology to help build resilience and create opportunity in the context of climate adversity. Through our partnership with BFA Global, we plan to roll out TECA beyond the blue economy to also solve for other challenges and geographies across Africa.”

HP Highlights Top Cybercrime Trends in 2023, Cautions Organisations Emma Okonji The Country Head for Nigeria at HP, Mr. Emmanuel Asika, has warned that the increased collaboration in cyber threat, coupled with the low cost of malware, where three-quarters of malware kits cost less than N7,000, would further trigger cybercrime to be more accessible in 2023.

Asika, in a statement, said the implication would mean that more devices and end-users would be vulnerable to being under attack in 2023, adding that as cyber criminals intensify attempts to access enterprises, their PCs and printers will be the target.

According to hum, “These

challenges, for cyber-security experts, will be intensified by the growing economic slump and uncertainties.

As cybersecurity spending is set to increase by 13.2 per cent, cost projections will be under observation, with emphasis on the most important cybersecurity demands.”

He listed four cybersecurity trends that institutions must plan for in 2023 to include: Increasing costs that will power cybercrime economy; Investment in more attacks below the operating system; Attacks on remote access equipment and Neglect of print security.

Giving details of the cybersecurity trends, Asika explained that the increasing costs that would power

cybercrime economy could prompt an inflow of cyber hustlers and money mules, powering the cybercrime economy and leaving users at risk.

He also explained that notorious hackers would invest in more attacks below the operating system. He said until recently, firmware attacks were only used by sophisticated threat groups and countries, but that last year, early signs revealed an increased interest and development of attacks below the operating system – from tools to hack BIOS passwords, to rootkits and trojans targeting device’s firmware. “Today, we now see firmware rootkits advertised relatively cheaply on cybercrime marketplaces,” he said.

Contributory Pension Scheme: What You Should Know About Safety of Pension Funds Preceding the Pension Reform of 2004, which established the Contributory Pension Scheme (CPS), Pension Administration in Nigeria was fraught with multifarious challenges and inefficiencies.

The resultant effect of these inefficiencies was lack of accountability and transparency amidst weak administrative structures. However, 17 years since the advent of the CPS, the new system has succeeded, when viewed within the context of the pitfalls that characterised the pension schemes that preceded the CPS. With apprehension about the safety of pension funds at inception of the CPS, pundits are pleasantly surprised at the relative stability attained as funds under the CPS soar. Here are the key PENCOM DG, Aisha Dahir-Umar safeguards of the CPS that have ensured transparency and the safety of pension funds. transferred to another solvent operator, under the direction of PenCom. This segregation of pension funds has further assured the RING FENCING OF PENSION transparency of the CPS. ASSETS The Pension Fund Administrator (PFA) manages the pension funds without having STRICT REGULATION ON direct access to the funds, as custody is vested INVESTMENT OF PENSION in a separate entity, the Pension Fund Custodian FUNDS The investment of pension funds by PFAs (PFC). In effect, while the PFA makes day to day investment decisions in line with is strictly regulated in accordance with the the Investment Regulations issued by the Investment Regulation issued by PenCom. The National Pension Commission (PenCom), regulation prescribes allowable investment it is the responsibility of the PFC to effect outlets and sets limits in percentage of funds payments for the investment and receive any that can be invested. This ensures that risks are dividends or profits therefrom, on behalf of properly managed in order to ensure safety of the PFA. PenCom ensures that both parties the funds. The PFA’s exclusive responsibility adhere strictly to regulations governing the for investment decisions is only limited by pension funds. Indeed, the cardinal principle compliance to the provisions of the Regulation. of separation of custody from management and supervision has resulted in a pension PROHIBITION OF APPLYING scheme with a sound internal mechanism PENSION FUNDS AS LOANS Pension funds are secured for the sole for transparency and accountability. The ring fencing of pension fund assets has resulted purpose of providing retirement and terminal benefits for the RSA holders. Consequently, in the consistent growth in pension assets. pension funds are prohibited from being given out as loans or applied as collateral DAILY MONITORING for loans. This has prevented the depletion OF PENSION FUND of pension funds through non-performing INVESTMENTS PenCom requires all PFAs to submit loans taken by the RSA holder or the PFA daily valuation reports on the pension fund granting a direct loan to a third party. investments. These reports provide the details and value of all investments made with the STRICT LICENSING pension funds as at the end of each trading REQUIREMENTS The Pension Reform Act 2014 prescribes a day. The implication is that PenCom is able to ensure that investments are in accordance with strict licensing regime to operate as a PFA or the Investment Regulations and could identify PFC. This includes possessing the professional any infractions immediately for corrective capacity to manage pension funds and an action. In effect therefore, the safety of the undertaking not to engage in any other business pension funds is monitored by PenCom at except that of management of pension funds.

In addition, such applicants must satisfy the all times. condition that they have never mismanaged any fund prior to the application.

SEGREGATION OF PENSION

FUNDS FROM THE ASSETS OF PENSION OPERATORS

There is complete separation between the pension funds and the assets of pension operators. This means that an operator is not allowed to combine its own company funds with the pension funds, which are held in exclusive accounts, kept in safe custody by the PFC. Therefore, a pension operator’s insolvency will not negatively impact on the pension funds. Indeed, where an operator is incapacitated by capital inadequacy for instance, the pension funds will simply be

EFFECTIVENESS OF THE CPS SAFEGUARDS

While the foregoing safeguards are not exhaustive, their effectiveness is best represented by the consistent accumulation of pension fund assets, which stood at N14.99 trillion as at December 2022. Furthermore, 9.86 million RSA holders have been registered under the CPS since inception. However, it should be noted that these safeguards have been largely effective due to the strong regulatory and supervisory oversight by PenCom.

T H I S D AY ˾ MONDAY, FEBRUARY 20, 2023

23

BUSINESSWORLD

STATUS REPORT

BUA Foods’ Revenue Wilts on Trade, Other Receivables

Kayode Tokede

B

UA Foods Plc’s revenue shrank to N417.82 billion in 2022 unaudited financial statement for period ended December 31, from N333.27 billion in 2021 audited financial statement, following the company’s N142.12 billion trade & other receivables in 2022 from N52.16 billion reported in 2021.

With about 172.5 per cent growth in BUA Foods’ trade & other receivables against 25.4 per cent increase in revenue, the Group saw its Prepayments, Trade Debtors and “Other Receivables” gaining momentum in the period under review.

The Consumer Goods Company in the three years has witnessed 779 per cent increase in trade & other receivables from N16.19 billion in 2020 to N142.12 billion reported in 2022. The underlined increase in trade & other receivables can be attributable to macro economy challenges influenced by consumer low purchasing power.

Amid significant increase in trade & other receivables, the BUA Foods revenue has also tripled from N192.86 billion in 2020 to N4417.82 billion in 2022.

With BUA Foods reporting increase in trade and other receivables, its trade and other payables has also seen steady increase from N24.35 billion in 2020 to N54.65nbillion in 2022.

Key contributing factors to BUA Foods trade and other payables include, trade creditors/ other current liabilities and withholding/ value added tax payables in 2022 unaudited financial statements.

From the profit & loss figures, the

growth in BUA Foods’s sugar revenue was driven by price adjustments and export sales within the period.

Revenue from Sugar (Non-fortified) closed 2022 at N144.29billion, representing an increase of 82.3per cent from NN79.16billion in 2021, while revenue from Sugar (Fortified) stood at N129.2billion in 2022, a decline of 0.45 per cent from N129.84billion reported in 2021.

Revenue from molasses, thus, increased by 69.25 per cent to N743.03 million in 2022 from N439.02million in 2021.

For the Flour division, Bakery Flour revenue stood at N79.86 billion in 2022 from N64.19 billion in 2021, as Pasta reached N57.41billon in revenue from N54.4billion reported in 2021.

In addition to BUA Foods revenue, sales from Wheat Bran hit N6.26 billion in 2022, an increase of 19.4 per cent from N5.24 billion in 2021.

GROWING COST OF SALES

BUA Foods announced 23 per cent growth in cost of sales to N282.3billion in full year under review as against N230.3 billion in prior period, driven by 21.04 per cent increase in raw materials cost to N255.65 billion as Energy cost moved by 28.1 per cent to N11.73 billion in 2022.

The high input cost environment and further devaluation of the Naira against the Dollar weighed heavily on prices for raw materials in nine months of 2022 and it resulted in higher cost of production.

The group closed the 12 months of

2022 with about 31.6 per cent increase in gross profit to N135.51billion from N102.96billiion to positioned its gross profit at 32.4 per cent from 30.9 per cent in 2021.

Selling and distribution expenses increase by 69per cent to N17.09 billion in 2022 from N10.14billion in 2021 due to huge increase in cost of diesel within the period as administrative expenses dropped by 22.5 per cent to N11.34billion in 2022 from N14.63billion in 2022.

The Group’s total operating expenses increased by 14.8per cent to N28.43 billion in 2022 from N124.76billion in 2021 over increase in selling and distribution cost along the supply chain to customers.

Operating profit grew by 36per cent to N79.89 billion in 2022 from N79.89 billion in 2021, benefitting from top line growth coupled with lower administrative expenses.

Finance charges increase by 62 per cent to N8.2 billion in 2022 as against N5.05 billion reported in 2021, due to efficient funding mix along business transaction.

In addition, Profit before tax increased by 29.45 per cent to N100.64 billion in 2022 from N77.74 billion in 2021, as profit before tax margin increased by 244.08 in 2022 from 23.3 per cent in 2021 due to increase in revenue.

Profit after tax increased by nearly 30per cent to N90.4 billion in 2022 as against N69.77 billion in 2021, while the Earning per Share (EPS) grew stood at N5.02 in 2022 from N3.88 in the corresponding period.

BALANCE SHEET POSITION

Total assets increased by 3.14per cent to N612.1billion in 2022 unaudited results from N593.46billion reported in 2021 full financial year, driven largely by growth in trade and other receivables (+172.5per cent; 23.2 per cent of total assets).

Total liabilities dropped by 6.6per cent to N366.9 billion in 2022 from N392.8 billion. This was driven mainly by a 21 per cent decline in short-term borrowings to N190.62billion in 2022 from N241.16billion reported in 2021.

Total equity increased by 22per cent to N245.2 billion in 2022 (FY 2021: N200.7 billion).

COMPANY’S OUTLOOK

According to the company, the recent environmental disruptions such as flooding impacting on logistics efficiencies, energy cost, rising input cost, coupled with rising foreign exchange concerns and tightening stance of the Central Bank of Nigeria (CBN) which further interest rate to 16.5per cent are all core mitigating areas for BUA Foods.

The company added that, “We expect optimizing our supply value chain as we strive to increase market share across market regions.

“Furthermore, our rice division recommencement is on course as we continue to nourish lives and increase market reach.

“Our retail strategy remains a priority for us in the near term, while we drive to sustain the upward momentum of our export market strategy. We remain committed to reducing Africa insecurity issues while nourishing lives.”

BANKING STOCKS TUMBLE AMID NAIRA SWAP POLEMICS, INVESTORS’ PROFIT-TAKING N31.4billion so far in 2023.

GTCO’s shares price opened trading in 2023 at N23.00 per share and closed last Friday at N25.10, while Zenith Bank closed trading last Friday at N25.00 per share from N24.00 per share it opened for trading this year.

Analysts attributed the decline in banking stocks to the scarcity of Naira, stressing that its impact likely slow banking performance and the economy in the first quarter (Q1) of 2023.

“The decline in banking stocks was actually anticipated

as investors would like to take immediate profit ahead of the resolution of the problem around cash scarcity which is likely to slow down the economy in Q1 2023 and beyond. It is normal for the market to behave that way, even though it is temporary, ”said the Chief Executive Officer, Wyoming Capital and Partners, Mr. Tajudeen Olayinka.

On his part, the Managing Director/Chief Business Officer, Optimus by Afrinvest, Mr. Ayodeji Ebo blamed the decline in Banking index on profit taking and uncertainties in the sector,

the Nigerian economy because of the 2023 general election.

The Chief Operating Officer, Supra Commercial Trust Limited, Mr. Charles Fakrogha stated that both Tier-1 banks have shown leadership in profits and dividend payout to shareholders He said, “Some analysts argued that GTCO is better than Zenith bank in terms of return on investment and others will argue that Zenith bank is better. I think the price of GTCO surpassing Zenith bank is going to be temporal. By the time both banks released 2022 full year

results and the Naira scarcity is over, investors will then see their true prices. For me, I still believe that Zenith bank will be at the top in terms of price.”

Commenting on the Banking sector’s general performance so far in 2023, the Managing Director, Afrinvest Research & Consulting, Mr. Abiodun Keripe said the NGX banking index is up by 7.06 in its year-to-date (YtD) supported by positive performances across the sector excluding Unity Bank Plc that has dropped by 7.3per cent YtD. He disclosed that the banking

sector’s strong YtD performance was led by ETI (+16.5 per cent), FCMB Group (+11.2per cent), and United Bank for Africa Plc (+9.9 per cent).

In his words, “The recoil in the outgone week in my view is connected in part to early profit-taking ahead of the election week and on the other hand, the negative feedback loop from the socio, economic and political landscape. The poor implementation of the Naira redesign and cashless policies are expected to dampen investor appetite and the performance

of banks in 2023.

“In the past weeks, some of the banks have witnessed increased attacks and disruption to normal operations which have resulted in the closure of some bank branches and skeletal operations where possible. This is expected to have a negative impact on Q1 earnings, though income from digital channels could help reduce the impact.

As normalcy returns to the socio, economic, and political environment post-elections, we hope to see a recovery in the sector.”

UMAR: WITH FIERCE GLOBAL COMPETITION FOR FDIS, NIPC WILL ATTRACT FAIR MARKET SHARE She pointed out that “The central and strategic role of the NIPC in the coordination of all investment promotion should

therefore, be activated to ensure Nigeria’s investment promotion drive is given traction to onboard investments into the different

sectors of the economy in a bid to facilitate economic growth and national development as well as job creation, import substitution,

foreign exchange generation and reduction of our reliance on debt amongst others.”

Among other things, Umar said

under the National Investment Coordination Framework being evolved, NIPC will provide a clear strategy for a seamless collaboration

and coordination of the investment ecosystem as well as usher in a robust and effective stakeholder communication and engagement.

24

MONDAY, FEBRUARY 20, 2023 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Yusuf: Building Intentionally Inclusive Businesses Will Enhance Profitability Chairman of the Nigerian Economic Summit Group, Mr. Niyi Yusuf, speaks on the relevance of Inclusive Business in today’s technology driven marketplace, among other issues. Emma Okonji presents the excerpts: What is the origin and meaning of Inclusive Business model, and how does this differ from other popular concepts such as Environmental, Social and Governance (ESG) standards, or with corporate social responsibility (CSR)? attended university in Nigeria back in the 1980s. We need not be peers for you to know that a lot has changed in the world since that time, and not always for the better.

Over the years, businesses and the marketplace have evolved, shaped by technology, changing consumer behaviours and diverse versions of capitalism. Fast forward to 2023; we now live in an era in which businesses have increasingly adopted a miniaturisation culture, also known in business-speak as the sachet economy. This is the major pain-point that Inclusive Business models seek to fix.

I

So, what in your view constitutes an Inclusive Business model?

In 2018, the G20 announced for the first time that Inclusive Business was going to be one of the summit´s official thematic areas. The summit adopted the definition from a key practitioner hub, which defines Inclusive Business (IB) as the (intentional) provision of goods, services, and livelihoods on a commercially viable basis, either at scale or scalable, to people living at the base of the pyramid (BoP), making them part of the value chain of companies as suppliers, distributors, retailers, or customers.

Inclusive Business is sometimes conflated with the Environmental, Social and Governance (ESG) standards, or with corporate social responsibility (CSR). Whilst all three may add value to a business, only Inclusive Business serves as a model for delivering core business driven by sustained commercial viability. Inclusive Business has long-term strategic orientation, targets profits, people, and the planet, and utilises innovative business models that engage low-income and marginalized groups.

Are there some examples you can recall of where Inclusive Business resulted in impressive shareholder and business value?

Let me start from Nigeria.

Oando Plc is one of Nigeria’s foremost indigenous oil and gas corporations, and its partnership with Alitheia Capital, provides an excellent illustration with its liquefied petroleum gas (LPG) value chain coverage as my first IB example. Commercially, the project was driven by the objective to deepen and extend Oando’s existing LPG value chain coverage to reach end consumers - the underserved - in areas that were difficult to reach in addition to increasing the utilisation of gas products across Nigeria. Despite Nigeria’s considerable amount of gas reserves, it was and still is only using a small part of its gas resources domestically and LPG utilisation rates remains low. Market research showed that only 1.7 per cent of target households used LPG as primary cooking fuel and Nigeria’s annual per capita LPG consumption was more than 3kg below West African averages. Yet the research revealed that willingness to change cooking fuel was high amongst respondents.

Yusuf By developing a low-cost stove/cylinder products, along with suitable distribution channels and finance systems to reach low-income households, Oando was able to achieve its commercial objective. Furthermore, it created opportunities for microentrepreneurs via a franchise model. Partly as a consequence of this initiative, the Nigerian annual consumption of LPG grew from 130,000 metric tonnes in 2011 to 500,000 metric tonnes in 2016.

From its conception to its inception, positive development benefits for BoP households were built into the Oando model, giving access to more environmentally friendly and affordable fuel alternative to fuels such as kerosene, firewood or charcoal.

This would ultimately also lead to a reduction in negative health impacts for users by the elimination of pollution by the burning and subsequent inhalation of solid fuels and estimated to be the fourth highest health risk factor in Africa.

Another good example is from East Africa: Here, the founders of Goodlife Pharmacy identified an opportunity to provide access to affordable quality drugs for ‘emerging customers’. They defined ‘emerging consumers’ as low- to lower-middle-income population segments, which happens to account for 63 per cent of Kenya’s population. This was significant market potential and the founders recognised that servicing these segments was the key to company’s growth. In addition to providing access to quality medicine, the pharmacy chain also sought to provide access to basic primary healthcare, which otherwise would not have been made available to these segments. Through their Inclusive Business model, Goodlife were able to become East Africa’s largest pharmacy chain with a plan to service over 5.5 million people by year eight of its operations.

Finally, when it comes to creating shareholder value we look at MicroEnsure, a pioneering insurance company that seeks to provide micro insurance solutions to low-income individuals – individuals who live on $4 per day or less – living in developing countries.

MicroEnsure currently operates in 15 different countries, 10 of which are in Africa. The business model initially started as a not-for-profit known as Micro Insurance Agency but based on the organisation’s positive performance they relaunched as the for-profit company MicroEnsure. They collaborated with mobile phone companies, microfinance organisations and other institutions trusted by their target market. MicroEnsure grew their customer base 2.2 million in 2008, to over 40 million today and has paid out more than $20 million in insurance claims.

They provide over 200 types of insurance products ranging from life insurance, political violence and hospitalisation, thus providing a safety net that would otherwise not be available to their service users.

It appears businesses must be very intentional about implementing Inclusive Business as a part of operating

model, especially in the context of sustainability and impact. What are your thoughts on this?

Indeed, intentionality matters supremely and serves as the overarching context for sustained, successful delivery of business outcomes. Your motives will drive not just the approach to be taken, but also the alignment with the perceived benefits, which will vary in each instance. The intention to build a business around any principles tends to be demonstrable in the attitude and behaviours of its leadership and staff, advertising and marketing, and the overall customer experience. It is a huge risk to embark on Inclusive Business, or indeed any other core business strategies, without evaluating and modifying

the design of the business (processes, culture, performance management, infrastructure etc.) to suit those intended outcomes.

Is there a connection between Inclusive Business and the Sustainable Development Goals (SDGs)?

The adoption of Sustainable Development Goals as a business target has helped some companies better define and own sustainability objectives, which have influenced IB transition. Indeed, Inclusive Business principles have an alignment with the Sustainable Development Goals and can provide a compass in our approach to meeting the SDGs. Interestingly, the Global Impact Investing Network lists intentionality as one of its four

core characteristics of impact investing, defining it as an impact investor with “intentional desire to contribute to measurable social or environmental benefit”.

This is an important element to consider as one key benefit of adopting IB models and outcomes is the availability of softer funding alternatives.

Many foundations, hitherto in the business of charitable giving, have started to create impact funds to invest in mission driven Inclusive Businesses. The Tony Elumelu Foundation, the Bill and Melinda Gates Foundation, Rockefeller Foundation and Acumen Fund, have shown increasing interest in impactdriven organisations How can Nigerian businesses leverage the

principles of Inclusive Business to drive business success in the marketplace?

There is no doubt that IB presents a promising strategy for businesses to combine the commercial success it brings along with some development impact.

Nonetheless, we must mention that purposeful implementation of IB comes with some unique challenges ranging from a lack of infrastructure to low levels of knowledge and skills, to limited access to finance for low-income consumers and producers. These notwithstanding, here are some practical insights companies can use to successfully deliver Inclusive Business.

The story continues online on www.thisdaylive.com

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BUSINESSWORLD

INTERVIEW

Cash: High Interest Rate Discourages Developers The Chief Executive Officer, Wealth Island Properties Africa, Mr. Tade Cash in this interview with Kayode Tokede speaks on the impact of high interest rates environment on developers, among other property investment-related issues in Nigeria and across the World.

What do you see in the next 10 years with regard to property investments? rom an anticipatory dimension, despite the fact that a couple of people are moving out of Nigeria, the population of the country still makes the country the biggest consumer market for a lot of product- housing inclusive.

In Lagos especially, looking at the next decade with the growing population and being the fifth largest economy on the continent, presently, there are some people who would not be able to afford to live again in the city because it is going to be one of the most expensive cities to live in.

The value of land in Lagos would become a gold mine, people that could positively take advantage of this anticipation would be lucky.

F

How has the securities market impacted the real estate industry?

Real estate and the securityies market which is also called “paper asset” what differentiates them is for now is both markets elasticity to inflation, While I give credit some of the industry pioneers who are listed on the bourse and are leveraging public funds to expand the real estate market.

The size of the market presently does put some limitation on the number of and attractiveness of real estate as an investment portfolio.

