WEDNESDAY 21TH FEBRUARY 2024 by THISDAY Newspapers Ltd

Senate Sets Up Panel to Probe Buhari over N30 Trillion Ways and Means Lawmakers to investigate anchor borrowers’ programme, $2.4bn forex scam

Sunday Aborisade in Abuja

Senators yesterday constituted an

ad hoc committee to probe the administration of former President Muhammadu Buhari over the N30

trillion Ways and Means Loans Advances from the Central Bank of Nigeria (CBN), which was approved

by the Ninth National Assembly. The federal lawmakers lamented Nigeria's current social and economic

crises and blamed it on the borrowing culture of the Buhari's administration, which they described as reckless.

The Upper Chamber expressed Continued on page 16

House Moves to Investigate Privatisation, Concession of 22 Government Silos ... Page 44 Wednesday 21 February, 2024 Vol 29. No 10542. Price: N400

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S'East PDP Gives Party Condition on Choice of National Secretary... Page 43

Idris: Nigeria Won’t Fall, Remains Africa’s Giant

We'll overcome our challenges, says Kalu Customs to disburse forfeited items to mitigate food crisis State police bill passes second reading

James Emejo, Juliet Akoje in Abuja and Laleye Dipo in Minna

Despite the increasing hardship in the country, the federal government, yesterday, responded to those

prophesying the collapse of the country and declared that "Nigeria will not fall" because it remained

the giant of Africa. Also, the Deputy Speaker of the House of Representatives, Hon.

Benjamin Okezie Kalu, has said the current economic challenges in Nigeria was transient and would

be surmounted because Nigerians Continued on page 16

FG Declares War on FX Speculators as Naira Slides to N1,830 to Dollar Deploys ONSA, CBN, Police, EFCC, Customs, NFIU to combat speculative activities Tinubu Says $10bn FX inflow coming President declares govt will create millions of jobs, unlock trillions in public wealth to boost economy Shettima: Some forces hell-bent on plunging country into anarchy NACCIMA writes CBN Gov, minister of trade, proffers strategies to address naira slide, inflationary pressure Deji Elumoye, Ndubuisi Francis, Kingsley Nwezeh in Abuja and Nume Ekeghe in Lagos The federal government yesterday declared war on currency speculation in its effort to stem the crisis in the foreign exchange (FX) market. The government issued a directive to the Office of the National Security Adviser (ONSA) and Central Bank of Nigeria (CBN) to join forces to address the challenges posed to the national economy by the speculative FX activities. Equally, yesterday, in a renewed bid to safeguard Nigeria's FX market and combat speculative activities, the government deployed the Nigeria Police, Economic and Financial Crimes Commission (EFCC), Nigeria Customs Service (NCS), and Nigerian Financial Intelligence Unit (NFIU) to fight the menace. The fresh measures came as the naira sustained its free fall at the Continued on page 16

Meeting of South East Zonal Working Committee and PDP Leaders in Enugu...

L-R: Former Governor of Imo State, Chief Achike Udenwa; former National Chairman of the PDP, Dr. Okwesilieze Nwodo; Chairman of the PDP Board of Trustees, Sen. Adolphus Wabara and governor of Enugu State, Dr. Peter Mbah, during a meeting of the South East Zonal Working Committee and leaders of the PDP in Enugu .... yesterday.

WEDNESDAY FEBRUARY 21, 2024 • T H I S D AY

T H I S D AY • WEDNESDAY, FEBRUARY 21, 2024

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

NEWS

Meeting of National Council on PRIVATISATION...

L-R: Minister of Industry, Trade and Investment, Doris Uzoka - Anite; Minister of Justice, Lateef Fagbemi; and Vice President Kashim Shettima during the National Council on Privatisation meeting at PHOTO: GODWIN OMOIGUI the Presidential Villa in Abuja..... yesterday

At Last, FG Hands over Zungeru Hydroelectric Power Plant to Concessionaire Shettima emphasises need to restructure, reposition Bank of Agriculture

Deji Elumoye in Abuja The Federal Government has officially transferred operations of the Zungeru Hydroelectric Power Plant to a Concessionaire, Penstock Limited. The move is expected to boost Nigeria's power generation capacity and contribute significantly to meeting the country's growing energy demands. Vice President Kashim Shettima made this known yesterday during the maiden meeting of the National Council on Privatisation (NCP) for the year 2024 at the State House, Abuja. According to a release issued yesterday by Media Assistant to the Vice President, Stanley Nkwocha, the NCP at the meeting announced significant progress in the Zungeru Hydroelectric Power Plant (ZHPP) concession, including the official transfer of the plant's operations to Penstock Limited. The Concession Agreement was signed on December 13, 2023, by the Bureau of Public Enterprises (BPE) and Penstock Limited. Following Council approval, the Concessionaire fulfilled its obligation by paying 50 per cent of the commencement fees on January 5, 2024. The official handover ceremony took place on January 23, 2024, officially transferring the plant's operations to Penstock Limited. Speaking at the meeting, the Vice President hinted of plans by the Federal Government to recapitalize and restructure the Bank of Agriculture (BOA) to bolster Nigeria's agricultural sector and achieve national food security.

Shettima noted the potential of BOA to play a central role in achieving national food security, citing its extensive branch network across all senatorial districts in the country. He, however, expressed concern about the bank's current practices, particularly its tendency to disburse unsustainable loans. The Vice President advocated modernisation of the BOA, emphasising the need to leverage technology and upgrade branch facilities, urging that embracing modern financial systems would enable the bank to function more effectively and fulfill its vital role in supporting agricultural development. He further alluded to the potential of the Green Imperative Project, proposing its integration with the BOA's restructuring plans. “For me, we can marry the Green Imperative Project while we are going to bring in assorted agricultural machinery. Every farmer should be given a tractor, harvester and other necessary machinery. We can take in the latest advances in science and technology and make it possible to track these items so that divergence can be minimized. “We have no business being poor. Nigeria must attain national food security. Let us leverage science and technology. There are three or four states that can feed the whole of this country,” the VP said. Currently, a committee led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is finalising a report on the BOA's recapitalization and restructuring, while key decisions have been made, and further updates are expected soon.

The Council also received updates on the report on the sale of NITEL/ MTEL property at Moloney Street, Lagos. It was noted that efforts are ongoing to evict illegal occupants

President Bola Tinubu has approved the appointment of Ms. Hafsat Abubakar Bakari as the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), pending her confirmation by the Senate. According to a release issued on Tuesday by presidential spokesperson, Ajuri Ngelale, Ms. Bakari is a lawyer and financial

intelligence expert with years of experience in anti-money laundering, counter-terrorism financing, and counter-proliferation financing (AML/CFT/CPF). Before her appointment as the Chief Executive Officer of the NFIU, she served as Deputy Director at the Nigerian Financial Intelligence Unit, and was at different times the Head of the General Services Unit; Head of the Strategy and Reorientation Unit, and Head

to the Minister of Communications, Innovation and Digital Economy, and Postmaster General to assist with the ongoing Postal Sector Reform, facing pushbacks from NIPOST and unions.

On the Federal Mortgage Bank Restructuring, it was noted that the bank's management has submitted nominations to the Implementation Committee which is expected to commence work shortly

House to Probe $38.7m NNPC-NAOC JV Okpai IPP Project To investigate plight of retirees under contribution pensions scheme

Juliet Akoje in Abuja

The House of Representatives has mandated its Committee on Power to conduct a comprehensive investigation into the NNPC–NAOC Joint Venture Okpai Independence Power Plant Project to ascertain the impediments leading to the abandonment of the project, and report back within four weeks. This resolution followed the adoption of a motion on: “The Need to Investigate the Abandoned $38.7 million Phase 2 of the NNPC - NAOC Joint Venture Okpai Independence Power Plant Project, moved by Hon. Nnamdi Ezechi at plenary yesterday. Ezechi noted that the Okpai IPP project, a joint venture between the Nigerian Agip Oil Company (NAOC) and the Federal Government, already received approval from the National Electricity Regulatory Commission (NERC) for the construction of phase 2. He also noted that despite the substantial investment of $38.7 million, and the commencement of Phase II construction in November 2017, the project ended up being abandoned,

Tinubu Appoints Hafsat Bakari As New Director/CEO Of NFIU

Deji Elumoye in Abuja

and resolve the court case on the property. On the audit of NIPOST properties nationwide, it was noted that the Bureau of Public Enterprises (BPE) has provided detailed information

of the Board Secretariat of the Economic and Financial Crimes Commission (EFCC). The President expressed hope that Ms. Bakare will bring her wealth of experience and expertise to full discharge in this critical role, especially in view of his administration's war against illicit financial flows and other sharp practices currently prevalent in segments of the nation's foreign exchange markets.

resulting in the dilapidation of the critical federal infrastructure. The lawmaker recalled that the Phase II project has reached approximately 90 per cent completion prior to its abandonment by contractors, Saipem Contracting Nigeria Limited (SCNL) and NAOC, and that the project site is in a grave state of decay, with billions of dollars worth of equipment and turbines unused, covered by grass, and taken over by shrubs. He raised the concern that the abandonment of the phase II project jeopardises significant investments and further hampers increased electricity generation for the nation. According to him, there is ambiguity surrounding the project's contract amount, casting doubt on accountability and transparency in its execution.

The House in another development also urged the National Pension Commission to investigate the complaints of former employees who have been negatively impacted by the administration of pension funds and ensure strict enforcement of the law. It also asked for the design of a framework to guide against infractions of the Pension Act, 2014 in furtherance of the anti-corruption stance of the present government. This was as the House adopted a motion on the plight of retirees under the contribution pension scheme moved by Hon. Clement Jimbo on Tuesday. Jimbo noted that the Pension Reform Act, 2014, was enacted to govern and regulate the administration of the uniform contributory pension scheme for both the public

and private sectors in Nigeria. He also noted that the objectives of the Pension Act, as spelt out in Section I of the Act, are to establish a uniform set of rules, regulations, and standards for the administration and payment of retirement benefits for the Public Service of the Federation. He recalled that the Act further establishes a Retirement Savings Account (RSA), which specifies that a holder of the account shall, upon retirement or attaining the age of 50 years, whichever is later, utilise the amount credited to its RSA for the benefits specified. "Most government retirees complained of rip offs under the guise of managing their benefits and entitlements under the Contributory Pension Fund Scheme operated by the Pension Fund Administrators (PFAs).

NiMet Forecast Shows Delayed Onset of Rain for North-central States Kasim Sumaina in Abuja

A Nigerian Meteorological Agency (NiMet) forecast has revealed that the onset of rain will be delayed in some parts of the country, especially the North-central states, in its 2024 Seasonal Climate Prediction (SCP). This is even as the agency’s report hinted that a normal onset is likely to occur over the northern state of Borno and southern states like Abia, and Akwa Ibom states when compared to their long-term averages. The Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, read the NiMET’s forecast during the public presentation of the 2024 SCP organised by the agency, yesterday in Abuja.

Keyamo in the address noted that the launch of the 2024 SCPsignified an important contribution to the ministry's journey towards a more resilient and sustainable future. "I fully understand the impacts of weather on the aviation industry. Flight safety and efficient air transport operations are hugely dependent on accurate weather forecasts, advisories, and early warnings. “Through continuous investments in meteorological weather stations, satellite data, and Numerical Weather Prediction (NWP), NiMet has continued to enhance aviationspecific weather services. "The aviation industry looks forward to continued collaboration with NiMet and the meteorologi-

cal community, to utilise weather information for planning flight operations, aircraft routing, and scheduling among other applications," he said. He said that rainfall patterns in West Africa are closely linked to changes in the Sea Surface Temperature (SST) over the tropical Pacific Ocean, meaning that accurate rainfall predictions for Nigeria depend on the complex interactions between the atmosphere and the ocean. "The 2024 Seasonal Climate Prediction (SCP) uses a standard approach that considers the teleconnection between the SST anomalies in both the Pacific and Atlantic Oceans and the rainfall regime over Nigeria,” he said.

WEDNESDAY, FEBRUARY 21, 2024 • T H I S D AY

NEWS

Turkish Ambassador’s visit to the SGF...

L -R: Turkish Deputy Ambassador in Nigeria, Mr. Burak Hamarat; Secretary to the Government of the Federation, Sen. George Akume; Turkish Ambassador to Nigeria, Hidayet Bayraktar and Permanent Secretary, PHOTO: GODWIN OMOIGUI General Services Office, Office of SGF, Dr. Nnamdi Maurice Mbaeri during the Turkish Ambassador’s delegation visit to the SGF office in Abuja.... yesterday

IMF Forecast: Naira May Experience 35% Depreciation in 2024 Amid Output Challenges Calls for aggressive monetary tightening, fiscal adjustment Predicts fiscal deficit to widen above 6% of GDP amid rise in fuel subsidy, inflation to peak at 44%

James Emejo in Abuja

The International Monetary Fund (IMF) has warned that the country's exchange rate may depreciate further by about 35 per cent this year and contribute to a sharp rise in inflation, peaking at 44 per cent

before the monetary policy could eventually arrest the situation through tightening. The fund disclosed this in its February 2024 Post–Financing Assessment and Staff Report. It noted that monetary policy is currently insufficiently tightened to

bring inflation below 20 per cent while pressures on the Naira persist. The report noted that amid the absence of local production and the recent liberalisation of commodity imports, the exchange rate would likely depreciate further. IMF said Nigeria had been hit

by another adverse climate shock in early 2024 - following severe flooding in late 2022- that exacerbated the current weakness in agriculture and led to a decline in output and a surge in food prices. According to the Bretton Woods institution, the country would benefit

Despite Govts’ Trips Abroad, Only Four States Attracted $1.08bn Capital Inflows in Q4 2023 James Emejo in Abuja

The country's capital importation increased by 66.27 per cent to $1.08 billion in the fourth quarter of last year (Q4 2023), compared to $654.65 million in the preceding quarter, the National Bureau of Statistics (NBS) disclosed yesterday. This was also slightly higher than $1.06 billion recorded in Q4 2022 by 2.62 per cent. According to the Nigerian Capital Importation Report for the review period, Lagos State remained the top destination for foreign capital inflows into the economy with $771.68 million, accounting for

65.38 per cent of total importation. This was followed by the Federal Capital Territory (FCT) with $370.80 million or 34.07 per cent and Rivers State with $6.00 million or 0.55 per cent and Ekiti with $0.01 million. Despite foreign trips abroad allegedly to woo investors, the report revealed the quantum of resources squandered by state government officials in the guise of attracting capital inflows. Nonetheless, the NBS stated that Other Investment type accounted for 54.64 per cent or $594.74 million of total capital importation in Q4. This was followed by Portfolio Investment with $309.76 million

or 28.46 per cent of total share. Foreign Direct Investment (FDI) amounted to $183.97 million or 16.90 per cent. According to the NBS, the production/manufacturing sector recorded the highest inflow with $450.11 million, representing 41.35 per cent of total capital imported in the review period. This was followed by the banking sector, which represented $283.30 million 26.03 per cent and financing which contributed $135.59 million or 12.46 per cent. Capital Importation during the reference period originated largely from the United Kingdom with

$267.24 million, with a share of 24.55 per cent. This was followed by Mauritius with $226.18 million or 20.78 per cent and The Netherlands with $149.93 million or 13.77 per cent. Others include Singapore, $144.25 million, and South Africa with $116.37 million. Under the review period, agriculture-related investment amounted to $0.42 million, construction, $0.25 million, IT Services $9.08 million, financing $135.59 million, oil and gas $2.04 million and telecoms $22.84 million as well as transport $0.14 million among others.

from developing a comprehensive macroeconomic and growth strategy, in collaboration and with support from development partners. This, it said, would include aggressive monetary tightening, fiscal adjustment to restore macroeconomic stability, and putting in place climate adaptation measures. It stressed that domestic demand had weakened due to the steep fall in real incomes – as investments in the oil sector would likely stall due to rising costs, and production declines. The fund further predicted that the country’s growth could fall to zero in 2024 and only slowly recover to two per cent in 2028. It said the uncertainty over Nigeria’s net international reserves level poses additional risks, as would exogenous further shocks that impact external stability, poverty, and food insecurity. The publication further stated that the fiscal deficit could increase above six per cent of GDP in 2024 and 2025, driven in part by increased transfers to quell social unrest (one per cent of GDP) and a rise in the implicit fuel subsidy. IMF Predicted that, “With limited external financing options and higher expenditures, there is

increasing use of CBN and domestic financing. The authorities implement expenditure measures in 2026, for example, phasing out the implicit fuel subsidy but the debt to GDP ratio still rises by six percentage points above the baseline by 2028. “The spike in inflation and rise in uncertainty trigger portfolio outflows, and Nigeria is unable to access Eurobond financing. Reserves decline to $17 billion in 2025. Obligations due under the RFI peak at over eight per cent of officially reported reserves. “Nigeria would be able to repay the fund, even in the downside scenario. This assumes that the authorities continue to prioritise external debt service. However, debt service would compete directly with urgent humanitarian needs to tackle rising poverty and food insecurity that would need to be prioritised. “Therefore, even assuming the authorities reserve the remaining SDR allocation for RFI repayments, trade-offs could be severe. “The uncertainty over Nigeria’s net international reserves level poses additional risks, as would exogenous further shocks that impact external stability, poverty, and food insecurity.”

Obasanjo Seeks Bill to Support Kidney Patients, Combat Organ Harvesting James Sowole in Abeokuta

Former President, Chief Olusegun Obasanjo, has said there was urgent need for legislative support in terms of a new bill to support people with kidney disease. He also appealed to relevant security bodies to help with necessary laws on the emerging organ trafficking in the country, especially with regards to cadaveric donations. In a statement by his Special Assistant on Media, Kehinde Akinyemi, Obasanjo highlighted four areas to address the burden and challenges in the management of kidney disease, even as he noted that several strategies could be followed at the same time. Obasanjo who spoke at the 36th Annual General Meeting and Scientific Conference of the National Association of Nephrology with the theme: “Optimising Dialysis Therapy To Prolong Survival,” holding at the main Auditorium of

the Olusegun Obasanjo Presidential Library (OOPL) in Abeokuta, Ogun State capital, commended the body for its work with regards to advocacy, screening, enlightenment and periodic collaborations with a view to reducing prevalence of the disease, especially among youth and children. According to the former President, “This is the 30th meeting of the Nephrology Association of Nigeria and it is my delight to commend your Association for its work with regards to advocacy, screening, enlightenment and periodic collaborations with a view to reducing the prevalence of the disease among our people especially among youth and children.” He said, “From available reports, one out of seven, that is, about 15 per cent of adult Nigerians have kidney failure which cannot be reversed and is life-threatening if left untreated. “I have also been informed that

the prevalence of kidney failure in Africa is higher than anywhere else in the world as an average African is four times more likely to develop kidney problem than a Caucasian or Mediterranean race." Causes of this disease, Obasanjo stated, “include hypertension, diabetes, kidney infections, genetic, habitual consumption of undefined herbal medications, and chronic analgesic abuse amongst a list of causes. “The burden of chronic kidney disease is further exacerbated by the high prevalence of these risk factors. Late presentation is also a problem which further leads to increased morbidity and mortality. “Many countries in the continent are undergoing rapid epidemiological transitions and are confronted with the double burden of communicable and non-communicable diseases, in part driven by the adoption of Western lifestyles and rapid urbanisation.”

He noted that treatment must start with prevention and healthy lifestyle, while, “in severe cases, apart from drugs, intervention by way of machine treatment (dialysis) or outright replacement (transplantation) are the way out. “I wish to acknowledge the role of NHIS in providing limited support for only six dialysis sessions, but I want to suggest a need to consider increasing the carrying capacity substantially as obtains in South Africa and Sudan.” Obasanjo also disclosed that, “we also need to invest in local production of dialysis consumables to bring down the cost of dialysis care. “Supporting dialysis and transplantation services for children not only improves health outcomes but also reduces the need for Nigerians to seek these services abroad, saving foreign exchange. “It fosters trust in the government, encourages local produc-

tion of medications and dialysis materials, creates employment, and enhances the country's visibility in international healthcare organisations. “Ultimately, strengthened policies can prevent unnecessary deaths, improve healthcare access, and boost the nation's healthcare infrastructure. “At this juncture, I want to call on diasporas, well-meaning philanthropists, foundations and corporate Nigeria to support worthy initiatives by the Nigerian Association of Nephrology (NAN), in reducing cost or helping out with capacity development, equipment support and other means of providing succor.” According to him, to address the burden and challenges in the management of kidney disease, several strategies must be followed at the same time. He said, "There is a need to raise awareness about kidney disease, its risk factors, and the importance of early detection and treatment. Educa-

tion programs can be implemented to educate the public and healthcare professionals about kidney disease prevention and management. "Efforts should be made to increase the number of nephrologists, hemodialysis centers, and kidney transplant centers in Nigeria. This would improve access to specialised care for patients with kidney disease. "Improving Early Detection and Diagnosis: Early detection and diagnosis of kidney disease can help prevent or delay its progression. Screening programs can be implemented to identify individuals at risk and provide early intervention. “In this instance, school health services should be re-invigorated to identify early cases in children. Same with pre-employment and insurance screening. A synergy could be worked out with relevant stakeholders and the National Employers’ Consultative Assembly (NECA).”

WEDNESDAY FEBRUARY 21, 2024 • T H I S D AY

WEDNESDAY, FEBRUARY 21, 2024 • T H I S D AY

NEWS

ministers' visits to Abuja technology village...

L-R: Minister of Science, Technology and Innovation, Uche Nnaji; FCT Minister, Nyesom Wike; and other officials of the Abuja Technology Village (ATV), during the ministers' visit to the ATV in Abuja… on Monday.

Escalating Energy Prices: Oil, Gas Marketers Kick Against ‘Dollarisation’ of NPA, NIMASA Charges Say with 30% interest rate, members may be jailed by banks soon

Emmanuel Addeh in Abuja

The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) yesterday decried the continued “dollarisation” of the Nigerian economy, including the collection of charges from operators by the Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA). Briefing the press on the harsh economic conditions that marketers have recently been subjected to, the National President of NOGASA, Mr Benneth Korie, stated that aside rising diesel prices and bad roads, there was no sense in carrying out transactions in dollars within Nigeria. Among other problems, oil and gas marketers have always lamented that when mother vessels bring in refined products to Lagos, daughter vessels that are chartered to discharge from the bigger containers are charged in dollars, while the NPA also takes its docking charges in dollars. Korie argued that to ameliorate the energy crisis, when Dangote refinery and the federal government refinery in Port Harcourt come on stream, crude oil must be sold in naira, even though the authorities may then still decide to peg it against the dollar. He argued it was no longer tenable to buy petrol per litre for N620 and then use diesel of N1,700 per litre

to transport it to various parts of the country. The group therefore urged the federal government to peg the prices of diesel, even if temporarily, warning that if the federal government fails to address the challenges, the hostile business environment will naturally cause businesses done by marketers to fold up. According to him, the heavens will not fall if the federal government sells diesel sells diesel for N650/litre, just like what currently applies to petrol pump pricing. He argued that it was an anomaly for NPA and NIMASA to collect their payments in dollars, which he said is further aggravating the current FX challenge and urged the government to intervene. “Another one that looks funny to us is that NIMASA is in Nigeria, NPA is in Nigeria and somebody is coming out to say, we are collecting dollars because our operations are in dollars. “ You are government, you can go to the Central Bank of Nigeria (CBN) and pay for your operations, but allow people to pay naira in Nigeria. You are in this country and you must trade in Naira. “They should remove Naira transactions from NIMASA and NPA. They should stop collecting dollars from Nigerians for any service. This is very important.

“If you are buying crude oil from the government you pay in dollar, so how much are you going to sell? “If we have one price from the government, then when you are buying crude oil from the government, you multiply it by the government rate and then you convert to Naira and begin to sell to Nigeria in Naira,” he maintained. Korie stated that many members of the association may soon be jailed by the commercial banks, with

interest rate at 30 per cent coupled with the current economic situation. “The bank interest is too high. Today, if you are going to buy one truck of PMS, you are going to spend N30 million and then you will go to bank to get that money at 30 per cent, all in the name of this inflation. “If care is not taken, we also will withdraw our services because there’s no way out. If we continue this way, banks will jail all of us one by one. Filling stations are closing down,

Judiciary pledges to restore investors’ confidence, protect electricity consumers

Emmanuel Addeh in Abuja The Minister of Power, Adebayo Adelabu, yesterday maintained that a strong bench which with predictable, clear and logical judicial precedents was critical to the success of recent reforms in the power sector. Adelabu spoke at the 4th seminar for Judges in Abuja, organised by the Nigerian Electricity Regulatory Commission (NERC). It was themed: “Reforms in the Nigerian Electricity Sector, Towards Sustainability.”

The minister argued that the legal profession had been able to achieve some successes through reforms that were geared towards sustainability, explaining that if the Nigerian power sector had received the same consistent reforms supported by required resources, it would bear more desirable results. “The Nigerian judiciary has helped the industry with notable pronouncements and the act of the judiciary goes far in attracting private investment in the power sector.

Kyari: Lack of investment, uncertainty, multiple taxation hindering Nigeria’s energy security

There was relief across the nation yesterday as the Nigerian Association of Road Transport Owners (NARTO) decided to call off its two-day strike action, following the federal government’s decision to pay the group’s outstanding bridging claims. Speaking after negotiations which spanned two days in Abuja, stakeholders, including the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, said all outstanding bridging claims would be verified and paid by the government. However, he noted that many of the issues raised by the transporters were commercial in nature. “I want to announce to Nigerians that after consultations with all stakeholders, we have come to a conclusion that the strike will be

called off. “All the issues they raised have been addressed and I have also given commitments on behalf of the government that going forward the government will do what it is expected to do. “We have given our commitment and we have started paying some of the bridging claims. We have also committed that in the next four weeks, maximum by the middle of next month, we would have been done with the reconciliation so that those that are owing will pay up,” Lokpobiri said. Also speaking, National President of NARTO , Yusuf Othman said an agreement has been reached with the government and oil marketers. He said that part of the deal reached is that there will be an improvement in the freight rate from the current N32 per litre, but

The NOGASA president said although the organisation supported the removal of subsidy, it is obvious that the decision is not working the way it ought to. While calling for a stakeholders’ meeting, Korie said that the ‘dollarisation’ of the economy was seriously affecting the businesses of NOGASA members. “This nonsense of dollars will have to stop. Stay away from the dollar and everything will go back to normal,” he maintained.

Adelabu: Predictable, Clear, Logical Judicial Precedents Critical to Success of Power Sector Reforms

Relief as NARTO Suspends Strike, FG to Pay Bridging Claims Emmanuel Addeh in Abuja

and 70 per cent of them are out of business, “ he lamented. Korie advocated that government should reintroduce and strengthen the Petroleum Equalisation Fund (PEF) to enable marketers to recoup and reinvest their funds. He also urged the government to fix the roads in the country in order to reduce the wear and tear of the trucks, urging the government to declare a state of emergency on the refineries.

declined to name the new rate. Othman added: “This has no relation with the pump price. Our agitation is as regards the freight rate, for the transportation of petrol. " In any case, you have to transport the fuel before you sell it and if the amount they are paying is not adequate to move the product to the stations, you will not see it to buy.” Meanwhile, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mr. Mele Kyari, has listed some of the impediments to the achievement of energy security in Nigeria to include lack of investment in the energy sector. He said this was due to uncertainty in the business environment and multiple taxation, adding that in the last 10 years, less than 3 per cent of the total investment flow into Africa came into Nigeria.

According to him, no public wealth creation endeavour can achieve any meaningful success without energy security. Kyari spoke during a presentation at the Ministry of Finance Incorporated (MOFI) Public Wealth Management Conference which held in Abuja yesterday. He noted that all other wealth creating activities such as agriculture rely heavily on one form of energy or the other to thrive, according to a statement by the Chief Corporate Communications Officer of the company, Mr Olufemi Soneye. “If you don’t have energy, you don’t have agriculture. You can do all the agriculture but you can’t take it to the market, you may not be able to preserve it, you can’t even export it. So, all those indices are clearly connected to the ability to create energy,” he emphasised.

“ In the financial services industry, we say that investments will only follow certainty; and there appears to be no greater means of providing certainty than predictable, clear and logical judicial precedent that is dispensed by a competent bench,” he stated. The seminar, the minister said, is a laudable initiative of the commission geared towards building the capacity of the Nigerian bench towards achieving the desired objective of predictable, clear and logical judicial precedent in matters affecting the power sector. According to him, Nigeria has started on the journey towards critical reforms in the power sector towards producing “revolutionary” results. Stressing that prior administrations had contributed immensely in this regard, he noted that the legislative changes that had occurred in the past year had placed the sector on the path of a total paradigm shift. “The notable legislative changes have been the amendment of the Constitution of the Federal Republic of Nigeria with the granting of unfettered powers to sub-nationals to develop electricity markets within their jurisdictions and the Electricity Act 2023 that was assented to by Mr. President in the first month of his administration. “The Electricity Act 2023, introduces far reaching features that propel market liberalisation, extend regulatory reach, and establish a more coherent policy framework that will mitigate of the operational and systemic risks in NESI. “As we navigate our path towards a more a commercially viable electricity market that is characterised legal and contractual obligations, the

imperative to understand the peculiar and nuanced nature of a regulated electricity market becomes even more imperative,” Adelabu said. He explained that the seminar was part of the broader vision of the commission and the National Judicial Institute (NJI) to engage the members of the judiciary on important developments in the sector. The judiciary’s pivotal role, through notable pronouncements, he said, contributes significantly to attracting private investment in the power sector. Also speaking, the Chief Justice of Nigeria (CJN), Kayode Ariwoola, stated that the electricity sector is one that is very important to the dear nation, explaining that it has far-reaching implications for the growth and prosperity of the country. According to him, actions and decisions taken in courts could go a long way to shape the future of the country, especially the energy landscape as well as its economic development. According to him, while there are issues of inadequate infrastructure and poor service, the new Electricity Act now addresses the critical issues of environmental concerns, host community management, among others. He assured that on its part, the judiciary will continue to play its role of adjudication, upholding the rule of law and ensuring that the principles of justice are applied in all aspects of the sector. Ariwoola added that the judiciary will thrive to restore confidence in investors and protect the rights of the customers, adding that though challenging, the problems in the sector were solvable.

