TUESDAY 21 FEBRUARY 2023 by THISDAY Newspapers Ltd

Irabor: We Are Good to Go with Saturday’s Elections Meets service chiefs, heads of DIA, NIA, DSS behind closed-doors Says trouble makers will get bloody nose Kingsley Nwezeh in Abuja The Chief of Defence Staff, Gen Lucky Irabor, yesterday, declared that the Armed Forces of Nigeria were prepared to ensure a secured

general election, starting this Saturday. He spoke after a meeting with military service chiefs and other security chiefs including the Inspector-General of Police,

Director-General of DSS, DirectorGeneral of NIA and the Chief of Defence Intelligence (CDI) ahead of the elections. Speaking to journalists after the meeting, Irabor reassured

Nigerians that the armed forces and other security agencies were ready to provide a safe and secure environment for the elections. He said the purpose of the meeting was to review security

arrangements for the elections and develop action plans to ensure that the exercise was held under a peaceful atmosphere. “We have just finished the meeting. The service chiefs, the

Inspector General of Police, the DSS, represented by the Director of Operations, the DG, NIA and the CDI. Continued on page 10

South-west Leaders Back Tinubu for President... Page 36 Tuesday 21 February, 2023 Vol 28. No 10177. Price: N250

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Old Banknotes: APC Govs Provoking Anarchy, Says Atiku Their inciting comments emboldening people to attack banks Sympathises with citizens over hardship Protesting youths set banks, IBEDC, INEC offices ablaze in Ogun APC campaign: Inconsistent Atiku can't offer leadership Nigeria needs Continued on page 10

TUESDAY FEBRUARY 21, 2023 • T H I S D AY

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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322, 0807 401 0580

NEWS

BACK FROM THE 36TH AFRICAN UNION SUMMIT... L-R: Inspector General of Police, Baba Alkali; Minister of Federal Capital Territory, (FCT) Mohammed Bello; Chief of staﬀ to the President, Prof. Ibrahim Gambari and President Muhammadu Buhari, on PHOTO: GODWIN OMOIGUI. the president’s return from the 36th African Union Summit held in Addis Ababa , Ethiopia..... yesterday

APC Campaign: We Foresee No Rerun in Presidential Poll Adeyemi: It's a straight battle between Tinubu, Obi Picks N50m Kogi governorship form Ex-Lagos governor will win at first ballot, south-south group boasts

Adedayo Akinwale, Sunday Aborisade in Abuja and Sylvester Idowu in Warri The Presidential Campaign Council (PCC) of the All Progressives Congress (APC), has said it did not see a rerun in the presidential election, because its candidate, Bola Tinubu, was poised to win the presidential election on the first ballot. This is as the senator representing Kogi West, Smart Adeyemi has said Saturday's presidential election would be a straight fight between Tinubu and the Labour Party presidential candidate, Peter Obi. Adeyemi stated this yesterday in Abuja while addressing journalists after picking the governorship form for Kogi for N50,000,000. At the same time, the South South Movement for Tinubu/ Shettima Ticket (SSMTS), a pro-APC group, has boasted that Tinubu and his running mate, Alhaji Kashim Shettima, would win this Saturday elections on first ballot. The Director, Diaspora Directorate of the APC PCC, Ade Omole, while addressing a press conference in Abuja yesterday, said he strongly believed that by 6p.m on Saturday, they would have started jubilating over the victory of Tinubu. Omole said out of about 1.6 million Nigerians in diaspora that

have voter cards, about one million were already in the country to vote Tinubu. His words: "I strongly believe that by 6p.m on Saturday, the 25th of February, we will be celebrating the election. Remember we can actually view the result in real time online, Yes! INEC may still take their time, because they have to do the collation obviously officially, but I strongly believe that this election would be done and dusted by 6pm. "Why do I say that? Like I mentioned earlier, you need to see the feedback from the people. We were at the flag-off in Jos, I was in Kano, I was in Minna, I was in Borno, you need to see the response from Nigerians. They just can't wait. I don't see any run-off in this election and I believe that by 6pm, we will be done and dusted." He noted that Tinubu was head and shoulder above any other presidential candidate, and that Nigerians had actually responded well, while expressing optimism that they would come out en masse to vote for the former Lagos State governor. His words: "Not all the all 1.6 millions Nigerians in diaspora with PVCs would surely come in but at least some of them are here and they are all voting for our principal, Asiwaju Bola Tinubu. Probably on Monday, we would be back here

and I'm going to refer to this day that I said that we will be done by 6p.m." On his part, Adeyemi stressed that he was supporting Tinubu and Shettima not because they were APC members but because of their past records and also due to contemporary issues in Nigeria. The lawmaker commended the Northern Governors for supporting the power shift to the South. He alleged that the Governor

of Central Bank of Nigeria (CBN), Godwin Emefiele, had a hand in the emergence of the Governor of Delta State, Dr. IfeanyI Okowa as the running mate to the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar. "Are you aware that Emefiele aspired for the presidency? When he lost out, he felt he had put in so much money in politics. So, he wanted a cover and so, he brought his cousin, Governor Okowa to come

Following objection to the nomination of Mohammed Naj’atu by the All Progressives Congresss (APC) presidential campaign council, the Police Service Commission (PSC), last night, mandated the Assistant Inspector General of Police Bawa Lawal rtd, to take over the coordination of the monitoring of police conduct in the North West zone for this Saturday’ election. The APC had protested the appointment of Commissioner Najatu Mohammed, Representing Women Interest and the North West in the

Commission as one of the coordinators for the monitoring of Police conduct in Saturday’s presidential election, alleging partisanship. A statement by the Director of Public Affairs and one of the spokesperson of theTinubu/Shettima Presidential Campaign Council, Festus Keyamo, SAN, rejected Najatu asNorth West coordinator for the exercise. Keyamo stated in the statement that the appointment was not only "callous, it is insensitive, openly confrontational and consequently unacceptable by the Tinubu/Shettima Presidential Campaign Council. "We need not emphasise that the

the response of the voters indicated that they would win massively. National Coordinator of the group, Samuel Besidone Eyengho, at a press conference at the Nigeria Union of Journalists (NUJ) press centre, Warri, said aside the Asiwaju Bola Tinubu and Kashim Shettima, all the support groups including SSMTS had campaigned and got the assurances of the voters in the all important election coming up this Saturday.

Despite Over 400% Rise in Price of Rice, FG Insists It Has Transformed In-country Production Lai Mohammed says Buhari has changed lives of citizens Emmanuel Addeh in Abuja In spite of the massive rise in the price of rice from about N8,500 per 50 kilogramme bag in 2015 to roughly N45,000 per bag currently, the federal government yesterday said it has transformed rice production in the country in the last eight years. Speaking on the state-owned Nigerian Television Authority, Minister of Information and Culture,

Lai Mohammed, stressed that whereas Nigeria was the number one importer of rice from Thailand in 2015, it is now about 67 on the list. But the 'feat' appears to defy the law of demand and supply as prices of rice have skyrocketed by over 400 per cent between 2015 when the current administration took over and 2023. The minister further argued that even if Nigerians do not

Lawal to Coordinate N’West for Saturday’s Polls as PSC Drops Mohammed Adedayo Akinwale in Abuja

and contest the election and he bankrolled them,” he said. Adeyemi said the naira redesign policy was a calculated attempt to ridicule the APC government and manipulate the people to vote for the PDP but that Nigerians were wiser today. Also, speaking on their support for Tinubu, SSMTS maintained that the APC presidential candidate and running mate had campaigned vigorously across the country and that

role given to Naja’atu requires an honest and unbiased individual, who will discharge the duties diligently and without reproach. The nation will not get that from Naja’atu. "We, therefore, demand for the immediate withdrawal of the name of Naja’atu Bala Muhammad as a coordinator of the Police Service Commission for the NorthWest or any region for that matter." Thus, in effect, the PSC in a statement by its Head, Press and Public Relations, Ikechukwu Ani, wrote: “The Commission wishes to state with all sense of responsibility that its Commissioners representing

different geopolitical zones have always supervised assignments of the Commission in the geopolitical zones they represent. It was the same with the present national assignment. “The Commission will always be sensitive to the wishes of Nigerians and will continue to contribute it's quota to the sustenance of the nation's democracy. “It wishes to restate its commitment to a free and fair 2023 election, where the police as the lead agency in internal security, which includes election policing, will discharge its duties according to the dictates of the law.”

agree that their lives have been improved by the Muhammadu Buhari administration, the government has changed the life of the average Nigerian citizen since 2015. Also, Mohammed maintained that the power sector was at its lowest ebb when Buhari took over, but that the sector has now been reinvigorated because of government support. Nigeria currently struggles to produce between 3,500MW and 4,500MW daily despite government intervention of over N2 trillion. “In fact when we came in, we were number one importer of rice from Thailand. Now, I think we are now number 67 or 68. Before we came in, there were less than two dozens rice mill all over Nigeria. Today, we have about 60 integrated rice mills. “Are we going to talk about how many farmers we have empowered. Are we going to talk about food sufficiency?” he boasted. Mohammed maintained that certain Nigerians have made up their minds never to see anything good in the Buhari administration, stressing that there’s no need trying to convince those individuals. “They have made up their mind to make the administration miserable every day, but we are moving ahead,” he added. He pointed out that the federal

government now has 20 per cent stakes in major refineries in Nigeria, something he said never happened in the past.” Given the timeframe, given the circumstances, we have more than met Nigerians’ expectations,” he added. He stated that the government has also addressed the issue of insecurity, fought corruption and improved the economy. According to him, the lives of Nigerians are better today than they were in 2015, contending that in 2015, the North-east was inaccessible while 20 out of 27 local councils had been taken over by insurgents in Borno state alone. He pointed out that the health sector was comatose in the region because of the activities of Boko Haram, explaining that not even a single local government is being currently occupied by the insurgents. Mohammed stressed that for the foresight of the federal government in rice production, the Covid-19 pandemic would have hit Nigeria worse than it did and would have caused massive hunger in the land. “Today, we have so many millions of farmers who have been empowered. I also spoke about the social intervention programmes, about the conditional cash transfer, about the school feeding programme,” he said.

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NEWS

TINUBU MEETS YORUBA SOUTH-WEST LEADERS... L-R: Lagos State Deputy Governor, Dr Obafemi Hamzat; Speaker of the House of Representatives, Rt Hon Femi Gbajabiamila; APC Vice Presidential candidate, Senator Kassim Shettima; APC Presidential candidate, Asiwaju Bola Tinubu; Governor Babajide Sanwo-Olu; his Ekiti State counterpart, Governor Abiodun Oyebanji and former Governor of Osun State, Mr Gboyega Oyetola during an interactive session between the APC Presidential candidate, Asiwaju Bola Tinubu and Yoruba South west Leaders, at the Eko Hotels and Suites, Victoria Island, Lagos... yesterday

INEC: Over 1.5m Party Agents to Participate in General Election Commission's absence stalls hearing in suit seeking use of temporary voter's card in Saturday's election Court adjourns till Wednesday INEC receives 4,104 BVAS, IRev for elections in Adamawa Protect electoral body’s facilities from APC, PDP charges security agencies Chuks Okocha, Alex Enumah, Adedayo Akinwale in Abuja and Daji Sani in Yola The Independent National Electoral Commission (INEC) has revealed that a total of 1,574, 301 polling units agents would take part in the 2023 elections. The electoral body made this known in a report released yesterday, titled, "Summary of Polling Unit and Collation Centre agents submitted

by political parties submitted for the general 2023". INEC also revealed that a total of 68,057 would also participate in the forthcoming elections has collation agents. The polling and collation agents were nominated by the 18 political parties as their representatives in the 2023 elections. A breakdown of the report showed that the New Nigerian Peoples Party (NNPP) has 176, 200

agents, while Labour party has 134, 874 agents, Peoples Democratic Party (PDP) has 176,588 agents, the ruling All Progressives Congress (APC) has 176,223 agents, while other 14 political parties have a total number of 910,426 agents. Also, the report revealed that a total number 68,057 would also participate in the elections as collation agents in the registration area/war, local government and state. Further breakdown according to

Polls: CSOs Warn against Circumvention of BVAS in Parts of Nigeria List states suspected to be riggers’ stronghold David-Chyddy Eleke in Awka and Gideon Arinze in Enugu A coalition of Civil Society Groups has warned against the circumvention of the Bimodal Voters Accreditation System (BVAS) device, or setting aside the use of Permanent Voters Card (PVC) in any part of the country. The groups in a joint press conference held in Enugu, said the Independent National Electoral Commission (INEC) must ensure that if the BVAS must be used, it should be for every part of the country, and people without Permanent Voters Card (PVC), should not be allowed to vote. Chairman of Board of Trustees of International Society for Civil Liberties and the Rule of Law (Intersociety), Mr. Emeka Umeagbalasi, who addressed the conference also listed some of the areas which had been identified for rigging. “This is a joint international media conference to highlight 11 critical areas and issues most likely to mar the February 2023 presidential poll and push Nigeria into postelection complex uncertainties. “We are calling on INEC to ensure fairness in this election. Every part of the country must be made to use the BVAS if that is what INEC has agreed upon. They must also ensure that the PVC is

used in the election in every part of the country too. “We don’t want a situation where parts of the country will be using the BVAS and PVC, while it will be circumvented in other parts of the country. “2023 Presidency is Nigeria’s last chance of getting the country back on the right track or pushing it into intractable complex uncertainties “Like in the 2019 presidential poll, the Nigerian Military must be closely monitored and stopped from militarising and terrorising the 2023 presidential poll and paving way for a predetermined outcome.” Furthermore, he said: “Like in the 2019 Presidential and January 2020 Imo Governorship Supreme Court travesties of justice, the Nigerian Judiciary must be closely monitored and stopped from a disgraceful repeat of the 2019 armada of judicial hara-kiri in the post 2023 presidential polls’ litigations. ‘Dark days of ‘Zainab Bulkachuwa at the Court of Appeal and Muhammed Tanko at the Supreme Court must not be repeated in 2023.” Speaking about states that should be monitored for possible rigging, the groups alleged that Imo and Ebonyi States were the most dangerous areas for independent and conscientious voters in the East. It added that: “Election Day global searchlight and monitoring a

must in 12 major presidential poll rigging Northern States of Kano, Katsina, Kaduna, Jigawa, Kebbi, Sokoto, Zamfara, Borno, Bauchi, Yobe, Adamawa and Niger so as to disallow 18 million ‘dead votes’from being injected by INEC into the Feb 25, 2023 Presidential Poll final results."

the report showed that NNPP has 9,604; LP 4,859; PDP - 9,539; APC 9,581, while other 14 political parties have 34,474 as collation officers. The INEC report also revealed that 27 people would serve as agents at the National collation centre. The ruling APC has two, same as PDP and LP, while NNPP has one and the other 14 political parties have 20 agents. Meanwhile, the absence of INEC yesterday stalled hearing in a suit seeking an order compelling the electoral umpire to permit registered voters without the Permanent Voter’s Cards (PVC) participate in the general election which commences on Saturday. Justice Obiora Egwuatu of the Federal High Court, Abuja had last week adjourned to February 20, for INEC to file it’s counter-affidavit and other necessary processes in the suit. The court had ordered the plaintiffs to serve INEC with court processes shortly after it declined to abridge time in which INEC could file its counter affidavit to the originating summons. When the matter was called yesterday, there was no represen-

tation for the electoral body, even as plaintiffs' counsel Mr. Victor Opatola, informed the court that the respondent was served the suit last week, in line with the order of the court. However, after confirming that INEC was still within the time allowed by law to reply to the suit, the court accordingly adjourned till Wednesday for hearing. The plaintiffs, Kofoworola Olusegun and Wilson Allwell in the suit filed on February 8, and marked FHC/ABJ/CS/180/2023, were asking the court to determine, "Whether by the true construction and interpretation of section 10(2), 12(1) and 47 of the Electoral Act 2022; Section 77(2) and 132(5) of the 1999 constitution (as amended), and bearing in mind that the Bimodal Voters Accreditation System (BVAS) machine introduced by the defendant only needs the thumbprint and/or facial recognition to accredit a voter. "Whether a person whose name appears in the electronic format in the Defendant's central database and manual, printed paper based record or hard copy format of the Register of Voters and has been assigned a Voter’s Identification Number

(VIN), can be said to be entitled to be accredited to vote with his/ her Temporary Voter’s Card, in the forthcoming General Election to be conducted by the Defendant. "Whether by the true construction and interpretation of section 10(2), 12(1) and 47 of the Electoral Act 2022; Section 77(2) and 132(5) of the 1999 constitution (as amended) the plaintiffs, bearing in mind that the BVAS Machine introduced by the INEC only needs the thumbprint and/or facial recognition to accredit a person whose name appears in its central database and manual printed paper based record or hard copy format of the Register of Voters and has been assigned a Voter’s Identification Number (VIN). "Whether such a person can as a consequence of the defendant’s inabilities, actions and omission be disenfranchised of the right and entitlement to vote in the forthcoming 2023 general election.” However,, INEC in Adamawa State has disclosed that it has received 4,104 Bimodal Voter Accreditation System(BVAS) for the 2023 general election in the state. Continues online

Alleged N3bn Fraud: Ali Bello, Three Others Admitted to N500m Bail Alex Enumah in Abuja Justice Obiora Egwuatu, of a Federal High Court, Abuja, yesterday, admitted Ali Bello and three others to a sum of N500 million bail each in their alleged N3 billion fraud trial. The judge held that the charges against the defendants were bailable, adding that bail was to enable defendants charged with an offense prepared adequately for their trial. Bello was on February 8, 2023, arraigned alongside Abba Adauda, Yakubu Siyaka Adabenege and Iyadai Sadat, on an 18 count criminal charge before Justice Obiora Egwuatu of the Federal High Court, Abuja. Following their not guilty plea, Justice Egwuatu, adjourned till February 13 for hearing in their bail application, while ordering for

their remand at the correctional center. However, delivering ruling in the applications, Justice Egwuatu held that he was inclined to admit the defendants to bail and ruled that the bail be granted the defendants in the sum of N500 million each, with two sureties in like sum. The sureties should be resident in Abuja, with identifiable addresses and own landed property worth N500 million within the jurisdiction of the court. The judge added that the original title documents to the said property must be deposited with the Registrar of the court, as well as evidence of tax payment for three years running from 2020 to 2022. Besides the judge held that the defendants are to deposit their international passport with the court and can only travel after

due permission from the court. Subsequently, the matter was adjourned till April 16 for commencement of trial. A senior advocate, Mr. Ahmed Raji, who had argued the bail applications of the four defendants had observed that the offences brought against his clients were ordinarily bail-able and as such should be considered and granted. He had also stated that bail was at the discretion of the court and that the court should use its discretion in favour of the defendants. Raji submitted that the Economic and Financial Crimes Commission (EFCC) had been investigating the defendants in the past one year without any interference from the defendants. The senior lawyer disclosed that the anti-graft agency on its own admitted the defendants to

administrative bail prior to their arraignment, adding that throughout the period of the administrative bail, the defendants did not do anything untoward. Besides, Raji argued that EFCC granted one of the defendant’s permission to travel to Saudi Arabia, adding that the defendant kept faith by returning to Nigeria and surrendered his traveling passport to the commission. He dismissed the allegations by EFCC that the defendants are flight risk and would tamper with witnesses if granted bail adding that apart from being mare allegations, the anti-graft agency did not support the claim with any evidence. Raji accordingly urged the court to admit the defendants to bail in liberal terms. Continues online

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NEWS

PDP YOUTH AND STUDENTS’ ENGAGEMENT TOWN HALL MEETING... L-R: Peoples Democratic Party (PDP), North Central Zonal Youth leader, Hon. Haruna Ismail; Deputy National Youth Leader, Hon Timothy Osadolor; Senior Special Assistant to the Delta State Governor on Political Matters, Hon Jerry Ehiwarior, and Akwa Ibom State PDP Youth leader, Templa Umoh, during the PDP youth and students’ engagement town hall meeting held in Benin City...recently

Sylva: Theft, Pipeline Vandalism, Infrastructure Decay, Not Measurement Errors Responsible for Crude Losses We have 1.8bn litres, 42-day petrol sufficiency, says NNPC Emmanuel Addeh in Abuja The Minister of State Petroleum Resources, Chief Timipre Sylva, yesterday attributed the loss of revenue from crude production to theft, pipeline vandalism and decayed infrastructure. The minister, in a statement by his Senior Adviser Media & Communications, Horatius Egua, said despite the challenges, the federal government was determined to end the trend through improved investments and security along the major oil and gas pipelines in the Niger Delta region. Contrary to reports that about 40 per cent of the volumes of crude losses were due to measurement inaccuracies, he noted that the major sources of crude oil losses have primarily been theft, pipeline vandalism and production deferment as a result of pipeline non-availability. “It is a known fact that the major losses of crude oil in the country have been through theft and destruction of oil pipelines. Again we also know that some of the oil infrastructure are old and decayed and cannot perform at maximum capacity. “And there is also the issue of lack of investments in fossil fuel in the country and the drive towards renewable energy has really hampered new investments in this sector,” he said. The minister said the government

had put measures in place to restore sanity in the sector, adding that contrary to the report, the problem associated with crude oil losses are systemic issues that the government was already handling with a view to finding permanently solutions to them. Sylva therefore urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to harmoniously work together to ensure that the constraints and impeding challenges in the optimal crude oil production volume were speedily addressed to boost national revenue. According to him, the federal government cannot continue to lose revenue through ‘perceived’ lapses in crude oil production, especially at this very critical period of scarce revenue for the nation. He emphasised that this was not the time to dwell on the mistakes of the past or engage in needless blame games but a time to work to close all existing leakages to enable government get maximum benefits from its crude oil and gas assets. While expressing satisfaction at the improved security along the major oil pipelines in the region, Sylva called for sustained efforts by all concerned to maintain maximum crude oil production. “We are very confident that Nigeria will achieve 2 million barrels per day crude oil production

target very soon. The government is doing everything possible to get to where we should be and everyone is working hard to achieve this,” the minister said. Meanwhile, the Nigerian National Petroleum Company Limited (NNPC) yesterday disclosed that it has 1.8 billion litres of petrol in stock, enough to satisfy the demand of Nigerians. In its concerted efforts to sustain

the supply of petroleum products nationwide, the NNPC Limited said it had emplaced a robust plan for the supply of the product from mid-February to March 2023. “Latest updates released on Monday show that NNPC Limited has a total of 1.805 billion litres of PMS stock, representing 805.35 million litres in all the land depots nationwide and 1,000.20 million litres on marine vessels, which is

The immediate past Minister of State Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, has been appointed as a visiting Professor of Law in Baze University, Abuja; Afe Babalola University, Ado-ekiti, Ekiti State (ABUAD), and the University of Benin (UNIBEN), Benin City, Edo State. A statement yesterday explained that the prestigious appointments were in recognition of Kachikwu’s “exceptional contributions to the legal profession, particularly in the field of energy law and policy.” It added: “Kachikwu is a renowned lawyer and energy

expert, with over 30 years of experience in the industry. He has served in various high-profile positions, including as Nigeria's Minister of State for Petroleum Resources, where he spearheaded several groundbreaking initiatives aimed at reforming and repositioning the country's oil and gas sector.” Kachikwu was the President of OPEC in 2016, serving Nigeria’s term as OPEC president. He was the unprecedented three-time President of APPO (The Ministerial Council of African Petroleum Ministers) and undertook major reforms of APPO to bring it alive.

equivalent to 42 days sufficiency, will be the closing stock for the month under review. While assuring motorists that it has adequate and sufficient volumes on both land (all the depots) and marine vessels, the NNPC Limited, said that as the provider of energy security for the country, it will continue to sustain availability of petroleum products across the country.

NNPC Seals Partnership Deal on New Frontier Exploration, Others, with Gambian National Oil Company Pumps additional 404.69m litres to depots as petrol scarcity eases Peter Uzoho The Nigerian National Petroleum Company Limited (NNPC) has signed a memorandum of understanding (MoU) with the Gambian National Petroleum Company (GNPC) on key areas of interest in the oil and gas sector. This was just as the national oil company has maintained the momentum in its effort to finally end the current petrol scarcity and queues across the country, with the supply of additional 404.69 million litres to various loading depots in Nigeria, last week. The national oil company

signed the MoU with its Gambian counterpart at the weekend, in Banju, the country's capital. The Executive Vice President, Business Services, NNPC, Mr. Danladi Inuwa, signed on behalf of the NNPC, while the Managing Director of GNPC, Baboucarr Njie, signed on behalf of his organisation. NNPC said the key areas of interest in the partnership included, "new frontier exploration, crude oil market expansion opportunities, and transfer of technology towards the quest for more energy security for both countries and the West Africa Sub-region."

Baze University, ABUAD, UNIBEN, Others Appoint Ibe Kachikwu Visiting Professor of Law Emmanuel Addeh in Abuja

equivalent to 30.09 days sufficiency. An additional PMS supply of 884 million litres is also expected into the country by February 28, 2023, a statement signed by Garba Muhammad, Chief Corporate Communications Officer of the national oil firm said. For March 2023, it said that a total of 2.3 billion litres of PMS are expected into the country, while about 2.5 billion litres, which is

In addition, Kachikwu oversaw the installation of Barkindo Sanusi (late) as Secretary General of OPEC in 2016 and H.E. Farouk Ibrahim as Secretary General of APPO in 2019. Prior to his appointment as the Group Managing Director of the NNPC, he was the Executive Vice Chairman of Mobil Producing Nigeria Unlimited and General Counsel for ExxonMobil Nigeria affiliate Upstream and Downstream Companies in Nigeria. “In addition to his appointments as visiting Professor in the Nigerian Universities, Dr. Kachikwu has also been granted visiting Professorship appointments by

several Ivy League universities in the United States of America. “As a visiting professor, Dr. Kachikwu will be sharing his expertise and experience with students and the faculty, engaging in research and academic activities, and contributing to the development of the legal profession in Nigeria and beyond. “The University bodies expressed their excitement to welcome Dr. Kachikwu to their academic community and look forward to the valuable insights and knowledge he will bring to the institutions,” the statement added.

It added that the MoU would enable it work with the GNPC to explore and evaluate potential oil resources in Gambia. The NNPC also said the deal was a significant step towards strengthening bilateral relations between Nigeria and Gambia and would create opportunities for the two countries to collaborate in the oil and gas sector. As part of the exploration activities, geological and geophysical studies would be conducted, and seismic data acquired and analysed, while NNPC would also work with the GNPC to identify potential exploration blocks and carry out drilling activities in the country. The NNPC, however, said the agreement represented another effort to expand its operations beyond Nigeria and tap into the vast oil and gas reserves in other African countries. The company has been involved in similar initiatives in recent years, including exploration projects in Niger, Chad, and Benin Republic. The Gambian Minister of Petroleum and Energy, Fafa Sanyang, hailed the collaboration, describing it as a major milestone for the country’s oil and gas industry. In another development, NNPC has kept the momentum in its effort to finally end the current petrol scarcity and queues across the country, with the supply of additional 404.69 million litres to various loading depots in Nigeria in the course of last week. In its Weekly National Premium Motor Spirit (PMS) Evaluation and Dispatch Report for Week

11th to 17th February, 2023, which was posted on its Twitter handle, NNPC said it evacuated a total of 404.69 million litres of petrol to the various loading depots in the country. According to the report, average daily evacuation for the week under review was 57.81 million litres while year-to-date daily average evacuation stood at 65.43 million litres. The report also indicated that 83 per cent of all evacuation took place at the top loading depots, with minimum evacuation of 5 million litres, adding that other loading depots evacuated 17 per cent of the total volume. The NNPC evacuation report further showed that, of the top five loading depots, Pinnacle Lekki received the highest allocation with 52.80 million litres, followed by NIPCO - 25.23 million; Matrix 24.88 million; Aiteo - 21. 37; and 11Plc - 19.48. However, the five least receiving depots among the top loading depots received as follows: Shema Pet - 5.04 million litres, followed by Fatgbems - 5.47 million; MRS Plc - 5.80 million; LADO Oil - 5.89 million; and Northwest - 6.05 million litres. On the other hand, the report indicated that truck dispatch to states has Lagos as the highest with 1,962, followed by the FCT - 731; Oyo - 558; Ogun - 469; and Delta - 462. Also, states with the lowest number of truck dispatch were: Ebonyi - 26; Bayelsa - 32; Jigawa - 61; Zamfara - 66; and Gombe - 77.

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Buhari Returns from Addis Ababa To lead APC presidential campaign grand finale in Lagos today Deji Elumoye in Abuja President Muhammadu Buhari is back in Abuja after participating in the 36th Summit of the African Union (AU) in Addis Ababa, the capital of Ethiopia. Buhari, who returned to Abuja, via the presidential wing of Nnamdi Azikiwe International Airport yesterday afternoon, was received by top government officials including the Secretary to the Government of the Federation, Boss Mustapha; his Chief of Staff, Prof Ibrahim Gambari; Minister of Federal

Capital Territory (FCT), Mohammed Bello and Inspector-General of Police (IGP), Usman Alkali Baba. The president, who left the country last Thursday, participated in a couple of events during the three-day outing, including high-level meetings on peace and security, climate change and the political situation in some West African countries. Aside the AU Summit with the theme: "Acceleration of the African Continental Free Trade Area (AfCFTA) Implementation,” Buhari also took

part in an Extraordinary Summit of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS), which held on the sidelines of the main event. He also took part in the second Conference of Heads of State and Government of the Sahel Region Climate Commission (SRCC), where Nigeria was picked to host Secretariat of the Sahel Climate Fund. During some of the meetings of the 36th AU Summit, the president

presented Nigeria's positions on critical continental issues, including urging member-states of the Union to ratify the AfCFTA Agreement for the economic development of the continent, as well as calling on them to strengthen early warning systems to rein in conflicts. Speaking yesterday shortly before departing Addis Ababa, the president said he took the existing neighborly relations between Nigeria and the Union of Comoro Islands as important, for which he would be briefing his

successor on the need to keep them. According to a release by presidential spokesperson, Mallam Garba Shehu, Buhari during an interactive session with President Azali Assoumani of the Union of Comoros, who just took over as the Chairperson of the African Union for 2023, thanked the Island nation for being a good neighbor. “As developing states, we have to follow through on the correct steps to achieve development. I thank you for being a good neighbor and the

consistency of your friendship. I will brief my next successor from my party on keeping this important relationship. Congratulations on your emergence as the Chairperson of the AU,” he said. Meanwhile, the president is expected to lead other leaders of the ruling All Progressives Congress (APC), including the party's presidential candidate, Asiwaju Bola Ahmed Tinubu, to Lagos today, for the grand finale of the presidential campaign of the party.

up to Nigerians that their policies have brought hardship and pains on them, they are busy shifting blame on the opposition party. “For the records, PDP has nothing to do with the protests in Sagamu or anywhere in the state. Let them go and check themselves. They are disconnected from the people. The should put their failure on the PDP. They are disorganized and it is rubbing on their faces now that people are ready to vote them out of office, starting from this Saturday," Ogundele stated

service commanders for ensuring our state is safe. "We are all currently undergoing difficulty caused by some policies of the government. The pain is time-bound but the policy has its advantages. "I like to appreciate the people of Bayelsa, who though are experiencing pains have taken it with equanimity and have never resorted to illegal means of resolving the issue. "Currency redesigning is an exclusive matter for the federal government. All we can do is to call on the federal government to reduce the impact on the people. I appeal to all Bayelsans to keep the peace. We have no other state of our own.” On the recent skirmishes in Nembe-Bassambiri that claimed some lives, Governor Diri again admonished traditional rulers to take proactive steps to ensure peace in their domains. The state’s helmsman noted that politics should be a means of serving the people and not warfare, urging politicians to play by the rules and remain civil as civilians. "Building up to the election, we have seen killings in Bassambiri. For no reason, innocent people have been killed. “I have directed the security agencies to remain in Nembe until after the election and till peace returned. I have also directed the arrest of those responsible for the killings,” he added. Briefing the press shortly after the meeting, the Commissioner of Police, Bayelsa State Command, Mr. Ben Okolo, assured of adequate security in the state during the general election. He restated the ban on the use of 200-horse power engine boats, saying it would be vigorously enforced.

OLD BANKNOTES: APC GOVERNORS PROVOKING ANARCHY, SAYS ATIKU James Sowole in Abeokuta, Onyebuchi Ezigbo, Adedayo Akinwale in Abuja, Olusegun Samuel in Yenagoa, Yinka Kolawole in Osogbo and Ugo Aliogo in Lagos The Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has accused governors of the All Progressives Congress (APC) of preparing the ground for anarchy in the country through their virulent utterances and outright confrontation posture over the naira redesign project of the Central Bank of Nigeria (CBN). In a statement by his Special Assistant on Public Communications Mr. Phrank Shaibu, the PDP candidate, sympathised with Nigerians over the hardship they were facing over the naira scarcity, which was having unintended consequences. Atiku’s accusation came as the ancient town of Sagamu, headquarters of Sagamu Local Government, area of Ogun State was yesterday morning, thrown into chaos as angry youths protesting the scarcity of the new naira notes attacked branches of four commercial banks and other public facilities in the town. Following the nationwide broadcast by President Muhammadu Buhari, directing the recirculation of the old N200 and that the N500 and N1,000 should cease to be legal tender, the Kaduna State Governor, Nasir el Rufai made a counter broadcast directing the people of Kaduna to ignore the presidential broadcast and continue to do business with the old notes. He cited the Supreme Court interim injunction as reason. Also following Rufai's footsteps, was Kano State Governor, Abdullahi Ganduje who threatened that: “Any bank that refuses to accept old N500 and N1,000 notes will be destroyed. We will not tolerate such disobedience from any financial institution operating within our jurisdiction,” Governor Ganduje further disclosed that the space of the destroyed banks would be used for building schools. “We will convert the space of the destroyed banks into schools that will provide quality education for our children,” he had threatened. Governor of Ogun State, Dapo Abiodun, t also threatened that, “the Ogun State Government will be revoking the Certificate of Occupancy, of any corporation or store that rejects old naira notes from members of the public in the State in exchange for goods and services.” Also, Governor Bello Matawalle of Zamfara had ordered the arrest of anyone who refuses to accept the old N500 and N1,000.

But Bayelsa State Governor, Senator Douye Diri and his Osun State counterpart, Senator Ademola Adeleke, yesterday sued for calm following the raging controversy over the naira redesign policy. Adeleke also warned against hoarding of new naira notes by commercial banks, calling on the CBN to sanction financial institutions involved in such anti-people activities. Atiku, however, said the inciting comments by some APC governors wherein they threatened to shut banks rejecting the old notes had emboldened rioters to burn down commercial banks. He said Abiodun, who had threatened to revoke the certificate of occupancy of banks rejecting the old notes, was acting like a dictator, and this had evoked rebellious actions. Atiku stated, “The president made it clear that the old N1,000 and N500 notes are no longer legal tender. Those who are dissatisfied with the President’s proclamation should go to court rather than resort to self-help. Two wrongs do not make a right. “Governor Dapo Abiodun, who is the number one citizen of Ogun State, ought to know better. However, he has been threatening to revoke the C of O of banks that obey the President’s proclamation. This act of defiance has evoked rebellion, hence the riots and burning of banks in Sagamu, Abeokuta, and Mowe”. Atiku, in the statement by his aide, knocked the All Progressives Congress (APC) chapter in Ogun State for distributing old notes to voters ahead of the election as seen in viral videos. He added, “In viral videos all over social media, agents of Governor Abiodun could be seen sharing the old notes in envelopes branded with the governor’s picture, convincing the supporters that the notes remain legal tenders contrary to the CBN policy. “It is obvious that Governor Abiodun’s concern has nothing to do with the pains of the people. It is only because of the inability of his party to buy votes. If we may ask, where did the APC in Ogun State get the old notes that are no longer in circulation? These are funds that were stashed for vote buying.” He also noted that Governor Godwin Obaseki of Edo State had accused APC chieftain, Adams Oshiomhole, of sponsoring the riots in Benin, which he said was clear evidence that the APC was behind the riots. “Oshiomhole is one of the biggest critics of the naira redesign policy. It is not surprising that Governor Obaseki, who is the chief security officer of the state, has established

IRABOR: WE ARE GOOD TO GO WITH SATURDAY’S ELECTIONS “Looking at the security for the elections and as you know, the police are the lead agency for elections security, we have compared notes and assessed the entire situation and we are good to go. “The assessment is that we are set on all fronts. We got representation from the Independent National Electoral Commission (INEC), who of course, you have interacted with and has also told Nigerians and the world that they are ready for this election. “By and large, we are good to go and I like to use this opportunity

to assure Nigerians that on the security front, we are good to go on all fronts,” he said. Irabor also gave assurances that the security agencies would cover every part of the country to ensure peaceful elections, so that all eligible Nigerians could exercise their franchise. While noting that contingency actions were taken to address areas with peculiar security challenges, the defence chief warned those plotting to cause trouble during the elections to have a rethink, because “they will get a bloody nose.”

that Oshiomhole is behind the riots. The APC really needs to stop provoking these riots,” the statement added. Shaibu also knocked Kaduna State Governor, Nasir ell-Rufai; and Abdullahi Ganduje of Kano State for trying to provoke civil disobedience in their states. He said, “The APC and their governors do not love the masses. Their only grouse is their inability to buy votes because of this policy. Nigerians must not be deceived by these unscrupulous politicians.” Atiku’s aide called on the Nigeria Police Force, the Department of State Services, and other security agencies to infiltrate the ranks of those staging riots with a view to identifying their sponsors. He said the ultimate goal might be to force the Independent National Electoral Commission to postpone the election on the grounds of insecurity. “With elections less than five days away, the ultimate goal of the sponsors of these riots may be the postponement of elections. We commend the military and the police so far for curbing some of these riots. “However, we call on them to go a step further by identifying their sponsors" he said

Angry Youths Set Banks, IBEDC, INEC Ofﬁces Ablaze in Ogun

At Sagamu, the headquarters of Sagamu Local Government, area of Ogun State, the violent protesters attacked branches of Union Bank, Keystone Bank, Polaris Bank and Access Bank. While branches of Keystone and Union banks, were burnt, the protesters, attacked branches of Polaris and Access banks. Other public facilities burnt, were the office of the Independent National Electoral Commission (INEC), located within the Sagamu Local Government Secretariat while furniture and other property of the local government, were also burnt. In addition, it was gathered that the protesters, also burnt the Sagamu office of the Ibadan Electric Distribution (IBEDC) while they also made burnfire on Sagamu/ Lagos/Benin Expressway. The protest which was said to have begun in front of the palace of the Akarigbo of Remoland, Oba Babatunde Ajayi, spread to other parts of the town. The angry youths had last Friday barricaded the Mowe axis of the Lagos-Ibadan expressway in protest of the naira scarcity. A youth leader in the town, Kayode Segun-Okeowo, described the act as a, "motivated destruction and not a protest." "This is not a protest. I'm a comrade and understand the ABC of protest. It's motivated to cause destruction. "Those behind this must stopped," he said in a telephone interview. He also confirmed that two commercial banks have been set on fire. Meanwhile, the Akarigbo of Remo, Oba Babatunde Ajayi, has called for calm. A statement signed by the Oba read: “Appeal to all to remain calm and peaceful as we continue to engage the Federal Government. “This policy is not from the state or local government. Therefore, the destruction of lives and properties

will only compound an already bad situation. “I urge our people to continue to accept the old notes in line with the Supreme Court ruling. No person who accepts the old notes would lose out. I can assure you of that, and please hold on to that promise." Reacting to the situation, the Police Public Relations Officer (PPRO), for Ogun State Command, Abombola Oyeyemi, said normalcy has been restored in greater parts of the town. Oyeyemi, said the Commissioner of Police for the State, Frank Mba, was personally leading police teams and some military men to tackle the situation. Meanwhile, the APC and the PDP yesterday, clashed over the protest that rocked Sagamu. In a statement signed by the Chief Press Secretary to the Ogun State governor, Kunle Somorin, the state government said it was reliably informed that some disgruntled members and candidates of the PDP were sighted leading the demonstration. The statement noted that, "while the protests were purportedly against the 'scarcity of naira notes, the real intention of these elements became obvious with the involvement of known PDP members". The statement read further: "It is on record that the campaign tour of the APC, which moved through Simawa to Ogijo and back to Sagamu, where two roads were commissioned yesterday, ended without any hitch. The APC rally was attended by tens of thousands of people at different locations, lasting from about 8.00 am in the morning to 8.00p.m in the evening without any violence, quarrels, or disagreements whatsoever. "We believe strongly that it was the success of the APC rally of yesterday that got the feeble opposition PDP frustrated and therefore made their members embark on the mindless destruction of properties. "The governor of Ogun State, Dapo Abiodun, has been on top of the fallouts of the naira re-design issues. The governor had visited the Central Bank headquarters in Abeokuta and some other commercial banks’ branches, made a state broadcast and empathise with the people with a reassurance that efforts are on to ameliorate the negative impacts of the controversial policy on the people. "Rather, our people should exercise patience and be law abiding while waiting to cast their votes for the party that has stood by the populace even at this critical period.” Reacting to allegations, the Ogun State Chairman of the PDP, Sikirulahi Ogundele, said that the outburst of the state government showed its sense of irresponsibility and insensitivity to the plights of the Ogun State people. Ogundele, who expressed disappointment over what he described as "spurious allegations" from the ruling party, added that the APC has failed Nigerians and the people are reacting. "The ruling party has failed the people and they are now reacting to the untoward hardship its policies had brought on them. Can they say that PDP was behind the protests in Oyo, Ondo and other states? Nigerians are just reacting. Instead of the ruling party to own

Why CBN Mandated Banks to Be Collecting Old Banknotes

In a related development, a source at the CBN yesterday clarified why the apex bank mandated commercial banks to be accepting the old N1000 and N500 from customers who were still holding the currencies. The source explained that it was ensure that those that didn’t have the opportunity to deposit them before the February 10, deadline do so and get value. The source who pleaded to remain anonymous, explained to THISDAY in a chat yesterday, that in line with Sections 20(3) of the CBN Act, the apex bank was meant to ensure that those who were holding the old notes but didn’t have the opportunity to deposit them into their banks before February10, 2023, are able to redeem their stock of the old notes at the CBN for value. She pointed out that anyone who wishes to do so, have only one opportunity to do so at the CBN after the notes had lost their legal tender status on February 10, adding that no person would be allowed to redeem his or her old notes more than once. “This is what the CBN is trying to do. To redeem your old notes, you are meant to complete a form on CBN website where you get a CBN code to redeem your old notes. “To reduce the crowd at the CBN, it mandated the banks to collect sums below N500,000. As far as CBN is concerned, the old N500 and N1,000 have since expired after February 10 and cannot be accepted as means of exchange for goods and services,” the source added.