Whereas, the industry provides a magnificent cushion against inflation, it for now still an attractive as a unilateral portfolio for a company that does not have other baskets of product that can assure investors of.

Private placements can works but that will have to come from a place of experience and proven track records and most of all depth of

Cash team promoting the investment.

Paper asset is real but can be a difficult vehicle to wealth with from the properties perspective.

But I dare say there are exceptional cases and I give credits to those who have pushed those boundaries.

Why does higher interest rates cause real estate purchase prices to decline?

This definitely discourages developers that like us to venture into financial transaction with institutions that peddles such rates.

For the housing needs we are trying to meet, its just sensible to shake hands with investors who can move at your pace and wont dump additional risk on you and your stakeholders.

Why has there been a gap in raising funds from government institutions to help the real estate market?

The real estate market in Nigeria is quite interesting as it presents a lot of opportunities at the same time. One of the issues we are face with today are short-term funding for long-term projects, as opposed to a long term funding.

The Real Estate industry is a unique ecosystem and being where a unilateral approach to pricing only complicates its functioning. As a developer, the proposal of a short-term funding can be underwhelming for practitioners and promoters of projects.

In Wealth Island Properties, where I manage we do what is called ‘Urban Development’ which deals with revitalizing cities and abandoned or marginal lands.

These are capital intensive ventures; from seeking government approvals and consents to allow of access those land to approving the works which basically is salvaging the difficult terrains through engineering solutions. Funds for these are usually invested with the hope that the solutions we are deploying will run through a course of time before the natural space is finally transformed. So, dealing with the financial houses on our projects has been very difficult because the short-term perspectives only piles pressure on us and most of the time not realistic for our business plans. I am hopeful that one day some of the financial houses in the country will see values in long time investing.

Do about commercial real estate?

Yes, we do. However, that should be five-percent of our portfolio, 95 percent of our portfolio is residential real estate because we believe that as

a 21st century real estate, bringing comfort of housing to the populace will naturally empower them.

Recently though we have evolved into building mixed-development, which we called a freedom lifestyle apartment, connoting that people can live within these apartments and also work. All these are what the industry has pivot to from the recent disruption that Covid-19 enabled.

The goal of the mixed development is to create an environment that promotes living and working in the same space, cutting out commuting marginally or even totally while forging a healthy community that promotes a deliberate lifestyle.

What happens to the property values in the commercial real estate market when interest rates rise?

I think before work, a home is needed. Again the trend that has merged the wok p[lace and the home into one also puts pressure on exclusive commercial real estate.

While this is not totally forgoing the value it hold and I must say the value is very significant, it is our deliberate strategy in Wealth Island property to be focused on the fundamentals through the residential development.

The fifth biggest economy in Africa is also the commercial nerve center of Nigeria and that automatically underscore the purpose for Commercial development in the state. The potentials are huge and can’t be undermined, but like I said earlier, our strategy is to foray into that through mix-development.

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

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This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Tech Top 5 News Fact Checkers to Fight Election Misinformation with AI Tools ull Fact, a UK-based charity which tackles misinformation through fact-checking and campaigns, is partnering with organisations dedicated to promoting credibility in information during the upcoming general election in Nigeria on February 25, 2023. Collaborating with International Fact Checking Network (IFCN) members Africa Check, Dubawa, and FactCheckHub, Full Fact will expand the use of its AI tools to stop the spread of misinformation during the election.

The project, made possible by a $2 million grant from Google’s philanthropic arm, google. org, has already seen remarkable results. With the support of seven dedicated technical google.org fellows who worked on a pro bono basis, full fact’s AI technology has seen a 1000x increase in claim detection (identifying which claims are most important to fact-check) and helped scale their fact-checks to appear in 237 million search results in 2020. The technology, developed

by Full Fact in 2015, will now be used in the Nigerian election for the first time, offering instant transcription services and real-time fact-checking during debates, speeches and throughout the election process to increase the speed and accuracy of information dissemination.

Government Affairs & Public Policy Manager Dawn Dimowo, Nigeria, said:”At google.org, we’re dedicated to using our resources and technology to make a positive impact on society. Continuing our support for Full Fact in Nigeria is an exciting opportunity to help stop the spread of misinformation and promote accurate information during the election. This builds on our ongoing efforts to support local fact-checking initiatives.”

Editor, FactCheckHub, Opeyemi Kehinde, said, “Using the Full Fact AI tool, built in collaboration with Africa Check, has enhanced our work ahead of Nigeria’s 2023 general election. Since we were onboarded, our team of fact-checkers and researchers at the Nigerian Fact-checkers Coalition (NFC) have been utilising the AI platform to source claims for debunking easily.”

Full Fact AI provides three tools to Nigerian fact-checkers: the Search tool, which helps identify the most significant statements to fact-check each day by monitoring online media, social media, and RSS feeds; the Alerts tool, which informs fact-checkers of repeat instances of previously fact-checked false information, allowing them to act quickly and insert accurate information into public discourse; and the Real-Time tool, which offers an instant transcription of election debates, interviews, and town halls, eliminating the need for manual transcription and providing a record of fact-checkable claims.

F

Jumia Lays off 900 Workers to Cut Cost E-commerce Market Place, Jumia, has laid off about nine hundred workers as part of its cost-cutting efforts.

According to its 2022 financials recently released, this decision was important to save over 30 per cent in monthly staff costs starting from March 2023.

In the statement, the company said, “In the fourth quarter of 2022, we undertook significant headcount reductions, resulting in over 900 position terminations, corresponding to a 20 per cent headcount reduction,” said the company.

The organisation added that it is delivering on its strategy to reduce losses and accelerate progress toward profitability with a major focus on enhanced cost discipline and accelerating monetisation.

“We have streamlined our organisational structure, creating leaner, more effective teams fully committed to the execution of our strategy.

As part of our streamlining efforts, we have significantly reduced our presence in Dubai, where certain management functions were located, reducing headcount by over 60 per cent,” explained Jumia. “Most of the remaining staff are being relocated to our African offices, closer to our consumers, sellers, and operations.

It explained that implementing “these organisational changes resulted in $3.7 million in one-off restructuring costs booked in the

Tech Personality of The Week YELE BADEMOSI

T

his week’s tech personality is Yele Bademosi.

Yele is the CEO and Co-Founder of Nestcoin.

Nestcoin is a company that focuses on creating Web3 applications and investing in other startups with similar interests. It strives to create equal access to economic opportunities through crypto.

He was previously the CEO and Co-Founder of Bundle, an Africa-focused social payments app for cash and crypto, aimed at driving crypto adoption in Africa and bringing more economic freedom and prosperity to all Africans.

Yele is focused on developing the blockchain ecosystem in Africa, accelerating Africa’s transition into a sustainable and developed economy by leveraging capital, innovation, and policy.

He is a Founding Partner at Microtraction, which funds Africa’s most remarkable teams at early-stage startups across multiple sectors, including finance and cryptocurrency.

In 2019, he pitched an idea to Binance on what the cryptocurrency exchange should be doing in Africa and was hired to become the first Director at Binance Labs.

Yele leads the Africa chapter of the Binance Labs Incubation Programme–and is the general manager of Starta Africa, an online community and resource platform for African entrepreneurs.

He is a self-taught designer and developer who has created multiple apps and products, including a social app connecting university students in the UK. fourth quarter of 2022.”

CcHUB Launches Ed-tech Accelerator Program to Support Startups in Africa Co-Creation Hub (CcHub) has launched an accelerator programme focusing on ed-tech.

The accelerator, to be called the EdTech Fellowship Programme, will commit $15 million to support seventy-two startups in Nigeria and Kenya over the next three years.

The programme aims to create a new ecosystem of edtech startups that will inform what the education solutions space is supposed to be like.

It will give the startups an initial . $100,000 check after being accepted into the program.

The partnership is part of the broader Mastercard Foundation Ed-Tech Fellowship Program, which seeks to support Edtech companies across Africa that address learning challenges across K-12, tertiary education, and vocational training.

The expectation is that these solutions will be part of the urgent and critical response in addressing many of Africa’s long-standing challenges that have acted enrollment, quality, and availability of effective educational options for the continent’s young population.

The innovation hub launched a call for applications to its accelerator program.

Successful participants will undergo rounds of screening to determine the fit for solutions and founders before being further assessed for scalability and long-term potential.

The partners are also encouraging femaleled startups to apply. Interested organisations can apply through the hub’s website.

In addition to initial funding to the selected startups, CcHUB will provide resolute expert teams to support participants in product development, government relations, pedagogy and learning science.

“Over the next three years, we will

have 72 edtech companies launched into the market. We believe this will kickstart the ecosystem and reboot it afresh because out of that number, at least you are sure about half or 20-30 per cent of them would live for another three to four years. And that will allow us to know if technology can truly work for education in Africa, the co-founder and CEO of CcHUB,” Bosun Tijani said.

Africa) Ireoluwa Obatoki said, “While many companies are scaling back investments given the macroeconomic environment, we recognise the transformational effect platforms like Bolt can have in Africa. We operate in markets where there are unique challenges and by continuing to expand our services, we will offer people new opportunities to earn a good living by being a driver, as well as providing millions of customers with a safe, dependable, and affordable way of moving around their city.”

Bolt to Invest €500m in Africa to Expand Its Services A mobility app in Africa,Bolt has announced plans to invest €500 million in its operations on the continent over the next two years. The funds will be used to expand Bolt services in Africa and create opportunities for over 300,000 new drivers and couriers to join the platform in 2023.

Bolt now operates ride-hailing and delivery services in six countries – Nigeria, South Africa, Kenya, Ghana, Uganda, Tanzania, and Tunisia – with over forty-seven million customers and 900,000 drivers on the platform.

Bolt also announced that it has surpassed one billion rides in Africa in seven years and expects the number of drivers on the platform to hit over one million in the next six months.

Founder and CEO Markus Villig said, “Over the past seven years, we have built a dedicated team of 500 people in Africa, and we remain committed to investing in local communities for the long term. At a time when many countries are facing economic challenges, we will continue to grow our presence in Africa through this new investment which offers massive potential to create new jobs and income opportunities for drivers and couriers.”

Regional Manager (West and North

Yahoo to Lay off 20% Its Workforce Yahoo recently announced its plans to lay off about 20 per cent of its total workforce which will amount to more than 1,600 workers losing their jobs.

The layoffs are part of a major restructuring of its ad tech division.

This invariably means about 50 per cent of Yahoo’s employees in that division by the end of this year.

The company has plans to keep its demandside platform, which helps advertisers buy ads, but shut down its ad sales operation. Yahoo will now partner with Taboola to sell ads on its properties.

In a statement, the company said, “These decisions are never easy, but we believe these changes will simplify and strengthen our advertising business for the long run while enabling Yahoo to deliver better value to our customers and partners.”

Yahoo CEO Jim Lanzone, in an interview, said that these changes will be “tremendously beneficial for the profitability of Yahoo overall” and will allow the company “to go on offence” and invest more in other parts of its business that are profitable.

The announcement comes as a growing number of tech and media companies are cutting costs to adjust to a pullback in digital advertising spending amid broader global uncertainty.

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CHRIS GYANG writes that the cracks within the party have further exposed the group for what it is It is possible, argues PAT ONUKWULI

APC: THE WAR WITHIN, SATURDAY AND BEYOND As the country gets set to elect a new president on Saturday, there are strong indications that all is not well within the ruling All Progressives Congress, APC. The cracks are widening at break-neck speed. But even observers of Nigeria’s political evolution, especially from 2015 when the APC took power from the Peoples Democratic Party (PDP), are stunned by this turn of events.

The pundits predicted that the APC, which ZDV NQRFNHG WRJHWKHU FKLHÁ\ WR JUDE SRZHU would sooner or later disintegrate. That it was only a matter of time for this alliance of strange bedfellows to arrive a precipitous cul-

de-sac.

But they never envisaged that it would be so messy and lay bare the nature and depth of the desperation of these disparate interests, personalities and political camps scrambling LQ WKLV ÀQDO SXVK IRU SRZHU &HUWDLQO\ WKLV has further eroded the support base and VLJQLÀFDQWO\ GLPLQLVKHG WKH DOUHDG\ UHFRUG low credibility of the APC. However, never forget that Tinubu, the APC presidential candidate, had declared that his life’s ambition has always been to be president and that this is his turn to rule Nigeria.

Ironically, the open and bitter war of words and wits between Tinubu’s supporters and aides of President Muhammadu Buhari is over the naira swap policy of the same APC administration. This is symbolic of the contradictions that have characterised governance in the last eight years. $QG WKLV RQH LV VLJQLÀFDQWO\ DGGLQJ WR the pains, fears, social dislocations and frustrations assailing an already distraught SRSXODWLRQ EXͿHWHG E\ IXHO VFDUFLW\ insecurity and other miscalculations and outright failures of this APC administration.

This war is also spawning national security concerns, which should greatly worry citizens. If there is discord within the APC, it GHÀQLWHO\ KDV D GRPLQR HͿHFW RQ WKH JHQHUDO well-being of the country as it is the political party controlling the levers of governance, especially the critical security department.

There have been claims from the Tinubu camp that the original reason for changing the colour of the three denominations was to cause mass unrest that would derail the presidential vote for an interim government to be imposed by the Buhari administration.

This shows how deep and caustic the wrangling within the ruling party runs.

But the president’s aides have repeatedly insisted that the aims of the cash swap were being gradually achieved. They argue that it has slowed down corruption related to the predominance of the cash economy and there are signs that it would go a long way in curbing vote buying during the general elections.

Buhari doubled down on this in his Thursday national broadcast - a rare occurrence, as he had remained quiet throughout the unfolding national turmoil.

Not that he had been a particularly outspoken president, though.

But tormented Nigerians are on tenterhooks. They are disturbed that while the APC federal government is upbeat about the successes of the money swap, its own members in Tinubu’s campaign team, leading members of the national parliament and even governors and ministers who had been the president’s closest allies are up in arms against it. Governors El-Rufai and Ganduje of Kaduna and Kano States and Festus Keyamo, a minister, are leading the onslaught.

And this is raising fundamental questions in the minds of sceptical Nigerians. First, do Tinubu’s supporters have something to hide as far as this cash swap policy is concerned?

This poser is pertinent considering the matter of the bullion van seen at his palatial Lagos home on the eve of the 2019 presidential poll.

Second, is the Buhari government in SRVVHVVLRQ RI FHUWDLQ FODVVLÀHG LQIRUPDWLRQ that has shown that Tinubu had stock-piled FDVK WR XVH LQ EX\LQJ YRWHV RU LQÁXHQFLQJ voters on Saturday and the president is bent on thwarting it, no matter the pains it causes Nigerians?

This question is based on the assumption in some quarters that Mr. Buhari, who perceives himself as a ‘Mr. Clean’, could be working towards leaving a legacy of conducting a free and fair election, uncompromised by raw, and perhaps illegally acquired, cash.

Third, could the president truly be using the cash swap to further dim Tinubu’s chances?

Is it possible that the allegations of corrupt enrichment, doubts about his true origins, shady educational background and health status, etc., swirling around Tinubu may have raised doubts in the president’s mind about 7LQXEX·V LQWHJULW\ DQG WKHUHIRUH ÀWQHVV WR RFFXS\ WKH H[DOWHG R΀FH RI SUHVLGHQW" As a corollary to this, only the self-deluded would not believe that Buhari was never favourably disposed to Tinubu’s emergence as APC’s presidential candidate. It was the APC governors that forced his hand here. In fact, the party’s national chairman had, before the presidential primaries, announced the president’s preferred choice - who was going to be the much-awaited consensus candidate at the time.

Citizens are also perplexed that it is mainly $3& JRYHUQRUV DQG WRS UDQNLQJ R΀FLDOV RI the Tinubu campaign group that are criticising the president for defying the Supreme Court order on the new currencies. It’s surprising that throughout the last eight years, these same people and even the APC presidential candidate had never spoken out against any of the FG’s serial disobedience of court orders and other toxic policies and systemic failures.

Last year’s eight months university lecturers’ strike, continued incarceration of Nnamdi Kanu, etc., are other examples. As a matter of fact, it’s utterly vexatious that some governors are now rolling out so-called SDOOLDWLYHV WR FXVKLRQ WKH HͿHFWV RI WKH QDLUD crunch.

This is widely seen as a desperate political manoeuvre only aimed at watering the ground for the general elections. These states never did that before, even during national emergencies such as the lock-downs occasioned by the COVID 19 pandemic.

Gyang is the Chairman of the N.G.O, Journalists Coalition for Citizens’ Rights Initiative

WILL UMEH WEAR THE BLUE RIBBON? Writing about Victor Umeh’s aspiration in Anambra Central Senatorial District elections coming up Saturday 25 February 2023 election is not a walk in the park. This is especially so when there is already a glut on the subject and his mission. Apart from what is already known about him since his politics and his activities in earlier Senate, his current quest to return to upper chambers, not on APGA that he cofounded, but Labour Party, has since stirred some emotions. However, Umeh’s chances are made stronger by his political capital, evident in his vigorous and purposeful leadership of APGA but more for what he did for his people

The Future of Representative Democracy published by Cambridge University Press, Sonia Alonso, John Keane, et al., argue that its sated maturity in early twentieth century, representative democracy has been of epochal political importance as it has come to signify choices in which people in their role as voters have real options and are free to identify with aspirants who will act in defence of their interest. They assert that these representatives should be chosen at regular elections and their task will be to watch over expenditure of public money, domestic and foreign policies, and all other actions of government. ,Q D VLPLODU YHLQ KLVWRULFDO ÀJXUHV OLNH 7KRPDV -HͿHUVRQ WKLUG 86 3UHVLGHQW and Apostle of Americanism; Marquis de Condorcet, French philosopher and mathematician; and James Mill, Scottish historian, economist championed and propagated representative democracy as a way of providing better governance E\ RSHQ H[SUHVVLRQ RI GLͿHUHQFHV RI opinion not only between represented and representatives but among representatives.

However, these founding fathers of democracy insist that the realisation of credible representative democracy will depend on supreme written constitution, impartial judiciary, independent arbiter that ensures free and fair periodic elections, of Anambra Central Senatorial district during OLPLWHG WHUP KROGLQJ RI SROLWLFDO R΀FHV his brief, but momentous outing in the Eight voting by secret ballot, competitive political Senate. parties, right of citizens to assemble in %XW ÀUVW D FDYHDW 8PHK LV P\ IULHQG +H KDV public and press freedom. been so from our University days, and I know Umeh standing on merits of him enough to insist that his ambition has all representative democracy had insisted the trappings of goodness and providence. He that he was candidate to beat at the was both my classmate and roommate. Our forthcoming Senatorial Elections slated IULHQGVKLS ÁRXULVKHG ZKLOH ZH ZHUH WRJHWKHU for Saturday, 25 February based on his in diligent pursuits of academic work at Estate past achievements in Upper Chambers of Survey Department of University of Nigeria, National Assembly. He declared among Enugu Campus and following on later for our others that; he singlehandedly pursued higher degree quest at the same university the non-representation of South-East geounder tutelage of Professor John Umeh, political zone in the country’s security doyen of Estate Management in Nigeria. apparatus and challenged the proscription Our adventures varied, but only of a sort of IPOB. He contended, therefore, that he youths at time engaged and our relationships VKRXOG EH YRWHG LQWR R΀FH EDVHG RQ VHOI extended to our parents and siblings. When UHJXODWRU\ DQG LQQHU ZRUNLQJV RI EHQHÀFLDO the need to settle down to family life called representative democracy that rewards 8PHK DQVZHUHG ÀUVW , ZDV KLV EHVW PDQ :H exceptional performance and apportions worked hard as young Estate Surveyors and blame for poor political accomplishment, Valuers and were able to reach certain station which will thereby ensure election of LQ OLIH EHIRUH 8PHK FKRVH D GLͿHUHQW FDUHHU dependable candidates based on capacity progression. and merit.

I needed to tell this for three reasons. One is Speaking at a Political Debate held at to dispel certain speculations about him that are Awka that was organised by the Nigeria based on ignorance. Two is to situate him in the Union of Journalists (NUJ) and Radio, Arts, context of his ambition. Umeh’s politics from Television and Theatre Union (RATTAWU) his days in All Progressives Grand Alliance in conjunction with Society for Equity, (APGA) – a party he was almost synonymous Justice and Peace (SEJUP) as well as with until few months back - has been one Bring It Up Africa for Anambra Central GHÀQHG E\ FRXUDJH FRPPLWPHQW DQG IRFXV 6HQDWRULDO &DQGLGDWHV 8PHK VSHFLÀHG And three to lay bare our relationship that that the primary duty of a lawmaker in a otherwise elicit insinuations of unconscious representative democracy was to be alive bias. I say this conscious of what I know to paramount interests of its constituents. and how so well I do to appreciate Umeh’s He derided and railed his opponents at the worldview which is neither tainted by tunnel debate who were in National Assembly YLVLRQ QRU GHÀQHG E\ FUDVV RSSRUWXQLVP during multi-million-dollar national rail His role during the formation of APGA, its OLQH H[SDQVLRQ SURMHFW IRU WKHLU LQGLͿHUHQFH teething problems, the struggle for political and detachment that resulted in the dominance in Anambra and beyond, and his exclusion of entire South-East Zone from exit were clear to me. I equally made my little the project. He stressed the importance of contributions during the period as were others, electing mature and sound candidate who but Umeh with his trademark long red cap FDQ FRXUDJHRXVO\ DQG VHOÁHVVO\ ZLWKVWDQG ZDV H[FHSWLRQDO +H OHG $3*$·V ÀJKW IURP WKH rigours and demands of law making at front and ensured its fortunes did not dwindle national level and contended that he is the through his steadfastness and the resilience of benchmark for such putative candidate.

Obi, currently the Labour Party presidential candidate.

Onukwuli, PhD, ,Q WKHLU VFKRODUO\ DQG LQÁXHQWLDO ERRN writes from Bolton, United Kingdom, patonukwuli2003@yahoo.co.uk

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EDITORIAL

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

CHALLENGE OF MULTIPLE TAXATION There is urgent need for a review of the existing tax regime

D

espite the chest-beating by the Federal Inland Revenue Service (FIRS) that it had stopped multiple taxation in the country, critical stakeholders in the economy still experience the challenge.