WEDNESDAY FEBRUARY 21, 2024 • T H I S D AY

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Tinubu Directs Payment of N342.35m State House Outstanding Electricity Bill

Gbajabiamila assures payment will be effected this week Urges MDAs to reconcile and settle their electricity bills with AEDC

Deji Elumoye in Abuja

President Bola Tinubu has directed immediate settlement of outstanding electricity bill due to the Abuja Electricity Distribution Company. The President's directive, according to a release issued yesterday by Special Adviser on Information and Strategy, Mr Bayo Onanuga, followed the reconciliation of accounts between the State House Management and AEDC. Contrary to the AEDC's initial claim of N923million debt in paid advertorial in newspapers, the State House outstanding bill is N342, 352, 217.46, according to a letter by the

AEDC management to the State House Permanent Secretary dated February 14, 2024. Having reconciled the position to the satisfaction of both parties, the Chief of Staff to the President, Hon. Femi Gbajabiamila, has given assurance that the debt will be paid to AEDC before the end of this week. Following the example of the Presidency, Chief of Staff also urged other Ministries, Departments and Agencies (MDAs) to reconcile their accounts with AEDC and pay their electricity bills. The Abuja Electricity Distribution Company (AEDC) had on Monday issued a 10-day ultimatum to Min-

istries, Departments and Agencies (MDAs) to pay up their outstanding electricity bills. In a publication, AEDC said it is constrained to publish names of government agencies with long unpaid debts as previous attempts were unsuccessful. In view of this, it said MDAs who fail to pay their debts within 10 days from Monday, February 19, will be disconnected until the debts are cleared. According to the notice, the presidential villa is owing an electricity bill of N923.87 million. Other affected MDAs include the Ministry of Power, DSS, Presidential

Villa, the Chief of Defence staffbarracks and military formations. As at December 2023, the Chief of Defence Staff-barracks and military formations, with approximately 184 accounts, owed a whopping N12 billion. Also, the Federal Capital Territory (FCT) Ministry, with 423 accounts, owed N7.6 billion in unpaid bills while the Ministry of Finance, with 237 accounts, owes N5.4 billion. Niger State Governor, Abuja Liaison Office, with 536 accounts, is responsible for N3.4 billion in unpaid bills. The Ministry of State Petroleum, with 10 accounts, owes N2.1 billion.

FG Declares War on FX Speculators as Naira Slides to N1,830 to Dollar parallel segment of the FX market, dropping to a record N1,830 to a dollar, a slide by N335 in just one week, compared to the N1,495 to a dollar it closed on February 13. But President Bola Tinubu yesterday disclosed a plan by the federal government to raise at least $10 billion in order to increase FX liquidity, a key ingredient to stabilise the naira and grow the economy. The naira, in one week, recorded its highest slump on the parallel market as it closed at N1,830/$ yesterday, while on the Nigerian Autonomous Foreign Exchange (NAFEM) it closed at N1,551.24/$1, a N47.3 appreciation compared to the N1,598.54 it closed on Monday. However, speaking yesterday, in Abuja, at the inaugural Public Wealth Management Conference, with the theme, “Championing Nigeria’s Economic Prosperity,” organised by the Ministry of Finance Incorporated (MOFI), Tinubu said his administration would create

millions of jobs by unlocking the value of Nigeria's vast public assets with a view to optimising and doubling the country’s Gross Domestic Product (GDP). The president, who was represented at the event by Vice President Kashim Shettima, highlighted a low-hanging fruit of identifying, consolidating, and maximising returns on government-owned assets worth trillions of naira. According to him, with economic revitalisation as its top priority, the federal government has a target of raising at least $10 billion in order to increase foreign exchange liquidity that will, in turn, stabilise the naira. Tinubu said, “The federal government set a goal to raise at least $10 billion in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy. “At the core of this is ensuring optimal management of the assets and investments of the federal

government towards unlocking their revenue potential. “This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next eight years.” The president stated that decades of mismanagement and underutilisation had plagued the country’s assets spread across Nigeria and outside the borders, leading to revenue losses that have hindered economic growth. He assured that the newly restructured Ministry of Finance Incorporated, designed to act as custodian and active manager of the assets, would now take centre stage. The president further emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships, and attracting alternative investment capital will significantly increase

returns. He said the improved returns would, then, be directed towards, “crucial funding for education, healthcare, housing, power, roads and other areas vital to lifting millions out of poverty”, and stimulating sustainable economic development and job creation for the youth. Stressing that the initiative was not just about revenue generation, but also creating inclusive and sustainable growth, Tinubu said by efficiently managing public resources, the government aimed to build a more equitable society and unlock the full potential of its citizens. He called on all stakeholders, including ministries, development financial institutions, and both public and private sector players, to partner with MOFI in optimising the strategic assets. He expressed hope that the collaborative effort would unlock Nigeria's full potential

id r is : N i g e r ia W o n ’ t Fa l l , R e m ains A f r i c a’ s Giant

would always rise together in times of adversity. At the same time, the Comptroller General of Customs, Mr. Bashir Adewale Adeniyi, has disclosed that the service would facilitate the direct disposal of food items forfeited to the federal government to alleviate the current hardships faced by Nigerians as well as improve access to essential food items. Meanwhile, the House of Representatives, yesterday, passed through second reading, a bill seeking to alter the provision of the constitution of the federal republic of Nigeria to provide for the establishment of state police. However, the Minister of Information and National Orientation, Mohammed Idris, gave the hope on Nigeria in Minna, Niger State, in a message to the 2024 NIPR Niger State Chapter Conference/ Annual General Meeting. Idris hinged the optimism of the government on the various measures being taken to revive the economy, surmount insecurity and make life worth living for the ordinary Nigerian. Represented by the Director General of the Voice of Nigeria (VON), Alhaji Jibrin Ndace, the minister declared that, "His Excellency Ahmed Bola Tinubu, GCFR, President, Federal Republic of Nigeria, is highly committed to lead us to the Nigeria we want with a sincere purpose and focus on the values of the Nigeria Constitution. "In the last seven months, this government has ensured it doesn’t lose track in fixing the economy, fighting insecurity, attracting Foreign Direct Investment and consolidating Nigeria’s Foreign policy ethos on the world stage. "Our role in sustaining democracy in the West-Africa region through the ECOWAS platform has won us a prestigious mention at the global political family table. "We will not rest on this milestones, because the Renewed Hope Agenda of President Tinubu, was

and still remain resolute that Nigeria will not fall because we are the true giant of Africa." The minister expressed delight that rising food prices in many parts of the country had started coming down and assured the people that steps taken by the administration would further bring succour to the ordinary Nigerian. Idris disclosed further that the federal government had approved funding for the second Niger bridge-bypass, Abuja-Kano, LagosIbadan highway projects, and also approved funds for the Minister of the FCT to procure all the security gadgets to fight insecurity situation and safeguard the integrity of the federal capital. In addition, he said the president had approved the resolution to increase primary healthcare centers from 8,300 to 17,600 across the country and also approved N9 billion for Group Life Assurance for federal government workers as well as gave the go ahead for the establishment of an "infrastructure support fund for states to invest in critical areas that will create an enabling environment for businesses" He, therefore, charged all the major stakeholders in the country to collaborate with the administration to bring an end to the numerous challenges the country was facing. Former governor of Niger State, Dr. Muazu Babangida Aliyu, in an address spoke against the plan by some members of the National Assembly to return Nigeria to the parliamentary system of government, saying, “the presidential system is not the problem but needs modifications to suit Nigeria’s peculiarities." Aliyu said if the political culture was not right with the system, there was nothing anyone could do because it would not work. “I need to talk about the discussion of switching to parliamentary system. No system can work if people do not change their ways. Britain, France and Italy devolved

powers and responsibilities to the states and local government areas, thereby reducing the temptations of wastages and corruption in federal government and any of the system can work. “It is what is in our hearts that is bad and if we do not change, whatever system you bring will not work" Aliyu submitted, insisting that, “There is nothing wrong with the presidential system. It is the mindset of Nigerians and the people who need to change.”

We'll Overcome Our Challenges, Says Kalu Deputy Speaker of the House of Representatives, Hon. Benjamin Okezie Kalu, has said the current economic challenges in Nigeria was transient and would be surmounted because Nigerians would always

rise together in times of adversity. Kalu, who spoke before the commencement of the plenary session yesterday noted that all hope was not lost and that appropriate policies had been enacted by the President Bola Tinubu government to tackle the situation. “As we commence proceedings today, we are all aware of the challenges we face as a nation. The storm clouds of inflation gather, the cries of economic hardship echo, and whispers of doubt threaten to dim the flames of our collective spirit. “But let me assure you, the Nigerian spirit is not one that cowers in the face of adversity! We are a nation forged in resilience, a people united by dogged determination. The challenges we confront may seem insurmountable. Continued on page 45

The Ministry of Education, with 351 accounts, owed N1.8 billion. The Central Bank of Nigeria (CBN), with 42 accounts, owed N1.6 billion. The Nigeria Police Force, with 1,266 accounts, owes N1.4 billion. The Presidential Villa, with six accounts, owed N923 million. The Federal Airport Authority of Nigeria, with four accounts, owed N846 million. The Kogi State Governor, Abuja Liaison Office, with 443 accounts, is responsible for N1.2 billion in unpaid bills. The Ministry of Health, with 65 accounts, owed N1.1 billion. The Clerk of the National Assembly, with 25 different accounts, owed

and create a brighter future for all citizens. Nonetheless, Shettima alleged that certain unnamed individuals, who could not get to power through the ballot box, were hell-bent on plunging the country into a state of anarchy instead of waiting to have another attempt in 2027. The vice president said, "I do believe that harnessing our vast assets ultimately boosts economic prosperity for all. We are passing through some rough waters, but when there is a will, there is a way. "We know the consequences of unveiling a masquerade but we have to make this country work. We have to move beyond politics. We are now in the phase of governance. "Sadly, some of our countrymen are still in the political mode. They are the practitioners of violence advocating that our country should go the Venezuela way. Some are agitating that we should go the Lebanon way. "But Nigeria is greater than any one of us here. Nigeria will weather the storm.” Shettima highlighted some steps taken by the current administration to improve economic activities. He stated, “In the first month after coming on board, our revenue for sharing at FAAC was N1.9 trillion. "In order not to overheat the polity of the economy, we had to warehouse N1 trillion and share N900 billion. "We are not altogether in a very terrible retard shape. Yes, there's the FX challenge, which all hands are on deck to see that we weather that storm. As I said, we know the consequences of unveiling the masquerade. "Forces are hell-bent on plunging this country into a state of anarchy. Those who could not get into power with the ballot box, instead for them to wait till 2027, they are so desperate. "If this country can fall apart, as

President Bola Tinubu N1.1 billion. The Ministry of Justice/ AGF, with 46 accounts, owes N815 million. The State Security Office, with 166 accounts, owed N648 million while the Federal Inland Revenue Service, with 18 accounts, is put at N362 million. The National Intelligence Agency, with two accounts, owed N322 million. The Ministry of Power, with four accounts, owed N78 million.

far as they are concerned, so be it. But we are going to be resisting them. "Just a few nights ago, 45 trucks of maize were caught being transported to a neighbouring country. Just in that Ilela axis in Sokoto State, there are 32 illegal smuggling routes. "And the moment those foodstuffs were intercepted, the price of maize came down by N10, 000. It came down from N60, 000 to N50, 000. "So, there are forces that are hell-bent on undermining our nation, but this is the time for us to coalesce into a singular entity. I have only a Nigerian passport. I don't have a Moroccan wife or a house in Dubai and we would do everything to make things work for our nation." Earlier, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said Tinubu was mindful of the pains of his administration’s reform programmes and was deploying appropriate mechanisms to address the challenges. Edun assured that while 42,000 metric tons of assorted grains were being released, with 60,000 metric tons to follow, shortly, as part of measures to arrest food inflation, food prices would drop in the coming months as a result of government’s actions and policies. The minister urged the management and board of MOFI to, among other things, develop a specific line of revenue for the national budget as part of its renewed mandate of supporting the federal government’s fiscal stability. Chairman of the MOFI Board, Dr. Shamsudeen Usman, assured that the agency would, going forward, play a more active role in the management of assets under its purview. Usman urged operators of the assets to see MOFI as a partner rather than competitor or regulator. Continued on page 44

Senate Sets Up Panel to Probe Buhari over N30 Trillion Ways and Means their disappointment during a debate on the report of the Joint Committee on Banking, Insurance & Other Financial Institutions (BIOFI) Finance; National Planning; Agriculture and Appropriation. The panel's report was based on its members’ interaction with the federal government’s Economic Management Team on the state of the economy. The interactive session was held last week. Chairman of the joint committee, Senator Yahaya Abdullahi, who presented the report explained that the ways and means loan was one of the major factors that caused the current economic hardship. Abdullahi, a Peoples Democratic Party senator representing Kebbi North, advised the federal government to settle the N30 trillion debt in order to reduce money supply. The lawmaker also urged the CBN to ensure that beneficiaries of various intervention programmes who failed to utilise the funds judiciously should refund the monies appropriated to them.

The Committee in its report frowned at monetary policy under Buhari especially the Ways and Means Advances, which it maintained instigated the current inflationary pressures on the nation's economy. Senators took turn to debate the report and condemned the reckless financial malfeasance under Buhari. The red chamber in adopting the joint panel's report, consequently resolved to set up an ad hoc committee, to carry out investigation into what the N30 trillion Ways and Means were spent on by the immediate past government since details of such spendings were, allegedly deliberately not made available to the National Assembly. The adhoc committee which would be constituted today would also probe the N10 trillion expended on the Anchor Borrowers Programme. It would equally probe the $2.4billion forex transaction out of $7 billion obligation made for that purpose as well as other intervention programmes.

Chief Whip of the Senate, Ali Ndume, in his contribution, said details of the Ways and Means Advances were not presented to the Ninth National Assembly for proper scrutiny. He referred his colleagues to the provisions of the 1999 Constitution as amended, which states that the National Assembly has no power to review expenditures made after approval, by ministries, agencies and departments of government. He said, "Mr President, I was not part of the plenary that gave the nod for Ways and Means but the detail of funds spent were not provided. This is illegal.'' Deputy Senate President, Barau Jibrin who incidentally was Chairman of the Senate Committee on Appropriation in the Ninth Senate, corroborated Ndume's submissions. He also said that details of the expenses were not made available to the Parliament. He said, "It was approved for emergency, when they were brought, it was due to emergency. "They told us that it was urgent.

We said we are going to pass it but that they must bring the details which they never did." President of the Ninth Senate, Ahmad Lawan, who led the National Assembly to approve the alleged illegal expenditures, however expressed strong reservations about the lawmakers’ decision to investigate the Ways and Means Advances. He clarified that the Senate under his leadership approved N22 trillion, not N30 trillion which the report of joint 10th Senate Committee stated. The former Senate President claimed that the probe of the Ways and Means advances would not serve any useful purpose. He insisted that what was paramount in the minds of Nigerians was how to put food on their table. “If we have a ways and means that is N30 trillion today, that means something happened between then and now and it is for the National Assembly to find out what happened," Lawan said. He, however, urged his senator Continued on page 45

T H I S D AY • WEDNESDAY, FEBRUARY 21, 2024

NEWS

Lagos Motor Show...

R-L: Emir of Borgu, HRH. Alhaji (Dr) Muhammed Dantoro; Chairman Gibraltar Group, High Chief Olu Okeowo; Mr. Ibukun Okeowo; Founder, Lagos Motor Show, Engr. Gbenga Adebayo; Chairman/CEO, SAGLEV Electromobility, Dr. Sam Gbenga Faleye, and CEO Blackstone Capital Finance, Dr. Elizabeth Kings-Wali, at the Lagos Motor Show held at the TBS Lagos at the weekend.

Dangiwa Seeks Reasonable Pricing for Cement, Other Building Materials Raises technical panel, set to forward validated concerns to FEC Manufacturers list challenges, want govt intervention

Emmanuel Addeh in Abuja The Minister of Housing and Urban Development, Mr Ahmed Dangiwa, yesterday met with cement manufacturers in the country over the “unreasonably” high prices of cement and other building materials nationwide. Dangiwa spoke at the ministry’s headquarters in Abuja when he summoned cement manufacturers to a meeting over the issue. After listening to the concerns raised by the key actors in the sector, including Dangote Group, Bua and Lafarge, the minister noted that cement manufacturers were not doing enough to stem the tide. At a time Nigerians were expecting the rates they buy cement to slump, given recent promises by the manufacturers, the prices of cement had recently risen by over 100 per cent. The minister who was seemingly unconvinced by the reasons enunciated by the manufacturers, thereafter

directed the Permanent Secretary in the ministry, Dr. Marcus Ogunbiyi, to get the committee that was set up working quickly, so that all validated concerns can be forwarded to the Federal Executive Council (FEC). He expressed displeasure over the steady and alarming increase, accusing the manufacturers of hiding behind the current FX challenges to inflict hardship on Nigerians. The minister described the situation as unacceptable, explaining that the incessant hike had seen the price rise by over 100 per cent, from N5,500 a few months ago to more than N10,000 today. “This represents a 100 per cent rise. And it is not only cement; we have also seen near-record high escalations in the prices of other building materials such as iron rods and other fittings. “I recall that late last year, BUA Cement announced a commendable reduction in the price of cement from N5,500 to N3,500 per bag. I applauded the gesture, and several

other stakeholders did too. But today, the reality is that of escalating cement prices. Clearly, this is a crisis for the housing delivery. "An increase in essential building materials means an increase in the prices of houses. An increase in the cost of building houses means more and more Nigerians can no longer afford to own houses and provide decent shelter,” he said He charged the manufacturers to be honest in their dealings, stressing that Nigerians know that some of the key components of producing building materials, especially cement, are locally sourced. According to him, key input materials such as limestone, clay, silica sand, and gypsum within Nigerian borders should not be calculated based on fluctuations in the dollar exchange rate against the naira. "You cannot continue to give excuses and blame it on dollar all the time. The worst part is that other building materials’ manufacturers

Senate Moves for Nigerian Graduates from Ukraine, Sudan to Write MDCN Exam Sunday Aborisade in Abuja The Senate, yesterday, urged the Medical and Dental Council of Nigeria (MDCN) to allow Nigerian medical graduates from Ukraine and Sudan, where war did not affect their academic activities to sit for the MDCN examination in July and November this year without any discrimination. The Upper Chamber also appealed to the MDCN to, in no distant time, work toward the conduct of the MDCN examination in each geopolitical zones of the country like the Law School, in order to reduce the cost on the students and their parents. The Senate resolutions followed the adoption of a motion at plenary yesterday. Titled, “Discrimination Against Medical Graduates from Ukraine by Nigerian Medical and Dental Council of Nigeria, the motion was moved by Senator Olalere Oyewumi (PDP- Osun) Olalere, in his lead debate, said the issue of medical graduates from Ukraine universities had drawn attention of the National Assembly

since 2022. He said in 2023, the House of Representatives and the Ministry of Health concluded with the Medical and Dental Council to allow the students that graduated from medical schools in Ukraine to participate in qualifying exam like other students, or at best, organise a makeup programme for them before the exam. He said MDCN has slated a referral programme for the 2022 graduates alone at Federal Medical Centre, Gwagwalada, at the cost of N1.5 million per student to be paid in one and half weeks. He said the concerned parents of the affected students had visited the National Assembly complex to lodge their complain during the vacation of the Senate for extension of the deadline for payment to one month from one and half week. Olalere, who is Senate Deputy Minority Leader, said the war in Ukraine affected the eastern part of Ukraine and KIV, the capital, adding that western Ukraine was not affected. According to him, the students were on campus doing their pro-

gramme unhindered as confirmed by the Ukrainian Ambassador to Nigeria. He said since the war in Ukraine did not affect all the universities, especially, students in Western parts of Ukraine, students who graduated from those universities in 2023 should be allowed to sit for MDCN exams henceforth without any hindrance. Other senators, who supported the motion included Senators Adamu Alero (PDP- Kebbi) and Abdul Ningi (PDP-Bauchi), among others. Senate also urged the Committee of Nigerian Vice Chancellors to allow Nigerian students arriving from war turn countries to be admitted into Nigerian universities to complete their studies. President of Senate, Godswill Akpiabio, commended the sponsor of the motion, saying that it elicited comments from the lawmakers. He expressed belief that the resolutions of the Senate would be adhered to by MDCN and the Vice Chancellors to ameliorate sufferings of concerned Nigerian medical graduates from the war affected nations.

take a cue from cement manufacturers, and once they see that you increase your price, they do the same as well. Recently, this is happening almost every week, and it has to stop,” he said. He urged cement manufacturers to be innovative and come up with a roadmap as part of the committee that had been set up to tackle the challenges. Dangiwa said the situation poses a threat to housing delivery which is the main focus of the ministry. “For example, if we were planning to build a one-bedroom apartment for about N8 million, it will now cost twice that much, about N16 million to build. If a Nigerian could afford to own a home of N8 million, it will now be impossible to do so. We are also aware of several persons who have had to suspend construction work because of this development,” he said. He added that the ministry was alarmed by the current situation, especially considering the projects the ministry had embarked on to provide affordable and social housing delivery to low- and medium-income earners and vulnerable members of society. Also speaking, the Minister of State in the ministry, Abdullahi Gwarzo, called on the manufacturers to make some sacrifices in their operations, reminding them that they have a corporate social responsibility to

stand by Nigeria in difficult times. “This is not the time to focus too much on profit, but on our collective responsibility to the people of Nigeria. Cement manufacturers must realise that as government, we have options. “But we would not want it to get to the point where we have to use those options because it may not be good for local producers. That is not to say we do not have options,” he stated. In their remarks, the cement manufacturers, who are mainly dealing with the same issues, listed the rising price of gas, which they said is fully denominated in dollars

as well as bad roads, rising cost of equipment and increasing price of diesel as some of their challenges. While seeking government intervention, they noted that there had been recent attempts to deploy other alternatives like coal and electric vehicles for transportation. Present at the meeting were the Group Chief Commercial Officer of Dangote Industries Limited, Rabiu Umar; Commercial Director of Lafarge Cement Plc, Gbenga Onimowo; and Executive Secretary of the Cement Manufacturers Association of Nigeria (CMAN), James Salako, among others.

APC Declares Edo State Governorship Primary Election Incomplete ...Fixes tomorrow to complete process

Juliet Akoje in Abuja The All Progressives Congress (APC) party has declared Edo State Governorship Primary Election incomplete and has fixed Thursday February 22, 2024 to complete the process. The party made this known via a statement issued by the National Publicity Secretary, Felix Morka on Tuesday. The statement reads: At its

emergency meeting held today, Tuesday, February 20, 2024, to consider the report on the Edo State Governorship Primary Election, the National Working Committee (NWC) deliberated on the report and resolved that the Edo State Governorship Primary Election has not been completed, and has now fixed Thursday February 22, 2024 for the completion of the Primary Election Process.

Nigeria Seeks Broader Ties with Türkiye on Energy, Mining, Youth Development Olawale Ajimotokan in Abuja The federal government has expressed desire to deepen ties with the Republic of Turkiye on the three Memoranda of Understanding (MoU) and the four agreements covering energy, hydrocarbons, youth empowerment and establishment of mechanism for political consultations among others. The Secretary to the Government of the Federation, Senator George Akume echoed this desire yesterday in Abuja while receiving in audience the Turkish Ambassador to Nigeria Hidayet Bayraktar in company of his Deputy, Mr. Burak Hamarat in his office. He indicated commitment of the federal government to

strengthen its bilateral ties with Türkiye on key infrastructure for mutual economic development. The SGF said that both Nigeria and Türkiye shared a rich history of mutual cooperation on mutually beneficial areas as being exemplified by their membership in multilateral bodies. “Nigeria and Türkiye share identical views on topical global issues and governance systems, particularly, the need for greater inclusiveness to accommodate all interests across the various regions of the world. Both countries are committed to addressing the challenges to development through multi-lateralism as exemplified by their efforts at the Developing Eight Organization for Economic Cooperation (D-8), Organization

of Islamic Cooperation (OIC), World Trade Organization (WTO), amongst others. Türkiye supported Nigeria's candidate and current Director General of World Trade Organization (WTO),” Akume said. In the area of economic relations, the SGF stated that despite the fact that Nigeria and Turkiye had been enjoying a mutually beneficial relations there was need to strengthen the legal framework on which the two countries signed in 2011. He acknowledged the agreements Nigeria has with Turkiye on Defence and Security which has enabled Nigeria to train its personnel and purchase military helicopters for the Nigerian Armed Forces in the fight against insurgency.

T H I S D AY • WEDNESday FEBRUARY 21, 2024

politics

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

Sultan, CAN, JNI’s Wake Up Calls on Tinubu over Growing Citizens’ Discontent

John Shiklam writes on the high cost of living, insecurity, growing discontent among Nigerians and the wake up calls by traditional rulers and groups for urgent solutions to the problems.

Muhammadu Sa’adu Abubakar, Sultan of Sokoto

nsecurity and rising cost of living are pushing Nigeria to the brink. In the past weeks, Nigerians have been agitated with the difficult state of the economy. Many Nigerians are becoming frustrated and hopeless by the day, due to skyrocketing prices of foodstuffs, essential goods and services, insecurity and the alarming rate of unemployment among millions of youths. A 50kg bag of rice now cost about N80, 000. Prices of other staples such as beans, garri, maize, millet, etc, have also skyrocketed, beyond the reach of ordinary Nigerians. Government’s minimum wage is N30,000 Cost of transportation is high. Electricity supply is epileptic, leading to the collapse of many small businesses. The continuous fall of the naira to the dollar has drastically weakened the purchasing power of the masses. The growing rate of unemployment among millions of Nigerian youths is alarming and is a threat to peace and security. Many parents cannot afford to sponsor their children to school, not to talk of the exorbitant cost of health care services. The situation is further worsened by wide spread insecurity accross the country occasioned by invasion of communities, killings, kidnapping for ransom and destruction of property by rampaging bandits almost on a daily basis. Many farmers, especially, in the north can no longer go to farm for fear of bandits. Travelling on highways have become dangerous because of the activities of bandits. Worst hit by the activities of bandits and kidnappers are Zamfara, Plateau, Taraba and Niger states as well as the Federal Capital Territory (FCT), Abuja, the nation’s seat of power, where the headquarters of all the security agencies are located. Nigerians have been finding it increasingly difficult to make ends meet. There had been protests in some parts of the country over high cost of living and insecurity with citizens in Niger, Kano, Kogi, Ondo, Osun states and other states demanding solutions to the problems. Market women in Lagos also protested over the same issues, calling on President Bola Tinubu, to urgently do something about the situation or face an uprising. Prominent Nigerians and groups have expressed concern about growing discontent among Nigerians, urging the federal government to take urgent steps to ameliorate the situation before the country explodes. A prominent traditional and religious leader, the Sultan of Sokoto, Alhaji Sa’ad Abubakar III, at a meeting of the Northern Traditional Rulers Council (NTRC), last Wednesday in Kaduna, declared that with the millions of unemployed youths, without jobs and food, Nigeria is sitting on a keg of gunpowder. Before the Sultan spoke, the Emir of Kano Alhaji Aminu Ado Bayero, had sent a message to Tinubu through his wife that Nigerians are suffering.

President Tinubu The Emir asked the First Lady, Senator Oluremi Tinubu, who visited him in his palace in Kano to tell her husband that Nigerians are suffering due to the economic hardship in the country. The First Lady, was in Kano to inaugurate a building named after her at the Faculty of Law, Maryam Abacha American University of Nigeria, (MAAUN) in Kano. Bayero told the First Lady: “Although, we have several means of communicating to the government on our needs and requests, you are the surest way to tell the President the happenings in the country. “We get information daily that essential commodities and cost of living are high and people are suffering, although it didn’t start with this government. “We know the government is making efforts but it should redouble efforts to ease the suffering faced by the people. “The issue of insecurity is another serious problem we are facing. I know your government inherited it but something more seriously should be done to take care of the threats. “The hunger and starvation, though didn’t start with this government, but the situation has become more alarming and needs urgent attention”. Also governors elected on the platform of the Peoples Democratic Party (PDP) compared Nigeria’s economic situation to that of Venezuela, a South American country bedeviled by escalating starvation, disease, crime, and high mortality rates. In his address at the 6th Executive Council meeting of the NTRC, the Sultan said things are not working well in Nigeria, especially in the northern region. Abubakar who is the chairman of the NTRC said insecurity and poverty are the two major issues that have been causing trouble in the north.