Bayelsa Governor Urges Calm

Bayelsa State Governor, Senator Douye Diri, has sued for calm following the raging controversy over the redesign policy. Diri maintained that it was within the rights of the government at the centre to implement the policy and urged the federal government to take practical steps to reduce the pains being experienced by Nigerians. His Chief Press Secretary, Mr. Daniel Alabrah, quoted the governor as having spoken during the 22nd state security council meeting in Government House, Yenagoa, yesterday. He lauded the people of the state for not resorting to illegal means of resolving the issues, expressing optimism that the challenges being faced as a result of the policy will soon be over. His words: "We are all aware that by Saturday elections will commence. Our state has been safe and I like it to continue. “All of us should join hands with the security agencies, give information to ensure our state remains safe. Let me commend

Governor Adeleke Meets CBN Ofﬁcials, Calls for Sanctions of Banks Hoarding New Naira Notes

Governor of Osun State, Senator Ademola Adeleke yesterday warned against hoarding of new naira notes by commercial banks. He called on the CBN to sanction financial institutions involved in such anti-people activities. Addressing CBN officials in his office, Adeleke decried the increasing shortage of the new notes, explaining that he had been deploying state network to douse tension and ensure safety of banks and the CBN state office. According to the Governor, his intervention in the last few weeks had ensured that Osun state was saved from increasing conflict in some south west states, expressing unhappiness at the current hardship the people were experiencing. "The situation is getting out of hand. The CBN must act fast. Any bank hoarding the new notes must be sanctioned. We should not treat such banks with kid gloves,” he said. "My people are patient but we should not take their patience for granted. That is why I called for this meeting. Why are the new notes not available? Is the supply small or inadequate? the Governor queried. He expressed the readiness of his government to partner with the CBN on the currency swap, informing the CBN team that the state was sacrificing a lot to maintain peace Continued on page 36

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NEWS

ELECTION WATCHERS... L-R: Linford Andrews; Joshua Setipa; Chairperson of the Commonwealth Observer Group, Thabo Mbeki; Deputy Chairperson of the Commonwealth Observer Group, Mrs. Amina Mohamed, and Snober Abbasi, during a press conference by the Delegation of Commonwealth Observer Mission to Nigeria’s Election in Abuja... yesterday

Court Judgements Are Open to Criticism, Ben Nwabueze Centre Replies CJN, NBA Declares foreign nationals avoid settling disputes in Nigerian courts like plague Wale Igbintade The Ben Nwabueze Centre for Constitutional Studies and the Rule of Law has described statements attributed to the Chief Justice of Nigeria (CJN) and President of the Nigerian Bar Association (NBA) threatening to discipline lawyers criticising the judgements of the apex court as misguided. In a statement, titled, 'Court Judgements are Open to Criticism,' that was signed by the Coordinator, Ben Nwabueze Centre for Constitutional Studies, Chijioke Okoli, the Centre stated that administration of justice was a social good of which the general public are the consumers. According to the centre, it was

inconceivable to deny consumers an opinion on the product, especially one which they are forced to purchase in the circumstances. The centre added that apart from the critical need for public accountability of all facets and institutions of the state apparatus, including the judiciary, criminalisation of criticism of judges was not consistent with the fundamental right to freedom of expression enshrined in the Nigerian constitution. It stated that the Nigerian public and the legal community in particular needed to be reminded that criticism of judges could be traced to biblical times, when St. Paul in Acts of the Apostles (chapter 23, vs.3) trenchantly criticised the judges who

subjected him to punishment for acting contrary to the law in his view, and unflatteringly lampooned them as, “whited sepulchers.” The centre added that even judges were known to criticise themselves in their judgements, sometimes quite trenchantly. The statement added: "It is obvious that some of the recent judgements of the Nigerian courts, especially the Supreme Court, in high profile political cases have generated understandable controversy. "Understandable, because some seemingly settled principles of law have been made by the decisions to appear not so settled and also challenged many people’s sense of justice. It is equally not in doubt that

some of the criticisms are beyond the pale, degenerating in some cases to personal vituperative attacks on individual judges. “Some of the disagreements, especially by some lay persons, undoubtedly appear to have been disagreeably expressed. It is obvious that some of the recent judgements of the Nigerian courts, especially the Supreme Court, in high profile political cases have generated understandable controversy. "Understandable, because some seemingly settled principles of law have been made by the decisions to appear not so settled and also challenged many people’s sense of justice. It is equally not in doubt that some of the criticisms are beyond

Commonwealth Observer Group Calls for Peaceful, Credible Polls in Nigeria Michael Olugbode and Olawale Ajimotokan in Abuja The Commonwealth Election Observer Group to Nigeria’s Elections called on all stakeholders to ensure peaceful and credible elections in the country, insisting that the outcomes of the elections would be significant not only for Nigeria but also for the entire African continent. The Observer Group led by former President of South Africa, Thabo Mbeki, yesterday, at a news conference in Abuja said: “This month’s elections will be Africa’s largest democratic exercise. The outcomes of the elections will be significant not only for Nigeria, but also for the entire continent. “Therefore, we urge all stakeholders in Nigeria to uphold their commitment to ensure a peaceful and inclusive election in which the people of Nigeria are able to freely exercise their right to vote, with the fundamental freedoms of expression, association and assembly fully respected.” Mbeki added that: “Our mandate is to observe and assess the preelection period, activities on polling day and the post-election period. Throughout, we will consider all factors relating to the credibility of the electoral process. “We will assess whether the elections are conducted according to the standards for democratic elections to which Nigeria has committed itself. As we undertake this assessment

and conduct our duties, we will be objective, independent and impartial.” He revealed that over the coming days, the group would receive briefings from the electoral authorities, political parties, the media and civil society groups representing women, youth and people with disabilities, while adding that this would enable the group to get a better understanding of the situation within the country ahead of the elections. He said: “As of February 2023, an estimated 93.4 million registered voters will have the right to cast ballots for presidential and national assembly candidates in 176,846 polling units across Nigeria. “From February 23, observers will be deployed across the country to observe the pre-election preparations as well as voting, counting and results processes at polling stations. “An interim statement, which provides the group’s preliminary assessment of the electoral process, will be delivered by the Chairperson at a press conference on February 27, in Abuja. “Following the elections, the group will submit its recommendations in a report to Commonwealth Secretary-General, the Rt. Hon Patricia Scotland, KC. She will forward the report to the Government of Nigeria, the country’s Independent National Electoral Commission, the leadership of political parties taking part in the elections and all Com-

monwealth governments. The report will be made public afterwards. “The Observer Group comprises 16 eminent persons from around the Commonwealth, including politicians, diplomats and experts in law, human rights, gender equality and election administration.” Mbeki noted that: “The Commonwealth Observer Group has no executive role, our function is not to supervise, but to observe the process as a whole and to form a judgment accordingly. “When we make observations, our intent is to offer constructive support to help strengthen the democratic culture, process and institutions in Nigeria.

“In doing so, the Commonwealth Observer Group will make recommendations to the authorities concerned on institutional, procedural and other matters as would assist the holding of such elections in the future.” The Commonwealth Team has been in Nigeria since February 18, for its seventh Observer Mission to Nigeria since 1999. Its mandate is to observe and assess the pre-election period, activities on polling day and the post-election period. “The itinerary of the team shows visit would be made to Sokoto, Lagos, Ondo, Benue, Kano, Edo and Rivers States. It will also observe elections in Abuja.”

the pale, degenerating in some cases to personal vituperative attacks on individual judges. Some of the disagreements, especially by some lay persons, undoubtedly appear to have been disagreeably expressed. "Indeed, administration of justice is a social good and of which the general public are the consumers. How could the consumers conceivably be denied an opinion on the product, especially one which they are forced to purchase in the circumstances? “Lest we forget that the people of Imo State and neighbouring Anambra State, are having to endure the consequences of an apparently deeply loathed politician occupying the position of Governor, courtesy of a Supreme Court judgment. “Can they justifiably be denied the right to criticism of the otherwise insufferable position they have been boxed into, and as has found expression in their denial of the occupier’s legitimacy with the cynical term ‘Supreme Court Governor? "Truth be told, these consumers and their advisers have had cause for serious worry with the trend in the recent past. For many areas of law and procedure the Nigerian legal practitioner is routinely confronted with conflicting decisions of the superior courts, including the apex court.” It added: “This makes the lawyers’ job almost impossible bearing in mind that in many significant ways the law, according to the legal philosopher Wendell Holmes, is nothing more pretentions than “the prophecies of what the courts will do in fact.” “It is clear that there would be nothing short of crisis of the rule law if the Court becomes afflicted with recurring schizophrenia. "This state of affairs should worry

more all concerned stakeholders especially the NBA whose motto is promotion of the rule of law. Aside the befuddling conflicting decisions of the apex court, there is its undue attachment to technicalities which is clearly at variance with the magisterial intellectual gravitas of such courts in other jurisdictions. "It would for example be difficult for an intelligent lay person to understand the sense in the Supreme Court making a fetish of whether a court process was signed in the name of a person or a law firm, and nullifying otherwise meritorious cases notwithstanding that issues of life and death may be involved. "Adverting to the APC v. Machina case, one of the surprises is that some informed persons are apparently surprised that the populace was bestirred into raising pointed questions. “It was most curious for the court to focus on the sterile technical issue of the form of action and avoided the substance which involved issues fundamental to not only to the understanding of the extant Electoral Act 2022 but also the architecture and nature of Nigerian democracy. "The court, it must be borne in mind, has whilst standing on technicality seemingly circumscribed the choice of voters in the Yobe North senatorial district regarding their representative. And this was notwithstanding that the Court had many times in the past cited with approval the almost century old Lord Atkin’s celebrated criticism of placing undue importance on forms of action in United Australia v. Barclays Bank [1941] A.C. 1, 29: “When these ghosts of the past stand in the path of justice clanking their mediaeval chains the proper course of the Judge is to pass through them undeterred.”

US Embassy Issues Security Alert on Nigeria’s Elections Michael Olugbode in Abuja The United States Embassy in Nigeria has alerted its citizens in Nigeria on possible protests during or immediate aftermath of Nigeria’s elections holding on February 25 and March 11. The Embassy also said as it was usually practiced during past elections, restricted movements should be expected to be imposed nationwide on the days of the elections. In a notice on its website, the Embassy advised its nationals to avoid rallies as, “they can turn

violent with little or no notice”. In the notice titled, ‘Security Alert – Possible Protests Leading to Elections and Restricted Movements on Election Days,’ the Embassy also advised American citizens in Nigeria to have three days of food and water at home in case movement restrictions were extended beyond election days. The notice read: “The government of Nigeria will restrict the movement of all personal vehicles on election days across the country,” adding that: “Information from the government of Nigeria indicates that only law enforcement personnel and

Independent National Electoral Commission (INEC)-accredited election observers will be allowed to move freely along the roads. “Based on past election practice, we anticipate personal vehicles will be blocked from any and all attempted road movement from 00:00 until 18:00 February 25 and 00:00 until 18:00 March 11. “Please be advised that movement restrictions may be extended at any time. Be alert to Government of Nigeria information about the restrictions.” The Embassy advised its citizens

in Nigeria to take following actions: “Have three days of food and water in your residence in case movement restrictions are extended beyond election day; have a pre-packed bag that contains your travel documents, medications, toiletries, cash, and clothes in case you need to relocate from your residence; avoid large crowds; be aware of your surroundings; keep a low profile; carry proper identification; review your personal security plans; keep your cell phone charged in case of emergency; Monitor local media for updates.

TUESDAY, ͺ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

RECHARGING HIS ADMINISTRATION... Bayelsa State Governor, Senator Douye Diri (left) and the new Secretary to the State Government, Alabo Gideon Ekeuwei, during his swearing in inside the Executive Council Chambers, Government House, Yenagoa,...yesterday

Atiku Gives Reasons for Cancelling Presidential Campaign Rally in Rivers State Says it was to avoid bloodshed Vows to complete East West roads, others Pledges to revamp presidential amnesty programme Chuks Okocha in Abuja Former vice president and the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar yesterday told stakeholders of the party at a meeting in Abuja that he cancelled his previously planned presidential campaign in the state in order to avoid bloodshed. He also told PDP stakeholders at a meeting held in Abuja that, "although we did not wish for this, it became expedient that we think and act innovatively to protect the lives of our people from the mindless violence and bloodshed instigated by the very persons who have the primary responsibility for their security and wellbeing.” According to Atiku, "our campaign and indeed the PDP subscribes fully to the position that no political ambition is worth the blood of any Nigerian. "Clearly, events on ground in Rivers State, and this gathering here at the insistence of our Rivers PDP family, confirms the historic relationship between me and Rivers state. "Beyond being a good corporate citizen of Rivers State, I have deeply connected with several families

in Rivers State over the years, a relationship that has endured for decades, long before politics. That is why I remain confident of the support of Rivers people for PDP and our presidency." He explained that Rivers State and Rivers people were bound by destiny to be critical stakeholders and beneficiaries of the Atiku/ Okowa presidency in multiple ways. Accordingly, the PDP presidential candidate said, "Let me therefore reassure Rivers people that the state will regain its preeminent position in the governance and politics of Nigeria. "Amongst other dividends, the transportation infrastructure in Rivers State will receive priority attention. The existing seaports will be expanded to increase economic activities that will have multiplier effect on the economy of Rivers State for the prosperity of our people. "The uncompleted rail line from Onne Port to join the Port Harcourt - Maiduguri rail line, which has been on the drawing board for decades will be completed speedily, while the deep seaport in Bonny will receive immediate attention.” Speaking further, he said: "The completion of the East West

Road will be a cardinal priority commitment for our presidency. The international airport in Port Harcourt will receive increased attention and investment to become a truly regional hub.” "The youth of Rivers State, like other states in the Niger Delta will benefit from our dedicated economic empowerment scheme as a means of dealing with the persistent youth restiveness and discontent which has sometimes created security challenges.

"Among other initiatives, the Presidential Amnesty Programme (PAP) will be revamped and restructured to become an enduring platform for unleashing the boundless creative energies and potentials of our youth in Rivers State. "Our recovery agenda for Nigeria has a front row seat for Rivers women who are brilliant, talented and hardworking. The women of Rivers State will benefit from our special entrepreneurial

Justice Chukwujekwu Aneke of the Federal High Court, sitting in Lagos, has restrained the Independent National Electoral Commission (INEC) from engaging the Lagos State Parks Management Committee led by Musiliu Akinsanya popularly known as MC Oluomo to distribute election materials and personnel in Lagos State on election days, pending the hearing and determination the substantive suit filed before the court. Justice Aneke made the order following a motion filed and argued by counsel to Labour Party Abass Arisekola Ibrahim in the suit marked FHC/L/CS/271/2023. Applicants in the suit are

Labour Party and its Lagos State governorship candidate, Gbadebo Rhodes-vivour; African Democratic Congress and its Lagos State governorship candidate, Funsho Doherty, and Boot Party and its governorship candidate, Wale Oluwo. Only INEC was listed as defendant in the suit. Applicants' lawyer, Abass Arisekola Ibrahim, who moved the application with an affidavit of urgency, told the Court that the application “is brought pursuant to section 13(3) of the federal high court act (CAP Laws of the Federation of Nigeria 2004; Order 26 Rules 8 and 9, Order 28 Rule 1(2) of the Federal High Court (Civil Procedure) Rules 2009, and under the court's inherent

with good governance that will allow your aspirations to be realised. "I therefore urge you to keep the faith, even in the face of harassment and needless violent intimidation, turn out massively on Saturday, 25th February, 2023 and cast your votes as usual for PDP. I assure you that your sacrifice and support will be fully rewarded." ng took place at the African Continental Hotel (Former Abuja Sheraton and Towers Hotel) on Sunday night.

UN Calls for Signiﬁcant Increase of Funding for SDGs Canvasses $500bn annually for developing countries Michael Olugbode in Abuja The United Nations has called for an urgent and significant increase in the financing of the Sustainable Development Goals (SDGs). This call, according to a statement yesterday, followed the failure of the global financial system to effectively cushion the impacts of current global crises, the COVID-19 pandemic, the war in Ukraine and the ongoing

climate emergency. The statement quoted the UN Secretary-General António Guterres to have warned on the occasion of the launch of the SDG Stimulus, that: “Today’s poly-crises are compounding shocks on developing countries – in large part because of an unfair global financial system that is short-term, crisis-prone, and that further exacerbates inequalities.” The UN Secretary-General

Court Stops INEC from Engaging MC Oluomo to Distribute Election Materials in Lagos Wale Igbintade

funding targeted at women in addition to being considered for appointments to various offices," Atiku stated He said as a corporate citizen of Rivers State for many decades, "I know that Rivers people appreciate that an Atiku presidency is inherently in their best interests, which is why you have made it your own project at great human and material sacrifice. “I assure you that your sacrifice and support will be fully rewarded

jurisdiction.” He told the court the grounds for the orders sought were that his client's who were plaintiffs/ applicants would be severely threatened to free and fair election in Lagos State. The counsel also stated that damages would not be an adequate remedy and that the balance of convenience was in favour of his clients, submitting that, "It is in interest of justice to restrain the INEC from taking any step or further steps that may foist a fait accompli (an accomplished fact) on the honour respect of the substantive suit." Justice Aneke, after hearing the counsel's submission, held, "I have listened to the submission of counsel and also perused the

motion with affidavit of urgency and grounds for the application. I found merit in the application. The order of interlocutory injunction is hereby granted." Upon granting the interim order, applicants' counsel pleaded with the court for the abridgement of time to hear the substantive suit, because of the time of the elections. Consequently, Justice Aneke granted the application for abridgement of time and adjourned the hearing of the substantive suit to February 22, while ordering that all the processes in the suit be served on the INEC. The judge also ordered that hearing notice be issued and served on the INEC. Continues online

stressed that: “We need to massively scale up affordable long-term financing by aligning all financing flows to the SDGs and improving the terms of lending of multilateral development banks,” adding that: “The high cost of debt and increasing risks of debt distress demand decisive action to make at least $500 billion available annually to developing countries and convert short term lending into long term debt at lower interest rates.” According to the statement, “halfway to the 2030 Agenda deadline, progress on the SDGs – our roadmap out of crises – is not where it needs to be. To reverse course and make steady progress on the Goals, the SDG Stimulus outlines the need for the international community to come together to mobilise investments for the SDGs – but, in so doing, create a new international financial architecture that would ensure that finance is automatically invested to support just, inclusive and equitable transitions for all countries.” It added that the current global financial system – originally created to provide a global safety net during shocks – is one in which most of the world’s poorest countries saw their debt service payments skyrocket by 35 per cent in 2022. The “great finance divide” continues to proliferate, leaving the Global South more susceptible to shocks. Developing countries don’t have the resources they urgently need to invest in recovery, climate action and the SDGs, making them poised to fall even further behind

when the next crisis strikes – and even less likely to benefit from future transitions, including the green transition. As of November 2022, 37 out of 69 of the world’s poorest countries were either at high risk or already in debt distress, while one in four middle-income countries, which host the majority of the extreme poor, were at high risk of fiscal crisis. Accordingly, the number of additional people falling into extreme poverty in countries in or at high risk of entering debt distress was estimated to be 175 million by 2030, including 89 million women and girls. Even prior to the recent rise in interest rates, least developed countries that borrowed from international capital markets often paid rates of five to eight per cent, compared to one per cent for many developed countries. The statement explained that the SDG Stimulus aims to offset unfavourable market conditions faced by developing countries through investments in renewable energy, universal social protection, decent job creation, healthcare, quality education, sustainable food systems, urban infrastructure and the digital transformation, noting that increasing financing by $500 billion per year was possible through a combination of concessional and non-concessional finance in a mutually reinforcing way. It pointed out that reforms to the international financial architecture were integral to the SDG Stimulus.

TUESDAY FEBRUARY 21, 2023 • T H I S D AY

T H I S D AY ˾TUESDAY FEBRUARY 21, 2023

POLITICS

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

Unperturbed By APC Ticket Loss, Senator Mandiya Sustains Constituency Projects

Francis Sardauna writes that Senator Bello Mandiya representing Katsina South Senatorial District in the National Assembly has continued to execute constituency projects despite losing APC re-election ticket.

he concept of constituency projects has been very controversial in the country, as many Nigerians perceive it as an avenue for lawmakers to syphon public funds. Many constituents have been denied the use of these otherwise life-changing projects because most of their representatives have thoroughly abused the initiative turning it into veritable conduits for financial misappropriation. The perception is such that in November, 2022, the Presidency had very hot exchanges with lawmakers at both lower and upper chambers of the National Assembly following President Muhammadu Buhari’s comments that there was little to show for over N1 trillion budgeted for constituency projects of the National Assembly members in the last 10 years. But Senator Bello Mandiya has changed the narratives in Katsina South Senatorial District, through the execution of life-changing constituency projects across 11 Local Government Areas of the senatorial zone. He had successfully spread developmental projects across the nooks and crannies of the constituency in tune with the needs and aspirations of the constituents. Elected on the platform of the All Progressives Congress (APC) in 2019, Mandiya’s political trajectory has seemingly followed the belief that democracy and excellence are more important than political convenience and expedience. He has moved according to his convictions regarding the opportunity to show excellence, thereby bringing exceptional dividends of democracy to the doorsteps of his people, especially the downtrodden. His political dexterity, competency, integrity and ability to deliver change and promise brought about a perfect arrangement that effectively and efficiently addressed the humanitarian needs of the electorate as well as the delicate political

Mandiya

equation in the senatorial zone where the incumbent Governor of the state, Aminu Bello Masari, hails from. Despite losing the APC re-election ticket to Hon. Muntari Dandutse during primaries, Senator Mandiya has continued to impact positively and transform people’s lives, particularly the vulnerable in villages and communities across the senatorial district. He has also exhibited the courage to speak truth, challenge national and state policies and decisions which tend to exploit the people. In the education sector for instance, Senator Mandiya has constructed one-block of six classrooms and equipped them with modern furniture at Government Girls Secondary School, Kafur. He also donated a 16-seater bus to the management of

the school to ease transportation difficulties in the school. One-block of three classrooms was also constructed by the Senator at Government Girls Secondary School (GGSS), Danja, in Danja local government area of the state. In his magnanimity to improve and sustain education among rural dwellers in the zone, Mandiya constructed six upstairs classrooms at Government Girls Day Secondary School, Malumfashi, one-block of two classrooms at Marmara village, one-block of three classrooms with furniture at Maijanlaili and fenced Aliyu Primary School, Malunfashi. Other educational projects executed by the Senator includes the construction of one-block of three classrooms at Gida Bakwai village in Faskari local government area of the state with state-of-the-art learning facilities, construction of one-block of two classrooms with furniture and total rehabilitation of Iro-Maikano Islamic school in Matazu, the headquarters of Matazu local government. He constructed another oneblock of two classrooms at Mararaban-Musawa. Another important project that even his critics will reluctantly admit, is the construction and equipping of Malumfashi Entrepreneurship and Development Centre with modern training facilities worth millions of naira, with the sole aim of making youths and women in the senatorial zone self-reliant instead of over-depending on government for white-collar jobs. The skills acquisition centre, which has tailoring, exhibition, shoes and bags making, building workshop, electricity, ICT and internet, blocks producing and hairdressing departments with all the equipments needed for take-off, has a befitting 400-capacity events’ auditorium, wellfurnished with furniture and conveniences as well as a three-bed capacity clinic and staff offices. In the area of healthcare delivery, he renovated the Administrative block, Outpatient Department (OPD) and Pharmaceutical department

of Maternal and Child’s Hospital, Malumfashi with modern medical apparatus. Senator Bello Mandiya also installed a solar mini grids of 150 megawatt and 120 megawatt at General Hospitals Funtua and Malumfashi. He also donated a Hiace Hummer ambulance to Malumfashi General Hospital, built VIP latrines at Kankara General Hospital, among other notable projects. Realizing the importance of farmers to food production and sufficiency in the country, Senator Mandiya has distributed 16,500 bags of NPK/ UREA fertiliser and 2,156 water pumping machines to wet season and irrigation farmers across the 11 local governments of the senatorial zone. Similarly, 440 tube wells have been constructed by the Senator for irrigation farmers and 6,000 have been trained in agricultural entrepreneurship from across the 11 local government areas. As part of efforts to tackle banditry in the state, the ‘People’s Senator’ has built and equipped six-unit transit house for security agencies in Malumfashi town, procured and installed 650 security lights on streets across the town and donated 85 motorcycles to security operatives in the local government. He equally renovated Police Area Command offices in Malumfashi and Funtua local government areas. In water supply and hygiene, the Senator has constructed over 284 solar-powered and handboreholes across political wards in Bakori, Kafur, Funtua, Malumfashi, Danja, Faskari, Dandume, Musawa, Matazu, Kankara and Musawa local government areas. He renovated and upgraded Musawa and Dayi Dams as well as the construction of 4,500 erosion control drainages in Malumfashi, Funtua, Danja, Kafur, Matazu and Dandume respectively to tackle ecological challenges in the areas. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

2023 Poll is About Trust, Promise Keeping Ismail Omipidan writes about the role played by the presidential candidate of the All Progressives Congress, Asiwaju Bola Tinubu, in the emergence of Muhammadu Buhari as the party’s presidential ﬂag bearer in 2015 and 2019 saying history beckons on the President as eligible Nigerians elect a new President on Saturday

s a reporter in Kaduna in 2011, I escaped being attacked by a mere whiskers. But not many Yoruba were that lucky. Our sin was that the average Hausa person rightly or wrongly believed then that the refusal of Asiwaju Bola Ahmed Tinubu to team up with President Muhammadu Buhari, who was the candidate of the Congress for Progressive Change (CPC) then, cost the North the presidency. Kaduna, which was the base of President Buhari, suffered the most out of the about 12 states in the north that withnessed the 2011 post presidential election violence. What was the cause? Absence of trust. The South-West was reminded of the events of 1983 and 1993, claiming that our brothers in the North caused the South-West the presidency on those two occasions. However, after the 2011 presidential election, the likes of Mallam Nasir El-Rufai moved in. Tinubu, Baba Bisi Akande and others set machinery in motion, once more, to re-enact another working relationship between the North and South-West based on trust and promise-keeping. It is a long story. But in the end, the All Progressives Congress (APC) was birthed two clear years to the 2015 general elections. The last All Nigeria Peoples Party (ANPP) convention, where it formally dissolved into the APC merger was held in Zamfara in 2013. I was witness to that history. In the buildup to the primary that produced Buhari as the APC candidate in 2015, the stakes were higher. Buhari’s supporters were apprehensive. But because there was an understanding between Buhari promoters in the North and Tinubu camp,

Buhari

Tinubu

Tinubu threw everything into that contest. He deployed every arsenal to ensure Buhari emerged as the candidate ahead of Rabiu Musa Kwankwaso and former Vice President Atiku Abubakar. Again, in the buildup to the presidential election, entreaties were made to Tinubu to back down. He carried on. It was about trust. It was about keeping promises. After 2015, despite the mistrust and attempts to tear APC apart, all in an attempt to truncate Tinubu’s ambition, the Lagos Boy carried on. National Party officials were changed at will to strip him naked. He still carried on.

For instance, I knew for a fact that the only reason Senator Tanko Al-Makura was shoved aside from emerging the National Chairman of the party, barely a month to the party’s convention that saw Senator Abdullahi Adamu emerging in his place, was because of Tinubu. The antiTinubu elements believed Senator Al-Makura was too close to Tinubu. I knew about Al-Makura’s ambition since 2019. In the end, despite all the scheming during the 2022 APC presidential primary, Tinubu still got the ticket. He made it because it was destined by God. But God used the APC Northern Governors to make it possible. The same way God used Tinubu to make Buhari’s presidency possible in 2015 and 2019. Besides, the general belief among most Africans that “a man’s life is preordained and ruled by God,” also played out. And this has continued

to play out in the political trajectory of Asiwaju Bola Ahmed Tinubu. From 1992 when he was elected a Senator to 2003, when against all odds he emerged the only Alliance for Democracy (AD) governor in the entire South West at a time when many thought it was all over for him, Tinubu has fought and survived several political landmines placed on his path. Before the 2015 and 2019 presidential elections, owing largely to the unanimity of purpose between the North and South-West, pundits could predict with ease where the pendulum would swing. But this time around, it is not the case. It was unexpected. But it is the reality. A tiny but powerful few within the APC government have succeeded in placing political landmines before the APC presidential candidate. They have planned and plotted to derail the APC train. However, Allah is the best of all planners. In Islam, breaking promises is a grievous sin. There are several verses of the Holy Qur’an that emphasise the need to keep promise. In Qur’an 17: 34, particularly, Allah says “... and fulfil (every) engagement, for (every) engagement will be enquired into (on the Day of Reckoning)”. Prophet Mohammad (S.A.W) also said: “The person who has no covenant has no faith”. He went further to add, “Whoever has faith in Allah and the Day of Reckoning, should fulfil his promises”. -Omipidan writes from Ila Orangun, Osun State NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

TUESDAY FEBRUARY 21, 2023 • T H I S D AY

18 T H I S D AY TUESDAY FEBRUARY 21, 2023 TR

UT H

& RE A S O

Tuesday February 21, 2023 Vol 27. No 10174

opinion@thisdaylive.com

www.thisdaylive.com

AFRO-COLOMBIANS AND THE AFRICAN UNION The African Union should canvass the termination of practices which humiliate and exploit Black peoples everywhere on the globe, writes OKELLO OCULI

See page 23

INEC AND THE 2023 GENERAL ELECTION BOB MAJIRIOGHENE ETEMIKU reckons the electoral body has prepared relatively well for the elections

See page 23 EDITORIAL

ILLUSION OF MONEY-MAKING RITUALS

PAUL NWABUIKWU argues that the Labour Party candidate, Alex Otti, can make a difference

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T H I S D AY ˾ DAY Ͱͯ˜ ͰͮͰͱ

IMAGES

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

L-R: Country Manager, Itel mobile, Veeki Chen; Marketing Manager, Itel mobile, Oke Umurhohwo; Director, Corporate Communications and CSR, Airtel Nigeria, Femi Adeniran; and Marketing Director, Airtel Nigeria, Ismail Adeshina, during a press brieﬁng announcing the partnership to launch an aﬀordable 4G smartphone, at Marriot Hotel, Ikeja…recently

Osun State Governor, Senator Ademola Adeleke, addressing Osogbo and Ikirun people during his visit to the site of an ongoing project, the Osogbo/Ikirun road,…recently

The Director-General, National Youth Service Corps (NYSC), Brigadier-General Yusha’u Dogara Ahmed, inspecting the parade mounted by corps members during the closing ceremony of the 2023 Batch ‘A’ Stream I Orientation Course at the Niger State Orientation Camp in Paiko…recently

L-R: Presbyter, Prof Bolaji Idown Memorial Methodist Church Cathedral, Ita Elewa, Ikorodu, Lagos State, Revd John Olanrewaju Solubi; Chief Executive Oﬃcer, Biscon Cable Group, Bisi Olatilo; and immediate-past Public Relations Oﬃcer (PRO), Methodist Church Nigeria Conference, Sir Aramide Tola Noibi, at The Sun Newspapers 2022 Personalities Awards Night in Lagos…recently

L-R: Incoming Head of Department (HOD), Telecommunications Engineering, Ahmadu Bello University, Zaria, Dr. Abdoulie Momodou Tekanyi; Chief Executive Oﬃcer, 9mobile, Juergen Peschel; Deputy Vice Chancellor (Admin), ABU Zaria, Prof. Ahmed Doko Ibrahim; Executive Director, Regulatory and Corporate Aﬀairs, 9mobile, Abdulrahman Ado; and outgoing HOD of Telecommunications Engineering, ABU Zaria, Prof. A.D. Usman, during 9mobile’s visit to ABU Zaria…recently

L-R: Chief Executive Oﬃcer, RTC Advisory Services Limited, Opeyemi Agbaje; Co-founder, Alithelia Capital, Olajumoke Akinwunmi; Managing Director/CEO, Wemabod Limited, Oluyemi Emmanuel Ejidiran; CEO EXIMIA Realty, Hakeem Ogunniran; and MD/CEO, Financial Derivative Company Limited, Dr. Bismarck Rewane, at the Wemabod Real Estate Outlook Conference held in Lagos…recently

TUESDAY FEBRUARY 21, 2023 • T H I S D AY

TUESDAY, ͺ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

THE ALTERNATIVE

with RenoOmokri

Nasir El-Rufai Has Declared War on Nigeria N

asir el-Rufai is someone I know very closely. He is extremely intelligent, but his intelligence is governed by ego, not conscience. He is capable of anything. If you make the mistake of voting for Bola Tinubu in five days’ time, el-Rufai will lead a cabal that will control you. Because Bola Tinubu does not have the strength of personality to resist people like Nasir el-Rufai. And if you are wondering why Nasir el-Rufai is desperately against an Atiku Presidency, I will tell you. Nasir was a struggling young man in the late 90s. United States diplomatic cables, leaked by Wikileaks, have since exposed that he was just a taxi guy before President Obasanjo rose to power. Now, how did he go from a taxi guy to a powerbroker? The short answer is Atiku Abubakar. The then vice President of Nigeria took a liking to el-Rufai and elevated him to the position of Director General of the Bureau of Public Enterprises, an agency that was under him. He and Nasir worked closely together, and after the re-election of the Obasanjo-Atiku ticket, the then Turaki Adamawa, again, was the hand that God used to elevate Nasir to the Federal Executive Council as minister. Even when he hit a snag at the National Assembly, Nasir ran to his benefactor, who successfully smoothed things out, and el-Rufai emerged as the Minister for the Federal Capital Territory. And he was an efficient and effective minister, and an even more efficient and effective backstabber. He it was, who sensing an opportunity, poisoned the heart of then President Olusegun Obasanjo, by telling him that his deputy, Atiku Abubakar, had told him (el-Rufai), that Obasanjo would die and he would be the next President. I know this for a fact, because Nasir himself told me with his own mouth, and if he tries to deny it, well, I am nothing, if not a meticulous record keeper. Why did he do it? Well, because he himself wanted to succeed Obasanjo. And he felt that Atiku Abubakar was his greatest obstacle. And so, he poisoned the hitherto relationship of trust between Atiku Abubakar and President Obasanjo. Of course, things did not quite work out for him as planned. It is said that when you sell your brother, even the buyer will not trust you. And the relationship between President Obasanjo and el-Rufai

el-Rufai is a textbook example of that adage. El-Rufai is gutsy. But he is also a cowardly opportunist. That is why he did not stick around after Yar’adua emerged over him. He fled Nigeria and lived in exile, and I was one of those who helped him. El-Rufai does not even like Bola Tinubu. He considers him a crook. But knowing how much Waziri Atiku Abubakar did for him, and how deeply he betrayed

him, he is afraid, very afraid, of an Atiku Presidency. And that fear has turned into desperation. Desperation is behind his treasonable felony in taking the unprecedented step of giving a statewide broadcast to counter the nationwide broadcast given by President Buhari. The man is desperate. He cannot even begin to imagine an Atiku victory. To those who do not know Nasir el-Rufai, let

No Going Back On Obi's Endorsement, PANDEF Declares LP campaign council knocks Tinubu, El-Rufai Emameh Gabriel and Sunday Aborisade in Abuja The Pan Niger Delta Forum (PANDEF), has asked Nigerians to disregard a statement credited to a purported Youth Wing of the Forum, championed by one Vincent Oyibode, which challenged PANDEF over its adoption Peter Obi as its presidential candidate. National Publicity Secretary of PANDEF, Ken Robinson, in a statement, urged the public to disregard the reported rejection of Obi's endorsement by the so-called youths, saying the youths’ action was borne out of infantile musings. In another development, the Director General of the Obi-Datti Presidential Campaign Council, Balogun Akin Osuntokun, has described the infamous pronouncement of the “Emilokan” principle and his ongoing war against currency swap by the presidential candidate of the All Progressives Congress (APC), Bola Tinubu, as recipe for anarchy. However, addressing its alleged withdrawal of support from Obi, Robbinson said in the first place, PANDEF did not have “wings”, and that the forum maintained a consolidated framework at the national, state, and local government levels. "Furthermore, it is important to underscore that the said Mr. Vincent Oyibode is a serving Commissioner in the Delta State Oil Producing Areas Development Commission (DESOPADEC). "It will, therefore, suffice to conclude that the buffoonery is sponsored by Governor Ifeanyi Okowa. With the intent to deride the leadership of the Pan Niger Delta Forum, PANDEF, for not supporting his ill-fated vice-presidential ambition, but rather upholding the cherished and fundamental principles of fairness, equity, and justice.

"For the avoidance of doubt, PANDEF stands by the endorsement of Peter Obi by our National Leader and elder statesman, Chief Edwin Kiagbodo Clark, and the affirmation by the Southern and Middle Belt Leaders Forum (SMBLF), done in Abuja, on the 2nd of February 2023. "Without equivocation, PANDEF's endorsement of Peter Obi is sacrosanct! It is significant to note that the endorsement of Peter Obi as our preferred presidential candidate for the 2023 election was the culmination of a process that started in 2021. "Recall that on the 30th of May 2021, following the Asaba declaration by the 17 Southern Governors, the Southern Middle Leaders’ Forum (SMBLF) met in Abuja and re-echoed the position of the Southern Governors. "SMBLF insisted that the Principle of Zoning and Power Rotation between the North and the South has been the basis on which the Nigerian Federation, has since Independence, been premised. "And, further insisted that, in observance of the principles of justice, equity, fairness, and political inclusiveness, the South, and particularly, the South East Zone, should produce the next President of the Country in 2023. "More importantly, after months of consultation at various levels, PANDEF, in its full complement, met with the Presidential Candidate of the Labour Party (LP), in Yenagoa, on 23rd December 2022. A rounded presentation on the concerns and expectations of the people of the Niger Delta was handed to the candidate. "And the vision statement His Excellency, Peter Obi, shared at the occasion, as it relates to making Nigeria more productive, using the rich resource endowment in every part of the country; curbing waste and fighting corruption; as well as, creating jobs for our teeming youths

through innovative initiatives resonated with the ideals and vision of PANDEF. "We have nothing personal against any of the other presidential candidates in this Saturday’s election. However, it is our well-considered conclusion that Peter Obi, the presidential candidate of the Labour Party (LP) is the best choice. "He represents the Nigerian conscience, moral probity, generational hope, and redemption epiphany, among others, and remains the answer to the many problems confronting the country. "It is rather most unfortunate and shameful that at a time when wellmeaning Nigerians, and particularly, patriotic youths, are zealously working to enthrone a new Nigeria, some inadvisable elements are erring because of ephemeral perks. PANDEF will not be distracted by the misdemeanor, but would instead intensify efforts to ensure Peter Obi's victory in the Niger Delta region,” he stated. Meanwhile, Osuntokun, who made the allegations yesterday, said since the “emilokan” pronouncement, Nigeria has been subjected to the full measure of utter selfishness and duplicity inherent in the concept, expressing utmost disappointment for the APC presidential candidate and Governor Nasir El-Rufai of Kaduna State against the merits of the currency swap, which he said Nigerians must rise up defend. Osuntokun, in a statement titled: The Audacity of Duplicity, said, Tinubu, "at his ill-starred appearance at the Chatham House, Tinubu was heard on open mic urging his followers not to take prisoners in his obsessive desperation to win the forthcoming Presidential election. ‘Snatch the ballot boxes’. He urged his followers." He said regardless of the merits or demerits of the currency redesign policy, Tinubu has done Nigerians the favour

of intimating them of how he intends to "snatch the ballot boxes", and that, "The only logical inference from this self-identification is that more than any other competitor, he had planned to outrightly purchase voters at the presidential election-as you buy a goat at the cattle market. "In a follow up action and set on a treasonable trajectory, the general officer commanding, GOC, the emilokan troops, El-Rufai the diminutive virtually declared the Republic of Kaduna State,” quoting him as saying, “For the avoidance of doubt, all the old and new notes shall remain in use as legal tender in Kaduna State until the Supreme Court of Nigeria decides otherwise. “I therefore appeal to all residents of Kaduna State to continue to use the old and new notes side by side without any fear. The Kaduna State Government and its agencies shall seal any facility that refuses to accept the old notes as legal tender and prosecute the owners. If need be, we shall take further consequential actions according to the law." He said, "If he had responded with a minuscule measure of the alacrity (he has demonstrated on the potential inability to subvert the oncoming elections with cash) to these prior inter-ethnic sectarian crisis, thousands of lives would have been saved. Rather, he was busy radicalising and stoking the fire of bigotry and parochial chauvinism. “If you have a president who violated the constitution, what you do is initiate impeachment proceedings at the National Assembly, not embark on internal insurrection and rebellion. We urge the Nigerian public to shine their eyes very well and not allowed themselves to be used as cannon folders by duplicitous politicians lest they become unwitting victims of sham populism and rank opportunism.”

me quote what President Obasanjo said about him: “Nasir’s penchant for reputation savaging is almost pathological. Why does he do it? I recognised his weaknesses; the worst being his inability to be loyal to anybody or any issue consistently for long, but only to Nasir el-Rufai. He barefacedly lied which he did to me against his colleagues and so-called friends. I have heard of how he ruthlessly savaged the reputation of his uncle, a man who was like, in the African setting, his foster father. I shuddered when I heard the story of what he did to his half-brother in the Air Force who is senior to him in age.” Now, what will Buhari do about the open treason by Mr. el-Rufai? So far, he has done nothing. Could that be why Senator Yusuf Datti Baba-Ahmed called General Buhari a “weakling” during his courtesy visit to the Obi of Onitsha on Thursday, February 16, 2023? Do we have two Presidents in Nigeria? How can el-Rufai promise that Tinubu will revalidate the old Naira that Buhari invalidated? That is treasonable. It is a coup. Beyond treason, it shows that if we elect Tinubu, it will be el-Rufai and Kashim who will be in charge! What Nasir did in defying the Central Bank of Nigeria’s directive, unnecessarily approved by Buhari (the CBN does not need the President’s approval. By the CBN Act of 2007, the CBN is an independently autonomous entity), by saying the old Naira notes would still be valid in Kaduna, is not just treason. It goes beyond that. It is a declaration of war by a state, against the central government. Did Emeka Ojukwu do up to this before General Gowon’s Federal Military Government acted against him? Ojukwu did not issue the Biafran Pound until January 29, 1968. By giving that broadcast on Thursday, February 16, 2023, Nasir el-Rufai created his own Kaduna Naira, which is legal only in Kaduna, and as a result, he declared war on Nigeria. His immunity does not cover him for such acts of treason. If he goes Scot-free, then why is Nnamdi Kanu in prison? If a state of emergency is not declared in Kaduna, then Buhari should apologise to Nnamdi Kanu and release him. Buhari will lose any moral authority he has in keeping Nnamdi Kanu in jail, in direct disrespect of the Court of Appeal’s orders, if he refuses to move against Nasir el-Rufai for treason. If a state within a federation issues its own legal tender, it has declared war on the federation. For those saying el-Rufai was obeying the Supreme Court judgement, note that there is no judgment. There is only a stay order. And even the Supreme Court itself is rejecting the old Naira notes from lawyers who want to file cases there. The law of the land is the Constitution. Not a stay order! The Supreme Court Justices have read the CBN Act of 2007. It grants absolute independence to the Central Bank of Nigeria on monetary policy. When we said he was pretending in that 2018 photo, where Nasir el-Rufai knelt down to greet Buhari, some of you insulted us. We know him. We have met him, we have played politics with him. We have eaten with him. You have not. So listen to us when we tell you about him. If you are locked in a room with a snake and el-Rufai, leave the snake and face Nasir! And as for Tinubu, I will only say that if you have a friend like el-Rufai, you do not need enemies. El-Rufai had betrayed President Obasanjo, Waziri Atiku, Buhari, Bukola Saraki, and his once bosom friend, Nuhu Ribadu. So, who does Bola Tinubu think he is, that el-Rufai will be loyal to him? The only consistent character trait that el-Rufai has is betrayal. If in doubt, ask Oby Ezekwesili. After el-Rufai used her to tarnish the image of former President Jonathan, how did he repay her? He did not even diss her himself. It was his son he used to call her ‘beggar with receipt!’