In a survey recently conducted by the News Agency of Nigeria (NAN), many traders and transporters in the Southeast reportedly expressed worry over incessant collection of taxes and levies, especially by touts and market unions in the zone. But this is a national malaise that is not restricted to markets.

These taxes and levies by government agencies at the federal, states and local levels have become a problem for private sector operators, and they discourage investment.

For years, the Manufacturers Association of Nigeria (MAN) has been raising the alarm over the issue of double and/ or multiple taxations in the country.

“Manufacturers are still overburdened with numerous demands from various tiers of government in form of taxes, levies, fees, permits, etc. In addition, companies in the sector are confronted daily with multiple regulations and excessive drive for revenue generation by government agencies,” former Chairman of MAN, Rivers/Bayelsa branch, Senator Adawari Michael Pepple said recently.

Essentially, multiple taxation occurs when the same income or products and services are subjected to more than one tax. Today, many of the states and local governments, under the pretext that the numerous levies they impose on corporate bodies and individuals do not yield the anticipated quantum of resources they need, have introduced the concept of Internally Generated Revenue (IGR) as another key tax component. While the levy of taxes are key sources of funds to enable government to meet its day-to-day expenditure, including the provision of social services, the tax system can also be used to direct the course of the economy. In

fact, in most countries, it is a very potent weapon for economic regulation. That is not what obtains in Nigeria.

8QGHU WKH FXUUHQW ÀVFDO UHJLPH EHLQJ RSHUDWHG WKH federal government collects import and excise duties; it charges manufacturers capital gains taxes, and in DGGLWLRQ RLO FRPSDQLHV SD\ 3HWUROHXP 3URÀW 7D[ Petroleum Education Tax, and Petroleum Equalisation Tax. At the federal level also, there is National Environmental Standards Regulatory and Enforcement Agency (NESREA) and while the Federal Environmental Protection Agency (FEPA) may now be defunct, some R΀FLDOV VWLOO FROOHFW )(3$ DQG 1(65($ OHYLHV 7KLV LV aside the fact that states also collect environmental levy.

Lagos State is a classic example of where residents go through the practical experience of the burden of PXOWLSOH WD[HV DV GLͿHUHQW forms of levies are replicated at the local government level. Thus, an individual who pays personal income tax through Pay As You Earn (PAYE), also has to pay other disguised taxes.

There is property tax; tenement rate; land tax; parking OHYLHV ,Q IDFW WKH OLFHQVLQJ R΀FH DQG WKH 0LQLVWU\ RI 7UDQVSRUW 027 FKDUJH GLͿHUHQW IHHV IRU DOPRVW WKH same services. But beyond the issue of multiplicity of taxes is the collection methods in practically all the 36 states and the Federal Capital Territory (FCT), Abuja.

Very often, touts and all manner of street urchins are employed in the collection of these questionable taxes.

It is our considered opinion that there is an urgent need for a holistic review of the existing tax regime in the country. We need to bring more Nigerians under WKH WD[ QHW ZKLOH ZH PXVW ÀQG D ZD\ WR HQFRXUDJH MRE creation, especially at the micro level. For businesses, we are not advocating a tax-free regime on all goods or services. Far from that. Indeed, luxury goods and exquisite properties by the wealthy should attract heavy taxes. What we advocate is that government, at DOO OHYHOV VKRXOG PDNH GHOLEHUDWH HͿRUW WR PLQLPLVH RU indeed eliminate incidences of multiple taxation.

We need to bring more Nigerians under the tax net, while we must find a way to encourage job creation, especially at the micro level 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

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

LETTERS DRUG INDUCED VIOLENCE AND THE FORTHCOMING ELECTIONS So many thoughts are on the minds of Nigerians once again. It is time when we are faced with the choice of choosing who will lead the country for another period of four years amongst the numerous candidates jostling for the topmost seat. Will power remain in the north? Are we expecting a power shift to the side which many believe is the minority? Will the popular ‘E MI LOKAN’ saying and aspirations come to stand? Will there be a total surprise from the other candidates which many are not even really concerned about?

These among several other questions will be answered come 25th February, 2023.

It is no longer news that election periods are characterised with several criminal actions which are perpetrated by miscreants bent on making sure the mandate of their choice candidate is achieved: killings, ballot box snatching, vote-buying, and several others. The cartels are already out to making sure there is enough mind -altering substances on our streets before and during elections to enable these miscreants carry out their nefarious activities. Are we going to fold our hands

and watch?

Barely a week to the Presidential and National Assembly elections, the NDLEA made another landslide seizure and arrest as published in their recent statement; that notorious drug locations in Akala, Mushin area of Lagos were raided once again and almost 100 people were arrested including dealers and large quantities of skunks, methamphetamine, and cocaine were seized. These substances I believe would have moved into our streets and used to cause mayhem during the forthcoming elections as usual. Two weeks ago, it was recorded that 1,430kgs cannabis which were being moved in an LNG truck alongside 13 motorcycles which would have been used in distributing them far into the streets were intercepted by NDLEA in Cross River State.

In view of the above, the NDLEA and its boss, Gen Buba 0DUZD UWG QHHG WR EH FRPPHQGHG IRU WKH HͿRUWV WKH\·YH put into making sure we have a free and fair election devoid of drug abuse as well as a great and saner country for our Youths and the Children unborn. Only in 24 months, the

agency, according to media reports, has been making arrests and seizures with over 26,458 people arrested including 34 EDURQV RYHU ÀYH PLOOLRQ .LORJUDPPHV RI LOOLFLW VXEVWDQFHV seized, 3,733 jailed, while 19,401 people have been counselled, rehabilitated and reintegrated back into the society.

Drug abuse will not only mar the elections and leave many IDPLOLHV LQ SDLQV LW ZLOO DOVR DͿHFW WKH OLYHUV NLGQH\V DQG RWKer vital organs of the body, and the worst scenario is that you may never be able to get out and detach from this demon.

It is therefore a general call to the public to be on the watch and report any suspicious movement or places that may serve as hideouts for criminal elements to the relevant authorities. Also, let’s all use this period to continue to shun GUXJ DEXVH EHFDXVH RI LWV QHJDWLYH HͿHFWV ,I 1LJHULD ZLOO EH great again, then we as citizens must play our role by constantly saying NO to drug abuse and shunning electoral violence.

Olufemi Fadahunsi, Ado-Ekiti

MONDAY FEBRUARY 20, 2023 • T H I S D AY

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T H I S D AY ˾ MONDAY, FEBRUARY 20, 2023

HOMES&DESIGN WTC TOWERS:

A Rendezvous for the Resplendent and Reassured The World Trade Center (WTC) Abuja is developed by The Churchgate Group.

When fully completed, it will be made up of eight luxury buildings, seven of which are skyscrapers. They include Commercial Office Towers, Residential Apartment Towers, The Capital Mall, an Event Center and a Hotel. Bennett Oghifo writes

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he fine points of the Towers were presented by Mr. Karim Adelaja, Group General Manager, Sales & Marketing, at the Maiden Edition of webinar series, organised by the World Trade Center Abuja on Tuesday, 14th February, 2023.

The iconic WTC is located in the Central Business District of the capital city, Abuja.

The site is prime and is surrounded by various embassies, government institutions, the judiciary, as well as many top global corporations. Right opposite the WTC is the Abuja Metro Train Station with train services that will take you directly to the Abuja International Airport or connect you regionally to major cities such as Kaduna and the rest of North-Western Nigeria. WTC Abuja is the most iconic address for business and living in Nigeria and facilitates international trade and business between Nigeria and the rest of the world.

Adelaja said the WTC Abuja is one of the exclusive ‘World Trade Centers’ and ‘WTC’ branded properties and trade service organisations located in more than 100 countries across the world. “We are headquartered in NY with offices in over 340 locations globally.”

The Churchgate Group is a Nigerian conglomerate founded in 1968. Its initial focus was manufacturing for local and international markets and large-scale importation and distribution of essential commodities.

In the 80’s, the company ventured into the banking and finance arena setting up two local banks, which were later taken over by Standard Bank, South Africa’s leading financial institution.

In the 90s, Churchgate consolidated many of its businesses and began to foray into real estate development, constructing buildings in Lagos and Abuja.

It specialised in high-end commercial real estate and predominantly leased out to multinational corporations and maintained a large warehouse portfolio.

WTC Abuja is the Churchgate Group’s latest venture and the result is a supercharged development running on some of the best technologies in the world.

Phase one has recently been concluded and consists of a grade-A Commercial Tower, a luxury Residential Tower and A Clubhouse.

According to him, “The WTC Abuja is a mixed use facility providing a portfolio of branded offices, commercial and residential real estates, alongside an extensive suite of trade services for tenants, thereby linking them with the rest of our global network through the WTC Association network.”

THE RESIDENCES

These high-end apartments have everything you could ever want or

need, including top-of-the-line fittings and housewares, on-site parking (valet parking is available) and countless amenities. Each apartment has its unique wrap-around balcony, a canvas for any creative homeowner to turn into paradise.

The WTC residential tower stands 110 meters high. It is presently the tallest residential building in Abuja.

The apartments are now known for pure deluxe living, built for pleasure and a perfect fit for a king or queen.

The 24-storey residential tower comprises 120 super luxury apartments, ranging from 1-6 bedrooms. Our creative spaces go beyond the ordinary to provide superior and luxurious experiences every time. The views are equally emphasised, with plenty of natural light from the large glass panel facades.

COMMERCIAL TOWERS

The commercial tower stands over 120 meters high—a 22-storey edifice with prime office spaces of up to 33,000 square metres. Options range from 130sqm to as much as a full floor plate of 1,440sqm.

Each office floor was conceived and built on forward-thinking technology.

The WTC commercial tower is also the only Grade A office building in Abuja, offering unparalleled 360-degree views of the entire city with its beautifully finished double-glazed façade.

The commercial tower is designed with flexibility in mind. It caters to small and large organisations that require a prime location and top-notch amenities so they can operate their businesses efficiently.

Built on the latest technologies, the WTC Abuja has an integrated building management and automation system provided by Honeywell Building Solutions.

Top-of-the-line equipment has been used throughout the project, such as Schindler lifts, Daikin HVAC systems, Honeywell CCTV and access control and Cummins generators. It also boasts a state-of-the-art security infrastructure already in place and even its dedicated police station and fire department.

THE CLUB HOUSE RECREATION REDEFINED

The Club House was built for recreational, cultural and educational activities for the occupants of the WTC Abuja Residents. It consists of a fitness club, executive lounge, tennis courts, squash courts, an infinity swimming pool, a bar, spa, crèche, and even a jogging track. The idea behind the Clubhouse is to enhance the residents’ experiences by promoting communal well-being, enhancing physical health, reducing stress, and ultimately increasing overall satisfaction.

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MONDAY, FEBRUARY 20, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

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

Power Sector: Setting Agenda for Nigeria’s Next President Obinna Chima highlights issues that Nigeria’s next president must address to fix the country’s ailing power sector and improve electricity supply to homes and businesses.

Tinubu

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igerians are expected to troop out this Saturday to perform their civic responsibility of electing the country’s next president, who will lead the over 200 million citizens of Africa’s most populous nation for the next four years, beginning from May 29 this year. One of the factors they would be considering is who among the top contenders can transform the country’s power sector.

Presently, the top four presidential candidates are Bola Tinubu of the All Progressives Congress (APC), Peter Obi of the Labour Party (LP), Atiku Abubakar of the Peoples Democratic Party (PDP) and Rabiu Kwankwaso of the New Nigeria Peoples Party (NNPP).

Indeed, adequate electricity supply stimulates economic activities in any country and catalyses nations’ drive towards industrialisation. However, in Nigeria, electricity to homes and businesses remain dismal due to poor policy choices, bad leadership and corruption. Since the return to civilian rule in 1999, there have been several attempts to ramp up power generation and supply in the country which has not yielded the desired results.

In fact, despite initiatives such as the Power Sector Reform Roadmap, that shifted the running of power utilities to the private sector, among several others, that raised the hope of Nigerians, power supply in the country has remained abysmal, accounting for one of the reasons for the poor performance of the Gross Domestic Product (GDP) growth Nigeria has seen under the current administration.

Under President Muhammadu Buhari, the Presidential Power Initiative (PPI), which was described as a strategic and systematic approach to solving Nigeria’s perennial problems of unreliable and inadequate electricity supply, was launched and the story has not changed.

Even with an installed power generation capacity of about 13 megawatts (MW), there’s a less than 5000MW of operational capacity in the nation’s grid, thereby putting the majority of the 200 million population at the mercy of expensive and high polluting alternative generation sources like diesel and petrol generators.

The PPI deal with Siemens is expected to improve the wheeling capacity of the transmission arm of the electricity value chain to 7,000MW in 2021; 11000MM by 2023 in phases one and two respectively, and further raise the overall grid capacity to 25,000MW by 2025. Unfortunately, the project is still at the implementation stage.

Observers have cited a significant lack of cohesion between the players from the Ministry of Power, the Transmission Company of Nigeria (TCN), Ministry of Finance and the Presidency, as a major factor that has retarded the progress of the project.

Clearly, the Nigerian power sector has seen some good ideas in the past eight years, but its main handicap has been implementation.

Therefore, analysts believe that the next president of the country must ensure that most of the initiatives outlined for the sector are implemented. The privatisation exercise that took place in 2013 created the power generation companies (Gencos) and the power distribution companies (Discos) but no significant progress has been recorded since the assets were handed over to the private investors.

On the other hand, the transmission infrastructure has witnessed minimal improvement in recent years.

On generation, there are lots of stranded generation in

Obi

Atiku the National Integrated Power Projects (NIPPs), but part of the challenges they face is the lack of adequate commercial gas supply contracts that guarantee them steady gas supply to their plants.

To this end, analysts have stressed the need for the next president of Nigeria to take direct ownership and leadership of the power sector, adding that, in the area of transmission infrastructure enhancement, the president must mandate the key players and have one responsible individual – be it the Minister of Power, preferably, or if required, consider the option of Presidential Taskforce on Power, as was the case under Prof. Barth Nnaji, some years ago.

According to the Chief Executive Officer of Proton Energy, Mr. Oti Ikomi, “We would need to have a single accountable individual who reports and takes directive from the president and the president must take ownership. That is very key. The president must take direct ownership and it is not just titular ownership, but technical, administrative and supervisory ownership, requiring perhaps, a meeting every week.”

He added, “We were informed recently that in the Egyptian example, Abdel Fattah El-Sisi, President of Egypt, used to have meeting every week with the key power operators to track progress. That showed seriousness and so, the transmission infrastructure was addressed. Siemens is willing to work with Nigeria, but we also must be willing to accelerate things.

“There has just been a total unnecessary slowdown. A project that should have been completed in one year is taking four years. --- so that is for transmission.”

On how to fix challenges associated with power generation, analysts stressed the need for the next president of the country to design a special initiative to see how to tackle the challenges.

“The key challenge for generation, for both existing power plants like the NIPP plants and new greenfield plants have being the inability of the off-taker entity, which is the Nigerian Bulk Electricity Trading (NBET), to reach commercial bankable agreements with project developers.

“Nigeria needs to take a very positive and practical view of our credit rating and our historical experience as a nation. While we aspire to be treated in the credit ratings like countries such as Singapore and Malaysia, our experience has proven from the current debacle we are having with fuel, naira and other inefficiencies, that countries need a certain amount of guarantee and international lenders need guarantees that would support these projects”, Ikomi said.

He further said, “The Nigerian government, particularly in recent times, has taken a very conservative and retrogressive stance on completing Power Purchase Agreements and in particular, the necessary guarantees to give to project developers.

The international standard is that a country must be willing to give some forms of guarantees.

“The world today in 2023, would ensure that we have bankable win-win guarantees between the Nigerian nation and the developers. We are aware of all the concerns around Azura project,

but it must be recorded that the Azura project is live. It was live ahead of schedule and live ahead of total cost despite the guarantees. The hue and cry around the guarantees given Azura are sometimes misplaced and used to create intentional concerns in the polity.”

Speaking further, the former Chief Executive Officer of Keystone Bank said: “So, the next president of Nigeria must be willing to give guarantees to support projects, but they should be well-defined, legally constructed, technically and financially viable guarantees for Nigeria as a nation and the developers and this should be done within 30 days of the president coming in, so that the key projects that are hanging in there now, within the generation space, new projects and greenfield projects can come on track.

“Right now in Nigeria, it takes over 10 years to build a power plant, which is totally unacceptable.

This should ordinarily not be more than three to five years. So, what we are saying is that the generation capacity that we expected in 2024, it is foolhardy to think that we don’t need to negotiate them now. The capacity that we need in 2030, we need to contract them now.

“So, the 2030 requirements, you are contracting them now. So, the government must immediately conclude at least 10 to 30 megawatts of new generation now.”

He, however, pointed out that distribution continued to remain a challenge in the sector, noting that the government had done the right thing in addressing some of the weak elements through its intervention in some of the Discos.

“Some of the Discos such as Eko Disco, Ikeja Disco and a couple of others are doing quite well.

Their collection efficiency is high and they need to be encouraged. But some of the weaker Discos, the government needs to take action on them.

The government has equity rights and it must implement that.

“The other point that is very critical is that we have a basic collection shortage in this country, whereby the last mile is never collected. That leads us to metering. We did the first phase of the National Metering Programme and we metered about one million customers. The next phase was to meter four million customers. Regrettably, that has also slowed down.

“So, the next government must make sure that the national metering programme is immediately restarted with necessary twists given to it so that we can approach a point whereby all Nigerian consumers are metered and there is no more estimated billing. That is because when you give confidence to the consumer, he is able to know that what he is consuming he is paying for and he is able to pay for it”, Ikomi added.

In his contribution, the Partner and Energy, Utilities and Resources Industry Leader, PwC Nigeria, Mr. Pedro Omontuemhen, stated recently that “Irrespective of your political affiliation, we can all agree that electric power is critical to our development as a nation.

“But there are several perspectives on the key solutions and policies that Nigeria should pursue

Kwankwaso to solve the crisis in the power sector. So there’s a need for all stakeholders and the incoming government to dimension the challenges and agree on the key policies to implement.

“This alignment is urgent if the incoming government is to deliver a sustainable and stable electric power supply in Nigeria.”

Also, former Chief Executive Officer of Nigerian Electricity Regulatory Commission (NERC), Dr. Sam Amadi, had recently proposed the restructuring of the TCN and the constitution of a presidential task force that would “drive power sector reforms and restructure the Niger Delta Power Holding Company (NDPHC) to release its 4000MW generating capacity.”

He also proposed extending invitations to local and international developers to sign new PPAs for 800MW of solar/wind in Lagos, Port Harcourt and Warri by 2025.

The Director General of Bureau of Public Enterprises (BPE), Mr. Alex Okoh, recently noted that some ongoing reforms targeted at the Gencos had worked and should continue.

According to Okoh, a legacy Genco firm that was privatised and listed on the stock exchange is currently attracting favourable attention from the public, which he described as an independent test of the viability of that business.

He said, “An aspect of that, which the present administration has made some good case is the issue of just transition. With Nigeria having 208 trillion standard cubic feet (tscf) of natural gas reserve -the ninth largest gas producer in the world, the country had been maligned and unjustly treated by the international finance community, with their their pressure on countries to move away from fossil fuel due to environmental considerations.

“We have gas today in Nigeria and we are going to use it from day one and we shall marshal all our resources, both within the country, internationally and in particular, get the support of the President of the United States on this initiative, so that when we speak to the G7 countries and the international finance community, they would agree and ensure that we get the necessary finance to support gas projects.”

He maintained, “The path to improve power in Nigeria, the most available and relatively cheap source of funding is gas. But we are hampered by the restrictions on gas financing. We are not saying we are not going to do solar, we are going to keep doing solar; it is complementary and we are going to do other forms of renewables, but gas-based power must be a top priority for the next president.

“The Decade of Gas initiative is a very good one.

But it is very good in soundbites, but what we have on ground is very limited. We have come up with all these initiatives, but they are very limited. Yes, the Decade of Gas initiative must go on, but there is need for real implementation. Again, choose some projects, support some of the projects - gas-based power, gas-based for fertilizers, gas-based methanol or whatever – all of that should be implemented,” Okoh added.

To this end, it is believed that if all or most of these issues plaguing the power sector are addressed, it would lead to improved power generation and supply which would in turn have positive effects on the country’s GDP.

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T H I S D AY ˾ MONDAY, FEBRUARY 20, 2023

BUSINESS SPECIAL

INTERVIEW

Labode: Consumers are Always Interested in Potentially Life-changing Cash Reward Schemes Lai Labode is the Managing Director/Chief Executive Officer, CashToken Africa, a company that helps African businesses optimise sales and consumer loyalty investment through its universal gamification of rewards and expenditure model. In this interview, he speaks about the company’s services and its expansion plans. Obinna Chima brings the excerpts: Tell us about Cash Reward Africa and what the company does? ssentially, several years ago, we conducted this research called the patronage optimisation research and we wanted to be able to understand the most potent emotional disposition is that would trigger increased patronage for any goods or services. We were also looking for solutions that could potentially help Africa redistribute wealth and potentially tackle poverty.

We were also looking for the best way to help businesses to be able to impact society. So, we established this model called the Socialist Smart Business model and decided to lead a new generation of businesses that would become socialist smart. By socialist smart, we mean the marriage of successful enterprises and social development.

Part of what we found in the course of our research was that as long as people are making purchases and people expect that they get good services and products, they also expect to be rewarded. We were wondering what kind of reward would make them buy more because by buying more, businesses become more prosperous and successful and they are able to pay more taxes and impact society.

Our research essentially led us to something that was quite interesting, not necessarily out of this world, but it was the nuances from the research that became so critical; which was that consumers are highly interested in rewards that are cash. People want cash first.

You can offer them anything you want as many businesses offer points and ask customers to go to their offices to redeem them, but consumers are interested in cash reward. We also found something that is interesting.