Aminu Ado Bayero, Emir of Kano He lamented that Nigerians are deeply frustrated, hungry, and resentful about the current economic situation. The Sultan said traditional rulers, have been talking to the people, calming them and assuring them that things will improve. He however said, there is a limit to which the people will listen to the monarchs if the situation does not improve. He recalled that the NTRC has had several meetings with the northern governors to discuss issues affecting the people of the north, but the problems have persisted. He said, “We have had such meetings before with the Northern Governors, so many times at Kashim Ibrahim House. We have now entered into a new cycle of leadership, some new governors have come on board, while some are having their second term and still we are faced with these insecurity issues. “To make matters worse, we are faced with rising levels of poverty of most of our people; a lack of normal sources of livelihood for the common man to have even a good meal a day. “But, I believe talking about insecurity and the rising level of poverty are two issues that we cannot fold our arms and think everything is okay. “I have said it so many times and at so many fora that, things are not okay in Nigeria and of course, things are not okay in the North”, the Sultan said. He said the current issues bedeviling the country is a continuation from the immediate past administration. “I don’t think it is the issue of the new government. To me, this government is a continuation of the former government; it is the same party. So, what really is the problem? I think that is one of the reasons we are here to talk to ourselves”. Speaking further, Abubakar said traditional rulers owe it a duty to the millions of people that believe in the traditional institution, to bring solutions to the various problems facing the country , assuring that monarchs will not fail in doing that. “I have said so many times, that we never

A prominent traditional and religious leader, the Sultan of Sokoto, Alhaji Sa’ad Abubakar III, at a meeting of the Northern Traditional Rulers Council (NTRC), last Wednesday in Kaduna, declared that with the millions of unemployed youths, without jobs and food, Nigeria is sitting on a keg of gunpowder. Before the Sultan spoke, the Emir of Kano Alhaji Aminu Ado Bayero, had sent a message to Tinubu through his wife that Nigerians are suffering. The Emir asked the First Lady, Senator Oluremi Tinubu, who visited him in his palace in Kano to tell her husband that Nigerians are suffering due to the economic hardship in the country.

lack a solution to our problems, what we lack is implementation, because we meet today, we bring out so many beautiful ideas on how to solve our problems, and we go back to our various places and go to bed, leaving such solutions here in this conference hall. So, how do we implement them?”, the Sultan wondered. He said Nigerians should not be taken for granted because they are keeping quiet. According to him, Nigerians are quiet because “we have been talking to them, we have been trying to tell them things will be okay and they keep on believing.” “I pray to Almighty Allah that they will not one day wake up and say we no longer believe in you. Because that would be the biggest problem; we can’t quieten these people as traditional, spiritual leaders and diplomats forever”, he said. According to him, “We have reached that level, people are very agitated, people are hungry, they are angry, but they still believe there are people who can talk to them, they believe in some of their governors, some other traditional rulers, and some of their religious leaders, fortunately, some of us double as traditional and religious leaders.” He said, traditional rulers, “have this onerous task of reaching out to everybody, calming them down, and assuring them things will be okay, and they should continue to pray and pray and still do something good because prayer without work will not bring anything.” The monarch called on government to create jobs for “our teeming youths that are sitting idle and I have said it so many times, we sit on a keg of gunpowder, having teeming youths millions of them, without jobs, without food, we are looking for trouble.” He added that if traditional rulers are empowered by the constitution like governors and funded, they will contribute a lot in addressing some of the challenges facing the country. He however said traditional rulers are ready to work wit governors, “because we believe in them, we believe in what they are doing, and must work with them and if the governors too want to have peace and stability in their states, they must work with the traditional leaders.” Groups like the Christian Association of Nigeria (CAN) in the 19 Northern States and the Federal Capital Territory (FCT), the Jama’atu Nasril Islam (JNI) and the Catholic Bishops in Nigeria’s Ibadan Ecclesiastical Province (IEP), had earlier cried out over the difficult times Nigerians are going through. The Northern CAN, had in a statement issued in Kaduna by its Secretary General, Elder Sunday Oibe, said the suffering in the country is becoming unbearable for masses. Oibe said, “High cost of foodstuffs, transportation, goods and services have made life difficult in Nigeria. He said, “The epileptic power supply has led to the collapse of many small businesses. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY • WEDNESday FEBRUARY 21, 2024

FEatures

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

Michaels Olatunde: We Plan to Celebrate Love Through the Beauty of Wedding In a groundbreaking move, DSTV is welcoming the launch of an exclusive 24-hour Wedding Channel dedicated to celebrating love, romance, and unforgettable moments showing on DSTV Channel 176. Former GM of Kwara TV and CEO of Wedding Channel Africa, Michaels Olatunde, who says the brand-new channel is a 24-hour news platform focusing on genuine and accurate storytelling and will be available to DStv Premium, Compact Plus and Compact audiences, talks about the inspiration behind the new channel in this interview with Mary Nnah

hat inspired the Wedding Channel? This is not my first channel, I have worked with different brands, from Soundcity to Trace TV, Spice TV, Business TV and a couple of other ones that are probably still coming. So, I am in the business of media and I understand that there is a vacuum that has not been explored in the media and can be projected or amplified. This is one of the drives and it is a platform that allows you to do it well. In the wedding industry, even if we have had some in it previously, it is not a challenge to be the first to do it well. To make both the VIPs and ordinary people associate with it. If you look at the entertainment, music industry and film; these are disciplines or areas that we can see a lot with the music channels and drama channels across different platforms, especially DSTV. And if you look at the wedding channel or wedding platform, it is not that platform that has been explored. Some people have tried it but again, the wedding industry as much as we think content, we would have to think about the industry on its own which employs hundreds of people without records. There is no part of Africa where weddings aren't a big deal. Even to the point that weekends are tagged the “owambe” weekends. So, it is a big deal and if you look at that area, how can you project what people have been trying to do on a bigger scale? It will only help to amplify the essence and beauties of weddings, the contents, vendors and the industry on its own. Our great aim was just to create a platform that showcases the industry and the people in it. Ordinarily, when you watch weddings you cry, it is not acting, it is natural and an industry different from other industries. We are on the path that will amplify it better than where it is from. Can you take us through how this channel has evolved since you conceived the idea years ago? It is in process. When you have an idea, you bring people together and the likes of Oscar have been with me right from day one. The idea was in 2016 but it kicked off in 2017 and before now, for two and a half years we have been running about 3 hours’

Olatunde minimum content on Ebonylife TV. And we moved to 5 hours daily on Ebonylife TV. So, the plan has always been to go to TV but we needed to partner with some people. Silverbird and at some point, we went on TVC as well. However, ever since then we have been pushing and running our 24-hour agenda till this point. The thing with television is that I am just never ready because the content changes almost every season. There are so many dynamics when it comes to television and for us, we have evolved through this journey as well in terms of content production and where we are today What were the challenges for you?

The challenges were all the challenges of doing business in our country or Africa. You have the electricity, equipment, money to staff, contents etc. The same challenges everyone has are the same challenges we face as well. TV is even worse because once you go into action, you can’t stop again. Once you start, that is the beginning of another journey. You will have to keep producing and buying equipment, running electricity, and paying career fees, so it never stops. There are lots of challenges and you don’t want to think about that because you would not just do it. What is the motivating effect your brand is going to have on the audience? We plan to celebrate love, families, and the beauty of weddings in Africa. And with the hope that as time goes on it will be able to have a people effect. Intending couples get

to watch and see what others have done. TV experience is just completely different from reading it on Instagram or online. We intend to touch people’s lives, we have a programme for those who have been married for 5, 10, 15, or 20 years. It helps to listen and watch other people's stories and see how you can apply that to your own. More importantly, viewers can now immerse themselves in a continuous stream of captivating wedding content, from enchanting ceremonies to expert advice on planning the perfect day. This unique channel promises to be a one-stop destination for all things weddings, offering a diverse range of programmes that cater to every aspect of the marital journey. The 24-hour wedding Channel, airing on DSTV channel 176, will highlight Real-Life Love Stories, expert wedding tips, exclusive wedding tips, destination weddings, live wedding broadcasts, and more. Viewers will experience the magic of genuine love with heartwarming tales from couples around the world, get insights from renowned wedding planners, designers, and industry experts on creating a dream wedding and stay on top of the latest trends with glamorous bridal fashion shows featuring top designers and their stunning collections. The Wedding Channel will also explore breathtaking locales and discover the allure of destination weddings, inspiring your dream celebration. It will also provide live coverage of spectacular weddings, making you feel like a guest at every event. The 24-Hour Wedding Channel on DSTV is a testament to our commitment to delivering diverse, engaging content that resonates with our audience. Whether you are planning your big day or simply a fan of love stories, our new channel promises to be an endless source of inspiration and joy. The Channel will be available to all DSTV subscribers starting February 14, 2024. To access this exclusive content, tune in to DSTV Channel 174. The Wedding Channel provides entertaining and original content on all things weddings, lifestyle and fashion. The channel is dedicated to projecting and celebrating the beauty of weddings to the rest of the world, primarily focusing on love, friendship, lifestyle, relationships, counselling and beyond.

Schneider Electric Unveils New EcoXpert Partner Program Certifications for Data Centre, Critical Infrastructure Esther Oluku

n a strategic move to bolster its commitment to the digital transformation of energy management and automation, Schneider Electric has introduced five new certifications under its EcoXpert Partner Program, targeting Data Center & Critical Infrastructure. The initiative aims to equip channel partners with the essential skills and knowledge required to drive sustainability in the digital era. The EcoXpert program, designed to position Schneider Electric's partners as trusted advisors in Data Center and Critical Infrastructure solutions, offers a multitude of benefits. Channel partners opting for certification gain a competitive edge through market differentiation, improved visibility of their expertise, enhanced profitability, and business growth opportunities. Schneider Electric's certifications are widely recognized across various industries, solidifying partners'

credibility. The newly launched Data Center & Critical Infrastructure Certification within the EcoXpert Partner Program is tailored for partners engaged in Data Center Design and Build, Cooling and Power Specialists, Systems Integration and Process Automation, Electrical and Mechanical Contractors, and Service Providers. The program encompasses an array of specialized training opportunities, responding to the industry's increasing demand for expertise. Key features include online training for critical infrastructure solutions, industryrecognized certificates, access to a comprehensive partner ecosystem, and the ability to pursue additional Schneider Electric competency certifications. Partners can leverage a personalized online portal for 24/7 access

to content, tools, benefits, and training. Technical pre-sales support, services resell and perform options, and a Badge & Certificate system are also integral components of the program, ensuring partners are well-equipped to meet the evolving needs of the industry. Paul Tyrer, Vice President Global IT Channels at Schneider Electric, emphasized the significance of the new certifications, stating, "By empowering our partners through expanding our current program, by including these lead certifications focused on Data Center & Critical Infrastructure, we are ensuring that it aligns seamlessly with the principles of operational excellence and good stewardship within the data center industry." The timely introduction of these certifications acknowledges the rapid evolution of data center technologies. Schneider Electric recognizes the critical role of continuous training and upskilling for channel partners to stay abreast of advancements and leverage new tools for

the benefit of their customers. Commenting on the importance of investing in training for Data Center & Critical Infrastructure experts, Ben Selier, Vice President Secure Power, Anglophone Africa, highlighted, "Trained experts are better equipped to plan for and manage the scalability of data center infrastructure." Schneider Electric's EcoXpert Partner Program aims to contribute to the industry's benchmark of excellence in service and knowledge delivery, fostering a greener and more secure future. The program's expansion comes at an opportune time with the global proliferation of data centers. For those interested in Schneider Electric's flexible and cost-effective customer training, courses are available online, virtually, and in classrooms. The EcoXpert Partner Program invites interested partners to join on request, providing a gateway to a transformative journey in data center and critical infrastructure solutions.

T H I S D AY • WEDNESday FEBRUARY 21, 2024

CITYSTRINGS

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

Ikenna Okafor: Building a World-class Business Empire from Scratch

From running his lowly leasing company, Keves Global Leasing from a one room apartment, Chief Ikenna Okafor has built a world-class business empire, reports David-Chyddy Eleke who was in Port Harcourt recently

Corporate Head office of Keves Global Leasing Limited in Port Harcourt

wo weeks ago, top business men, politicians, top brass in the Nigerian military, and notable personalities in the oil and gas sector of Nigeria converged on the corporate head office of Keves Global Leasing Limited in Port Harcourt, Rivers State. The event was the opening of the newly constructed corporate head office of the company. For a company like Keves Global Leasing Limited, an oil and gas engineering company which has made its mark in the sector, through the doggedness of its Managing Director and Chief Executive Officer, Chief Dr Ikenna Okafor, one would expect that it would have had its corporate head office long ago, but for Okafor who is popularly known as Ide Akwaeze, planning is key in business. Ide Akwaeze, a name derived from his traditional chieftaincy title, and mostly because of his philanthropic works seized the opportunity of the event to tell the story of his humble begining. H He said: "Our dream has not been in vain. We started this company in one room apartment on Abacha Road, Port Harcourt, in 2003 with no capital, no brother, no sister, but with a clear vision. Then, I had just resigned my previous job and was determined to do something. I was still not sure how to tell my wife that I had resigned my employment, but the truth was that I wanted to move on and try something new. "We then set up the company, and our dream was to provide a one stop logistics shop that would help grow the oil and gas sector in Nigeria. The story of Keves is a story of honesty. Someone was saying to me once, why haven't I built a corporate headquarters for your company all these while, but I said to him, in the business I'm doing, assets acquisition is very key. "It took us up to two years to get our first boat when we started, and that boat was a money spinner. Today we have far too many boats. I don't sleep, I believe that man is born to work and I work 24 hours. " Keves as a name is gotten from my English name, Kevin, the first letter of my wife's name, Esther and the first letter of my first daughter's name, Sophia. We are just starting, with the foundation we have laid and the hard work we have put in here, we are sure that this company will surpass three generations," Okafor said. True to his words, Keves Global Leasing Limited has positioned itself as a leading player in the country's oil and gas sector. The company was incorporated on September 20, 2003 and later commenced operations on January 1, 2005. He said the company was formed to address the prevalent poor and patently unsafe services

facility in Port Harcourt. Through Okafor's doggedness, Keves Global Leasing has birthed other companies, both in entertainment, hospitality, health and other areas, where it plays prominently.

Sir Ikenna Okafor, MD/CEO of Keves Global Leasing Limited delivered by most players in the leasing industry to oil and gas service companies. "Keves Global Leasing Limited business model is to provide a full range of leasing support, engineering procurement, catering and house keeping services delivered by well trained and highly motivated personnel to companies on land, swamp, shallow and deep waters. Our work approach is to partner clients to create and deliver superior value," he said. From its one room office along Abacha Road, Port Harcourt, Keves has grown to become a world class company with a corporate head office, which was only recently inaugurated, which which sits

on a large expense of land on Plot 1 Keves Close, Off Uyo Street, Rumuomasi, Port Harcourt. There is also the Keves Global Leasing yard at Aleto, Eleme, near Indorama Petrochemical Complex, Eleme, and a huge jetty facility at El-Totuoma Jetty, Woji Town, Port Harcourt. Today, Keves Global Leasing Limited has as part of its clientele base, oil conglomerates such as; Agip, Shell, NNPC, Seplat, Total, Oando, Eroton Exploration and Production, LNG, Saipen, Heirs oil and Gas, Aiteo and Century Energy Services Limited, among others. Chief Okafor runs the company alongside his wife, Dr. Esther Okafor, a medical doctor, who also doubles as the Medical Director of Sophike Medical Centre, an up scale medical

Our dream was to provide a one stop logistics shop that would help grow the oil and gas sector in Nigeria. The story of Keves is a story of honesty... Our work approach is to partner clients to create and deliver superior value

He is also into philanthropy, and has severally been commended for his investment in educational facilities for private, mission and public schools and hospitals. In the area of religion, there are testimonies of his uprightness in business and support for the Catholic Church, where he has trained several priests to the point of ordination, and equipping them with brand new cars for ease of movement a d to aide their vocation. He is also noted for construction of churches, both in Rivers State and his home state, Anambra. He told guests during the opening of the Keves Global Leasing Corporate Head office that he aims to continue to support Nigeria through provision of employment, and ensuring that preservation of standards, but regretted that inconsistency in policy has remained the problem of the country. "Nigeria is a good country, and we are determined to help its growth. What Nigeria needs is clear policy direction and not policy summersaults. It needs good governance, not one where one policy can cripple dreams. We didn't plan to make this a big event, but a memorable one. Keves is just at its starting point, and we believe that our dream will last another three generations." Some of the guests in attendance who spoke, including the Senator representing Anambra Central senatorial zone, where Okafor hails from, Senator Victor Umeh, testified to his person, his doggedness and never-say-dies spirit. Umeh said: "I only knew him in 2017 during his investiture as knight of St Sylvester. After the investiture, he left on a horse to his village in Akwaeze. "I began to wonder about this man and his style, then I got close to him, and he never ceases to amaze one. He is a very deeply spiritual person and lives a life of uncommon philanthropy. I can attest that he truly never rests and always travelling around the world. He is a globetrotter. "What amazes me is his deep love for God. This business from what I have seen here will go far beyond the three generations he predicted because he has laid good foundation for this business. "He runs the business with his wife, and they do things together. It is good to know that the business which was started in a one room apartment has grown this big, and it will continue to grow" Senator Umeh said.

T H I S D AY • WEDNESday FEBRUARY 21, 2024

Property & environment

Lagos Officials Visit LLC to Ensure Safe, Improved Ecotourism Bennett Oghifo Over the last two weeks, the Lekki Conservation Centre (LCC) has received different high-level delegations from different arms and agencies of the Lagos State Government on inspection tours of the facilities at the 78 hectares forest reserve and wetland that sits at the heart of the Lekki Peninsula. According to a statement issued by the Director General

of the Lekki Conservation Foundation (NCF), Dr. Joseph Onoja, “On Tuesday, January 23, 2024, the Centre received the first delegation from the Lagos State Government made up of the Special Assistant (SA) to the Governor on Tourism, Hon Idris Aregbe; Director General of Lagos State Safety Commission, Mr Lanre Mojola; Deputy Director of Tourism, Ministry of Tourism, Arts & Culture, Mr Aminu Omosun;

officials of the Ministry of Tourism, Arts, and Culture, and the Lagos State Safety Commission were part of the delegation. They arrived the Lekki Conservation Centre (LCC) at about 8:00 AM.” The delegation was received and conducted on a three-hour tour of the facility by Dr Joseph Onoja, Director General (DG) of the Nigerian Conservation Foundation (NCF), in the company of other Senior

Management staff of the Foundation. LCC is owned and managed by NCF, the foremost environmental and sustainability NGO in Nigeria. The inspection and assessment tour started from the LCC gate, through the carpark, through the boardwalk, through the 401m long-canopy walkway (the longest canopy walkway in Africa and second longest in the world), to the family park, to the tree house,

and to the boardroom for briefing. The SA to the Governor on Tourism, Hon Aregbe, while addressing the NCF/LCC team, expressed his pleasure at the level of maintenance culture, the prompt and swift response to safety issues, and having the canopy walkway accident-free for nine years. He however highlighted some new safety priority areas and other places that

require repairs and reinforcement and charged NCF they are properly fixed before the Centre is reopened. The second inspection visit was on Saturday, January 27, 2024, by a team from the Lagos State Ministry of Tourism, Arts, and Culture led by Mr Frank Legunsen, Deputy Director, Research. They came on a follow up inspection of the repair and maintenance work on the facilities in the LCC.

ESVARBON Appoints Oyeteju Shehu, Plateau ACReSAL Greenhouse Initiative to Tackle Land Degradation, Desertification First Female Registrar Fadekemi Ajakaiye The Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) has announced the appointment of ESV Shehu, Oyeteju Janet FNIVS, RSV, Fmp as the new Registrar following a unanimous decision at the Board meeting held on Thursday, February 8, 2024. According to a statement issued and signed by the Chairman of the Board, ESV Gershom Henshaw. MFR, “ESV Shehu O. Janet until her appointment was the Deputy

Registrar of the Board and head of the Northern Region and Registration Unit. “In her new role, she will oversee the administration of the Secretariat, Registration and regulation of Estate Surveyors and Valuers across Nigeria, upholding professional standards and promoting excellence in alignment with the vision and mission of ESVARBON. “The entire Board extends heartfelt congratulations to ESV Shehu O. Janet on her appointment as the Registrar. It is believed that your com-

mitment to the overall success of the Board will justify the confidence repose in you by the Board.”

Shehu

Bennett Oghifo In tackling the challenges of land degradation and desertification faced by farmers and as part of efforts to enhance food security in Nigeria, the Agro-Climate Resilience in Semi Arid Landscapes (ACReSAL) has ushered in a new technology driven approach for local agriculture with its innovative Greenhouse. The greenhouse farm is a type of farming in which crops are cultivated under-protected and enclosed environment, it enables farmers to cultivate because of climate conditions

The greenhouse technology farming has become a major player in the global agriculture market as it plays a safe role in food security and sufficiency in food production. It boosts sufficiency in crop farming, even as it allows the crop to grow under a conducive space that regulates temperature and cooling systems. It enables the farmer experience prolonged and multiple harvest within a planting cycle and simply put, it helps to reduce post-harvest losses. Built by the Plateau State ACReSAL Project in Vom, Pla-

teau state, this ground-breaking harvest experiment includes a first-of-its-kind hybrid cucumber cultivated in Greenhouse. This not only proved successful but also marked a pivotal gamechanger in agricultural practices, yielding exceptional harvest. Garba Gowon Gonkol, Project Coordinator Plateau State ACReSAL explains that utilizing a combination of advanced breeding techniques and Drip technology which is a cheaper and smart method of farming capable of giving high yield that will improve the living conditions of the farmers.

Real Estate Icon, Jayne Onwumere Receives Prestigious Sun Investors Award Fadekemi Ajakaiye President of Property World Africa Network (PWAN Group), Dr Jayne Onwumere, has been conferred with The Sun Investors’ Award for the year 2023. This distinguished honour, presented by The Sun newspaper, recognised Dr Onwumere’s outstanding contributions to the real estate sector alongside 43

other trailblazing Nigerians who have excelled in their respective fields. The event, graced by eminent personalities including the Secretary to the Federal Government of Nigeria, Senator George Akume, was a testament to Dr Onwumere’s remarkable journey from adversity to triumph. Speaking at the ceremony, Neya Kalu, the Chairman and Publisher of

The Sun, lauded the awardees for their commitment to Nigerian development and their role in inspiring future generations. She emphasized the significance of leadership and hailed Dr Onwumere’s dedication to advancing the nation’s real estate landscape. The Managing Director/ Editor-in-Chief of The Sun, Mr. Onuoha Uke, reflected on the challenging year of 2023 for Nigeria and highlighted

the resilience and determination exhibited by individuals like Dr Onwumere. He underscored the importance of recognizing those who have made significant strides in contributing to national development, acknowledging Dr Onwumere’s pivotal role in reshaping the real estate narrative. Dr Jayne Onwumere’s journey to success is nothing short of inspirational.

From experiencing homelessness and joblessness to co-founding PWAN Group with her husband, Dr Augustine Onwumere, her story epitomizes the triumph of perseverance and vision. Their encounter with a real estate opportunity in 2012 marked the genesis of PWAN Homes Limited, a pioneering venture that aimed to transform the dream of homeownership into reality.

Onwumere

How Sachet, Pet Bottle Ban Will Impact Nigeria’s Economy Phillips George On February 1, 2024, Nigerians were thrown into another round of confusion and fear when the National Agency for Food and Drug Administration and Control (NAFDAC) dropped the statement that it had banned the manufacturing, sales and consumption of alcoholic beverage drinks in Sachets and Pet Bottles. The fact that the news was attributed to the Director General of the Agency notwithstanding, not a few Nigerians had dismissed the pronouncement with a wave of hand. The reason for people’s indifference is clear-the timing and the economic reality. To those of us who are following the current market trend and its dynamics, NAFDAC’s position looks unachievable, given the economic implication of the proposed ban. Some believe that the ban may be connected to the pollution caused by plastics, sachets and pet bottles in the environment. However, as the debate over the ban continues, I have asked myself questions and questions and questions. Did NAFDAC take into consideration over 500,000 direct and over 5 million indirect jobs that are put on the line should the ban stand? Did NAFDAC consider over ₦800 billion worth of investment in

the sector should the ban take effect? Have stakeholders in Nigeria considered the security risk the ban would fuel should it be implemented? Have we all paused and considered the colossal loss the investors in the value chain would be facing? What of the banks who gave loans to the investors? I can’t fathom an answer to any of these questions but perhaps NAFDAC can. It’s rather sad and disappointing that a reputable government agency like NAFDAC would take such decisions that are capable of deindustrializing the country’s industrial sector. By now, I expected that the federal government would have advised the agency to have a re-think, as this is a dangerous signal to the foreign investors, as it means that any time, any day, the government would wake up and pronounce a policy that is capable of jeopardizing their investments. While I agree with NAFDAC that substance abuse is a critical issue in Nigeria, I disagree that alcohol is the chief contributor. To me, it’s nothing but a cheap blackmail or script acting in the interest of some powerful forces in the economy. I make this conclusion because I know that NAFDAC has more to contend with in the area of regulating drugs to save Nigerians rather than taking an action that’s capable of plunging Nigeria

into a more grievous economic quagmire. As I write this, many Nigerians are dying as a result of fake drugs, with several surveys indicating that more than half of the drugs being used to treat Nigerians are fake and substandard. At various fora, debates over fake drugs have remained steadily on the front burner. As Director General of NAFDAC, the late Prof. Dora Akunyili saw the need to rid the country of the abnormal situation and faced it forthrightly. That singular act didn’t only earn her a special place in Nigeria, it became a watershed in the country’s health sector. Unfortunately, after the exit of the former university don, none of her successors has shown interest in beaming his or her searchlight in this direction. This explains why stakeholders in the health sector celebrated the appointment of the current DG when she came on board. As the Chair of Biopharmaceutical Sciences at the same University in Illinois, who had served as Professor of Pharmaceutics and Manufacturing for over two decades at Duquesne University in Pittsburgh, PA, USA before assuming the driver’s seat at NAFDAC, expectation was high that she would be another change agent in the sector. Contrary to expectation, the issue of fake drugs has grown

unabated. Till this moment, no conscious effort has been made about this but NAFDAC has had to deal with manufacturers of alcoholic beverages that use plastic, pet bottles and sachets, thereby putting the jobs of over 500,000 people on the line, as well as frustrating collective direct investment of over five hundred billion naira (N500,000,000,000) in the Nigerian economy. Also to go with this proposed ban is indirect investments by other companies in the industry, which is well over Eight Hundred Billion naira (N800,000,000,000). At a time Nigerians were expecting NAFDAC to send a strong message to China, India and other countries from where, allegedly, fake products are coming into the country, that it will no longer tolerate being a dumping ground for killer medicines, the regulatory agency is up in arms with manufacturers who are doing legitimate business, licensed by the same agency. What an irony? Though substance abuse is a critical issue in Nigeria, it’s mischievous to link it with alcoholic beverages in Sachets and Pet bottles. As things stand, I want to advise the federal government with all sense of patriotism to tread softly now as the firms producing alcohol in sachets employ people, pay taxes, and contribute to the economy. Is

it not better to reconsider the decision to save the businesses of the manufacturers and protect several thousands of jobs that will be lost due to this ban? From the information in the public, the decision will affect at least 24 corporate organizations, majority of whom are indigenous companies with few multinationals currently operating in the industry and are manufacturing wines and spirits with over 70% local inputs. While purportedly aimed at curbing alcohol abuse, this regulatory move is emblematic of a broader discourse that vilifies sachets, labeling them as dispensable and undesirable packaging formats. However, against the backdrop of Nigeria’s economic challenges, sachets have emerged as an indispensable lifeline for both consumers and businesses, challenging the rationale behind the ban. In Nigeria, a country characterized by economic volatility and widespread economic hardship, sachets serve as a critical conduit for ensuring access to essential products for millions of people. The affordability and convenience offered by sachets make them a preferred choice among consumers, particularly those with limited purchasing power. Whether it’s food items, personal care products, or household essentials, sachets

allow individuals to buy in small, manageable quantities, stretching their limited budgets and meeting immediate needs without undue financial strain. In conclusion, the NAFDAC ban on alcoholic beverages in sachets and pet bottles underscores a disconnect between regulatory intentions and economic realities. While concerns about alcohol abuse are valid, scapegoating sachets overlooks their instrumental role in Nigeria’s economy and society. Rather than condemning sachets outright, policymakers should recognize their economic utility and explore measures to address any associated social issues. As Nigeria grapples with its economic challenges, sachets remain a symbol of resilience and resourcefulness, embodying the spirit of entrepreneurship and adaptation in the face of adversity. Embracing sachets as an integral part of the Nigerian economy is not about condoning harmful practices but acknowledging their undeniable contribution to livelihoods and well-being. Ultimately, a nuanced approach that balances regulatory objectives with economic imperatives is essential for charting a sustainable path forward. -George, a Markting Executive, writes from Port Harcourt, Rivers State

22 T H I S D AY WEDNESDAY FEBRUARY 21, 2024 20 TR

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Wednesday February 21, 2024 Vol 27. No 10539

opinion@thisdaylive.com

www.thisdaylive.com

ARTIFICIAL INTELLIGENCE: MATTERS ARISING

SONNY ARAGBAAKPORE argues that with all its usefulness AI lacks the ability to comprehend emotions and intricacies of human relationships

See page 21

ONE WORLD, HEATWAVE AND SNOWSTORM

The earth needs more trees and birds to ensure climate stability, contends VICTOR C. ARIOLE

See page 21 EDITORIAL

TACKLING THE ALMAJIRI CHALLENGE

The reform agenda must offer genuine support to the poor and vulnerable and provide immediate comfort and security to enable them navigate the stormy seas, writes MUHAMMAD SAGAGI

WHAT SHOULD WE TELL THE PRESIDENT? There is certainly a seeming lack of policy coordination in reform implementation (both vertically - between federal government and other tiers, and horizontally - within the FG itself) - which is neither new nor surprising. Public policy coordination has remained an age-old issue in government and a fundamental problem for efficient service delivery in public administration and policy. The President and his team are probably overwhelmed. This is a price they must pay for embarking on a journey of reforms without, it seems, sufficient diagnostic assessment and consultation, without adequate preparations and perhaps with scant ideas of the final destination. The ‘bad’ news is that the journey has only just begun. First, the storm is always after, not before reform implementation. Second, market-based reforms come in a carefully prepared package which must be unpacked before the full benefits to the economy begin to manifest. For the complete ‘package’ one would expect more of these marketbased reform measures in the coming days and weeks, including cost-reflective electricity tariffs, right-sizing of government, privatization of State-owned Enterprises (SoEs) and, possibly, budget cuts designed to ‘discipline aggregate demand,’ etc. Here are five options to table before the President: One, Roll back the reforms? I doubt if this will find any favour with Mr. President. Reform roll back, so early in the day, will send conflicting signals to prospective investors and reduce their appetite to take risks and invest capital. This is certainly a no-no. This isn’t an option. Not recommended. Two, Go ahead with reforms full throttle? Those around the President and reform enthusiasts from afar would nudge him on: After all, first, the government is already celebrating that the initial reforms rolled out are beginning to pay off as Nigeria’s fiscal space gets bigger. States and Local Governments are swimming in cash! Second, the benefits of market-based reforms take time to manifest. It is a ‘long term thing’ they will argue. Mr. President, they will say, ‘unless you go whole hog, the reform benefits will be lost’. But as Keynes would argue, ‘the long run is a misleading guide to current affairs….in the long run we are all dead’. Unleashing relentlessly, waves of reforms is not politically expedient. Mr. President should be more circumspect. Three, Review the reforms to make ‘adjustments’ based on new realities. I have always believed that all reforms must be subject to periodic reviews. Policymakers must pause, between ‘episodes’ of reforms, reflect and update the situation based on new

ideas and information generated from the assessment. For example, I will argue strongly for a review of the new FX management policy. Perhaps a managed or ‘dirty float’ as opposed to the current free or ‘clean float’ will be a more attractive option. Currently more than 40% of all countries use some sort of a managed floating regime. Mercifully, the transition from free to managed float can be seamless, without pain. On fuel subsidy it will be unthinkable to journey back to the opaque regime of yesterday with so much scope for arbitrariness and corruption. However, we must accept the inevitability of subsidy which should be seen as part of a robust social protection programme. What we then need is a framework for social protection that provides for what activities to subsidize, how much to spend on subsidy, who should benefit and how the subsidy should be administered. We can easily agree to provide up to XXX amount on fuel subsidy…beyond which the public must bear the burden. Four, Go ahead with the reforms but improve the government's handling of negative reform outcomes. The truth is that the palliatives being administered aren’t working at all because the government is not applying the balm where it pains most. Yet, implementing transformative interventionsnot palliatives - to mitigate the risks associated with market-based reforms is key to sustainable outcomes. The interventions must go beyond conditional cash transferswhich, in any case, have been tainted by several corruption allegations. Government must focus on programmes for enhancing incomes and jobs through asset creation, fiscal inclusion, human capital development and rural infrastructure rehabilitation and maintenance. So, should we suggest the following?