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TUESDAY FEBRUARY 21, 2023

The African Union should canvass the termination of practices which humiliate and exploit Black peoples everywhere on the globe, writes OKELLO OCULI

AFRO-COLOMBIANS AND THE AFRICAN UNION A former guerrilla war leader, Gustavo Afro-Colombians are, however the Petro, was elected president of Colombia in poorest. This poverty remains rooted a second-round voting results announced in governments denying them access on Sunday 19th June, 2022. Although his WR HGXFDWLRQ :KLOH SHU FHQW RI WKHLU war record had been softened by a past children attend Primary School, very record of being elected as Senator and few of them attend higher education. later the Mayor of the country’s capital The Primary Schools have very low city BOGOTA, it was still a ‘good shock’ pedagogical facilities, including wretched to his people that a man with Socialist school buildings. This low access to education ensures ideological convictions had achieved that lack of capacity to enter high-paying jobs. historic victory. His Vice President also made history. 7KHLU DYHUDJH VDODU\ RI 86 'ROODUV )UDQFLD 0DUTXH] EHFDPH WKH ÀUVW %ODFN per year is in contrast to US Dollars 1,500 :RPDQ WR EH HOHFWHG WR WKDW SRVW ,Q KHU SHU \HDU DYHUDJH IRU :KLWH &RORPELDQV view her victory was not only a ‘’victory Governments deny their communities LQYHVWPHQWV :H DUH UHPLQGHG RI VLPLODU inequality in racist Southern Africa. Colombia carries the colonial legacy of large plantations which exploited Africans for sugar production; gold PLQLQJ DQG FDWWOH UDQFKHV :DJHV DUH DW starvation levels. Political dictatorships use lavish violence to repress protests and demands for living wages. Newly elected president promised to have dialogue at the ‘’Presidential Palace’’ with ‘’those who have raised arms’’ and those he called the ‘’silent majority of peasants, indigenous people, women, youth’’. Andres Felipe Barranos, Director of the Institute for Reconciliation, has said of Petro –Marguez victory that since for all women’’, but a manifesto that Colombia became a republic and got ‘’we are facing the greatest possibility of Independence 200 years ago, “nothing like this had happened’’. The African change in recent times’’. In terms of radical politics, Petro’s Union remained silent. Luis Celis listed problems facing the victory followed similar changes in Chile, new Leftists to include: ‘’agrarian reform, Honduras and Peru. That of Francia Marquez seems to have been part of an economy at the service of the people; tremors broadcast around the world by a more equitable taxation; to get out of the multiracial power of the “BLACK hunger; of poverty’’, and end all violence LIVES MATTER’’ movement which as in today’s South Africa. :KHQ LQ D 6RFLDOLVW JRYHUQPHQW kicked up a countrywide dust in the United States of America, Europe; and of Salvador Allende in Chile set itself the task of achieving that terrible list, he was tremors in Brazil. Afro-Colombians have a rare pan- assassinated by military coupists aided by Africanist ancestry. Their music, the Americans. Anthony Blinken, Biden’s Secretary of CUMBIA, has roots in Eritrea, Angola State/Foreign Minister, congratulated and Mali. Their ancestors are reported to 3HWUR DQG RͿHUHG FRRSHUDWLRQ ¶·WRZDUGV have come from Mali, Senegal, Guinea, Sierra Leone, Liberia, Ivory Coast, Ghana, a better future’’. This change in tone may Nigeria, Cameroon, Congo and Angola. UHÁHFW FRQFHUQ RYHU PDVVLYH LQYHVWPHQWV :LWK D WRWDO RI PLOOLRQ %ODFNV WKH\ by China in South America, and public are competitive with several African rejection of past American assassinations; countries. They constitute the fourth and ruthless exploitation of economies in largest population of people of African the subcontinent. The African Union owes Afrodescent in the western hemisphere. The Colombians the practical implementation United States, Brazil and Haiti are the top of foreign policy promises expressed three. Their 2.5 per cent Mestizo/Mulato share by Nigeria’s Prime Minister, Abubakar RI WKH FRXQWU\·V SRSXODWLRQ LV D UHÁHFWLRQ Tafawa Balewa to demand termination of RI $IUR &RORPELDQ DQFHVWRUV ÀJKWLQJ practices which humiliate, degrade and Spanish racists and retreating into jungles exploit Black peoples everywhere on the and mixing with indigenous inhabitants. globe. Oil-rich economies, notably: Nigeria, 7KHLU ÁLJKW DZD\ IURP JXQ ZLHOGLQJ Angola and Gabon should create an Spanish military and civilian opponents is UHÁHFWHG LQ WKH ODUJH FRQFHQWUDWLRQ RI WKHLU ‘AFRICA DIASPORA DEVELOPMENT QXPEHUV DORQJ WKH FRDVW RI WKH 3DFLÀF FUND’’ to support SMS businesses and good quality education facilities for Black Ocean to the far west. Afro-Colombians hold a rich record of communities in Colombia, Brazil, Peru, ÀJKWLQJ IRU WKHLU IUHHGRP DQG WKH ULJKW the United States of America. The African Union must also learn WR VHOI UXOH ,Q D ´SUHGRPLQDQWO\ from Colombia’s revolt by the wretched Black political administrative division’’, of the country that free and fair elections El Choco, was created. They later became PHPEHUV RI WKH WZR JXHUULOOD ÀJKWHUV prevents resort to armed warfare for FARC and AUC. The emergence of a economies in the service of the people. Black woman activist as Vice PresidentProf Oculi elect gets legitimacy from this legacy. writes from Abuja At 25 per cent of Colombia’s population,

BOB MAJIRIOGHENE ETEMIKU reckons the electoral body has prepared relatively well for the elections

INEC AND THE 2023 GENERAL ELECTION Many Nigerians believe that election is monitoring. Mostly because governance GHPRFUDF\ DQG GHPRFUDF\ LV HOHFWLRQV :KDW systems within the media is governed by has seemingly helped to establish that maxim anathema aka beats, the paddy-paddy or belief in the hearts and minds of many of and hunhunhun, only those in favour of our people is that quip that says that voting the chap in charge of either the chapel or is our civic responsibility. Part of the problem otherwise will get the nod whether they with that kind of emblematic statement, and DUH ÀW RU QRW particularly with its framers heretofore is But today though, and with a deft that voting on election day has been made to stroke as the INEC has done with the look as if it is the only area of responsibility accreditation of journalists seeking to for civilians and the general populace. Yes, cover the 2023 general elections, the voting is one of our responsibilities as SDGG\ SDGG\ V\VWHP KDV EHHQ ÁXVKHG stakeholders but certainly not the only one of down the water closet. The process is them. now online, and with a tough deadline – 5th February, 2023. I had waited to see if the INEC were going to shift their own goalpost as is the oddity of many a Nigerian system but it didn’t. Journalists seeking to cover the 2023 Presidential and Governorship Elections were expected to produce several documentations – ID cards, evidence of their work either in the areas of elections or otherwise. Before the deadline, INEC has gone ahead to conduct due diligence, and as I speak, the FKDͿ KDV EHHQ VLIWHG IURP WKH ZKHDW Commendable as this is though, this column on development matters wants INEC to take a step further. And that step would be for INEC to empower MRXUQDOLVWV RQ WKH ÀHOG WR SURGXFH UHSRUWV :H DUH PDNLQJ WKLV FODULÀFDWLRQ IRU WKH IURP WKHLU H[SHULHQFHV RQ WKH ÀHOG EHQHÀW RI RXU SHRSOH DQG WR PDNH LW FOHDU apart from their regular press reports. that even though elections is one very In 2015, just before the presidential important aspect of the processes that usher elections, INEC mobilized certain civil in a democracy, it is not the silver bullet that society organisations to go into the ZH DOO WKLQN LW LV :H KDYH REVHUYHG RYHU WKH ÀHOG DQG HQJDJH ZLWK YRWHUV :KDW WKDW years that our people are hardly interested in engagement was, was voter education, any other processes that precede the elections enlightenment and mobilization. The or those that come after it, except perhaps to CSOs had moral and material support participate in riots if a preferred candidate ZLWK ZKLFK WKH\ ZHQW LQWR WKH ÀHOG RQ has not won. that assignment. At the end of the day, the $W D VHPLQDU LQ E\ WKH R΀FH RI WKH CSOs produced several reports, bound, Attorney-General of the Federation and and with pictures which were submitted Minister of Justice, Abubakar Malami, SAN, WR ,1(& :KHWKHU RU QRW WKRVH UHSRUWV this idea, that elections are not the be-all- were put in a central database for review and-end-all of the democratic process was and analysis is another matter. The other eloquently spelt out by Professor Tony Iredia. people who can produce reports, just like Having said this, we seek to put to the WKH (8 GRHV DUH RXU MRXUQDOLVWV :KDW WKHQ fore another civic responsibility which will happen when journalists and the EU helps elections usher in credible, fair and produce reports from the same elections, balanced outcomes. It is election monitoring, is data that can be analysed either for election observation and voter education and HOHFWLRQ SHWLWLRQ FDVHV RU MXVW IRU D 6:27 enlightenment. In times past, observer and analyses for future elections. monitoring groups were mostly European But on the whole, what INEC has done Union (EU), delegations, together with the with making online the accreditation of ORFDO PHGLD :KLOVW (8 PHPEHUV VHHNLQJ WR journalists is one example that the INEC monitor elections often have a straightforward under the Mahmoud Yakubu is serious access to the Independent National Electoral about getting its act right. It also goes to Commission (INEC) materials, the local identify that when we as Nigerians are PHGLD RIWHQ KDG GL΀FXOWLHV , YRXFKVDIH D ready to move this country forward, and guess at why this was always so: at the end JHW LW PRYLQJ ZH FDQ :H EHOLHYH WKDW of the election, you would almost instantly the introduction of the Bimodal Voter get a very comprehensive report from the Accreditation System too was modeled EU regarding wide ranging aspects of the after the online accreditation of those election. The local media, almost always, and interested in looking at the innards of beyond pockets of reportage of the elections the 2023 general elections. At some time KDV QRW FRPH RXW ZLWK GHÀQLWLYH VWDWHPHQWV during the INEC Chairman’s discourse that lend credence to itself as the fourth estate at the Chatham House in the United of the realm. Kingdom, he also discussed a future There are insinuations from some quarters use of a voter-body odour to checkmate that journalists monitoring these elections, incidences of vote-buying, vote selling or observing same are not, to all intents and all such ills associated with the and purposes, ‘real’ journalists. This line of HOHFWLRQ SURFHVVHV :H D΀UP VXSSRUW IRU thought is strong, especially when we consider these novel ideas and hope the day comes the modus operandi for the accreditation of in our lifetimes when these new systems these journalists – one individual sitting in will adjust these embarrassing scenarios DQ R΀FH VRPHZKHUH LV OLNHO\ WR SXW D FDOO so common in a journey of development. through to another chap somewhere and ask to forward names of ‘journalists’ for election majirioghene@yahoo.com

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TUESDAY FEBRUARY 21, 2023

EDITORIAL

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

ILLUSION OF MONEY-MAKING RITUALS Ritual killing remains largely a crime driven by ignorance and poverty

he recent arrest of two teenagers by operatives of the Edo State Security Vigilante Network has once again brought into sharp focus the bizarre practice of money rituals. The young men were DSSUHKHQGHG IROORZLQJ D WLSRͿ E\ WKH female herbalist from whom they sought help in their desperate bid for wealth through diabolical means. But they are not alone. Just recently, some young men were reported to have stormed a health centre in AdoEkiti, Ekiti state capital, asking for day-old babies. The unanswered question remains: What do they want to do with day-old babies? We can hazard a guess. They must belong to the growing group of desperadoes murdering innocent people, particularly women, children and sometimes the physically challenged, for ritual purposes. These murderers, sometimes called headhunters, can go to any extent in the search of body parts for money-making rituals. And they are all over the country. Not long ago, there was a shocking discovery of three human heads inside a hotel room in the commercial city of Onitsha, Anambra State. The three heads said to have been kept inside polythene bags were reportedly discovered by police R΀FHUV IROORZLQJ D UDLG RQ WKH KRWHO (OHYHQ SHUVRQV suspected to be kidnappers or ritualists were arrested but typically, nothing was ever heard again about the case. At about the same time, the police in Kagura in 5DÀ /RFDO JRYHUQPHQW DUHD RI 1LJHU 6WDWH DUUHVWHG four people in connection with the alleged murder of a 13-year-old son of an Islamic scholar. They reportedly lured the young boy to a secluded area where they removed his intestines and other vital organs after he had been murdered. So rampant is this crime that in cosmopolitan cities OLNH /DJRV ,EDGDQ %HQLQ &LW\ DQG .DQR FDVHV RI ULWXDO murders have now become commonplace. Indeed,

incidence of ritual killings is said to account for many missing people in the country. But illiteracy is also a great factor in this crime. Even though the belief lacks common sense, many people indulge in these bestial acts for the purpose of making “instant wealth”, what some have aptly dubbed “blood money”. Yet, LW LV GL΀FXOW WR SURYH WKDW WKHVH VDFULÀFHV GRQH DW the instruction of some crafty traditional medicine practitioners and witch doctors, can catapult people from penury into instant wealth. At least, for now, there is no single person that can be named to have become ULFK EHFDXVH RI KXPDQ VDFULÀFHV H[FHSW WKH FKDUDFWHUV in some Nollywood movies. So, to that extent, ritual killing remains largely a crime driven by ignorance and poverty. Meanwhile, the old image of the country as a citadel of humanitarianism, peacefulness, fraternity, cultural and moral renaissance seems blurred. There is disorderliness and chaos everywhere. Amid the moral confusion, it is GL΀FXOW IRU PDQ\ \RXQJ 1LJHULDQV WR XQGHUVWDQG WKDW work comes before wealth. The estrangement from SULVWLQH YDOXHV QRZ ÀQGV GUDPDWLF H[SUHVVLRQ LQ FUDVV materialism, inordinate ambition to get rich quick at all costs. But on the prevalence of money rituals, this is also a law-and-order failure. Indeed, the increasing cases of abduction and killing of many innocent men, women and children is a poignant reminder that the police and the other security agencies have not sent a forceful message on what awaits the perpetrators of such a PRVW KHLQRXV FULPH 7KH ODUJHO\ LQGLͿHUHQW WUHDWPHQW of those caught has encouraged the commitment of more crime. This is an issue that the relevant authorities must deal with and very quickly. There is also an urgent need for enlightenment campaigns to put a lie to the erroneous belief that money can grow out of the body parts of murdered people. It is time we put an end to these barbaric practices.

The estrangement from pristine values now ﬁnds dramatic expression in crass materialism, inordinate ambition to get rich quick at all costs T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

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LETTERS ARISE, O NIGERIANS, LET’S VOTE RIGHT This is a nonpartisan callout, on why we need to vote, and why we must get it right This letter will not be long, because, indeed, the issues are quite very clear. Beyond partisanship, beyond ethnicity, beyond religion, we are faced with a major problem. 7KRVH ZKR KDYH EHHQ HQWUXVWHG ZLWK HͿHFWLYHO\ managing the country, are insisting they can manipulate themselves back to power, despite their glaring record of failure, cluelessness and corruption. It is our right to resist evil in our country, especially that which comes from power hungry, poor performers, against the progress, the development and the lives of the common people. It does not matter what language you speak, or what part of the country you come from, together, we must take action, on our future, to logical conclusion. Tomorrow will be too late, we must come out together now, strong and determined, to overcome these

VHOÀVK JDQJV RI SHQ UREEHUV ZKR VHHN SRZHU RQO\ WR continue to steal for themselves, and their families. We must have nothing to fear, it is time to take the bull by the horns, and to jointly bring about a competent and compassionate government, that can seriously address our problems. Standing together, and truly together, we will overcome any corrupt inducement, any mad thugs, any machinations of forces, and any trickery of election results. :H KDYH GRQH LW EHIRUH EXW WKLV WLPH WKH VXͿHULQJ as a result of their wickedness, is even much more: many of us can no longer feed our families well, everything in the country is going worse, each day. So we must do it again. We must organize ourselves to come out in numbers and vote the right person for President. To vote for a decent man, who has the interest of the entire country at heart; to vote for a visionary man who has well -articulated plans to rectify the situation,

from day one; to vote for a sincere man, who will always tell Nigerians the truth; to vote for a healthy and energetic man who can stand the toughness of the job; to vote for an experienced man, who has made a success of his service and his life; to vote for a capable man, who has the capacity to take on the enormity of the problem; to vote for a humble man who will carry everyone along. So, let no one be left out, this is an operation of national salvation. /HW QR RQH EDFN GRZQ WKLV LV DERXW RXU IXWXUH RXU children, our lives. $QG /HW QR RQH KDYH GRXEWV«WKLV LV RXU MRLQW EDWtle, for our future, our development, our unity and our children. Together we shall overcome, and together, we shall win. Emeka Edmund Onwuocha, Abuja

LAWYER TUESDAY, FEBRUARY 21, 2023

UT H

& RE A S O

WEEKLY PULLOUT

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& RE A S O

The Politics of Naira Redesign and Its Attendant Implications

TUESDAY, FERUARY 21, 2023 ˾ T H I S D AY

IN THIS EDITION

R E Y W A L TUE SDAY, FEB

RUA RY 21, 202

LLOUT WEEKLY PU

TRU

T H & RE A S

TRU

T H & RE A S

Priority of Application Seeking to Protect Integrity of Court

aira N f o s c i t i l o P The Its d n a n g i s e d e R ons i t a c i l p m I t n a d Atten

Page IV

JI ADELEKE

QUOTABLES

‘There is no record internationally, that a sudden demonetisation of currency has the stated objectives which have been used as an alibi for its intervention at this stage.’ - Yemi Candide-Johnson, SAN ‘….We have entered into a situation where the President says he has no respect for the Supreme Court….The old currency has lost their legitimacy, on the streets. Voters will not accept them as electorate bribe. The Supreme Court and Lagos High Court, will not accept them as filing fees; Policemen will not accept them as bribe!….’ - Professor Chidi Odinkalu, former Executive Secretary, National Human Rights Commission

COLUMNISTS DR. MIKE OZEKHOME, CON, SAN, FCIARE, PH.D. LLD Constitutional Democracy, means a system of government, in which political and governmental power, is defined, limited and shared by a grundnorm called the Constitution, which provides inbuilt checks and balances. This column seeks to fiercely discuss constitutional, legal and political issues, with a view to strengthening, deepening and widening the plenitude and amplitude of democracy and good governance, without fear or favour. The writer of this column, Dr. Mike Ozekhome, SAN, is a Constitutional Lawyer, Human Rights Activist, Pro-Democracy Campaigner, Notary Public and Motivational Speaker. He co-founded the Civil Liberties Organisation (CLO), Nigeria’s pioneer human rights league, on October 15, 1987, the Universal defenders of Democracy (UDD), in 1992, and with Chief Gani Fawehinmi and others in 1998, the Joint Action Committee of Nigeria (JACON), to push out the military. In his early days, he lectured at the University of Ife. Dr. Ozekhome is an author of many books. He is also a Special Counsel at the International Criminal Court (ICC), at The Hague.

LAWYER

STEPHEN KOLA-BALOGUN Stephen Kola Balogun, is a vastly experienced Legal Practitioner who obtained his LL.B from University of Ife and LL.M from the School of Oriental & African Studies, University of London. He has Post-Graduate Diplomas in Intellectual Property Law from Queen and Westfield College, University of London and in Construction Law, Management and Arbitration from Kings College, London. He has served in various capacities since his Call to the Nigerian Bar in 1982, including practising at Akinjide & Co., and lecturing part-time at Oxbridge Tutorial College. He was the Honourable Commissioner for Youths, Sports and Special Needs, State of Osun, August, 2011 to November 2014. He is currently the Principal Partner at Kola Balogun & Partners, and sits on the Advisory Board of the Centre of Law and Business. SKB, as he is fondly called, is accredited with several publications to his name, both International and Domestic.

ONIKEPO BRAITHWAITE: EDITOR, JUDE IGBANOI: DEPUTY EDITOR, PETER TAIWO, STEVE AYA: REPORTERS

III THE ADVOCATE

T H I S D AY ˾ TUESDAY, FEBRUARY 21, 2023

Cash Swap Policy for Maximum Hardship I enjoin the Supreme Court to do the needful and exert its lawful authority, by firstly, demanding that the Federal Government complies with its interim injunction of February 8 in the 3 AGs v AGF Currency case. If the Government persists in its non-compliance, the motion on notice for interlocutory injunction should not be heard. The effect of this will be that, the interim injunction will stay in place until there is full compliance with the court order. It is trite law that, all court orders must be obeyed until they are set aside. See the case of Rossek & Ors v ACB Ltd & Ors (1993) LPELR-2955(SC). In President of the Federal Republic of Nigeria v NASS & Ors (2022) LPELR-58516 (SC) per Saulawa JSC, the Apex Court held inter alia thus: “….the Supreme Court has an onerous duty to jealously and courageously guard its jurisdiction, with a view to preserving the sanctity (sacredness) of the rule of law and its inviolable independence. It is trite that, of the foremost characteristics of the rule of law, is the absolute supremacy or predominance of regular courts, as opposed to arbitrary power. In the sense that, no man is above law….”. I submit that, the President and CBN are using arbitrary power, and they are not above the law. I have consistently maintained that we seem to be living in some form of military democracy, with Baron de Montesquieu’s doctrine of separation of powers and the three arms of government being checks and balances on each other, applicable in our democracy by virtue of Sections 4-6 of the 1999 Constitution of the Federal Republic of Nigeria (as amended in 2018)(the Constitution), not functioning properly. If it did, it would be unheard of for the Executive to disobey the order of a court, let alone that of the highest court in the land so flagrantly. See Section 6(6)(b) of the Constitution. This administration has used some of its agencies to perpetuate its despotic tendencies, for example, EFCC & DSS. The CBN too, has also been a willing tool in the hands of President Buhari’s administration, when called upon to push some arbitrary agendas. I recall that after the October 2020 #EndSARS Protests, in order to punish Protesters for demonstrating, without the requisite ex-parte court order, the CBN directed that the Banks should freeze the accounts of some of the Protesters. See the case of GTB v Adedamola & 2 Ors 2019 5 N.W.L.R. Part 1664 Page 30 at 43, where the Court of Appeal held that, there must be an order of court to freeze an account. Disobedience to the Supreme Court Order Last Thursday, in disobedience to the Supreme Court’s order therein, President Buhari’s directive ordering that the life of the old N200 note be extended from the initial February 10, 2022 deadline to April 10, 2022, is in contempt of the Supreme Court’s interim injunction of February 8, 2022, clearly restraining the February 10 deadline until the hearing of the motion for interlocutory injunction which was initially fixed for February 15, but was adjourned till tomorrow. I submit that, it is also an attempt by the President to sit as an appellate court over the decision of the Supreme Court, and render the court’s decision nugatory before it is determined, contrary to Sections 235 & 287(1) of the Constitution. In Brittania-U (Nig.) Ltd v Seplat Petroleum Development Co. Ltd & Ors (2016) LPELR-40007 (SC), the Apex Court held inter alia that “…..an interim order of injunction is to last for a short period pending the determination of the motion on notice, and not to hang on the opposing party, or to overstay”. Order 3 Rule 15 of the Supreme Court Civil Procedure Rules 2019 permits the Apex Court to issue any ex-parte order on terms that it thinks are just. Nowhere in the Supreme Court Rules, does it provide that an ex-parte order can only last for seven days, or that there must be an express extension of an ex-parte order, as I have heard repeatedly argued by some Lawyers who are obviously not abreast with the Rules! With all due respect, the action of President Buhari, disobeying the Supreme Court’s order of interim injunction, not only shows disdain for the Supreme Court (which has far-reaching consequences on the rule of law, and the public perception of the Apex Court and court orders in general) and is tantamount to varying the Supreme Court order (which is unheard of in law), it also amounts to ‘contempt ex facie curiae’, that is, contempt outside the face of the court, an action that is “an affront to the authority and dignity of the court”. See Brittania-U (Nig.) Ltd v Seplat Petroleum Development Co. Ltd & Ors (Supra); Omoijahe v Umoru & Ors (1999) LPELR-2645 (SC). However, by virtue of Section 308 of the Constitution which gives the President immunity from suit, no contempt proceedings can be brought against him. Security and Welfare of Nigerians Why do the Federal Government and CBN have to be cajoled or constrained in court, to step down a currency policy that is not only causing the people acute anguish, but is wreaking havoc, and creating violent unrest? See Section 14(2)(b) of the Constitution on the security and welfare of the people being the primary purpose of Government. In 2023, people have

who allegedly accepted N300 million old currency from a PDP Politician, in exchange for N250 million new notes. It is true that some of the Bank staff may also be complicit in sabotaging the policy and making life more unbearable for the people, by selling the scarce new notes to the highest bidders for their own personal gain, instead of making them available to the public. Sadly, in the end, the masses are always the ones forced to make all the sacrifices and suffer the pain, not the leadership, the politicians and the elite; yet, they never really reap the fruits of their labour!

ONIKEPO BRAITHWAITE onikepo.braithwaite@thisdaylive. com onikepob@yahoo.com

The

Advocate “Why do the Federal Government and CBN have to be cajoled or constrained in court, to step down a currency policy that is not only causing the people acute anguish, but is wreaking havoc, and creating violent unrest?….What then, do you even call a Government, that is instrumental to making its own country unstable and insecure, as a result of its irrational policy?” resorted to the ancient practice of trade-by-barter of 6000 BC, just to survive! I saw a video in which a man who sells provisions, gave a food seller detergent in exchange for food! Last week, videos from the Southern parts of the country were circulated, showing outbreaks of violence, escalating to the point where we saw corpses lying on the streets, as well as destruction of property. Ojota, Mile 12 and Lagos Ibadan Expressway were under siege last Friday. Never have I seen such unrest and instability, on the eve of general elections. But, the question is, why is the Government fuelling it, inciting the people because of the shoddy implementation of its currency policy? Governors’ Intervention We are all aware that, there may probably be nothing altruistic about the reasons why the Governors instituted the action at the Supreme Court. Over the years, Nigerians have become cynical as a result of what we have experienced with most of our leaders, past and present - their mind boggling corruption and self-centredness; and so, it won’t be far-fetched to suspect that their intervention may be out of self-interest and not about their love for their people! Indeed, some of them may have many old notes stashed away, which may be on the verge of being rendered useless! In 2019, Governor El Rufai who is spearheading the case against the Federal Government and insisting that the Supreme Court’s interim order be obeyed, himself showed the same contempt for the rule of law and court orders, when he sought to vary the bail conditions set by the Kaduna State High Court in the El Zakzaky’s case. It’s no surprise therefore, that his sincerity and that of his brother Governors, are being questioned. But, be that as it may, sometimes, we are constrained to look beyond the messenger to the message. And, the message is that some of us are genuinely concerned about the effect this troubling policy is having on the common man,

and the pockets of riots and violence springing up. The new currency policy, is antithetical to Section 14(2)(b) of the Constitution. Vote-Buying Interestingly, one of the major reasons given for this currency policy, is to curb vote-buying in the elections. I submit that, the purpose of monetary policy by the Central Bank, is not to curb vote-buying; it is to enhance price stability, control inflation etc. In any event, who says that Naira is the only currency, that can be deployed for vote-buying?! Only a chump or simpleton, would take such a narrow view of vote-buying techniques, particularly in this digital age that we live in! At best, the new currency policy is a surmountable inconvenience for vote-buyers. For one, the Dollar, Pound Sterling and Euro all come in small denominations, and they can also be used as an alternative to Naira for vote-buying instead. They could have been purchased, from the time this policy was announced. Provisions like rice, cooking oil etc, which have always been a traditional vote-buying method, could also have been deployed since October 2022, purchased with the same cash Government seeks to mop up. For voters with bank accounts, transfers can also be made to them. Having established that other methods beyond Naira cash can be used for vote-buying, thereby possibly defeating one of the main purposes of this new currency policy, is it then worth it, to make Nigerians suffer this much? What then, do you even call a Government, that is instrumental to making its own country unstable and insecure, as a result of its irrational policy? Also worthy of note, is another illegality of this policy, because Section 20(3) of the CBN Act 2007 envisages a currency swap, and not the currency confiscation that Nigerians are experiencing, by not being able to get the new currency in exchange for the old notes deposited in the Banks. A news story circulated recently, of a Manager of one of the Zenith Bank Branches

Losses v Benefits Just like the Indian example I cited last week, whose losses outweighed its benefits, Indians discounted their ‘black money’ in old Rs500 & Rs1,000 notes in exchange for other denominations, like how politicians are doing so here, as we have seen in the aforementioned Zenith Bank example, thereby concentrating the scarce currency in the same hands that the policy purportedly set out to take it from. Again, black money is not always held in cash, but in real estate, shares, gems and other means. In terms of reducing kidnapping etc, we have already seen videos of criminals, kidnappers and terrorists with hordes of the new Naira notes, while as far as counterfeiting is concerned, before the new currency has even been sighted by millions of Nigerians and become common tender, it is already being counterfeited. We saw a video of two men in Enugu being arrested, for trying to sell fake new N1,000 notes to POS Merchants. Loading of N200 notes into ATMs, will also result in less money available, as an ATM loaded with N1,000 can take up to N8 million, N500, N4 million and N200, N2 million. I have also noticed that the internet banking platform of my Bank has become extremely unreliable. Last Friday, it took countless attempts over 24 hours, before I was able to do any transfers. The Bank networks, are obviously unable to cope with the new volume of transfers. How then, can Government convince right-thinking people that a policy which it wasn’t prepared for and therefore, cannot be properly implemented, having no reliable alternatives, is good? Conclusion My point? It is obvious that most of the objectives of this shot gun policy have failed right from the start, and for now, its only success has been to plunge Nigerians into intense hardship. This is my main concern. No one is buying the alibi, that the policy is for our greater good in the future. And, for those in the opposition parties applauding this policy, especially the PDP (and those who were formerly in the PDP and have now berthed to other parties), one is not surprised - PDP, a party with politicians who looted the Nigerian treasury to the shameful extent that it did, to the detriment of the Nigerian people, cannot be expected to care less about the welfare of the people, or whether this currency policy hurts them or not. All they care about, is the fact that they may stand a better chance of winning the elections, since the cash crunch may seem to favour them. To them, it doesn’t matter if the people starve to death in the meantime. Funny enough, people have started to question who this administration seeks to favour with this currency policy, especially with the application for joinder by two PDP Governors as co-Respondents with the AGF in the court case, since the public is definitely not benefiting from it! My concern will always be the welfare of the people. The political game presently being played by Government in the name of a new currency policy, is a typical example of the African proverb: “When the elephants fight, the grass gets trampled”. It portrays some elements of Machiavellism, that is, “…. masking true intentions, acting against mercy and humanity”, in order to have their way. In this case, the APC Administration can be said to be principally fighting against its party members seeking elective positions, because their irrational currency policy and lingering fuel crisis reflects most badly on them, since they are all members of the same APC and the people are up in arms against APC; while the people are being trampled upon, by being made to suffer hardship resulting therefrom. In any event, vote-buying is not exclusive to APC politicians alone - most politicians, irrespective of their political leanings, partake in vote-buying. Nigerians witnessed a similar scenario of delegate-buying play out, in both the PDP and APC primaries last year. In fact, did Professor Moghalu not allege that his co-Presidential aspirant in ADC who clinched the ticket, also bought delegates?! No matter how laudable the idea behind Naira redesign policy may be because of what it purportedly seeks to achieve, for now it has become a choice between this badly implemented policy and whether in some cases, people live or die. People have no money to eat, no money for transport to go to work, and in the case of emergencies, no money to get to the hospital, to pay for treatment (even Government hospitals are not completely free of charge) and buy medication. By the way, the N20, N50 and N100 are not affected by this policy, so why are they not freely in circulation?

IV LAW REPORT

TUESDAY, FEBRUARY 21, 2023 ˾ T H I S D AY

Priority of Application Seeking to Protect Integrity of Court Facts The Appellant filed a suit against the 1st Respondent, wherein it claimed the sum of N27,165,103.66 as outstanding sums due to the Appellant in respect of two contracts it entered into with the 1st Respondent; interest at the rate of 30% per annum and the sum of N200million as damages. On 20th December, 2011, the trial court delivered judgement in favour of the Appellant. In execution of the judgement, the Appellant obtained a Garnishee Order Nisi against the 4th Respondent and the Accountant-General of the Federation on 2nd July, 2012. Thereafter, on 1st August 2012, the trial court, per Inyang J., made the Garnishee Order Absolute against the 4th Respondent, and ordered the 4th Respondent to pay the sum of N460million being the judgement debt with accrued interest, into the account of the Appellant with Access Bank. Aggrieved, the 1st Respondent filed an appeal against the Garnishee Order Absolute at the Court of Appeal, together with an application for stay of execution. On 4th September, 2012, the Vacation Judge - Yusuf J. of the High Court of the FCT, on the application of the 4th Respondent, made an Order varying the Order of Inyang J. and directing the 4th Respondent to pay the judgement sum into the account of the 2nd Respondent, instead of the account of the Appellant as ordered by Inyang, J. The 2nd Respondent was also directed to keep custody of the judgement sum pending the determination of the application for stay of execution before the Court of Appeal. Meanwhile, the 4th Respondent had transferred the judgement sum of N460million to the 2nd Respondent on 6th August, 2012. However, on 19th September, 2012, in spite of the subsisting Order of Yusuf J. directing that the judgement sum be kept in the custody of the 2nd Respondent pending the determination of the various processes to protect the res at the Court of Appeal, the 2nd Respondent paid the judgement sum to the Appellant. The 2nd Respondent claimed it had not been served with the Order of Yusuf J. by the time it paid the money to the Appellant. Further to the above, the 1st Respondent filed an application at the Court of Appeal for an Order of Mandatory Restorative Injunction, to compel the Appellant to pay the judgement sum already paid into its account by the 2nd Respondent, into an interest yielding account operated by the Chief Registrar of the Court of Appeal. In response to the application, the Appellant filed a Notice of Preliminary Objection in which it challenged the competence of the motion and the jurisdiction of the Court to Appeal to hear the appeal. On 4th June, 2013, the Court of Appeal delivered its ruling, granting the Order of Restorative Mandatory Injunction against the Appellant, compelling it to pay the judgement sum into an interest yielding account operated by the Chief Registrar of the Court of Appeal. Aggrieved, the Appellant appealed to the Supreme Court. Issues for Determination The Apex Court considered the following issues which encapsulate the Appellant’s 2nd and 3rd issues, in its determination of the appeal. 1. Whether the Court of Appeal had jurisdiction to hear the application for an Order of Mandatory Restorative Injunction in the face of two other pending applications before it, which were challenging the jurisdiction of the court to hear the appeal and the competence of the application for Mandatory Injunction. 2. Whether the legal criteria for the grant of an Interlocutory Order of Restorative Mandatory Injunction had been met by the 1st Respondent, 3. before the Court of Appeal proceeded to

is deemed to have admitted all the facts relied upon in support of the application. They argued further that the court below duly appreciated the nature of the application and the principles guiding the grant of an application of this nature, in that a Mandatory Injunction is granted under special circumstances, as in the instant case, which was to preserve the “res” which was then and up till now in the custody of the Appellant. Counsel cited CBN v U.T.B. (NIG.) LTD (1996) 4 NWLR (Pt. 445) 694 at 702.

Honourable Helen Moronkeji Ogunwumiju, JSC

In the Supreme Court of Nigeria Holden at Abuja On Friday, the 2nd day of December, 2022 Before Their Lordships Musa Dattijo Muhammad Chima Centus Nweze Uwani Musa Abba-Aji Mohammed Lawal Garba Helen Moronkeji Ogunwumiju Justices, Supreme Court SC/286/2013 Between BPS ENGINEERING AND CONSTRUCTION COMPANY LTD And 1. FEDERAL ROAD MAINTENANCE AGENCY 2. CHIEF REGISTRAR, FCT HIGH COURT, ABUJA 3. DEPUTY SHERIFF, FCT HIGH COURT, ABUJA 4. CENTRAL BANK OF NIGERIA

APPELLANT

RESPONDENTS

(Lead Judgement delivered by Honourable Helen Moronkeji Ogunwumiju, JSC)

grant the application. Arguments On the first issue, counsel for the Appellant argued that the court below was in error when it failed to consider the two applications challenging the jurisdiction of the Court before considering the application for Mandatory Injunction, and that this had occasioned a miscarriage of justice. In response, counsel for the 1st Respondent cited the case of JOHN EBODAGHE v MIKE OKO 18 NWLR (Pt. 905) 472, and argued that from the peculiar facts of this case, the motion for Restorative Mandatory Injunction is extrinsic to the substantive appeal because the conduct of the Chief Registrar of the High Court of

“….. where an act…..which would impugn the integrity/majesty of a court and likely to bring the court to odium, ridicule and disrespect is done, then it is not just desirable, but essential that the issue of jurisdiction be put on hold, and the offending act immediately thrashed out, as there is the overriding duty of the court to guard jealously its powers”

FCT, in handing over the judgement sum to the Appellant in spite of a subsisting order of court made by the vacation Judge of the FCT High Court, and the motion for stay of execution pending at the Court of Appeal, raised disciplinary issues extrinsic to the substantive appeal. On his part, counsel for the 4th Respondent submitted that the court has the inherent jurisdiction to defer a challenge to its specific jurisdiction and give priority to an application to restore, maintain and/ or ensure the dignity of a court of law. He argued further that generally, a court is enjoined to determine a challenge to its jurisdiction before entertaining further proceedings in a to this rule in that the disciplinary jurisdiction of the court is paramount, in order to maintain the integrity and authority of the court to dispense justice in accordance with the mandate of the Constitution. Arguing the 2nd issue, counsel for the Appellant posited that the standard of proof required of an applicant for Restorative Injunction, is higher than that required in a mere Interlocutory Injunction. He submitted that even if the Appellant did not file a counter-affidavit, the court below ought not to believe the bare assertions that the Appellant could not pay the judgment sum if it lost the appeal. Counsel for the 1st and 4th Respondent, respectively, argued similarly that the Appellant having not filed a counter-affidavit in opposition to the Motion for Restorative Injunction,

Court’s Judgement and Rationale Determining the first issue, the Supreme Court held that as a general rule of law, where an issue of jurisdiction is raised, the court ought generally to take it first; however, where an act (as the facts presented in the appeal) which would impugn the integrity/majesty of a court and likely to bring the court to odium, ridicule and disrespect is done, then it is not just desirable, but essential that the issue of jurisdiction be put on hold and the offending act immediately thrashed out, as there is the overriding duty of the court to guard jealously its powers. The court relied on its decision in JOHN EBODAGHE v MIKE OKOYE (Supra). Their Lordships reasoned that there would be no purpose or basis of the substantive appeal, when the judgement sum has disappeared into the pockets of the Judgement Creditor, and there is no guarantee that it would be in a position to return it at the end of the appeal if it loses. This was the reasoning that persuaded the lower court to deal with the Restorative Mandatory Injunction first and the court was right in so doing. The Apex Court held further that in the circumstances of this case, the court below was right to protect the court’s dignity and authority, by taking the motion for injunction first and deciding same on the merit, instead of taking the motion challenging its jurisdiction to determine the substantive appeal. On the second issue, the court relied on its decision in CBN v U.T.B. (NIG.) LTD (1996) 4 NWLR (Pt. 445) 694 at 70, to hold that the principles to aid and guide the courts in arriving at a correct decision judicially and judiciously where it is confronted by an application for Restorative Mandatory Injunction are: (1) Where the injury done to the Applicant cannot be estimated and sufficiently compensated by damages; (2) Where the injury is so serious and material that the restoration of things to their former condition is the only method whereby justice can be adequately done; (3) Where the injury complained of is in breach of an express agreement; (4) Where the act done is a simple and summary one that can be easily remedied; and (5) Where the Defendant attempts to steal a match on the Plaintiff. The Apex Court held that from the uncontroverted averments in support of the 1st Respondent’s application for Mandatory Injunction which was filed before the Court of Appeal, there was no doubt that it was essential that the huge sum of money given over to the Appellant in the face of appeals and interlocutory orders against that very eventuality should be retrieved expeditiously from it, and kept in safe custody in order to protect the res. The Court of Appeal took all these into consideration together with the competing rights of the parties and the exceptional circumstances of the case, and exercised its discretion judicially and judiciously, by granting the Interlocutory Order of Mandatory Injunction. Appeal Dismissed. Representation Chief Tochukwu Onwugbufor, SAN with Francis Onwe for the Appellant. C.U. Ekomaru, SAN with J.U. Udoh for the 1st Respondent. C. Nwaim, Esq. for the 2nd Respondent. F.U. Ochefu, SAN for the 3rd Respondent. Boniface Bassey, Esq. with Kenneth Iweka Esq. for the 4th Respondent. Reported by Optimum Publishers Limited, Publishers of the Nigerian Monthly Law Reports (NMLR)(An affiliate of Babalakin & Co.)