Consumers are interested in not just cash rewards, but they are interested in potentially life-changing cash rewards. Now, all of us have some kind of dreams in our hearts – somebody wants to send their child abroad, somebody wants to marry a new wife, among other source of dreams – and they are all looking for cash to actualise that. Now, in Nigeria and other African countries, people know what to do with their cash. So, when they were telling us during the research that what they actually wanted was an opportunity for life-changing rewards, it meant that we needed to create a product that would meet the expectations of consumers and help businesses understand what consumers wanted and how to optimise their customer loyalty investments. This led us to the creation of Africa’s first universal cash reward as a service.

Essentially, we became the first company to establish a universal reward wallet. It meant that consumers in Nigeria and across Africa would have a single cash reward wallet that would work with every business. So, imagine that you have a single wallet, when you buy airtime from mobile networks, you reward that you will get is same as when you go to a store to buy groceries and across all businesses and even when you enter Uber.

Now, in order for us to meet the results that we found during the research, aside from establishing the universal cash reward as a service, we needed to establish product that would help us execute what we created. So, we created our flagship product called the CashToken. The CashToken essentially is an electronic reward commodity that offers consumers life-changing cash opportunities.

The cash token itself is really unique. Before you can receive a cash token, which is a reward for patronage, you need to make a purchase.

That means before a business can give you one cash token, you must have met their business objective. I will give an example of one of our clients –MTN. Before MTN will gift you one cash token, you must meet the business objective. Now that you have met their business objective, MTN believes that you have basically helped their business to become more prosperous. So, they are basically saying as long as you continue to do that, you deserve a life-changing opportunity, which is what cash token is all about. So, MTN will pay us money to buy our cash tokens to offer their customers life-changing opportunities. Every time you get a cash token, it goes to your universal reward wallet, which is unprecedented. So, it is the first time anywhere in Africa where you have a single wallet for reward and it is

Covid-19, they were still getting their rewards and the draws were on. So, it brought us opportunities. But beyond the opportunities for us as a business in terms of making money and making our shareholders happy, we are very conscious of the gratification that come into peoples’ lives. The ripple effect of what we have created is quite massive. Ours is to ensure that every time our cash token is used, you get some value for money and the society is positively impacted.

E

Labode cash reward across all businesses.

Now, when you receive the cash token reward, which comes as an SMS telling you that the company has gifted you cash token(s) and instantly you will receive some cash in your wallet. We call it guaranteed instant cash. But simultaneously, you also receive a ticket into a weekly national consumer draw. Now, this national consumer draw is what offers us a chance to win between N5,000 and N100 million.

That is the life-changing opportunity that is involved here. If you have received a cash token gifted to you by a business, instantly you have received N6 in your wallet. That means if all week you have 1000 cash tokens buying food, entering Uber, flying an airline, paying for electricity, same rewards in your wallet, that means in a week you have N6,000 instantly. That also means you have 1000 ticket in the national consumer draw that happens every Friday. We call it La la le Friday.

Of course, you can imagine that in the draw that would happen on Friday, we will make millionaires. Today, there isn’t a company in Africa that impacts people the way we have been able to do it. Consistently, every other week, we make loyal customers of businesses that have partnered with us millionaires.

I can tell you that since Nigeria became amalgamated in 1914, I can tell you that there isn’t a company in Africa that has been able to do that consistently every week. Essentially, we are enabling businesses to be able to optimise their customer loyalty investments. Every time a cash token is received, the business has surely made money or met their business objective and of course the consumer has received his reward.

The future of consumer rewards is very much in universal gamification of sales and rewards. We are entering another era where it is consumer takes all. We are also beginning to see governments come forward. Lagos State government became the first in Africa to establish universal rewards for its residents. It is called Eko Token. We partnered with Lagos State on that.

What is your assessment of the Nigerian cash reward industry? From available data, we understand that it is worth about $440 billion and the global space is about $61.5 trillion……?

The size of the industry is pretty huge.

Of course, we are just starting to explore it. We are currently in a partnership with Mastercard. We helped Mastercard establish a sub-Saharan African platform for all Mastercard holders in Africa. We aggregated merchants across Africa that offer the cash token reward. Now, our pilot phase includes Nigeria, Ghana, Kenya, Tanzania, Cote D’ Ivoire and Uganda.

That puts us in six countries and that is ongoing as we speak. Fort that, we would continue to grow across Africa. So, when we talk about wealth redistribution in Africa and poverty alleviation, using a model that is in partnership with all businesses, you know that something big is about to happen.

That is because the impact is not based on charity, it is based on the impact on the objectives of businesses. So, what we are doing in those six countries and Zambia inclusive, because we have a license in Zambia, is that for Africa, the importance of wealth redistribution becomes even more important with its young population and there is quite a bit of poverty still around the place. So, when you enable businesses to become more prosperous, when their customer loyalty investment is optimised and we can see the direct impact of that on the people, then it becomes really powerful.

Africa is a ground that we are exploring.

Covid-19 came with lessons, both good and bad, as an organisation, what were the lessons you learnt from the pandemic?

Covid-19 came with a lot of challenges and a lot of opportunities at same time.

For us as CashToken Africa and for the industry, there has never been a time when purchases stopped. People would continue to buy and as long as they are making purchase, there is opportunity for us. As people were buying during the

What are the unique products and services offered by your organisation and the channels through which you offer these services?

First of all, when you are creating a product in Africa and generally, the ingenious is always in the simplicity. So, you have to think about the different categories of those who are going to use the services. The big businesses want things automated and simplified. Now, you can either go online and buy from them as long as you have met the purchase threshold.

If you go on USSD, which is offline, you can also be able to have access to our service. If you buy your airtime from them, you will also get the cash token. Part of what we have also done is that we are also the first company to make reward services available on the go for all businesses.

There is no SME in this country that wants to start a reward programme and cannot start in five minutes. That is unprecedented. There is no other company in the world where you can start a reward programme in five minutes.

Today, if you go to an amala spot, you will see that as long as I met their purchase threshold, if you spend a minimum of N1000, and they say they are going to give you a reward of one cash token, all they need to do is to take their phone and dial a code on any mobile network and you receive your cash token immediately. So, they can see all the customers that they have given cash token over time.

So, all of these channels are available across different platform of business and of course for different classes of people who are able to use them. We have also been able to go as low as getting scratch cards and customers can load it when they make purchases and receive their cash token rewards.

You recently secured $100 million from the global emerging market, what is your expansion plan and do we expect mergers and acquisitions?

We are quite excited about the commitment. $100 million is a big money for an African business to be able to expand and showcase what it has, not just to Nigeria or Africa, but of course to the world. Of course, our expansion plan includes firstly to optimise what we have in Nigeria. While the cash token business is already successful in Nigeria, we have not done five per cent of our potential.

The business is much bigger than what anyone can imagine. That is because it is a business that helps businesses optimise their value, helps customers optimise what they get back and impact society at large.

First of all, we would be spending a lot of money on marketing, improving our operations and also prepare our business for the next level in terms of technology. Another thing we would be doing is also investing in people so that we are able to attract new talent and retain talent. We shall also be expanding across Africa, which is what we have started with Mastercard. We are also looking at how the cash reward business operates in the United Kingdom and the United States. I was in New York last year, exploring the industry and looking at what is on ground. So, we have a path to about nine countries with the $100 million and those nine countries include a number of African countries.

Then the bridge between Africa and the rest of the world is the United Kingdom. We have a robust plan that we have already put into gear. One of the key things for the access of our $100 million is the listing on the stock exchange. So, we are currently on the path of the listing of CashToken Reward Africa on the Nigerian Exchange Limited and on the New York Stock Exchange. It would be a dual listing to showcase what Africa has to the rest of the world.

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MONDAY, FEBRUARY 20, 2023 ˾ T H I S D AY

BUSINESS SPECIAL

ANALYSIS

How FMBN, Organised Labour, NECA are Making National Housing Fund Scheme Work for Nigerians

86-Unit FMBN/NLC/TUC/NECA Housing Estate recently inaugurated in Borno State John Ikyaave

“I

am delighted to be a part of this history-making occasion to commission the 86-housing unit estate comprising one-, two- and three-bedroom bungalows with affordable prices ranging from N3.1 million to N8.3 million,” said Ayuba Wabba, who recently bowed out as president of the Nigeria Labor Congress (NLC), in Borno state.

“This project is made possible by the National Affordable Housing Delivery Programme (NAHDEP), an innovative collaboration between the Federal Mortgage Bank of Nigeria (FMBN), NLC, Trade Union Congress (TUC) and the Nigeria Employers Consultative Assembly (NECA) to build houses that workers can afford to own.

The houses are supposed to be 100, but the space the government graciously allocated for the project free of charge to reduce the house prices could only accommodate 86 units. While we deeply appreciate the government’s gesture, we would still solicit for additional land so the second phase of this important housing project can commence, and more Borno workers can have access to decent, affordable, and quality shelter,” he added.

A day earlier, a team comprising the Managing Director/Chief Executive Officer of the FMBN, Mr. Madu Hamman, Wabba, representatives of the TUC and NECA, and other housing industry stakeholders were in Damaturu, the Yobe state capital, where the Governor, Mai Mala Buni CON, commissioned 180 housing units built under the FMBN/NLC/TUC/NECA collaboration.

The contract for constructing the houses comprising 60 three-bedrooms and 120 two-bedroom bungalows was awarded in November 2020 and completed in July 2022.

The estate sits on 30 hectares out of 40 hectares of land provided free of charge by the Yobe State Government. The move was to ensure that the price of housing units fell within the affordable range for its workers.

FMBN - PARTNERING TO DELIVER VALUE TO NIGERIAN WORKERS The FMBN has started 2023 on a strong note of delivering completed affordable housing stock and empowering Nigerians to own their homes. The housing events in Borno and Yobe states are part of the eight project locations that the FMBN/NLC/TUC/NECA team visited nationwide to commission 1,071 homes in January 2023 under phase one of the National Affordable Housing Delivery Programme.

The exercise commenced on 16th January 2023 in three locations with the commissioning of 100 housing units in Akure, Ondo State; 100 housing units in Yola, Adamawa State;

and 315 housing units in Katsina. 19th January 2023 witnessed the commissioning of 90 housing units in Abakiliki, Ebonyi State, followed by 100 housing units in Sokoto and another 100 housing units in Damaturu, Yobe State on 23rd January 2023. On 24th of January 2023, the team commissioned the 86 housing units in Maiduguri, Borno State closely followed by another 100 housing units in Kogi State on 26th January 2023.

“As a management, we are committed to ensuring that we build a new FMBN that delivers value to Nigerian workers who contribute to the National Housing Fund (NHF) Scheme by forging strong collaboration with organized labor and NECA who represent their interests. “We appreciate the confidence the organised labor has reposed in the FMBN and the collaboration to deliver affordable housing to its members. They have allowed us to prove again that the National Housing Fund (NHF) Scheme is a reality and is working,” Hamman had said.

“The commissioning of these 1,071 housing units proves that the collaboration with labor and stakeholders under the National Affordable Housing Delivery Programme for Nigerian Workers is working and producing results. Also, it is achieving its goal of increasing access to affordable housing for Nigerian workers at terms and prices they can afford. We shall commission more houses built under phase one of the program.

I am also happy that the second phase is already underway to deliver more of these affordable housing units for Nigerian workers in several locations across the country,” he added.

The FMBN/NLC/TUC/NECA affordable housing partnership, officially launched October 10th, 2018, plans to deliver a total of 2,800 housing units in fourteen (14) sites across the six geopolitical zones of the country in addition to Lagos and Abuja, in batches of a minimum of 200 units per zone.

The second phase has also commenced and aims to deliver about 2,172 houses nationwide in 12 locations. House types include finished semi-detached bungalows and 1-, 2- and 3-bedrooms in blocks of flats.

The program marks the first time that FMBN and organized labor unions worked closely with experts and industry stakeholders to develop a realistic and acceptable framework for delivering affordable housing to Nigerian workers.

Labour leaders who understand Nigerian workers’ realities and financial challenges made constructive inputs to the housing designs, pricing range, and other relevant

conditions for delivering this project.

As a result, the National Affordable Housing Delivery Program for Nigerian Workers emerged a fit-for-purpose tool for delivering houses that workers can afford as part of the national effort to redress the huge housing deficit that experts now estimate to be over 22 million housing units.

The program also marked a significant departure from earlier social housing projects, which failed because their conception and execution failed to factor in the Nigerian worker’s concerns and economic realities.

A FOCUS ON HOUSING AFFORDABILITY AND SUSTAINABILITY There are several remarkable things about the National Affordable Housing Delivery Program for Nigerian workers.

This includes stakeholders sustained and shared commitment to designing and building houses that fit workers’ incomes, reducing the cost burden, and creating innovative, affordable paths to helping them own the homes.

Let’s start with the strategy to reduce costs and make homes affordable. The program opted for house types based on proven social housing models focused on one-bedroom, two-bedroom, and threebedroom units.

“The philosophy behind the project is that it should deliver houses that workers can own and pay for conveniently within the context of their incomes. The implication is that we factored the financial capacity of workers into the house design. The approach has helped us break from past trends of building houses that are not affordable to Nigerian workers,” Hamman added.

Second, state governments are required to provide land at no cost for the housing estates as part of their contribution to providing affordable housing to their citizens. In all the locations where the FMBN/NLC/TUC/NECA Estates are sited, the respective state governments provided land. In some instances, they even took on the responsibility of providing access road to the sites and ensuring connectivity to the national electricity grid.

By providing land and related infrastructure, state governments helped to eliminate significant cost elements that determine the eventual house price, thus improving home affordability.

Third, under the program, the FMBN commits to leveraging funds from the National Housing Fund (NHF) Scheme to provide construction financing for housing projects at a single-digit interest rate of 10 per cent to reputable developers. The speed of FMBN construction financing,

mobilisation of reputable developers and on-site monitoring of the projects is helping a long way to ensuring timely delivery as well as compliance with design specification.

AFFORDABLE PATH OF OWNING THE HOMES FMBN also provides Nigerian workers several convenient pathways to owning homes built under the scheme. This includes the legacy NHF Mortgage Loan and the innovative rent-to-own housing product.

“In addition to providing construction financing for the projects, FMBN provides mortgage financing for the purchase of the houses at an interest rate of six per cent per annum, which is the lowest rate in Nigeria with a repayment period of over 30 years. There is no other Bank in Nigeria with such a long-term facility and at such a rate,” Hamman added.

Under the terms of the program, the FMBN provides low-interest housing loans to registered contributors to the NHF to enable them to purchase houses. Eligible workers whose loan requirements fall below N5 million will pay zero equity contribution to access the facility.

Those requiring N5 million to N15 million will only make a 10 per cent equity contribution instead of the old 20 per cent and 30 per cent requirement regime.

The housing loans have a convenient payment plan with tenors of up to 30 years, depending on the age of the beneficiaries and years in service.

The evident and practical success stories of the National Affordable Housing Delivery Program for Nigerian workers as evidenced by the 1,071 homes completed and commissioned with off takers taking possession, the rapid progress being recorded on the phase 2 of the program along with the stakeholder wide acceptance and buy-in shows that the program is a veritable tool for delivering affordable housing.

According to the FMBN MD/CEO, the project shows that the Bank understands the critical housing shortage that Nigeria faces, the urgency to fix it and is actively taking bullish steps towards addressing it.

“These projects underscore FMBN’s new approach, which aligns with the vision that homes must be built for specific profiles and identified off takers from the beginning,” he said.

Hamman believes that the strategic partnership with critical stakeholders – NLC, TUC, and NECA – must be encouraged by all parties to enhance the performance of the FMBN. It therefore behooves the government, stakeholders, and housing industry policy leaders to encourage the partnership and ensure that it is scaled up for even greater impact nationwide. t *LZBBWF JT B IPVTJOH QPMJDZ BOBMZTU CBTFE JO "CVKB

MONDAY, FEBRUARY 20, 2023 ˾ T H I S D AY

44

BUSINESS/MONEYGUIDE

Onwubuariri: Electronic Call-up System Has Reduced Cost of Moving Cargo by 65% Oluchi Chibuzor As stakeholders continue to enjoy ease of doing business as a result of the electronic call-up system within the Lagos port, the Managing Director, Trucks Transit Parks (TTP), Mr Jama Onwubuariri, has said that the innovation has led to the reduction of cost of moving cargo by 65 per cent.

He said the success is attributable to their proprietary software ‘Eto’ which in two years has helped in solving traffic management issues having processed over 1,165,000 port and non-port- bound trucks via their traffic management system.

Speaking at a press conference to Mark TTP’s two years of existence, Onwubuariri said with the software they have been able to solve the complex problems of congestion within the port environment.

Answering questions on the recent call to allow more

operators to come into the industry, he affirmed that TTP have made a profound impact on the logistics and transportation industry, delivering innovative solutions that streamline the cargo movement process, reduce congestion, and improve the overall efficiency of port operations.

According to him, “We understand that those that are calling for more players are those that are asking us to compromise the system and we are not ready to yield to their terms. So we know them and we would continue to negotiate with every stakeholder to see the overall advantage for the economy.”

He continued: “TTP’s flagship product, Eto, has successfully reduced traffic around the port corridors, resulting in a significant improvement in the average turnaround time for port-bound trucks from an average of two weeks to just three days. The

company’s technology has also contributed significantly to a massive reduction in the cost of moving cargo by 65 percent, providing significant cost savings to businesses and improving the competitiveness of the Nigerian economy. It has also in this period, digitally managed the movement of over 1,165,000 port and non-port-bound trucks.

“Our commitment to delivering innovative solutions has allowed us to revolutionize the way that cargo is transported in and out of Lagos ports, and we are confident that our continued growth and success will bring even greater benefits to the industry in the years to come.”

Meanwhile, the Head of Corporate Development, TTP, Mr. Richard Emenim, noted that despite all the successes recorded with the call-up system some transporters are trying to circumvent the process.

Secretary General, Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu receiving the SeniorDefenseAttachéoftheUnitedStatesEmbassyinCôted’Ivoire,Lt.Col.DeanAllenduringacourtesyvisitto MOWCA’sofficeinAbidjan... recently

MARKET INDICATORS

Bolt to Invest Over €500M in Africa, Surpasses 1bn Rides Bolt, the leading mobility app in Africa, has announced plans to invest €500 million in its operations on the continent over the next two years.

The funds, it said in a statement, will be used to expand Bolt services in Africa and create opportunities for over 300,000 new drivers and couriers to join the platform in 2023.

Having launched in South Africa in 2016, Bolt now operates ride-hailing and delivery services in six further countries - Kenya, Ghana, Nigeria, Uganda, Tanzania and Tunisia - with over 47 million customers and 900,000 drivers on the platform. Bolt Business,

Bolt’s corporate travel arm, has also been introduced in Nigeria, South Africa, Ghana, Tanzania and Kenya, offering local businesses safe and affordable ways for their employees to travel.

Founder and CEO, Markus Villig, said: “Over the past seven years, we have built a strong team of 500 people in Africa and we remain committed to investing into local communities for the long-term. At a time when many countries are facing economic challenges, we will continue to grow our presence in Africa through this new investment which offers massive potential to create new jobs and income

opportunities for drivers and couriers.”

Regional Manager, West and North Africa, Ireoluwa Obatoki, said: “While many companies are scaling back investments given the macroeconomic environment, we recognize the transformational effect platforms like Bolt can have in Africa. We operate in markets where there are unique challenges and by continuing to expand our services we will offer people new opportunities to earn a good living by being a driver, as well as providing millions of customers with a safe, reliable, and affordable way of moving around their city.”

FITC Partners CFA to Host National Economic Development Outlook FITC in collaboration with CFA Society Nigeria, has organized the second edition of the National Economic Development Outlook Series (NEDS) 2023, to equip individuals and organizations with a firm understanding of the macro-economic environment in Nigeria and how to win under the circumstances.

The virtual event held recently, with a cross section of speakers, panellists, local and international economists, and participants across the financial services industry, including banking, insurance, securities markets, and industry regulators, who came together to share and learn contemporary insights on the programme theme; “What Next for Nigeria’s Economic Growth? Overcoming Inflation, Rising Interest Rates, Debt and Uncertainty”.

In her welcome address, the host, and Managing Director/CEO FITC, Chizor Malize, stated that the NED series is one of the Institute’s visionary programmes, that brings together significant personalities to deliberate on the issues that are critical to the nation and its economy and to provide business insights for organizations to steer

and navigate the unique and precarious economy.

President of the CFA Society, Nigeria, Ibukun Oyedeji, reiterated the focus of the event, which deliberated on economic issues, overcoming inflation, Nigeria’s rising debt profile, the outlook on fixed income, equities, Monetary Policy Rate, the Finance Act 2023, its implementation and the comparison of it to the prior Finance Acts in Nigeria.

Chief Executive Officer (CEO), Economic Associates, Dr. Ayo Teriba, delivered the keynote address, which he anchored on the Federal Government 2023 Budget.

He statedthat the current reality is that the world is in the eye of the storm, the ripples of the geopolitical tensions have presented the global landscape with the perfect storm in which both the income statement and the balance sheet are in turmoil.

In his remarks, CEO, The CFG Advisory, Tilewa Adebajo, stated that Nigeria spent millions of naira on subsidies in 2022, buttressing that if these monies were pumped into the economy, instead of being used on subsidies, there will be a positive impact especially on the nation’s deficit. He

also stressed the need for structural reforms of the Nigerian economy.

Building on Adebajo’s remarks, The MD, RMB Nigeria Asset Management, Kike Mesubi further reinforced the need to remove subsidy, noting that the amount spent on subsidy can be injected into the real sector of the economy, like infrastructure and real estate. “As it stands a huge sum from oil produce is spent towards subsidies, if that goes off, that is additional money to develop the economy and will ultimately increase the revenue that has been budgeted for the year” she said.

Partner, PwC, Mr. Kenneth Erikume speaking on tax revenues, commended the efforts of the FIRS in ensuring the tax administration process is digitized, while also introducing some reforms around taxation of non-residents, introduction of VAT collection, by digital service companies, thus growing tax revenue from 6.4 trillion in 2021, to 10.1 trillion in 2022, a 58% increase. He further analyzed this and noted some risks in performance for 2023.