The reform agenda must be re-calibrated to be consistent with new realities and grounded in realism and compassion. The agenda must seek to protect the economy against a much deeper crisis by preventing business collapse; it must offer genuine support to the poor and vulnerable and provide immediate comfort and security to enable them navigate the stormy seas. In collaboration with the states, the government should set up a Special Purpose Fund -defunct PTF-styled- for the utilization of all monies saved from subsidy removal in building infrastructure in education, health and the empowerment of women and youth. Five, Going forward: Mr. President needs to set up a war room immediately, under the direction of the Vice President. Ad hoc committees and emergency meetings with governors won’t solve any problems. The war room will monitor reforms and reform fallouts, keep up with shifting priorities and difficult circumstances. The Office of the VP is best suited to oversee the War Room. Paragraph H 18 & 19 of Schedule III to the Constitution provides that the National Economic Council, which the VP chairs, shall have power to advise the President concerning the economic affairs of the Federation, and in particular on measures necessary for the co-ordination of the economic planning efforts or economic programmes of the various Governments of the Federation. By legal design, the Vice President (VP) is also the chair of the National Planning Commission, when it exists. He Chairs the Board of the Debt Management Office, etc. Prof Sagagi is an Economist and Development Consultant

WEDNESDAY FEBRUARY 21, 2024 • T H I S D AY

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SONNY ARAGBA-AKPORE argues that with all its usefulness AI lacks the ability to comprehend emotions and intricacies of human relationships

ARTIFICIAL INTELLIGENCE: MATTERS ARISING As we grapple with the vagaries of life in general and the challenges arising therefrom, technology is fast taking over our way of thinking and the actions we take as human beings. This is the era of artificial intelligence whereby robots have been scientifically created to take over some or many of human activities. Only recently, a full church service took place in Germany and robots were in charge of all departments from the beginning to the end. Artificial Intelligence (AI) is machine-displayed intelligence that simulates human behavior or thinking and can be trained to solve specific

problems. AI is a combination of Machine Learning techniques and Deep Learning. Types of Artificial Intelligence models are trained using vast volumes of data and have the ability to make intelligent decisions. According to Statista, revenue from the Artificial Intelligence software market worldwide is expected to reach 126 billion dollars by 2025 Gartner says that 37% of organizations have implemented AI in some form. The percentage of enterprises employing AI grew 270% over the past four years. Servion Global Solutions says that by 2025, 95% of customer interactions will be powered by AI. A recent 2020 report from Statista reveals that the global AI software market is expected to grow approximately 54% year-on-year and is expected to reach a forecast size of USD $22.6 billion. Artificial Intelligence technology is now used to create recommendation engines through which one can engage better with customers. Dawood Patel, CEO of Helm, comments: “AI and ML have demonstrated impressive capabilities in automating tasks, processing large amounts of data, and making informed decisions. Think of those chatbots that handle customer service inquiries or help you reboot your internet when it’s down, AI has undoubtedly enhanced various domains. “However, beyond the surface of things like sentiment analysis, AI lacks the ability to comprehend emotions, empathy, and the intricacies of human relationships which are essential for it to be able to do its job. It’s important that we continue to harness the emotion and empathy required or we are in danger of becoming a robotic society. “Understanding emotions and interpreting personal touches are quintessential human traits that arise from our complex neural networks and emotional intelligence. AI might be able to recognise facial expressions, but it cannot understand the depth of emotions that underlie them.” Only humans can perceive these nuances and adapt their approach accordingly to build meaningful connections. “One of the greatest concerns surrounding AI is the potential threat to jobs. While it is true that

some routine and repetitive tasks may be automated, the integration of AI and ML will lead to the evolution of existing jobs rather than mass unemployment. “As AI takes over mundane tasks, it frees up humans to focus on more creative, strategic, and high-level responsibilities which cannot be undertaken by machines. Much like certain jobs implemented with AI could not be fulfilled by humans,” explains Patel. An example of this would be a conveyor belt in a factory where AI-powered diagnostic tools can analyse the quality of fruit (or if a pizza has been perfectly topped with cheese) with impressive accuracy. While AI can assist in detecting items that are not up to standard for export or resale, it cannot replace the expertise and intuition of a seasoned medical professional for example. This person will understand and consider a patient’s lifestyle, and emotional well-being before making a diagnosis and prescribing a treatment plan. “Instead of replacing doctors, AI serves as a valuable tool here to enhance their abilities and streamlining the diagnostic process, supporting the doctor.” As AI continues to advance, it will create new job opportunities that require uniquely human skills. The development and maintenance of AI systems will require skilled professionals with expertise in data science, Machine Learning, and computer programming. Additionally, AI’s integration across various industries will demand individuals who can understand, interpret, and leverage AI-driven insights to make informed decisions and drive innovation. “For hardworking people who seek growth in their careers, the rise of AI represents an opportunity rather than a threat. Embracing AI technology and acquiring the necessary skills to work alongside it can open doors to new and challenging roles. These roles may involve humanAI collaboration, strategic planning, creativity, and problem-solving – the aspects of a job that demand the human touch. This is what excites me,” said Patel. The future of AI and ML is undoubtedly promising, but it is crucial to recognise the indispensable role of humans. “Emotion, personal touches, and human nuances are qualities that define our humanity and set us apart from machines. Rather than replacing humans, AI will augment and elevate our capabilities, leading to the evolution of jobs and the emergence of new opportunities,” concludes Patel. Recommendations are made in accordance with browsing history, preference, and interests. These help in improving relationships with customers and their loyalty towards any brands. For instance, Virtual shopping assistants and chatbots help improve the user experience while shopping online whereby Natural Language Processing is used to make the conversation sound as human and personal as possible. Moreover, these assistants can have real-time engagement with your customers. Credit card frauds and fake reviews are two of the most significant issues that E-Commerce companies deal with. By considering the usage patterns, AI can help reduce the possibility of credit card fraud taking place. Many customers prefer to buy a product or service based on customer reviews. AI can help identify and handle fake news. Aragba-Akpore is a member of THISDAY Editorial Board

The earth needs more trees and birds to ensure climate stability, contends VICTOR C. ARIOLE

ONE WORLD, HEATWAVE AND SNOWSTORM

Seemingly operating as a synchronized physical entity – phenomena, or particles, matter and conscience pulling and pushing – as just one holographic reality in which all, including particles, telepathy, floatation, clairvoyance, telecopy and psychokinetic – are in a simultaneous concrete and intelligible functions... Massimo relating Tesla’s Physics. The kind of heat experienced in a humidityladen Lagos of recent, 14th and 19th February especially, seems unprecedented; as even chlorine treated water burns one’s palms, one doubts the 370C officially posted and could guess over 400C. Even when it is reported that Mali is the hottest at about 380C, one still doubts it, as a scintillating Sahara sand and its energy conducting value could make it worse than the Lagos experience. In the same world, some places in Canada, politically no more called Eskimo area, it is about -380C. And, this is where Tesla’s physics challenges humanity to avoid destroying their habitat as it is one great holography, ever bubbling

with particles and matter and can render human presence pack of salt so as to keep bubbling, if humanity fails to behave. Human beings could even be mashed to serve the holographic reality or design. While getting worried about climate change, one is still confused as almost five nations – China, India, Russia, combined Europe, and just on the 15th of February, 2024 Moon Space launch took place in USA – just keep on doing the opposite as Tesla felt by not, first, lighting up the whole earth before expending such enormous energy seeking already quantumly lighted moon and stars. Just one launch, according to NASA and Google posting, gulped 13865 million tons of oil equivalent of energy; at lift-up it consumes 4900kg of fuel per second, over 25,000 litres, not like 4900 litres of water, and it is constructed with titanium alloy – multiple metals put together to reach titanium level; in all, what it takes to light up the African space of 30 million Km2 by giving each Km2 about 420 tons of fuel. And Nigerian government is not capable of helping Nigerians with just 60 million litres daily, as it erroneously pay attention to IMF’s worry that is only interested in Nigeria’s dollar reserve.

Science, technology, engineering and mathematics (STEM) are at work, no doubt; though at the expense of forcing the holography to misbehave. Beyond other experiments not disclosable to other countries who share the planet earth with the most forceful five countries, their launching expeditions is capable of creating waves that could make the holography in which humanity is just a factor to find itself bubbling beyond its capacity and throwing in tantrums of heat and cold so as to stabilize itself; clearly seen in how hot Death Valley, in California, USA could be and how cold Nunavut in Canada could be, just in a balancing fit, and both in one of the known seven continents – over 1200C and under -600C respectively as once recorded. Each continent, certainly, has such balancing fit and it behooves human beings to relate the two extremes like relating the hot planet Venus and the cold planet Mars, and know that plying only the lane of one of the extremes could be disastrous. Trees and sands in between the two zones – California and Nunavut – are certainly a balancing fit. And for humans, trees must be preferenced. One thing I noticed during this hot period in Lagos is that some species of trees especially those producing ripe yellow-like fruits – cluster of paw paws, mango and another one that produces gum-arabic type of fruits, udara/ agbalumo could be added here – reverse the heat to a cool air when under their shades. The more intense the heat, the cooler their shade. A five-kilometre trek along quasi-lagoon shores provides such evidence. It is just a testimony of the hologram nature of the space one finds themselves; and that too much of flaring gas is not as different as flaring coupled heavy metals in floatation, arrange moving up for a journey to the moon that last for nine days estimated to be about 385,000 kilometres, almost about stretching the earth’s circumference in straight line for almost 10 times to reach there, hence plausible reason for nine days journey, at a speed of about 40,000km per hour; relativity physics obliges. Like Mandingo myth refers, the presence, clustering or absence of birds indicates how near or far the heavens relate with human beings on earth. That myth says that the journey is not supposed to be so far if not humans’ misapplication of wealth and their quarrelsomeness. The quarrels of human beings like quarrels of not knowing how best to use resources supplied by providence for a better living of all species on earth, get the heavens, like the moon, to go farther and farther way from humans. Hence the more quarrelsome and the more misapplication of resources, the farther the quest for the moon and stars becomes. Ariole is Professor of French and Francophone Studies, University of Lagos

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WEDNESDAY FEBRUARY 21, 2024

EDITORIAL

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

TACKLING THE ALMAJIRI CHALLENGE Parents should be advised to have children they can take care of

deprived children were the largest group in the t the inauguration of the office complex recent Minna, Niger State protest on the cost of for the National Commission for living. Almajiri and Out-of-School Children We endorse the idea that every child should be in Education (NCAOOSCE) in Abuja school, and the need to reintegrate the out-of-school last week, Minister of Education children into society. That is the surest way to end Tahir Mamman, said this is the time the exploitation of these vulnerable elements by to face squarely the Almajiri ‘monster’ that has some misguided leaders. However, in as much as we become a security problem. Beyond adding another agree that very dire situations like the existence of the bureaucracy that could become a drainpipe, we Almajiri system require public policy intervention, don’t know what value the commission will add but building special schools for them like the former we subscribe to ending the Almajiri phenomenon. President Goodluck Jonathan administration did at Originally, male pupils of school age who left great cost to the nation is not the solution. In any home in search of Qur’anic education, they were case the schools were largely abandoned. placed in care of teachers who would prepare them We think there should be intensive enlightenment for learning the basics of their religion. But the campaigns to change the teachers, in most cases, orientation of the parents were unable to meet and guardians who seem all the needs of their not to really appreciate pupils who were then For the present effort to be meaningful, the federal government must what damage they are obliged to beg in the doing first to the future of neighbourhood. Over secure the buy-in of all critical stakeholders, including parents and their children and wards, time, the practice broke but also to the larger traditional rulers down irretrievably, society. Parents should and the pupils were be advised to bring forth abandoned to their fate. T H I S D AY children they can adequately cater for, and not Without homes or any discernible means of survival EDITOR SHAKA MOMODU those they will throw to the street. Fortunately, all except begging, these children are confined to the DEPUTY EDITOR WALE OLALEYE the states have domesticated the Child Rights Act. street which exposes them to all forms of abuse. They MANAGING DIRECTOR ENIOLA BELLO It should be enforced. Besides, as we had suggested, are easily lured into all manner of crimes and have DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU and still reiterate, the affected states should tap into CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI indeed constituted themselves as breeding grounds EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN the Universal Basic Education Fund and make use of for violent conflicts. Aged between four and 18, they THE OMBUDSMAN KAYODE KOMOLAFE grants which many governors have failed to utilise constitute the largest number of the country’s outfor fear of accountability. of–school children. The immediate past Governor The Almajiri school system will not be the first time of Kano State, Abdullahi Ganduje said that there the federal government has intervened in curbing were more than three million Almajiris roaming the the menace of a large army of youths roaming the T H I S D AY N E W S PA P E R S L I M I T E D state, without homes and no means of survival. Last EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA streets begging for alms instead of being in schools. week, Chairman House Committee on Alternative GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, In 1989, the government introduced a Nomadic Education, Al Mustapha Aliyu Rabah, revealed that ISRAEL IWEGBU, EMMANUEL EFENI Education Scheme to cater for itinerant Fulani more than 40 million Almajiris were not captured DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, herdsmen. Despite billions of naira expended, the ANTHONY OGEDENGBE in the government’s database and they constitute nation is yet to see the full impact of the scheme DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI part of the neglected and forgotten children in the SNR. ASSOCIATE DIRECTOR ERIC OJEH on these nomads. For the present effort to be country. Many politicians and others use them as ASSOCIATE DIRECTOR PATRICK EIMIUHI meaningful, the federal government must secure the cannon fodder to advance their interests. Mamman CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI buy-in of all critical stakeholders, including parents noted last week that the often scruffy, ill-clad and DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO and traditional rulers. TO SEND EMAIL: first name.surname@thisdaylive.com

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

LETTERS AEDC AND DISCONNECTION NOTICE The recently published list of ministries, departments and agencies of government with outstanding bills for services rendered to them through the provision of electricity supply by Abuja Electricity Distribution PLC (AEDC) raised serious concerns about the future of the country. Over N47Bn is recorded to being owed AEDC by agencies of government, the sum which had been duly appropriated by the National Assembly at one plenary or the other. This operational disruption of Abuja DISCO due to impunity displayed by government agencies and departments is what other DISCOs are experiencing across the states of the federation. A situation where the nation is practically enveloped in darkness, where factories, small and medium- scale enterprises are folding up, and households made to spend hard- earned money on diesel poses serious problems to all and the economy. Leading this catalogue with over one billion debt includes Ministry of Education, CBN, Nigeria Police Force, Kogi State Governor Liaison Office, Ministry of Health and Clerk of National Assembly. Others with over N2Bn indebtedness are Ministry of Pe-

troleum, Niger State Governor Liaison Office, Ministry Of Finance, FCT Ministry. The AEDC directory puts Chief of Defense Staff-Barracks and Military Formations with a record N12Bn indebtedness. The National Assembly should commence investigations into these anomalies starting with the Clerk of The National Assembly. The Economic and Financial Crimes Commission should prosecute erring officials of the listed agencies of government for negligence and violation of laws under the appropriate act. Unless appropriate actions are taken against those complicit in running the DISCOS out of business with their unhinged indebtedness the nation’s power sector will remain comatose. For the minister of power whose only policy strategy is to remove the last subsidy on power, it is high time he started thinking out of the box. How can you leave a low hanging means of resuscitating the DISCOS through a judicial recovery of these humongous debts to the lazy and anti-people’s choice of removing subsidy? Bukola Ajisola bukymany@yahoo.com

SINKING THE GOLDEN BOOT IN Donald Trump lost his well paying job as US President and, at present, is not able to run a business in New York, so he has become a travelling salesperson, selling not a golden ticket but a $399 golden runner. Given that he currently has fines of $83.3 million and $354.8 million, or a total of about $438 million, he does need to find a new source of income. I am sure his boys will pay their own fines, and as they will all pay immediately, interest won't be a problem. A simple piece of math shows that's over 1 million shoes. I hope he has plenty of room in his car boot. An interesting piece of fake news has already arisen in that they have sold out immediately, but if there were only a small number available, then the MAGA team would have grabbed them straight away to show their complete support. A simple Economics 101 strategy to generate demand. Maybe it's time to reflect on the words of Shakespeare: "All that glitters is not gold." Dennis Fitzgerald, Melbourne, Australia

T H I S D AY • Wednesday, February 21, 2024

BUSINESSWORLD R A T E S MONEY MARKET

A S

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REPO

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

08056356325

F e b r u ar y

S & P INDEX

2 0 , 2 0 2 4

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 to daTE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT Monday, July 24, 2023

3-MONTH

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-0.7%

Credit to Private Sector Up 85.2% YoY to N76.94tn on Naira Devaluation, LDR

Kayode Tokede Bank’s credit to private sector leaped to N76.94trilliiion in January 2024, representing an increase of 85.2 per cent or N35.4 trillion Year-on-Year (YoY) from N41.54 trillion reported January 2023, THISDAY analysis of latest data released by the Central Bank of Nigeria (CBN) has revealed. Month-on-Month, the Money and Credit Statistics report by the CBN showed that credit to private sector gained 23.06 per cent or N14.42 trillion from N62.52 trillion December 2023 amid the unification of the naira policy of the apex bank. Recently, THISDAY reported that credit to private sector in 2023 rise to N62.52 trillion, a growth of 50.49 per cent or N20.98 trillion from N41.54 trillion reported by the CBN in January 2023. According to analysts, the reported N76.94 trillion credit to private sector is on the backdrop of the weakening

of the naira at the foreign exchange market, stressing that banks were lending to big corporations to meet the 65 per cent Loan-to-Deposit Ratio (LDR) threshold of the CBN. An investigation by THISDAY revealed that Naira at the Nigerian Foreign Exchange Market (NAFEM) closed January 2024 at N1,356.88 per dollar from N899.39 against the dollar it closed in December 2023. In January 2024, the local currency depreciated by 50.87 per cent or N457.49 against the dollar despite CBN’s numerous policies to improve liquidity and stabilize the foreign exchange market. As part of its several measures, the CBN updated its Cash Reserve Requirement (CRR) mechanism, making banks with minimum LDR below requirement to face a 50 per cent lending shortfall. The policy was set to improve lending to customers to stimulate the real sector of the economy.

It implies that for every N100 received as deposits, the banks are to lend N65 to customers. The apex bank had in a circular to banks stated that it would resume the enforcement of the LDR policy effective July 31, 2023. Also, CRR is one of the monetary policy tools the CBN uses to limit the circulation of money or supply in the economy, as banks’ liquidity drops. In the last monetary policy committee (MPC) meeting of the CBN in July 2023, the CRR was retained at 32.5 per cent. However, the Acting Director of the Banking Supervision Department, CBN, Adetona Adedeji in a circular to all Deposit Money Bank (DMBs) said, the apex bank is ceasing its daily CRR debits and will be adopting an updated CRR mechanism that is intended to facilitate bank capacity for planning, monitoring and aligning with records with the CBN. According to him, the

determination of the segment of deposits subject to sterilization with the CBN as CRR will follow the processes outlined that, “utilization of the incremental Approach: the extant ratios commercial banks 32.5 per cent and merchant banks 10 per cent will be applied to increases in the bank’s weekly average adjusted deposits.” The second phase is that a, “CRR levy of 50 per cent of the lending shortfall will be enforced for banks that do not meet the minimum LDR as per our correspondence to all banks referenced BSD/DIR/GEN/ LAB/12/049 dated September 30, 2019.” He stated that the CBN will provide the bank with details of the applied charges and their underlying computation rationale. Commenting, the Director/Chief Executive Officer · Centre for the Promotion of Private Enterprise (CPPE), Mr Muda Yusuf explained

that bank customers now need more money to fund their foreign exchange commitments. According to him, “If those in the private sector does not have the needed fund, it means they will have to borrow from banks to support their business obligations. The volatility in the foreign exchange has forced some customers to borrow more from banks and it is responsible for N76.94trillion credit to private in January 2024.” Speaking, the Vice President, Highcap Securitas Limited, Mr. David Adnori also alluded the growth to depreciation of the naira, stressing that a lot of big corporates have to access funds from the banks in a move to meeting the supply of their inputs. According to him, “It is obvious that credit to private sector is expected to increase in January amid macro economic challenges.

The weaken of the local currency has given more room to borrow from banks.” On his part, the Head, Financial Institutions Ratings at Agusto & Co, Mr. Ayokunle Olubunmi in a chat with THIISDAY attributed the growth of credit to private sector in January 2024 to the devaluation of the naira and the 65 per cent LDR policy of the CBN. “Between December 2023 and January 2024, we witnessed a significant fall in Naira. If you look at credit to private sector in naira terms, the dollar exposure could have been included. In Q3 2023, banks were trying to increase their lending to real sector in a move to boost their LDR and ultimately reduced the amount of debit they will be getting from CBN as penalty. The story continues online on www.thisdaylive.com

Currency Outside Banks Drops to N3.3tn, Now 89% of CIC Nume Ekeghe A report by the Central Bank of Nigeria (CBN) has revealed that currency outside banks as of January 2024 marginally declined to N3.28 trillion representing 89 per cent of the N3.65 trillion total currency in circulation (CIC). The report showed an improved ratio of currency outside banks compared to currency in circulation,

which was 94 per cent in December 2023, a staggering N3.43 trillion currency outside bank from N3.65 trillion total currency in circulation (CIC). However, a Year on Year (YoY) comparison between January 2023 and January 2024 showed that current outside banks recorded an astonishing 314 per cent increase from N79 billion in 2023 to N3.28 trillion in 2024.

Also looking at the same years in review, YoY for currency in circulation showed an increase of 163 percent from January 2023, which recorded N1.38 trillion while January 2024 recorded N3.65 trillion. A detailed breakdown of the trends in 2023 illustrates fluctuations in both Currency in Circulation and currency held outside banks. For instance, in January 2023, CIC stood at N1.32 trillion, followed by

February at N982 billion. It closed March at N1.68 trillion and stood at N2.38 trillion in April, and May at N2.53 trillion. June witnessed a slight increase to N2.6 trillion, with a marginal dip to N2.59 trillion in July. August saw an uptick to N2.66 trillion, another rise to N2.76 trillion in September, and an increase to N3.01 trillion in October, culminating in the peak observed in November at N3.35 trillion.

The breakdown of currency held outside banks during the same period showed that it started at a low of N792 billion in January, experiencing a slight increase to N843 billion in February. March witnessed a reversal in the policy, resulting in an upturn to N1.45 trillion. Subsequent months saw a continuous rise to N2.07 trillion in April, N2.18 trillion in May, N2.26 trillion in June, and N2.21 trillion in July. August maintained stability at

N2.22 trillion, followed by an increase to N2.42 trillion in September, N2.7 trillion in October, and a sustained upward trend to N3.08 trillion in November 2023. December 2023 marked the pinnacle of both currency in circulation and currency outside banks, with the percentage of money held outside the banks to CIC reaching an all-time high of 94 per cent.

M a r k e t d ata A s at T u e s d ay, F e b r u a r y 2 0 , 2 0 2 4 BONDS Description Price Yield Change Updated Time (%) ^13.53 23February 10.102 1.247 0.00 20, 2024 MAR-2025 ^12.50 220.00 February 9.438 1.599 20, 2024 JAN-2026 ^16.2884 17February 9.947 1.650 0,00 MAR-2027 20, 2024 ^13.98 23February 9.415 1.601 0,00 FEB-2028 20, 2024 ^14.55 26February 9.667 1.549 0,00 APR-2029 20, 2024

BILLS Maturity

Discount Yield

Change (%) Updated Time

Maturity

NTB 7-Mar24 NTB 11-Apr24 NTB 9-May24 NTB 6-Jun24 NTB 11-Jul24

9.69

9.74

0.00 February 20, 2024

19.26

19.36

12.25

12.46

-0.01 February 20, 2024

FLOURMILLS CP III 29-FEB-24

16.94

17.17

13.96

14.39

-0.01 February 20, 2024

UACN CP VI 19-MAR-24

18.26

18.79

12.87

13.37

-0.01 February 20, 2024

16.45

17.10

14.25

-0.01 February 20, 2024

LFZC CP IV 16-APR-24 MTNN CP VII 14-MAY-24 UNCP CP VI 20-JUN-24

17.30

18.35

13.50

OTC F X F U T U R E S

CPs Discount Yield

Change (%)

Updated Time

-1.01 February 20, 2024 -0.77 February 20, 2024 -0.45 February 20, 2024 -0.11 February 20, 2024 -0.05 February 20, 2024

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS FEB 13 – 26 2025 NGUS MAR 14 – 26 2025 NGUS APR 15 – 30 2025 NGUS MAY 16 – 28 2025 NGUS JUN 17 – 25 2025

Updated Time

February 20, 2024 February 20, 2024 February 20, 2024 February 20, 2024 February 20, 2024

Wednesday, February 21, 2024 • T H ISDAY

BUSINESSWORLD

STATUS REPORT

NB Declares Worst Performance on FX Loss, Cost of Production

Kayode Tokede

igeria Breweries Plc in its 2023 result and accounts marked its worst performance in over 10 years, attributable to the unification of the naira and hike in costs of production influenced by double-digit inflation rate. The multinational brewery marker reported slow revenue growth amid weak purchasing power as other financial parameters such as cost of sales, operating expenses, and foreign exchange losses impacted the Group’s overall performance in the year under review. Nigerian Breweries hits the highest revenue in 2023 financial year, driven by strong pricing in some of its products. Nigerian Breweries reported N599.64billion revenue in 2023, representing an increase of nine per cent from N550.64billion in 2022. In the prior year, the group reported 26 per cent increase in revenue from N437.29billion in 2021. In 2023, revenue in Nigeria stood at N599.31billiion from N550.43billion as export’s revenue moved from N210.53million in 2022 from N335.47million reported in 2023. In 2023, Cost of sales (CoS) moved to N387.03billion, a growth of nearly 15 per cent from N337.331billion in 2022. The interchange between revenue and cost of sales led to N212.61billion gross profit in 2023, representing an increase of 0.06 per cent from N212.48billion reported in 2022. Cost of Sales The group’s CoS/Revenue stood at 64.54per cent in 2023 from 61.3per cent in 2022, while gross profit margin stood at 35.5per cent in 2023 from 38.59 per cent in 2022. Nigerian Breweries’s total operating expenses (OPEX) that comprise of selling & distribution expenses and administrative expenses closed

the year under review at N171.13biillion, an increase of 4.4 per cent from N164billion reported in 2022. The breakdown of OPEX showed N142.49billion selling and distribution expenses in 2023, a growth of 4.9per cent from N135.83billion in 2022, while administrative expenses stood at N28.64billion in 2023 from N28.15billiion in 2022. The selling and distribution expenses accounted for 82.26 per cent of the total operating expenses (OPEX). The persistent increase in operating expenses was driven by the challenging operating environment. The Group reported net loss on foreign exchange transactions moved to N153.33billion in 2023 from N26.34billion in 2022 as against N7.04billion in 2021, and it is on the back of higher foreign exchange losses as exposure from its foreign currency-denominated payables. Since the Central Bank of Nigeria (CBN) announced the unification of the Naira in 2023, the local currency has fallen drastically. The naira at the Nigerian Foreign Exchange Market (NAFEM) closed 2023 at N899.39 against the dollar from N448.05 against the dollar it closed in 2022. Finance income closed 2023 at N513.24million in 2023 from N349.19million in 2022, while finance cost was at N36.39billion in 2023 from N8.42billion in 2022. Finance cost breakdown showed a N35.06billiion interest expenses on loans and borrowings in 2023 from N7.2billion in 2022, while unwinding of discount on employee benefits increased to N1.3billion in 2023 from N1.19billiion in 2022. This brings net finance cost to N189.19 billion in 2023, representing an increase of 449.7per cent from N34.42billion in 2022. Overall, the Nigerian Breweries recorded

a loss before tax of N145.22 billion in 2023 from N17.34billion profit before tax in 2022, and it declared N106.31billion loss in 2023 from N13.19billion profit after tax reported in 2022.