TUESDAY, FEBRUARY 21, 2023 ˾ T H I S D AY

My Brief by SKB STEPHEN KOLA-BALOGUN Introduction ince our return to democracy in 1999, the responsibility of our courts in adjudicating over disputes between citizens and the State has become a lot more common place, as with an increased growth in government functions and activities. The responsibility of the Judiciary to protect citizens against unlawful acts of government, is an essential aspect of any democracy. In carrying out this responsibility, there is a need for the Judiciary to demonstrate that it is not only independent of government, but that it also won’t hesitate to ensure that there is strict compliance with its orders and judgements. Practical examples of the importance of judicial independence is when high-profile matters generating a great deal of media interest, come before the court. This may be the criminal trial of a person or persons accused of a shocking murder, the divorce of a celebrity, or challenges to the legality of (as we have witnessed recently) a government policy, such as the ongoing controversy at the Supreme Court centring on the Naira redesign policy currently being implemented by the Central Bank of Nigeria (CBN). In this 24-hour media age in which we now live, it stands to reason that our Judges hearing such cases will often be under intense scrutiny, with their decisions open to intense debate. Make no mistake, it is right that this is so, but it is equally important that decisions of court are not only made in accordance with the law, but that there is equally a determination to ensure that they are not only enforced but obeyed without any form of interference.

stephenkolabalogun@yahoo.com

AG Kaduna, Kogi & Zamfara v AG Federation SC/CN/162/2023 In this suit which is now pending before the Supreme Court, the three States who were the initial Plaintiff/ Applicants were granted an interim order temporarily halting any move by the Federal Government, the CBN and others, to phase out the old N200, N500 and N1,000 currency notes as from 10th February, 2023. The interim order was due to expire on 15th February, 2023, on the hearing of the arguments involving the Parties by way of a motion for interlocutory injunction. The CBN, despite the Supreme Court’s interim order, continued to make statements to the effect that it’s 10th of February, 2023 deadline remained sacrosanct. Upon the resumed hearing at the Supreme Court on the 15th of February last week, AU Mustapha, SAN, Counsel for the Plaintiff/Applicants mentioned that the Plaintiff/ Applicants had filed an affidavit of non-compliance by the Defendant/Respondent with the interim order of court. The Plaintiff/Applicants’ Counsel insisted that it was a matter of executive lawlessness, and that it also touched upon constitutionality. The seven-man Panel of the Supreme Court led by Honourable John Okoro JSC, directed that the learned Silk AU Mustapha SAN should file a proper application, and put forward his complaints. The Court also asked whether Kanu Agabi, SAN who appeared for the Defendant/Respondent had taken note. The learned Counsel for the Plaintiff/ Applicants then went on to ask without prejudice, that the interim order should be extended. The Supreme Court however, then pointed out that a formal extension was not necessary, because the order granted was to last until the hearing of the motion on notice which had not yet been heard, thereby intimating that an extension is automatic since as we know, an interim order of injunction lasts for a short period pending the hearing and determination of the motion on notice. AU Mustapha, SAN, was, in the circumstances, satisfied with the position of the Court. The Supreme Court therefore, affirmed the validity of the use of old 200, 500 and 1000 Naira notes, and maintained that the February 8th, 2023 hearing, which paused the implementation of the February 10th deadline ban on the use of old Naira notes, still subsists. Nine other States applied to join the proceedings. The States are Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto, bringing the new total number of Plaintiffs to 10. On the other hand, Edo and Bayelsa applied to be joined as Respondents. The seven-man panel of the Supreme Court ordered them all to amend their processes, so that they can be heard in one consolidated suit at the next adjourned date of 22nd February, 2023. The President’s Intervention Following all this, in yet another remarkable twist, President Muhammadu Buhari speaking in a National broadcast on Thursday, 16th of February, 202, exactly a day after the Supreme Court hearing, purported to vary the interim order of the Supreme Court by stating

President Muhammadu Buhari

Can the President by Executive Order, Vary a Supreme Court Decision? that the old N500 and N1,000 notes are no longer legal tender and that they can only be swapped at the CBN and other designated points. The President further stated that the old N200 notes will, however, remain legal tender until 10th of April, 2023 when they will cease to be valid. He stated thus: “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 note ceases to be legal tender”. “In line with Section 20(3) of the CBN Act 2007, all existing old N1,000 and N500 notes, remain redeemable at the CBN and designated points.” This Statement by the President is tantamount to what we call an Executive Order, and the question we need to ask ourselves, is whether an executive order of the President can vary or overrule a decision of the Supreme Court? The short answer is No; but, what he seems to have done is use an executive order to make the Supreme Court order or ruling become ineffective. This is precisely what he has done, but, once again is this lawful? In a sense, the President and the Supreme Court are equals under the Constitution through the doctrine of separation of powers, but, unlike the President, the Supreme Court has no real enforcement powers. It relies on the Executive, to help enforce its orders. How then, can the Supreme Court enforce its interim order against the Federal Government? Not all executive orders are necessarily constitutional, just as not all laws passed by the National Assembly are necessarily constitutional; but, all executive orders can be made subject to judicial review, because every executive order must be grounded in a specific legal or constitutional authority. The President cited Section 20(3) of the CBN Act to justify his legal authority, so this takes us back to where we first started started last week, in that the President’s intervention has not only undermined the Supreme Court’s interim order by rendering it ineffective, but it has equally touched upon the question of jurisdiction with regard to the present action as

“This Statement by the President is tantamount to what we call an Executive Order, and the question we need to ask ourselves, is whether an executive order of the President can vary or overrule a decision of the Supreme Court? The short answer is No; but, what he seems to have done is use an executive order to make the Supreme Court order or ruling become ineffective.”

filed at the Supreme Court. Implications It’s difficult to see what, if anything has been gained by the filing of this suit at first instance at the Supreme Court. Procedure seems to have taken precedence, over substance. The Supreme Court, in my view, should have heard this case as scheduled on the 15th of February, 2023. Those desirous of joining as Parties could still have done so, with an assurance that all necessary amended papers would be filed before any reserved ruling, which, in any case, wouldn’t have been immediate. Time was always of the essence in this suit, and adjourning to 22nd February, 2023, three days before the Presidential election defeats the purpose of the suit, at least from a political standpoint. Those who had different prayers, but nevertheless, wanted their suits consolidated should have filed their papers in Court, in anticipation of the Supreme Court eventually agreeing to their joinder. The Supreme Court does not always approve of this practice, but this was a special case necessitating a bit of urgency that merited an exception. It was worth a try. As matters stand, the suit still hasn’t been heard, either with regard to jurisdiction or on it merits. The issue of jurisdiction ought to have at least been taken immediately, even if the Supreme Court were to sit late into the night. Now that the President has used an executive order to whittle down the effect of the Supreme Court’s interim order, the country and its various States are confused as to what is the subsisting law! The Supreme Court should now assert its authority by denying the Federal Government a hearing in all Federal Courts in the country, until it purges itself of this contempt by obeying the Supreme Court’s interim order. The President’s intervention has also raised significant additional issues that will need to be addressed, in any prospective jurisdiction hearing at the Supreme Court. A close look at paragraph 30 of the affidavit in support of the suit as filed by the three original States to this suit, shows that their argument is predicated on the fact that the President’s consent/directive is required for any currency change. That is not an ongoing requirement in my view. The consent/ directive of the President, has already been granted. That’s why the initial extension to the currency swap was announced by the CBN on the 29th of January, 2023, and not through the Presidency. It is logical therefore, that the CBN ought to have been joined in any Court Proceeding, because it is a necessary party. It should also be noted that the reason for the consent/directive of the President under Section 20(3) of the CBN Act, is because the Nigerian Currency does not belong to the CBN who merely manage it. The currency belongs to the Federal Republic of Nigeria. It’s consent/ directive through the President must therefore, be sought and obtained, before any currency change. Other than that, the CBN is an autonomous body. The President’s intervention now seems to affect that argument, in that he is still intervening

despite the fact that he has already granted his consent to the CBN. The Plaintiff/ Applicants will no doubt argue that this is justification for filing at the first instance at the Supreme Court, and they may indeed, be right; but, at the time of filing their action this was not necessarily the case. Should they amend their papers accordingly? With the Presidential election coming up on the 25th of this month, three days after the scheduled hearing, what is the point of doing so, at least from a political standpoint? None, if you ask me. Conclusion The dignity, integrity and authority of the Courts, are the pillars that underpin our legal system and the rule of law. Any judicial system that does not uphold standards or maintain its integrity, cannot hold or retain public trust. Disputes as to the legality of the acts of government are to be decided by Judges who are wholly independent of the Executive. Perhaps, we should remind ourselves of the locus classicus on this subject, which was best illustrated in Governor of Lagos State v Ojukwu (1986) 1 NWLR (Pt. 18) Page 622. The Court of Appeal had earlier granted an ex parte application of an interim injunction to stop the ejection of Chief Ojukwu, pending the determination of the motion on notice. While the case was still pending in Court, the Lagos State Government without an order of court forcibly ejected Chief Ojukwu from the property in dispute. On application to the Court of Appeal, the Court gave an order of mandatory injunction restoring Chief Ojukwu to his residence at No. 29 Queens Drive, Ikoyi, Lagos. The Lagos State Government and the Commissioner of Police, Lagos Command, without carrying out the order of the Court of Appeal to restore Chief Ojukwu into his house, sought an order staying the execution of the decision of the Court of Appeal, pending the determination of the appeal in the Supreme Court. The Supreme Court held per Oputa J.S.C. (dismissing the application) thus: “(i) It is a very serious matter for anyone to flout a positive order of a Court, and proceed to insult the Court further by seeking a remedy in a higher Court while still in contempt of the lower Court. (ii) It is more serious contempt, when the act of flouting the order of the Court is by the Executive. (iii) Once the Court is seized of a matter, no party has a right to take the matter into his own hands. (iv) To use force to effect an act, and while under the Marshall of that force, seek the court’s equity, is an attempt to infuse timidity into Court, and operate a sabotage of the cherished rule of law. (v) The government should be conducted within the framework of recognised rules and principles which restrict discretionary power. (vi) That disputes as to the legality of acts of government, are to be decided by Judges who are wholly independent of the Executive. (vii) The Judiciary cannot shirk its sacred responsibility to the nation, to maintain the rule of law. It is both in the interest of the Government and all in Nigeria.” Sadly, 37 years later what has changed? Absolutely nothing!

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TUESDAY, FEBRUARY 21, 2023 ˾ T H I S D AY

CBN Governor, Godwin Emeﬁele (left) and President Muhammadu Buhari GCFR

The Politics of Naira Redesign and Its Attendant Implications Nigeria has in the past, had reasons to change, redesign and redenominate its currency; but, never, in the annals of the nation’s political history, has such an exercise brought so much hardship, confusion, apprehension, rancour and despondency, like is currently being witnessed and experienced. Perceptible disobedience to the order of the Supreme Court, pitching States against the Federal Government, and gradually descending to the masses against the Federal Government, resulting in unimaginable angst, expressed in wanton destruction of properties of ﬁnancial institutions, and even loss of lives. All these coming a few days to the nation’s general election, will undoubtedly have consequences on the polls. Ebun Adegboruwa, SAN, Chief J.B. Daudu, SAN, Chief Anthony Aikhunegbe Malik, SAN, Dr Monday Ubani, Dr Sam Amadi, Kede Aihie and Jide Ojo interrogate the complex issues surrounding the present political, executive cum judicial quagmire Nigeria ﬁnds herself Presidential Broadcast on Naira Redesign: Guilty As Charged –

Ebun Adegboruwa, SAN, Background

n February 8, 2023, the Supreme Court of Nigeria made an order directing that the old Naira notes of N200, N500 and N1000 should continue to circulate alongside the new Naira notes, pending the hearing and final determination of the Motion on Notice filed by three States before the Court. The case was then adjourned to February 15, 2023. In its reaction to the suit and the order made therein, the Federal Government of Nigeria, through the Honourable Attorney-General of the Federation, filed its processes in the suit and gave an undertaking to obey the order of the Supreme Court. In the meantime, the problems associated with the scarcity of the new Naira notes continued unabated. At the behest of the President, the Council of State met, and gave an advice that if the new notes are not sufficiently available, then the old notes should continue to circulate concurrently

with the new notes, until such a time that the latter will circulate widely. When the case came up before the Supreme Court on February 15, 2023, the interim order previously made was validated and extended. President’s Broadcast The following day on February 16, 2022, the nation woke up to listen to the President in his nation-wide broadcast on the crisis of the old and new Naira notes. The highpoint of the President’s broadcast is best captured in the now infamous declaration that the old N500 and N1000 notes have ceased to be legal tender, and that the old N200 will remain legal tender till April 10, 2023. There are many absurdities in the President’s broadcast. The President himself acknowledged in that broadcast that the issue of whether or not the old Naira notes will remain legal tender, is already pending before the Supreme Court and he is a party in that case through his Honourable Attorney-General. If that is the case (and indeed, it is), then where lies the locus of the President to dabble into making proclamations on a matter pending before the Court? The President is not

“The CBN cleverly deceived us into giving up our old notes, when it had no plans to print enough new notes to go round”

entitled to take the law into his own hands, by seeking to overreach whatever decision the Supreme Court may take on the matter, ultimately. Also, there is already a subsisting order made by the Supreme Court to preserve the status quo of the subject-matter of the case before the Court. The President cannot disobey or circumvent that order, in whatever form at all. The statement by the President that the old N500 and N1000 notes have ceased to be legal tender amounts to overruling the subsisting order of the Supreme Court, which he has no powers under the law to do. In every democratic setting such as obtains in Nigeria, there is the hallowed doctrine of separation of powers, by which the organs of government work separately and independently, without seeking to interfere with or undermine the statutory functions of the other organs. By virtue of Section 6(6)(b) of the 1999 Constitution, the judicial powers vested in the Courts extends to the determination of disputes between persons and persons, between persons and governments and between governments and governments. And, once that dispute is submitted to the Court for adjudication, the parties lose the power to act or take any decision on the subject matter, otherwise we will be faced with a situation of complete anarchy and lawlessness. The reason for seeking to preserve the subject-matter of a suit pending before any court, is simply to avoid situations whereby the decision that may be reached by the Court on the case on the merit loses value, or that the Court is made to face a situation of ‘fait accompli’ or complete helplessness. In this instance, suppose the Supreme Court decides ultimately that in line with Section 20(3) of the

Central Bank Act, the old Naira notes will continue to be legal tender? Meanwhile the President has by his broadcast declared them illegal. That creates confusion in the land, because people now have to decide who to obey, between the Supreme Court and the President. By virtue of Section 235 of the 1999 Constitution, “… no appeal shall lie to any other body or person from any determination of the Supreme Court.” In other words, the Supreme Court is the final authority in legal pronouncements in Nigeria. The Constitution is very careful in the selection of words to state no other “body” or “person” should seek to exercise authority over the Supreme Court, which is what the President has done through his broadcast, in respect of a matter in which he is directly a party. Section 287(1) of the Constitution provides as follows: Section 287(1) of the 1999 Constitution: “(1) The decisions of the Supreme court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the supreme Court.” Without doubt, the President, and indeed, all persons exercising authority in Nigeria, including the Central Bank of Nigeria, are bound to obey and give effect to all decisions of all Courts in Nigeria. It is more so important in this case, because it involves the highest Court in the land. In this case, the President cannot claim to seek to exercise any right of appeal against any decision of the Supreme Court, as that has been outlawed by Section 235 of the Constitution. This is why the broadcast of the President is sad for our democracy; it should not have been made at all, given the implications of the declarations stated therein. The President set himself in confrontation with the Supreme Court, by making a declaration that is

VII COVER The Politics of Naira Redesign and Its Attendant Implications TUESDAY, FEBRUARY 21, 2023 ˾ T H I S D AY

contrary to that which had already been made by the Supreme Court. Since he already admitted that the matter is ‘sub judice’, the President should not have proceeded to vary the order of the Supreme Court. No one can pick or choose, which portions of the order of a court he will obey. By virtue of Section 318 of the Constitution, ‘decision’ of the Court extends to “any determination of that Court and includes judgement, decree, order, conviction, sentence or recommendation”. So, whatever the Court has decided, sitting in its judicial capacity, becomes binding on all persons and authorities in Nigeria. The same Section 318 states that, authority includes government. The oath that was administered on the President is to defend and uphold the Constitution. In this regard, the President and indeed, the executive should not give the impression that citizens can brazenly disregard lawful orders of any court, as that will only encourage anarchy and lawlessness. The President not only reviewed the order of the Supreme Court, but he actually overruled it, by setting a deadline of April 10, 2023 for the validity of the N200 old notes and declaring the N500 and N1000 notes as expired. No arm of government has the powers to do that which the President has done in his broadcast. And, it portends very grave danger to our democratic experience, where such a bad precedent is set, that the executive arm of government is at liberty to undermine the judiciary at will. The other point is that the President took an oath of office to defend and uphold the Constitution, from which he derives his powers as the head of the executive arm of government. That same Constitution enjoins the President, to obey and give effect to all orders and decisions of the Supreme Court. Misleading the Public Resulting in Hardship And, what is the issue at stake really? Nigerians were misled by the President and the CBN, that if they surrendered their old notes to the banks, they will have access to the new notes in exchange, which has not been the case. The CBN cleverly deceived us into giving up our old notes, when it had no plans to print enough new notes to go round. This has now led to hardship for the people, wherein citizens are forced to sleep at ATM centres and stay in the banks for hours, just to collect their money. It has also affected business transactions and it has impacted upon the economy very negatively, where some workers now stay at home because they cannot access money to transport them from one location to another. We have experienced protests against the policy of the Federal Government, which has led to the death of many. Surely this cannot be the intention of the President. Section 14(2)(b) of the Constitution, prescribes that the primary purpose of government is the security and welfare of the people. Thus, any policy of the government that leads to suffering, death, hardship and poverty, cannot be in the interest of the welfare of the people. Consequently, the President bears the onus to review the policy in such a way that it will benefit the people, ultimately. Conclusion The President must inspire confidence in the institutions of democracy, in particular the Judiciary. Once we get to the stage where citizens are free to decide which portion of the order of any court they will obey, then we are approaching the dangerous bend of a breakdown of law and order. If left unchecked, what the President has done is nothing less than executive rascality, and brazen disregard for and contempt of the Supreme Court. The President should reverse his directive, and ask the CBN and all financial institutions to obey the subsisting order of the Supreme Court to continue to accept, use and transact business with the old N200, N500 and N1000 notes. It is gratifying that the case is coming up before the Supreme Court on February 22, 2023 when their Lordships will have the golden opportunity to assert their constitutional authority, by reversing the directives contained in the broadcast of the President. Anything short of this will rob that Court of its legitimacy and authority. It will also render all other courts subordinate to the Supreme Court, as mere talk shops whose orders and decisions will no longer be taken seriously by the citizens. Above all, it will leave the common man helpless and vulnerable. Ebun Adegboruwa, SAN, Human Rights Lawyer, Lagos Supreme Court, President’s Broadcast and Needless Crisis Chief J.B. Daudu, SAN The President's speech to the nation, cannot in any

Ebun Adegboruwa, SAN guise be termed as contemptuous of Supreme Court order said to be in existence on the CBN issue as Adegboruwa, SAN has opined. Every arm of Government must perform its constitutional function, as allocated to it by the Constitution in Sections 4, 5 and 6 of the hallowed document. One arm of Government cannot therefore, prevent another arm from performing it's sacred constitutional functions. The President has done his best to douse the tension, by exercising his undoubted executive Presidential powers to salvage a very bad situation which was capable of throwing the nation into complete anarchy. Should the President wait until the 22nd of February, 2023, when the almighty Supreme Court will take arguments from a battery of senior Lawyers, and then rule one way or the other on a matter in which they have hinted that they too are looking for a way to ameliorate the sufferings of the Nigerian masses, which with the greatest respect to the SC, is not one of its functions or duties. The Judiciary is strictly mandated by Section 6 of the 1999 CFRN as amended, to determine disputes between contending parties. The President's performance of his own Constitutional functions, has not prevented the court from doing its own work, assuming it has jurisdiction to determine such issue in the first place. Courts should be vigilant in performing their own duties, and not stray or migrate into attempting to discharge legislative or executive functions. That would be anathema, to the very essence of democracy itself. Finally, courts must be cautious when exercising jurisdiction and/or making court orders, it ought strictly to confine itself to orders against direct parties to the proceedings before it. Secondly, it must be satisfied that it is in a position to enforce its orders, and thirdly, it must not make orders that will be classified as vain. In this vein, the President enjoys immunity under Section 308 of the Constitution; thus, it would be fruitless to invite the SC to begin contempt proceedings against the President of the FRN. Chief J.B. Daudu, SAN, former President of the Nigerian Bar Association Currency Swap/Redesign Policy Of The Federal Government: A Coup De Grace? Chief Aikhunegbe Anthony Malik, SAN Background When on 26th October, 2022, Mr Godwin Emefiele, Governor of Nigeria’s Central Bank announced the Naira redesign policy of the Government/CBN which will affect the N200, N500 and N1000 denominations, it had appeared to many, mostly the uninitiated, as a redeeming silver lining on the nation’s darkening horizon. The banking Czar was on hand to justify the redesigning initiative, hinging same on the need to curb what he described as “the abnormalities bedevilling the Nigerian financial, monetary and security systems.” He had fixed the circulation of the new designs to commence on 15th December, 2022, while the old notes would remain valid for transactions

“The President's speech to the nation, cannot in any guise be termed as contemptuous of Supreme Court order said to be in existence on the CBN issue, as Adegboruwa, SAN has opined”

Chief J.B. Daudu, SAN

until January 31, 2023. This initial cut-off date was, however, extended to February 10, 2023 on which only the new notes, alongside the other existing unaffected notes, would enjoy exclusive recognition as legal tender in Nigeria. While the uninitiated have since known better and may have become disillusioned, it however, did not call for any much punditry to decipher that the currency redesign policy, having regard to the unpalatable concomitants, could not have been any shift in paradigm from a well-worn dysfunctional governance pattern pervading virtually every sphere of the nation’s political leadership - from simple sim card registration, NIN registration to voters’ registration, etc. In what appears to be a covenant among Nigeria’s political leaders against any seamless transitions to better convenience in virtually all transactions in our national life and affairs, only the naïve would have imagined differently, that where a statute expressly provides a method or procedure by which an act can be performed, such procedure or method cannot again be further fraught with any other procedural or methodical impropriety. Currency Redesign Currency and related matters such as design, redesign or change, because of the pride of place that money occupies in the national life of any nation of the world, even though described and clothed with a label of executive policy, are defined, regulated and provided for by the Act of the National Assembly. In the case of Nigeria, the applicable statute is the Central Bank of Nigeria Act, 2007. Section 2 of the Act has as its principal objectives, the following functions of the Central bank [only as it relates to the trending issue of currency redesign or remodelling]: (a) ensure monetary and price stability; (b) issue legal tender currency in Nigeria; Sections 18 and 19 of the Act, more elaborately and appositely provide for currency redesign as follows: Section 18 (1) The Bank shall(a) arrange for the printing of currency notes and the minting of coins; (b) issue, re-issue and exchange currency notes and coins at the Bank's offices and at such agencies as it may, from time to time, establish or appoint; (c) arrange for the safe custody of un-issued stocks of currency notes and for the preparation, safe custody and destruction of plates and paper for the printing of currency notes and disc for the minting of coins; and (d) arrange for the destruction of currency notes and coins withdrawn from circulation under the provisions of section 20 (3) of this Act or otherwise found by the Bank to be unfit for use. Section 19 (1) The Currency notes and coins issued by the Bank shall be(a) in such denominations of the Naira or fractions thereof as shall be approved by the President on the recommendation of the Board; and (b) of such forms and designs and bear such devices as shall be approved by the President on the recommendation of the Board. While one cannot reasonably question the exercise of these powers by the Central Bank of Nigeria in relation to the currency swap, it does not, however, beggar value judgement to seek to interrogate the motive(s) of the governing authorities behind the implementation of the policy at such crucial time as this in our national life. The Central Bank Governor and Mr President, have both canvassed complementary reasons for the implementation of the currency swap

policy. While the banking Czar has summed up the reasons in a one line rhetoric of “abnormalities bedevilling the Nigerian ﬁnancial, monetary and security systems” , the President dilated on same in his address to the nation on 16th February, 2023. He predicated the policy on: “(a) The need to restore the statutory ability of the CBN to keep firm control over the money in circulation. In 2015 when this administration commenced its first term, Currency-in-Circulation was only N1.4 trillion. b) The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022. As of October 2022, therefore, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation; c) The huge volume of Bank Notes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth; d) Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country, by reducing the number of the unbanked population; and e) Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria….” A dispassionate evaluation of the reasons embodied in the afore-quoted portion of Mr President’s statement, presents a paradox of mixed outcomes. In so far as the current challenges confronting virtually the entire citizenry [save the Emefieles of this world and perhaps, those in Aso rock] are concerned, nothing has put more falsehood to Emefiele’s own summed up reason of “the abnormalities bedevilling the Nigerian ﬁnancial, monetary and security systems”, than the pervading situation of the near complete collapse of the economy being experienced in the country. One then wonders which other abnormalities on the Nigerian financial, monetary and security systems have been more grievous on the people? To worsen the situation of Nigerians, even the electronic platform that could have become the last resort for the privileged few collapsed at a point across many banking platforms, a situation that impelled desperate Nigerian citizens into outlawry and has culminated in several banks being vandalised or burnt down. Another paradox of end result to belying Emefiele’s reason of “abnormalities bedevilling the Nigerian…. security systems” and many such other imminent security issues soon to follow if the present situation be left unabated. The judicial intervention by the Apex Court of Nigeria is not spared the same concern as the interim order it handed down, in the wake of the invitation by desperate litigants, appears to have further exposed the court’s flanks to avoidable criticism. In all of this, one is again left to wonder what the governing authorities of CBN and the Presidency really seek to achieve with the currency swap policy, having regard to the palpable unpreparedness of the Government in the provision of safeguards against the usual sabotage of such Government policies by other interests. Unsurprisingly, the Government appears to have been caught in a guilty posture, bearing in mind the oppositions against the extant currency policy. Strangely, such opposition have even emerged from within the ranks of the ruling party, where some State Governors are in the vanguard of the advocacy for civil disobedience against the policy. Conclusion If there is one policy of this Government that is/was most ill-thought out, it is this currency policy. It has scant or no regard for the crucial roles money plays, not only as a medium of exchange, but as a store cont'd on page VIII

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COVER The Politics of Naira Redesign and Its Attendant Implications cont'd from page VII

of value in every modern economy. Therefore, to whimsically swap or redesign the currency, for whatever interest it is sought to be achieved, and deny thereby the citizenry of the convenience of the fundamental roles of money as a store of value and medium of exchange, clearly defeats whatever fiscal and security objectives sought to be achieved. The end results of the ongoing financial crises, cash crunch, the added fillip to an already spiralling insecurity situation, lawlessness, all but point to a symbol of a bleeding nation on the edge of precipice. May God Save Nigeria. Chief Aikhunegbe Anthony Malik, SAN, Constitutional Lawyer, Abuja Chaos, Violence and Destruction Over Naira Deadline Unhealthy Dr Monday Onyekachi Ubani The President's announcement to the country, is in clear contempt of the Supreme Court's earlier order restraining the Government from deadlining the old currency notes of 200, 500 and 1000 respectively, until the application on notice before it is heard. He should have allowed the judicial process to run through. His intervention, though well intended as posited by some economists, sends a dangerous signal in our democracy. The international community are watching, seeing how much we mess our system up. It is ill-advised, and no Lawyer worth his salt should make unfounded allegations of bribery as reason to undermine the Judiciary. The macro and micro economic benefits of this Naira redesign may be altruistic and good for economic growth in the long run, but the poor implementation strategy that has occasioned hardship, has taken the shine off the good intentions. People are suffering in not having access to their money, and the CBN that is the culprit, is being treated with kid gloves. Let us not blame the POS Agents and the Banks, for chaos and confusion in the implementation of the policy. The poor implementation strategy of the CBN, is too glaring for everyone to see. We are hoping that the 200 old notes will now be made available to the citizens to ease their sufferings. I need to reiterate that the President erred in law, to have subtly overruled the Supreme court's express order. It is contemptuous of the Supreme Court Order simplicita. Let us not be carried away, that he grudgingly permitted old N200 notes to continue to be circulated till sometime in April this year. He has breached the Supreme Court Order by that announcement. For me as a Lawyer, it portends grave danger to our legal system. Eruption of Protests and the Elections The pockets of violence we are witnessing across the country in some of the States of the Federation, is evidence of frustration that the people are experiencing in accessing their money in the banks. Having returned their old currencies, the new notes are nowhere to be seen. People do not know whether it is the CBN or the commercial banks, that should be held responsible for the confusion. The Apex Bank and the commercial banks, are trading blames on who is responsible for the hardship the people Pare presently experiencing. The chaos, violence and destruction here and there are not healthy for the polity, especially as we are few days away from the general election. I understand that, INEC is starved of funds for logistics. We are in a big trouble, if we through this ill-implemented policy, destroy the few gains we have made in our electoral journey. Something should be done fast. The old note of N200 and the new currencies should, as a matter of urgency, be made surplus in the system to stem unrest and the present chaos being experienced all over the country. Dr Monday Onyekachi Ubani, Chairman of NBA Section on Public Interest and Development Law (SPIDEL) The Law and Economics of a Currency Mess Dr Sam Amadi The current suit of some Governors, challenging the Naira redesign policy at the Supreme Court, has thrown Nigeria into in a currency mess. The suit challenges the decision of the CBN based on Presidential approval, to redesign some denominations of the Naira. The high-points of the mess are three. First, there is a macroeconomic policy aspect of the mess. This involves the authorisation by the President

Chief Aikhunegbe Anthony Malik, SAN to the Central Bank to redesign the Naira, and end the life of some of the denominations. There is a project management side of the mess. This involves the implementation of the policy by the Central Bank and the commercial banks. The third aspect of the currency mess is judicial management. This relates to how the Judiciary has intervened in the controversy. These three aspects of the mess, need to be clarified for effective resolution. We discuss these aspects in the context of the power of the President, the nature of monetary policy and the required character of judicial review of the policy. The Extent of Presidential Power in Constitutional Democracy In constitutional theory, the President holds three key positions. He is the ‘Chief Executive’. In this position he is directly in charge of domestic policy. The President is also ‘the sole organ’. This relates to foreign affairs. The President has the exclusive prerogative to manage Nigeria’s foreign affairs (with the other single instance of legislative approval of treatise to become law). Thirdly, the President is the ‘Commander-in-Chief’. In that position, he manages the Nigerian Armed Forces and has responsibility to mobilise the Armed Forces for the nation’s defence. The President’s constitutional role as the Chief Executive is captured in Section 5 of the Constitution. This power extends to the “execution and maintenance’ of the Constitution and other laws made designates the President as the Commander-in-Chief of the Armed Force. Item 26 of the Second Schedule to the Constitution, ‘External Affairs’ is exclusively the responsibility of the President as the sole representative of Nigeria in foreign affairs. The exercise of the power of ‘sole organ’ and ‘Commander-in Chief’ is exclusive of the State Governors, whilst the exercise of ‘Chief Executive’ power is in competition with State Governors. No State Governor can act as Commander-in-Chief or Sole Organ in any capacity, but a State Governor can act as Chief Executive as allowed by the Constitution in Section 5(2). The important point to make with respect to the powers of the President as the personal holder of executive power of the Federation, is that he cannot exercise such power beyond what has been expressly provided for in the Constitution and any other law made by the National Assembly. This accords with the position of the President in the Article 2 of the US Constitution, which Justice Jackson in Youngstown Sheet & Tube Co. v Sawyer (343) U.S. 579 (1952), interpreted to lay down three considerations for exercise of presidential power, to wit, (1) presidential power is greatest when its exercise is authorised by the Constitution or Congress. (2) it is weakest when not based on express provision of the law, and (3) it is illegal when contrary to the law. As Professor Nwabueze argued, this expansive

“If left unchecked, what the President has done is nothing less than executive rascality, and brazen disregard for and contempt of the Supreme Court”

Dr Monday Ubani presidential model was adopted instead of the parliamentary model, because of the need for effective administration of the national economy. The Presidential approval of the Naira redesign, is anchored in a clear authorisation in the CBN Act. Therefore, it deserves the highest level of deference by both the legislature and the judiciary. This contrasts with the case in AG Bendal v AG Federation 1984 1 SC where the Supreme Court rightly nullified the action of the President in signing an appropriation Act, because the President exceeded his powers contrary to the Constitution. The Character of Monetary Policy and the Degree of Judicial Deference The controversy before the Supreme Court, is in respect of a monetary policy by the CBN. That policy related to the redesign of the currency which Item 15 of the Exclusive List to Section 4 of the Constitution has assigned to the President of the Federation, to the exclusion of the State Governors. Furthermore, the CBN Act grants the CBN and the President exclusionary powers over currency and other monetary policies. Studies, more recently the one done by Luis Ignacio Jacome and Samuel Pienknagura, in 2022 for The IMF Working Papers, have shown that there is an inverse relationship between the independence of the Central Bank in managing monetary policy and long-term inflation. This finding has influenced macroeconomists to demand for independent central banks. The UK moved into central bank independence after the Thatcherite era. Today, independence of the Central Bank, is now normative in monetary policy. This independence has two aspects. First, is goal or political independence. This requires the bank to set the goals of macroeconomics, without external political control. The second is instrument or economic independence, which requires the bank to be independent in choice of tools and instruments to implement monetary goals it has set. The CBN Act grants both independences. The CBN is free to set monetary goal and to implement them. In the case of currency design, Section 20(3) just requires the approval of the President. The responsibility to implement, is entirely that of the CBN. Judicial Management of Monetary Policy Nothing in the Constitution, in the logics of economics and in administration law, requires that Governors of States should play any role in determining and implementing monetary policies. There are two sides of Naira redesign. The first is the policy itself, that requires the approval of the President. The other is the implementation, which is exclusively in the domain of the CBN. Each of these sides, triggers different judicial approach. If anyone quarrels with the approval of the policy, it can sue the President either that he did not observe due process as required by law or that he exceeded his powers in Section 5 of the Constitution. Such an action can proceed in the Supreme Court in its original jurisdiction as provided under Section 232, at the suit of any State. Note that, the cause of action of such a suit must be that the President exceeded his constitutional power in approving the monetary policy. In the present circumstances, this will require challenging the constitutionality of the CBN Act, because Presidential approval is unambiguously provided in the Act. The Governors suit at the Supreme Court, does not challenge the constitutionality of Presidential approval of the policy, rather its implementation. That should proceed against the CBN at the Federal High Court in line with Section 251 of the Constitution, because it is not a matter of a dispute between the State and the Federation on the exercise of

constitutional power, but a matter of unreasonable, chaotic and irrational implementation of an approved policy. That is an issue of implementation of a duly approved policy. The dispute contemplated by Section 232, must be such that challenges the extent of the power of the Federation in relation to the States. That is the essence of all the cases rightly decided on Section 232 of the Constitution. A concern that the implementation of the policy is wrongful in any sense is a matter that the Federal High Court should handle, because it does not go to the balance of power between the Federation and Federating States, and does not challenge the constitutionality of the exercise of presidential power. The final point on judicial management, is that the Supreme Court ought to be less enthusiastic to invalidate a decision made by a regulatory body exercising part of Section 5 power on monetary policy unless the decision is manifestly illegal, unreasonable, or irrational. The Supreme Court should not invalidate such action, merely on the reason that it could have been done differently or more prudentially. Judicial deference should cover even less prudential decisions by the political branch, especially when made by experts who enjoy statutory independence. That is the essence of cases like Chevron v NRDC, 467 U.S. 837 (1984) and Associated Provincial Picture House v. Wednesbury Corporation (1948) 1 K.B. 223. It is an impermissible exercise of judicial power, to usurp the power of the executive to make and implement policies, even when such policies are incompetent. The cure for incompetence is not a judicial order, but administrative and political action. Dr Sam Amadi, Law and Economics Scholar; Director of Abuja School of Social and Political Thoughts Supreme Court Injunction on Deadline of Old Naira Notes, Speculative Impact on Elections Kede Aihie On February 8, 2023, the Supreme Court of Nigeria put a temporary injunction against the deadline for the replacement of the old Naira notes as a legal tender. This decision has come as a relief to many Nigerians who have been struggling to replace their old notes, due to the short notice provided by the Central Bank of Nigeria (CBN) and the shortage of the new notes. The CBN had set a deadline of February 10, for the replacement of the old Naira notes with the new ones. The old notes were supposed to be phased out completely, and those who failed to exchange them would no longer be able to use them as legal tender. However, this decision by the Supreme Court has put a pause on the deadline, and it is now uncertain when or if the CBN will be able to proceed with the replacement of the old notes. This is a welcome development for many Nigerians who have been struggling to exchange their old notes, due to the long queues and limited availability of the new notes. A new twist was further added by the CBN, stating that old notes are no longer legal tenders. Then President Buhari addressed the nation and instructed the CBN to reintroduce the old N200 notes. Some APC Governors have kicked against this, and are asking citizens to ignore the President’s directives and keep their old notes. Unbanked Population May Lose Cash Savings While the temporary injunction on the replacement of the old Naira notes may have come as a relief to some Nigerians, it has also emerged that over 50% cont'd on page IX

IX COVER

TUESDAY, FEBRUARY 21, 2023 ˾ T H I S D AY

The Politics of Naira Redesign and Its Attendant Implications cont'd from page VIII

of Nigeria's unbanked population may lose their cash savings. This is due to the CBN's requirement that old notes could only be exchanged through an existing bank account. Many Nigerians who do not have bank accounts have been left stranded, as they are unable to exchange their old notes for new ones. This has raised concerns that these individuals may lose their cash savings, as the old notes are phased out completely. The temporary injunction on the replacement of old Naira notes by the Supreme Court of Nigeria, has brought some relief to Nigerians who have been struggling to exchange their old notes. However, the requirement for existing bank accounts for the exchange of old notes has left over 50% of Nigeria's unbanked population at risk of losing their cash savings. On Tuesday, the CBN said old naira notes of N200, N500, N1000 notes are no longer legal tender in the country since Friday, February 10, 2023 despite the Supreme Court order. President Buhari in his national broadcast, instructed the CBN to dispense the old N200 notes, which had ceased to be legal tender. Buhari, to my mind, effectively disobeyed the Supreme Court, which is very unfortunate and sets a bad precedent for future administrations. The Supreme Court has adjourned hearing of the substantive case to 22 February, just three days before the general elections. In the meantime, seven State Governments (All APC controlled) have sued the Federal Government. Two opposition (PDP controlled) States, have joined the suit on the side of the Federal Government. I will end on this note, the Supreme Court's ruling should be obeyed, no matter how unpopular it appears. Most Lawyers, agree on this. Public confidence in some judicial pronouncements of late, especially in political matters, is mixed. A lot of judicial reforms are required, to regain public trust. Kede Aihie Esq, Publisher of Nigerian Magazine, London, UK Implications of 2022 Naira Swap Crisis on the Polity and the Elections Jide Ojo Introduction This weekend’s seventh consecutive general elections in this Fourth Republic, has been imperilled by the ongoing Naira Redesign and currency swap crises. Not a few political juggernauts have read political undertones, to what was initially considered a sound economic decision. In the ruling All Progressives Congress, things have fallen apart as some of the Governors of the political party have openly disagreed with the President, Muhammadu Buhari, on the handling or purported mishandling of the policy. Even a serving Minister, Festus Keyamo, SAN has said openly that the President was misadvised by the CBN Governor, Godwin Emefiele. Some APC Governors have dragged the Federal Government to court on this matter, while untold hardship has been visited on the Nigerian populace. There have been protests against the policy in many Nigeria States, lives have been lost and property worth billions of Naira destroyed. In fact, the standard bearer of the ruling party, Asiwaju Bola Ahmed Tinubu, has accused a cabal in the Presidency of hoarding Naira and fuel, in order to make him lose the Presidential race scheduled for this weekend, February 25, 2023. Therefore, should APC lose massively in next Saturday’s elections, the ready alibi is the lingering fuel scarcity and cash crunch. The current currency crisis, has shown the nexus between economy and politics and vice versa. There is a field of Politics called Political Economy. An online source known known as Cosmologically Insignificant, in analysing Max Weber’s theory of substructure, superstructure and human rights says “Politics and law are parts of the superstructure, which are determined by the substructure. They are formed by the interests of those who have economic power, and they serve to defend these interests”. Brief History of Currency Redesigning in Nigeria According to an Associate Professor of History at Obafemi Awolowo University who also hold a doctorate degree in Law, Adetunji Ogunyemi, significance of currency is six-fold, and they are as follows: Legal tender; Store of Value; Means of Exchange; Symbol of national sovereignty; “Supreme Ambassador” of a country’s financial relations, and a pillar of freedom from labour oppression. Ogunyemi while presenting a paper titled “History of Currency

Dr Sam Amadi Change and Redesigning in Nigeria Before 2023: It’s Merits and Demerits” at a KonradAdenauer-Stiftung and National Institute for Legislative and Democratic Studies Training Workshop for the Press Corps of the House of Representatives and Senate on February 6 and 7, 2023, traced the history of the first currency redesigning of the Naira to July 2, 1977 when N1, N5 and N10 were redesigned. The second redesigning took place in 1984 under the incumbent President, when he was military Head of State. The issuance of N50 note by General Ibrahim Babangida in August 1991; the redesigning of N5, N10 and N50 under Professor Chukwuma Soludo as the CBN Governor in February 2007. President Olusegun Obasanjo’s administration introduced high denomination notes as follows: N100 (December 1999), N200 (Year 2000), N500 (2001) and N1000 (2005). It will be recalled that on Wednesday, October 26, 2022, at a media briefing, the current CBN Governor, Godwin Emefiele, announced the redesigning of some of the banknotes. He hinged the Apex Bank’s decision, on the powers conferred on it by Section 2(b) of the CBN Act 2007. According to Emefiele, currency management by CBN has faced a number of challenges, for some time now. These include: Significant hoarding of banknotes by members of the public, with statistics showing that over 85% of currency in circulation are outside the vaults of commercial banks. At the end of September 2022, available data at the CBN indicated that N2.73tn out of the N3.23tn currency in circulation, was outside the vaults of Commercial Banks across the country; and supposedly held by the public. This, to my own mind, is indicative that Nigerians have not fully accepted the cashless policy of the Central Bank. Other challenges are: Worsening shortage of clean and fit banknotes, with attendant negative perception of the CBN and increased risk to financial stability; Increasing ease and risk of counterfeiting, evidenced by several security reports. Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, our existing series of the Naira has not been redesigned in the last 20 years. CBN believes that the redesign of the currency will help deepen our drive to entrench cashless economy, as it will be complemented by increased minting of our eNaira. This will further rein in the currency outside the banking system into the banking system, thereby making monetary policy more efficacious. Also, in view of the prevailing level of security situation in the country, the CBN is convinced that the incidents of terrorism and

Kede Aihie

Jide Ojo

kidnapping would be minimised, as access to the large volume of money outside the banking system used as source of funds for ransom payments will begin to dry up. Ab initio, citizens were asked to bring in their old naira notes from October to December 15, 2022 when they will start getting the new Naira notes of N200, N500 and N1000. There was no mention of a withdrawal limit at this point. Nigerians were told that the new currencies will be printed by the Nigerian Printing and Minting Company, better known as Mint. President Buhari proudly said Nigeria is one of the four countries in Africa, that prints her own currency. The currency swap was initially meant to end by January 31, 2023. Unfortunately, things haven’t gone as planned. The new Naira notes were not available as at December 2022. It was not until mid-January 2023 that many Nigerians were able to sight the new currencies. However, there was acute shortage of the new banknotes.. Unfortunately, about three days to the end of January 31, 2023, many business owners stopped collecting old naira notes from their customers. I personally experienced this rejection of the old notes on January 27 and 28, 2023, when I couldn’t spend the old notes with me. Mercifully, on Sunday, Janaury 29, 2023, the CBN Governor after meeting with President Buhari, announced the extension of the lifespan of the old notes to February 10, 2023.