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)

45

T H I S D AY ˾ DAY, FEBRUARY 20, 2023

MARKET NEWS

Analysts Predict Cautious Trading as Stock Market Decline by N280bn Kayode Tokede The stock market of the Nigerian Exchange Limited (NGX) posted its first weekly decline in February as investors trade with caution over 2023 election uncertainties.

Specifically, the loss recorded on the final trading day, proved sufficient to wipe out the cumulative gains of 0.4 per cent as of Thursday.

Consequently, the NGX All-

Share Index shed 0.96 per cent week-on-week (W-o-W) to close at 53,804.46 basis points as investors value, market capitalisation shed N280 billion to close the week at N29.310 trillion.

Across the sectors last week, performance was largely upbeat for most of the indices that saw support from an increased inflow of funds into the equity space and continued buying sentiments, except for the banking index that was hit with profit-

P R I C E S MAIN BOARD

DEALS

F O R MARKET PRICE

taking, which dragged the index into the negative region by 1.34 per cent week on week.

On the contrary, positive price movement was seen in the NGX Insurance index with a weekly gain of 1.18 per cent.

NGX Oil & Gas index recorded a weekly gain of 0.91 per cent, NGX Consumer Goods index rose by 0.67 per cent, while NGX Industrial Goods index gained 0.06 per cent for the week as investors posed their

expectations for the early filers from these sectors to start hitting the market with their 2022 full-year scorecards even as the presidential and national assembly elections draw closer.

The market breadth for the week was positive as 36 equities appreciated in price, 24 equities depreciated in price, while 94 equities remained unchanged. Tripple Gee and Company led the gainers table by 45.26 per cent to close at

S E C U R I T I E S

T R A D E D

QUANTITY TRADED

VALUE TRADED ( N )

MAIN BOARD

N1.99, per share. Livingtrust Mortgage Bank followed with a gain of 16.16 per cent to close at N2.30, while Chams Holding Company went up by 16.00 per cent to close to 29 kobo, per share.

On the other side, CWG led the decliners table by 17.35 per cent to close at 81 kobo, per share. Fidelity Bank followed with a loss of 14.70 per cent to close at N4.76, while PharmaDeko declined by 10.00 per cent

AS O F

to close at N1.89, per share.

Overall, a total turnover of 751.990 million shares worth N20.575 billion in 15,822 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 944.293 million shares valued at N22.710 billion that exchanged hands previous week in 18,615 deals.

However, capital market analysts, said caution trading is expected on the stock market this week.

1 7 / 0 2 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY, FEBRUARY 20, 2023 ˾ T H I S D AY

46

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Macron: Russia Should Be Defeated, Not Crushed in Ukraine Russia is not happy with the French president’s comments in a newspaper interview.

Emmanuel Macron told Le Journal du Dimanche that France wanted to see Russia defeated in Ukraine but not crushed.

Russian Foreign Ministry spokeswoman Maria Zakharova said the French leader’s comments were “priceless” and showed that the West was talking about regime change in Russia.

Macron also told the newspaper that he did not see an alternative to Russia’s current leader.

“All the options other than Vladimir Putin in the current system seem worse to me,” the French leader told the newspaper.

Russia, led by Putin, invaded Ukraine a year ago.

US Warns China Biggest Threat in Space Space has “fundamentally changed” in just a few years due to a growing arms race, a U.S. general said, singling out China as the “most challenging threat,” followed by Russia.

“We are seeing a whole mix of weapons being produced by our strategic competitors,” General Bradley Chance Saltzman, the U.S. chief of space operations, told a group of media, including AFP. “The most challenging threat is China but also Russia,” he said, speaking late Saturday on the sidelines of the Munich Security Conference, listing technologies including anti-satellite missiles, ground-based directed energy and orbit interception capacities.

“We have to account for the fact that space as a contested domain has fundamentally changed. The character of how we operate in space has to shift, and that’s mostly because of the weapons (China) and Russia have tested and, in some cases, operationalised,” he said.

His words carry even more weight given surging U.S.-China tensions — highlighted by tense exchanges in Munich Saturday between Secretary of State Antony Blinken and Beijing’s top diplomat, Wang Yi, over a suspected Chinese spy balloon.

Blinken warned Wang that China must not repeat such an “irresponsible act” of sending a balloon over US airspace, while Wang said Washington’s reaction — it shot the craft down — had damaged their countries’ relations.

The space arms race is nothing new. As early as 1985, the Pentagon used a missile to destroy a satellite in a test.

Since then, the United States’s rivals have been seeking to show they can compete — China did the same in 2007, and India in 2019.

In February 2020, an American general noted that two Russian satellites were in orbit that were tracking a US spy satellite.

And in late 2021, Russia destroyed one of its satellites with a missile fired from Earth, in a show of force condemned as an irresponsible act by NATO chief Jens Stoltenberg.

“Adversaries are leveraging space... targeting and extending the range of their weapons,” said General Saltzman..”

Report: Ukraine Shot Down Balloons Over Kyiv Ukraine shot down at least six balloons over Kyiv on Wednesday, according to the British Defense Ministry’s daily intelligence update on Ukraine posted on Twitter.

The report said the Ukrainian armed forces spotted the balloons with radar reflectors suspended from them over Kyiv.

On Feb. 12, Ukraine’s air force said it spotted balloons over eastern Dnipropetrovsk, according to the report.

“It is likely that the balloons were Russian,” the ministry said, adding that the aircraft “likely represent” a new Russian information-gathering tactic to gain information about Ukrainian air defence systems that could “compel the Ukrainians to expend valuable stocks of surface to air missiles and ammunition.”

The British Defense Ministry said Moldovan airspace was closed Tuesday for several hours because of a balloon-shaped object. “There is a realistic possibility that this was a Russian balloon that had drifted from Ukrainian airspace,” the ministry said.

Ukrainian President Volodomyr Zelensky said in his daily address Saturday that almost all of Ukraine ended the day with power which he said was “another confirmation of our resilience.”.

Earthquake Toll Passes 46,000; Search for Survivors Ends Sunday More than 46,000 people have been killed in the earthquakes that struck Turkey and Syria, and the toll is expected to soar, with some 345,000 apartments in Turkey known to have been destroyed and many people

still missing.

As Turkey attempts to manage its worst modern disaster, concerns were growing for the victims of the tragedy in Syria, with the World Food Program pressuring authorities in the northwest to stop blocking access to the area as it seeks to help hundreds of thousands of people ravaged by earthquakes.

Twelve days after the quake hit, workers from Kyrgyzstan tried to save a Syrian family of five from the rubble of a building in Antakya city in southern Turkey.

Three people, including a child, were rescued alive. The rescue team said the mother and father survived, but the child died later of dehydration. One older sister and a twin did not make it.

“We heard shouts when we were digging today an hour ago. When we find people who are alive, we are always happy,” Atay Osmanov, a member of the rescue team, told Reuters.

Ten ambulances waited on a nearby street blocked to traffic to allow the rescue work.

US: China Didn’t Apologise over Spy Balloon US Secretary of State Antony Blinken says his Chinese counterpart, top diplomat Wang Yi, did not apologise during a meeting in Munich for Beijing’s violation of US airspace with its high-altitude surveillance balloon, even as Blinken told him the spying was unacceptable and must never occur again.

The two diplomats met for an hour Saturday on the sidelines of the Munich Security Conference. This marked their first face-to-face meeting since the United States shot down the balloon earlier this month over the Atlantic Ocean off the US Eastern Seaboard after it traversed the mainland for eight days.

Blinken told NBC’s “Meet the Press” show in an interview aired Sunday, “There was no apology. But what I can also tell you is this was an opportunity to speak very clearly and very directly about the fact that China sent a surveillance balloon over our territory, violating our sovereignty, violating international law.”

“And I told him quite simply that that was unacceptable and can never happen again,” Blinken said. “We’re of course not the only ones on the receiving end of these surveillance balloons. More than 40 countries have had these balloons fly over them in recent years, and that’s been exposed to the world.” .

Burkina Faso Marks End of French Military Operations France and Burkina Faso have officially marked the end of French military operations in the West African nation, the Burkinabe armed forces said Sunday, after a flag-lowering ceremony at the French special forces’ camp a day earlier.

In January, Burkina Faso gave France one month to withdraw its troops as it ended a

military accord that allowed French troops to fight insurgents on its territory, citing a wish for the country to defend itself.

Their departure marks a new chapter in Burkina’s battle with Islamist groups linked to al-Qaida and Islamic State, which have taken over large swathes of land and displaced millions of people in the wider Sahel region, just south of the Sahara.

In a statement, the General Staff of the Burkinabe Armed Forces said it had participated with the leadership of France’s Sabre special forces in “a solemn flag-lowering ceremony marking the official end of the Task Force’s operations on Burkinabe soil.”

The French armed forces ministry did not respond to a request for comment.”

Tunisia Orders Top European Trade Union Official Expelled President Kais Saied of Tunisia ordered Europe’s top trade union official to leave the North African country after she addressed protesters at a demonstration organised by an influential labour union.

Authorities accused Esther Lynch, the Irish general secretary of the European Trade Union Confederation, of making statements that “interfered with Tunisian internal affairs” during a Saturday protest against Saied in the port city of Sfax.

Tunisia’s General Labor Union, or UGTT, organised the demonstration to protest a crackdown on the increasingly authoritarian president’s political opponents and his critics in the media, judiciary, business community and trade unions.

In an address to the protesters, Lynch demanded the release of union leader Anis Kaabi, arrested by security forces last month.

She called on the Tunisian government to negotiate with the UGTT leadership and to improve the economy, which has teetered on the brink of bankruptcy amid political instability that deepened after a parliamentary election last month in which only 11% of voters cast ballots.

“By orders of the president, Tunisian authorities ordered Esther Lynch to leave the country within 24 hours, following statements made during the UGTT-led demonstration that interfered with Tunisian internal affairs,” said a statement by the Tunisian presidency that was posted on Twitter late Saturday.

The European Trade Union Confederation confirmed that Lynch left Tunisia on Sunday..

North Korea Issues Fresh Threats, US Bombers Fly after ICBM Test North Korea said Sunday its latest intercontinental ballistic missile test was meant further to bolster its “fatal” nuclear attack capacity and threatened additional powerful steps over upcoming military drills between the United States and South Korea.

The United States responded by flying long-range supersonic bombers in a show of force later Sunday for separate joint exercises

with South Korean and Japanese warplanes.

Saturday’s ICBM test, the North’s first missile test since Jan. 1, signals its leader Kim Jong Un is using his rivals’ drills as a chance to expand his country’s nuclear arsenal to get the upper hand in future dealings with the United States. An expert says North Korea may seek to hold regular operational exercises involving its ICBMs. North Korea’s official Korean Central News Agency said its launch of the Hwasong-15 ICBM was organised “suddenly” without prior notice at Kim’s direct order.

KCNA said the launch was designed to verify the weapon’s reliability and the combat readiness of the country’s nuclear force. It said the missile was fired at a high angle and reached a maximum altitude of about 5,770km (3,585 miles), flying a distance of about 990km (615 miles) for 67 minutes before accurately hitting a pre-set area in the waters between the Korean Peninsula and Japan.

Ukrainian Grain Shipments Drop as Ship Backups Grow The amount of grain leaving Ukraine has dropped even as a U.N.-brokered deal works to keep food flowing to developing nations, with inspections of ships falling to half what they were four months ago and a backlog of vessels growing as Russia’s invasion nears the one-year mark.

Ukrainian and some US officials are blaming Russia for slowing down inspections, which Moscow has denied. Less wheat, barley and other grain getting out of Ukraine dubbed the “breadbasket of the world, ” raises concerns about the impact to those going hungry in Africa, the Middle East and parts of Asia — places that rely on affordable food supplies from the Black Sea region.

The hurdles come as separate agreements brokered last summer by Turkey and the UN to keep supplies moving from the warring nations and reduce soaring food prices are up for renewal next month. Russia is also a top global supplier of wheat, other grain, sunflower oil and fertiliser, and officials have complained about the holdup in shipping the nutrients critical to crops.

Under the deal, food exports from three Ukrainian ports have dropped from 3.7 million metric tons in December to 3 million in January, according to the Joint Coordination Center in Istanbul. That’s where inspection teams from Russia, Ukraine, the UN and Turkey ensure ships carry only agricultural products and no weapons.

The drop in supply equates to about a month of food consumption for Kenya and Somalia combined. It follows average inspections per day slowing to 5.7 last month and six so far this month, down from the peak of 10.6 in October.

That has helped lead to backups in the number of vessels waiting in the waters off Turkey to either be checked or join the Black Sea Grain Initiative. There are 152 ships in line, the JCC said, a 50% increase from January.

47

MONDAY, FEBRUARY 20, 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 16Feb-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 N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A 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 12.98% AIICO Balanced Fund 3.91 3.98 14.95% 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 8.16% Anchoria Equity Fund 154.44 156.09 6.55% Anchoria Fixed Income Fund 1.23 1.23 0.06% 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 24.27 7.35% ARM Discovery Balanced Fund 550.30 566.89 5.58% ARM Ethical Fund 46.67 48.07 3.44% ARM Eurobond Fund ($) 1.13 1.13 0.72% ARM Fixed Income Fund 1.12 1.12 1.14% ARM Money Market Fund 1.00 1.00 9.99% ARM Short Term Bond Fund 1.04 1.04 0.84% 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 97.33 97.33 2.34% AVA GAM Fixed Income Naira Fund 1,102.82 1,102.82 -2.10% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.14 2.14 3.71% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.38 2.43 7.83% 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 1.08% 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 8.12% Women's Investment Fund 152.42 154.30 6.21% CHD Nigeria Bond Fund 108.42 108.42 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 10.71% Coronation Money Market Fund 1.22 1.24 2.36% Coronation Balanced Fund 1.37 1.37 -2.66% 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 9.85% EDC Nigeria Money Market Fund Class A 1,000,000.00 1,000,000.00 11.41% EDC Nigeria Money Market Fund Class B 1,115.23 1,118.82 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 1493.95 1493.95 12.55% FBN Balanced Fund 210.33 211.83 5.33% FBN Halal Fund 124.94 124.94 12.87% FBN Money Market Fund 100.00 100.00 12.61% FBN Dollar Fund 121.24 121.24 6.86% FBN Smart Beta Equity Fund 176.27 178.89 6.44% FBN Specialized Dollar Fund 105.26 105.26 9.43% 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 8.48% 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 4,370.28 3,750.23 100.00

Offer Price 4,399.99 3,750.23 100.00

Yield / T-Rtn 29.96% 7.98% 11.41%

FSDH Dollar Fund 1.14 1.14 5.76% 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) 101.80 101.80 9.01% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.21% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 131.93 135.05 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 3,810.91 3,842.23 12.43% Stanbic IBTC Bond Fund 246.34 246.34 4.57% Stanbic IBTC Ethical Fund 1.52 1.54 21.43% Stanbic IBTC Guaranteed Investment Fund 335.12 335.12 7.02% Stanbic IBTC Iman Fund 276.40 279.45 18.28% Stanbic IBTC Money Market Fund 1.00 1.00 12.91% Stanbic IBTC Nigerian Equity Fund 12,897.10 13,053.87 18.13% Stanbic IBTC Dollar Fund (USD) 1.38 1.38 6.56% Stanbic IBTC Shariah Fixed Income Fund 122.01 122.01 4.36% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 116.27 116.27 9.30% Stanbic IBTC Absolute Fund 4,617.32 4,617.32 8.54% Stanbic IBTC Aggressive Fund 3,437.59 3,481.03 23.65% Stanbic IBTC Conservative Fund 4,357.14 4,373.98 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 1.05 7.19% United Capital Balanced Fund 1.54 1.57 12.56% United Capital Wealth for Women Fund 1.21 1.24 4.49% United Capital Sukuk Fund 1.12 1.12 10.06% United Capital Fixed Income Fund 1.97 1.97 7.31% United Capital Eurobond Fund 126.24 126.24 5.53% United Capital Money Market Fund 1.00 1.00 11.87% 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 14.44 14.58 4.13% Zenith ESG Impact Fund 16.46 16.62 4.10% Zenith Income Fund 23.78 23.78 0.95% Zenith Money Market Fund 1.00 1.00 10.75% 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 11.49% Vetiva Consumer Goods Exchange Traded Fund 6.13 6.23 4.95% Vetiva Griffin 30 Exchange Traded Fund 19.81 20.01 11.98% Vetiva Money Market Fund 1.00 1.00 10.51% Vetiva Industrial Goods Exchange Traded Fund 24.64 24.84 23.17% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 140.27 142.27 -11.02% 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

16.69 141.65 110.50 17.40 16.40

16.79 144.11 112.42 17.50 16.50

7.86% 11.00% 10.52% -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.

49

T H I S D AY ˾ DAY FEBRUARY 20, 2023

FEATURES

Naira Scarcity: Empty ATMs, Long Bank Queues Exert Hardship on Nigerians

Response from First Bank ATM

the now older versions of the new notes may no longer be legal tender.

However, both the CBN and President Buhari who approved the policy failed to enforce the court order leaving Nigerians to deal with hardships in meeting their daily needs.

The scarcity has also disrupted economic activities as some Nigerians have had to close their shops due to the widespread scarcity. Experts have also described Buhari’s announcement that only the old N200 banknote remains legal tender while the old N500 and N1,000 notes are not as a contempt of court.

A Senior Advocate of Nigeria, Ebun-Olu Adegboruwa said that the president cannot overrule the Supreme Court of Nigeria, noting that he has flouted the principle of the separation of powers.

He said, “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”.

He maintained that 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, adding that since the president already admitted that the matter is subjudice, he should not have proceeded to vary the order of the Supreme Court.

Banks Allegedly Selling New Notes While the new notes remain scarce at ATMs points, they have been sited at various social gatherings, further confirming allegations that banks are selling the notes to high-net-worth customers, also known as priority customers or currency traders who allegedly pay extra when withdrawing large amounts of the redesigned naira notes.

This January, a twitter user shared a video that captured moments when a certain man was spraying bundles of mint new naira notes at a party. The video sparked concerns among Nigerians who wondered what the fate of the ordinary is following the redesigned notes.

On Monday, January 30, another Twitter user shared a video showing moments when a group of men and women were throwing bundles of the scarce new noted at another party.

“It amounts to economic sabotage and efforts must be made to find out where the disconnect is and those behind it punished, said Segun Ajibola, a Professor of Economics at the Babcock University, Illisan, Ogun State on a programme on Arise TV. Implications for Economy Senior Analyst at SBM Intelligence, Gloria Oscar said that the negative implications of the redesign include: Counterfeiting risk, reduced access to financial services, particularly for people in remote or rural areas, loss of value as people who are unable to exchange their old notes in time will lose the value of their savings, increase in black market activities.

Others include disruption of economic activities as businesses and consumers are being forced to temporarily stop transactions while they cannot access the new currency, decrease in spending because people hold on to their cash until they are confident in the stability of the new notes.

“The redesign also creates confusion and uncertainty among the public, particularly those less familiar with online banking”she said. “Banks also face logistical difficulties because people rush to exchange their old notes simultaneously, leading to long lines and congested banks”.

Commercial Banks Blame CBN for Inadequate Supply As the public accuses commercial banks of selling the new notes, sources familiar with operations of the CBN accuse the apex

Response from Zenith Bank ATM

calling on appropriate regulatory authorities to step up monitoring and supervisory activities to expeditiously address emerging trends.

With his hand around his waist, Samuel peeps at an FCMB ATM

bank of inadequate supply of the notes which makes it difficult for them to meet customers’ demands.

A source who prefers not to be mentioned was quoted as saying that banks were receiving an average of N12 million in some parts of the country, an amount the source said was grossly inadequate to meet operational demands.

“Cash needed for ATM operations alone in this place is about N25m, and that’s apart from other cash transactions within the bank,” the source said. “Bankers are scared to complain openly.”

Another bank manager told the paper that while his branch usually needs about N10 million to enable ATMs dispense cash to customers, they only got N2 million of the new note for an entire week which explains why the machines could not dispense money to customers.

Banks have since been ordered not to use the old notes.

In his statement on Sunday, Emefiele said that the CBN had received reports of breaches by some bank branches. He however assured that the bank had agreed with executive chairmen of the EFCC and ICPC to assist by sending their staff to all CBN and DMB branches nationwide to join in monitoring the implementation of the guidelines.

Billions Outside Banking Industry In a statement on the progress on implementation of the new redesigned currency on January 29, Emefiele said that while currency circulation had risen to N3.23 trillion as at October 2022 from N1.4 trillion in 2015, only N500 billion was within the banking industry and N2.7 trillion held permanently in people’s homes.

He however noted that since

the commencement of the program, the bank has collected about N1.9 trillion while about N900 billion remain outside the banking industry.

“We are happy that so far, the exercise has achieved a success rate of over 75 percent of the N2.7 trillion held outside the banking system, “he said.

“Aside from those holding illicit/stolen naira in their homes, for speculative purposes, we aim to give all Nigerians that have naira legitimately earned the opportunity to deposit their monies for exchange”.

EFCC, DSS Arrest New Notes Traders, Bank Officials Fingered On Monday, January 30, the Economic and Financial Crimes Commission (EFCC) announced the arrest of members of a syndicate who were trading the redesigned naira notes around zone 4 and Dei Dei axis in Abuja.

In a statement by EFCC spokesperson, Wilson Uwujaren, the suspects said that they were working in connivance with some commercial bank officials.

Uwujaren said that the operation followed intelligence on activities of unscrupulous currency speculators who were exploiting desperate citizens by offering them the new Naira notes for foreign currencies at below the going rate.

“The Commission will extend the operation to all the major commercial centres of the country until all the syndicates involved in the illegal trade are demobilised,”he said. “Financial system operators are also warned to desist from the sharp practices or risk arrest and prosecution”.

The Department of State Services ( DSS) had during operations across the country, arrested some Nigerians involved in the sale of the new naira notes. Its public relations officer, Peter Afunanya said in a statement that some Commercial Bank officials were aiding the act.