Following a N26.27billion deficit retained earnings in 2023 from N90.77billion retained earnings, Nigerian Breweries closed 2023 with N63.28billion total equity as against N179.9billion in 2022,

Mounting loans & borrowings Nigerian Breweries in the 2023 financial year expanded its loans & borrowings, which contributed 46.63per cent to total liabilities. The Group reported a total loan & advance of about N341.6 billion in 2023 from N122.25 billion in 2022. The breakdown revealed that longterm loans and borrowings dropped to N136.28billion in 2023 from N2.42billion in 2022, while short-term loans & borrowings hits N205.32billion in 2023, an increase of 71.3 per cent from N119.8billion in 2022. Nigerian Breweries last year accessed loans from government, and bank loans to finance its working capital. Further breakdown of liabilities showed a non-current liabilities of N148.12billion in 2023, a growth off 43.4 per cent from N32.27billion in 2022, while current liabilities increased to N584.5billion in 2023 from N407.7billion in 2022, representing an increase of 43.4 per cent. It brings Nigerian Breweries total liabilities to N732.6billion in 2023, representing an increase of 67 per cent from N439.97billion reported in 2022. In the year under review, Nigerian Breweries reported N795.87billion total assets, a growth of 28.4per cent from N619.9billion in 2022. As non-current assets increased to N568.31billion in 2023 from N464.47billion in 2022, current assets nearly doubled, hitting N227.6billion in 2023 from N155.42billion reported in 2022.

NB Blames Operating Clime

C u r r e n cy O u t s i d e B a n ks D r o p s to N 3 . 3 t n , No w 8 9 % o f C I C

The management in a statement said the business landscape experienced significant shifts in 2023 with a substantial impact on businesses and livelihoods nationwide. “The redesign of the naira notes which resulted in cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year. High doubledigit inflation rates (with food inflation at more than 30per cent), removal of subsidy on premium motor spirit (fuel), devaluation of the naira, and foreign exchange scarcity further exacerbated the already difficult environment for the populace and businesses. “Notwithstanding, the Company was able to grow its revenue by nine per cent compared to the previous year aided by positive price mix. However, the operating profit fell by 15per cent due to higher input cost and one-off reorganisation cost despite strong and aggressive cost savings and other efficiency measures, “NB said. “Coupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153 billion, the Company recorded a net loss of N106 billion during the year. In a difficult operating environment, the Board will ensure that the Company builds on its more than 77 years’ experience of operating in Nigeria to cope with current realities. “The Company will continue to be resilient and forward-thinking leveraging our broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders, ”it added.

T H I S D AY • Wednesday, February 21, 2024

BUSINESSWORLD

Insurance

Insuretech, Fintech as Threat to Group Life Insurance The Group Life Insurance which today stands as major source of bulk premium for the insurance industry is at the risk of losing its relevance with the emergence of insure-tech and fintech, writes Ebere Nwoji

ith all the disruptive innovations trending in insurance business space such as insurtechs and fintechs with their accompanying Artificial Intelligence (AI), robotic process automation (RPA) as well as advanced analytics which targets at removing manual underwriting and pricing activities, improving underwriting predictability and profitability, the place of insurance policies like the group life insurance and key man insurance policies has remained a question. A question especially in the nearest future because the innovations are targeted towards improving on what human beings do using technology which apparently will to a large extent reduce the number of human beings in operation replacing them with robots and machines. Since the emergence of these technologies and their applications in insurance business, interest has always been on their positive contributions towards insurance business with little or no consideration or thinking on how they may affect the business. Analysts viewed that unless its negative effects if any is viewed and analysed, incumbent insurers cannot brace up on how to meet these challenges it will throw up. They said without this other side consideration, many insurance CEOs clamoring for technological innovations in insurance business operation cannot make reasonable investment in it. Group Life Insurance By its nature, group life insurance is a policy that provides coverage to a group of people typically those who work for the same employer whether public or private sector employers. In Nigeria, the group life insurance policy is compulsory by virtue of the pension Reform Act 2004. Section 9 sub section 3 of the act requires employers to maintain life insurance policy or death service benefits scheme in favour of their employees for a minimum of three times the Annual Total Emolument of the employee. Because of the compulsory nature of this particular policy Nigerian insurers scramble for the business every year and are ready to sleep at the corridor of government insurance agents’ offices if only to participate in the business. Many underwriters are ready to do anything to get the business. Given this rush for the policy underwriting, government and its insurance agents price what they like for the policy knowing fully well that insurers cannot afford to reject their pricing irrespective of how low they bided. For instance, this year, government’s budgetary allocation for the policy was N9.6 billion much below the N15 billion it paid on the same policy last year. It is still not certain if more funds will be budgeted for it or not. Key Man Insurance The Key Man Insurance policy or Key person insurance on the other hand is a life insurance policy which a company buys on the life of a top executive or another critical individual. Such insurance cover is needed if that person’s death would be devastating to the future of the company. The company pays the insurance premium and remains the beneficiary should the key person dies. This policy is more popular in other climes where insurance contract is given much priority. Here in Nigeria, it is mostly taken by businesses on behalf of the owner and on some.expatriates. Looking at the above two policies they centre on human labour raising the question on what happens in the medium or long term when technology usage in insurance becomes more pronounced than it is today thereby replacing greater population of

a novelty model which is anchored on modern technology utilisation. This, they said, should cut across all activities in the business of insurance such as marketing, product design, distribution and service delivery model among others.

workers these policies cover. It also raises question on how insurers can look outwards for huge premium yielding policies that can replace the group life insurance especially these days that continued shrinking in government revenue is forcing it to diminish premium payable on the group life policy. Insurance Technology analysts’ Position Insurance technology analysts like Deloitte believe that the future of insurance underwriting will be enabled by third party and alternative data , analytics and cognitive technologies, digital technology and Internet of things as well as robotics. Deloitte viewed that by embracing digital technologies, underwriters off load administrative tasks, and forces on strategic complex risks where experts advice is needed. PWS, in its 27th annual Global CEO Survey viewed that most insurance firm managers see Fintech and other technological solution as challenge . It said despite the emerging trends, a disconnection exists between the amount of disruption perceived and insurers’ willingness to invest to defend against or take advantage of the innovation. PWC observed that greater number of industry players claim they have fintech at the heart of corporate strategies but few explore partnership with fintech companies and very few actively participate in ventures and incubator programs. Insurers’ Views Speaking on the relevance of technological innovations in insurance business and its short, medium and long term effects, the Managing Director Afriglobal Insurance, Mr Casmir Azubuike noted that the relevance of technological advancement in modern insurance business cannot be overemphasised. He said technology is important and highly needed in modern insurance business transaction. He however said this should not in any way rule out the indispensability of human workforce in the industry whether in the short or long term. He quite agree with the power and efficiency of such technological solution as Artificial Intelligence but said it cannot and will not displace human labour force in insurance business. He said, “The question is to what extent will Artificial Intelligence work, will it do all that human do the answer is no this is because there are aspect of roles and responsibility Artificial Intelligence will handle but not all .Again even the articficial intelligence is controlled by humans to a large extent. He cited instance of what happened in some countries during the COVID-19 lockdown where an artificial intelligent

object knocked at people’s door with the intention of delivering medicine but when the occupant of the room opened the door, the AI object was starring at him without performing any action . He said AI could work perfectly but could do all things without human factor coming in especially in this part of the world where literacy level was low. On the effects on human labour related insurance policy, he said the effect is still remote and may be felt at the long term not in short or medium term. He further looked at the effect from another perspective saying it will even put more money in the pockets of insurers than the group life policy. According to the Afriglobal insurance boss, this is because these technological innovations must be equally insured with insurance firms agains failures and the emanating losses. According to him even the ATM machines are insured therefore Artificial Intelligent objects will also be insured. He said the insurance premium to be paid on one AI object could be more than premium paid on life insurance cover for 100 CEOs. He said because of high cost of procuring AI, the premium cost will be high too and insurers would receive high premium. What insurers needed to do, he advised, is to study technological trends in the industry and follow up on how to take advantage of every challenge they come with to grow their sector. technological business model THISDAY recalls that some years back the insurance sector operators, at their annual mega conference usually held at NICON Hilton Abuja centered the theme on market disruption through the use of modern technology. Discussants at the conference, agreed that if Nigeria insurance sector should achieve the projected trajectory growth, which has been a tall dream of the regulator, the National Insurance Commission (NAICOM) in particular and the industry operators, it needed to disrupt the existing business model which it has been using over the years and embrace

NAICOM The Commissioner for insurance, Mr Sunday Olorundare Thomas shortly after the COVID-19 pandemic, stressed about assembling directors of insurance companies in Nigeria at a conference and addressings them on the need to adapt to new business model. He said, “The rapid changes brought about by the COVID-19 pandemic in many fronts have drastically opened doors of opportunities for many positive thinking minds and created serious setback for many who are not able to cope with the speed at which some of these changes appeared. An obvious example is the technological advancement in the insurance industry, which has been accelerated by the COVID-19 pandemic, compelling many of us to shift from the traditional ways of conducting business to more sophisticated and technology driven mechanisms”. The commissioner informed the insurance directors that it was for this same reason that the Commission had successfully launched the NAICOM Portal on September, 1 2021; deployed to ensure effective and efficient interface between the Commission and its stakeholders. Thomas warned operators who might choose the position of laggards in this race for technological advancement in their operation saying, “It is imperative to inform you here that any company that is lagging behind in this regard is inadvertently phasing itself out of business. Your respective attitude towards information technology funding in your various companies will go a long way in determining the longevity and existence of not only the companies, but the retention of the brand names or corporate identities. This is food for thoughts.”

WEDNESDAY FEBRUARY 21, 2024 • T H I S D AY

Wednesday, February 21, 2024 • T H I S D AY

BUSINESSWORLD

News

Q4 2023: Veritas Kapital Achieves 287% Profit Growth Ebere Nwoji Underwriting firm, Veritas Kapital Assurance Plc, has said that it achieved a remarkable 287 per cent growth in its Profit Afrter Tax, from N562.7 million in 2022 to N2.177 billion in 2023, marking a year-on-year profit growth of N1.614billion. The company attributed the performance to its steadfast commitment to enhancing shareholders’value and refining its business offerings to provide

a seamless customer experience/ Veritas said its net insurance and investment results also witnessed an exceptional growth of 505 per cent from N659.9 million in the corresponding period last year to N3.990 billion in 2023. The company’s Managing Director/CEO, Dr Adaobi Nwakuche, expressed delight in this outstanding financial achievements. She attributed the success to strategic investment and

prudent underwriting decisions, emphasising the positive returns generated by these choices, particularly evident in the substantial leap in investment income year-on-year. “The company remains dedicated to maintaining it’s position as a leading insurance provider in Nigeria and is committed to delivering value to all stakeholders”; she said Also speaking, the Executive Director Operations of Veritas Kapital. Mr. Sunkanmi Adekeye,

highlighted key financial metrics of the company, indicating a 33 percent increase in total assets from N17.338 billion to N23.0 billion. with shareholders’ funds also experiencing significant growth, rising from N12.6 billion to N14.74 billion, showing 17 percent increase. He said Veritas Kapital Assurance’s robust financial performance in 2023 demonstrates it’s resilience in navigating challenging economic conditions, adding that the company’s

Sovereign Trust Insurance Distributes Work Items to LAWMA Workers

Ebere Nwoji

Sovereign Trust Insurance Plc, has showed appreciation to the services of the Lagos State Waste Management Authority (LAWMA) through the distribution of items such as work gloves, water bottles and takeaway packs to the workers in celebration of this year’s valentine day. The company demonstrated this benevolence to LAWMA office along the axis of Falomo Bridge, Bourdillon Road, Lekki Phase 1, Eti-Osa, Osborne Road, Ozumba Mbadiwe Road, and Adetokunbo Ademola Street in the metropolis. Spokesperson of the underwriting firm, Segun Bankole, said the gesture was in recognition of the important role the Highway Managers play

in ensuring that the city of Lagos and its highways were kept clean while making it motorable for vehicle owners and other commuters in the State. He said the underwriting firm appreciated and recognised the essence of dignity in labour, adding, “As unsung as they may seem, we are not oblivious of the phenomenal work they are doing in making the city debris-free especially on our highways”. The Managing Director/CEO of Sovereign Trust Insurance, Olaotan Soyinka also spoke on the company’s gesture saying, “This initiative is not just about gifts, it is about recognising the essential role these men and women play in our community. They are often unsung heroes, working long

hours in challenging conditions to ensure a clean and healthy environment for all of us. By showing our appreciation, we hope to not only brighten their day but also inspire others to acknowledge their valuable contributions.” He further stated that the highway managers risk their lives and brave the elements, ensuring the cleanliness and hygiene in the city of Lagos. He said the token gifts from the company was simply to acknowledge their hard work and commitment to keeping the city of Lagos clean despite the challenges they confronted in the discharging their duties. “We encourage other businesses and individuals to join us in celebrating and supporting these men and women from time

to time. Together, we can make a difference in the lives of these remarkable individuals who do so much for our city and society and at large”, he stated. Chartered Insurance Institute of London collaborates With Risk Analysts Consult to Organise Seminar on Marine And Aviation Insurance The Chartered Insurance Institute of London in Collaboration with Risk Analyst Consultants (UK) Limited, is organising a flagship seminar on marine and aviation risk insurance. According to the organisers, Marine and aviation risk insurance is a specialised sector within the insurance industry, dedicated to managing the unique risks of maritime and aviation activities.

unwavering commitment to delivering value and ensuring the

security of its customers interest was a contributory factor.

ARFESPON Challenges PTAD on Pension Benefit Payment Ebere Nwoji

A group of Pensioners under the aegis of Association of Retired Federal Senior Public Officers of Nigeria (ARFESPON), has challenged the Pension Transitional Arrangement Directorate (PTAD), to openly defend the authenticity of the current benefit payment table it uses in paying pensioners’ monthly benefits before its supervising ministry and Chairman Salary and wages Commission. ARFESPON also urged all pensioners under the Defined Pension Benefit scheme managed by PTAD to stand up and condemn what it called illegal and internally generated salary payment table currently used by PTAD in payment of their monthly benefits saying it was different from the table of benefit payment approved by the Salaries and wages Commission. Chairman Lagos Chapter of ARFESPON, Chief Olufemi Odewabi, who stated this at the 2024 inaugural meeting of the group in Lagos, urged other group of pensioners to join in the call to salvage pensioners from the undeserved ill treatment meted to them by PTAD. He lamented that the agency

and its workforce have conspired to shortchange the pensioners in payment of their retirement benefits but that no body was there to call them to order not even the supervisory ministry. Odewabi, in his new year message reacted to comments by PTAD spokesperson, Mr Gbenga Ajayi in which in his response to THISDAY’s enquiries on the alleged usage of the agency’s own wage scale in payment of pensioners’ benefits in place of approved table by salaries and Wages Commission, Ajayi said it was a lie, insisting that what the agency uses in paying pensioners’ benefit was table approved by the salaries and wages Commission. But in a swift reaction to this at the meeting , the ARFESPON Chairman said PTAD and its spokesperson should come up in the open in defence of what the pensioners were saying if it claimed that it was not true. He showcased two different tabulated documents to the journalists present at the meeting explaining that one was approved table by the salaries and wages commission while the other one was a personal scale developed by PTAD based on which it pays the pensioners’ benefits.

T H I S D AY • WEDNESday FEBRUARY 21, 2024

Education

How YABATECH Research Team Plans to Help Improve Prostate Cancer Patients’ Quality of Life The Yaba College of Technology research team, currently working on the treatment of prostate cancer, having won a grant of N34 million issued by the National Research Fund of the Tertiary Education Trust Fund, explained to Funmi Ogundare in this interview that they are set to hit the ground running to impact humanity and improve quality of life, especially for prostate cancer patients

rostate cancer is one of the most common types of cancer affecting males, and researchers are looking at newer forms of treatment through concerted efforts to prevent, detect, treat and stem the scourge. Some of the researchers are the Yaba College of Technology team, who recently won a grant award of N34 million from the National Research Fund ( NRF) of the Tertiary Education Trust Fund ( TETfund). The team include experts in Computer Engineering, Medical Biochemistry, Oncology, Pathology, Zoology, Pharmacognosy and Ethnopharmacy, Toxicology, and Pharmacology from Usmanu Danfodiyo University, Sokoto, University of Lagos, and other co-researchers from the college. They will have access to biopsy samples from consenting prostate cancer patients in Nigeria, which has one of the highest prostate cancer rates in the world. The research work titled ‘Artificial Intelligencebase Drip Combination Prediction and Ex vivo Screening against Prostrate Cancer: Biopsy for Individualised Treatment’ will enable them to develop an Artificial Intelligence-based precision Medicine solution for prostate cancer treatment that can potentially improve outcomes significantly for patients in Nigeria and the world. The Principal Investigator (PI), Mrs. Aishat Oluwatosin Amolegbe of the Department of Biological Science, YABATECH, explained how they were able to achieve the feat, saying that it took a lot of effort and time bringing everybody together to achieve their planned objectives. “When the idea came, I sat with my boss and we looked at how we can solve the problem on prostate cancer and also thought of those

A lecturer of the Department of Biological Science, Yaba College of Technology ( YABATECH) and Principal Investigator ( PI), Mrs. Aishat Oluwatosin Amolegbe flanked by a Computer Engineer in the college, Mr. Adebayo Adebari and acting Director in charge of Support, Research and Management, Dr. Funmilayo Doherty representing the college team to involve in the research work and fill a gap,” Amolegbe. “That meant we had to bring in people from different institutions and contacted those from the University of Lagos, Akoka, and those in Usman Danfodio University because we had signed a memorandum of understanding with them to achieve our stated objectives. She added, “We created a WhatsApp group and scheduled meetings after the close of work. This went on for almost three or four months. It wasn’t an easy task at all, but because of the support I

got from every member of the team, it made the work easy for me.” After that aspect, she stated that submission of the work to the National Research Fund (NRF) also became an issue. “We left the college around 9 P.M because uploading it was a challenge. My boss was always guiding and supporting me on what to do, and sometimes I cried. At the long run, they sent us a mail inviting us for an interview, I had to rush back to Lagos from where I travelled to. I hardly slept. I was told that I would be doing the presentation alone rather than with my team members, and I

needed to understand the aspect of artificial intelligence. During the interview stage, I was made to face seven professors to defend how we are going utilise the fund.” The PI emphasised the importance of having a mindset of learning and putting in extra effort rather than just thinking about the money that goes with it, adding that the process of winning a grant is not a -day job. “TETFund is coming back to verify what we are using the money for, so it is about putting in more work,” she stated. Asked how it is expected to impact the health sector, Amolegbe explained that cancer patients are usually treated based on the drugs available and therapy, but generating a treatment drug based on individual genetic makeup first will go a long way. She also emphasised the importance of artificial intelligence in medicine, saying that no one has done that before and that creating a large database would make the work easier and ensure an effective outcome. “It will be beneficial to the health sector because cancer is rampant and it’s affecting the male and female folks. With this work, we will be able to treat each patient based on their genetic make-up and data rather than just a general treatment.” However, she expressed concern about some of the research challenges, including lack of funding, poor infrastructure, and staff’s nonchalant attitude, which could impact the work negatively. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

NTIC, NMC in 21 Years Continue to Cure Maths Phobia

Students recently sat for a mathematics examination organised by the National Mathematics Centre (NMC) and Nigerian Tulip International Colleges across Nigeria to build a future for themselves and to show that there is nothing to fear from the subject, report Michael Olugbode

n each of the last 21 years, students from across the country gathered to write a Mathematics examination organized by the National Mathematics Centre (NMC) and Nigerian Tulip International Colleges (NTIC) to get a scholarship and position themselves for a better education and greater future. Many who have written the examination in the past with top marks have had a great career and opportunities within and outside the shores of Nigeria for prominent employment. Though there is a phobia for math among students, it is an important subject needed in essentially many daily tasks. Performing real-life skills like grocery shopping, cooking, and tracking finances is needed every day. What makes math special is that it’s a universal language — a powerful tool with the same meaning across the globe. Though languages divide our world, numbers unite us. Math allows us to work together towards innovations and ideas. Any serious country would not take lightly math development in its students. No wonder the creation of the National Mathematics Centre (NMC) and making mathematics one of the subjects that students should take at both primary and secondary levels of their education; even a branch of mathematics, statistics and quantitative analysis is important for students at the graduate and undergraduate levels. Even with the phobia, it is instructive that no one can run away from mathematics, whether in school or the large space of society. To build interest in mathematics and subsequently place Nigeria on the trajectory of development and group, the NTIC and NMC, in the last 21 years, have been organizing the Annual National Mathematics Competition

Some of the students who sat for the examination recently (ANMC) across Nigeria. This year was no exception as students in Primary 5, 6 to JSS 1, II, and III gathered at 35 centres in 30 states to compete for scholarships to study at the Nigerian Tulip International Colleges (NTIC) and subsequently an opportunity to get a scholarship to study within and outside the country. The students and their parents were all beaming with hope that the competition was a foundation for a great future. While commending the organisers, one of the parents, Omotayo Rubangs, said the competition had built interest in mathematics in many children in Nigeria, noting that his son (Daniel) has had to prepare for the competition

consistently. She said she would be happy if he is among those selected, for it would offer him an opportunity to further improve in his first love, mathematics and create a path to great things happening to him. The participating students Jane Anemelu and Nedum Great, speaking on their preparedness and expectations, said they have had to be coached for extra hours by their teachers for the examinations, which won’t do, especially as there are prizes slated to be won by teachers and schools too based on the performance of students. Both Jane and Nedum and many other students said they believe the top prizes are theirs. Some of the top performers passed the competition and are now on full scholarship at NTIC, among them Festus Nwakuche of

Pyramid Learning Academy, Anambra State, Ifunanya Nwanegbo of Mabel Divine International Science, Anambra, Isioma Iduh of Asagba Primary School, Asaba, Delta and Luis Lu of Kerridale Preparatory School, Port Harcourt, Rivers said the scholarship had offered them great opportunities and have further built their capability in math, they said they are given extra tuition that has enabled them to participate and win at local and international math competition, they all said they are ready to go for courses in mathematics and mathematics related fields. Speaking on the competition, the Managing Director of NTIC, Mr Fevzullah Bilgin, said: “Apart from winning prizes at ANMC, we hope that the competition will ignite the passion for various inspiration and innovation in the field of mathematics and other sciences in the heart of the young ones. We look forward to them fulfilling their dreams in their chosen fields and careers.” He explained that it was a maths examination in Nigeria, a national competition for primary 5 and 6 pupils and junior secondary school students. This is a competition that NTIC organises in collaboration with the National Mathematics Centre (NMC). The importance of this competition and mathematics is that in today’s society, we need intelligent people who have high problem-solving skills, are creative, and have leadership skills and studying mathematics makes these students more intelligent and make them have a high level of problem-solving skills and these things allow for students to be more successful and enhanced. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY • WEDNESday FEBRUARY 21, 2024

education

The Bells Comprehensive Reading Culture: UK-based Don to Inspire 1m College Wins Winifred African Students Awosika Foundation Gbenga Sodeinde in Ado Ekiti Babalola University, Ado Ekiti, community that bridges the gap desire to collate and ship books Leads City Trinity University, between those who have books to countries where they would Schools’ Challenge The Director of International Ex- Ibadan and Federal Polytechnic, to share and those who have not be utilized and valued, in line but are inspired to read. The goal with the global Sustainable changes and Associate Professor, Offa, etc. Funmi Ogundare

The Bells Comprehensive College, Ota, Ogun, has emerged as the winner of the 10th edition of the Winifred Awosika Foundation Secondary Schools quiz challenge, aimed at fostering healthy academic rivalry and excellence among students. The school scored 30 points to beat Crescent International School, Ota, and Grace High School, Gbagada, who scored 28 and 27 points to emerge in second and third positions, respectively. The winning school, represented by Master Musa Abdulrahman Zyad and Kunle Dauda, smiled home with a deep freezer. While the second and third-place winners got fridges and water dispensers, respectively. Other winners who emerged fourth to 10 positions, as well as participants, received prizes. Speaking at the grand finale held recently at Chrisland Pre-Degree College, Lekki, Lagos, the Guest Speaker and Acting Controller of the Post Examination Department, West African Examination Council ( WAEC), Mr Bisi Sofela, advised the students to put in a lot of hard work to achieve academic excellence, adding that they must not relent in their efforts. He admonished them to always pay attention to details for them to be at their peak, adding that there is no shortcut

to success, as hard work is a constant practice. Sofela pointed out that a student must be hardworking to achieve academic excellence, noting that there must be a thorough job and extensive reading “every day so that you come out with flying colours at the end of the day, and that means you must not relent in your efforts.” Students must also shun social vices, including examination malpractices.” He also advised them to seek medical help for mental health challenges by going to a psychiatric counsellor, where they will be given adequate attention. In his remarks, the Executive Head of Schools Academics, Chrisland Schools Limited and a representative of Winifred Awosika Foundation, Mr Segun Ogunsola, explained that the essence of the competition was to bring students together to foster healthy competition and understand the importance of excellence in what they do, adding that it covers Mathematics, Further maths, sciences and general paper which comprises English language, geography, economics, etc. He advised the participants that the only key to hard work is diligence, persistence, and resilience, which will make them move on. He added that they should see the competition as an avenue to socialize with their contemporaries outside their schools.

UNIOSUN Gets New Deputy Vice-Chancellor Yinka Kolawole in Osogbo

Renowned Professor of Agricultural Economics and Provost of the Postgraduate College, Professor Adetunji Lawrence Kehinde, has been appointed Deputy Vice-Chancellor (Academic, Research, Innovation, and Partnerships) of Osun State University. The appointment of Professor Adetunji was a sequel to his election at the Senate meeting on February 7, 2024, and the ratification of the same by the Governing Council. The new Deputy Vice-Chancellor resumes in office in that capacity with effect from February 14, 2024. Professor Kehinde meritoriously bagged a Bachelor of Science degree in Agricultural Economics at the University of Ibadan in 1997, a Master of Science degree in 1999, and a Doctor of Philosophy degree in 2005, both in his chosen area of agricultural economics. He joined the services of Osun State University in September 2009 as a Senior Lecturer and rose through the ranks to become a Professor in 2015. He has served the university in different capacities, including Acting Head of Department (2010-2015), Acting Director of Pre-Degree Studies (2013-2015), Acting Director of Quality Assurance (2015-2017), Director of

Quality Assurance (2017-2019), Acting Dean, Faculty of Agriculture (2019-2020), Provost, College of Agriculture (20202021), Chairman, Committee of Provosts, Deans and Directors (2019-2021), Provost, Postgraduate College (2012-2024). He has also served as a distinguished Member of the University’s Governing Council and the University’s Admissions Committee chairman. He was the recipient of research grants from notable institutions such as the Tertiary Education Trust Fund (TETFund), Idachaba Foundation for Research and Scholarship (IFRES), and African Forestry Research Network (AFRONET) in 2014, 2007, and 2006, respectively. He has successfully supervised well over 50 undergraduate projects and a series of master dissertations and doctoral theses. He has served and is currently serving as External Examiner and Assessor to many Universities. He has published well over 70 articles in reputable local and international journals. He is a member of several professional bodies and has actively contributed to the training of farmers, particularly in areas such as farm management and agricultural produce processing. He is happily married and blessed with children.