Lawyers and litigants in the Federal Capital Territory, Abuja, have expressed frustration over their inability to file court proceedings as a result of the scarcity of new Naira notes. The News Agency of Nigeria interviewed some Lawyers on Sunday, and gathered that the Lawyers in Abuja were worried as the situation is affecting their legal practice.

Litigation Over the Currency Swap In the course of the time, the APC Governors Forum sent representatives to the President, to appeal to him to prevail on the CBN to allow the old notes to circulate concurrently with the new ones till the end of the year or at least six months. The President himself called for a meeting of the Council of State which met on Friday, February 3, 2023. The National Council of State (NCS) tasked the CBN to make the new Naira notes available, or recirculate the old Naira notes to ease the current suffering of Nigerians. The Governments of Kogi, Kaduna and Zamfara also headed to the Supreme Court, and got an interim order to stay the deadline for circulation of the old Naira notes. As at Wednesday, February 15, 2023, nine States joined as parties in the suit filed by Kaduna, Kogi and Zamfara challenging the Naira swap deadline. This is as the Governors, Nasir El-Rufai and Yahaya Bello of Kaduna and Kogi respectively, attended the court proceedings. The Justice John Okoro-led seven-member panel (Amina Augie, Muhammad Lawal Garba, Adamu Jauro, Ibrahim Saulawa, Tijanni Abubakar, and Emmanuel Agim) joined the Attorneys-General of Katsina, Cross River, Lagos, Ondo, Ogun, Ekiti and Sokoto States as co-Plaintiffs. The Attorneys-General of Edo and Bayelsa State, were joined as co-Respondents. The case has been adjourned for hearing on February 22, 2023. Meanwhile, the Socio-Economic Rights and Accountability Project has filed a lawsuit against the President, over “the unlawful directive banning the use of old N500 and N1,000 banknotes, contrary to the interim injunction granted by the Supreme Court that the old N200, N500, and N1000 notes remain legal tender.” Joined in the suit as Defendants are the AGF, Abubakar Malami, SAN, and the CBN.

President Buhari’s Appraisal of the Policy In his national broadcast on February 16, 2023, President Buhari noted that “Notwithstanding the initial setbacks experienced, the evaluation and feedback mechanism set up has revealed that gains have emerged from the policy initiative. I have been reliably informed that since the commencement of this program, about N2.1 trillion out of the banknotes previously held outside the banking system, have been successfully retrieved. This represents about 80% of such funds. The President further noted that, “this new monetary policy has also contributed immensely to the minimisation of the influence of money in politics. This is a positive departure from the past, and represents a bold legacy step by this administration towards laying a strong foundation for free and fair elections.” He thereafter, gave 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. Implication on the Forthcoming 2023 Elections On Tuesday, February 7, 2023, Chairman of INEC, Professor Mahmood Yakubu, met with Godwin Emefiele, over the new Naira policy, at the CBN headquarters in Abuja. In his courtesy visit to the CBN, Yakubu expressed concern about the policy, and how it might affect the 2023 general elections if not managed. He said some of the service providers, especially transporters, are required to be paid in cash, and besides, experience has shown that emergency situations do arise on election day, which could demand the use of cash by the Commission. He, therefore, requested concessions regarding the Naira redesign policy, with specific reference to the limitations placed on cash withdrawals. Responding, the CBN Governor assured INEC, as well as Nigerians, that the Apex Bank won’t do anything inimical to the successful conduct of the polls, giving assurance that the Apex Bank will provide INEC needed Naira notes as required. Views of Kano and Kaduna State Governors Governors Abdulahi Ganduje and Nasir El-Rufai have openly disagreed with the President on this issue, and believed it is politically motivated to prevent Asiwaju Bola Ahmed Tinubu from winning the next presidential election. Conclusion Professor Ogunyemi in the earlier referenced paper believes that “The current currency redesigning, though well-intentioned, but the administration and management of the process has produced dire, unintended consequences for the system, and untold hardship for the citizens, It could have been better handled, through careful planning and appropriate timing”. I totally agree with this scholar’s submission, that the currency redesign and Naira swap was a right thing being done at the right time, and it may hurt APC at the 2023 elections.

“If there is one policy of this Government that is/was most ill-thought out, it is this currency policy. It has Impact of Naira Scarcity Majorly affected by the cash crunch are micro and scant or no regard for the crucial roles money plays, not small enterprises whose owners do not have bank accounts, and as such, cannot not receive online only as a medium of exchange, but as a store of value in recording money transfer. Many of such businesses have been low sales, or fold up outrightly. In fact, many POS Operators have ceased to operate, as they Jide Ojo, Development Consultant, Author, every modern economy” could not access cash for their potential customers. and Public Affairs Analyst

TUESDAY, FEBRUARY 21, 2023 ˾ T H I S D AY

TALKING CONSTITUTIONAL DEMOCRACY DR. MIKE OZEKHOME, SAN

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President Buhari Cannot Overrule the Supreme Court Background resident Buhari, in his broadcast on Thursday, February 16, 2023, unilaterally varied the Apex Court’s extant order of maintenance of the status quo, by directing the CBN Governor to the effect that “the old N200 banknotes be released back into circulation… to circulate as legal tender with the new N200, N500 and N1000 bank notes for 60 days…”. The President then issued a dicta, more in the form of a Military Decree, that, “in line with Section 20 (3) of the CBN Act, 2007, all existing old N1000 and N500 notes remain redeemable, at the CBN and designated points”. This order is a clear violation of and disobedience to the existing order of the Apex Court, which had already maintained the status quo ante bellum of all parties involved in the Naira redesign dispute. The Supreme Court had on Wednesday, 15th February, 2023, after the first interim order, adjourned the suit originally filed by the Attorneys-General of Kaduna, Kogi and Zamfara State (other interested parties were later joined) to the 22nd of February, to enable it hear the entire matter holistically. Without saying so in many words, every person very well knew that this adjournment was a further elongation of its earlier interim order granted against the Federal Government, represented by the Attorney-General of the Federation either through itself or the CBN or others, restraining it from carrying out the directive that the old naira notes would cease to be legal tender by 10th of February, 2023. The order was to have lasted till when the motion was notice heard on 15thbof February. During the proceedings of that day, the matter was again adjourned to 22nd February, for full hearing. Every Nigerian had expected that the Federal Government would respect the Apex Court’s position. But, President Buhari demurred. He made himself Supreme Leader; an Emperor; Potentate, Mikado and Overlord.

How many Nigerians know that Queen’s Counsel (QC)(the equivalent of Senior Advocate of Nigeria (SAN) has since been changed to King's Counsel (KC); and that Queen's English is now King’s English? We have seen the ugly scenes of frustrated Nigerians fighting at ATMs; or going completely nude; students and soldiers fighting each other; some POS holders being burnt alive; while Police shot and killed unarmed Nigerians. Are we a cursed nation, that an otherwise beautiful policy whose fiscal, monetary, economic, and development advantages are unquantifiable should be so mishandled and so grossly messed up, as to lead to widespread national protests; burning of banks; destruction; mayhem and killings. Just what is wrong with us as a nation? I do not know; or do you?

President Buhari’s Broadcast: An Anti-Climax Buhari’s broadcast to the Nation therefore, literally overruled the Supreme Court of the land, in a way and manner only a military tyrant could ever contemplate. Buhari’s action is a reminder of the apocryphal saying of autocratic and despotic Emperor Louis XIV, who, on 13th April, 1655, stood in front of Parliament and imperiously declared, “L’Etat C’est Moi (I am the State)”. This was to underline the fact that he, and he alone, had absolute power over his nation. His father had abdicated the throne due to mass protests. Louis XIV himself, met the same fate. His reign over France and Navarre was short lived. It only lasted for 20 minutes, after which he too abdicated the throne. Buhari’s imperious order was a frontal call to chaos, anarchy and national upheaval. It was a direct assault on the authority of the Supreme Court, the highest court of the land; and also the head of the entire Judiciary, the third arm of Government under the doctrine of separation of powers, most ably popularised in 1748 by Baron de Montesquieu, a great French Philosopher. To have whimsically and capriciously varied the order of the Supreme Court, was to pick and choose what order to obey or disobey. This breaches the supremacy of the 1999 Constitution,

President of the Federal Republic of Nigeria, Muhammadu Buhari, GCFR

provided for in Section 1(1) thereof. It also frontally assaults the provisions of Section 287(1) of the Constitution which provides that “the decisions of the Supreme Court shall be enforced in any part of the Federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme Court”. Once given, an order of the court is binding on all. The Apex Court in Rossek v ACB Ltd (1993) 8 NWLR (Pt. 312) 382 at 434 re-stated the law to the effect that: "A judgement remains binding, until it is set aside by a competent court... To hold otherwise, is to clothe a party against whom a judgement has been obtained with the discretion to decide, in his wisdom, that the judgement is invalid and not binding on him. This, to my mind, is an invitation to anarchy. I do not understand the law to be so." - per Ogundare, JSC. Also, in State v Solomon (2020) LPELR55598(SC), the Supreme Court held thus:"It is the law that a decision of a court of competent jurisdiction, no matter that it is seems palpably null and void, unattractive or insupportable, remains good law and uncompromisingly binding until set aside by a superior court of competent jurisdiction". The Supreme Court, in the case of Abacha v Fawehinmi (2000) 6 NWLR (Pt. 660) 228 at page 317 E-F, held as follows:- “A Court order must be obeyed and even if it is a nullity, it has to be set aside on

“Buhari’s imperious order was a frontal call to chaos, anarchy and national upheaval. It was a direct assault on the authority of the Supreme Court, the highest court of the land; and also the head of the entire Judiciary, the third arm of Government under the doctrine of separation of powers…..”

appeal against it” -per Ngwuta, JSC (Pp 25 - 25 Paras D - E). See also the locus classicus of Governor of Lagos State v Ojukwu (1986) 1 NWLR PT. 18, PG. 621. This is one instance, where the Apex Court should bare its teeth and bite. This is more so because President Buhari had himself acknowledged in his speech, the pendency of the matter before the Supreme Court. Surely, no one is above the law; not even President Muhammadu Buhari himself. Buhari’s broadcast rather than be reassuring and soothing the frayed nerves of a traumatised citizenry and a beleaguered nation, was the exact opposite; a complete anti-climax. It was a clarion call for total disenchantment, disillusionment, despair and desolation. The speech was not only highly unpresidential; but, was vividly insensate and insensitive to the suffering of Nigerian citizens, who, due to no fault of theirs, can neither now use the old currency, nor access the new one. Banks claim not to have the new currency, in their vaults. What manner of government would consciously and deliberately throw its country into a spin, and its citizens under the bus, in a policy that could have been handled with better planning and more decency, efficiency and human face? This is the first time in my life, that I have watched Nigerians buy money with money – buying Naira with Naira - at exorbitant exchange rates. Britain’s Example When Queen Elizabeth II died in September, 2022, the British Government set about changing its governance template to reflect the realities of the moment. It decided to change the portrait of Queen Elizabeth II on the British Pound Sterling to that of King Charles III, her son, who had succeeded her. The effective take-off date of the new Pound Sterling is fixed for middle of 2024; nearly two years from the announcement of the change. There were no violent protests or any upheavals, because the citizens immediately bought into the historic and laudable project, as it afforded them enough time to put their houses in order.

Russia Et Al The Russian Ruble which had been used since the 14th Century, is the second-oldest currency in the world, next only to the British Sterling. Following the dissolution and fall of the Soviet Union in 1991, the Soviet Ruble remained the currency of the Russian Federation until 1992, when in 1993; a new set of coins was issued with a new set of banknotes, in the name of the Bank of Russia. There were no killings and mayhem. Chinese currency comes by two names - the Chinese Yuan (CNY) and the People’s Renminbi (RMB). The distinction is subtle: while the Renminbi is the official currency of China, the Yuan is the principal unit of account for that currency. Today, the Renminbi is one of the top-five most-used currencies in the world, in addition to the U.S. Dollar, Euro, Yen, and the British Pound. Yet, the Naira which is not even recognised as a legal tender in any part of the world, is being used by the Government to oppress and torment its citizens. The Euro is the new ‘single currency’ of the European Monetary Union. Adopted on January 1, 1999, by 11 Member States. Greece became the 12th Member State to adopt the Euro on January 1, 2001. On January 1, 2002, these 12 countries officially introduced the Euro banknotes and coins, as legal tender. Slovenia became the 13th member State to adopt the Euro on January 1, 2007. Venezuela debuted with a new currency in 2018, a currency that featured six fewer zeros. This was a response to years of spirally inflation. In December, 2019, eight West African countries agreed to change the name of their common currencies to ECO. This effectively severed these countries from the CFA Franc; and therefore, their former colonial masters. The countries are Benin, Burkina-Faso, Guinea Bissau, Ivory Coast, Mali, Niger, Senegal, and Togo. On January 1, 2023, Croatia joined the Euro Zone, replacing its Kuna with the Euro. When these independent countries changed from their original currency to the new Euro, there was no ruckus; no brouhaha; no wahala, donnybrook or rhubarb. Conclusion Yet, some Nigerians, for political exigencies or correctness, are shamelessly celebrating a bare-faced assault on the common man and woman and the authority of the Supreme Court. This was the same way despotic Hitler of Germany was celebrated, applauded and deified during the third Reich, until it became irredeemably too late to retreat. Read the immortal words of Martin Niemoller (1892-1984), a German theologian and Lutheran Pastor who bemoaned Hitler’s atrocities and their debilitating effect on millions of Jews. Though having a cashless economy appears quite inviting, appealing, titillating and tantalising, it must be appreciated that advanced countries such as the UK, US and the EU that have full complement of infrastructure, still use coins. A cent in the US, or penny in the UK are still valued and in wide circulation. When last did you see one Kobo, five Kobo or ten Kobo coins in Nigeria? I have not seen any for years. Or have you?

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T H I S D AY ˾ TUESDAY FEBRUARY 21, 2023

PROPERTY & ENVIRONMENT FG’s Energy Transition Plan, Others Will Shape Interventions in Trade, Competitiveness, Says Adebayo Bennett Oghifo

he federal government is working on a robust energy transition plan that includes a template for the funding of renewables such as solar. The Minister of Industries, Trade and Investment Otunba Adeniyi Adebayo, stated this in his keynote address during the World Trade Center Abuja maiden webinar series held on 14th February 2023. The webinar series was organised by the Trade Services Department at World Trade Center Abuja, and it was conceived to enable professionals share their knowledge and expertise as it affects the economic growth and development of Nigeria, said Wuraola Onigbogi, the Trade Services Manager at WTC Abuja. Present at the virtual event with the minister, were the Group Managing Director of Churchgate Group and World Trade Center Abuja Mr. Vinay Mahtani, highly resourceful panellists, and the moderator was Mr. Herbert Ndumele, a trade policy expert. The Minister, in his keynote address titled, ‘Beyond 2023, Government Priorities and Posture for Trade and Competitiveness in Nigeria’, discussed Energy and Climate Change; Infrastructure; Food Security and Safety; and Competition Enablers, which he said, are “the key pillars that have shaped our interventions in trade promotion and enhancing competitiveness.” In his remarks on energy and climate change, the minister said, “A key component of trade competitiveness is the cost of production and energy cost and availability is pivotal to this conversation. “Energy use is crucial for almost every conceivable aspect of development. Wealth, health, nutrition, water, infrastructure, education, and human longevity are significantly related to the consumption of energy. Nigeria has historically faced challenges in its Energy Sector which greatly affect the business environment; our unmet energy needs are significant and we expect that future demand will be even greater due to our expanding population and urbanisation.” He said, “In addressing our energy constraints, we have also had to consider environmental

Adebayo

sustainability and energy transition. Accordingly, we have introduced the Nigeria Energy Transition Plan designed to tackle the dual crises of energy, poverty and climate change and deliver SDG7 by 2030 and net-zero emissions by 2060. The Energy Transition Implementation Working Group, Chaired by the Vice President Prof Yemi Osinbajo has been established for the implementation of the Plan. “We also launched an innovative, results-based, finance programme; the Universal Energy Facility that focuses on scaling up electricity access for productive use. The Universal Energy Facility will provide grant payments to enable solar companies to expand their operations to small and medium-sized enterprises across Nigeria while crowding in additional private capital. Projects supported by the Universal Energy Facility will help grow businesses and create jobs, making them key contributors to our Energy Transition Plan.” The minister also addressed infra-

structure development in the country, stating that various ministries, departments and agencies have delivered several infrastructural projects ranging from railway lines, airports, roads, port terminals, industrial parks, bridges, broadband, dams, etc. “In the Ministry of Industry, Trade & Investment, our focus for industrial infrastructure has been the delivery of six private sector- led industrial parks to enable industrialisation. These parks are in Lekki, Enyimba, Funta, Ibom, Kano and Benue. “We have commenced the concession of two brownfield Special Economic Zones situated in Calabar and Kano. These are general economic zones which support export processing, large scale manufacturing, warehousing, logistics, tourism, food processing and packaging and technological development.” The minister also discussed food safety and security, and competition enablers, explaining that “there are four areas that present significant concern to our competitiveness for which we are pursuing viable solutions. The first is synergy between fiscal and monetary policy. The naira continues to face significant downward pressure because demand substantially outstrips supply. This has created the need to appropriately balance what imports are eligible for foreign exchange with the need to provide foreign exchange for import of raw materials for the manufacturing sector. “The discussion that we must now have and going forward is how best to manage the situation by finding a mechanism for increasing supply and moderating demand in a manner that is transparent and will boost confidence. The long term sustainable solution which we are pursuing is the focus on value addition and productivity in the economy. This is well articulated in our medium-term economic plan 2021 – 2025.” On funding, the minister said, “One of the most critical economic enablers is access to long term patient capital that is suitable for industrialisation, and this has been at the heart of our agenda. “The Bank of Industry has disbursed over N421 billion to about 12,000 large enterprises and MSMEs to ensure their sustenance and growth. This has also created an estimated 1.8 million

jobs in the country. “The Bank also initiated the N2.4 billion North East Rehabilitation Fund (NERF) to stimulate the regional economy through the provision of affordable credit facilities to new MSMEs in the Northeast Region. As at the end of December 2020, the sum of N569.34 million has been disbursed to 56,934 beneficiaries. “In addition, we are collaborating with the African Development Bank (AfDB) and other financial partners to set up US$500 million fund to close the financing gap that exists in the Technology and Creative industries.” Welcoming participants, the Group Managing Director, Churchgate Group, Vinay Mahtani highlighted Nigeria’s low ranking on the global competitiveness index, stating that there was hope, considering the efforts being made by the federal government. According to him, “We are presented with a pressing challenge. Nigeria’s low ranking on the global competitiveness index demands immediate action to bridge negative output gaps and address any economic deficit. Despite being Africa’s largest economy, with a GDP of $432.3 billion in 2020, according to the World Bank, and possessing one of the largest proven oil reserves on the continent, Nigeria still faces significant hurdles to reach its full potential. “The oil and gas sector has been the backbone of the Nigerian economy for many years. Unfortunately, this dependence has proven to be a double-edged sword. The decline in the industry’s growth by 19.8 percent in the fourth quarter of 2020, as reported by OPEC, has had a devastating impact on the country’s commercial activities and overall economy. The COVID-19 pandemic only exacerbated these difficulties. “However, there is hope on the horizon. The government has put stimulus plans and financial support packages in place to facilitate an economic rebound. Furthermore, negotiations are underway to fast-track digital payment and trading platforms, such as the African Continental Free Trade Area e-commerce protocol, with the aim of boosting regional trade. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Yusuff: Mortar Isn’t Just About Aesthetics, Aids Building’s Durability Femi Yusuff is the Head of Mortar, Innovation & New Products Development for Lafarge Africa Plc., where he focuses on the use of Cement, Concrete, and Mortar materials in roads, buildings, and civil engineering structures. He discussed these processes with Bennett Oghifo Works at Lafarge emi is currently focused on the use of Cement, Concrete, and Mortar materials in roads, buildings, and Civil engineering structures. Adapting the use of developing a mini scale model or sample product for testing and collecting data. This stage is preceded by desk study and research about the challenge and potential solutions, which includes the development and implementation of strategy in the Mortar business line. Femi’s areas of expertise are as follows * Rigid pavement solutions development * Project Manager & 3D Printing Expert * Structural Engineering (Reinforced Concrete) * Cement Soil stabilisation solutions * Product Development * Construction materials research * Business Development * Deep and challenging foundation design solutions Project - 3D Printing Housing Project He coordinated a cross-functional team of 10 designers, Architects, Quantity Surveyors, and Structural Engineers toward the design, technical development, and building of 3D Printed residential houses. The technological development was completed two months ahead of schedule. He developed and designed the business model for the 3D-printed residential houses with an initial sales forecast of N150 million for the printed walls of 100 homes by Q4 December 2023. He devised a means to develop the 3D

Yusuﬀ

ink required for the project locally, saving an estimated 20% on the overall cost. Explain to us what mortar really is and what it can do for someone who wants to build a house, working on a budget of say N12 million or less. Mortar is a premixed product that is used to complete the finishing of a house. So traditionally, you will have to do everything yourself on site but as we continue to advance in construction we realised that

building houses was too laborious and we had to find creative ways to make sure that quality is guaranteed, reducing stress on people working, especially the artisans. Also, our taste for aesthetic quality finishes continues to grow with different sophisticated designs and that’s what brought the need for mortar. In addition to this, the industry evolved to finishing buildings with other materials apart from paint, we started finishing buildings with wall tiles as well. Wall tiles should be placed on walls with a perfect wall screed. For an individual with a very tight budget of N12 million, our analysis last year, showed that he will likely achieve an estimated savings of N300,000 when he uses our product. However it doesn’t stop there, he will also add extra value to his house and add extended durability compared to the use of materials he finds around because of his tight budget. Most of these materials will vary in quality and this affects the durability of his project. Beyond placing tiles on mortar, how can the paint stick and remain for a long time, is it possible? Yes for the wall finish, wall screed we have two variants the waterproof wall screed and the normal wall screed because houses are built in different locations. You will achieve a superior finish with our product and are free to paint after product application. What we found is that the type of sand that is necessary to achieve a good wall finish varies in quality from location to location and so most times

when a traditional method is used for wall finish projects, the artisans will have to come back to do some sandpapering, some filling and other wall preparation techniques to get the wall ready for painting but with our products, once you apply the wall screed, you can paint straight away. Give us the size of the mortar business in Nigeria and what is driving it A recent market survey shows that the mortar business is at least N100 billion. What is driving the segment is economic growth. This year the Nigeria Economy Summit Group and the world Bank have estimated a 3 percent economic growth for Nigeria, which is usually translated to housing construction growth. We currently have a housing deficit but when you look at our projected economic growth, you will observe that people can improve their lives when there’s an expanded economy. One of the first areas that attracts positive growth is housing, as the economy improves. The other factor is the high cost of materials. A lot of mortar used to be imported in the past but we are having more and more manufacturers in the country and Lafarge is one of the major Players in the sector. So, it’s cheaper to use a locally manufactured mortar product of international quality than importing from overseas. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ TUESDAY, FEBRUARY 21, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

F E B R U A R Y

S & P INDEX

2 0 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

Despite Muffled Oil Output Growth, Nigeria’s Rigs Count Rises 116% in One Year

Emmanuel Addeh in Abuja In spite of subdued growth in Nigeria’s oil production in the last one year, the country’s rigs count rose markedly from six to 13 between January 2022 and the same period in 2023, new industry data obtained from Baker Hughes, has shown. At a current level of 13, up from 12 the previous month of December and up from six one year ago, it marked a significant change of 8.33 per cent from last month and

a whopping 116.7 per cent from one year ago. A THISDAY review of the data indicated that the figures also align with new information from the Organisation of Petroleum Exporting Countries (OPEC), in its latest Monthly Oil Market Report (MOMR) released this February. Further checks revealed that the number of rigs could even hit 14 by March, when offshore drilling contractor, Dolphin Drilling, which currently has one of its semi-submersible rigs on its way

to Nigeria, will start its new drilling campaign. It was also gathered that the Blackford Dolphin had departed Las Palmas and was already en route Nigeria, following a successful shipyard campaign, which enabled the recertification for a further five years. Although Nigeria’s oil output had begun to rebound since October last year, after a multi-decade low of 900,000 bpd, however the rate of growth slowed in January, with a meagre 28,000 barrels per day

increase during the month. The figure was lower when compared to the over 55,000 bpd increase in December, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). While production in December, the previous month, was 1.235 million bpd, the January oil output was 1.258 million bpd, THISDAY reported. But it was still significantly lower than the about 1.8 million bpd OPEC production allocation to Nigeria, which the country has

been unable to meet for over a year. This has hobbled the country’s main source of foreign exchange and put immense pressure on the local currency, the naira, against the American dollar. According to the Baker Hughes data, in January 2022, Nigeria’s oil rigs were six, but rose to eight in February and then to 10 in March. It stated that this figure increased and remained stagnant at 11 in April, May, June and July respectively. In addition, as Nigeria’s oil production struggled, the country’s

oil rigs count fell further to 10 in August and dipped even further in September to seven and eight in October. But as the country’s production started to improve in November 2022, the rigs count increased to 10, before shooting up to 12 and 13 in December 2022 and January, 2023 respectively. In other years, a THISDAY analysis revealed that Nigeria’s oil rigs count fell from 16 to eight between Continued on page 26

Two Years after, Nigeria’s ‘Decade of Gas’ Policy Implementation Stagnates at 5% Peter Uzoho Two years after its declaration, Nigeria’s ‘Decade of Gas’ policy has recorded underperformance at a paltry 5 per cent to date, lagging by as high as 80 per cent against the federal government’s 85 per cent annual growth benchmark. The government blamed the poor record on a number of challenges that are impeding gas production and utilisation such as the introduction of the Value-Added Tax (VAT), high exchange rate, increase in the

international price of goods, high cost of transportation as well as domestic producers benchmarking gas prices on international prices. President Muhammadu Buhari had in March 2021 declared January 1, 2021 to December 31, 2030 as Nigeria’s Decade of Gas, a period the government aspires to accelerate gas production and use same to tackle energy poverty, industrialise the country, create jobs, lift 100 million Nigerians out of poverty and ultimately set the economy on the path of prosperity. Providing the policy’s

performance updates during a session at the just concluded Sub-Saharan African International Petroleum Exhibition and Conference (SAIPEC) 2023 in Lagos, the Southwest Zonal Coordinator of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Ayo Cardoso, however, said some improvements had been recorded. “So, if we look at some of the projections that government gave us, just like I had mentioned before - about 85 per cent of base increase yearly. What we have is

FOOD

just about 5 per cent, “Cardoso said. Tracing the growth of gas facilities between 2017 and 2022, he explained that Liquefied Natural Gas (LNG) facilities were five in 2017 and 42 in 2022 while Compressed Natural Gas (CNG) facilities stood at 97 in 2017 and 112 as at 2022. According to him, Liquefied Petroleum Gas (LPG) plants in 2017, “were 675, and in 2022, we had 13,038. LPG add-ons in the filling stations has not grown much since 2017. It’s still battling between 500 and 585. So, from

COMMODITIES

NAME OF COMMODITY

SIZE

STATE

PRICE

NAME OF COMMODITY

RICE

100KG

ABUJA

N35,000 – N45,000

SORGHUM

50KG

OYO

N35,000 – N45,000

50KG

PLATEAU (JOS)

N32,500 – N42,000

50KG

KWARA

N24,000–N27,000

50KG

LAGOS

N35,000 – N45,000

50KG

RIVERS

N36,500 – N46,500

50KG

SOKOTO

50KG

EDO

PRICE

our own calculation, we have not really gone far as government really expected us to go in terms of Decade of Gas.” He said the Decade of Gas was to basically ensure availability and domestic utilisation of gas and gas production, adding that with the proven reserve in the country, Nigeria has a good potential from gas business. He noted that the domestication of gas products such as CNG and LPG has significant improvement in the country’s economy. “Now, where are we on

that Decade of Gas? The initial benchmark by government was that we have an increase of about 85 per cent per year in Decade of Gas. But are we there yet? I will say we are still far from that place. “I will show some examples of how far we have gone. But we have seen that we have significant improvement in the domestic infrastructure such as pipeline, storage plants and processing plants as well, “he explained. NOTE: The story continues online on www.thisdaylive.com

T O D AY

STATE

PRICE

NAME OF COMMODITY

SIZE

STATE

PRICE

100KG JIGAWA

N30,000

BEANS

MAIDU GURI

N22,000 – N30,000

100KG

BENUE

N32,000

50KG BAG

100KG

N32,000

100KG LAGOS

N36,000

KADUNA

50KG

ENUGU

N24,000

100KG

KANO

N35,000

50KG

LAGOS

N26,000

100KG

DELTA

N36,000

N60,000 – N70,000

100KG

DELTA

N35,000

N17,000–N20,000

100KG

ABIA

N36,000

100KG

ABIA

N35,700

SIZE

TUESDAY, FEBRUARY 21, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS FOOD

NAME OF COMMODITY

PALM OIL

COMMODITIES

SIZE

STATE

PRICE

NAME OF COMMODITY

SIZE

LOCATION

PRICE

100KG KANO

N20,500

ONIONS

100KG

IBADAN

N60,000

MAIZE

100KG

OYO

N10,000

N24,000 – N35,000

100KG BENUE

N27,000

100KG KANO

N30,000

100KG ENUGU

N16,500

100KG BENUE

N65,000

100KG DELTA

100KG LAGOS

N32,000

N14,000

25CL IBADAN N22,000 — N35,000

100KG PLATEAU

N45,000

100KG

ABIA

N11,000

PRICE

25CL LAGOS N20,000-N35000 25CL

STATE

GROUNDNUT

T O D AY

PRICE

STATE

SIZE

PRICE

NAME OF COMMODITY

SIZE

NAME OF COMMODITY

25CL

IMO

N24,000 – N36,500

100KG DELTA

N34,000

100KG DELTA

N50,000

50KG

LAGOS

N9,000

25CL

EDO

N20,000 – N35,000

100KG

ABIA

N27,000

100KG LAGOS

N60,000

100KG KANO

N9,400

100KG ENUGU

N23 000

100KG ENUGU

N45,000

50KG

N6,000

25CL ABUJA N25,500 – N35,000

BENUE

NMDPRA to Sanction Marketers for Delayed Reporting of Fire Outbreaks Emmanuel Addeh in Abuja The Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has directed retail

stations to report fire incidents in their premises within 24 hours of such occurrence or face sanctions. The organisation said it will impose sanctions on erring

operators ranging from fines to suspension of operation and revocation of licenses. A statement from the NMDPRA said the Director, Health, Safety Environment

and Community (HSEC) department of the authority, Nsikak Bassey, handed down the directive during a meeting with the safety team of the Nigerian National Petroleum

Komolafe: Nigeria Could Drill 900,000bpd Additional Oil with Ongoing Quick-win Interventions Emmanuel Addeh in Abuja The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has said that the current quick-win interventions by the organisation and industry stakeholders could boost Nigeria’s oil production by about 900,000 barrels per day in the short term. He stated that the commission was doing this by working with operators to identify candidate wells and appropriate interventions to achieve increased production, while focusing on shut-in wells that could easily be revived. Komolafe spoke at the special quarterly oil and gas industry dinner organised by the Lagos Petroleum Club on the topic:

“Nigerian Upstream Petroleum Sector: Value Optimisation, Energy Transition, and Regulatory Perspectives.” Pursuant to achieving the projection, the chief executive said a committee was inaugurated on June 23, 2022, to conduct an industry-wide study on the reactivation of shut-in strings, adding that a report submitted included recommendations for quick-wins, medium and long-term initiatives to enhance national oil and gas production volumes. “Findings in the report revealed that over 900,000 barrels of oil per day could be realised from the quick win interventions, while the medium and long-term initiatives could potentially add about 1.2 million barrels of oil per day, if properly and fully implemented,”

he stated. The upstream petroleum industry regulator said it will continue to focus its attention and resources on achieving its mandate to sustain the development of the country’s petroleum industry, despite current challenges. According to Komolafe, the NUPRC is committed to 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, the commission is committed to facilitating peace and harmony in the host communities to guarantee a conducive operating environment for investors, positively impact on

operating cost and attraction of more investment opportunities,” he noted. While highlighting some of the recent activities of the NUPRC, Komolafe said a licensing round guideline has been published for seven open oil blocks, adding that the regulator was evaluating the Expression of Interest (EOI) received from prospective investors. The exercise, he said, was expected to be a big step for the country towards growing its oil and gas reserves, assuring that this would be done through aggressive exploration and development efforts. In addition, he said the 2020 marginal field bid round had been completed, with 50 Petroleum Prospecting Licenses (PPLs) issued to deserving awardees.

Company Limited (NNPC) Retails. Bassey added that reports of such incidents must reach the Authority Chief Executive (ACE), Farouk Ahmed, within 48 hours. Cases of fire outbreaks had recently been on the increase in the country, especially in Abuja where, for instance, an AA Rano filling station around Nyanya/Karu axis was burnt last Tuesday while an Enyo filling station in Wuse Zone 1, Abuja , was razed a few days earlier. “In our effort at preventing fire outbreaks within petrol products’ filling stations across the country, the authority expects timely reporting of incidents to the nearest NMDPRA office within 24 hours and the Authority Chief Executive (ACE) within 48 hours. “Managements of stations must refrain from tampering

Israel Makes First-ever Crude Oil Exports Emmanuel Addeh in Abuja

Sylva to Perform Ground-breaking of Oloibiri Museum Today Emmanuel Addeh in Abuja The Minister of State for Petroleum Resources, Chief Timipre Sylva, will today perform the ground-breaking ceremony of the Oloibiri Museum and Research Center (OMRC), in Ogbia Local Government, Bayelsa State. The Minister would also perform the same activity at the

proposed NCDMB Conference Hotel Project (CHP), a three-star hotel being developed by the Nigerian Content Development and Monitoring Board (NCDMB) at Swali, Yenagoa. The Oloibiri Museum and Research Centre will be erected at the location where commercial quantities of oil were first discovered in 1957 by Royal Dutch Shell. The

event is coming 66 years after the historic discovery of hydrocarbon resources, which became a turning point for the Nigerian economy. The Museum and Research Centre is being developed as a collaboration between the Petroleum Technology Development Fund (PTDF), NCDMB, Shell Petroleum Development Company of

Nigeria (SPDC) and the Bayelsa State Government. Speaking ahead of the groundbreaking event, a statement from the NCDMB quoted the Executive Secretary of the Nigerian Content Development and Monitoring Board NCDMB), Simbi Wabote, who serves as the chairman of the project’s steering committee as explaining that the facility would correct a historical oversight.

Report: Despite Netzero Debates, Govts Subsidised Fossil Fuels with Record $1trn Last Year Emmanuel Addeh in Abuja Seeking to offset rising energy costs, governments spent more than $1 trillion on subsidies for the consumption of fossil fuels last year, an all-time high, the International Energy Agency (IEA), has said.

Russia’s invasion of Ukraine roiled energy markets in 2022, as Russia cut natural gas exports to Europe, and Western nations moved to wean off Russian oil. The drop in supply sent prices soaring globally. To shield consumers from rising

costs, governments further subsidised the consumption of oil, natural gas, coal, and electricity, particularly in developing countries. Oil subsidies rose 85 per cent between 2021 and 2022, while subsidies for natural gas and electricity more than doubled

year on year, according to a new report from the agency. The analysis only accounts for direct fossil subsidies. It does not account for the high cost of pollution or climate disasters, which are borne by the public but not included in the price of fossil fuels.

with evidence after incidents and must develop and strictly implement Standard Operating Procedures (SOP) for all operations such as discharging and dispensing. They must also provide adequate firefighting equipment for all facilities as well as enlist staff in MISTDO training,” the statement added. Bassey also said operators of facilities must ensure integrity tests are conducted on Underground Storage Tanks (USTs) as enshrined in Environmental Guidelines and Standards for the Petroleum Industry in Nigeria (EGASPIN) 2018. In his response, the statement quoted the General Manager, Health, Safety, Security, Environment and Quality (HSSEQ) of NNPC Retail, Dr. Oyet Gogomery as saying that the company treats safety issues with utmost care and adhere strictly to safety guidelines.

Israel has begun its first-ever crude oil exports, with the loading of a cargo of oil from the mainly gas producing Karish field, the operator, London-listed Energean, has said. The shipment, with trading company Vitol as offloader, is another symbol of Israel’s progress to greater energy independence based on offshore resources in the Mediterranean. Israeli refineries rely on imports from locations such as Russia, Azerbaijan and Iraq, and the country is sure to continue sourcing crude overseas, particularly to meet requirements for heavier oil, while exporting some lighter liquids associated with the country’s gas production. The country has consumed around 210,000 bpd of oil in recent years, according to BP data and as reported by S&P Global. Announcing Israel’s entry to the “exporters’ club,” Energean suggested the cargo was headed for a European destination. “Energean is delighted to confirm the first ever lifting of

an Israeli crude oil cargo has taken place at the company’s Karish field. For the first time in the history of Israeli oil and gas production, hydrocarbon liquids will be exported to global markets,” it said. It added: “This creates a significant differentiated income stream, fundamentally separate to gas-derived revenues. The cargo has been sold as part of a multi-cargo marketing agreement with Vitol; the first of a new source of East Med energy to reach Europe.” Energean Commercial Director, Nick Witney, said: “While we remain a gas focused company, with our Israeli gas production central to our role in enabling the energy transition, light, sweet crude oil, responsibly produced from modern, low-carbon intensity facilities is very much in demand, globally.” Karish came on stream in October 2022 and was set to reach an initial production capacity of 6.5 Bcm/year in 4-6 months. The company estimates recoverable reserves at 1.4 Tcf of gas and 61 million barrels of liquids.