The DSS warned that the Service has ordered its Commands and Formations to ensure that all persons and groups engaged in the illegal sale of the notes are identified,

While the new notes remain scarce at ATMs points, they have been sited at various social gatherings, further confirming allegations that banks are selling the notes to high-net-worth customers, also known as priority customers or currency traders who allegedly pay extra when withdrawing large amounts of the redesigned naira notes

N200 Per N1000 New Note Apart from banks that have been accused of doing business with the new notes, others who seem to be benefitting from the scarcity are owners of Point of Sale (POS) Businesses who now charge exorbitant amounts for withdrawals.

To withdraw N10,000 in the era of the old notes cost only N100. Now it costs N2000 to withdraw the same amount. That is, N200 per N1000. Some of those who spoke to this reporter say they charge as much as N300 for N1000 because of the difficulty in getting the new notes.

Nelson John runs a POS business in Enugu. To make withdrawals, he leaves home as early 5am every morning and sometimes, when he gets to the machine, he finds people already queuing up and waiting for their turns.

“Sometimes, you have only one bank that gives the new notes, “he said. “It is affecting business because the highest you can withdraw is N20000 per day, you cannot even use more than one card,”. The old notes are not even available”.

Sometimes, he spends N10,000 to get N100,000 from an individual who according to him, buys the new notes from bank officials and sells to individuals.

Accusations, Counter Accusations Over Naira Redesign The decision by the CBN to redesign the N200, N500 and 1,000 banknotes has ruffled many feathers. This January, presidential candidate of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu told a crowd of APC supporters at the party’s presidential campaign rally in Abeokuta, the Ogun state capital that the naira redesign and fuel scarcity were intended to sabotage his victory at next month’s election.

Last November, Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, was quoted as saying that there was no political motive behind the idea. Rather, it was intended to have hidden funds returned.

At the apex bank’s sensitisation event and old notes swap in Ekiti , the Director of Finance at the CBN, Benjamin Fakunle, had also said that the redesign was not targeted at any politician or political party but in the interest of the nation.

CBN Pledges to Ensure New Notes Get to Citizens In the statement, Emefiele had assured that the bank had held several meetings with its deposit money banks, (DMBs) and provided them with guidance notes on processes they must adopt in the collection of old notes and distribution of the new notes to all Nigerians.

These, according to the statement, includes specific directives to the DBMs to load new notes into their ATMs nationwide to ensure that an equitable/transparent mechanism for the distribution for the distribution of the new notes to all Nigerians.

Emefiele said that the bank has also deployed 30,000 super agents nationwide to assist in the cash swap initiative in the hinterlands, rural areas and regions underserved by banks In the country to ensure that the weak and vulnerable ones can swap/exchange their old notes.

For Oscar, the redesign will enhance financial Inclusion and a cashless economy as well as stress out bandit and terrorist groups.

However, efforts must be made to ratify the shortages in the weeks leading up to the election because if it continues, “the government may be forced to still consider the old notes valid,”.

48

T H I S D AY ˾ DAY FEBRUARY 20, 2023

FEATURES

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

Naira Scarcity: Empty ATMs, Long Bank Queues Exert Hardship on Nigerians Across Nigeria, the new naira policy has seemingly turned the polity inside out with long queues at banks and empty automated teller machines exerting hardship on the common Nigerian.

Amid heightened tension and chaos witnessed in some states, Arinze Chijioke reports that there is no end in sight yet given the continued scarcity of the redesigned naira notes

Empty First Bank ATM

Response from Access Bank ATM

H

ours after the Governor of the Central Bank of Nigeria, (CBN) Godwin Emefiele announced a 10-day extension of the initial 31 January deadline for the collection of old notes on Sunday January 29, Ikechukwu Samuel walked into a First Bank branch in Enugu state and deposited his old naira notes.

Afterwards, he proceeded to the automated teller machine (ATM) area of the bank to withdraw the new notes but he got the response, “temporarily unable to dispense cash, do you want to perform another transaction?

Disappointed but still hopeful, he visited other bank branches, including First City Monument Bank, (FCMB), Access and Fidelity banks. By 5pm, he had already visited more than seven bank branches within the Enugu metropolis. But none of them gave him the new notes.

Samuel planned to use the money to settle his sick mother’s hospital bills. He had tried to make a transfer which failed due to poor network. Now, he is confused as to what to do.

“If I knew, I would have kept my old naira notes since the new ones are not available,” a distraught Samuel said”. “Now, I can’t even withdraw the old notes”. I will have to go and keep trying to make a transfer”.

Samuel is only one out of thousands of Nigerians who have their monies deposited in banks but cannot withdraw, following the redesign of the naira notes.

For almost an hour, Pregnant Joy Chimezie tried to withdraw money from the automated teller machine (ATM) area of the Zenith Bank located at presidential road, Enugu. But the message remained the same: Temporarily unable to dispense cash.

Earlier in the day, she visited several banks within the metropolis, including United Bank for Africa and Access Bank located at the University of Nigeria, Enugu Campus, (UNEC) and Fidelity bank at Rangers Avenue but could not withdraw.

She is tired but needs the money for business.

“I will wait, she said, her hand wrapped around her waist. “But It is sad because the ordinary citizens often bear the brunt of these policies.”. “I have money in my account but cannot withdraw”.

These days, it is common to see Nigerians waiting on long queues, hoping to withdraw the new notes. Sometimes, they fight to get their money. Sometimes, they spend the entire day and return home without the notes.

The Redesign Last October, the CBN announced that it would redesign the N200, N500 and N1,000 denominations of the naira, with January 31 as the deadline for the return of the old notes to the banks.

At the unveiling of the new naira notes at the State House on November 23, 2022, the CBN Governor, Emefiele told journalists that the January 31 deadline was sacrosanct.

He had said that the redesign was intended to among other things, make the country’s monetary policy decisions more efficacious

three people were killed after protest broke out in Benin, the Edo state capital over the paucity of naira notes.

Residents in parts of Delta and Oyo also hit the streets, blocking major roads with bonfires, destroying automated teller machines (ATMs), setting banks ablaze and halting economic activities.

Customers at Sterling Bank, Market Road Enugu

and support the efforts of security agencies in combating banditry and ransom taking from Nigerians.

As the deadline approached, pressure was mounted on the CBN for a review of the policy and the extension of the deadline, especially giving that the new notes were not in circulation yet.

Speaker of the House of Representatives, Femi Gbajabiamila even threatened to issue a warrant of arrest on Emefiele and some bank directors over their refusal to appear before the green chamber over the scarcity of the new naira notes and the January 31, 2023 deadline.

Extension Having sought and obtained approval from President Buhari, Emefiele announced an extension of the deadline from January 31 to February 10 to allow for the collection of more old notes legitimately held by Nigerians and achieve more success in cash swap in rural communities.

The CBN governor also announced a seven day grace period, beginning on February 10 to 17 in compliance with sections 20(3) and 22 of the CBN Act allowing Nigerians to deposit their old notes at the CBN after the deadline when the old currency would have lost

its legal tender status.

Unavailability of New Notes But while the deadline has been extended, there yet remains a problem of unavailability of the new notes across ATMs in Nigeria. While some marketers collect the old notes, especially with the extension of the deadline and giving that that is the only way they can make sales, others insist on the new ones.

To confirm the widespread unavailability, this journalist visited four banks within the Enugu metropolis, including First Bank, presidential road, Zenith Bank presidential road, First City Monument Bank, (FCMB) off presidential road, Access Bank Ogui road.

On arrival, it was noticed that the various points which normally would have long queues were empty. While the Zenith and First bank branches have six and four ATM points respectively, FCMB and Access banks have three ATMs. As at 5 pm on Sunday, none of the machines in these banks was dispensing money to people who had come to withdraw money.

This reporter also tried to withdraw from each of the machines but got the response “temporarily unable to dispense cash, do you want to perform another transaction?.

At Access Bank, Ogui road, one of the security officers said that the ATMs paid in the morning hours and stopped.

Chaos Erupt With heightened tension came violence across some states. Last Wednesday, at least

These days, it is common to see Nigerians waiting on long queues, hoping to withdraw the new notes. Sometimes, they fight to get their money. Sometimes, they spend the entire day and return home without the notes

Buhari Approves Use of Old N200 Notes Following the scarcity of the new noted and the attendant sufferings it has inflicted on Nigerians, President Buhari, in a national broadcast on Thursday, February 16, approved the continued use of the old N200 notes alongside the redesigned notes. The old N200 notes, according to the Nigerian leader, will now remain valid for the next 60 days.

“To further ease the supply pressures, particularly to our citizens, I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 notes cease to be legal tender,” the president said during the broadcast.

The president maintained that he was not unaware of the obstacles placed on the path of innocent Nigerians by unscrupulous officials in the banking industry entrusted with the process of implementation of the new monetary policy.

To this end, the president said that he has directed the CBN to deploy all legitimate resources and legal means to ensure that citizens are adequately educated on the policy, enjoy easy access to cash withdrawal through the availability of appropriate amounts of currency, and facilitate deposits.

States Drag Federal Government, CBN to Court Buhari’s address came a day after the Supreme Court adjourned the suit filed by some state governments to challenge the initial February 10 deadline set by the CBN to end the use of old naira notes.

A seven-member panel of the court led

by John Okoro adjourned the case on Wednesday until 22 February, dashing the hopes of many Nigerians who anticipated a definite pronouncement of the court to address the FG’s refusal to comply with its earlier order suspending the 10 February deadline.

Recall that on February 8, the Supreme Court granted an ex parte application suspending the implementation of the 10 February deadline set by the CBN to end the legal tender status of the old N200, N500, and N1,000 notes.

Kaduna, Kogi and Zamfara state governments had filed an ex parte request urging the apex court to grant them an interim injunction stopping the FG either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which Continued on page 49

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PERSPECTIVE Currency Redesign: Chidi Odinkalu Goofed On el-Rufai I Lewis Chukwuma

ndisputably, democracy would lose its defining egalitarianism if it foreclosed the free expression of viewpoints by its adherents. This includes often unreasoned perspectives by forces that seek to obfuscate, diminish and divide, like Chidi Odinkalu recently did in his interview with Channels television.

Against this backdrop, public communicators who through discipline and intellectual honesty have achieved that delicate, firm balance between viewpoints that enlighten and lift society and contrived commentary that distorts, diminishes and stunts, should be appreciated.

Recently, on Channels Television, Prof. Chidi Odinkalu turned his gun-sight on Governor Nasir Ahmad el-Rufai of Kaduna State, alleging a laundry list of sins against the governor flowing from the later’s principled opposition to the foggily planned currency redesign project by the current administration. The new policy is triggering an alarming socio-economic disruption despite the sing-song of bootlickers of the present regime.

Some are even willing, despite of the human misery caused by the not well thought out cashless policy, to suffer it so long as it will provoke sufficient anger to cause the defeat of the APC. Society should never be run like this and those individuals who bravely speak up against it don’t deserve to be wantonly demonized This is certainly not the first time Odinkalu, lawyer and former Chairman of Nigeria’s National Human Rights Commission has speciously taken on the Kaduna State governor. Odinkalu had pitifully tried to put the Governor el-Rufai to the sword. If there was some afterthought of taking a prisoner in this particular decapitating rhetorical excursion, the quirky Prof. betrayed none.

“The issue is that some governors who have collected money that should have been used to develop their people have locked it up to use it to buy votes. That is the issue,” he told Channels TV anchor Seun Okinbaloye.

More…”And those governors include el-Rufai and el-Rufai is carrying it on his head. Let him sue me if he wants to. Now, what is the matter here?

That people like el-Rufai, want to buy elections.”

But Okinbaloye promptly challenged him he had no evidence to substantiate such allegation.

Odinkalu insisted he has hard evidence that the Kadun State governor has been speaking on various media programmes and joined what he called antiBuhari opposition with with Kogi State’s Yahaya Bello and Zamfara’s Bello and Kano’s Ganduje,because of the adverse effect of the policy on him personally.

Apparently sensing he was crossing the line, he quickly disowned any pretension to good manners and pointedly told the television programme anchor that, “There are no good manners I’m not going to come to your program on this particular matter and

Odinkalu

El-Rufai

show good manners.” Haba!

Governor el-Rufai over his many years of service has demonstrated consistent belief in humanity, stability and orderly progression of society. He rejects staying tamely at the end of received policy prescriptions. He covets knowledge-driven innovations, proactive engagement with stake-holders, policy makers and sure-footed action with a human face. These dimensions have been boldly mirrored in his transformational leadership of Kaduna State in the last eight years.

Governor el-Rufai unabashedly pushes a powerful vision that draws in ideas, people and other resources.

He initiates the momentum and will to make change happen. This leadership mindset inspires individuals, complementary organizations and institutions to commit, to persist and to give their best.

Little wonder respected Christian cleric, Bishop Idowu-Fearon, Chairman Kaduna State Peace Commission once accurately noted that, “El-Rufai is a consultative leader, who believes in sounding opinions before embarking on any decision.”

This leadership mindset led Governor el-Rufai to be part of the arrowhead trio of Kogi and Zamfara states who sought the Supreme Courts adjudication

on implementation timelines of the new naira which has spawned a tsunami of socio-political ferment. Now, seven other governors have seen the light and asked to be joined in the initial suit, notwithstanding President Buhari’s mixed, confusing messaging on the subject matter.

But in his puzzling tendentious hockery-pokery project, Odinkalu perhaps forgot he had been badly bruised by the law on account of his previous attacks and unfounded allegations against Governor el-Rufai and his government.

In February 2019, Odinkalu had spoken on live television about events in Kajuru Local Government Area of Kaduna State and contested an announcement by Governor el-Rufai that the state government had received reports of casualties in the area.

Odinkalu insisted that his sources told him nothing happened in the area, and accused the state government of making up the story for electoral gain. The Kaduna Government, in March 2019, approached a magistrate court to summon Odinkalu while accusing him of offences that include injurious falsehood, inciting disturbance and furnishing false information.

The government said the offences are punishable

under sections 77, 373, 104 and 150 of the Penal Code Law of Kaduna State and also applied for and secured an order of the court for the police to investigate the allegations against Odinkalu and report the outcome to the court.

Odinkalu lost his first effort to quash the case as the magistrate court dismissed his preliminary objection and assumed jurisdiction to hear and determine the case. He also lost his attempt to have his fundamental rights case to be heard in Abuja, as the trial judge at the Federal Hight Court transferred the matter to its Kaduna Division.

At a critical juncture in the convoluted socio-political evolution of the Nigerian state, what should be the focus of the nation’s intellectual class? Amidst contrived chaos, economic nightmare, human misery caused by hare-brained policies and extreme governance deficits that continue to define Nigeria’s democracy, many are wont to lose faith in the polity. This may be understandable. But history shows that mere loss of faith, a pathway to surrender is taking the easy course.

The path of courage is to interrogate the policies, concepts, leadership vision or visionlessness and socio-political triggers that generate regression using reasoned, temperate logic and candour. Next is to offer alternative vision of sustainable strategies to resolve extant human development and socio-economic challenges. This is the path Governor el-Rufai has trodden over the years and continues on.

Unfortunately, the core ingredients that define professionalism and intellectual honesty are for some reasons largely missing in Odinkalu’s now jaded socio-political discourse. This scenario throws up legitimate posers. In his anti-el-Rufai blitzkrieg, what is Odinkalu’s motive? Could it have been the Biblical voice of Jacob and hand of Esau scenario?

It could be recalled that in his pithy review of Governor el-Rufai’s epic book, “The Accidental Public Servant,” Odinkalu adulatorily wrote, “For a vocal politician with somewhat activist credentials…By this book, this author says in effect that Nigeria is bigger than any one person and he cares more about Nigeria than any temporary benefits from partisan politics.

Further according to Odinkalu, Governor el-Rufa’s book “is also a passionate advocacy for firm, equal and non-discriminatory application of rules to everyone irrespective of status or other irrelevancies. It makes a solid case for the normalization of processes in governance.”

He further writes: “This book is likely to inspire spirited conversations that should enrich citizenship and political participation in Nigeria. Nasir Ahmad El-Rufai deserves our gratitude for memorializing his record of public service and for courageously inviting public scrutiny of that record.”

Why then would a professor of law who showed evidence of disciplined and accurate insight into the persona of Governor el-Rufai suddenly turn into a deadly sniper trying to assassinate the governor. Big question!

NEWS

Osinbajo in Ikenne LGA, Inaugurates Mother-Child Hospital, Meets APC Members Deji Elumoye in Abuja The vice president, Prof. Yemi Osinbajo has declared that improving the welfare of Nigerian citizens by investing in the health and wellbeing of women and children in particular are paramount to the present administration.

This informed why, according to him, the federal government was collaborating with states and development partners so that no young person would go through the needless frustration of joblessness.

The vice president, according to a statement yesterday, by his media aide, Laolu Akande, spoke weekend at Iperu, Ikenne Local Government Area, Ogun State, where he inaugurated two human capital development projects of the federal government namely the 100-bed Mother and Child Hospital and the Skills Acquisition Centre.

Osinbajo said the federal government had ensured that, “we provide, in collaboration with state governments, places for the development of human capital. These include technology hubs and Skills Acquisition Centers.”

According to him, “in the last few years, our government has also taken several steps to improve the quality of life of our citizens. We have increased access to education, promoted sustainable agriculture, and improved infrastructure. Our objective is to provide opportunities for young people to have well-paying jobs.”

He further stressed that the projects inaugurated showed the tremendous progress the federal government had made in achieving the SDGs and, in that process, promoting the health and welfare of the people.

“The hospital is a testament to

our commitment to the healthcare of women and children, and to ensuring that we secure the future of Ogun State and Nigeria. The facility will not only provide primary healthcare to treat preventable diseases, but will also ensure that women have access to pre and postnatal care, which is absolutely vital to the wellbeing of our communities,” he added.

The vice president also emphasised that the project delivery underscored government’s recognition of the importance of healthcare facilities.

He also expressed optimism that the hospital and Skills Acquisition Centre would serve as a model for other states to replicate, and that their establishment would contribute positively to the health, wellbeing and livelihood of all in Remo, Ogun State and Nigeria in general.

Osinbajo noted that the President Muhammadu Buhari-led government continues to make efforts towards

attaining the United Nation’s Sustainable Development Goals, noting that the projects were implemented by the SDGs office in the Presidency.

He then listed other ongoing projects under the SDGs in the Local Government Area to include “the construction of 250- bed Mother and Child Hospital, Ikenne (already 97% completed) and the Construction of a Mega School, Ikenne Community High School, as well as a Mini stadium at the Ikenne Community High School - nearing completion.”

“There is also the construction of 36 classrooms at the Mayflower School, Ikenne, and another Skill Acquisition Centre, at the Isanbi High School at Ilisan, which is also completed.”

Other projects that have been mostly concluded in the Ikenne Local Government Area include constructions of Smart schools, and

the construction of senior secondary and junior secondary classrooms in Mayflower.

“Equally, there had been the construction of a block of classrooms, administrative office, toilets and borehole in Ikenne Community High School.

“Ongoing is a Tech hub, which will also have chalets for staff & visiting experts. There is also the 250-bed Hospital to be commissioned soon in Ikenne.

“Other concluded projects are the modernization of the Ikenne Market and several installations of solar street lights in 10 different locations namely Ogunsanya Oduname Street, Ademolu Odeneye/ O&A road, Olaolu Ebun-Adubifa Avenue, Opanubi street, Ajina Street, Ayodele Soyode/ Bisi Onajole Street, Florence Oyetola Street / Idowu Salami street, IYC street,Alakenne and Aiyepe junction.

“There have also been completed Erosion control works and Water supply schemes in Ikenne and Ilisan.

There is also the construction of a Smart Model school along old Sagamu road (for Early years, Primary & Secondary school students with facilities for special students. A 500 KVA transformer was also installed on Awolowo Avenue,” the statement added.

Osinbajo then thanked Governor Dapo Abiodun for creating the enabling environment and working actively with the SDG Office to ensure the actualisation of the project.

He also commended the Senior Special Assistant to the President on Sustainable Development Goals, Princess Adejoke Orelope-Adefulire, for “her revolutionary, focused and result- oriented approach to delivery of government’s human capital developments projects.”

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NEWS

ECOBANK SUPER REWARDS SEASON...

L-R; Head, Consumer Banking, Ecobank Nigeria, Korede Demola- Adeniyi; Ecobank Customers and winner of one million prize, Mr. David Ezokwe; his wife,Ifeoma; Head, Asset Products, Ecobank Nigeria, Daberechi Effiong; and Nnorom Millicent also of Ecobank at the grand finale presentation of Cheque to the winners of it's Super Rewards Season 3:1 campaign held in Lagos…. yesterday SUNDAY ADIGUN

Commence Payment of Improved Judges' Salaries Before May 29, CSLS Tells Buhari Tasks NJC on e-recording of proceedings nationwide Alex Enumah in Abuja The Centre for Socio-Legal Studies (CSLS) has called on President Muhammadu Buhari to ensure the commencement of the implementation of improved salaries for judges before the expiration of his administration on May 29, 2023.

Buhari, had last November, announced an improved welfare packages for judicial officers whose salaries were last reviewed in 2007.

Before the president's approval, a National Industrial Court had in a judgment in July ordered immediate increment in the salaries and allowances of judicial officers, due to the workload and sensitivity of their job, adding that it was unfair that the welfares of judges in the country have been stagnated for over 14 years.

However, speaking at the Closing Ceremony of the National Technical

Review & Evaluation Conference on the Implementation of the Administration of Criminal Justice Act (ACJA) and Administration of Criminal Justice Law (ACJL) over the weekend in Abuja, President of the CSLS, Professor Yemi AkinseyeGeorge, called on Buhari to keep to his promise and make sure the new salaries come into effect before the end of his tenure.

While stating that, "the payment must not be left for incoming administration," Akinseye-George said Buhari, "must urgently finalise, publish and commence implementation of the promised new salary structure, enhanced working conditions and retirement benefits of judges."

He also called for the immediate appointments of more judges to fill all available vacancies in the various courts particularly the Court of Appeal and the Supreme Court,

CATHOLIC BISHOPS URGE NIGERIANS TO REJECT EVIL, VOTE GOD-FEARING LEADERS and forge a common front in piloting the affairs of the country.