University of Bath Management School, UK, Dr Teslim Bukoye, says ReadCycle Bath targets one million students in universities, colleges and schools in Africa, Asia and the Middle East with books within seven years. He said that the project, which began in 2022, had already supplied thousands of books to some Nigerian universities and polytechnics, including Ahmadu Bello University, Zaria; University of Ilorin, Ilorin; University of Nigeria, Nsukka; and Federal University of Technology, Akure. Other beneficiaries include Afe

In a statement made on its first anniversary, the don, also a visiting professor at FUTA, said that incentives were put in some books as part of efforts to inspire the students to read. Bukoye said, “We incentivise our reading culture by inserting a token of reward and words of encouragement in these books randomly, for lucky readers. “ReadCycle Bath is motivated out of my strong desire to give back globally. ReadCycle Bath has a mission to inspire reading/ studying and sharing books for the global good.” “The idea is to create a global

is to reach a million students in seven years across universities, colleges, and schools in low- and middle-income countries with Africa as our flagship project, then Asia and the Middle East.” Bukoye, a leading international innovator and advocate for inclusive teaching and learning excellence, noted for contributions towards the development of impactful teaching and management within universities and colleges, said, “So far, this project is helping to address gender imbalance and support students in LMICs. “I am motivated with a strong

Development Goals - quality education (4), reduced inequality (10) and no poverty.” “I am keen to see improvements in the students’ reading culture [in addition to the use of social media], particularly for the current and future generations.” “The opportunity came when colleagues at the University of Bath were willing to either downsize or support with their textbooks as they moved to new offices. Thus, I saw the prospect to collate and ship these quality books to countries where they would be utilized and valued,” he stated.

L-R: The Principal, Chrisland Pre-degree College Lekki, Dr. Atinuke Agomoh; winners, Bells Comprehensive Secondary School,Ota, Ogun State , Master Kunle Daniel; Master Musa Ziyad; and member Winifred Awosika Foundation, Mr. Segun Ogunsola; during the 10th edition of Winifred Awosika Foundation, annual School Challenge, held in Lagos... recently Photo:: Kola Alli

ODF Foundation Buys JAMB Forms for 5,200 Candidates in Ekiti Gbenga Sodeinde in Ado Ekiti

The founder of Opeyemi David Falegan Foundation ODF, Hon. Opeyemi David Falegan, has distributed 5,200 free Joint Admissions and Matriculations Board, JAMB, forms to candidates from all local government areas across Ekiti. Falegan described the gesture as his education support programme to support parents and students in the state, saying the rationale behind this exercise is

to encourage Ekiti youth and many brilliant students from poor homes or backgrounds who may wish to further their education to a more higher level, but couldn’t do so because their parents couldn’t afford the fees. Five thousand two hundred students were given and registered for this free jamb exercise by all local governments. Falegan’s empowerment program has cost him millions of Naira, adding that the rationale was to lessen

the burden of most of Ekiti’s parents who can’t afford to pay for the form. Falegan added that the Nigerian education system suffers from inadequate infrastructure, with many schools lacking basic facilities such as classrooms, desks, and chairs. One of the parents, AbdusSalam Ojo Bello, commended Falegan’s gesture of showering encomiums on him. Earlier, a beneficiary, Ajayi Titilayo Precious, thanked ODF

for his humanitarian services to the well-known pod people of Ekiti. She prayed that the lord would grant his heart desires Meanwhile, purchasing JAMB forms is not his only area of philanthropy as he had recently settled the medical bills of indigent patients in Ekiti state and empowered the market women and traders. He also recently gave motorists and commercial motorcyclists free fuel and promised to do more soon.

JA Nigeria Prepares Students for Success Mary Nnah

Junior Achievement Nigeria (JAN) has embarked on the implementation of the 2024 flagship programme, JA Company Programme, aimed at instilling entrepreneurial skills in senior secondary school students across 12 states in Nigeria. This year-long initiative will empower young minds to kickstart and manage their businesses effectively. The JA Company Programme goes beyond traditional classroom teachings, providing students with practical insights into a comprehensive understanding of entrepreneurship.

Participants collaborate to establish a company, elect officers, and navigate the exciting and daunting experience of running a business under the supervision of dedicated volunteers. Throughout the programme, students engage in entrepreneurial activities, including market research, business development, capital fundraising through stock sales, production, marketing/ sales, financial record-keeping, dividend distribution, and corporate social responsibility (CSR). This hands-on approach ensures that students experience the practical challenges

and triumphs of real-world business operations. At the end of the programme, successful participants who submit annual reports to JA Nigeria become eligible for regional competitions. The best student companies from each region then vie for the National Company of the Year (NCOY) title in Lagos. The winning school from the 2024 NCOY competition will represent Nigeria at the 2024 Africa Company of the Year (ACOY) competition in Mauritius. Acting Director of Junior Achievement Nigeria, Olaolu Akogun, conveying his excite-

ment about the JA Company Programme said, ,”The JA Company Program offers students a transformative experience, providing them with practical skills and the right mindset to excel in the business realm. With “Greenovation,” as this year’s theme, we anticipate the innovative ideas that hundreds of student-companies across the Nigeria will present to address challenges within their communities, and ultimately yielding profits. We extend our gratitude to our sponsors, the Project Management Institute and Boeing, for their steadfast support in bringing this initiative to reality.”

WEDNESday, FEBRUARY 21, 2024 • T H I S D AY

business/MOnEYGUIDE

REA, EY to Collaborate on Sustainable Energy Access With States, Discos Nume Ekeghe The Rural Electrification Agency (REA) in partnership with Ernst & Young (EY), have concluded arrangements to organise a workshop to dissect ways and means for improved energy access through the collaboration with states and Distribution companies (Discos). The partnership is sequel to the signing the Electric Power Sector Reform Act (2023) by the Federal Government of Nigeria. According to REA, “The partnership is on the back of fulfilling our mandate and ensure the smooth delivery of some of

our projects, stating the need to create a harmonious working relationship between the REA, states and the Distributions Companies. “The objectives of the roundtable is to create a pathway that will provide access to data on unelectrified communities, allow for proper coordination/ flow of information within the Discos, States and Federal and other private partners.” On its part, EY said: “As a global professional services firm, EY is committed to building a better working world with increased trust and confidence in business, sustainable growth, and

greater collaboration. We want to build a better working world through our own actions and by engaging with various stakeholders who count on us to deliver quality and excellent services. At EY we believe when business works better the world works better.” Themed, “Implementing the Electricity Act 2023: Improved energy access through collaboration with states and Discos—The Nigeria outlook,” the roundtable holds at the Nigeria Airforce Conference Centre in Abuja. Through the partnership, EY said it will provide specialised technical assistance to facilitate and coordinate the roundtable.

Visually Impaired Nigerians Celebrate FCMB’s Inclusiveness, Empowerment Oluchi Chibuzor

First City Monument Bank (FCMB) has said that it celebrated Valentine’s Day with a unique expression of love, reaching out to hundreds of visually impaired students and adults at two schools and two centres in Lagos, Nigeria. “Titled, “A Different Kind of Love,” the initiative reflects FCMB’s dedication to inclusivity and empowerment. The bank donated N5 million, white canes, essential food items, and household materials to the Federal Nigeria Society for the Blind Vocational Training Centre in Oshodi. Similar donations of white canes, food items, and household materials were made to the Bethesda Home for the Blind in Mushin, Pacelli School for the Blind in Surulere, and Nigeria Farmcraft Centre for the Blind in Isheri-Olofin. Students and teachers expressed their heartfelt appreciation to FCMB for the thoughtful and

inclusive celebrations, “the bank said in a statement. Akinjide Akinpelu, a visually impaired teacher at the Federal Nigeria Society for the Blind Vocational Training Centre, expressed his gratitude for FCMB’s consistent support for the centre and its kindness towards the visually impaired community. Badru Asif, a student at the Pacelli School for the Blind, expressed his deep appreciation to FCMB for organizing the Valentine’s Day program. He acknowledged and appreciated the bank’s efforts, offering prayers for its continued success. During an outreach program, the Group Head of Corporate Affairs of FCMB, Mr. Diran Olojo, reaffirmed the bank’s commitment to supporting a broad spectrum of communities and stakeholders. He emphasized FCMB’s aim to create a sustainable and progressive society with equal opportunities for all. “A Different Kind of Love is not just a Valentine’s Day

gesture. It is a commitment to inclusivity and empowerment. We believe in creating a world where everyone can reach their full potential regardless of ability. We are actively promoting diversity, equity, and inclusion. We urge students not to see physical challenges as impediments to achieving their ambitions, Olojo said. The Executive Secretary of the Federal Nigeria Society for the Blind Vocational Training Centre, Mr Oluwamayowa Oke, expressed his gratitude for FCMB’s continuous support. He highlighted the challenges of blindness in Nigeria and the centre’s role in empowering visually impaired individuals. The Principal of the Nigeria Farmcraft Centre for the Blind, Mr. Mohammed Afegbua, described the FCMB gesture as a timely Valentine’s Day gift. He commended the students’ positive response to their academic routine and thanked FCMB for spreading love.

Terra Seasoning Cubes Redefines Value With Saver, Super Packs

As part of its commitment to providing the best quality of Seasoning cube at an affordable price and convenient size, Terra Cubes has launched Saver and Super Saver pack. When it comes to seasoning, the company said Terra Cubes has become one of the most popular household names in the Nigerian market adding, “Its blend of carefully sourced natural ingredients which delivers consistent taste, rich mouthwatering flavor, and inviting aroma sets it apart from other seasoning cubes. “Introducing the Saver and

Super Saver packs, where quality, taste, and affordability converge to redefine your shopping experience. The new packs deliver the same premium quality and delightful taste you expect in a more convenient and cost-effective package.” Group Executive Director – TGI, Deepanjan Roy, said the success of the Saver and Super Saver pack sizes is a result of the company’s resolve to put the interests of consumers first by seeking ways to continually excite and add value to their lives. “We believe in going above and beyond to understand the

needs and preferences of our consumers and the Saver and Super Saver packs are a testament to this commitment. These packs offer not only unparalleled convenience and value along with the assurance of premium quality and delightful taste” He stated Chief Marketing Officer, TGI Group, Probal Bhattacharya expressed delight with the brand’s latest innovation; the Saver and Super Saver packs. With these packaging options, Terra Cubes is setting a new standard in value within the seasoning market.

Prudential Zenith Honors Top Performers Prudential Zenith Life, a leading life insurance provider in Nigeria, hosted its annual Gala Nite in Lagos, a glamorous evening dedicated to recognizing exceptional performers across its Agency, Bancassurance, and corporate sales channels. The event underscored the company’s commitment to acknowledging and rewarding excellence within its ranks. Bringing together over 300 top achievers, industry leaders, and distinguished

guests, the Gala Nite celebrated the dedication and hard work of individuals who have significantly contributed to Prudential Zenith Life’s success. The highlight of the evening was the announcement of the winners of the prestigious Diamond and Emerald Clubs, exclusive awards reserved for the company’s top sales performers. These outstanding achievers, embodying Prudential Zenith Life’s values of integrity, excellence, and

customer-centricity, were rewarded with an allexpenses-paid trip to the picturesque Philippines. The Management of Prudential Zenith Life expressed their gratitude to the awardees, stating that The Gala Nite is not only just a celebration of success and honoring the remarkable achievements of top performers, but also a reaffirmation of Prudential Zenith Life’s commitment to excellence and the company’s unwavering dedication to its customers.

L - R: CEO, Custodian Social Responsibility Foundation, Mrs Bunmi Aderemi; Mrs Bisi Olasope and Prof. Bode Lucas, both Members of Bodija Community Ibadan, where there was an explosion, and Richard Kehinde, Custodian Representative, during presenting a cheque of N100,000 by Custodian officials.. yesterday in Ibadan

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) November, 24

Money Supply (M3)

72,014,274.74

-- CBN Bills Held by Money Holding Sectors

1,245,804.25

Money Supply (M2)

71,331,641.40

-- Quasi Money

45,146,611.59

-- Narrow Money (M1)

26,185,029.81

---- Currency Outside Banks

3,081,255.46

---- Demand Deposits

23,103,774.40

Net Foreign Assets (NFA)

32,212,549.50

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

39,801,725.20

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

59,737,156.08

--Other Assets Net

4,720,308.20

Reserve Money (Base Money

22,908,392.34

--Currency in Circulation --Banks Reserves --Special Intervention Reserves

3,347,716.33 19,560,676.02 0.00

• Source - CBN

Money Market Indicators (in Percentage) Month

December 2024

Inter-Bank Call Rate

16.99

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

18.75

Treasury Bill Rate

8.93

Savings Deposit Rate

5.28

1 Month Deposit Rate

7.24

3 Months Deposit Rate

7.56

6 Months Deposit Rate

8.42

12 Months Deposit Rate

9.75

Prime Lending rate

14.17

Maximum Lending Rate

26.62

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 24th JANUARY , 2024

The price of OPEC basket of twelve crudes stood at $81.30 a barrel on Tuesday, compared with $79.70 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), 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).

WEDNESday, FEBRUARY 21, 2024 • T H I S D AY

mARKET NEWS

Investors Lose N2.55tn in Two Days as Profit-taking Persists

Kayode Tokede

Investors in the stock market have lost N2.55trilliion in two-day as profit-taking in large capitalised companies continued to push the overall market capitalization downward. Opening for trading this week, the stock market dropped by N1.82trillion on investor’s profittaking in Dangote Cement Plc, MTN Nigeria Communication Plc, and 35 others.

The following day, the stock market closed on a bearish mood as losses in BUA Cement Plc and 42 others pushed the overall market capitalization down by N729 billion. In all, the market capitalization, closed yesterday at N55.299 trillion, dropping N2.55 trillion or 4.4per cent from N57.850 trillion it opened for trading this week. Also, the Nigerian Exchange Limited All-Share Index NGX ASI) dropped by 4,662.11basis

P R I C E S MaiN Board

F O R DEALS

points or 4.4per cent in two-day, closing at 101,060.67 basis points from 105,722.78basis points It opened for trading this week. Consequently, the stock market Month-to-Date and Year-to-Date returns settled at -0.1per cent and +35.2per cent, respectively. For yesterday’s trading activities on the NGX, investor sentiment, as measured by market breadth closed negative as eight stocks advanced, while 43 declined. Juli emerged as the

S E C U R I T I E S Market Price

quantity traded

highest price gainer of 9.94 per cent to close at N1.77, per share. Eterna followed with a gain of 6.17 per cent to close at N17.20, while Veritas Kapital Assurance rose by 5.97 per cent to close at 71 kobo, per share. Geregu Power increased by 3.68 per cent to close at N985.00, while Tantalizers up by 2.63 per cent to close at 39 kobo, per share. On the other side, Honeywell Flour Mills led the losers’ chart with 10

T R A D E D

value traded ( N )

A S O F

MaiN Board

per cent to close at N3.60, per share. BUA Cement followed with a decline of 9.98 per cent to close at N142.95, while PZ Cussons Nigeria declined by 9.72 per cent to close at N27.30, per share. UPDC Real Estate Investment Trust depreciated by 9.32 per cent to close at N5.35, while NEM Insurance down by 8.63 per cent to close at N6.35, per share. The total volume of trades

F E B R U A RY DEALS

decreased by 6.46 per cent to 256.157 million units, valued at N6.629 billion, and exchanged in 8,783 deals. Transactions in the shares of Transnational Corporations (Transcorp) led the activity with 39.746 million shares worth N528.451 million. United Bank for Africa (UBA) followed with an account of 26.026 million shares valued at N624.495 million, while Fidelity Bank traded 25.477 million shares valued at N270.479 million.

/ 2 0 / 2 4 Market Price

quantity traded

value traded ( N)

WEDNESDAY, FEBRUARY 21, 2024 • 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 19Feb-2024, 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 13.61% AIICO Balanced Fund 5.46 5.57 7.51% 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 0.00% Anchoria Equity Fund 229.25 231.68 18.35% Anchoria Fixed Income Fund 1.25 1.25 -2.23% 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 37.86 39.00 23.94% ARM Discovery Balanced Fund 774.41 797.75 16.90% ARM Ethical Fund 64.62 66.57 18.51% ARM Eurobond Fund ($) 1.11 1.11 2.56% ARM Fixed Income Fund 1.11 1.11 12.23% ARM Money Market Fund 1.00 1.00 10.45% ARM Short Term Bond Fund 1.02 1.02 8.49% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.75 108.75 497.00% AVA GAM Fixed Income Naira Fund 1,141.49 1,141.49 206.00% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.87% Cordros Milestone Fund 179.23 180.35 3.58% Cordros Fixed Income Fund 108.97 108.97 10.41% Cordros Halal Fixed Income Fund 110.66 110.66 9.62% Cordros Dollar Fund ($) 115.37 115.37 6.20% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 10.50% Coronation Balanced Fund 1.56 1.58 2.17% Coronation Fixed Income Fund 1.35 1.35 2.17% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A 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 1571.87 1571.87 11.86% FBN Balanced Fund 297.84 300.27 10.14% FBN Halal Fund 136.00 136.00 13.14% FBN Money Market Fund 100.00 100.00 11.90% FBN Dollar Fund 125.17 125.17 7.46% FBN Smart Beta Equity Fund 270.51 274.36 8.78% FBN Specialized Dollar Fund 113.28 113.28 9.15% 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 10.22% Legacy Debt Fund 3.60 3.60 4.58% Legacy Equity Fund 3.29 3.35 18.52% Legacy USD Bond Fund 1.33 1.33 4.37% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 5,952.77 5,994.74 20.90% Coral Income Fund 4,042.45 4,042.45 8.01% Coral Money Market Fund 100.00 100.00 12.99% FSDH Dollar Fund 1.20 1.20 0.00%

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 Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.90 1.94 32.74% Lotus Halal Fixed Income Fund 1,210.71 1,210.71 -2.64% 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 20.07 20.25 9.31% Meristem Money Market Fund 10.00 10.00 13.09% 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) N/A N/A N/A Norrenberger Money Market Fund (NMMF) N/A N/A N/A Norrenberger Dollar Fund (NDF) ($) N/A N/A N/A 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 2.51 2.55 7.98% PACAM Fixed Income Fund 12.23 12.51 -56.60% PACAM Money Market Fund 10.00 10.00 0.00% PACAM Equity Fund 2.47 2.50 14.60% PACAM EuroBond Fund 134.33 137.54 1.80% SCM CAPITAL ASSET MANAGEMENT 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 The Frontier Fund N/A N/A N/A 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 1.02 1.02 11.01% 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 5,517.26 5,560.71 10.77% Stanbic IBTC Bond Fund 257.51 257.51 4.72% Stanbic IBTC Ethical Fund 2.34 2.36 13.53% Stanbic IBTC Guaranteed Investment Fund 354.88 355.12 0.47% Stanbic IBTC Iman Fund 452.34 457.12 19.81% Stanbic IBTC Money Market Fund 1.00 1.00 11.96% Stanbic IBTC Nigerian Equity Fund 20,088.03 20,318.83 10.70% Stanbic IBTC Dollar Fund (USD) 1.48 1.48 7.44% Stanbic IBTC Shariah Fixed Income Fund 129.49 129.49 6.67% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 127.67 127.67 9.94% Stanbic IBTC Absolute Fund 5,079.68 5,079.68 9.72% Stanbic IBTC Aggressive Fund 5,954.17 6,025.05 10.63% Stanbic IBTC Conservative Fund 5,598.68 5,626.06 5.94% 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 1.62 1.64 19.14% United Capital Balanced Fund 2.02 2.04 9.30% United Capital Wealth for Women Fund 1.68 1.69 17.76% United Capital Sukuk Fund 1.19 1.19 9.31% United Capital Fixed Income Fund 1.97 1.97 7.06% United Capital Eurobond Fund 125.23 125.23 5.30% United Capital Global Fixed Income Fund 1.10 1.10 8.29% United Capital Money Market Fund 1.00 1.00 11.93% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 20.26 20.51 9.89% Zenith ESG Impact Fund 22.79 22.98 4.54% Zenith Income Fund 25.73 25.73 1.57% Zenith Money Market Fund 1.00 1.00 11.41% 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 8.88 8.98 0.79% Vetiva Consumer Goods Exchange Traded Fund 16.36 16.46 6.08% Vetiva Griffin 30 Exchange Traded Fund 39.24 39.44 1.65% Vetiva Money Market Fund 1.00 1.00 10.50% Vetiva Industrial Goods Exchange Traded Fund 53.22 53.42 0.00% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 3.05%

REITS

NAV Per Share

Yield / T-Rtn

131.51 60.23 101.79 11.31

1.27% 0.67% 91.77%

Bid Price

Offer Price

Yield / T-Rtn

28.85 981.00 765.00 21.27 42.68

31.89 981.00 765.00 21.69 43.19

-51.54% 96.20% 6.69% -9.28% 13.35%

NAV Per Share

Yield / T-Rtn

N/A

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

I N F R AST R U CT U R E F U N D

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.

T H I S D AY • WEDNESday FEBRUARY 21, 2024

images

L-R: Chief Executive Officer/Chairman, CAADES Group, Dr. Chima Desmond Anyaso; and Abia State Governor, Dr. Alex Otti, when Anyaso visited the governor at the Government House in Umuahia, the state capital, to felicitate him on his victory at the poll and the successful conclusion of the Supreme Court electoral judgment...recently

L-R: Secretary, Rumuogholu Community Women Group, Mrs. Edna Wogu; Responsible Beverage Service (RBS), Manager, Rivers State, Stanley Nyeche; and President, Rumuoghu Community Women Group, Mrs. Gladys Ovunwo, at the AB InBev Foundation and International Breweries Responsible Beverage Service Programme to sensitise women on responsible alcohol consumption, held in Port Harcourt, Rivers State… recently

Head, Marketing, AXA Mansard, Olusesan Ogunyooye (left); official, Isaac Freeman; Prize Winners of the AXA Mansard Wellvolution Challenge, Micheal Dabonko; and the Divisional Head, Retail Solutions, AXA Mansard, Jumoke Odunlami, during the presentation of the prize to the winners in Lagos…recently

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

L-R: Ooni of Ife, Oba Adeyeye Enitan Ogunwusi; Founder/Chairman, Honeywell Group, Oba Otudeko; and the celebrant husband, Police DIG Taiwo Lakanu (rtd), during the 60th birthday celebration of Mrs. Omowunmi Lakanu in Lagos...recently

L-R: Managing Director, News Central Media Limited, Mr. Kayode Akintemi, awarded the Certificate of Honour as Africa Mental Health Ambassador, and Assistant Inspector General of Police (AIG), Aisha Baju, honoured for outstanding Mental Health Development in Africa, by Women Impact Summit, held in Abuja...recently

L-R: Area C Commander, Assistant Commissioner of Police, Oladunni Ayoola; Divisional Police Officer (DPO), Aguda, CSP Uro Justin; and Principal Officer, Lagos State Safe School Technical Working Group, Mr. Odeyemi Richard, during the School Safety and Security Stakeholders’ Dialogue with the Area C Commander in Surulere, Lagos...recently PHOTO: ABIODUN AJALA

L-R: Iyaloja-General, Oshodi, Mrs. Adeyanju Sokopau; Lagos State Commissioner for Agriculture, Ms. Abisola Olusanya; Nollywood actress, Fatia Balogun; Iyaloja-General, Mushin, Alhaja Taibat Borokini; and Iyaloja-General, Ikeja, Alhaja Adiya Apena, during the Lagos Food Systems’ Champions Sensitisation Programme for market men and women from Oshodi and Ikeja Local Government Areas at the Agro-Produce Hub in Idi-Oro, Mushin in Lagos State...recently

WEDNESDAY, FEBRUARY 21, 2024 • T H I S D AY

NEWS

EU Delegation Visits Senate...

L-R: Leader of the Senate, Senator Opeyemi Bamidele; President of the Senate, Senator Goodswill Akpabio; Deputy President of the Senate, Senator Barau Jibrin; Chairman, Senate Committee on Army, Senator Abdulaziz Yar'Adua and Head of the European Union Delegation to Nigeria and ECOWAS, Amb. Samuela Isopi during the visitation of the delegation to the Senate, Abuja …. yesterday

NHRC: We Received Over Two Million Complaints on Rights Abuse in 2022

Onyebuchi Ezigbo in Abuja

The National Human Rights Commission (NHRC) has disclosed that received a total of 2,314,440 petitions from members of the public in 2022, alleging various forms of human rights violations. Against the background of persisting insecurity in the country, the Commission said lack of unemployment benefits, non-payment of a living wage to employees, disenfranchisement of voters, constituted human rights violation which may aggravate the insecurity situation. Executive Secretary of the Commission, Mr. Tony Ojukwu, who disclosed this in Abuja, during a stakeholders' Dialogue on the State of Human Rights in Nigeria organised by the Policy and Legislative Advocacy Centre (PLAC) in Abuja, said there were many challenges in the way of protection of rights of

individuals in the country. Ojukwu said the Human Rights Commission was actively engaged in investigating, documenting and reporting human rights violations in accordance with its core mandate to protect and enforce human rights in the country. He said the commission had been inundated with complaints of human rights violations. "In 2022 alone, the Commission received total complaints of 2,314,440 (about 27 percent increase from previous year). The complaints were received through various sources including routine complaints," he added. According to Ojukwu, complaints on human rights violations were received from both the Abuja head office and its state offices nationwide. "The right to life is also directly violated by persistence and security in the form of terrorism. Escalating killings farmers-herders, conflicts,

separatists. agitations, kidnappings, and robbery and banditry that went across the country. "Likewise, the dignity of the human person is also on the recent reports of torture, inhuman and degrading treatment by law enforcement official, exemplified by the reports of Human Rights Watch. "We documented 12 cases where young men have been shot in the foot or leg while in police custody. In this event, unlawful arrest by security agencies threaten our personal liberties. “Similarly, the right to freedom of expression and assembly is under attack," he said. In addition, Ojukwu said cases of violations of rights to freedom of expression and worship had

been a major cause for concern in dealing with human rights issues in the country. Speaking on accountability and challenges facing human rights protection in the country, Ojukwu said poor funding to investigate and prosecute received petitions as well as societal ignorance on what constitutes fundamental human rights of a citizen were seriously affecting the work of the Commission. He said the Commission was pushing for the enactment of a law establishing a Human Rights Fund to facilitate it's work. NHRC boss expressed worry that the courts whose role it was to resolve issues human rights abuses usually have their verdict ignored and disobeyed by parties in

the conflict, especially government agencies. Ojukwu said there were lot of ungoverned spaces across the country especially the bushes which had been taken over by kidnappers and criminals to perpetrate crime. In his remarks, Chairman of the Committee on Judiciary, Human Rights and Legal Matters, Senator Mohammed Monguno, said one of the most pressing issues that must be addressed was the protection of freedom of expression and the press. "A free and vibrant media is indispensable to a healthy democracy, yet journalists and media workers in Nigeria continue to face harassment, intimidation, and even violence for simply doing their jobs," he said. While welcoming participants,

Executive Director of the Policy and Legislative Advocacy Centre (PLAC), Mr. Clement Nwankwo, said although some progress may have been made on human rights preservation since the advent of democracy in Nigeria, much needed to be done to improve on them. He said the fact remained that democracy had enabled the country to have representatives, "who are expected to speak for the people and who listen to the people and who are prepared to take up the challenges that our people face in order to seek redress for human rights." "Unfortunately, I think that the human rights situation, even if it has improved, remains a challenge for all of us," he said.

Group Alleges FG Has Nothing Ex-Kwara Gov, Ahmed, to Show for Fuel Subsidy Removal Asks Tinubu to copy Abacha, Jonathan’s PTF, SURE-P schemes

Still in EFCC Custody

Michael Olugbode in Abuja

A former governor of Kwara State, Alhaji Abdulfattah Ahmed, yesterday, was still in the Custody of the Ilorin zonal command of the Economic and Financial Crimes Commission (EFCC) in Ilorin, the state capital, as at the close of work. Ahmed, who was being interrogated by the Antigraft agency on some N10 billion projects executed during his tenure would have spent his second day at the office of the Commission, if not released

The Centre for Social Justice (CSJ) has called on all tiers of government in Nigeria to take concrete and targeted steps to mainstream social justice into all processes, mechanisms and instruments of governance. The organisation while alleging President Bola Tinubu has nothing to show for his fuel subsidy removal, asked the present administration to copy the late Gen. Sani Abacha’s Petroleum Trust Fund and former President Goodluck

Hammed Shittu in Ilorin

yesterday. He was invited weekend and presented himself to the agency at about 9am on Monday and had remained in the office as at 7pm yesterday, according to a source closed to the EFCC Asked about the projects which the ex-governor was being grilled for, the source who did not want his name in print said he didn't know the projects but said, "what I can tell you is that Ex-governor Ahmed is still with the EFCC and has not been released as at 7pm."