DESPITE MUFFLED OIL OUTPUT GROWTH, NIGERIA’S RIGS COUNT RISES 116% IN ONE YEAR 2019 and 2022, underscoring the magnitude of challenges the country has faced in producing its OPEC monthly allocation. The MOMR showed that while the average rigs count was 16 in 2019, it fell to 11 to 2020, and then further to seven in 2021. In the first quarter of 2022, the count was eight, it was 11 in the second quarter of the year, and again fell to nine in the third quarter this

year, according to the OPEC data. But the Nigerian National Petroleum Company Limited (NNPC) has put current production at over 1.6 million bpd, although traditionally OPEC and NUPRC are the bodies that release production figures. In recent times, the country’s active rigs had progressively decreased, but was made worse after Nigeria began shutting down

many of its offshore platforms as oil prices took a downward slope and the producers’ group embarked on production curbs to stabilise the market in 2020, following the upsurge of the Covid-19 pandemic. Furthermore, there has been massive underinvestment in the sector, leading to depleting oil rigs. Despite the remarkable recovery in global crude oil demand, Nigeria had been unable to ramp up

production, following massive theft of the resource in the Niger Delta as well as shutdowns due to frequent equipment failure. In the oil and gas industry, the rig count is a major index for measuring activities in the upstream sector. While for instance, 26 rigs were in operation, on both onshore and offshore terrains, in 1997, Nigeria has had the number remarkably depleted in recent years.

The Nigeria Extractive Industries Transparency Initiative (NEITI) revealed sometime ago that in the period spanning between 2009 and 2020, Nigeria lost as much as 619.7 million barrels of crude oil valued at N16.25 trillion to oil theft. The losses were from theft and sabotage, based on information and data provided by an average of eight companies covered by NEITI process over the years, the organisation said.

A breakdown of the losses, it said, showed that in 2009 when NEITI commenced reporting of crude oil theft, Nigeria lost 69.49 million barrels valued at $4.31 billion. It added that the figures for 2010, 2011 and 2012 revealed that 28.31 million, 38.61 million and 51.58 million barrels, which were valued at $2.29 billion, $4.39 billion and $5.82 billion were lost respectively.

T H I S D AY ˾ TUESDAY, FEBRUARY 21, 2023

BUSINESSWORLD

INDUSTRY

Waning Manufacturers’ Confidence Index The Manufacturers Association of Nigeria’s report on the economy in the last quarter of 2022 showed that the Manufacturers CEO’s Confidence waned during the period under review, Dike Onwuamaeze writes

esearch based evidence has emerged in support of the claim that the manufacturing sector of the Nigerian economy is dying because of the prevailing macroeconomic variables in the country. These variables, which consist of fiscal and monetary policies, have not augured well with the Nigerian manufacturing sector. One of the research based evidence is the The Manufacturers Association of Nigeria’s “MAN CEO’s Confidence Index: Preliminary Report and Highlights of Findings 4th Quarter 2022.” It stated that the fourth quarter of 2022 appeared to be more difficult to manufacturers than the level of hardship that operators encountered in the preceding quarter. The report said that in the fourth quarter of 2022, the Aggregate Index Score (AIS) of the MCCI declined from 55.4 points that it recorded in the third quarter of the year to 55.0 points during the quarter under review. The decline in the AIS, according to the MCCI report, “underscored the persisting challenges and the waning confidence of manufacturers in the economy in the fourth quarter of 2022 over the recorded points in the preceding quarter.” The MCCI is a quarterly research and advocacy publication of the manufacturers association, which measured changes in pulse of operators and trends in the manufacturing sector quarterly, in response to movements in the macro-economy and government policies using primary data generated from direct survey of over 400 chief executive officers of MAN’s member-companies. The MCCI attributed the AIS’s decline in the quarter under review to the persisting increase in inflation as seen in the Consumer Price Index (CPI), erosion in Naira’s value, difficulty in sourcing foreign exchange for productive use, high cost of energy, the issue of insecurity and the lingering Russian-Ukrainian war as well as the associated perennial adversities encountered while operating in Nigeria’s business environment.

AGGREGATE MCCI The report stated that “in the fourth quarter of 2022, the AIS of the MCCI declined to 55.0 points down from 55.4 points recorded in the third quarter of the year. “Among the standard diffusion factors, current business condition and business condition for the next three months, scored above 50 benchmark while increasing in the quarter; current employment condition (rate of employment) and production level in the next three months scored above the 50 benchmark points though with a decline in the period respectively; employment condition for the next three months dipped

below the benchmark points to 48.8 points which is also below 49.2 points obtained in the preceding quarter. Employment decision by manufacturers is so difficult due to the unpredictability and difficulty in macroeconomic movement. “In summation, the fourth quarter of 2022 appeared to be more difficult to manufacturers than the level of hardship in the preceding quarter due to persisting rise in CPI, high cost of energy, unabated erosion in Naira value and difficulty in sourcing foreign exchange, including the harsh effect of Russian-Ukrainian war.”

SECTORIAL GROUP MCCI The MCCI report showed that manufacturers in two sectorial groups manifested gross loss of confidence in the economy. These sectors were the Pulp, Paper, Printing and Publishing, which scored 49.6 points, and the Motor Vehicle and Miscellaneous Assembly that scored 48.4 points. These scores were below the 50 benchmark points. The report said: “Analysis of examination of the 10 sectorial groups shows that index score of Pulp, Paper, Printing and Publishing (49.6 points) and Motor Vehicle and Miscellaneous Assembly (48.4 points) fell below the 50 benchmark points. “The score indicates a gross loss of confidence in the economy by manufacturers operating in the two sectorial groups. “Particularly, the motorcycle sub-group of the Motor Vehicle and Miscellaneous Assembly has been facing difficulty following the banning of motorcycles by various states government in some metropolis.” However, there were sectors in the country’s manufacturing space that garnered positive points. They are “the Food, Beverage and Tobacco; Textile Apparel & Footwear; Wood & Wood Products; Chemical and Pharmaceutical; Non-Metallic Products; Domestic/Industrial Plastic and Rubber; Electrical and Electronic; and Basic Metal, Iron and Steel groups. These sectors scored above 50 based point. “The score suggests that manufactures operating in these groups have confident in the macro economy.

INDUSTRIAL ZONE MCCI The analysis of the 14 industrial zones showed that index scores of Rivers/Bayelsa (48.0 points) and Cross-Rivers/Akwa-Ibom (46.5 points) fell below the 50 base points.

The scores indicated that manufacturers operating in the zones have lost confidence in the economy due to persisting harsh operating environment in the zones. But even though Imo/Abia, Kaduna, Ogun, Apapa and Kwara/Kogi zones have their index scores above 50 benchmark points, they declined in the quarter under review. However, Edo/Delta, Oyo/Ondo/Ekiti/ Osun, Kano, Ikeja, Anambra/Enugu and Bauchi/Benue/Plateau zones have their index scores above the 50 base points with increase in the quarter under review. Their scores indicated continuous improvement of the confidence of manufacturers operating in the zones in the economy. Index scores of Abuja zone increased to 50.7 points in the fourth quarter of 2022 from 43.5 points obtained in the preceding quarter. The score indicates a significant improvement in the confidence of the manufacturers operating in the zone. Apart from the general macroeconomic challenges that affect all the zones, it is important to examine and address statespecific challenges as they concerns the zones.

CONCLUSION Among industrial zones, activities in Rivers/Bayelsa (48.0 points) and CrossRivers/Akwa-Ibom (46.5points) zones were depressed by high-cost of operating environment in the fourth quarter of 2022 as underlined by their index scores which fell below the benchmark points. “Consequent upon the above trends, it is crucially important for the government to have a shift towards a better exchange rate management; and moderate the rising energy cost via better management of refined petroleum products imported into the country. These among other measures would no doubt help to reduce the current high inflation, which is fast eating-up the working capitals of businesses including manufacturing in the economy,” the report said. MCCI Index is computed using data generated on standard diffusion factors of Current Business Condition, Business Condition for the next three months, Current Employment Condition (Rate of Employment), Employment Condition for the next three months and Production Level for the next three months. The Index has a baseline score of 50 points and scores

above the baseline indicate improvement of manufacturers’ confidence in the economy, while index score of less than the baseline suggests deterioration in the operating environment. Yet, the decline reported in the MCCI would not come to many as a surprise. For a long, the manufacturers’ association has warned that many of the federal government’s fiscal policies and central bank’s monetary policies were not conducive to manufacturing environment. Specifically, the MAN has warned against fiscal policies like the excise tax on sugar for carbonated soft drinks as well as the continued monetary tightening of the Central Bank of Nigeria (CBN) would stoke inflation and diminish the purchasing power of Nigerian households to the detriment of the manufacturing sector. The Director General of MAN, Mr. Segun Ajayi-Kadir, said in response to the Monetary Policy Committee (MPC) upward review its Monetary Policy Rate (MPR) to 13.5 per cent from 11.5 per cent, which was fixed since September 2020, ostensibly to curb the rising rate of inflation among other sundry reasons. Ajayi-Kadri noted the implications for the economy and manufacturing sector of the frequent increases in the cost of finance. He said: “This is another level of increase in interest rates on loanable funds, which will no doubt upscale the intensity of the crowding out effect on the private sector businesses as firms have lesser access to funds in the credit market. “It will spur upward review of existing lending rates dependent obligations of manufacturing concerns, which will drive costs northward. “Intensify demand crunch emanating from the heavily eroded disposable income of Nigerians, constrained access of households and individuals to cheap funds. “Lead to rising cost of manufacturing inputs, which will naturally translate to higher prices of goods, low sales and enormous volume of inventory of unsold products. “Exacerbate the intensity of idle capital assets, worsen the already declining profit margin of private businesses and heighten the mortality rate of small businesses. “Further reduce capacity utilisation, upscale the rate of unemployment, incidences of crime and insecurity as the capacity of banks to support production and economic growth is heavily constrained “Reduce the pace of full recovery of the real sector, make manufacturing performance to remain lackluster and of course lead to leaner contribution to the GDP.

TUESDAY, FEBRUARY 21, 2023 ˾ T H I S D AY

BUSINESSWORLD

OIL & GAS

Subsidising Petrol Scarcity In this report, Peter Uzoho asks why the federal government continues to pay petrol subsidy on a product that has become rarely available.

igeria may be spending not less than N4.27 trillion to keep its costly petrol subsidy scheme if the incoming president decides to jettison the removal of petrol subsidy by the end of June this year. As reeled out last week during a televised programme by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mallam Mele Kyari, of the total landing cost of petrol currently standing at N295 per litre, government pays N185 as subsidy. With all the spending in the name of subsidy, the questions begging for answers are: why then has petrol scarcity become a recurring decimal in Nigeria, defying all solutions. As Nigerians are now forced to pay through their noses to buy petrol at between N250 and N650 per litre, above even the N300 landing cost, even under excruciating conditions, who then is subsidising who? ONE YEAR UNRESOLVED SCARCITY Since the scarcity that began in February 2022, due to the breakdown in supply and distribution which was triggered by the importation of adulterated petrol into the country by NNPC and its partners in the Direct Sale Direct Purchase (DSDP) deal, the nation has not recovered from that incident. Till date, petrol has been scarce at filling stations, leading to all sorts of arbitrage in the system. The N165 per per litre price of petrol suddenly ballooned to between N250 to N650 at different locations, no thanks to some marketers in the petrol marketing business who took advantage of the scarcity to impose suffering on the citizens. At every filling station in the country where petrol is available, especially the ones owned by NNPC and well organised depot owners, many motorists spend long hours on queues waiting for turn. The situation has now opened a new window of business opportunities for fuel attendants who now hike prices as they suits them and opens and closes stations whenever they like. The black marketers are smiling to the banks as they make brisk business through buying petrol with containers and resell to desperate buyers at outrageous prices. Even the petrol tanker drivers are making a kill from diverting products meant for certain locations to other places, both in-country and neighbouring countries, where they sell far above the normal price, thus contributing to the shortages being lamented about. NNPC’S POSITION However, as part of the efforts to tackle the scarcity challenge, NNPC had disclosed penultimate Sunday in a graphic document that it had ramped up supplies to marketing companies that have depots, revealing that penultimate week beginning 28 January to 3rd February, it had evacuated 450.92 million litres of petrol. The company disclosed that the average daily evacuation figure for the week stood at 63 million litres while year-to-date at the time, average daily evacuation for the week under review was 64 million. Kyari had said the country needed N4.27 trillion to meet its subsidy requirements, disclosing that the NNPC transfers products to oil marketing companies at N113 per litre to establish a market price of N170, for last year. According to the GCEO, some adjustments “brought us to the reality of the cost of vessels and that adjustment took the NNPC to a different level in terms of logistics.” He

stated that NNPC has been unwavering on the transfer price from the “landing location” to the marketing companies. “Yesterday’s (penultimate Monday), data is that this product will land in this country at N295 to the litre. That means you have to sell it at N113 to the marketing companies so that we will be able to maintain the current subsidy regime that we’re running,” Kyari said. “It means you have N185 per litre of subsidy on every product that comes into this country. “Now, if you look at the average that we’ve done of 63 million litres January to date, and you convert it to 365 days, that means you need N4.27 trillion for you to meet the subsidy requirements for this country,” he added. With the NNPC as the country’s only importer of petroleum products, he said the law provides for N3.36 trillion for the January to June subsidy regime. “That means technically, the Ministry of Finance is supposed to be giving us cheques against this subsidy value on a monthly basis,” Kyari stated. “But it’s not a real situation in the sense that we’re a company owned by the state today. We have fiscal obligations because, ultimately, whatever money NNPC makes is from fiscal obligations – taxes, royalties and margin. “Because we have not diluted the ownership of this company, all three belong to the state today. So, the only way NNPC can do this is to hold back the fiscal obligation, so that we can use that to buy the product and come and sell it to the market”, he said. CROSS BORDER SMUGGLING Explaining how smuggling of Nigeria’s subsidised fuel has aided in worsening the shortages, Kyari said a fuel truck from Lagos delivering to a filling station in Maiduguri can earn a margin of N270,000 as opposed to N40 million or N50 million when sold across the border to neighbouring countries. He added that the NNPC keeps track of every truck that has left every depot in the country, adding that fuel supply had increased from 63 million litres per

day to over 70 million litres. “We have truck numbers, destination fuel stations, destination states. And we have published these by list of states – where those trucks go, the number of trucks that have left those [depots], etc. “When they leave the depots, where do they end up? That is what would have translated to national consumption,” he said. According to him, it is practically impossible under an arbitrage environment and under a situation where neighbouring countries are helpless to say that there will be no cross-border movement of petroleum products. “That’s why we’re making it legitimate in the sense that NNPC is now buying fuel stations across our borders, so that we can deliver to them legitimately. It is very simply impossible to stop this until we are able to solve this arbitrage issue. “So, definitely, what you’re dealing with is a logistic challenge, rather than anything else,” he said. GOVT’S INSINCERITY While Nigerians are left to groan and suffer as a result of the problem that has now become a national energy and security challenge, the federal government doesn’t seem to be doing enough to address the challenge permanently. At best, the government has only succeeded in feeding the citizens with falsehood. For instance, when the news broke out in January that the federal government had increased the ex-depot price and pump price from N148 to N172 and N165 to N185 per litre, respectively, the government denied endorsing any price increase. At the time, the Minister of State for Petroleum Resources, Chief Timipre Sylva had through his Senior Adviser on Media, Mr. Horatius Egua, said President Muhammadu Buhari did not endorse any hike in the prices of petroleum products, contrary to the rumours that fuelled the latest scarcity and the resultant long queues at filling

stations across the country. “President Muhammadu Buhari has not approved any increase in the price of Premium Motor Spirit (PMS) or any other petroleum product for that matter. There is no reason for President Muhammadu Buhari to renege on his earlier promise not to approve any increase in the price of PMS at this time. “Mr. President is sensitive to the plight of the ordinary Nigerian and has said repeatedly that he understands the challenges of the ordinary Nigerian and would not want to cause untold hardship for the electorate. “Government will not approve any increase of PMS secretly without due consultations with the relevant stakeholders. The President has not directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) or any agency for that matter to increase the price of fuel. “This is not the time for any price increase in pump price of PMS. What is playing out is the handiwork of mischief makers and those planning to discredit the achievements of Mr. President in the oil and gas sector of the economy. I appeal to Nigerians to remain calm and law abiding as the government is working hard to bring normalcy to fuel supply and distribution in the country,” Sylva had said. But in contradiction to his earlier denial that government had not approved any increase in fuel price, Sylva told journalists in Lagos last Friday after his inspection tour of some filling stations in the state, that the actual pump price of petrol remained N184 as obtained in all NNPC stations, adding that whatever price NNPC is selling is the current pump price. “Today, I went to an NNPC filling stations and they are selling at N184 and that’s what all NNPC stations are selling. So, that is the price and all NNPC stations, 900 of them are selling at that price. But of course, you have all these sharp practices in the system and we’re trying to see how we can address them”, Sylva stated. Whatever it is, what Nigerians really want is that government should make fuel available to them and prevent the halt the prolonged scarcity that has had devastating impact on their lives and livelihood.

T H I S D AY ˾ DAY Ͱͯ˜ ͰͮͰͱ

FEATURES

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

Incessant Flouting of Court Orders and Its Implication for Democracy Institutions like the judiciary are meant to be the bastion of society and the flagrant disregard of its judgements lead to chaos as is being witnessed across board in Nigeria now with the Supreme Court and federal government's face off on the naira policy. Recently, one of the agencies of government, the Economic and Financial Crimes Commission, EFCC, was accused of towing that path by a coalition of civil society organisations. Sunday Ehigiator reports that this trend portends grave danger to democracy

or any democracy to thrive, respect for the law and human rights, as well as adherence to institutions established to shape the country are key. Flagrant disregard for any of these often weakens the rule of law and also threatens human rights. One of the agencies of government that should understand the need for the rule of law is the Economic and Financial Crimes Commission (EFCC), a Nigerian law enforcement agency that investigates financial crimes such as advance fee fraud (419 fraud) and money laundering. Over the years, the EFCC has been instrumental in charging and prosecuting senior political leaders and businessmen with political links, as well as in recovering and repatriating significant stolen resources for the Nigerian state, yet it is also subject to frequent political interference, which reduces its effectiveness and means that it is often seen as an arm of the incumbent government, without an independent mandate. Established in 2003, partially in response to pressure from the Financial Action Task Force on Money Laundering (FATF) which named Nigeria as one of the 23 countries non-cooperative in the international community's efforts to fight money laundering, the EFCC in recent times seem to disregard court orders not in its favour. Flouted Court Orders On February 6, 2023, the Kogi State High Court in Lokoja ordered the Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, to be imprisoned for disobeying its order. It also directed the Inspector General of Police to arrest Bawa and remand him in Kuje prison, Abuja, for the next 14 days. The judge, Rukayat Ayoola, ordered that Bawa be detained in prison “until he purges himself of the contempt”, meaning until he clears himself of the contempt for which he was jailed. Ms Ayoola issued the committal order based on an application filed by Ali Bello accusing Bawa of disobeying a court ruling by going ahead to arraign him on December 15, 2022 against an earlier court order made on December 12, 2022. In the said December 12, 2022 ruling, the court had ruled that the arrest and detention of Mr Bello on November 29, 2022, by EFCC and its chair in the face of an earlier subsisting court order without a warrant of arrest or being informed of the offence for which he was arrested is unlawful and unconstitutional. The court also held that the arrest and detention of the applicant contravened his right to personal liberty and dignity of the human person guaranteed under Chapter IV of the Constitution of the Federal Republic of Nigeria 1999 (as amended) and Articles 5 and 6 of the African Charter on Human and Peoples’ Rights. The court had also ordered the respondents to tender an apology to the applicant in a national newspaper and awarded N10 million compensation for him. But all these orders were not obeyed by the EFCC and its boss, thereby leading to the order of arrest of the EFCC boss. But prior to this, on November 9, 2022, Justice Chizoba Oji of an Abuja High Court sitting in Maitama had ordered the remand of the EFCC Chairman at the Kuje Correctional Centre, for allegedly disobeying an earlier order of the court against the commission. But EFCC, which immediately appealed the judgement, said the ruling was surprising and created a wrong impression of Bawa as one who encouraged impunity. Delivering a ruling in an application brought by Air Vice Marshal (AVM) Rufus Ojuawo, Oji held that the “Chairman, Economic and Financial Crimes Commission is in contempt of the orders of this court made on November 21, 2018, directing the Economic and Financial Crimes Commission, Abuja, to return to the applicant his Range Rover (Supercharge) and the sum of N40 million.” In the ruling delivered on October 28, 2022, the court stated that the EFCC boss “should be committed to prison at Kuje Correctional Centre for his disobedience, and continued disobedience of the said order of court made on November 21st, 2018, until he purges himself of the contempt.” A Certified True Copy (CTC) of the judgement, dated November 3, 2022, sighted by THISDAY, noted that the Inspector General of Police had been directed to “ensure that

Bawa the order of this honourable court is executed forthwith”. Ojuawo, a one-time Director of Operations at the Nigerian Air Force (NAF), had in a motion on notice marked: FCT/HC/M/52/2021, complained that the anti-graft agency was yet to comply with the November 21, 2018 judgement, which ordered the commission to release his seized property. However on November 10, 2022, the judge ruling on an application filed by Mr Bawa, set aside her decision of 28 October, which ordered the Inspector-General of Police to arrest the EFCC boss with a view to incarcerating him at Kuje prison in Abuja. The judge said she was satisfied that the EFCC Chairman did not disregard the court’s orders, asking him to release seized assets belonging to Rufus Ojuawo, a retired air vice marshal. The judge held that evidence before her showed Mr Bawa had complied with the court’s order, directing the EFCC to return the Range Rover Sport vehicle and was in the process of returning his N40million. CSOs Calls for Bawa Sack But with the recent disregard on the court order on Bello's case, over 40 anti-corruption Civil Society Organisations (CSOs) asked the President, Muhammadu Buhari to sack Bawa, alluding that the commission has derailed from its mission and was now politicised. In a press conference held recently in Lagos in protest of Bawa’s attitude, the CSOs led by the Chairman of the Centre for Anti-corruption and Open Leadership (CACOL), Mr Debo Adeniran, said Bawa had made the EFCC an “institution known for brazenly disobeying court orders in such a manner that does not only undermine the institutions of Nigeria’s democracy but also indicates a contradiction to the anticorruption agenda of Buhari.“EFCC’s Gestapo-style regime of disobeying court orders must stop. Nigeria is not a banana republic. All must resist attempts by institutions of state to ridicule the country and make it seem like a lawless fiefdom. “The EFCC seems to be allowing

itself to be used as an instrument of a political witch-hunt, as it targets some individuals more than many others. Some of our organisations have submitted several petitions to the commission, which it has refused to act on even when you sit with them to reason on the merits of those petitions. Once there is a political interest, the whole process of investigation and litigation becomes politicised. “The commission seems only to act with gusto against perceived political enemies of some powerful political forces in the country rather than being neutral and professional. “For instance, the Speaker of Ogun State House of Assembly was bundled in Gestapo-style to Abuja on corruption allegations, while the commission left several similar petitions elsewhere untouched. Where are justice, impartiality, and professionalism? “This culture of impunity as consistently exhibited by the EFCC Chairman continues to ridicule Nigeria in the comity of nations and sabotage efforts at attracting foreign direct investment. “Investors only go to jurisdictions where the rule of law and respect for human rights are guaranteed while shunning countries where ‘rule of men’ predominate,” they added. It is not for EFCC and its leadership to pick and choose which court orders to obey or disregard. That is an invitation to anarchy". Therefore, they concluded that Bawa must be sacked for the commission to “recover its past glory.” Implication for Democracy For many, the incessant disobedience of court orders by government and its agencies have continued to weaken the rule of law and also threatens human rights in the country, thus heightening the need for judicial activism for leadership of agencies that flout such court orders because if the law is continuously flouted, it means that the essence of the law has been lost. Raising concerns on flagrant abuse of court orders, Executive Director, Rule of Law and Accountability Advocacy Center (RULAAC), Okechukwu Nwanguma, said "Any security agency set up by law to enforce laws must subject the conduct and actions of its operatives to the law. There are guidelines, code of conduct and safeguards put in place to regulate the exercise of powers by agencies with law enforcement mandates. "Any deviations from the law in exercise of law enforcement powers can have consequences both for the individual operatives and the agency they represent. Non conformity with the law is lawlessness and lawlessness destroys the legitimacy of any law enforcement organisation." Reacting also, Barrister and Solicitor, Olukayode Faseyi, Esq, said the EFCC is clearly an intentional creation of the law of the land and not an abstract creation of itself as it is an organ of the executive arm of the Nigerian government which is constitutionally saddled with the administration/execution of the law. "The Judiciary in Nigeria is a creation of the various constitutions and/or supreme enactments of the country. It is an independent arm of government different from the executive and the legislative Arms of government. The Judiciary is constitutionally saddled with the interpretation/adjudication of the law. "It is however unfortunate to find that an institution as the EFCC falsely believes that it is vested with such totalitarian powers that it can carry out its responsibilities whimsically and capriciously without any regard for the rule of law. "The frequent flagrant insubordination and disregard for court orders underlies the arrogant ignorance of the operatives of the EFCC to the effect that they do not not comprehend that the courts are not just courts of law but courts of justice. The courts do justice in accordance with laid down procedure. EFCC certainly believes

Any security agency set up by law to enforce laws must subject the conduct and actions of its operatives to the law. There are guidelines, code of conduct and safeguards put in place to regulate the exercise of powers by agencies with law enforcement mandates

that if the orders of court are not made in a way that pleases their inclination then they are not bound to obey. "The consequence of the flagrant disregard for the orders of the court by the EFCC is a recipe and an invitation to anarchy. It is an act clearly capable of weakening the fabrics of the systems and structures of public governance. Such acts threaten the operation of the rule of law and the human rights of citizens. "Such acts are tantamount to a violation of the doctrine of checks and balances which doctrine is predicated on the hallowed age-long democratic principle of separation of powers. The acts of infractions of court orders by the EFCC clearly takes us back into the outdated dark days of military rule where separation of powers principles are not just blurred but non existent because of the absence of an independent legislature and Judiciary which was bedeviled by undemocratic ouster clauses through military decrees which were made superior to the constitution (the grundnorm) of the land. "Finally, the flagrant disobedience of court orders makes EFCC a laughing stock in the face of the citizens and the international community and underscores its hypocrisy in its claim to combating economic and financial crimes. If the EFCC continues to break the tenets and orders of the same law that created it, that same law will break the EFCC into pieces one day so that the anarchy and worthlessness which its act will potentially cause in the system can be averted as a matter of urgency." EFCC Reacts But in reaction to the call by the CSOs, EFCC denied the allegation that its Chairman, Abdulrasheed Bawa, was fond of disobeying orders of courts. Speaking at a briefing in Abuja, EFCC spokesperson, Wilson Uwujaren, said the groups calling for Bawa’s sack, have no interest in the fight against corruption. He said the commission believed it was denied a fair hearing and that as a law-abiding institution; the EFCC had approached the appellate court, for a stay of execution in most of the cases cited. Uwujaren, however, did not say whether the stay of execution had been granted to forestall the order for the arrest of Bawa by the Inspector-General of Police. He alleged that the protests by over 100 anticorruption Civil Society Organisations, which entered the third day on Monday, February 11, were sponsored against the EFCC chairman to discredit Bawa’s person. According to him, the protesters’ allusion to disobedience of court orders by the EFCC chairman is an alibi to manipulate facts around judicial pronouncements and processes to pitch the public against the commission. He maintained that those claiming that Bawa has a penchant for flouting court orders are simply up to mischief, which he (Uwujaren) said is the central theme of the plot by the “so-called” civil society group. He said: “Information available to the Commission, indicates that the group is sponsored by persons under investigation by the Commission and have been mobilised and mandated by their paymaster to embarrass the person of the chairman through choreographed street protests across the country until he is removed from office.” While revisiting the circumstances of the two orders of committal against the EFCC Chairman, Uwujaren stated: “The first order by an FCT High Court on November 8, 2022, was issued over the failure to comply with a November 21, 2018 order of the court directing the Commission to return seized assets comprising a Range Rover SUV and the sum of N40, 000,000.00 “For the benefit of the public, the said order of the FCT High Court was given three years before Abdulrasheed Bawa became EFCC Chairman. “Also, the contempt process is quasi-criminal and must be served on the person involved. In this case, Bawa, chairman of the EFCC, was neither served Form 48 nor Form 49. “As a law abiding institution, EFCC has conducted all its activities within the ambit of the law. Where judicial decisions were made against it, it has never resorted to self-help but availed itself of remedies under the law as it did in the instant case of committal orders of court."

TUESDAY, FEBRUARY 21, 2023 ˾ T H I S D AY

BUSINESS/MONEYGUIDE

SON Targets Calibration to Drive Penetration of Made-in-Nigeria Goods Globally Gilbert Ekugbe The Standards Organisation of Nigeria (SON) has announced plans to deploy a massive calibration exercise campaign to give access to made-in-Nigeria at the global markets. The Director General, SON, Mallam Farouk Salim, said the move is aimed at creating a niche for Nigerian goods at the international market, maintaining that calibration would help to ensure compliance, monitoring the control of substandard products across the country, promote mass production for industries and businesses, facilitate transactions in business, trade and commerce and fast track overall industrial growth, especially development of Micro Small and Medium Enterprises (MSMEs) across the country. The SON boss at the inauguration of mobile calibration vehicles and measurement equipment in Lagos, said the agency would be engaging in public awareness

to promote and protect safety, stressing that public awareness will also highlight the importance of calibration to improving the quality of lives in general. “As we are all aware, the plague caused by substandard products to our to our nation cannot be overemphasised as seen in declining foreign exchange, surging unemployment and insecurity. In addition, of course, the closing of factories, “he said. To address this challenge, the SON boss said his administration has set out to strengthen available measures to fight substandard products across the country. He also announced plans that the standards body would be unleashing a massive calibration service campaign across the country in its bid to drive industrialisation as well Small and Medium Enterprises (SME) development in Nigeria. The Manufacturers Association of Nigeria (MAN) has extolled the Standards Organisation of Nigeria’s (SON’s) quest to promote

made-in-Nigeria products in the African Continental Free Trade Agreement (AfCFTA) through calibration. The Director General, MAN, Segun Ajayi-Kadir, stated this on the sidelines of the inauguration of SON’s mobile calibration vehicles and measurement equipment in Lagos. According to him, market penetration is key, saying that without market penetration, Nigeria will only gaze at all the 1.4 billion people’s market in Africa. In his words: “One thing all over the world that has been acknowledged is that what we cannot measure we cannot value. So for us, today marks a milestone in our quality infrastructure programme in Nigeria. SON is blazing the trail in ensuring that not only our big companies that are located in centers that we can access, but where vehicles can move to remote areas in Nigeria to deliver the measurement service.”

L-R: Head of Investment Research, Parthian Securities, Oluwaseun Dosunmu; Head, Global Markets at Parthian Partners, Ronke Akinyemi and Head, Brand, Marketing and Communications, Nonso Nduanya at the bi-monthly forumoftheFinanceCorrespondentsAssociationofNigeria(FICAN)inLagos...recently

MARKET INDICATORS

‘ITF Has Equipped 50,000Youths with Employability Skills’ Seriki Adinoyi ÓØ ÙÝ As a way of tackling unemployment in the country, the Industrial Training Fund (ITF) has implemented a number of skills intervention programmes that have equipped over 50,0000 Nigerians, especially the youths with skills for employability and entrepreneurship. The Minister of Trade and Investment, Otumba Adeniyi Adebayo disclosed this in Jos. Represented by Mr Yishawu Adepoju at the 2022 performance review and merit award ceremony at the ITF headquarters, the Minister said, “The Fund is one of the active and vibrant agencies under the ministry.” He expressed concern over

the level of unemployment in the county, but commended the Fund for doing well in tackling it by empowering youths with employability and entrepreneurship skills by engaging a sizeable number of them not minding their educational backgrounds. Meanwhile, the Director General of the Fund, Sir Joseph Ari said that the fund has been at the forefront of the advocacy for impartation and employment of the Nigerian youth with requisite technical skills for industrialization and national development. And as a mark of the funds commitment, it has commenced the process of implementation for the skill Intervention Programmes for 2023 in all the states of the federation

including the FCT. He said that the fund convened the 2nd National Skill Summit in the year 2022 in order to review and re-focus the funds strategies for addressing the challenges. And part of the resolutions of the summit was the need to institutionalise National Apprenticeship and Traineeship System (NATS) in Nigeria. Speaking on behalf of the Governor of Plateau state, Commissioner for Environment, Elisha Bitrus said the Fund has made Plateau and the nation proud through its innovative and entrepreneurship programmes which has helped in the reduction of unemployment in the country and the nation at large.

Olan Agri Launches Baking Academy for Women Dike Onwuamaeze The Olan Agri, Nigeria, has launched a baking academy that would train and deepen women’s participation in the country’s economy. The academy, which is located in Kano State, is built on the pillars of the Seeds for the Future Foundation’s Crown Flour Angels (CFA) initiative. The CFA is an economic empowerment initiative of Olam Agri’s wheat-milling business in Nigeria that is meant to equip women with

baking skills and enhance their earnings while enabling them to contribute meaningfully to their communities and the national economy. The baking academy would extend the impact of the economic empowerment initiative and deepen the agribusiness’ human capital development contributions to the federal government’s economic development agenda. Speaking during the launch of the academy, the Country Head for Olam Agri in Nigeria, Mr. Ashish Pande, said: “Olam Agri in Nigeria is a strong

player and contributor to the Nigerian economy. Through the pillars of our Seeds for the Future Foundation, we seek to continuously empower local women. The Head of Marketing, Olam Agri Nigeria, Mrs. Bola Adeniji, explained that the launch of the CFA Baking Academy followed the successful facilitation of baking training for over 250 International Cake Exploration Société (ICES) women in Lagos by the business under the auspices of the same initiative.

NIPC Commences Investment Promotion Ecosystem Michael Olugbode ÓØ ÌßÔË The Nigerian Investment Promotion Commission has commenced the development of a well-coordinated investment promotion ecosystem, as mandated by its establishment Act. This is to ensure government and non-government investment promotion players are able to undertake mutually reinforcing and complementary roles to attract, retain and grow investment in Nigeria, according to the Executive Secretary, NIPC, Saratu Umar. Umar said this became necessary as the Commission

strategised to increase national attractiveness and branding, and to position Nigeria as a constant preferred investment destination of choice, adding that strategies to deepen the investment promotion drive of Nigeria and the day-to-day problem-solving for established and incoming investors were being put in place. The NIPC Executive Secretary spoke during the NIPC’s Stakeholder Engagement Forum/Business Dinner with the Diplomatic Community in Abuja at the weekend. She said NIPC recognises the role of the diplomatic community as critical stakeholders

in investment promotion, considering the fact that economic diplomacy is one of the pillars of the mandate undertaken by diplomats in host countries. Umar said: “Based on this mandate, not only do Diplomats assist in delivering marketing messages to target groups of potential investors, they also manage relationships and provide the relevant information required for investors to make informed investment decisions. This has equally aided reinvestment and retention of investors within the aftercare strategy.”

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)

T H I S D AY ˾ DAY, Ͱͯ˜ ͰͮͰͱ

MARKET NEWS

Yuguda: Capital Market Developing Products to Attract Younger Generation Kayode Tokede The Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has stated that the capital market regulating body is working to develop products targeted at making the market attractive to the younger generation in a bid to further deepen the market. Yuguda who was represented by the Head, Office of the

Chief Economist of the SEC, Dr. Okey Umeano, recently in an interview stated that this is one of the provisions made in the revised capital market plan in a bid to make further products available to the populace. According to him , “I must tell you that the demographic in our market is graying and it is a source of worry. That is one of the things we are covering in the Revised Capital

P R I C E S MAIN BOARD

DEALS

F O R MARKET PRICE

market master plan. We are encouraging Capital Market operators to develop technology. The youths do not want to come in and start filling five page forms because they want to access the market, they want to pick their phones and make their investments. “That is why we are improving our Know Your Customers;we are improving so many things to make it easier for them. That is why we are

introducing these Fintechs. We are allowing these Fintechs to come because we see the Fintech as an important gateway for youths to enter the market. We are conscious of that and we are working towards it.” Yuguda said that the youths must understand that the capital market is a viable platform for wealth creation assuring them that the SEC and the market is working on how best to serve them.

S E C U R I T I E S

T R A D E D

QUANTITY TRADED

VALUE TRADED ( N )

MAIN BOARD

“We are striving to improve the way we deliver our products, to improve market efficiency and to make the market attractive to them. Most importantly, we are doing all we can to ensure that investors are adequately protected in the market and that they are able to get the benefits of their investments” he stated. He further stated that the SEC is working to ensure that the commodities market gets all

AS O F

the support required to grow and support the economy. “We have about 6 commodities exchanges and we are doing a lot to bring them up to standard. We cannot say that we want to grow the agricultural part of our economy if we do not have a market to support it and that is what we are doing. That market is growing in leaps and bounds, so that is another achievement.