NGE Urges INEC, Security, Others Not to Disappoint Nigerians The Nigerian Guild of Editors (NGE) has urged the Independent National Electoral Commission (INEC), the security agencies and other stakeholders not to let the people down, as the nation undergoes another democratic transition of government.

The presidential and National Assembly elections are scheduled for Saturday February 25, while the governorship/states Houses of Assembly polls are slated for March 11.

In a communique signed by its President, Mustapha Isah and the General Secretary, Iyobosa Uwugiaren, at the end of its Standing Committee in Abeokuta, the Ogun State capital,weekend, the umbrella body for all editors in Nigeria said, Nigerians desired that their votes would count and expectant of free, fair and credible elections, devoid of violence.

“We call on the INEC to make good its promise of early deployment of electoral materials to polling units on election days and ensure its personnel, in their

conduct, do not deviate from provisions of the Electoral Act and other laws guiding the elections.

“The NGE notes that all eyes will be on the operation of the Bimodal Voter Accreditation System (BVAS) and urges the electoral body to ensure that the devices are in top shape, to perform optimally and actualise the intended purpose of their introduction during the elections,” the statement added.

The editors also called on the electoral body to ensure the secrecy of ballots, by ensuring that its cubicles were well-positioned to achieve this and that cameras were kept away by voters while voting.

The Guild noted the important role of the security agencies in achieving free, fair and credible elections, urging them to be unbiased and ensure that voters were able to exercise their franchise freely in a peaceful atmosphere devoid of intimidation.

They also urged the security agencies to be on the lookout for vote buyers with a view to apprehending and prosecuting offenders, and advised them to provide adequate security for electoral officials and materials.

Continued online

on the grounds that, Criminality including corruption is increasing in our country because wrong doing is not promptly punished.

"Delay in the administration of justice often leads to denial of justice.

The same urgency with which election matters are decided by the courts must be extended to all other cases including criminal cases."

Meanwhile, in the area of speedy dispensation of justice, the senior lawyer called on all states in the country to urgently take steps to introduce e-recording in the administration of justice.

"The National Judicial Council should immediately set a specific deadline for the courts to commence e-recording of all proceedings. The writing of court proceedings in long hand has become outdated and should therefore be replaced with e-recording," he said.

He however called on stakeholders to ensure that the gains recorded since 2015, when the ACJA was introduced be sustained, consolidated and improved upon through compliance with the National Minimum Standards.

"All the states of the Federation

and the FCT are commended for passing the Administration of Criminal Justice law. They should go further to ensure that the laws are properly implemented to provide improved access to justice to all Nigerians.

"The states should adopt the National Minimum Standards (NMS) on the implementation of the Administration of Criminal Justice Act and Laws. We are delighted to present to all the States through their delegates at this Conference the National Minimum Standard (NMS) Document.

"The document is a product of the collaborative efforts of different stakeholders of the justice sector in the last few years. It articulates the basic standards that must be met by all States and the FCT in implementing the ACJ ACT and ACJ Laws.”

Meanwhile the National Scorecard or ranking of the various states in regard to their compliance with the National Minimum Standards in the Administration of Criminal Justice, showed that Delta State came first with 81.3 per cent, Rivers second with 74.1 per cent and Kaduna third with 71.5 per cent.

PSC Threatens Sanctions against Officers Involved in Misconduct Deploys staff to monitor personnel Kingsley Nwezeh in Abuja The Police Service Commission (PSC), weekend, said it would sanction any police officer involved in misconduct during the election.

It also appointed zonal and national coordinators for the monitoring of the conduct of police personnel during the election.

The commission is constitutionally empowered to discipline police officers except the Inspector-General of Police, among other responsibilities.

A statement by the spokesman

of the commission, Ikechukwu Ani, said the agency had already approved the participation of over 360 of its staff to depart for the 36 states of the federation to monitor the conduct of police officers on election duties.

"The commission warns that it will sanction any police officer involved in any form of misconduct before, during or immediately after the elections as it is determined to ensure that police men on election duties must conduct themselves within the approved rules and regulations.

"Dedicated telephone numbers for the public to report misconduct or exemplary behaviour of police officers on duty have been provided to assist Nigerians play a major role in enthroning civil participation in election policing," it said.

It said Acting Chairman of the Commission, Justice Clara Bata Ogunbiyi (rtd) would be leading the commission's strong delegation as the national coordinator and assisted by the honourable commissioners representing the six geo-political zones as zonal coordinators.

The Permanent Secretary and Secretary to the Commission, Dr. Ifeoma Adaora Anyanwutaku, would serve as the Deputy National Coordinator.

It noted that, the commission on Wednesday, February 15th 2023 held a training programme for state coordinators and also organised a two- day induction course for staff monitors.

"The commission's monitors will benchmark police conduct during the elections with the approved standard operational guidelines for police conduct," it said.

APC GOVS, NWC TAKE BATTLE TO PRESIDENT, INSIST NAIRA REDESIGN POLICY HURTING PEOPLE, ECONOMY sit in judgement over anybody with regard to where we are today in the country as it affects our great party.”

The APC national chairman added, "I thought the best thing to do is to get all those who are holding forth in their respective positions and who were elected on the platform of the party to get together and have some interaction so that we can have a better understanding of what situation we are in. That is the essence of this invitation."

After more than three hours of the meeting behind closed doors, Tinubu arrived at the party secretariat at 5:18pm.

It was not clear whether he was at the NWC hall where the meeting was held.

While reading the resolution of the meeting, Adamu described Tinubu's visit as normal as the candidate of the party.

He stated, "I'm sure you are quite aware of the fact that a meeting comprising APC governors was held today and the leadership of the NWC of our great party was summoned for this afternoon and we had discussion.

"And at the end of the discussion, we have resolved as follows and this resolution is without prejudice or whatsoever to the case that is lying at the Supreme Court at this point in time. This has to do with the issue of currency redesign.

"We note very seriously that the programme and its implementation is causing tremendous difficulties to the people of Nigeria and to the national economy.

"That we urge the Attorney General of the Federation, (Abubakar Malami) and the governor of the Central Bank of Nigeria to respect the Supreme Court order of Interim injunction, which is still subsisting

"That the meeting is urging his Excellency, Mr. President, to intervene in resolving issues that are causing these great difficulties to the economy."

Asked if the governors and the party were now on the same page, Adamu answered in the affirmative, saying the governors’ forum and the NWC are together on the currency issue.

Chairman of APC Governors' Forum and the Governor of Kebbi State, Atiku Bagudu, said the governors and the party were one and the same, adding that they are proud of the campaign by the party's presidential candidate.

Meanwhile, the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, appealed to the CBN to allow commercial banks partake in the collection of the old naira notes of N500 and N1000. He also said the CBN policy on the new

naira design was hurting innocent Nigerians.

In his verified Twitter handle, the former vice president said, "The CBN currency policy is hurting ordinary citizens and those who legitimately earned their money.

The apex bank should, as a matter of urgency, allow commercial banks to join the CBN in the collection of the deposits of old N500 and N1000 notes.

"The new currency should be immediately made available in sufficient quantities to alleviate the suffering of the masses. I assure you that when we come to power by the mandate of your votes, the PDP administration will not allow any Nigerian who legitimately earned their money to lose a single kobo of it.

"You can take that promise to the bank because our aim is to create prosperity and not to impoverish our people."

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NEWS

COURTESY VISIT…

L-R: Publicity Secretary, Nigerian Bar Association(NBA) Benin, Festus Usiobaifo; Secretary, Edamwen Oghahenhen; Secretary to the Edo State Government, Osarodion Ogie; Chairman, Nosa Edo-Osagie; Assistant Secretary, Osayuki Agbonghae, and Social Secretary, Hector Ehiagwina, during a courtesy visit by the NBA executive members to Ogie in Benin…recently

Police Kill Five Gunmen during Attack on Station in Anambra

David-Chyddy Eleke in Awka

Police in Anambra State yestderday killed five gunmen believed to be members of the same gang of criminals involved in several attacks on its facilities in the state.

The gang has been involved in several attacks on police and INEC facilities, using petrol bombs and other improvised explosive devises.

THISDAY gathered that the

men had yestderday morning attacked the Police Divisional Headquarters, Nkwelle-Ezunaka in Oyi LGA. A resident of the area said that “there was heavy shooting around 5a.m. and the hoodlums were shouting no election in Biafraland.

“When I came out around 7a.m., I saw about five dead bodies said to be corpses of the unknown gunmen killed by the police during the gun duel. A bank opposite the police station was

Governor Yahaya Swears in Justice Halima Mohammed as Gombe CJ Segun Awofadeji in Gombe The Gombe State Governor, Mr. Muhammadu Inuwa Yahaya, has sworn-in Justice Halima Sadiya Mohammed as the substantive Chief Judge of Gombe State.

Yahaya also restated the commitment of his administration to support the independence of the judiciary for effective service delivery and speedy administration of justice.

He cautioned politicians to play by the rules as the 2023 elections draw near, stressing that “peace and stability of our dear state is greater than the political ambition of any individual or group.”

He explained that since inception of his administration, the three arms of government have been partnering in the

development of the state, adding that “such unity and harmonious relationship must be maintained going forward, as such unity is the major source of strength The governor said that his administration would continue to support the judiciary and legislature in the discharge of their constitutional responsibilities for the overall benefit of the people of Gombe State.

He assured members of the judiciary that he would continue to make available all necessary facilities and funding for the effective discharge of their duties.

The governor said: “Similarly, we will continue supporting the independence of Judiciary in Gombe State for enhancement of service delivery and speedy administration of justice.

NGOs Coalition Trains 79 Observers in Kogi Ibrahim Oyewale inLokoja The Nigeria Situation Room, the coalition of non-governmental organisations (NGOs) in Nigeria has trained no fewer than 79 observers in Kogi State ahead of the 2023 general elections.

The Kogi State Coordinator of Nigeria Situation Room and Executive Director, Conscience for Human Rights and Conflict Resolution (CHRCR), Comrade Idris Miliki Abdul, disclosed in press statement made available to the newsmen in Lokoja yesterday.

Abdul explained that as the 2023 general elections draw closer, there was need to encourage credibility in the electoral process, particularly on the election day, noting that situation room is where an independent report would be submitted.

The Situation Room in Kogi

State under the coordination of CHRCR facilitated by Idris Miliki Abdul.

According to him, the Situation Room has organised a one-day training for 79 observers that shall be deployed to the 21 Local Government Areas of Kogi State.

They are expected to observe and report on the conducts of elections by Independent National Electoral Commission (INEC) on the 25th February and 11st March, 2023 respectively.

In attendance was the representative of INEC in person of Haliru Haruna Sule, Head of Voters’ Education and Publicity, who represented the Resident Electoral Commissioner.

In his remarks, the REC commended the effort of the CSOs in partnership with INEC towards the conduct of free, fair and credible elections.

shattered with bullets. Some shops around there were also torched. I believe more people died in the incident. It was heavy shooting.”

The state Police Public Relations Officer (PPRO), Mr. Ikenga Tochukwu, who confirmed the incident, said: “The combined security team, made up of the

police and the military, today ( Sunday) 19/2/2023 by 5:58 a.m., neutralised a gang of five armed men, recovered two Ak47 rifles, one Toyota Sienna vehicle with Reg No Abuja ABC 848 EQ, charms and other incriminating items, in a response to a distress call on an attack at 33 Police Divisional

Headquarters, Nkwelle-Ezunaka, Oyi LGA. “During the gun duel, unfortunately, one police operative attached to the station was fatally wounded and an office in the facility was partially affected by the petrol bomb which the armed men threw inside the station. Also,

one patrol vehicle parked in front of the station was set ablaze by the gunmen “The situation is under control and the incident is still being assessed. Meanwhile, Joint operations are still ongoing and further development shall be communicated.”

NDLEA Intercepts Europe-bound 58kg Cocaine, Meth in Lagos, Abuja

Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted consignments of illicit drugs going to the United Kingdom(UK), Saudi Arabia, New Zealand and Cyprus at the Murtala Muhammed

International Airport, Lagos; Nnamdi Azikiwe International Airport, Abuja and some courier companies.

Among the drugs intercepted include cocaine, methamphetamine and its precursor chemical, ephedrine.

A press statement yesterday by the spokesman of the

anti-narcotics agency, Femi Babafemi, disclosed that at least three traders at the Trade Fair Complex in Ojo area of Lagos State: Nwudele Basil; Chiedu Ezenwani and Donatus Nwojiji have been arrested in connection with attempts to export 52.1 kilogrammes of ephedrine, a

precursor chemical and active ingredient for the production of methamphetamine, concealed in bunches of fishing threads and packed among other items in jumbo sacks that were intercepted at the SAHCO export shed of the Lagos airport on Sunday 31st January and Monday 1st February.

Senator Adeola Concludes Tour of Wards in Five Ogun West LGAs personally to know where the Senatorial district. the 59 wards of Ogun West James Sowole in Abeokuta The Chairman of Senate Committee on Finance and All Progressives Congress (APC) Senatorial Candidate for Ogun West, Senator Solomon Adeola has stated that effective representation requires that prospective representatives as well as serving ones at all levels should meet their people

shoes pinches them and seek solutions to developmental challenges.

The senator, who is popularly known as Yayi, stated this while addressing a mammoth crowd at Ward 1, Pahayi, Ilaro in Yewa South Local Government area as part of the conclusion of his ward-to-ward tour of all the five councils of Ogun West

The tour ended with engagement with stakeholders and royal fathers of Yewa South Local Government area.

Adeola had previously won elections info different offices for five consecutive times in the current dispensation.

He said: “I have personally toured and interacted with my people and party faithful in all

Senatorial District. I have met various interest and trade groups and royal fathers. I have heard and seen the level of deprivation and underdevelopment they are suffering and enduring over the years in terms of lack of good infrastructure in roads, health, education, energy and other aspects of socio-economic development.

Kwara FulaniSenate Community Declares Support for PDP President, Dr. Bukola Saraki, years ago when their progenitors democracy under Saraki. But today, HammedShittuinIlorin Ahead of Saturday, February 25th 2023 general election, members of Fulani community in Kwara state have declared their supports for all the candidates of the Peoples Democratic Party (PDP) seeking elective positions.

The declaration, which was made at the Ilorin GRAresidence of former

was made by a prominent leader of Fulani the community, Alhaji Usman Sule Jowuro-Lamba.

He led representatives of over 2,000 Fulanis across the existing 16 Local Government Areas (LGAs) of the state to the venue of the epoch making event. Jowuro-Lamba said the political forays of the Kwara based Fulanis started some 50

started romancing with the late political titan of the state’s politics and former Senate Leader, late Dr. Olusola Saraki.

He added: “we want to continue in this way by declaring our supports in Kwara state for all the PDP candidates seeking for elective posts in this year elections.

“We enjoyed all the dividends of

the reverse is the case. We will vote from the hierarchy of presidency to that of the councilor for all the PDP candidates.”

The Fulani leader was ably assisted by two of his lieutenants, Aduragba Suleiman, Head of Fulani in Ajase- Ipo and Alhaji Aliyu Mohammed Oro Seriki Fulani from Bacita, Moro LGA of the state.

SDP Guber Candidate Urges INEC to Be Apolitical in Rivers

Blessing Ibunge inPortHarcourt

Governorship candidate of the Social Democratic Party (SDP) in Rivers State, Senator Magnus Abe, has urged the Independent Electoral Commission (INEC) to be neutral and adhere to the rule of law in the 2023 general election in the state. Senator Abe, who revealed

that his party members were facing series of attacks in the state, told INEC to follow procedures of the commission as published, saying that the will of the Rivers people should be established and determined.

The SDP guber candidate spoke yesterday in a chat with journalists in Port Harcourt, capital of the state.

Abe, who noted that the state was already on a tender box, insisted that INEC should not do anything outside its regulations that would give the impression that they are partisan or favouring a particular political party.

The former representative of the Rivers East Senatorial District at the National Assembly further disclosed

that his party was willing to accept the outcome of the elections if the procedures and rules published

by INEC were adhered to.

Abe said: “The INEC should not do anything outside it’s own published regulations that will give the impression that INEC in Rivers State is out to favour one party over the other.

Emenike Implores Abia Monarchs to Support Vote for Change the traditional rulers in Abia weekend during his courtesy bearer was inundated with

Emmanuel Ugwu-Nwogo in Umuahia

The governorship candidate of the All Progressives Congress (APC) in Abia State, Ikechi Emenike, has made a passionate appeal to

State, urging them to play active part in the electoral process by voting and and mobilising their subjects to vote in the 2023 general election.

He made the appeal

visits to traditional rulers in Ohafia and Isuikwuato Local Governments as he rallied every segment of Abia stakeholders to join hands to rescue and develop the state.

The APC governorship flag

complaints about the bad governance which had become the lot of Abia for over two decades and the neglect and humiliations that royal fathers had been subjected to by the state government.

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MONDAY FEBRUARY 20, 2023 ˾ T H I S D AY

NEWS XTRA

BOOSTING RELATIONSHIP…

Non-Executive Director, Treasures Microfinance Bank Limited, Dr. Tunde Ayeye; Executive Vice- Chair/ Group CEO, Emerging Africa Capital Limited, Mrs. Toyin F. Sanni; Managing Director/CEO, Bank of Industry (BOI), Mr. Olukayode Pitan; Group Chairman, Emerging Africa Group, Chief (Mrs) Nike Akande; Chairman, Emerging Africa Trustees Limited, Mallam Mohammed Bintube; Non-Executive Director, Emerging Africa Capital Limited, Dr. Joseph Mekiliuwa during a visit of EAG Board to BOI Executive Management Team in Lagos…recently

Sit-at-home an Offence to Igbo, South-east, Says Uzodimma Iwuanyanwu urges agitators to stop bloodletting

Amby Uneze inOwerri Imo State Governor, Senator Hope Uzodimma, has said the sit-at-home order is an offence to the Igbo and South-east, stressing that the proponents do not mean well for the people.

This is just as the Chairman, Council of Elders of Ohanaeze Ndigbo, Chief Emmanuel Iwuanyanwu, has made a passionate appeal to youths and various agitators in the South-east to sheathe their swords and allow

elections to hold and peace to reign in the region.

Uzodinma said those dishing out such directives when the whole citizens of the country are going into a general election to choose their leaders cannot be said to have any love for the Igbo people who they intend to disenfranchise.

The governor spoke yesterday during a Thanksgiving Mass held at St. Michael’s Catholic Church Umueze 1 in the Okigwe Catholic Diocese, in honour of Chief Tony

Emerging Africa Group, BOI Strengthen Relationship The Board of the Emerging Africa Group (EAG) paid a relationship and business visit to the Managing Director of Bank of Industry (BOI) Mr. Olukayode Pitan and the Executive Committee of the bank in Lagos last Friday.

According to EAG, the visit was in furtherance of its goal of strengthening its footprints as an Environmental, Social and Governance (ESG) led and impact focused investments and financial services group.

In her speech, Group Chairman, EAG, Chief (Mrs.) Nike Akande, traced the legacy relationships between the EAG Board and BOI such as her role as a former NonExecutive Director of BOI (then

Nigerian Industrial Development Bank) and also as a former Supervising Minister for the Bank as Nigeria’s Minister of Industry, and similarly Mallam Mohammed Bintube as a former Board Member of BOI. She also congratulated the BOI leadership on their multiple accomplishments including raising over $5 billion of additional capital, deploying N1.36 trillion to over 4.3 million enterprises in the last seven years, creating 9.6 million jobs and winning Awards such as Best Development Bank, Africa 2022 Award, Most Sustainable Bank 2022, Nigeria, Best SME Partner Bank of the Year and CEO of the Year on various leading International Platforms.

Group Appeals for Support from Private Sector to Tackle Cancer Ugo Aliogo The Lagos State Coordinator, Civil Society for Cancer Eradication in Nigeria, (CiSCANEN), Meg Aipoh, has appealed for support from the private sector to assist in the treatment of cancer patients in the country.

Aipoh, who stated this recently in Lagos, said funding, free treatment and provision of free test kits were vital for the treatment of the disease, charged the federal government to take a cue from international donors who provided huge support towards the cure and curbing the spread of HIV/ AIDS, Tuberculosis and Malaria (ATM) in the country.

She lamented that as funding from international donors is

dwindling, there is need to source funds from within.

The Lagos State CiSCANEN coordinator expressed sadness that cancer treatment was not well funded in Nigeria, adding that many cancer patients, who could not afford the treatment have lost their lives, and also awareness on early detection is very low in Nigeria.

She commended Lagos State government for the provision of primary healthcare centres that offer cancer screening.

According to her, “Our focus for today’s commemoration of World Cancer Day is awareness creation on cancer prevention, referral for cancer screening and treatment.

I think everything about cancer survival is low in Nigeria.

Chukwu.

The governor therefore, enjoined the congregation in particular and Imo people in general, to come out en masse on Saturday, February 25, 2023 and March 11, 2023 and vote for

the candidates of their choice as doing so will help add value to their lives.

He reiterated that as long as he remains the governor of Imo State he would continue to do the right thing and promised not

to disappoint the trust reposed on him by Imo people.

The governor used the opportunity to accede to the request of the church to help them in the building of model nursery and primary school project by

donating the sum of N20 million.

He said that insecurity and many other problems in the society were direct consequences of illiteracy, saying that, “to minimise it education needs to be encouraged.”

Gombe Gov, 12 Candidates Sign Peace Accord, PDP Flag Bearer Absent

SegunAwofadejiinGombe

As a demonstration of his avowed commitment towards ensuring hitchfree and peaceful elections in Gombe State, Governor Muhammadu Inuwa Yahaya has joined other governorship candidates and party leaders in signing a Peace Accord that was organised by the

Independent National Electoral Commission (INEC) Gombe State, in collaboration with Inter-Agency Consultative Committee on Election Security (ICCES).

Thirteen, out of 14, governorship candidates in Gombe State and their respective parties’ chairman signed the peace accord with the exception of the People’s Democratic Party

(PDP).

Addressing newsmen yesterday shortly after signing the accord, Yahaya restated his unflinching commitment to peaceful and harmonious relationship with other political parties in the state.