Jonathan’s SURE-P created to soften the hardship of removal of fuel subsidy. The call was made in commemoration of the World Day of Social Justice 2024 with theme: “"Bridging Gaps, Building Alliances." The CSJ, in a statement yesterday, by its Lead Director, Eze Onyekpere, said the theme indicated that there was no better time than now for the government to bridge the gap of increasing poverty, hunger and degraded living conditions occasioned by the rising cost of living. Onyekpere also said: “This is also

FG Urges Action against Unprofessional Practices in Nigeria's Food Value Chains

Folalumi Alaran in Abuja

The federal government has called for the mitigation of unprofessional practices and mismanagement in Nigeria's food value chains, which it stated had lingered for too long in the country. Speaking, yesterday in Abuja, at a sensitisation forum, Registrar/ CEO Nigerian Council of Food Science and Technology (NiCFoST), Veronica Ezeh, highlighted the detrimental impact of substandard food production on industrialisation plans, export potential and the rise of preventable foodborne diseases. Ezeh, noted that NiCFoST, as the first council in sub-Saharan

Africa regulating food science and technology was committed to efficiently manage various segments of the country's food value chain and supply systems. She stressed the importance of gathering feedback from stakeholders at all levels to enhance food safety measures and urged transparency, particularly at the grassroots level, for a comprehensive approach. She added, “We are determined to live our vision which is efficient professional management of the various segments of the Nigerian food value chains and supply systems following current scientific practices for food security and our mission which is to develop and

promote the highest standards in the training and practice of the food science and technology profession in Nigeria. “To achieve the vision and mission of the Council, it became imperative that the Council collaborate with the grassroots food commodities' producers and all, hitherto, involved in their postharvest handlings to include marketing and packaging. “This sensitisation is aimed at ensuring that the regulation of food at the LGAs is carried out according to world best operating practices/ procedures as done internationally so our food or food products can be safe for Nigerians and compete

favorably with the ones outside of Nigeria and not rejected when exported. “So NICFOST will rely on the Ministries of Agriculture (Federal and State including the Ministries of Health) for the improvement of food safety practices right from the farm. “We know that the final food products or farm commodities (either consumed as produced or processed) depends on good agricultural practices. You, the primary producers, are very important in the food value chain. We are soliciting for your support for best food standards in Nigeria,” she said.

the time to bridge the inequality gap against the background of the ostentatious and opulent lifestyles of top level public servants and elected officials. While the average Nigerian has been subjected to misery, the ruling class revel in a competition to mismanage and abuse public resources. “With increased resources available to the three tiers of government arising from the removal of fuel subsidy and floatation of the Naira, there was a public expectation under the Renewed Hope Agenda that these new resources would be invested for the public good in education, health, housing, roads and other infrastructure. “Rather than investing the resources to bridge the gap between the rich and the poor and build a national alliance and consensus for development, the leaders have cornered all the resources for their personal gain as there is nothing to show for the increased resources available to the government. “Promises of the Bola Ahmed Tinubu era had remained pipe dreams and none has been fulfilled.” He noted that the Abacha presidency era had the Petroleum Trust Fund while the Goodluck Jonathan era had SURE-P for the investment of fuel subsidy removal gains, but lamented that, “the Bola Ahmed Tinubu presidency has nothing to show. Rather, we have witnessed a bloating of the cost of governance and frivolous expenditure.”

He added: “The three arms of government have not demonstrated any sense of patriotism to bridge the gap of injustice, inequality and poverty in Nigeria. “On the part of the judiciary, we have witnessed the brazen attempt of senior judges to install/appoint their relations by all means as judges of the various courts. “The executive and legislature have refused to cut down the cost of governance and re-channel the bulk of the public resources to cushion the effects of poverty. “It is alarming, that in the face of the current hardship plaguing the nation, the President still maintains a bloated retinue of staff with increased personnel cost, while the legislators went on a spending spree in the procurement of SUVs worth 160 million each for its members. “The legislature also scandalously increased its budget. The government refuses to pay the promised wage award of N35,000 to civil servants whereas the minimum wage still remains a paltry N30,000.” He added: “We call on the government to use this occasion to reflect on implementing life-saving measures that would bridge the gap of inequality experienced by 133 million multi dimensionally poor Nigerians. “It is not too late for the federal government to review and course correct on its stringent policies such as the removal of fuel subsidy and the floating of the naira which has resulted in run-away inflation and high cost of living.”

T H I S D AY • WEDNESDAY, FEBRUARY 21, 2024

NEWS

MAKING GROWTH REAL THROUGH BRAND PROMOTION...

L- R: Director of Customer Experience, Sub-Saharan Africa, Kantar, Mark Molenaar,; Chief Executive Officer, South Africa, Kantar, Ivan Moroke; Managing Director, West, East & Central Africa, Kantar, Ndeye Diagne; Executive Director, Nigeria, Kantar, Eddington Danda, and Chief Growth Officer, West, East & Central Africa, Kantar, Dan Oseman, at the Kantar Brands of Tomorrow - Making Growth Real event in Lagos… recently

S'East PDP Gives Party Condition on Choice of National Secretary Says it’s Udeh-Okoye or nothing We’re not your slaves, Wabara declares Respect our decision, Mbah maintains

The South East zone of the Peoples Democratic Party (PDP) has urged the National Working Committee (NWC) and other organs of the party leadership to ratify Hon. Sunday Udeh-Okoye as the National Secretary being the choice of the zone, in line with the PDP Constitution, and valid court order. Leaders of the party decried the mistreatment of the zone by the PDP, insisting that they would no longer tolerate the delay in the ratification of Udeh-Okoye as the National Secretary, saying it was either him or nothing because the zone was not a slave to the PDP. At the same time, the Chairman, Board of Trustees of the party, Adolphus Wabara, expressed pains over the triviality with which the PDP had treated the South East zone of party.

The South East PDP took the stand, yesterday, in a communique issued at the end of a meeting of the Zonal Executive Committee and party leaders held in Enugu under the leadership of Governor Peter Mbah of Enugu and PDP National Vice Chairman (South East), Chief Ali Odefa. The meeting was also attended by the Chairman, PDP Board of Trustees, Senator Adolphus Wabara, among a host of others. In his opening remark, Mbah said, “We have carried the banner of PDP in the South East with great pride. So, when we have come together, as a people on a matter that affects us as PDP members in the South East and a decision is taken in line with our party's Constitution and the electoral guidelines, I think it would be a mistake if that position

is disrespected. “I believe that we are here to decide whether we, the South East, will continue to be slaves in this party. I feel pained that the Igbo are being mistreated. We are being treated like slaves. Therefore, we will leave here with a far-reaching decision and that decision must be carried. That is why we are here,” he said in his introductory remark. However, reading the communique, Odefa said: “The meeting reiterated and reconfirmed its decisions in its earlier meeting held on 20th October, 2023, which asked Senator Samuel Anyanwu to stop parading himself as the National Secretary of the Peoples’ Democratic Party (PDP), as he has relinquished the office by virtue of the Constitution of the PDP, which has been upheld by a court of competent jurisdiction.

“The meeting affirmed the nomination of S.K.E. Udeh-Okoye as his replacement for the National Secretary of the Party, to serve out the remainder of his term, in accordance with the Party’s Constitution. “The Constitution of PDP is very clear on the matter of resignation of an elected national party official, who vied or is vying for an election, as presented below. “Section 47 (5) states that any elected PDP national officer who wishes to contest an elective office must resign. It gives the power to determine the length of Notice of the resignation to the National Executive Committee (NEC) of the Party, to be contained in the Guidelines. “Furthermore, a court of competent jurisdiction, the Enugu State High Court, on 28th December 2023, in a considered opinion, held that

Iwuanyanwu: Igbo'll Stand By Tinubu, Won’t Join Any Protest Tony Icheku in Owerri The President General of Ohanaeze Ndigbo Worldwide, Chief Emmanuel Iwuanyanwu, yesterday, directed that no Igbo group or community in Nigeria or in Diaspora should join in any proposed and ongoing protests or demonstration against the economic hardship under the President Bola Tinubu administration. Iwuanyanwu reminded the Igbo that since the 2023 presidential electoral matter has reached the Nigerian Supreme Court, where they declared Tinubu winner, the Igbo had decided to support Tinubu. "We expect him also to reciprocate this gesture by giving us what is our due in the federation. We are not asking for another person’s position," he stated in a release personally signed and titled: 'Message To All Igbo Worldwide'. Iwuanyanwu declared: "As your leader, I am directing that no Igbo group or community in Nigeria or in Diaspora should join in this action. I am still studying the situation." He averred that it was a critical period in Nigeria as events in the country were disturbing. "The economy has turned very bad, a scepter of frustration is everywhere. I have received many entreaties from many parts of the country requesting me to call Igbo to join in demonstration and violent action in the country, against the

government. In the lengthy message, Iwuanyanwu raised several issues bothering on what he described as marginalisation of the South-East geo-political zone in all ramifications Amongst others, he argued that the South-East occupied "is the only geopolitical zone that has only five (5) states. This situation has cost us billions of financial losses. It has also cost us losses in both political appointments and legislative representations. “In 2005 and 2014, we raised this issue at various conferences. All men of goodwill at the conference agreed that it was unfair for the South-East to have only five states and recommended that an additional state be created in the South-East but up till today, this has not been done." Iwuanyanwu maintained that there he had drawn the attention of the federal government to this injustice against the South-East, adding that this statement should serve as a notice that if no step was taken by the federal government and the National Assembly towards the creation of an additional state in the South-East, he will have no choice than to go to court. Iwuanyanwu further argued that in an occasion where Igbo youths and youths from other tribes at various times expressed their dissatisfaction with events in

the country, whereas youths from other tribes of the country were reprimanded and forgiven. “The Igbo youths are arrested, incarcerated and even charged for serious offences. For example, the arrest and detention of Mazi Nnamdi Kanu generated a lot of problems for the Igbo. “Many Igbo, including governors, members of the National Assembly,

religious leaders, traditional rulers, and business leaders pleaded with Mr. President for the release of Mazi Nnamdi Kanu but without success. "Also, there are many Igbo Youths detained in various correctional Centres for flimsy excuses. For example, there is a case of Eze Fredrick Nwajiagu, who has been in detention in Lagos without any justifiable reason," he stated

Senator Anyanwu, by standing for the Governorship primaries of the PDP, ‘had elected on his own volition to vacate the office of National Secretary.’ “The Court further ordered that

S.K.E. Udeh- Okoye be recognised as the National Secretary of the Party.” The party, therefore, urged the PDP NWC and other organs to recognise Hon. Udeh-Okoye as the authentic National Secretary of the party.

FG Warns Civil Servants against Leakage of Sensitive Documents Chuks Okocha and Olawale Ajimotokan in Abuja The federal government has warned civil servants over "embarrassing" leakages of important documents in the Ministries, Departments, and Agencies (MDAs). The Head of Civil Service of the Federation, Dr Folasade Yemi-Esan, issued the warning in a circular dated February 19, 2014 and titled: Measures to Curtail the Leakage of Senao Official Information/ Documents in Ministries, Departments and Agencies (MDAs). The circular was HCSF/ 3065/VI/189, a copy of which was sighted yesterday by our correspondent and addressed to the Chief of Staff to the President, Ministers, Deputy Chief of Staff to the President, Office of the Vice-President, Secretary to the Government of the Federation, all Permanent Secretaries, Service Chiefs/Inspector General of Police. Others served were governor, Clerk of National Assembly, Central Bank of Nigeria, Chairman, Federal Civil Service Commission,

Chairman, Independent Corrupt Practices and other Related Offences Commission, Chairman, Federal inland Revenue Service and Chairman, Code of Conduct Bureau among others. In the signed document by Yemi-Esan, she warned of severe punishment for anyone caught in the act of leaking government memos. She expressed dismay at the increase in the cases of leakage of sensitive official documents in Ministries, Departments and Agencies (MDA). She described the practice as "very embarrassing to the government and therefore unacceptable. " As part of the efforts to curb this undesirable development, all Permanent Secretaries are to fast-track the migration to the digitalised workflow system and ensure effective deployment of the Enterprise Content Management (ECM) Solution. “This will reduce physical contact with official documents thereby checking the increasing incidence of leakage and circulation of same.

Ayedatiwa, Fayemi, Otudeko, Others Celebrate Akeredolu in Ibadan Kemi Olaitan in Ibadan

Prominent Nigerians including the Ondo State Governor, Mr. Lucky Orimisan Ayedatiwa; his deputy Dr. Olaide Adelani; Oyo State Governor, Seyi Makinde, represented by the Secretary to the State Government (SSG), Prof. Adenike Adeyemo and former Ekiti State Governor, Dr. Kayode Fayemi, yesterday, celebrated the deceased former governor of Ondo State, Oluwarotimi Akeredolu, as part of activities marking his final rite of passage. Other dignitaries at the event held in Ibadan, Oyo State, were the former Minister of State for Transport, Ademola Adegoroye; Mr. Oba Otudeko; former governor of Cross River State, Donald Duke; retired AIG Tunji Alapinni, and former Minister of Science and

Technology, Senator Olorunnimbe Mamora, among others. The widow, Betty Akeredolu and her children were also in attendance in the Church, to appreciate the dignitaries, including the Old Boys of the Loyola College, who sang the school's anthem in honour of their departed colleague, just as Emeritus Professor Ayodele Falase (former UI VC), the Church's Organist, injected mellifluous tones to the hymns sung. However, the Bishop, Ibadan North Anglican Diocese, Rt. Revd. Williams Aladekugbe, yesterday, called on the federal government and the security agencies in the country to redouble their efforts in ridding the country of myriads of socio-economic and security hardships ravaging the people. The clergy made the call in his exhortation at the All Saints Church,

Jericho, Ibadan, Oyo State capital, during the commendation service organised in honour of Akeredolu, who died on 26th December, 2023, in a German hospital, at the age of 68 years old. Aladekugbe while drawing from the Book of John 11: 25 with the theme: "The Blessings of Death", lauded Akeredolu for being a very courageous man, "who impacted meaningfully in the lives of his people. He was enthusiastic in giving birth to Amotekun such that in Ondo State, you could not see my cow wandering about. "This, we still see in Abuja up till today. He was a courageous and pragmatic leader and we bid him farewell today," he said. In his message to the federal government regarding protests by the masses over hunger and economic

hardship being experienced, the Bishop said, "We sincerely appeal to all tiers of government to urgently intervene in the skyrocketing prices of foodstuff and other items in our dear country. “There is no point hiding the fact that Nigerians are frustrated. Nigerians are hungry, and Nigerians are angry. The hardship, the insecurity, the poverty and unemployment in the country are what are going on and nobody can pacify anybody. "What Nigerians are experiencing are not what the president promised us. The president told us that we should put our minds at rest; that prices of things will come down. Unfortunately, nine months into the government, everybody is in pains. We have been moving from one problem to the other since May 29, 2023.”

WEDNESDAY, FEBRUARY 21, 2024 • T H I S D AY

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Sailing Race 2024 organised by Bloomfield LP...

L-R: Chief Executive Officer, Schiste Oil and Gas Limited; Mr. Kunle Ajayi; General Counsel, TotalEnergies EP Nigeria Limited, Dr. Yakubu Belgore; Partner, Bloomfield LP, Mr. Adedoyin Afun; and Chief PHOTO: ETOP UKUTT Operating Officer, Commercial Consult Nigeria Limited, Mrs. Toyosi Belgore, at the Sailing Race 2024 organised by Bloomfield LP in Lagos recently

House Moves to Investigate Privatisation, Concession of 22 Government Silos

Juliet Akoje in Abuja

The House of Representatives has mandated its Committees on Agricultural Production and Services, Privatisation and Commercialisation, Public Assets and special duties to investigate the privatisation/concession of 22 out of 33 government silos for grain storage and other critical national assets in Nigeria and report back within four weeks for further legislative action.

The House also urged the federal government to, as a matter of priority, consider subsidising agriculture to revitalise the economy and improve food security in Nigeria. These resolutions followed the adoption of a motion on the need to investigate the privatisation/ concession of federal government Silos in Nigeria moved by Hon. Inuwa Garba at plenary on Tuesday. Garba noted that in September, 2017, the federal government com-

menced the process of concessioning 22 out of 33 silo complexes across the country to the private sector to ensure availability of affordable grains across the country. "The need to investigate the entire process of privatisation or concession, including the criteria used for the selection of private entities, transparency in the bidding process to ensure accountability in public administration, and upholding the principles of fairness and equity," he said.

The House has also mandated its Committees on Industry, Labour, Employment, and Productivity to investigate the closure of local Companies and the departure of Multinational Companies from Nigeria and the factors militating against the ease of doing business in Nigeria. This, it said, was with the aim of assisting the House in meeting its Agenda on Economic Growth and Development and forestalling the closure of Companies in Nigeria

and report back within four (4) weeks for further legislative action. The House resolved to implement clearly defined measures to address the challenges confronting the nation, particularly in the manufacturing sector, and create a conducive environment for businesses to thrive. It also said the idea was intended to collaborate with the private sector to develop policies that would stimulate economic growth, create job opportunities in the country

and also prioritise investments in the infrastructure and power sectors; provide tax incentives to encourage businesses and investors to invest in Nigeria. These resolutions followed the adoption of a motion on the urgent “Need to Investigate the Closure and Exodus of Multinational Companies in Nigeria” moved by Hon. Patrick Umoh, Hon. Lukman Alani Mudashiru and Hon. Paul Ekpo at plenary yesterday.

“Any transaction above a certain threshold (to be fixed by the CBN every 90 days) must be backed by an undertaking by the financial institution/to pay the penalty of at least double the size of transaction if the facts used for seeking the approval subsequently becomes inaccurate.” Oye also advised CBN to, “Strengthen the monitoring of financial institutions and enforce compliance with foreign exchange regulations. This would involve using the banking system to monitor and regulate the flow of foreign exchange in and out of the parallel market. “Remittance Oversight: Implement policies to ensure that inflows from remittances are properly channelled through the official banking system and are used to support the naira.” For the medium term measures, the NACCIMA boss advocated diversification initiatives, financial literacy and inclusion, investment in infrastructure, support for small and medium enterprises (SMEs) and inflation targeting, among others. According to him, there is need to, “Invest in and promote non-oil sectors to increase exports and reduce reliance on oil revenues. Sectors, such as agriculture, manufacturing, and services should be the focus of targeted policy support. “Enhance financial literacy to encourage the use of official financial channels and discourage reliance on the parallel market. “Invest in infrastructure to reduce the cost of doing business and make Nigerian exports more competitive, provide incentives and easier access to finance for SMEs to boost local production and exports and implement a clear inflation targeting framework to guide monetary policy, aimed at achieving price stability.” On long term strategies to address the challenges, Oye charged CBN to, “Maintain consistency in economic policies to foster a stable environment for investment and economic planning. “Build the capacity of economic institutions to effectively regulate and supervise the financial sector

and enforce laws against economic sabotage. “Undertake structural reforms to improve the business environment, such as streamlining business registration, enforcing contracts, and simplifying tax systems. “Invest in education and healthcare to improve labour productivity and the innovation potential, and work towards increasing foreign reserves to buffer against external shocks, which can be achieved by improving trade balances and attracting foreign investment.” In his letter to the trade minister titled, ‘Strategic actions to mitigate hyperinflation and uphold local and international agreements in the wake of naira devaluation,” Oye said Nigeria was at a crossroads where the convergence of economic prowess and policy prudence must be harnessed to ensure the wellbeing of the economy, stability of the naira, and prosperity of the people. According to him, “The recent precipitous devaluation of the naira has triggered hyperinflation, undermining both the citizenry and the business community. This situation has, in effect, breached the implicit contract between the Nigerian government and its people, wherein the government is entrusted with the stewardship of policies that safeguard against such economic volatility. “The Ministry of Investment, Trade, and Industry, as a custodian of economic guidance and a sentinel against policy discordance, plays a critical role in steering the federal government towards adherence to local and international financial and trade agreements. “It is imperative that the policies enacted by the government do not frustrate the ability of private businesses in Nigeria to keep contractual agreements with their business partners. Also, that our government’s commitment with local businesses, bilateral/multilateral Institutions, the ECOWAS, the African Continental Free Trade Area (AfCFTA), and the World Trade Organisation (WTO) agreements, amongst others, are not contravened by federal government policies.”

FG Declares War on FX Speculators as Naira Slides to N1, 830 to Dollar Stating that the new management was committed to high level corporate governance, Usman disclosed that the company had integrated a non-conflict of interest policy to guard against practices that undermine professionalism among members of staff. On his part, Chief Executive Officer (CEO) of MOFI, Dr. Armstrong Takang, gave an overview of the MOFI renewed mandate, particularly highlighting expectations from the public and the private sector. Takang also announced the launch of a N100 billion Project Preparation Fund by MOFI as part of its renewed mandate of ensuring professionalism in the management of public assets. According to him, the overall objective is to deliver commercial value for the common good of the people. He assured that the company would transform the fortunes of public assets under its purview and restore investors’ confidence in both the operation and management of the assets.

ONSA, CBN Move to Combat Speculative Activities Meanwhile, in a renewed bid to safeguard Nigeria's foreign exchange market and combat speculative activities, ONSA and CBN are joining forces to address challenges posed to the nation's economic stability. ONSA stated that CBN's proactive measures to stabilise the FX market and stimulate economic activities had been commendable. It stated, "However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian naira and contributing to inflation and economic instability." ONSA said in a bid to address the exchange rate volatility, CBN initiated a comprehensive strategy to enhance liquidity in the forex market, including unifying FX market segments, clearing outstanding FX obligations, introducing new

operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap. A statement signed by Head, Strategic Communication, Office of the National Security Adviser, Zakari U. Mijinyawa, disclosed, "To reduce the pressure on the naira, the Economic and Financial Crimes Commission (EFCC) has raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers. "Yet, recent intelligence reports have highlighted continued illicit activities within the Nigerian foreign exchange market. The ONSA and CBN are, therefore, embarking on this collaborative approach to tackle these infractions." It said the partnership would involve a coordinated effort with key law enforcement agencies, including the Nigeria Police, EFCC, Nigeria Customs Service, and NFIU. The statement said, "The primary objective of this alliance is to systematically identify, thoroughly investigate and appropriately penalise individuals and organisations involved in wrongful activities within the FX market. "By leveraging the expertise of these agencies, we aim to deter malicious practices, protect investor interests, and promote sustainable economic growth." The statement also said, "This joint effort underscores the commitment of the Nigerian government to improving its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework and exiting the grey list of the Financial Action Task Force. "In addition, the efforts will make progress in ensuring a stable and transparent foreign exchange market, fostering investor confidence, and advancing the nation's economic well-being." In his presentation on the private sector perspective on public assets, Chairman of Heirs Holdings, Mr. Tony Elumelu, urged MOFI to fashion its operations after Temasek of Singapore, which he said had

become a global model for efficiency and performance. Elumelu stated that Temasek also actively managed its investments, engaging with portfolio companies to drive growth and value creation. He said they were not a passive investor that sat back, but were more like a private equity firm that worked closely with management to unlock value. "We need this approach in Nigeria," he said. Elumelu also said while MOFI was established in 1959, Temasek was created in 1974. He added that the latter was set up with state-owned assets worth $300 million, which were now worth approximately $300 billion. Stating that it was gratifying that after over six wasted decades, MOFI had entered a reformation era, Elumelu urged the board and management to embrace a value creation mind-set. He explained that setting a strategic intent of the institution was critical. He also underscored the need for strong corporate governance. Citing the turnaround success in the Heirs Holdings Group, Elumelu stated that it boasted expertise in unlocking the value in assets.

NACCIMA Writes CBN Governor, Minister of Trade, Proffers Strategies to Address Naira Slide, Inflationary Pressure National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye, proffered short, medium and long-term strategies to address the naira depreciation and inflation surge, and ensure economic prosperity for the country. In separate letters to Governor of CBN, Mr. Olayemi Cardoso, and Minister of Industry, Trade and Investment, Doris Nkiruka Uzoka-Anite, the NACCIMA boss charged CBN to immediately announce the pegging of the naira to between N750 and N850/$ effective from March 21, 2024, and enforce

stricter regulations on currency transactions. In the letter to Cardoso, titled, “NACCIMA’s Suggestions for Addressing the Continuous Depreciation of our Currency,” Oye outlined a multifaceted plan, segmented into short, medium, and long-term measures to address currency devaluation and inflation in the country. According to him, “This letter embodies the thoughts of the organised private sector on how we can tackle the lingering challenge of the naira’s depreciation. “It is our hope that you and your team can consider the ideas espoused here, and by implementing them, achieve significant progress in stemming the ugly tide of currency depreciation that currently bedevils the nation.” In the short term, Oye outlined enforcement of currency regulations, transparent communication, official transactions, remittance oversight, as well as monitoring and compliance as necessary in addressing the challenges. He said, “The CBN should immediately announce the pegging of the naira to between N750 to N850/$ effective from March 21, 2024, and enforce stricter regulations on currency transactions. “This includes hefty fines, prosecution of breach of laws, and confiscation of funds involved in transactions that violate a specified exchange rate band, such as the 15 per cent maximum difference from the official rate. “The government should consistently communicate its policy intentions and economic measures to the public to strengthen confidence in the nation's economic management. “All government agencies, at every level, should be mandated to conduct their transactions at the official rate, and severe penalties should be imposed for violations. “On no account should government money go to the parallel market, directly or indirectly (through its contractors or government agents) without a certificate issued by the CBN or the Independent Emergency Economic Intelligence Committee.

T H I S D AY • WEDNESDAY, FEBRUARY 21, 2024

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INAUGURATION OF CHALLENGE- ODO ELEWE- ELEBU APATA ROAD...

L-R: Deputy Governor of Oyo State, Barr. Bayo Lawal; former Deputy Governor of Oyo State and PDP National Deputy Chairman (South), Hon Taofeek Arapaja; Enugu State Governor, Dr. Peter Mbah; Chief (Mrs) Elizabeth Akinyele; and Oyo State Governor, Seyi Makinde, during the inauguration of 12.5km Challenge - Odo Ona Elewe - Elebu Apata Road, Ibadan ...last Friday

ECOWAS President Says Instability, Insecurity Overwhelming Region CJN pledges to address threats to region's judicial system

Alex Enumah in Abuja The President of the Economic Community of West African States (ECOWAS) Commission, Mr Omar Touray has called on members of the community, especially those in the justice sector to do all within their powers to prevent conflict in the region. Touray, who made the call yesterday in Abuja, lamented that incidents of instability and insecurity are currently overwhelming the community. He was speaking at the opening of a three-day Statutory Meeting of the ECOWAS Judiciary Council. Touray observed that the court over the years had been a reference point for ECOWAS institutions, as well as individuals, entities, and governments in search of advice, arbitration, and adjudication. But he lamented that the enforcement of the judgments of the court has remained a major issue in the effective delivery of the mandate

and responsibility of the judicial institution to the community citizens. "In this era, where instability and insecurity are overwhelming our community, the role of the justice sector is crucial in conflict prevention, through the promotion and defence of the rule of law and human rights. "It is therefore crucial to institutionalise a more regular meeting of the judicial council to ensure that the activities of the court benefit from the regular review and guidance of the council," Touray said. He however, expressed joy that the ECOWAS Court had become an exemplary institution, which is being emulated by other regional courts in the continent. In his welcome, Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, pledged that the ECOWAS Judicial Council under his leadership will be committed to strengthening the judicial system in the sub-region. " We will continue to pay special attention to addressing situations that threaten the judiciary system

in West Africa and organization of our Community Court of Justice. In fact, this is a priority for the region, when we consider that justice is fundamental pillar of society development. The CJN who presided over the meeting being attended by Chief Justices of West African countries, for the first time, observed that though the council is not widely known like other bodies, it has been playing crucial roles in maintaining the rule of law and justice within the region. "In addition, the ECOWAS Judicial Council plays a crucial role in the resolution of disputes among member states, ensuring that conflicts are resolved peacefully and in accordance with the rule of law", he said. He pointed out that the objective of the statutory meeting was to review the legal framework of the community judicial council, look deeply on their responsibility and suggest areas of improvement.

Ariwoola, also called for the harmonisation of laws and legal practices so as to promote regional integration and cooperation. He however, identified inadequate funding, capacity constraints and the need to bolster cooperation among member states as some of the challenges confronting the council.

a common purpose. Let us channel our frustrations into constructive criticism, into holding ourselves and our leaders accountable, but always with the betterment of our nation as the guiding star."

Customs to Disburse Forfeited Items to Mitigate Food Crisis Comptroller General of Customs, Mr. Bashir Adewale Adeniyi, yesterday, disclosed that the service would facilitate the direct disposal of food items forfeited to the federal government to alleviate the current hardships faced by Nigerians as well as improve access to essential food items. He also said the service had launched a strategic anti-smuggling operation and public engagement in its commitment to prevent the unlawful export of vital food resources for individual economic gains. Adeniyi, in a statement by the Chief Superintendent of Customs, National Public Relations Officer, Mr. Abdullahi Maiwada, said the urgent imperative calls for a proactive stance to safeguard food availability within the country and alleviate the detrimental effects of scarcity on Nigerians. He said the move was in response to the critical challenges of food security and the soaring costs of essential food items currently being witnessed in the country, and further reaffirmed his com-

mitment to advancing President Bola Tinubu’s food security agenda. According to him, his commitment was deeply rooted in the customs’ core mandate of serving the best interests of the Nigerian people, thereby fostering economic stability and prosperity. The customs boss further explained that the items to be disbursed would be certified fit for consumption by relevant agencies and made available to ordinary Nigerians nationwide through equitable distribution across its areas of operations. Adeniyi also clarified that the modalities for the disposal of the food items would be communicated through customs formations nationwide, with a firm commitment to transparency, fairness, and public safety. “It is our pledge that this exercise will be managed diligently to ensure that the benefits reach those most in need. The NCS remains resolute in its dedication to safeguarding the nation's food security and advancing the economic well-being of all Nigerians. “With the unwavering support and cooperation of the public, we will surmount these challenges and pave the way for a more prosperous future for our beloved nation.”

House Passes State Police Bill for Second Reading The House of Representatives

ECOWAS Court of Justice to pay attention to the peculiarities of member states and refrain from issuing orders and judgments that are practically incapable of enforcement. The AGF said, there is a dire need to promote and deepen alternative dispute resolution measures within West African region.