2 0 / 0 2 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

TUESDAY, FEB ͺ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

Tuesday, February 21, 2023

dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ /ŶĚĞǆ 'ĂŝŶƐ ϭ͘ϰй dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞǆ ƌŽƐĞ ϭϰϭďƉƐ ƚŽ Ϯ͕ϱϱϭ͘Ϭϭ

THISDAY AFRINVEST 40 INDEX

ŝŶĚĞǆ ƉŽŝŶƚƐ ĚƵĞ ƚŽ ŐĂŝŶƐ ŝŶ /Zd > & ;нϯ͘ϴйͿ͕ h ;нϬ͘ϲйͿ ĂŶĚ &/ >/dz ;нϳ͘ϰйͿ͘ ƵŵƵůĂƟǀĞůǇ͕ ƚŚĞƐĞ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƐƚŽĐŬƐ ĂĐĐŽƵŶƚ ĨŽƌ ϰϬ͘ϰй ŽĨ ƚŚĞ ŝŶĚĞǆ͘

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

Ticker

Current Price

THISDAY AFRINVEST 40

2551.01

1.41%

37.6%

155.1%

24.7%

5.2%

4.8x

0.8x

5.5%

12.5%

1,620.00

3.8%

37.8%

-0.9%

18.7%

6.3%

9.0x

1.7x

1.4%

11.1%

74.40

0.0%

8.3%

14.5%

38.4%

15.1%

14.1x

5.5x

4.7%

7.1%

99.45

0.0%

7.4%

1.7%

23.3%

12.1%

37.4x

8.5x

2.8%

2.7%

245.50

0.0%

7.6%

14.2%

119.8%

14.4%

13.9x

15.0x

6.4%

7.2%

1 Airtel Africa PLC 2 BUA Foods PLC

>ŽĐĂů ŽƵƌƐĞ ZĞďŽƵŶĚƐ͘͘͘ ^/ ƵƉ Ϭ͘ϴй 'ĂŝŶƐ ŝŶ /Zd > & ;нϯ͘ϵйͿ͕ &/ >/dz ;нϳ͘ϰйͿ͕ ĂŶĚ /Ed Z t ;нϮ͘ϮйͿ ƉƌŽƉĞůůĞĚ ƚŚĞ E'yͲ ^/ ŚŝŐŚĞƌ ďǇ Ϭ͘ϴй ƚŽ ϱϰ͕ϮϮϰ͘ϯϱ ƉŽŝŶƚƐ ƚŽ ƌĞǀĞƌƐĞ ƉĂƌƚ ŽĨ &ƌŝĚĂǇ͛Ɛ

ůŽƐƐ ;Ͳϭ͘ϯйͿ͘ Ɛ Ă ƌĞƐƵůƚ͕ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ ϱ͘ϴй ;ƉƌĞǀŝŽƵƐůǇ͗ ϱ͘ϬйͿ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ŐĂŝŶĞĚ ʬϮϮϴ͘ϳďŶ ƚŽ ʬϮϵ͘ϱƚŶ͘ ĐƟǀŝƚǇ ůĞǀĞů ǀĂƌŝĞĚ ĂƐ ǀŽůƵŵĞ ƚƌĂĚĞĚ ĨĞůů ϭϬ͘ϲй ƚŽ ϭϱϰ͘ϲŵ ƵŶŝƚƐ ǁŚŝůĞ ǀĂůƵĞ ƚƌĂĚĞĚ ƌŽƐĞ ϰϲ͘Ϯй ƚŽ ʬϱ͘ϱďŶ͘ ƵůůŝƐŚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ĐŽǀĞƌĂŐĞ ǁĂƐ ďƵůůŝƐŚ ĂƐ ϱ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ͕ ǁŚŝůĞ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞǆ ǁĂƐ ƚŚĞ ƐŽůĞ ůŽƐĞƌ͘ >ĞĂĚŝŶŐ ƚŚĞ ŐĂŝŶͲ ĞƌƐ͕ ƚŚĞ &ZͲ/ d ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ Ϯ͘ϭй

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

ROE

ROA

P/E

P/BV

Divindend Earnings Yield Yield

25.10

-0.2%

4.6%

9.1%

20.5%

3.1%

4.1x

0.9x

11.9%

24.6%

25.00

0.0%

4.3%

4.2%

20.7%

2.6%

3.0x

0.6x

12.3%

32.9%

270.00

0.0%

3.4%

34.5%

12.8%

15.5x

5.6x

7.4%

6.4%

8 FBN Holdings Plc 9 Lafarge Africa PLC

11.65

0.0%

2.4%

6.9%

24.6%

2.2%

2.1x

0.5x

3.0%

47.8%

25.50

-1.0%

5.6%

6.3%

174.2%

14.0%

10.3%

7.4x

1.0x

3.9%

13.5%

10 Nestle Nigeria PLC

1,080.30

0.0%

1.8%

-1.8%

122.7%

13.7%

18.4x

20.7x

4.6%

5.4%

11 Access Holdings PLC

9.20

0.0%

1.9%

8.2%

19.2%

1.5%

1.8x

0.3x

2.2%

54.4%

12 SEPLAT Energy PLC

1,325.00

0.0%

2.0%

20.5%

8.6%

4.4%

11.0x

0.9x

3.2%

9.1%

13 United Bank for Africa PLC

8.40

0.6%

1.7%

10.5%

16.5%

1.4%

2.3x

0.4x

11.9%

44.3%

14 Ecobank Transnational Inc 15 Nigerian Brew eries PLC

12.00

-2.8%

1.3%

13.2%

19.9%

1.1%

2.3x

0.5x

5.6%

43.7%

41.00

0.0%

1.2%

0.0%

10.9%

3.8%

21.3x

2.2x

3.1%

4.7%

16 Stanbic IBTC Holdings PLC

34.50

0.0%

1.1%

3.1%

20.2%

2.7%

5.2x

1.1x

10.1%

19.3%

17 Okomu Oil Palm PLC

181.20

0.0%

1.1%

9.8%

52.7%

30.7%

10.0x

4.6x

1.1%

10.0%

18 Fidelity Bank PLC

5.11

7.4%

0.9%

17.5%

15.5%

1.3%

3.1x

0.5x

2.0%

31.8%

19 International Brew eries PLC 20 Flour Mills of Nigeria PLC

4.70

2.2%

0.8%

0.0%

-5.0%

-1.7%

30.90

0.0%

0.8%

8.8%

11.4%

2.5%

6.0x

0.7x

7.0%

16.6%

21 Guinness Nigeria PLC

67.50

0.0%

0.5%

-2.6%

13.4%

5.1%

13.6x

1.9x

10.6%

7.3%

22 FCMB Group Plc

4.28

0.0%

0.5%

11.2%

12.7%

1.2%

2.6x

0.3x

4.7%

38.3%

23 United Capital PLC 24 AXA Mansard Insurance PLC

15.50

1.3%

0.4%

10.7%

46.0%

2.6%

7.1x

3.1x

9.7%

14.0%

2.00

0.0%

0.4%

0.0%

3.6%

1.0%

7.7x

0.6x

3.0%

13.0%

25 Presco PLC

150.80

0.0%

0.4%

9.7%

53.4%

13.5%

7.8x

3.5x

1.4%

12.8%

26 Dangote Sugar Refinery PLC

17.15

0.0%

0.4%

6.9%

23.8%

7.9%

6.6x

1.5x

5.8%

15.1%

27 PZ Cussons Nigeria PLC

10.25

0.0%

0.3%

-9.7%

29.2%

9.7%

3.7x

1.0x

10.0%

27.1%

28 Transnational Corp of Nigeria

1.24

3.3%

0.3%

9.7%

17.6%

4.1%

3.2x

0.5x

1.6%

31.2%

29 Wema Bank PLC

4.00

0.0%

0.2%

2.6%

16.9%

1.0%

3.8x

0.6x

6.0%

26.5%

0.9x

-5.4%

ĂŶĚ Ϭ͘ϵй ƐĞƋƵĞŶƟĂůůǇ ĚƵĞ ƚŽ ďƵǇŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ /ZͲ

30 TotalEnergies Marketing Nigeri 31 Union Bank of Nigeria PLC

218.80

0.0%

0.2%

13.4%

6.65

0.0%

0.2%

3.9%

4.1%

0.4%

9.6x

0.7x

d > & ;нϯ͘ϵйͿ͕ t' ;нϵ͘ϵйͿ͕ ĂŶĚ KEK/> ;нϵ͘ϵйͿ͘

32 Custodian and Allied Insurance

6.00

0.0%

0.1%

0.8%

18.4%

5.5%

3.2x

0.6x

8.3%

33 Jaiz Bank PLC

0.90

-2.2%

0.1%

-2.2%

24.5%

1.6%

5.9x

1.4x

4.4%

17.0%

dƌĂŝůŝŶŐ͕ ƚŚĞ ĂŶŬŝŶŐ ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ ƌŽƐĞ

34 Julius Berger Nigeria PLC

24.50

0.0%

0.1%

0.0%

16.9%

1.9%

3.4x

0.7x

10.1%

29.5%

35 Unilever Nigeria PLC

13.25

0.0%

0.1%

14.2%

8.9%

5.2%

12.7x

1.1x

3.8%

Ϭ͘Ϯй ĂŶĚ Ϭ͘ϭй ƌĞƐƉĞĐƟǀĞůǇ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ƵƉƟĐŬ ŝŶ

36 Oando PLC

3.90

-2.5%

0.1%

-0.5%

37 Sterling Bank PLC

1.50

-2.0%

0.1%

7.1%

12.4%

1.1%

2.3x

0.3x

&/ >/dz ;нϳ͘ϰйͿ͕ h ;нϬ͘ϲйͿ͕ ĂŶĚ D E &/d

38 Champion Brew eries PLC

4.78

0.0%

-13.1%

16.8%

11.7%

23.3x

3.6x

4.3%

39 Notore Chemical Industries Ltd

62.50

0.0%

-13.0%

-2.8%

1.9x

-18.9%

40 Transcorp Hotels Plc

6.05

0.0%

-3.2%

;нϲ͘ϯйͿ͘ ůƐŽ͕ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞǆ ĂĚǀĂŶĐĞĚ ϮďƉƐ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ /Ed Z t

;нϮ͘ϮйͿ͘ ŽŶǀĞƌƐĞůǇ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞǆ ĚĞͲ ĐůŝŶĞĚ ďǇ Ϭ͘ϭй ĚƵĞ ƚŽ ƐĞůůŽīƐ ŝŶ t W K ;Ͳϭ͘ϬйͿ ĂŶĚ

T ic k er

P ric e

P ric e C hg %

T ic k er

C ON OIL

38.75

9.9%

C WG

0.89

9.9%

KƵƚůŽŽŬ

ďƌĞĂĚƚŚ͕ ŝŵƉƌŽǀĞĚ ƚŽ ͲϬ͘ϬϮǆ ĨƌŽŵ ͲϬ͘ϭϭǆ ŝŶ ƚŚĞ ƉƌŝͲ

ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŝŶ ƚŽĚĂǇ͛Ɛ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ

1.2%

Vo lum e

P ric e C hg %

GT C O

36.7

-0.2%

Z EN IT H B A N K

30.3

0.0%

9.8%

A IIC O

8.3

0.0%

7.8

0.0% -2.0%

9.5% 9.3%

ST ER LN B A N K

5.7

7.4%

WA P C O

5.6

-1.0%

FB NH

5.1

0.0%

C H IP LC

4.3

0.0%

A C C ESSC OR P

4.1

0.0%

M B EN EF IT

3.5

6.3%

M B EN EF IT

0.34

6.3%

A C A D EM Y

1.25

5.0%

A IR T ELA F R I

1620.00

3.8%

T R A N SC OR P

1.24

3.3%

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

T o p 10 L o s e r s

C A P H OT EL

2.50

P ric e C hg % -9.4%

VIT A F OA M

19.40

-7.2%

CHA M S

0.27

-6.9%

NA HCO

8.10

-3.6%

ET I

12.00

-2.8%

T ic k er

Value

A IR T ELA F R I

2939.4

P ric e C hg % 3.8%

GT C O

923.7

-0.2%

Z EN IT H B A N K

758.1

0.0%

SEP LA T

176.4

0.0%

WA P C O

144.2

-1.0%

M TNN

96.7

0.0%

OA N D O

3.90

-2.5%

WA P IC

0.44

-2.2%

T OT A L

67.3

0.0%

FB NH

59.1

0.0%

J A IZ B A N K

0.90

-2.2%

ST ER LN B A N K

1.50

-2.0%

A C C ESSC OR P

37.7

0.0%

-2.0%

VIT A F OA M

30.1

-7.2%

UN IT YB N K

ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ

1.0x

1.17

P ric e

0.50

7.8%

6.7%

2.18

T ic k er

30.8%

-230.5%

IKEJ A H OT EL

Žƌ ƐĞƐƐŝŽŶ ĂƐ ϭϯ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ͕ ϭϱ ĚĞĐůŝŶĞĚ ǁŚŝůĞ ϴϰ ĐůŽƐĞĚ ŇĂƚ͘ tĞ ĞǆƉĞĐƚ ƚŚĞ ŵĂƌŬĞƚ ƚŽ ƐƵƐƚĂŝŶ ƚŚĞ

-12.1%

T R IP P LEG

5.11

22.1% 10.4%

M A N SA R D

F ID ELIT YB K

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ

ĚƌŝǀĞŶ ďǇ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ĂĐƟǀŝƟĞƐ͘

1.46

1.8%

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

T o p 10 G a in e r s

J OH N H OLT

hd/y ;ͲϬ͘ϱйͿ͘

4.5x

ƌŽŬĞƌĂŐĞ

ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ

/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ

ĚĞĚŽǇŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ZŽďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ďŝŽĚƵŶ <ĞƌŝƉĞ ͮ <ĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ĂŵŝůĂƌĞ ƐŝŵŝǇƵ ͮ ĚĂƐŝŵŝǇƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

43.0%

TUESDAY, FEBRUARY 21, 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 17Feb-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 13.35% AIICO Balanced Fund 3.91 3.98 14.05% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 8.41% Anchoria Equity Fund 153.94 155.58 6.20% Anchoria Fixed Income Fund 1.23 1.23 -0.04% 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 23.39 24.10 6.60% ARM Discovery Balanced Fund 547.12 563.62 4.97% ARM Ethical Fund 46.36 47.76 2.77% ARM Eurobond Fund ($) 1.13 1.13 0.76% ARM Fixed Income Fund 1.12 1.12 1.18% ARM Money Market Fund 1.00 1.00 10.45% ARM Short Term Bond Fund 1.04 1.04 0.89% 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 96.77 96.77 1.76% AVA GAM Fixed Income Naira Fund 1,103.14 1,103.14 -2.07% 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 3.72% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.37 2.42 7.66% 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 7.38% Women's Investment Fund 152.42 154.30 5.88% CHD Nigeria Bond Fund 108.45 108.45 10.91% CHD Nigeria Dollar Income Fund 1.06 1.06 9.41% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.67% Cordros Milestone Fund 143.06 143.97 3.90% Cordros Fixed Income Fund 106.82 106.82 9.40% Cordros Halal Fixed Income Fund 104.13 104.13 6.04% Cordros Dollar Fund ($) 118.08 118.08 5.75% 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 10.72% Coronation Money Market Fund 1.22 1.23 2.11% Coronation Balanced Fund 1.37 1.37 -2.63% 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 1,115.50 1,119.16 0.75% 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 1495.57 1495.57 12.55% FBN Balanced Fund 209.45 210.93 4.89% FBN Halal Fund 125.08 125.08 12.87% FBN Money Market Fund 100.00 100.00 12.50% FBN Dollar Fund 121.31 121.31 6.86% FBN Smart Beta Equity Fund 174.97 177.57 5.66% FBN Specialized Dollar Fund 105.35 105.35 9.13% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.48% Legacy Debt Fund 3.55 3.55 -11.33% Legacy Equity Fund 2.08 2.13 19.85% 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 4,366.26 3,750.98 100.00

Offer Price 4,395.89 3,750.98 100.00

Yield / T-Rtn 28.61% 7.96% 11.48%

FSDH Dollar Fund 1.14 1.14 5.74% 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 100.00 100.00 9.54% Vantage Balanced Fund 3.19 3.25 7.44% Vantage Guaranteed Income Fund 1.00 1.00 8.62% Kedari Investment Fund (KIF) 0.00 0.00 0.00% Vantage Equity Income Fund (VEIF) - June Year End 1.29 1.33 5.93% Vantage Dollar Fund (VDF) - June Year End 1.07 1.07 8.29% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.81 1.84 3.63% Lotus Halal Fixed Income Fund 1,171.98 1,171.98 1.01% 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) 101.87 101.87 10.36% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.26% 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 3,798.75 3,829.87 12.07% Stanbic IBTC Bond Fund 246.46 246.46 4.62% Stanbic IBTC Ethical Fund 1.51 1.53 20.63% Stanbic IBTC Guaranteed Investment Fund 335.30 335.30 7.08% Stanbic IBTC Iman Fund 276.12 279.16 18.16% Stanbic IBTC Money Market Fund 1.00 1.00 12.91% Stanbic IBTC Nigerian Equity Fund 12,776.94 12,931.66 17.02% Stanbic IBTC Dollar Fund (USD) 1.38 1.38 6.62% Stanbic IBTC Shariah Fixed Income Fund 122.03 122.03 4.38% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 116.34 116.34 9.36% Stanbic IBTC Absolute Fund 4,619.70 4,619.70 8.59% Stanbic IBTC Aggressive Fund 3,415.49 3,458.54 22.86% Stanbic IBTC Conservative Fund 4,349.77 4,366.49 14.26% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.02 1.04 7.09% United Capital Balanced Fund 1.54 1.57 12.54% United Capital Wealth for Women Fund 1.22 1.24 4.79% United Capital Sukuk Fund 1.12 1.12 10.06% United Capital Fixed Income Fund 1.97 1.97 7.32% United Capital Eurobond Fund 126.25 126.25 5.52% United Capital Money Market Fund 1.00 1.00 11.48% 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 14.42 14.56 4.00% Zenith ESG Impact Fund 16.42 16.59 3.90% Zenith Income Fund 23.79 23.79 1.01% Zenith Money Market Fund 1.00 1.00 0.00% 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 4.42 4.52 10.07% Vetiva Consumer Goods Exchange Traded Fund 6.14 6.24 5.09% Vetiva Grifﬁn 30 Exchange Traded Fund 19.56 19.76 10.56% Vetiva Money Market Fund 1.00 1.00 10.49% Vetiva Industrial Goods Exchange Traded Fund 24.62 24.82 23.11% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 140.12 142.12 -11.11% REITS NAV Per Share

Yield / T-Rtn

114.09 53.06 101.31 9.93

7.63% 3.98% -13.05%

Bid Price

Offer Price

Yield / T-Rtn

16.36 140.15 109.08 17.40 16.40

16.46 142.59 110.97 17.50 16.50

5.69% 9.83% 9.10% -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.

TUESDAY, FEBRUARY 21, 2023 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Biden in Surprise Visit to Ukraine Says ‘World Stands with You’ US President Joe Biden made an unannounced visit Monday to Ukraine, days ahead of the one-year anniversary of Russia’s invasion, saying he was there to “show our support for the nation’s independence, sovereignty and territorial integrity.” Speaking alongside Ukrainian President Volodymyr Zelensky at Mariinsky Palace in Kyiv, Biden announced $500 million in new US aid, including artillery ammunition and anti-tank weapons. He also said there would be new US sanctions against Russia this week but made no mention of the advanced weaponry, including fighter jets, that Zelensky is seeking from the United States and its Western allies. “One year later, Kyiv stands. And Ukraine stands. Democracy stands,” Biden said. “The Americans stand with you and the world stands with you.” Biden spoke about bringing together a coalition of more than 50 countries to help Ukraine’s military, and uniting leading economies to impose “unprecedented costs” on Russia’s economy. “Putin thought Ukraine was weak and the West was divided,” Biden said. “He thought he could outlast us. I don’t think he’s thinking that right now.” Zelensky thanked Biden for coming at a huge moment for Ukraine and said he looked forward to discussing the battlefield situation with the US leader. Air raid sirens were heard in Kyiv and elsewhere in Ukraine as Biden visited, including as he and Zelensky visited a cathedral in the capital. TSA: US intercept 6,542 at US Airports in 2022 The woman flying out of Philadelphia’s airport last year remembered to pack snacks, prescription medicine and a cellphone in her handbag. But what was more important was what she forgot to unpack: a loaded .380-caliber handgun in a black holster. The weapon was one of the 6,542 guns the Transportation Security Administration intercepted last year at airport checkpoints across the country. The number — roughly 18 per day — was an all-time high for guns intercepted at US airports, and is sparking concern at a time when more Americans are armed. “What we see in our checkpoints really reflects what we’re seeing in society, and in society there are more people carrying firearms nowadays,” TSA administrator David Pekoske said. With the exception of the pandemic-disrupted 2020, the number of weapons intercepted at airport checkpoints has climbed every year since 2010. Experts don’t think this is an epidemic of would-be hijackers — nearly everyone caught claims to have forgotten they had a gun with them — but they emphasize the danger even one gun can pose in the wrong hands on a plane or at a checkpoint. Guns have been intercepted literally from Burbank, California, to Bangor, Maine. But it tends to happen more at bigger airports in areas with laws more friendly to carrying a gun, Pekoske said. The top 10 list for gun interceptions in 2022 includes Dallas, Austin and Houston in Texas; three airports in Florida; Nashville, Tennessee; Atlanta; Phoenix; and Denver. Iran’s Currency Falls to Record Low as Sanctions to Continue Iran’s troubled currency broke below the psychologically key level of 500,000 rial per US dollar on Monday, as market participants saw no end in sight to sanctions. The Iranian rial plummeted to a new record low of 501,300 against the US dollar, according to Bonbast.com, which gathers live data from Iranian exchanges. Facing an inflation rate of about 50 per cent, Iranians seeking safe havens for their savings have been buying dollars, other hard currencies or gold, suggesting further headwinds for the rial. The reimposition of US sanctions in 2018 by former President Donald Trump has harmed Iran’s economy by limiting Tehran’s oil exports and access to foreign currency. Since September, nuclear talks between Iran and world powers to curb Tehran’s nuclear program in exchange for lifting sanctions have stalled, worsening economic expectations for Iran’s future. Over the last six months, Iran’s currency has slumped nearly 60 per cent in value, according to Bonbast.com. Meanwhile, the central bank said it was opening a new foreign exchange centre to ease access to foreign exchange and increase the volume of official transactions.

“The rate set in this exchange will become the market’s rate. It should be free from expectation factors that do not reflect our assessment of the country’s financial situation,” Mohammad Reza Farzin, the central bank governor, told state TV on Monday. EU Imposes New Sanctions on Myanmar as Violence Escalates Myanmar officials and entities were placed under a sixth round of European Union sanctions on Monday over the 2021 military coup that ousted the democratically elected government of de facto leader Aung San Suu Kyi and sparked global outrage. The latest sanctions include restrictions on nine people, and seven entities the EU said have contributed to the escalating violence and human rights violations in the Southeast Asian country. The sanctioned individuals include the energy minister, high-ranking officers, politicians, and prominent businesspeople who have supported the regime. Sanctions were also placed on departments in the Ministry of Defense, along with a state-owned enterprise under its jurisdiction, and private companies that supply funds and arms to the military. The EU has restrictive measures on 93 individuals and 18 entities. Those sanctioned are subject to an asset freeze and a travel ban in EU territory. Additionally, export restrictions are being placed on equipment for “monitoring communications which might be used for internal repression,” along with EU prohibition of military training and cooperation with the Tatmadaw, the Myanmar military.. Dozens Killed in Brazil Deluge, Search Continues for Missing Hundreds of rescuers searched Monday for survivors of landslides and flooding that killed at least 36 people along the coast of Brazil’s southern state of Sao Paulo following a huge weekend downpour. The worst hit was the city of Sao Sebastiao, where at least 35 were dead. In neighbouring Ubatuba, a 7-year-old girl was killed. Governor Tarcisio de Freitas told television network Globo that another 40 people were missing. Nearly 800 people were homeless, and 1,730 people have been displaced, his state government said in a statement. Television footage showed flooded homes with only their roofs visible. Residents used small boats to carry items and people to elevated positions. A woman who gave only her first name, Mailsa, said she and her husband, daughter and grandson only barely escaped when a landslide destroyed her house in the Juquehy municipality of Sao Sebastiao. The house was partially submerged, parts of it fell away, and the rest was precariously perched on a hill’s edge.

The armed forces joined the search and rescue efforts, aggravated by poor access to many areas after landslides blocked the snaking roads in the region’s highlands and floods washed away chunks of pavement in low-lying and oceanfront areas. Afghan Taliban Closes Main Border Crossing with Pakistan There are reports Monday of brief crossborder exchange of gunfire at Torkham, a main border crossing between Afghanistan and Pakistan. There has been no word on casualties. Pakistani officials told The Associated Press the Afghan Taliban closed the border Sunday because Pakistan allegedly refused to allow Afghan patients and their caretakers into Pakistan without travel documents. Mullah Mohammad Siddiq, a Taliban Torkham border official, advised Afghans not to travel to the Torkham border. He said in a tweet that Pakistan had not lived up to its “commitments,” but did not specify what those were. Torkham is a main point of transit between Pakistan and Afghanistan, a landlocked nation. The countries share a nearly 2,600-kilometer border.” 14 Killed in Wedding Party Bus Crash in Pakistan Pakistan officials say at least 14 members of a wedding party, including children, died when the bus that was taking them back to Lahore from Islamabad fell into a ravine and overturned. Dawn, a Pakistani newspaper, reported that 64 people were injured in the accident Sunday night that happened on a dangerous stretch of a highway near Kallar Kahar. Prime Minister Shehbaz Sharif has expressed his sympathies to the families and has ordered authorities to provide the injured with the best medical care.. Chinese Bank Seeks to Reassure over Disappeared CEO The disappearance of a star Chinese dealmaker has left his bank struggling to reassure clients and staff, people with knowledge of the matter said on Monday and has heightened concerns about “key man risk” for investors. Shares of China Renaissance Holdings 1911.HK fell by as much as 5% on Monday, following a record low in the previous session after the investment bank said it could not contact its founder, chairman and CEO, Bao Fan. The stock ended the day up 0.1 per cent in the Hong Kong market that rose 0.8 per cent. Though the reasons for Bao’s disappearance are unclear, his case follows a series of incidents in which high-profile executives in China have gone missing with little explanation during a sweeping anti-corruption campaign spearheaded by President Xi Jinping.

Some of them reappeared as abruptly as they disappeared. China Renaissance said on Thursday in a stock exchange filing that it had no information that Bao’s “unavailability” was related to its business and that its operations were continuing normally. China Renaissance co-founder Kevin Xie and its investment banking head, Wang Lixing, who are running the company in Bao’s absence, have asked staff not to believe or spread rumours, according to two sources and copies of their messages to staff seen by Reuters. UN Appeals for Aid to Assist Malawi Fight Cholera Outbreak The UN in Malawi has launched an urgent appeal for aid to deal with the impact of a record cholera outbreak that has so far killed nearly 1,450 people and infected 45,000. Local health experts say if urgent action isn’t taken to scale up the response, the number of cases could double in the next few months. The UN says the flash appeal seeks to raise $45.3 million to provide life-saving aid to thousands of people in Malawi devastated by the outbreak. In a statement released Monday, the UN said the appeal aims to assist four million people in Malawi, including 56,000 refugees and asylum seekers at the highest risk in the outbreak. The current outbreak started in March last year and has spread to all 29 districts of Malawi. Rebecca Adda-Dontoh, the UN resident coordinator in Malawi, told reporters Monday that more assistance is needed to stop the outbreak. Italy Faces New Drought Alert after Dry Winter Weeks of dry winter weather have raised concerns that Italy could face another drought after last summer’s emergency, with the Alps receiving less than half of their normal snowfall, according to scientists and environmental groups. Italian rivers and lakes are suffering from a severe lack of water, the Legambiente environmental group said on Monday, with attention focused on the north of the country. The Po, Italy’s longest river, which runs from the Alps in the northwest to the Adriatic, has 61 per cent less water than normal at this time of year, it added in a statement. Last July, Italy declared a state of emergency for areas surrounding the Po, which accounted for roughly a third of the country’s agricultural production and suffered its worst drought for 70 years. Water levels on Lake Garda in northern Italy have fallen to record lows, making it possible to reach the small island of San Biagio on the lake via an exposed pathway. An anticyclone has been dominating the weather in western Europe for 15 days, bringing mild temperatures more normally seen in late spring. The latest weather forecasts do, however, signal the arrival of much-needed precipitation and snow in the Alps in the coming days. ...

TUESDAY, ͺ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

ENHANCING TRADE... MD/CEO NEXIM Bank, Mr.Abba Bello and Saudi EXIM Bank CEO, Engr. Saad Bin Abdulaziz Al-Khalb during the signing of an MOU to enhance trade and commercial exchanges between the two countries.

Atiku: My Relationship with N’Assembly Stopped Obasanjo's Third Term Bid Says Buhari doesn’t even understand what parliament stands for Pledges robust bonding with legislature Postponing election won’t halt Tinubu’s defeat, says PDP campaign Chuks Okocha in Abuja Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, Sunday night, said his relationship with the National Assembly stopped the purported third term agenda of former President Olusegun Obasanjo. Atiku, who addressed National Assembly members of his party in rounding off his rally and promised to maintain a robust working relationship with the federal lawmakers if elected this Saturday, said one of the problems with the current administration was that President Muhammadu Buhari did not even understand what the legislature stood for. This is as the Atiku/Okowa Presidential Campaign Organisation, yesterday, counseled the Tinubu/

Shettima Campaign to end its secretive plots for the postponement of February 25 presidential election, because it would not save them of the impending defeat. In his opening remarks at the meeting, Atiku promised a robust engagement with the lawmakers if elected president, recalling that it was that kind of relationship he had with the National Assembly as vice president that enabled the legislature to foil the third term bid of Obasanjo. “A lot has been said about your role. Those of you who are members of the National Assembly have been performing your roles. But let me say that it is very important as members of the same party to have a robust engagement and understanding in our respective duties.

“During my tenure as vice president, I developed a very intimate relationship with members of the National Assembly and it is that relationship that enabled us to stop a third term or life presidency attempt by President Obasanjo “I really look forward to engaging you again, as regards to the National Assembly, for your constitutional functions to further deepen democracy, development, and progress of our nation. Our nation has found itself in one of the most challenging times in the history of this country. “You know that we are more divided than ever before, because of the activities and the policies of the current APC government. Likewise, our security situation has gone from bad to worse. Our economy is in shambles. These are

very serious challenges facing us, you in particular, and also the executive. “We must work together to take out the country from its present predicament and malaise. These are no main challenges. These are challenges that the constitution has bestowed on both of us to discharge. “I, therefore, want to wish you success in this deliberation and to assure you the most important thing if you’re elected and I’m elected, you are not going to work with somebody unknown or somebody who doesn’t have the experience. “Like what we have currently today, we have a president who doesn’t even understand what the National Assembly stands for. So, you’re going to walk with somebody, who has worked with

Afe Babalola Slams FG over Closure of Universities for Elections Gbenga Sodeinde in Ado Ekiti

Founder and Chancellor of Afe Babalola University, Ado-Ekiti, ABUAD, Chief Afe Babalola, SAN, has berated the federal government for the closure of all universities in Nigeria by the Minister of Education, Mallam Adamu Adamu, as directed by the Executive Secretary, of the National Universities Commission (NUC), Prof. Abubakar Adamu Rasheed. The legal luminary, who described the action as illegal, noted that the education Minister had no statutory power to direct the NUC to close down the universities for election, pointing out that the forced closure of the universities has done irreparable damage to students. Babalola, made the remarks in his address during the 5th induction ceremony of 123 medical doctors, who just graduated at ABUAD, held at the Alfa Belgore Hall of the institution in Ado-Ekiti yesterday. According to Babalola, "The problem has been worsened by scarcity of money by banks and automated teller machines (ATM), all of which made transportation

back home more dangerous than ever before. "Under the NUC Act of 1974 and the Education (National Minimum Standards and Establishment of Institutions) Act of 1985, the Minister has no statutory power to issue a directive to NUC to close down universities. I refer in particular to section 4(2) of the 1974 (NUC) Act. "If you want to destroy a nation, you don't need bayonet, bombs or nuclear warheads. All you need is to destroy the education of the nation. The illegal closure has adversely affected the curriculum particularly in respect of private universities, which are reputed for their predictable academic calendar and absence of strike actions." Specifically, Babalola pointed out that Nigeria has criminal code and other legislations have provisions which the government and law enforcement agents could evoke to deal with any person, whatever his class, who the security agents have reasons to believe as likely to put security of staff, students and properties of respective institutions in jeopardy. On new constitution, Babalola pointed out that the problem that

is causing apprehension among the transactional politicians is the 1999 Constitution. "It is this constitution that has made politics the only lucrative business in Nigeria today. This is responsible for the orgy of ‘do or die’ politics" The Registrar, Medical & Dental Council of Nigeria, MDCN, Dr. T.A.B. Sanusi, inducted the 123 medical doctors from the Afe Baba-

lola University, Ado-Ekiti, ABUAD, into the medical profession. The induction ceremony was for the 2022 graduating set and the 5th Induction ceremony of the MBBS programme of the institution. In her speech, the Vice Chancellor of the University, Prof. Smaranda Olarinde, said this year's induction was particularly significant as 100 per cent pass was recorded for the new brand medical doctors.

the National Assembly before and successfully too, facing the incumbent president and still making sure that we protected the constitution.” After the meeting attended by Atiku and all the PDP National Assembly candidates, a communique read by the Senate Minority Leader, Philip Aduda, the lawmakers said they were committed to improving transparency and accountability across the whole government "We commit to the reduction of the cost of government through improving citizen oversight and a strong emphasis on curbing waste and cost reduction. We commit to reducing multidimensional poverty by 40% over the next 4 years and putting food on the tables of Nigerians again. “We commit to reducing our unsustainable national debts. We commit to greater investment in education and infrastructure by incrementally increasing budgetary allocation starting from the next budget. We commit to quick passage of bills that devolve more powers to subnational governments. "We commit to securing Nigerians through robust conflict resolution mechanisms and improved welfare and funding of security agencies," the communique pledged. Meanwhile, the Atiku/Okowa Presidential Campaign Organisation, in a statement by one of the spokespersons, Kola Ologbondiyan, said, "Our campaign and, of course, the generality of Nigerians reject the

pressure by the jittery and deflated Tinubu/Shettima Campaign for the postponement of the election. "We hold that the demand for postponement by the Tinubu/ Shettima Campaign is a ploy to further create confusion and derail the electoral process having become terrified by the looming devastating defeat that awaits Senator Bola Ahmed Tinubu, the Presidential Candidate of the All Progressive Congress (APC) at the polls." The campaign reminded the Tinubu Campaign of how its chief campaigner, a hate-inclined governor of a prominent North West state was said to have been humiliated at the last Council of State meeting, where he reportedly went to push a failed memo for the postponement of the election for some few weeks. According to Ologbondiyan, "Our campaign has also been reliably informed that this APC governor is demanding the postponement because the APC Candidate, Tinubu, cannot by any measure win election, given his overwhelming rejection by Nigerians. "It is pathetic that after its defeat at the Council of State meeting, the Tinubu Campaign is still perching around media platforms and seeking the postponement of the elections,” adding that, the Tinubu/Shettima Campaign must accept the reality that the train has already left the station and Nigerians had since made up their minds to elect Atiku Abubakar as next President.

19 Fulani Associations in North East Adopt Atiku, PDP Segun Awofadeji in Bauchi A few days to the presidential election holding Saturday, February 25, the presidential aspiration of a former Vice-President of Nigeria, Atiku Abubakar, has received a boost as 19 prominent Fulani social-cultural associations have endorsed his presidential aspiration andvowed to vote for him. The amalgamation of the 19 different Fulani social-cultural associations in the North East subregion under the aegis of Association of Northern Hardos

endorsed Atiku at the end of their meeting held in Bauchi yesterday. Speaking to Journalists after the meeting, Chairman of Board of Trustees (BoT) of Northern Hardos, Suleiman Abdullahi, said they had agreed to cast their votes for Atiku among the candidates. According to him, "Atiku Abubakar is from the North-East subregion and we want him to win all the six states. We are gathered here to endorse his candidature and in sha Allah, majority of us will vote for Atiku Abubakar. "We know that people have

different political opinions and rights to vote for the candidates of their choice, but, majority of us have agreed to vote for the PDP presidential candidate, Atiku Abubakar." The BoT chairman, however, urged the Hardos, who attended the meeting in Bauchi to go back to their respective areas and educate their subjects to vote for the PDP and all its candidates but that nobody should be forced to do so. He alleged that Fulani people, who were residing in the southern

states have been subjected to incessant attacks, which had rendered them insecure and restless. Abdullahi urged the government to come to the aid of the Fulani and accord them adequate security as they go about their legitimate means of livelihood. Chairman, Bauchi State chapter of the Miyetti-Allah Kautal Hore, Hussaini Mohammed, corroborated the stance saying they had confidence that Atiku would be a good president for the country, the reason they were supporting his candidature.

TUESDAY, ͺ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

COURTESY CALL ON THE EGBA TRADITIONAL COUNCIL... L-R: Former Governor of Ogun State and National Leader of the All Progressives Congress, Chief Olusegun Osoba; Alake and Paramount Ruler of Egbaland, Oba Adedotun Gbadebo, Governor Dapo Abiodun; former Speaker, House of Representatives, Dimeji Bankole and Osi of Egbaland, Chief Bode Mustapha during a courtesy call on the Egba Traditional Council shortly after the commissioning of the 7.2km intracity Fajol-American Junction-Gbonagun Road in Abeokuta... yesterday

South-west Leaders Back Tinubu for President I’ll win this election, ex-Lagos governor boasts

Sons and daughters of the Yoruba race, yesterday, convened in Lagos State for a special summit to discuss the way forward ahead of next Saturday’s presidential election, where they endorsed and supported the aspiration of the All Progressives Congress (APC) presidential candidate, Bola Tinubu. Elder statesmen, traditional rulers, religious leaders, frontline politicians, youth groups, cultural and market leaders took a unanimous stand, and adopted Tinubu as their presidential candidate, even as the candidate boasted he would coast home to victory. s It was at the Yoruba and Southwest Leaders of Thought Summit hosted by Governor Babajide Sanwo-Olu at Eko Hotels on Victoria Island and attended by Tinubu in company with his running mate, Kashim Shettima. Also at the event were, the Ekiti State Governor, Biodun Oyebanji; former Ogun State governors, Aremo Olusegun Osoba and Otunba Gbenga Daniel; former Osun State governor, Gboyega Oyetola; APC gubernatorial

candidate in Oyo State, Senator Teslim Folarin; first class traditional rulers across the South-west and retired Methodist Archbishop of Ilesa and Ibadan, Pa. Ayo Ladigbolu, among others. Besides, Council of Imams and Ulamah of Lagos State also threw their weight behind Tinubu and Sanwo-Olu. The stand, the Yoruba elders said, was taken after they thoroughly reviewed the situation in the country and examined programmes of all candidates vying to succeed the outgoing president. They said their endorsement of Tinubu was predicated on the assessment of the APC candidate’s political trajectory and ability to offer the kind of leadership the nation required in the next dispensation, adding also that their decision to support Tinubu was a reflection of the political desire of the Southwest region. Former Oyo Deputy Governor, Chief Sooko Iyiola Oladokun, who spoke on behalf the of the Yoruba

Leaders of Thought, described Tinubu as the most qualified person among the contestants, saying the Southwest would not sacrifice capacity on the altar of political correctness. Oladokun moved a motion for the assembly to openly endorse Tinubu, and was seconded by Chief Akin Oluwadare, after which the assembly unanimously approved the resolution. Tinubu described the solidarity as “overwhelming”, saying the wishes of the Southwest leaders was on the verge of becoming a reality, adding that, winning his party’s nomination was not an easy task. According to him, after his victory at the primaries, he rolled out his campaign, during which he visited all the 36 states to canvass for vote. He told the Southwest leaders to put their minds at rest, stressing that he would coast home to victory. He said, “We are on the verge of changing our story and charting a new path forward. We have won the ticket not only to stand for good cause, but also to show we have the

capacity to deliver. We have done all required of us, after winning the party nomination. “There is no state we have not touched across the country. Some people were even afraid, given the level of energy we have put in. They had thought our energy would fizzle out along the way, but we are as strong as the idea we represent. “This evening, I urge you to go and put your mind at rest. We shall be victorious. This history unfolding before our eyes shall end in good memories for us. I am not going to reveal everything about this journey here; there shall be a day for that. Let us go out en mass and vote. We are bringing home the victory.” Describing the move as historic, Sanwo-Olu said Tinubu’s endorsement by his kinsmen was appropriate, given the prominence brought to the Yoruba race by the APC presidential candidate in the politics of the country. The governor said Tinubu remained a detribalised politician and national figure, who never

subscribed to religious bigotry and ethnic profiling. He said: “This is not about ethnic sentiment or playing identity cards. This endorsement is about identifying with a candidate, who has the capacity and supporting someone, who truly knows the road. We all have seen how he has demonstrated his capability and capacity as governor of Lagos and his achievements today speak for themselves.” Osoba recalled that Tinubu’s presidential aspiration was ignited in 2007 shortly after he completed his two-term tenure as governor of Lagos, disclosing that all Yoruba leaders unanimously resolved that he moved to the national level. The former Ogun governor accused former President Olusegun Obasanjo of frustrating various attempts by the Southwest leaders to unify the region under a political philosophy synonymous with ideology of the late Chief Obafemi Awolowo. “This is an auspicious moment in our history and I urge all the people

of Southwest to come together and stand behind Tinubu. There is no tribe in Nigeria that never benefits from the economic system of Lagos. Yoruba race is happy with the status of Lagos today. Let us come out and support him. We must do this to bring Awolowo’s dream back to life,” he said. Oluwo of Iwo, Oba Abdul-Rasheed Akanbi, said Tinubu was standing for election in most important period in the nation’s history, stressing that the APC candidate possessed the courage and intellectual capacity of the late Awolowo. Iyaloja-General of Osun State, Iyalode Hawau Sindemade, said Tinubu had built a reputation among the Yoruba people as a leader, who usually stands with the masses. Other Islamic groups and organisations that endorsed Tinubu and Sanwo-Olu were Ansar-ud-Deen Society of Nigeria, Nawair-ud-Deen Society of Nigeria, League of Azthans in Lagos, and the Federation of Muslim Women's Association of Nigeria (FOMWAN).

APC PCC, Bayo Onanuga in a statement issued yesterday said he had observed the treacherous and shifting positions of Atiku since the current currency crisis caused by the Central Bank started. Onanuga said in line with his well-documented inconsistencies and unreliability, Atiku had advanced several contradictory positions, in the fruitless hope of gaining political advantage from the crisis. He said, "We note that Alhaji Atiku and his hopeless party first hailed the CBN policy to high heavens when they initially thought it was a policy deliberately designed to stop Asiwaju Bola Ahmed Tinubu from becoming the next elected president of Nigeria." Onanuga recalled that Atiku had called on Buhari and the CBN Governor to ensure strict implementation of the policy and the deadline of January 31, “because in his and his party’s short-sightedness and gross miscalculation, Tinubu was the prime target.” He noted that Atiku’s position exploded on his face when the unintended consequences of the CBN policy manifested in its full ramifications and crippled the entire populace. According to him, Atiku capitulated and sought to claim some credit by asking the CBN to 'slightly shift' the deadline of January 31, 2023.” Onanuga pointed out that the CBN and the FG to which Atiku

and his party have suddenly become the cheerleaders listened to all the voices of reason and shifted the deadline for the currency swap till 10 February. He added that on February 2, Atiku took another public position, asking the CBN not to shift the deadline again He explained that amid the widespread misery and the currency scarcity that the naira swap policy created for Nigerians, “Atiku’s position proved once again an egregious miscalculation and clearly anti-people” The APC campaign stressed that with just five days away from the presidential election, Atiku wants to cash in on the mood of the country with his latest faux empathy. Onanuga said: "He is now asking CBN to allow Nigerians to deposit their N500 and N1000 old notes in commercial banks, after thousands of desperate Nigerians jammed the CBN offices in Lagos and other places, hoping to deposit their old currency and get the new notes. "It is generally a bad time for poor and hapless Nigerians as currency scarcity has become the norm. The chameleonic politician forgot that he once described the suffering our people are going through some ‘little inconvenience”. "We recognise Atiku’s desperation to be President and like chameleon, this unprincipled and unstable politician will change positions on any issue as long as he thinks it will help his perennial ambition."

OLD BANKNOTES: APC GOVERNORS PROVOKING ANARCHY, SAYS ATIKU and calm frayed nerves. "The new notes are not available. Even as a state governor, I don't have the new notes. You can see how hard it is for our people to access the new currency if their governor is not getting them. “We should not overstretch the cooperation we are enjoying from the citizenry. We are expected as elected and appointed leaders to respond to the needs and aspirations of our people," Adeleke admonished. Responding, the CBN State Director, Oluyemi Adeyemi, in response commended the state governor for his proactive steps that has saved the state from naira scarcity-related riots. "On our part, we are working hard to make the new notes available. Let me say that the CBN has issued queries to some banks. I assure Nigerians that we are working hard to make the new notes available," the CBN official stated.

Stop Attacking Bank Workers, TUC Tells Protesters

The leadership of the Trade Union Congress (TUC) has pleaded with aggrieved Nigerians protesting difficulties and hardship resulting from the implementation of the federal government's naira redesign policy to desist from attacking its members working in the banks. It cautioned the government against the use of maximum force to subdue the protesters.

It warned that federal government has no right to use maximum force on Nigerians, adding that it may have to file compliant at the International Criminal Court if anything of such happened. The union however pleaded with the protesters to stop the attacks on bank workers, adding that they are also victims of the ill-timed policy. In a statement jointly signed by its president, Festus Osifoh and General Secretary, Nuhu Toro, the union said the protests were wrongly directed at bank workers and other staff of financial institutions. It said: "The TUC fully identifies with the Nigerian people in their legitimate and fundamental right to have access to their funds illegally withheld in the banks. "It is harrowing for millions of our fellow countrymen and women to stand in long queues for hours at banks and ATMs in their effort to retrieve their legitimate funds from the banks. "Our hearts go out to ordinary Nigerians and their families who are forced to undergo hardship including inability to buy food, basic medicines or pay for transportation because their monies are hanging in the banking system.” The TUC further said the banks and financial institutions’ employees had no input whatsoever in the naira redesign policy nor were they consulted. "They also have no hand whatsoever in the printing of the new naira notes nor are they responsible for

the release of the new currencies by the Central Bank of Nigeria, CBN, the bank workers themselves do not have these cash. "The banks and financial institutions’ employees at junior and senior staff levels are mere workers who distribute only currencies made available to the various banks by the regulatory agencies," it added. On the allegations that some bank staff were withholding the new currency notes; TUC said it would not oppose the law taking its course if the allegations were proven. In the same vein, the National President, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Oluwole Olusoji has expressed concerns over the looming job insecurity, destruction of business premises, and the wanton destruction of properties in the banking sector. He said such moves would further hurt the financial institutions and the country's economy at large. Olusoji, who disclosed this yesterday, in Lagos, during a media briefing, said panic withdrawals by currency traders have persisted with the cashless systems in the country, while urging the government to address the poor implementation of cash circulation in the country. He urged protesters to desist from destroying properties of banks, while highlighting the unfortunate events that took place at Edo, Delta, Oyo and Abeokuta were there were attacks on banks’ facilities.