He also stressed his determination towards preserving peace and ensuring rancor-free elections.

He argued that it is only when there is peace, security and tranquility that there would be good governance.

“As the governor and chief security officer of the state, I will continue to maintain peace and tranquility throughout electioneering period; before, during and after elections.

Enugu Youths Endorse Mbah for Centre, Governor Enugu state youths at the weekend In a statement yesterday, they month’s elections.

Institute of Management endorsed the governorship candidate of the Peoples Democratic Party (PDP) in the state, Dr. Peter Mbah.

They vowed to come out in large number to vote for him on the election day as his manifesto had given them “more than” they wanted for the state.

were quoted to have stated that Mbah’s manifesto which covered education, health, agriculture, social infrastructure, youth empowerment among others would take the state to greater heights if well implemented and urged the people of the state to give him the needed support during next

The youths were stated to have given the assurances at the weekend during an interactive town-hall meeting tagged, “A Day with Peter Mbah: Dissecting the Philosophy of Tomorrow is Here”, which was organised by Kwado Peter Mbah, a frontline support group in Enugu, held at the International Conference

and Technology (IMT), Enugu.

They stressed that Mbah had connected with the youths through the youth empowerment and scholarship programmes of the Peter Mbah Foundation and his laudable manifesto geared towards the empowerment of the citizens, especially the young ones.––

Mutfwang Tackles Lalong over Allegation of Unpaid Salaries Seriki Adinoyi in Jos The governorship candidates of the Peoples Democratic Party (PDP) in Plateau State, Caleb Mutfwang, has described the allegation of the state Governor, Simon Lalong, to the extent that he owed workers’ salaries for 10 months while he was serving as Mangu Local Government Area

Chairman, as white lies, adding that his record as chairman was in black and white for everyone to see.

Lalong, while in Wase LGA where the party flagged off its campaign, had alleged that Mutfwang left office with unpaid salaries of 10 months, adding that he has document to that effect. But Mutfwang’s aids

and supporters have dismissed Lalong’s allegation as unfounded, noting that the PDP candidate was adjudged by workers as the most worker-friendly council chairman who created a conducive working atmosphere for workers to carry out their constitutional responsibilities.

But the Chairman of National Union of Local Government

Employees (NULGE) in Mangu LGA between 2010 and 2016, Bitson Alexander, said in 2015, local government area workers in Mangu received their January 2015 salaries on January 29; received February salary on March 27, and received March salary on June 6, when Mutfwang was still serving his tenure.

2023 Elections: NIS Redeploys 11 ACGs, 30 State Comptrollers Michael Olugbode inAbuja The Comptroller-General of the Nigerian Immigration Service (NIS), Isah Idris, has approved the immediate reposting of 41 senior officers ahead of the presidential and National Assembly elections taking place next Saturday.

In a statement signed by the

NIS Public Relations officer, Tony Akuneme, the redeployment affected 11 Assistant ComptrollersGeneral in-charge of the various zones as well as 30 Comptrollers posted to new states.

According to the posting order signed on behalf of the Comptroller General by the Deputy Comptroller General in-charge of Human

Resources, Usman Babangida, the states affected were mainly those that border Nigeria with neighbouring countries, such as Yobe, Adamawa, Sokoto, Katsina, Zamfara, Oyo, Lagos (Seme border) and Cross River.

Other states getting new Comptrollers include Gombe, Kaduna, Kano, Plateau, Bauchi,

FCT, Nassarawa, Edo, Bayelsa, Rivers (Marine Command), Anambra, Enugu, among others.

The NIS spokesman further stated that all the deployments are with immediate effect, and that the CGIS placed a very high premium on the critical role of his personnel in the success of the forthcoming general election.

Landlords Cry Out to Sanwo-Olu over Illegal Demolition Wale Igbintade Aggrieved Landlords in Ijegun area of Lagos State whose houses were demolished by the Lagos State Building Control Agency (LASBCA)

have cried out to the state Governo, Babajide Sanwo-Olu, to help them unravel those behind the illegal exercise, and bring the officers involved to justice.

The landlords, Messrs

Adeoye Kayode and Saka Akeem, alleged that the demolition of their homes and shops was instigated by an unknown person in connivance with a LASBCA official, named Adeboye.

Speaking through their lawyer, Ahmed Abbas, the landlords lamented that they do not know where else to go, adding that the demolition had rendered them and their families homeless.

55

MONDAY, ͺ͸˜ ͺ͸ͺͻ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Rivers Utd Return to Winning Ways, Wallop ASEC Mimosa

Femi Solaja Nigeria's representatives Rivers United came back strongly into contention in the CAF Confederation Cup after a comprehensive 3-0 win over visiting ASEC Mimosas of Cote d’ Ivoire.

The Nigerian side had lost their opening match away at Diables Noirs of Congo penultimate Sunday with the same margin and needed to win the second game to reignite their fading hope.

CONFED CUP They did it in style at the Goodswill Akpabio Stadium in Uyo with an emphatic 3-0 victory.

Malachi Ohawume netted the opening goal in the first minute to peg back the Ivorian team.

Ukeme Williams made it 2-0 for the Pride of Rivers before Denis Ndasi sealed the game with the third goal in the second half.

Rivers United will hope to con-

tinue the impressive performance when they face Motema Pembe of DR Congo in the their group match. Motema played a goalless outing with Diables Noirs.

In other CAF Confederation Cup matches played yesterday, Future FC drew 1-1 with Pyramids FC while FAR Rabat crushed ASKO Kara 5-1.

In Mali, AS Real Bamako drew 1-1 with US Monastir while Young Tigers defeated TP Mazembe 3-1.

Flying Eagles in Disappointing U20 AFCON Start, Beaten by Senegal Nigeria’s U20 Boys, the Flying Eagles lost 0-1 to the Junior Teranga Lions of Senegal yesterday at Cairo International Stadium as the Africa U20 Cup of Nations finals got underway.

The seven-time champions were unfortunate not score a goal in the first 45 minutes despite dominating possession and creating goal scoring chances.

The Senegalese capitalised on the only chance they created in

40th minute as Souleymane Faye scored the only goal after goalkeeper Nathaniel Nwosu parried the ball into his path.

Coach Ladan Bosso made substitutions in the second half with Halliru Sarki making way for Emmanuel Uchegbu while Jude Sunday came in for Ibrahim Mohammad, but the Flying Eagles could still not make headway.

Forward Ahmed Abdullahi, who came in for Olamilekan Adams

in the 76th minute was sent off in the 90th minute for a second bookable offence.

Senegal missed two late chances to increase their tally through second half substitute Mame Libasse Ngom.

The Guediawaye FC forward failed to hit the target twice when he beat the keeper to the ball only to fire over the goal.

The Flying Eagles will now play host nation Egypt on Wednesday at the same venue.

Rashford’s Double Seal Man Utd Win over Leicester City Manchester United extended their unbeaten sequence to 12 Premier League games at Old Trafford with a 3-0 victory at home to Leicester City yesterday afternoon.

Marcus Rashford continued his sensational scoring form but Manchester United's talisman had to rely upon the heroics of his goalkeeper at the other end in a shaky first half for the hosts.

Jadon Sancho came on during the interval, finding the net himself as United ultimately breezed to a comfortable victory, moving three points behind second-placed Manchester City and five off league-leading Arsenal.

Leicester, coming into the match buoyed by eight goals across their last two league outings, spent the opening 25 minutes happily picnicking in the wide-open spaces which emerged amid Manchester United's purely hypothetical midfield.

Harvey Barnes played a one-two with Kelechi Iheanacho around a muddled set of retreating red shirts

but was denied by David de Gea's outstretched paw. Barely 10 minutes later, the Spaniard outdid himself, clawing Iheanacho's downward header off the line before the referee's watch could buzz.

Moments later, Rashford wouldn't be denied by the considerably less impressive Danny Ward. Harry Souttar tried to play the in-form forward offside but mistimed his lunge out of defence. With time to steady himself, Rashford ripped his 23rd goal of the season into the bottom corner, making this the most prolific campaign of his career.

Clearly unimpressed with a fortuitous first-half performance, Erik ten Hag rejigged his frontline during the break; bringing Sancho into an attacking midfield role which nudged Wout Weghorst to the tip of United's attack and shifted Rashford onto the left wing.

Proving to be just as deadly from the flank, Rashford streaked clear of Timothy Castagne, latching onto Fred's through-ball and ruthlessly blasting it past Ward's holographic

attempts at a save. A VAR review revealed that Rashford had just about timed his run correctly, despite the assistant's initial flag.

NPFL: Bendel Insurance’s Dominance Continue with Victory over Enyimba Lobi Stars top Group B table as teams go on 2023 elections break Bendel Insurance of Benin continued their dominance in the on-going Nigeria Premier League (NPFL) league season with another win over second placed Enyimba FC of Aba. The Match-day 9 marked the end of First Round of the abridged season with teams going on 2023 general election break.

The Benin Arsenal, pipped Enyimba FC by a lone goal at the Samuel Ogbemudia stadium

NCF Confirms Six-Nation Women’s T20i Cricket for Lagos President of the Nigeria Cricket Federation, Uyi Akpata, has confirmed the second edition of the NCF Women’s T20 International Cricket Tournament, to be hosted in Lagos from March 19th to 26th, 2023.

Akpata confirmed in Lagos that work had begun to have the second

edition of the event since the successful hosting of the maiden edition last year.

“We have world-class facilities across the country and have a successful talent-recruitment program as well. So, the NCF Women’s T20 International is one of the avenues to showcase, groom, and maximize

L-R, Wicket Keeper, Abigail Igbobie, Captain, Blessing Etim and ViceCaptain, Omonye Asika were in Nigeria's Female National Cricket Team at the last NCF Women's T20I Tournament which held in Lagos

Soulaymane Faye scored the only goal yesterday as Senegal edged Nigeria 1-0 to occupy top spot in Group A of the U20 AFCON

the use of those facilities. The plans have been in place since last year,” he said.

At the first edition, Rwanda Women's National team beat Nigeria to emerge winners at the Tafawa Balewa Cricket Oval in Lagos.

The event also featured Ghana, Sierra Leone, and Gambia, who used the event to stake their claim for ranking points on the International Cricket Council T20i log.

Mr Akpata added that this year’s event will feature all the teams that participated in the maiden edition, with Cameroon being the only firsttime entry in the event. Additionally, both the Tafawa Balewa Square and the University of Lagos Ovals are being put in the best shape as the two venues will host the tournament.

According to NCF President, “Nigeria’s Women’s national team is one of the most improved on the continent in recent times, and the rate of adoption and investment in women’s cricket across the country makes the event a major part of our development agenda.”

in Benin to continue their unbeaten start to the season with 23 points in 9 matches.

Imade Osarenkhoe scored his sixth goal of the season at the halfway mark of the first half to give Monday Odigie’s men a much-needed victory and extended their lead at the top of the table to seven points while Enyimba remained in second despite the loss.

At the Lekan Salami Stadium in Ibadan, Shooting Stars played a 2-2 thriller with Akwa United.

Joshua Akpan gave the host the lead early on but two goals in seven minutes from the away side turned the fixture around as a goal by Ajani in the last minute of the first half rescued a point for the Gbenga Ogunbote’s men.

Group B table toppers, Lobi Stars scored two goals in two minutes to stretch their lead at the top of group B after beating Doma United 2-0 at home.

The victory puts the Benue State club four points clear of reigning champions Rivers United who have two games in hand while Doma United failed to enter the qualification places with the defeat.

Samson Olasupo’s 59th minutes strike was the difference in the encounter as Sunshine Stars under the Sun in Akure recorded a famous 1-0 victory over Wikki Tourist to.move into second place on the log while Godwin Obaje’s fifth minute goal was canceled out

by Robert Mizo as Bayelsa United were held to a 1-1 draw at home to Enugu Rangers.

MATCH-DAY 9 RESULTS B’Insurance 1-0 Enyimba Shooting 2-2 Akwa Utd Bayelsa Utd 1-1 Rangers Lobi Stars 2-0 Doma Utd Sunshine 1-0 Wikki Tornadoes 1-0 Dakkada

TODAY Gombe Utd v

Plateau Utd

Nasarawa Utd v Remo Stars

WEDNESDAY, FEB 22 El Kanemi v Kwara Utd

SUNDAY, APRIL 4 Abia Warriors v Rivers Utd

Athletes Ignite Lagos for Maiden Athletics Club Series Over 655 athletes across the country from the registered 24 clubs turned up for the first leg of the maiden Lagos Athletics Club Series held yesterday at the Yaba College of Technology Sports Complex in Lagos.

The Lagos State Athletics Association (LSAA) put the four-leg athletics championship together. The venue was thronged by some top athletes across the country.

According to LSAA Technical Director, Enefiok Udo-Obong, the turnout was impressive for the first leg while hoping that more athletes would join up as the tournament moves to the second leg next month.

Former national 100m champion Enoch Adegoke and national women 400m champion Patience Okon-George

were among the star athletes that competed at the one-day tournament with top officials of the Lagos State Sports Commission (LSSC) led by its Chairman, Shola Aiyepeku gracing the tournament.

Also, International School, Lagos (ILS) star athlete at their last Inter-house sports competition Femisola Mohammed was among the upcoming athletes that achieved their personal best (PB) at the event as the teenage sensation ran 57.72secs as PB in the women’s 400m while Ada Bright dusted some of the top athletes in one of the finals of the women’s 200m with 24.6secs.

An elated Mohammed described her feat as a motivation for her to work harder. “I am so excited to compete in this competition because I just came

to be part of it not expecting to run a PB and I am so happy that I was able to run my PB here for the first time which is a motivation for me to continue to work harder.”

For Okon-George, competing in this kind of tournament would help athletes to assess their readiness for major competitions as well as gauge their fitness for future events. “This is an opportunity for us to assess ourselves because we have training without competing and having this kind of competition would help to know where are and what we need to do to get to where we are going. I think it is a good tournament for all athletes regardless of your status,” the quarter-miller for Udo-Obong Athletics Academy said.

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MISSILE Garba Shehu to ING Jokers

“Let’s clearly, specifically and emphatically state that there’s absolutely no truth to the claim that President Muhammadu Buhari is working towards an interim government or even worse, the truncation of democracy, that he has helped to keep alive, not only here at home, in West Africa, but throughout the continent. The talk of interim government and truncation of democracy is way off the mark”– Presidential Spokesman, Garba Shehu, debunking the interim government rumour.

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MAHMUDJEGA VIEW FROM THE GALLERY

One Last Pitch for Tinubu I

n the sprint towards the finish line of this long 2023 presidential race, some political pugilists have removed the gloves and are throwing punches with naked fists. Some even have stones and broken bottles hidden in their palms. I am not out to answer anyone in particular, but to summarise the case for the election of Asiwaju Bola Ahmed Tinubu, Saturday election’s most likely outcome.

The first case for supporting Tinubu is that it will consolidate an evolving shift in the political psychology of Nigerians.

This is not a trivial matter, because it promises to have untold benefits for national peace and stability, which in turn is necessary for any further socioeconomic progress. Talk about regional power shift reminds me. In 1980 when the country was struggling to adjust to the new federal character provision in the 1979 Constitution, many analysts argued that the formula discarded merit.

Professor Godwin Soglo however said at NIPPS, Kuru that maintaining peaceful coexistence and sense of belonging in a plural society is the polity’s highest goal and there is no other consideration above that. He said you have not lowered any standard because achieving peace is your highest standard and there is no standard higher than that. Power shift and federal character achieve the same psychological aims. Electing Asiwaju Tinubu with majority of Northern votes promises to achieve national peace in the short and medium term.

The second consideration is that, in political strategy, foresight, eye on the ball, mentoring, horse trading and sagacity, Nigeria has not produced a politician quite like Tinubu in many decades. Let me mention three things.

He is about the only one among the first generation of state governors in this Republic [1999-2007] who rose to acquire major national political stature.

He is much more influential politically 15 years after he left office, when most of his mates in that circle have since faded into political oblivion.

In the Second Republic, when Chief Obafemi Awolowo reigned as supreme political leader of the Southwest, then Lagos State Governor Lateef Jakande was widely touted as the Baba Kekere, Awo’s potential successor. Just one slip, accepting to be General Abacha’s Minister of Works in 1993, overnight ruined Jakande’s position. Tinubu however rose to become political leader of the Southwest without anointing, pulled up by his own bootstraps. Since 2003, he has committed no political blunder that torpedoed his standing. This adroit political tip-toeing and adept balancing act are sorely needed in the Presidency.

Thirdly, Tinubu used that position to bring the West into a major national political alliance that wrested federal

Tinubu

power from a ruling party for the first time in Nigeria’s history. Although he did not reap political benefits commensurate with his contribution, he displayed unparalleled patience with the situation, when most other Nigerian politicians would have used that excuse to change parties as, sorry to say, Atiku Abubakar, Peter Obi and Rabi’u Kwankwaso repeatedly did.

In Nigeria, the most perilous power contest, one with the greatest potential to foment trouble, is not between political parties, such as happened in 2015. A presidential power contest between North and South is the most perilous situation in Nigerian politics. Nigeria faces the most danger when the presidential race is between a Northerner and a Southerner, as in 2003, 2011 and 2015. The country is safest when both major candidates are from one region, as in 1999, 2007 and 2019. This year there is an interesting twist. The main Northern candidate has a political party that has most of its support in the South while the main Southern candidate has a political party that has majority of its supporters in the North.

That the ruling APC, which controls 14 out of 19 Northern states, managed to retune the psychology of its supporters to support a power transition to the South is a major achievement that should not be overlooked nor discouraged. This was mostly achieved by a coalition of APC governors and has removed inter-regional tension in this contest.

The most oft-repeated arguments against Tinubu’s election are, APC’s record of rule at the national level and his physical state. With respect to

the first, we can argue until the cows come home where to place APC rule at various levels on a scale of 1 to 10.

Most criticism is directed at the Federal Government but at the state level, no one can say that APC governors are necessarily better or worse than PDP or APGA governors. Nigerians therefore know that individual candidates matter, more than their political parties and predecessors. The fact that your party did well under your predecessor, at federal or state level, is no guarantee that you will also do well, and vice versa. None of the major parties is known for any policy, and Nigerian politicians change parties as often as they change their underwear. Atiku Abubakar for example, changed parties four times since 2006, while Tinubu never changed parties, only transformed his parties. So, which party’s record should we hung on Atiku’s neck?

If people were voting for successors entirely based on the record of their outgoing party colleagues, PDP would never have ruled unbroken in Rivers, Enugu, Abia, Akwa Ibom, Delta, Taraba and Bayelsa states. For example, international financial scandals involving some first-generation state governors did not prevent their parties from winning subsequent governorship elections in their states. At the national level too, a scandal over Third Term did not stop the ruling party from winning two subsequent presidential elections.

In the critical last lap of this election, the most pressing national issue is the tumult occasioned by CBN’s cashless policy. It caused an unusual situation in national politics, with the ruling party’s presidential candidate publicly assailing the policy, APC governors going to Supreme Court to contest it, while PDP and LP presidential candidates have voiced support for it. Some people have misinterpreted Tinubu and APC governors’ stance to be that they are unhappy because they stashed away billions of naira to buy votes.

This is a mischievous reading of the situation. Tinubu and APC governors instead fear that the deep public anger at the cash shortages could affect them and their candidates in the elections. PDP and LP leaders also stand to suffer from the cash crunch, but they are hoping that public anger will cause a backlash against APC, hence their apparent support for it. Doesn’t look like their hopes will be realized after APC governors strategically distanced themselves from Buhari.

A favourite opposition allegation against Tinubu is that he is physically frail and, allegedly, may not be able to withstand the rigours of presidential office. His running mate Kashim Shettima has already said we are voting for a president, not an Olympics sprinter. Tinubu might not be able to outrun Usain Bolt in a race, but then, will you put Usain Bolt in

charge at the Villa? Sure, the President’s schedule is tasking, but it is nowhere as punishing as campaigning in 36 states and FCT within a few weeks. Asiwaju has done more of that than any other candidate. At least a president he will have more space, more security, more protocol and more room to delegate responsibility than as candidate.

Nor is this the first time that political opponents in Nigeria allege that their opponents are physically unfit for office.

In 1978/79, it was routinely alleged that Chief Obafemi Awolowo, who was 72, and Dr. Nnamdi Azikiwe, who was 75, were too old for office. On one occasion when Mr. Tunji Braithwaite repeated the charge, Zik answered that he was a young man in the 1930s when Tunji’s uncle, Reverend Braithwaite, was their leader in Nigeria Youth Movement. Zik said if he had asked him to retire due to old age, the Reverend Father would have quoted the Bible, “O ye, generation of vipers!”

Asiwaju however has not made any reference to anyone’s father or uncle in this race. Instead, it was PDP chieftain Dino Melaye who recently hurled abuses at Kashim Shettima’s parents and ancestors at a rally. It was the lowest of all low points in this year’s campaign.

And what did Atiku Abubakar do to Dino? “If your campaign MC descends to this gutter level, will you keep quiet?”

Are you not afraid that APC men will, as Field Marshal Idi Amin once said, thank you for the hostility and retaliate?

Which brings me to the matter of a president’s circle of aides. A president’s job is hectic, but if he surrounds himself with able advisers and aides, it becomes much less so. Surrounding himself with competent and dependable aides has been Tinubu’s most demonstrable strength as Lagos State Governor and afterwards.

By all standards his eight-year rule in Lagos State was a smashing success, hence his rise to national prominence.

Right now, he has a very able deputy in Kashim Shettima and a coterie of able aides. It is a quality sorely needed in the Presidency.

Finally, there is the small matter of the options you have as a voter. In an election you may never have a candidate who meets all your wishes. Only these ones waka come? So, you must choose among the options you have. You draw up your own criteria and be guided by it. If you put national peace and stability on top, followed by ability to build geo-political bridges, plus strategic political sense, plus a highly dependable deputy, plus a thoughtful program, plus a history of picking, retaining and nurturing competent aides, in addition to a stellar governorship record, then Asiwaju Bola Tinubu is your choice this weekend. You can’t accuse me of primordial sentiments.

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