Olusoji remarked that the sad incidents had amounted to personal losses and injuries such that the insurance sector has since being faced with claims of more than N2 billion. "Over 70 percent of workers in the informal sector are casuals who receive daily income from their daily jobs,” he explained. He pleaded with the public to desist from threatening or attacking their members, or destroying banks’ properties. “We are in a critical period of our national development, and all hands must be on the deck to bring Nigeria out of the woods. “ASSBIFI and NUBIFIE members are highly responsible, ethical, and patriotic people, mindful of the negative impact industrial action in an already charged environment, but if we are pushed, we will do what is necessary to defend and protect lives."

Inconsistent Atiku Can't Offer the Leadership Nigeria Needs, Says APC Campaign

The Presidential Campaign Council (PCC) of the APC has described Atiku as inconsistent and opportunistic. It said Nigerians should run away from Atiku, saying a man like him with no strong conviction and strength of character cannot offer the kind of leadership the country needs. Director of Media and Publicity,

TUESDAY FEBRUARY 21, 2023 ˾ T H I S D AY

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PREMIUM TRUST BANK OPENS NEW BRANCH...

L-R: Wife of the Managing Director/CEO, Premium Trust Bank, Mrs Ifeoma Emefienim; Managing Director/CEO, Premium Trust Bank, Mr. Emmanuel Emefienim; General Overseer, Redeemed Christian Church of God, Pastor Enoch Adeboye, and Chairman, Premium Trust Bank, Dr. Perez Araka, at the inauguration of Redemption City Branch of the bank, in Ogun State... recently

Protest with your PVCs over Fuel, Naira Scarcity, LP Tells Nigerians Party endorsed by ADC, coalition of presidential candidates

Sunday Aborisade and Emameh Gabriel inAbuja The Coalition of former presidential candidates and national chairmen of political parties under the umbrella of Coalition for Good Governance(CGG), has endorsed Peter Obi, the presidential candidate of Labour Party(LP),

for the February 25 polls. Endorsement came after the youths of LP addressed journalists at the party national headquarters where they urged Nigerians to protest with their PVCs to address the lingering scarcity of petroleum products and naira in the country. The National Youth Leader of LP, Kennedy Ahanotu, who

Shun Vote-buying, Nweke Urges Electorate in Enugu

Osisam Ede in Enugu

Former Minister for Information and the Enugu State Governorship Candidate of the All Progressives Grand Alliance (APGA), Mr. Frank Nweke Jr., has warned traders and shoppers in Afor Ogwuiga and Eke Obinagu, against accepting money in exchange for their votes in the coming election. Nweke made the warning recently in Enugu while sharing his plans for the people when he visited the market.

He stated that politics and elections were no longer business as usual. “Politics should be about the welfare of the people. In the case where a political party has failed to uplift you, the only option left is for you to vote it out and vote in people whose sole interest is to serve you,” he said. In response to his comments, several traders reaffirmed their commitment to voting for competence and character in the coming election.

spoke during a press conference at the party’s national headquarters in Abuja, called on young Nigerians protesting across the nation over current naira crisis and fuel shortages to stop act of destroying government and

corporate infrastructure and instead, channel their anger to the polling booths to express their frustration by voting out bad leaders. Ahanotu explained that it was important the people do not “get

distracted in the build-up to 25th February, 2023 which is the day of protest with our PVCs. He said: “Let’s take our resentment to the polling units and massively vote out bad leaders. For too long, we have suffered

under the yoke of corruption, insecurity, unemployment, poverty, and underdevelopment. We have seen our dreams shattered and our hopes dashed by the very leaders who were supposed to serve us.

Police Arrest Ex-CMD for Killing, Organs Harvesting in Kwara

Hammed ShittuinIlorin

The Kwara State Police Command has arrested a former Chief Medical Director (CMD), Kaiama General Hospital in Kwara State, Dr. Abbass Adio Adeyemi, for allegedly killing and harvesting the organs of four persons in the state. Speaking in Ilorin on Monday while parading the suspect, the

State Police Commissioner, Mr. Paul Odama, however, said that the suspect would soon be arraigned in court after conducting full investigations into his alleged dastardly act. Odama said: “On 3/7/2022, at about 23.50 hours, one Muktar Opeyemi (m) reported at F Division, Ilorin, that on /25/6/2022, he noticed that one of his co-tenants

by name Olanipekun Ifeoluwa Ibukun (f), of the same address, and her vehicle, a Toyota Camry, were last seen within the compound on 24/6/2022, which was unusual. “While the investigation was ongoing on the missing lady, a case of culpable homicide was reported at Alapa Police Station to the effect that a lifeless body of a young, unknown lady was

found in the bush beside the road with a violent mark of injury on her head and blood on her face.” He said that “investigation, however, revealed that the missing Olanipekun Ifeoluwa Ibukun which was reported missing at F Division was the same young lady killed and thrown into the bush at Alapa.”

Kwankwaso Promises to Construct 5,000 Schools across Nigeria George Okoh in Makurdi

The Presidential Candidate of the New Nigeria People Party(NNPP) Alhaji Rabiu Musa Kwankwaso, has promised to construct 5,000 schools around the country if elected in the fourth coming presidential

election. He said his government would take education very seriously and would also ensure all children of school age make it to school in the country. The former governor of Kano State made this known when his campaign team visited the

traditional ruler of Idoma people in Otukpo, His Royal Highness John Odogbo Elaigwu, the Ochi’Idoma yesterday. The NNPP presidential hopeful was also received by a large crowd of supporters in Otukpo where he solicited for the electorates’ votes.

He promised to replicate his performance in educational development in Kano in the country. From primary education to tertiary, postgraduate and even vocational, the former governor noted that his achievements cut across diverse areas of the state’s education sector.

Following frightening decline in the use of Yoruba language as a veritable means of communication in the South-west Nigeria, the Ekiti State Deputy Governor, Mrs. Monisade Afuye, has tasked the state governments and traditional rulers in the zone to strive to

into extinction. Afuye lamented that modernity, which was brought by Western education has gained traction and wider acceptability in the Southwest and eroded the speaking of Yoruba language among the younger generation. She described this as a dangerous

stakeholders. The deputy governor spoke at the palace of Ewi of Ado Ekiti, Oba Adeyemo Adejugbe, on Tuesday, during an award conferment on Eyesorun Abosede Adejugbe by Egbe Akomolede ati Asa Yobuba Worldwide, to commemorate the Yoruba Day 2023.

was released yesterday by her Special Assistant on Media, Mr. Victor Ogunje, described Yoruba Language as priceless and riddled with wisdom and knowledge that could equip people mentally if well applied, saying that such language should not be allowed to die.

FG Repositioning Petroleum Institute as Allow Yoruba Language to Die, Ekiti Deputy Gov Tasks Govts, Monarchs Hub for Oil and Gas Training in Africa Don’t prevent the language from sliding trend that must be halted by Afuye, in a statement that Gbenga SodeindeinAdoEkiti Sylvester Idowu inWarri

The federal government has embarked on repositioning the Petroleum Training Institute (PTI) Effurun, Delta State, to become the hub of training in the oil and gas industry in Africa. A Director in the Ministry of Petroleum Resources, Asmau Adaji, made the disclosure yesterday when she led members of the Committee on Repositioning of the Institute, set up by the Minister of State for Petroleum Resources, Timipre Sylva, to its campus in

Effurun, near Warri in Delta State. She said the committee was visiting the institute to physically assess the facilities on ground, and needs of the school, including funding, to enable it make recommendations to the government. “We are here as a committee set up to look at the repositioning and restructuring of the Institute. The main purpose of the visit is to physically assess the Institute and see where they are now to enable us proffer solutions to their challenges,” she said.

Nigeria Info Unveils Students Debate Competition Nigeria’s talk station, 99.3 Nigeria Info, has unveiled the fifth edition of its “I Beg To Differ” student debate competition themed, “The Tournament of Champions.” According to the station, this aims to champion intellectuallystimulating conversations to position Nigerian youths as solution providers to the myriad of socio-economic challenges plaguing the nation’s overall development.

The competition, which is designed for secondary school students, is scheduled to commence on the 6th of March, 2023. This is to provide Nigerian students with the opportunity to showcase their intellectual capabilities to effectively communicate their stance on a wide range of topics that focus on diverse socio-economic and political issues that concern the country.

Diri Charges New Bayelsa SSG to Be Steadfast Olusegun SamuelinYenagoa

Bayelsa State Governor, Senator Douye Diri, yesterday swore in Mr. Alabo Gideon Ekeuwei as the new Secretary to the State Government (SSG), urging him to be steadfast and diligent on the job. The Oath of Allegiance and Oath

of Office were administered by the Registrar of the Bayelsa State High Court, Mr. Amaebi Orukari, inside the Executive Council Chambers, Government House, Yenagoa. The office became vacant last year following the resignation of the former SSG, Dr. Konbowei Benson, to contest for the Bayelsa Central

Senatorial’s ticket under the ticket of the Peoples’ Democratic Party (PDP), which he won. Ekeuwei has returned to the office he once occupied during ex-Governor Timi Sylva’s administration between 2008 and 2011, becoming the first in the history of the state to be sworn

in twice as SSG. He was the 7th and now the 13th SSG in the 26-year-old state. Governor Diri explained that the event was scheduled to hold on February 13 but had to be rescheduled following the sudden passage of his father, Pa Abraham Michael Diri, on February 12.

I Won’t Ask My Followers to Vote for Tinubu, Says Nwosu Sunday Aborisade in Abuja

An All Progressives Congress (APC) Chieftain and former governorship candidate of the Action Alliance (AA) Party in Imo State, Mr. Uche Nwosu, has said he would not direct his teeming followers to vote for

the APC Presidential Candidate, Bola Tinubu on Saturday. The Son-in-Law to Senator Rochas Okorocha, who is currently representing Imo West Senatorial District in the National Assembly, on the ticket of the APC, stated this at a news conference in Abuja on Monday

The duo of Okorocha and Nwosu, has been having a running battle with the Governor of Imo State, Mr. Hope Uzodinma since the latter became the state chief executive. Asked whether the APC in Imo State was working

together as a family to ensure the electoral victory of Tinubu, Nwosu said, he would not disclose his preferred presidential candidate, but that, he had no obligation to direct any of his supporters to vote for any particular presidential candidate.

TUESDAY FEBRUARY 21, 2023 ˾ T H I S D AY

NEWSXTRA

ERADICATION OF CANCER ON THEIR MINDS...

L-R: Members, Lagos State Chapter of Civil Society for Cancer Eradication, Dr. Ositadinma Lemoha; Mrs. Abiodun Oyadotun; Mr. Jones Ihemenam; Ms. Chichi Nkire;Coordinator, Mrs. Meg Aipoh;Mr. Kingsley Okechukwu; Mrs. Oluku Agnes, and Miss Nwadinkwu Favour during an outreach to mark World Cancer Day in Lagos…recently

Seven Dead as Gunmen Attack Police Station in Anambra David-Chyddy Eleke in Awka

The incident happened in the early hours of yesterday, when gunmen suspected to be separatist elements attacked the Police facility in Awada, Obosi community in Idemili North Local Government Area of the state. There have been spate of attacks on police facilities in Anambra

recently, with facilities in Ihiala, Ogidi, Nkwelle Ezunaka, Obosi and several other communities witnessing same fate. Anambra State Police Public

Nigeria Records 85 Fatalities from Lassa Fever, Says NCDC

Ahead of the general election, a network of civil society organisations (CSOs) under the umbrella of the Civil Society Committee For Anti-Fraud Election Security (CISCAES) has expressed concerns over the rising insecurity in Ebonyi

At least seven people, including the Divisional police officer (DPO) of Awada police division, three police operatives attached to the division and three unidentified gunmen, lost their lives during a gun duel yesterday in Anambra.

Onyebuchi Ezigbo in Abuja Nigeria Centre for Disease Control (NCDC) has said that 85 persons have so far lost their lives from Lassa Fever disease within six weeks of this year. It said that a total of 531 confirmed cases of Lassa Fever were also recorded within the same period in the country. An update on the epidemic control and prevention exercise issued by the NCDC yesterday

showed that 446 patients were treated at the hospitals while 28 health workers were affected by Lassa Fever disease this year. The highlights of the statistics showed that, “In week 6, the number of new confirmed cases decreased from 106 in week 5 2023 to 68 cases”. According to the record, there were reported cases from Ondo, Edo, Bauchi, Taraba, Ebonyi, Gombe, Benue, Nasarawa, and Plateau states.

Relations Officer (PPRO), DSP Tochukwu Ikenga, who confirmed the attack said, the police operatives on duty during the attack stood their ground and defended the

facility, but unfortunately, four paid the supreme price. “Today 20/02/2023 at about 02:20 am, gunmen suspected to be IPOB/ESN (members) attacked

Awada Police Station in Idemilli North LGA of Anambra State using Improvised Explosive Devices (IEDs) and automatic firearms.

CSOs Express Concerns over Insecurity in Ebonyi, Urge Buhari to Intervene

Gideon Arinze in Enugu

State and plans to intimidate residents into voting against their choice by the state security outfit, Ebubeagu. The CSOs also urged President Muhammadu Buhari and the international community, including the European Union (EU) and all lovers of democracy, to beam a

searchlight on the happenings in the state. Addressing a press conference on the worrisome state of insecurity in Ebonyi State and its dangerous consequences before, during and after the 2023 general election, yesterday in Enugu, the founder of CISCAES,

Kennedy Iyere, said the people live in fear of “Ebubeagu thugs and militias.” Recall that a Federal High Court in Abakaliki disbanded the Ebubeagu, a security outfit in the state, following allegations of gross violation of human rights, extortions and use of firearms.

‘Nigerian Criminal Justice System Collapsing’ BlessingIbungeinPortHarcourt

Stakeholders at one-day legal roundtable/symposium by a social advocacy organisation, held in Port Harcourt, Rivers state, have observed that the criminal justice system of Nigeria is at the verge of collapsing. The stakeholders decried the deteriorating state of the institutions in Nigeria, stressing the urgent need

to salvage the country of anything that could lead to the collapse of legal system, which according to them is the last hope of the common man. The programme which was organised by the Olympus Marino Deck of the National Association of Seadogs (NAS), Pyrates Confraternity, was an annual event in commemoration of the illegal arrest, and detention for over two

months, of some of their members in February 18th, 1997 by the then military government. In his keynote address at the event, a Lagos state based private legal practitioner, Inibehe Effiong, urged the government to invest in the institutions of the country for proper and effective service delivery. Effiong, who narrated his ordeal in detention following an unjust order,

stressed that the criminal justice system of the country is in the shadow of itself. He explained that in a situation where the president of the country could not respect the order of the apex court in the country, it poses the fear that if no serious attention and rehabilitation is given to the legal system, the ordinary man might begin to resort to self help in defense of their right.

at their various passenger train stations, especially the LagosIbadan Train Service (LITS) and Warri-Itakpe Train Service (WITS). In a statement issued and made available to THISDAY yesterday by the NRC Deputy Director Public Relations, Yakub Mahmooda,

the transport agency said: “We are all aware of the currency policy introduced by the federal government, which redesigned some denominations of the naira notes that are being gradually swapped with the old naira notes, pending when the transition from old to new will be completed. “We only accept physical

cash across the counter for train boarding with the naira notes approved as legal tender by the government. “However, on the Abuja– Kaduna Train Service (AKTS), passengers have been enjoying the online electronic train ticketing system seamlessly for quite some time now.

APC Guber Candidate Donates Vehicles to NUJ, Faith-based Organisations NRC Denies Rejecting Electronic Transfer of Money for Train Service

Daji Sani in Yola

The governorship candidate of the All Progressives Congress (APC) in Adamawa State, Senator Aishatu Dahiru Binani, has donated 73 vehicles to various organisations, including faith-based organisations and the Nigeria Union of Journalists (NUJ) in the state. While presenting the vehicles to the beneficiaries in Yola yesterday at the newly built President Muhammadu Buhari Square,

Binani said the gesture was aimed at alleviating the persistent hardship facing the citizens. She said the gesture was part of her earlier promises as a senator, especially in the areas of educational infrastructures and road networking. Binani further explained that the empowerment was in collaboration with the National Directorate of Employment (NDE) to assist the youths, women and other various organisations in Adamawa State.

Self-rule: Bauchi’s Ethnic Group Demands Actualisation of Chiefdom SegunAwofadejiinBauchi The people of Zaar/Sayawa nation in Bauchi State last weekend organised a one-day prayer rally in Tafawa Balewa town of the state to seek divine intervention for the actualisation of the long-agitated Zaar/Sayawa chiefdom. The organisers of the prayer with the theme: ‘Be Involved and Say the Truth’, Zaar Youth Development Association (ZAYODA), lamented after many years of struggle for self-determination, successive administrations in Bauchi State have

failed or refused to do justice to their plights despite being bonafide citizens of the state. Speaking during the prayer rally on a mountain known as Pusji (black stone), the National Chairman of ZAYODA, Ga’Allah Daniel, said: “Having waited for long, even after recommendations of Justice Babalakin Commission of Inquiry almost 31 years ago, the government needed to appreciate the sacrifices of his people and actualise the chiefdom in the spirit of justice and fairness.

Sunday Okobi The management of the Nigerian Railway Corporation (NRC) has denied the report making the rounds on social and some mainstream media platforms that the corporation does not accept electronic transfer and old naira notes for train boarding ticketing

N13bn Debt: Court Sets Aside Execution on Stallion Nigeria’s Assets Wale Igbintade

Justice Ambrose Lewis Alagoa of the Federal high court in Lagos has set aside a purported execution carried out by Guaranty Trust Bank (GTB)Plc against Stallion Nigeria Limited over alleged N13 billion judgement debt. Justice Alagoa in a ruling delivered yesterday held that

GTBank was in violation of the Consent Judgment entered by the Court on 17 December, 2019 and proceeded to set aside the purported execution carried out by the bank. Ruling on an application filed by the law firms of Kanu Agabi & Associates, Wahab Shittu SAN and Bonajo Badejo & Co. on behalf of Stallion, the court

held that the execution, which was purportedly done, while the Court was yet to determine the timeline for the completion of the forensic audit pursuant to the consent Judgment of the Court, was wrongful and done with the intention to undermine the proceedings before the Court. The Court of Appeal presided over by the Justices Daniel-Kalio

Sirajo, had previously delivered judgment in favour of Stallion Nigeria against GTBank on 24 February, 2022 and set aside the ruling of Justice Saidu in favour of GTBank. The Court held that GTBank could not rely on its own breach of the judgment to act or levy execution against the assets of Stallion Nigeria.

2023 UTME: 15 Arrested as JAMB Registers 1.6m Candidates KuniTyessiinAbuja

No fewer than 1.6 million candidates have been registered for the 2023 Joint Admissions and Matriculation Board (JAMB) Unified Tertiary Matriculation Examinations (UTME) at the close of registration. The Registrar of the Board, Prof.

Ishaq Oloyede, disclosed this at the end of a joint monitoring exercise with the Permanent Secretary, Federal Ministry of Education, Mr. David Adejo, in Abuja yesterday. Oloyede, however, disclosed that in the cause of registration, 15 culprits were discovered to have defrauded the process, adding that the culprits have been apprehended

and were currently detained. He also disclosed that registration for direct entry candidates commenced yesterday. According to him, “So far, we have registered about 1.6 million candidates because we do not expect more than that, and that is because the direct entry starts today (yesterday). We have the

challenge of the normal people who want to defraud the process as we have been monitoring what has been happening.” The permanent secretary in his remarks said there was a need to extend the registration to give others the opportunity to register with the challenge of naira redesigning.

TUESDAY, ͺ͹˜ ͺ͸ͺͻ ˾ T H I S D AY

TUESDAYSPORTS

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

0811 181 3083 SMS ONLY

Red-hot Osimhen in Germany for Eintracht Frankfurt, Napoli Clash

Duro Ikhazuagbe Fears that Nigerian international, Victor Osimhen, may miss today’s UEFA Champions League clash against Bundesliga club, Eintracht Frankfurt were put to rest yesterday as the red-hot top scorer in the Italian Serie A traveled with Napoli to Germany. Osimhen, 24, was earlier doubted to miss the all-important Last 16 encounter following his late substitution in Napoli’s 2-0 win against Sassuolo last weekend. While walking to the sidelines, Osimhen grimaced with pains showing on his face while also pointing to his thigh as if to say he was badly injured. But signs that the knock was

U E FA C H A M P I O N S L E AG U E not debilitating to warrant the Napoli talisman missing the trip to the Bundesliga team flashed as Osimhen trained with his teammates on Sunday and Monday prior to leaving for the away tie. It was therefore a great sign of relief when Osimhen travelled with his teammates to Germany on Monday afternoon. The Round of 16 first leg tie will take place at the Deutsche Bank Park. Osimhen has scored once in three appearances in the Champions League this season. Elsewhere in the Champions League Tuesday night football,

Liverpool forward, Darwin Nunez, has "a chance" of facing Real Madrid after injuring his shoulder against Newcastle, says manager Jurgen Klopp. The 23-year-old was substituted during the second half of the Reds' 2-0 win at St James' Park on Saturday. Nunez left the pitch holding his shoulder after an earlier clash with Newcastle defender Kieran Trippier. "There's a chance, we have to see how he'll cope with the pain," said Klopp. Uruguay international Nunez has scored 11 goals in all competitions

for Liverpool this season after joining from Benfica in the summer. Liverpool will welcome La Liga giants Real Madrid to Anfield at 9pm tonight for their last-16 first leg. It is the first time the two sides have met since last season's Champions League final in Paris, which Real won 1-0.

UCL TODAY @9pm E’Frankfurt v Napoli Liverpool v R’Madrid

NPFL (Results) Gombe Utd 3-2 Plateau Utd Nasarawa 2-0 Remo Stars

Victor Osimhen in Germany with Napoli for Eintracht Frankfurt clash tonight

Tobi Amusan Nominated Nigeria’s Anu Opeyori Retains for 2023 Laureus Award Africa’s Badminton Crown Nigeria’s 100 metres hurdles World Record holder, Oluwatobiloba Amusan, 25, has been nominated for the 2023 Laureus World Sports Awards. She is the first Nigerian male or female athlete to be nominated for the prestigious Laureus Award. The petit barrier sprint star who set a new world record of 12.12 seconds last summer at the World Championships in Eugene, USA, was shortlisted in the World Breakthrough of the Year category alongside five other contestants like tennis stars, Carlos Alcaraz and Elena Rybakina; semi-finalist at Qatar 2022 World Cup Atlas Lions of Morocco; American figure skater Nathan Chen; and American professional golfer Scott Scheffler. Amusan’s nomination for the World Breakthrough of the Year award is not unconnected to her impressive performance on the track in 2022. She won every trophy available in the sport in addition to erasing American Kendra Harrison’s world record of 12.20secs set in 2016. Amusan’s beautiful season saw her defend her 100m hurdles title at the African Championships in Mauritius with a time of 12.57s before heading to Eugene, Oregon in July. After accomplishing winning the gold and world record at the Worlds, Amusan went to the Commonwealth Games in Birmingham to successfully defended her title, winning her second consecutive gold medal in the 100m hurdles with a new Games Record of 12.30secs. She also helped power Nigeria’s women’s 4 × 100 m relay team to gold. She competed in her specialist event at the Lausanne Diamond Race meet later that month, finishing second with a time of 12.60secs, behind reigning Olympic champion Jasmine Camacho-Quinn. She capped her very successful

Tobi Amusan...nominated for Laureus Award season winning the 100m hurdles event at the Zürich Diamond League final event with a 12.29secs performance to retain her title. For all these achievements in one calendar season, Amusan was rewarded with a National honour alongside Long Jumper Ese Brume. For the main Laureus World Sportsman of the Year Award category, Argentina’s 2022 World Cup winning Captain, Lionel Messi will again battle his PSG teammate, Kylian Mbappe for the top honour. Despite scoring a hat trick in the Argentina versus France World Cup final, Mbappe missed the chance to lift the trophy back-to-back. France won the title at Russia 2018. Other contestants in the six-

man shortlist include, NBA star, Stephen Curry, legendary tennis player Rafael Nadal, Formula 1 star, Max Verstappen, Pole Vaulter, Mondo Duplantis. Manchester United midfielder Christian Eriksen was nominated for Comeback of the Year following his return to football after having a cardiac arrest while playing for Denmark at Euro 2020. Kazakhstan's Wimbledon champion Elena Rybakina is shortlisted for World Breakthrough of the Year award, as is fellow tennis player Carlos Alcaraz after the Spaniard won the US Open and became the youngest ever men's world number one. First held in 2000, the Laureus

LIST OF NOMINEES BREAKTHROUGH OF THE YEAR Carlos Alcaraz (Spain) - Tennis Tobi Amusan (Nigeria) - Athletics Nathan Chen (USA) - Figure skating Morocco men's football team Elena Rybakina (Kazakhstan) - Tennis Scottie Scheﬄer (USA) - Golf SPORTSMAN OF THE YEAR Steph Curry (USA) - Basketball Armand Duplantis (Sweden) - Athletics Kylian Mbappe (France) - Football Lionel Messi (Argentina) - Football Rafael Nadal (Spain) - Tennis Max Verstappen (Netherlands) - Formula 1

SPORTSWOMAN OF THE YEAR Shelly-Ann Fraser-Pryce (Jamaica) - Athletics Katie Ledecky (USA) - Swimming Sydney McLaughlin-Levrone (USA) - Athletics Alexia Putellas (Spain) - Football Mikaela Shiﬀrin (USA) - Alpine skiing Iga Swiatek (Poland) – Tennis TEAM OF THE YEAR Argentina men's football team England women's football team France men's rugby team Golden State Warriors (USA) - Basketball Red Bull Racing Formula 1 Real Madrid (Spain) - Football

World Sports Awards honours the greatest and most inspirational sporting triumphs of the year and showcases the work of Laureus Sport for Good.

Nigeria’s Number 1 badminton player, Anuoluwa Opeyori has won his third African title in a space of five years to assert himself as Africa’s undisputable champion. His latest victory came in South Africa at the weekend as he beat Mauritius Julien Paul 18-21, 21-13, 21-18 to win the gold medal of the men’s singles of the All Africa Senior Championships. It was not an easy feat as the Nigerian delegation was psychologically drained even before the championship owing to non-issuance of travel visa to four of the ten-man team. With his latest win, Opeyori has added to earlier titles won in Port Harcourt, Nigeria in 2019 and Kampala, Uganda in 2022. He had also won the Men’s Singles title at the African Games in Morocco in 2019 to make it four titles in five years! His spirit was initially dampened following the inability of four of his teammates to obtain entry visa into South Africa for the competition. The affected players include: Aliyu Alhaji Shehu, Dorcas Ajoke Adesokan, Sofiyat Arinola Obanishola and Ramatu Yakubu. That reduced the Nigeria’s field and narrowed the possibility of the country making a good impact. It is also worthy of note that this is the second time in recent years that a Nigerian contingent to the

All Africa Senior Championships will have serious and demoralising problems regarding their visas. The first was when the Team was traveling to Egypt for the All Africa Senior championships in 2020. Anuoluwapo Opeyori in the 2022 edition arrived Uganda as the sole participant from Nigeria and went all the way up to clinch the men’s singles gold medal, thereby becoming King of African badminton for the second time after his feat in Port Harcourt, Nigeria.

Anu Opeyori...conquer Africa again in South Africa

Leighton Kings Lead Lagos Teams Dominance of 2023 NPA/ GTCO Lagos Polo The prestigious 2023 NPA/ GTCO Lagos International Polo Tournament climaxed with pomp as brand new champions emerged in the high-goal and medium-goal categories of the glamorous Game of Kings at the weekend. Revered for its robust competition, the 2023 Lagos international fiesta that galloped off with 36 teams jostling for four major cups and a handful of subsidiary prizes, saw the home teams sweeping all the major titles and subsidiary laurels in an emphatic campaign. Spread over three weeks of high octane polo, the prestigious fiesta reputed as the biggest polo festival in Africa packed punches as Leighton Kings team led the Lagos race for glory, winning four big titles in a sensational swoop. Leighton Saopolo victory in the high stake Majekodunmi Cup, Lagos Open Cup, Independence

Cup and Dapo Ojora Memorial Cup respectively, was the motivation the home teams needed to go all the way, as Lagos Art Hotel and Trojan /ARK added the Oba of Lagos Cup and the Sani Dangote memorial Cup respectively to give host Lagos total domination. The final week of the international event that featured top foreign professionals and the best of Nigerian players was still a Lagos affair all the way as Lagos GDF Global outpaced local rivals, Trojan /Ark and Golden Ranch from Kano, to win Low Cup and the Chief of Naval Cup respectively. Other best performing teams that left lasting impressions during the international festival include Lagos Dania A+, winners of Owen Cup, Tharwa team winners of the Cancer Bowl, Lintex Intercontra, winners of the Italian Ambassador’s Cup.

Individual awards and Prizes were handed out to Bowale Jaolaoso, Muyiwa Oni, Baba Dantata, Kunle Tinubu, Kayde Awogboro, Kaarl Alakija, among others for their distinguishing performances. The Nigerian premier polo tournament was witnessed by the movers and shakers including Lagos State Governor, Babajide Sanwo-Olu, Chief of Naval Staff, Vice Admiral Awwal Gambo, King Diette Spiff , Oba Saheed Elegushi, Aliko Dangote, Abdulsamad Rabiu, business Tycoons, diplomats and thousand s of enthusiasts. Lagos Polo Club President, Bode Makanjuola who described the tournament as one of the most successful in years, stresseed that the campaign for the Majekodunmi Cup, Open Cup, Low Cup and Silver Cup prizes, were most competitive and the most exciting in years.

Tuesday, February 21, 2023

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Daniel Bwala to el-Rufai

“The el-Rufai that is inciting Nigerians to rise against the government because they violated orders, let me tell you, as the FCT Minister, el-Rufai disobeyed all court orders and demolished houses. He disobeyed all court orders given that they should restore the staﬀ that went on strike. He disobeyed the order about the compensation of people whose land he demolished. As a governor, he disobeyed the court order in the conduct of the local government election...” --Spokesman, PDP PCC, Daniel Bwala, knocks el-Rufai, for his anti-Buhari comment on the old Naira notes.

TUESDAY WITH REUBENABATI abati1990@gmail.com

Before Nigeria Decides 2023… I

t is yet another moment of transition for Nigeria as the country goes to the polls in 4 days’ time to elect a new President and members of the National Assembly in what amounts to a seventh cycle of general elections since the country’s return to democratic, civilian rule in 1999. One President will be elected, President Muhammadu Buhari who became President on the platform of the All Progressives Congress (APC) in 2015, having completed his maximum two-term limit of eight years is not on the ballot. All the 109 seats in the Senate are up for election as is the case with all the 360 seats in the House of Representatives. The date of this first election is Saturday, February 25. The second general election is on March 11 for the election of Governors in 28 states and 993 members of State Houses of Assembly, both to be held in 8, 809 wards/registration areas across the country, 176, 606 polling units , overseen by about 1.4 million staff of the Independent National Electoral Commission (INEC), with a total of 93.4 million voters participating. INEC says there will be no election in 240 polling units due to security reasons, voters having tactically avoided the same polling units and having refused to register in the same units– in the North East – 67, South East – 64, North Central – 49, North West – 47, South South – 8 South West- 5. The cancellation of these 240 units without voters is a confirmation of how the challenge of insecurity is one major threat to Nigeria’s 2023 electoral process. The other threats include voter suppression, voter apathy, violence, vote buying, the turbulence arising from the scarcity of new naira notes and fuel, and the general apathy in the land further deepened by high rate of inflation at 21.82%, unemployment – 33%, poverty, and the general high cost of living. Nigeria goes to the polls this week, tottering on the edge of the cliff. Days to the election, there have been reports of violence in parts of the country as a result of a naira re-design policy introduced by the Central Bank of Nigeria in October 2022, to address money supply issues, encourage a cashless economy, deepen financial intermediation, check illicit financial transactions and ransom payment for kidnapping and overall, to boost economic growth but that policy has now resulted in utter chaos. The new re-designed notes are not in circulation in the desired quantities, the return of old denominations of N200, N500, and N1, 000 notes has been problematic, and on top of it all, depositors cannot have access to their money. On the eve of a general election, both the poor and the rich are lamenting that they can’t have access to money. The effect is that there have been direct attacks on banks across the country, Automated Teller Machines, and Point of Sales Centres (POS) have been set ablaze, including offices of the Central Bank. Many have died. While the CBN claims that it has released new notes into circulation and that an otherwise necessary policy is being sabotaged by the political class looking for cash to buy votes and voters; opponents of the CBN’s policy question the timing of the policy and the difficulties imposed on the people. For many Nigerians, the big issue is not the election, but the politicization of the CBN’s policy on naira redesign. State Governors of the ruling party- All Progressives Congress have gone to court to sue the Federal Government, the CBN, and the President in two different suits. APC Governors and stakeholders are fighting their own government and openly disagreeing with their President. The opposition Peoples Democratic Party (PDP) has asked to be joined as co-defendants through AG Edo State and AG Bayelsa. Can you imagine members of the ruling party fighting their own government days to a general election, and the opposition supporting the President who belongs to the ruling party? The matter comes up tomorrow, Wednesday, February 22 at the Supreme Court, three days to the election as the apex court takes

President Buhari critical decisions if it would. It would prove to be a momentous moment in Nigeria’s 2023 electoral process, given the weightiness of the issues before their Lordships. Tomorrow, assuming that all the suits have been properly consolidated with all joinders accommodated, and expecting that no one brings another red-herring to further delay the court and the process, their Lordships are expected to make pronouncements on a number of issues viz: (1) whether or not the apex court has jurisdiction to hear the matter in AG Kaduna and ors. vs AG Federation, as originally presented, (2) whether or not there is a dispute between the states and the Federal Government to warrant the apex court’s original jurisdiction; (3) whether or not the original matter should have been instituted at the Federal High Court and not the Supreme Court; (4) whether or not the President of Nigeria Muhammadu Buhari can, acting in the interest of public policy, tactically undermine the authority of the Supreme Court as he did in his national broadcast of Thursday, February 16, when he ordered the CBN to continue to release old N200 notes till April 10, in flagrant violation of the extant Order of the Apex court of February 8, reaffirmed on February 15, to the effect that the status quo should be maintained until “the hearing of the motion on notice”. The Supreme Court is yet to hear the motion on notice. Will the Supreme Court “bark and bite” as it has been advised to do, in line with the rules established in State vs Solomon, Abacha vs Fawehinmi, Governor of Lagos State vs Ojukwu, and in line with Section 287 of the 1999 Constitution all of which affirm the supremacy of the order of Court, even if it is a nullity. And what would the Supreme Court have to say about those state Governors who have also similarly overruled the Supreme Court with the Governors in Kogi, Kano, Kaduna, Jigawa, Ogun telling the people in their states to keep spending the old notes whatever anyone says. In many of these states though, the re-designed old notes have lost both street credibility and legitimacy as the people opt to err on the side of caution. The situation in Nigeria is further compounded, days to the election, by the scarcity of fuel, even if that is easing off. Nigerians are going to the polls this year, angry, hungry and confused. The only rabbit that has not yet been pulled out of the hat is some dubious persons going to court to secure a midnight, black market court injunction as was done in the past, to try to stop the election. Whatever happens

at the Supreme Court of Nigeria tomorrow would say a lot about the courage, wisdom and integrity of the present apex court. What Nigerians can hold on to is the continued assurance by the President, Muhammadu Buhari that his administration is committed to seeing the elections through. Having given the same assurance repeatedly, he appears resolute and convincing. Ahead of the elections, he has told Nigerians that the government has the required security measures in place to protect the electoral process and defend the average Nigerian’s right to exercise his or her franchise. The President continues to send across the right signals on both the political process and the naira redesign policy, the ownership of which he has not shied away from, even if when he uses recent opportunities to campaign for the Presidential candidate of his party, the APC, many try to read meanings into the President’s campaign. Nigerians no doubt want to be given the opportunity to make a free choice in the 2023 elections and that they would be given a fair playing ground to do so. What President Buhari is expected to do, is to keep his promise in that regard, and ensure a smooth transition, and his job would have been done. One other major positive factor as Nigeria goes to the polls is the confidence with which the electoral umpire, INEC, continues to reassure Nigerians that it is indeed ready for the polls, regardless of whatever challenges may have been thrown up in the course of preparations. Despite the scarcity of the national currency, the CBN says it stands firm by the INEC to ensure that any cash that is required for logistics and other payments is made available to guarantee successful polls. Between the last general elections in 2019 and now, more than 50 INEC facilities have been destroyed, attacked, compromised, set ablaze literally by unknown gunmen. INEC materials have been destroyed, generators carted away, permanent voters cards stolen, majorly in the Southern part of the country. There is no evidence of arrests or convictions. Yet, INEC says it is ready. Just like the CBN, INEC has also received the expression of support from the National Security Adviser (NSA), that the Inter-Agency Consultative Committee on Election Security (ICCES) has what it takes to protect the polls and the electorate. Hmm. Those who have expressed doubts about the capacity of the security agencies cannot be blamed. The security agencies are the weakest link in Nigeria’s preparations for the elections. Where were these same inter-agency stakeholders when unknown assailants attacked INEC facilities and locations? Why have they proven completely negligent in addressing the threats and reality of violence before the election? The default response in the circumstance is for the Nigerian state to call out soldiers, and in fact the military has also been overheard saying that they are ready for Nigeria’s elections. Hmm. We all need to be reminded ahead of Saturday that this is an election not war! Everyone is behaving as if Nigeria is going to war. Relatives are calling on each other to stockpile food. Many families, especially the privileged ones, have fled to safe havens across the border, in anticipation that Nigeria could descend into chaos. This must not end up as a militarized election. The good thing about this country, however, is that there are many who are driven by sheer resilience and optimism. Those are the ones who will troop out on Saturday to vote no matter the odds. Since the last general election, a large population of Nigerians have come of age. Between the ages of 18 and 34, they constitute the bulk – more than 40% actually - of the voting population. They belong to the “Speak Out” (“Soro Soke”) generation that came into full reckoning in 2021 during the anti-police brutality #EndSars protests. They want to take their country back, and they constitute the backbone of what has become the Peter Obi movement under the platform of the Labour Party, which Peter Obi and his supporters have built from nothing into a strong force. Many

of the persons within this demographic category may have been structurally disenfranchised, but their enthusiasm would be a major point of analysis when a post-mortem of the current season is done. To vote in this election, the Nigerian voter needs a PVC, the only means of voting identification and verification that is recognized by law and the much-acclaimed deus ex machina to Nigeria’s electoral problems called the BVAS – Bio-modal Voter Accreditation System. Sadly, many Nigerians on the voters’ register could not get their PVCs. This all-important item was found in drainage channels, in wrong hands, and in parts of the country, INEC officials made quick trade selling PVCs. Voters complained of frustration and ethnic discrimination. INEC continues to boast that the BVAS is error-proof and that having used it in off-cycle elections, Nigerians can be sure that answers have been provided for electoral fraud and overvoting. The question is - really? The same BVAS, the same technology, that is a matter of dispute in the July 16, 2022 Gubernatorial election in Osun State? The least that INEC can do is to ensure that those Nigerians who have PVCs are able to vote without frustration, and that INEC technology back-end works and that the margin of human error is carefully managed. It goes without saying that a general election is far more complex and demanding than smaller scale, off-cycle elections. All eyes are watching Nigeria. Oftentimes, Nigerians forget how important their country is, and so they act in an absent-minded manner, leaders and citizens alike. Nigeria is the most populous country in the Black world. It is the largest market in Africa. The country sits atop enormous natural resources, in the sub-soil, the sea-bed and the continental shelf. The country’s only problem is that it is populated by human beings who have failed to move with the times, beyond primordial, centrifugal tendencies. The world is watching and many are interested in Nigeria’s election because any form of disruption in Nigeria could have far-reaching implications and consequences for geo-politics. President Buhari was quoted recently saying that the international community must not intervene in Nigeria’s elections. That statement must have been poorly phrased because in 2015, the same President Buhari then seeking power and office had openly welcomed foreign interest in Nigeria’s politics. He has since corrected himself by playing host to the EU Observation Mission for the 2023 elections. The CBN Governor has even, most recently met with foreign ambassadors in the country. No country is an island unto itself. What we deplore is the grovelling, sycophantic, neo-colonial, ineffectual rush by Nigerian political candidates to places like Chatham House to seek endorsement. Nigeria will be in the news in a more intensive manner until the elections are won and lost. Certain foreign governments, including the US and UK have declared that any Nigerian politician that behaves in an unscrupulous manner will be put on their countries’ black list. We live under a rules-based international community. Politicians, beware, and indeed the politicians are the problem – their greed, selfishness, lack of patriotism and wickedness. When all this is over and done with, the same professional political class that has been paying scant attention to the Electoral Act 2022, which was expected to be a game-changer and has so far not proven to be so, must learn that the rule of law should be obeyed. There has been no proven regard for the Peace Accords that the politicians signed. Peace must be allowed to prevail. Perhaps, Nigeria must begin to reconsider its system of government. The current Presidential system of government is too wasteful and indulgent. The way forward may well be a return to a parliamentary system of government or a hybrid of the presidential-parliamentary system. In the meantime, let every Nigerian of voting age, with a PVC go out to vote wisely. The future of this country lies in your vote.

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