AbujaVarsity, NIDCOM Partner to Enhance Knowledge of Migration Management

Michael Olugbode in Abuja

The Vice Chancellor of the University of Abuja Prof. Abdul-Rasheed Na'Allah has disclosed the willingness of the university to partner the Nigerians in Diaspora Commission (NiDCOM) for better migration management through the newly established Centre for Migration Studies Na’Allah stated this during a

I d r is : N i g e r ia W o n ’ t Fa l l , R e m ains A f r i c a’ s Giant "Yet, amidst these trials, amidst the anxieties and frustrations, I ask you, my colleagues, to remember the words of a great leader facing a seemingly insurmountable foe: ‘We have before us an ordeal of the most grievous kind. We have before us many, many long months of struggle and of suffering. “But I say to you, my friends: fear not! Just as Winston Churchill rallied his nation in their darkest hour, so too must we rise to the occasion. This is not the time for division, for despair, for pointing fingers. This is the time for unity, for strength, for a staunch belief in ourselves and in the future of our beloved Nigeria. "Do the challenges seem immense? Yes, they do. But are they insurmountable? Absolutely not! We have the tools, the talent, and the tenacity to overcome. The macroeconomic management approach laid out by the Bola Ahmed Tinubu administration, while demanding sacrifice, is a necessary step towards long-term stability and prosperity. “Let us trust in the expertise of those tasked with guiding our economic course, even as we hold them accountable for their actions,” he said, adding: "But remember, fellow Nigerians, true progress cannot be achieved solely through policy pronouncements. “It requires the collective effort of each and every one of us. Let us rise above petty squabbles and unite in

"However, these challenges also present opportunities for innovation and collaboration, as we work together to overcome shared obstacles and build a brighter future for our region", he added. Also speaking on the occasion, the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN) charged the

has passed through second reading, a bill seeking to alter the provision of the constitution of Nigeria to provide for the establishment of state police. Titled "A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to Provide for Establishment of State Police and for Related Matters (HB. 617)," the proposed legislation was sponsored by the Deputy Speaker Hon. Benjamin Okezie Kalu and 14 other lawmakers. Leading the debate, Hon. Tolani Shagaya, who was one of the sponsors of the bill, noted that the primary purpose of government as enshrined in Section 14(2)(b) of the Constitution of the Federal Republic of Nigeria, 1999 (As Altered) is the security and welfare of the citizens. Shagaya further noted that in recent times, the nation's collective security has been greatly challenged and state policing is not only inevitable, but urgently desired to tackle the mounting challenges of insecurity. "The establishment of State Police is a clarion call for a tailored, community-centric policing system; and an acknowledgment that our states are uniquely positioned to address the security challenges within their borders. Continues online

visit to the Chairman of NiDCOM, Hon. Abike Dabiri-Erewa, at the commission’s headquarters in Abuja. The vice chancellor emphasised that the visit was to foster partnership for better migration management. Na’Allah described the university as an institution with large impact, noting that it is the first to introduce Distance Learning in the Federal Capital Territory (FCT) to leverage learning opportunities for public servants and other Nigerians all

over the country. He added: “As an institution situated in the centre of Nigeria, with over 50,000 students and also the first university the embassies come to interact with, we are ready to partner with you on the job you do as a commission.” The VC stated that the centre was willing to talk to Nigerians and educate them on regular migration with information on several ways to migrate legitimately.

Senate Sets Up Panel to Probe Buhari over N30 Trillion Ways and Means colleagues to conduct investigation into the approval and disbursement of funds and execution of projects under the ways and means advances. Lawan said, "If there were expenditures done wrongfully in contradiction to the provision of the constitution, the National Assembly could look at the expenditures and if sanctions were needed for unlawful, wrong or unauthorised expenditures, the National assembly can provide the sanctions. "Nobody in this chamber should suggest that we should not look into anything that we feel is in the public interest but let me say this very clearly, what Nigerians want today is food and security. How are we going to provide food for Nigerians and protect their lives," he added. Akpabio, however noted that the nation was experiencing economic challenges because of illegal financial transactions undertaken by the previous administrations. He said, “We are where we are today as a result of illegal things and I think it is necessary that details of Ways and Means be provided." Apart from the Ways and Means advances, the Red Chamber also resolved to investigate other interventions such as the N10 trillion Anchors Borrowers Programme financed by the CBN. The joint Committee recommenda-

tions read in part: "The government should prioritise liquidating the N30 trillion Ways and Means obligation of the federal government through a quicker resolution mechanism than the current securitisation arrangement over a period of 40 years. "In addition, the CBN should put in place measures to ensure the repayment of various intervention programmes by the beneficiaries after a thorough evaluation of their performance. These will help reduce money supply. "Also, the 'quasi-fiscal measures totalling N10 trillion of which the Anchor Borrower Programme is a major part should be further interrogated by the Committee. "This is with a view to plugging loopholes in future development finance activities of the Bank. "To promote fiscal discipline, the Senate urged the Tinubu administration to reduce government expenditure to lower fiscal deficits and promote fiscal sustainability. "In this connection, exchange gains from naira depreciation should be used to wind down government deficits at all levels rather than expand the size of the budget. "The federal government should provide interventions in the area of food and transportation to alleviate the suffering of vulnerable Nigerians and mitigate the impact of economic challenges."

wednESday february 21, 2024• T H I S D AY

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EMPOWERING STUDENTS OF PUBLIC SCHOOLS…

L-R: Director of Finance and Admin, Federal Capital Territory (FCT) Education Secretariat, Mr. AbdurRasaq Leremoh; Mandate Secretary, FCT Education Secretariat, Dr. Danlami Hayyo; National President, University of Lagos Alumni Association, Dr. Ifeoluwa Oyedele; FCT Chairman, Unilag Alumni Association, Alhaji Aliu Akoshile; and Alumni Education Committee Chairman, Dr. Emmanuel Ibe, at the presentation of scholarship awards to students of public secondary schools in FCT by the FCT branch of the association in Abuja...recently

Confusion in Labour Party as State Chairmen Say N3bn Not Missing Pass confidence vote on Abure

Chuks Okocha in Abuja

The confusion within the Labour Party (LP) has continued to exist as state chairmen of the party yesterday said N3.5 billion belonging to the party is not

missing. They also passed a confidence vote on the embattled national Chairman of LP, Julius Abure, and called on the National Working Committee (NWC) of the party to reconsider the six

months suspension slammed on the National Treasurer of the party, Oluchi Oparah. The state chairmen also

The Governor of Sokoto State, Mr. Ahmed Aliyu Sokoto, has approved a 100 per cent increment in the allowance of members of the National Youth Service Corps (NYSC) deployed to Sokoto State from N5,000 to N10,000 for their mandatory one-year service. Aliyu made the disclosure yesterday at the joint orientation exercise for both Sokoto and Zamfara States at NYSC’s temporary orientation camp in Farfaru, Sokoto, during the swearing in of Batch ‘A’ stream 1 corps members posted to the states.

The governor said that he made the approval considering the current economic realities and the overall importance of the NYSC’s scheme to national and state development. He also announced a donation of N10,000 to each corps member posted to Sokoto and Zamfara States that is currently undergoing orientation exercise as a welcome gifts. He charged the corps members to be of good behaviour and encouraged them to embrace the spirit of “One Nigeria” and treat all citizens as fellow Nigerians, transcending ethnic and religious boundaries.

Sanwo-Olu, will tomorrow address Lagosians and all residents of the state on sundry issues affecting the state among other things. A statement issued and made available to THISDAY yesterday by the state Commissioner for Information and Strategy, Gbenga Omotoso, noted that some of the areas where the governor is expected to address will include: “What plans does Lagos State Government have for its citizens in these tough times, and how has the state fared in the journey to

a Greater Lagos in food security, environment, health, physical planning, infrastructure and others? “These and many others are some of the questions which the Governor Sanwo-Olu, will address in a media chat tomorrow by 11:15a.m.” The commissioner said SanwoOlu would be answering questions from frontline journalists drawn from Channels TV, Arise, TVC and LTV, adding that the interaction will also be aired live by some radio stations, including Lagos Traffic Radio 96.1 FM and Eko FM 89.7.

secretariat, the leader of the states caucus and Chairman of Abia State LP, CeeKay Igara, said: “First and foremost, no

N3.5 billion of Labour Party is missing. What we generated during the sales of forms was N1.3 billion.

Benue Commissioner Warns against Adverse High Temperature on IDPs George Okoh in Makurdi

State Commissioner for Sokoto Increases Corp Members’ Benue Health, Dr. Yarma Ortese, has called on the federal government Allowance by 100 % to speed up its intervention in

Onuminya Innocent in Sokoto

called for a forensic audit on the account of the party. Addressing journalists at the Labour Party national

relocating the over five hundred thousand people in various IDPs’ camps in the state due to the

hot weather condition in Benue the country. The commissioner raised the alarm in Makurdi yesterday as suspected armed herdsmen reportedly attacked Apa, Kwande and Guma Local Government Areas of the state, killing 10 persons and injuring

several others. The commissioner, who condemned the attack, said the conditions in the camps due to the weather may have a serious health challenge on the inhabitants. According to him, “A situation where so many displaced people

are living in a particular rooms will cause health breakdown that will lead to many diseases such as meningitis. “This is the reason why I am calling on the federal government to quickly resettle the displaced people in a better shelter suitable for people to live.”

Ododo Flags Off Distribution of Palliative, Warms Govt Official to Steer Clear IbrahimOyewaleinLokoja

Kogi State Governor, Usman Ododo, has warned government officials and political appointees to steer clear of the current palliative, appealing to them not to participate in sharing of the palliative. Ododo gave this warming while

speaking at the commencement of the distribution of first quarter palliative at the Muhammadu Buhari Civic Centre in Lokoja yesterday. The governor noted that the immediate-past state governor, Yahaya Bello, has laid a good foundation for the distribution

palliative in Kogi State, stressing that the new administration had earlier pledged to deliver on its campaign promises. He commended President Bola Ahmed Tinubu for the initiative for providing opportunities for the less privileges at the critical period of economic crises across the country.

He therefore, appealed to all government officials and other political office holders to stay away from the distribution and sharing of the palliatives, “and allow the poor to breathe,” noting that the masses voted for him to power and there is the need to take care of their welfare in the state.

Zulum Unveils Counter-terrorism Curriculum for Islamic Schools in Borno MichaelOlugbodeinMaiduguri

State Governor, Prof Babagana Zulum, has unveiled Sanwo-Olu to Address Lagosians Borno a unified curriculum for Islamic schools aimed at countering violent on Key Policies, Others Thursday extremist ideologies and helping Lagos State Governor, Babajide

to avert young people from being radicalised by terrorist groups.

At the event held at the council chamber of the Government House yesterday, Zulum said: “Our Islamic schools have been operating without a unified curriculum for at least three to four decades, and that is a matter of great concern to all of us. The so-called Boko Haram insurgency was started as a result

of some misleading preaching, therefore, it is imperative for us to devise a means to avert such in future.” Zulum assured the state that his administration would ensure that all Islamic schools have strictly adhered to implementing their activities based on the new unified curriculum.

He emphasised the importance of teaching and preaching following the authentic content of the holy books. The governor said: “We are currently witnessing another development recently, we are concerned by the way some scholars preach.”

Stakeholders Demand Commencement of NDDC Project HOPE BlessingIbungeinPortHarcourt

The Forum of Youth Leaders and Stakeholders of the Niger Delta Region have demanded for the commencement of the Niger Delta Development Commission (NDDC) project HOPE, aimed at empowering

the youths and attracting development to the region. Speaking at a conference in Port Harcourt, yesterday, where they expressed dismay over the delay in commencement of the project introduced last year by the Consultant, Blessing Fubara, the group

stated that detractors are allegedly determined to end the project even before its commencement. Speaking on behalf of the group,Adokiye Muyitab, noted that the project will create over 10,000 jobs across the nine states of the nation, stressing that delaying of commencement will continue to

hamper development in the region. Commending the effort of the Managing Director of the NDDC, Dr Samuel Ogbuku, in ensuring speedy recovery and development in the region, Muyitab said the process of the implementation of the project is slow.

Akwa Ibom to Reduce Prices of Stable Food Due to Hardship Okon Bassey in Uyo

State Bulk Purchasing Agency,

people at relatively lower prices.

“That’s why they voted for

has made moves to reduce the cost of stable food in the state. The governor said the bill for the establishment of the

of the people. He said: “We will buy the food items in bulk and ensure that they are made available to our

want to assure our people that we feel their pain and are working hard to ensure that food security for our people is guaranteed.

exercise patience while the House of Assembly work to pass the bill, which would be immediately signed into law by me.”

is currently in the state The process will be transparent. me overwhelmingly, and as you UNILAG Alumni Offers Worried by the hardship being which House of Assembly, is meant to “I want to thank the House know, I came from this stock in the country, Akwa ensure that the prices of staple of Assembly for the expeditious and I feel their pain completely. Scholarships to FCT Students experienced “I appeal to our people to Ibom State Governor, Umo Eno, food items are within the reach manner this bill is being treated. I The University of Lagos Alumni Association, the Federal Capital Territory (FCT) chapter, has awarded scholarships to brilliant but indigent students of public secondary schools in the FCT. At the ceremony, which was graced by President of UNILAG Alumni Association, Dr. Ifeoluwa Oyedele, and the FCTAdministration represented by the Mandate Secretary, FCT Education Secretariat, Dr. Danlami Hayyo, N2.5 million scholarship was presented by the FCT Branch Chairman,AlhajiAliu Akoshile, who said the 24 beneficiary students were selected from the six

Area Councils of the FCT based on a rigorous screening process. The chairman, who disclosed that Alumni members in FCT have also launched a N10 million scholarship endowment, said the award covers the tuition for six terms as well as the WAEC/NECO registration for the students. While expressing appreciation to the Alumni members, who have contributed to the endowment fund, he said the formerAttorney General of the Federation and Minister of Justice, Chief Kanu Agabi, singlehandedly offered N5 million support.

Kantar Preaches Understanding of Consumers’ Concerns for Brand Growth

Sunday Ehigiator

Kantar, the world’s leading marketing data and analytics business, has harped on sustainable products and understanding consumers’ concerns and trends as a prerequisite for growing brands

in the Nigerian market. This was stressed at a recent event themed, ‘Brands of Tomorrow – Making Growth Real’, where the company hosted its brand specialists and experts in the Ikeja, Lagos state. The event focused on how

insights can be turned into actionable strategies that fuel and accelerate growth, even in trying times. Kantar also launched its Sustainable Transformation and Strategic Consulting Practices in the Nigerian market at the event. Speaking, the Managing

Director of West, East and Central Africa at Kantar, Ndeye Diagne, said: “We live in a poly-crisis era. In Nigeria, the volatility of the macroeconomic environment coupled with severe currency fluctuations further impact consumer’s purchasing power.

T H I S D AY • WEDNESDAY, FEBRUARY 21, 2024

WEDNESdaysports

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

0811 181 3083 SMS ONLY

Super Falcons off to Douala to Confront Indomitable Lionesses

Nine-time African champions Nigeria will fly to Cameroon’s industrial and economic capital, Douala this evening as they continue the search for a ticket to another

OLYMPIC QUALIFIER

appearance at the Women’s Olympic Football Tournament after 16 years.

The Super Falcons last participated at the Women’s Olympic Football Tournament in China in 2008, when they lost by the odd

goal to both Democratic Republic of Korea and Germany in Shenyang, and 1-3 to Brazil in Beijing to crash out at group stage.

The route to London 2012 was blocked by Cameroon’s Indomitable Lionesses, who won a penalty shoot-out in Yaounde after both

Inter’s Arnautovic Late Strike Sinks Atletico at San Siro Marko Arnautovic missed several sitters, but eventually gave Inter a precious 1-0 first leg Champions League Round of 16 lead over Atletico Madrid. The second leg is at the Wanda Metropolitano on March 13. The Nerazzurri had won all eight competitive games in 2024 and missed only Francesco Acerbi and Juan Cuadrado, so Stefan de Vrij stepped in. Former Juventus striker Alvaro Morata was only fit for the bench after spraining his knee on February 11, with Cesar Azpilicueta and Thomas Lemar out of action, so Marco Llorente moved to a centre-forward role. Inter wore black armbands and there was a moment’s silence in honour of Scudetto winner Andy

CHAMPIONS LEAGUE Brehme, who died yesterday at the age of 63. Marcus Thuram’s first touch let him down on an early Nicolò Barella roll across, while Samuel Lino curled wide and a Lautaro Martinez volley was deflected onto the arm of Nahuel Molina in a position the referee considered to be natural. Elsewhere, PSV Eindhoven and Borussia Dortmund play out a 1-1 draw to still leave the second leg of the Last 16 open. Dortmund’s Donyell Malen got the front in the 24 minutes before Luuk de Jong equalised for the hosts in the 56th minute of the clash .

MMA Debuts at Lagos Boxing Hall of Fame Lagos Boxing Hall of Fame (LBHF), the renowned longest running monthly boxing tournament in Nigeria has rebranded to Boxing & MMA Hall of Fame (HOF) and has staged its first amateur MMA tournament under the umbrella, of the Global Association of Mixed Martial Arts (GAMMA) together with its usual monthly boxing tournament last Sunday at the Molade Okoya-Thomas Hall of Teslim Balogun Stadium, Surulere, Lagos State. The tournament GAMMA Nigeria Open National MMA Championship featuring athletes from different states in the country jostling for spots on the first national Nigerian MMA team to the 13th African Games taking place in Accra, Ghana next month. According to the organisers,

the introduction of MMA comes at a historic moment where MMA will feature for the first time at the Olympics and Nigeria will be proudly represented in 10 weight divisions, 6 for males and 4 for females. A total of 60 Athletes participated in both Boxing and MMA during the tournament and the bouts were managed and officiated by Lagos State Boxing Association (LABA) and the Global Association of Mixed Martial Arts (GAMMA Nigeria). Founder of LBHF and Minister of Finance, Wale Edun, described the rebrand event as a revolution. “This is another Boxing Hall of Fame occasion, it's an evolution because now, we not only have boxing, but we also now have mixed martial arts and it’s just a sign of the times.

Marko Arnautovic snatched victory for Inter Milan yesterday with his 1-0 defeat of Atletico Madrid in San Siro

teams finished the two legs in a stalemate. Equatorial Guinea made the journey to Rio 2016 impossible and Cote d’Ivoire bumped the Falcons in the race to a place in the Tokyo Games in the Covid year. After eliminating Ethiopia in the second round of the series, the Super Falcons must now cross the Cameroonian hurdle to reach the final round of the African qualification series, and throw down the gauntlet to whichever opposition appears at that stage in two months’ time. The first leg encounter will take place at the Stade de la Reunification in Douala on Friday evening, with Ugandan official Shamirah Nabadda as referee. Coach Randy Waldrum has selected 21 players, who will all be on the trip to Douala, and then fly down to Abuja on Sunday morningfor the return leg against the Lionesses, which will hold at the MKO Abiola National Stadium on Monday evening. Waldrum and his assistants will lead the full squad on a training session at the main bowl of MKO Abiola National Stadium on Wednesday eveningbefore the delegation’s departure to Douala. The team will have the official training at the Stade de la Reunification in Douala on Thursday evening. By Tuesday afternoon, only attacking midfielder Toni Payne and forward Uchenna Kanu were being expected at the team camp, with Kanu scheduled to turn up last night while and Payne is expected this morning.

Barcelona Boss, Xavi, Plots to‘Take out’Osimhen, Others Barcelona coach Xavi Hernandez says preparing for today's Champions League last 16 tie against Napoli has proved tricky with the Italians now under new management. Struggling Napoli sacked Walter Mazzarri and brought in Slovakia coach Francesco Calzona on Monday, 48 hours before they host Barcelona. "Napoli changed their coach in a surprising way, they have their reasons, but it's not an easy match to prepare for, as we don't know what to expect," Xavi told the eve-of-match press conference on Tuesday.

He added: "The new manager knows the team well. I have no idea what tactical system he's going to use. "What's important is to focus on our style of play and what we want to do, on our ambitions which are to reach the quarterfinals. "What is certain is that we will have to defend well up against their very strong attacking trio. "(Victor) Osimhen, (Khvicha) Kvaratskhelia and (Matteo) Politano can turn a game." Napoli, last season's Serie A champions under Luciano Spalletti

who is now with the Italian national team, are once again trying to start afresh after sacking their second manager of a disastrous season Spalletti's replacement Rudi Garcia was axed in November. Despite the state of flux at Napoli, Xavi denied his side were favourites going into the tie. "It's 50-50, we'll see tomorrow who is favourite at the end of the game," added Xavi who has announced he is stepping down as Barca boss at the end of the season. Barcelona, five time title-holders, failed to make it out of the group

stage of the Champions League in the past two seasons, and were knocked out by Paris Saint-Germain in the last 16 in 2021.

RESULTS Inter 1-0 Atletico PSV 1-1 Dortmund

TODAY FC Porto v Arsenal Napoli v Barcelona

Mullick: Why Unilever Partnered CAF for Men and Women’s Football In a game-changing partnership, Unilever’s Personal Care brands, Rexona, Axe and Dove were recently unveiled as official sponsors of the recently concluded TotalEnergies CAF Africa Cup of Nations Côte d’Ivoire 2023 and the forthcoming TotalEnergies CAF Women's Africa Cup of Nations Morocco 2024. In this interview, Anirban Mullick, General Manager & Business Unit Head for Africa, Unilever International speaks on the partnership and how it will impact football in Africa. AYODEJI AKE brings excerpts....

hat motivated Unilever International to partner CAF and become the official sponsor of the TotalEnergies CAF Africa Cup of Nations Côte d’Ivoire 2023 and TotalEnergies CAF Women's Africa Cup of Nations Morocco 2024? Football is a way of life in Africa, and the partnership with CAF gives Unilever International the chance to engage with a large audience through our personal care brands. With Rexona, we are on a mission to inspire confidence in everyone to move more and be active. The partnership allows us to further this aim while engaging a wide set of consumers. By supporting women's football, we are not only fostering a more equitable playing field but also sending a powerful message of solidarity and respect for all individuals, regardless of gender. How does Unilever International plan to leverage its partnership with CAF to engage with a diverse audience through Unilever Personal Care brands Rexona, Axe, and Dove?

Anirban Mullick ...throws light on why Unilever International is involved in Africa football By sponsoring the CAF Africa Cup of Nations Côte d’Ivoire 2023, Unilever is building on its rich history as a major partner of football events and competitions in Africa and Worldwide. The association has opened an avenue of opportunities including building a brand experience

across multiple touchpoints with digital and social media; driving a purposeful brand message and most importantly; co-supporting and growing local football initiatives in the continent. As part of our growth journey in Africa, we are increasing our footprint through digital

commerce and direct-to-consumer capabilities to seed and incubate niche premium brands in the continent. What impact does Unilever International foresee this partnership having on African football and its global competitiveness and appeal to fans and viewers? This partnership is strategic to our commitment of building purposeful brands in Africa and engaging a large native and global football fan base. Beyond sponsorship, we aim to develop football talent and communities, drive an inspiring message of diversity and inclusivity in the sport while creating a world- class experience for consumers through our personal care brands – Rexona, Dove and Axe. What significance does this partnership hold for Unilever's history as a major partner of football events and competitions, both in Africa and globally? Through our football partnerships, we open more forums to advocate for equity, resources and opportunities in the game and beyond. The aim

remains to encourage diversity and inclusivity in sports, equipping budding athletes with the right tools and skills they need to grow and achieve. Our existing social impact programmes support this mission including the Rexona Breaking Limits Programme targeted at disadvantaged youth, empowering with the confidence and strength to move however they want by breaking down the barriers holding them back. There is also the Dove ‘Body Confident Sport’ programme– first-of-its-kind online coaching programme is focused towards building body confidence in next generation girls. The idea is to inspire young people to be more driven, active in sports with confidence and strength. How does Unilever International plan to measure the success of this partnership with CAF, both in terms of brand engagement and impact on African football? The success of the partnership lies in the number of people we reach through our on-ground initiatives such as product sampling, in-store

activations and broadcast, as well as the impact generated among the larger African consumer base. What message would you like to convey to the consumers and football enthusiasts in the participating countries about Unilever International’s commitment to supporting African football through this partnership? Unilever International recognises the power and beauty of football as a universal language that unites people across borders, cultures, and gender. As we embark on this journey together, we want to emphasize our unwavering commitment to inclusivity and equality in the world of football. Looking ahead, does Unilever have any further plans to collaborate with CAF or other sporting organizations in promoting its brands and engaging with fans across Africa and beyond? Unilever has a long-standing association with football and will continue to support the sport via various strategic partnerships while creating a deeper and more meaningful connection with our audience.

Wednesday, February 21, 2024

UT H

& RE A SO

Price: N400

MISSILE Rice Millers to Middlemen

“A bag of paddy now is about N50,000 which cannot give you 50kg of processed rice, so how do one continue business and make profit? Before now, a bag of paddy was sold for between N15,000 and N20,000 but now it goes for N47,000 upwards. Weekly, we used to process at least three truckloads of rice which is 1 800 bags of 50kg rice but today for the past two months, we have halted production” --Lula Rice Production Manager, Auwal Manu, accusing middlemen of hoarding paddy rice.

EricTeniola Single Party Structure Won’t Work I guest columnist

don’t think the founding fathers of this country wanted a single party structure. Not at all. They were aware of our adversity as a people. I don’t think a single political party or tribe or group can pocket this country for long. Any attempt to try it, will end in futility no matter the desperation. Yes the founding fathers went to London to seek independence, but they went divided. They had their own prejudices even while requesting for independence. They played cat and mouse game. They went to London under different slogans, proposals and prayers but none of them wanted a single party structure. The Constitutional conference held between May 23 to June 26, 1957 in Lancaster House in London, and presided over by the Colonial Secretary, Mr. Lennox-Boyd was anything but “cordial”. Even before the conference, division was apparent. Till today the division still exists. Chief Anthony Eromosele Enahoro (22 July 1923 – 15 December 2010) from Uromi in Edo state of the then Action Group had moved a motion on March 31st, 1953 during budget sessions in the federal house, Lagos on behalf of his party and was seconded by Chief Festus Olawoyin Awosika(1911-1965), the Bajulaiye of Ondo Kingdom on self government, at the Parliament before the London Conference. In moving the motion, Chief Enahoro declared “Mr. President, sir, I rise to move the motion standing in my name, “that this House accepts as a primary political objective the attainment of self-government for Nigeria in 1956”. Sir, this motion is an invitation to the Honourable Members of this House to associate the highest legislature of our land with the expressed desire of the peoples of this country, whose views we all represent, for political autonomy in 1956. It seeks to provide representatives from all parts of the country with an opportunity to exchange views on the most burning question of our time. It is an invitation to this House to make a declaration of objective with regard to Nigerian freedom. I do not propose, sir, to go into the arguments for self-government because I am satisfied that it is generally accepted on all sides of the House that self-government for this country at some future date is a desirability. Therefore I propose to deal with this motion in two main parts and very briefly –namely, of what significance is such a declaration of objective and secondly, why should the objective be 1956? Sir, I believe that a declaration of objective by this House has become a matter of supreme importance in our march towards self-government. For the time being, this Legislature is the supreme voice of the people of this country, although not all majority decisions which have been taken in this House in the past could hope to survive the test of a referendum. It is essential, in my view, to assess why a formal motion of this nature the honest feelings of various sections of the House and to discover to what extent these feelings may truly reflect the aspirations of the politically conscious citizens of this country”. Self-government is after all, sir, a subject on which it is of the first importance that people should believe rightly, and I cannot overstress the great inspiration and succour which various political parties in this country would derive there from if the demand for self-government in 1956 were to enjoy the full force of the backing of the highest legislature of the country”. 1956 is a convenient date, especially when the other two reasons are added, 1956 marked the end of the Macpherson Constitution. I therefore beg to move”. The motion led to riots in Kano thereafter which broke out in the ancient city in May 1953. The nature of the riot was clashes between Northerners who were opposed to Nigeria’s Independence and Southerners, made up of mainly the Yorubas and the Igbos who supported immediate independence for Nigeria. The riot that lasted for four days claimed many lives of the Southerners and Northerners and many others were wounded. Chief Awosika was elected into the Western House of Assembly in 1951. He was later elected into the House of Representatives on January 10, 1952 along with Prince Adeleke Adedoyin alias SERIKI TULASI,

INEC Chairman, Prof. Mahmood Yakubu Dr. I. Nimbe, K. Momoh, J.G. Ako, S.O. Ighodaro, E.A. Babalola, Tony Enahoro, Moyo Aboderin, C.A. Tewe, F. Agidee and A.O. Ogedengbe. Others elected were T.A. Odutola, T. Akinbiyi, O. Akeredolu-Ale, J. Oroge and Alhaji Dauda Adegbenro. In 1954, he was appointed the central Minister of Works. On October 18, 1955, he became the Minister of Finance in the Western Region, succeeding Chief Obafemi Awolowo GCFR, who later became Premier of the Western Region. However on May 27, 1956, Chief Awosika was among the four Ministers that were defeated in the general elections to the House of Assembly. Others who lost in the election were S.O. Ighodaro, Minister of Health, Mr. Augustus Meredith Adisa Akinloye, Minister of Agriculture and Natural Resources and J.F. Odunjo, Minister of Lands. A parliamentary Secretary to the Minister of Education, Mr. Kessington Momoh was also defeated. One of them who lost the election Samuel Osarogie Ighodaro born on March 21, 1911 later served as Minister of Justice and Attorney- General, Western Region, 195963. He quit politics and served as Senior Lecturer, University of Lagos, 1966-67; appointed Judge, High Court of Midwestern Region (now Edo State), 1968-73; and later became the Iyase of Benin. Four other Ministers were elected: Chief Anthony Enahoro, Minister of Home Affairs, Mr. Jonathan Olawale Odebiyi, Minister of Education, Mr. I.O.O. Oshuntokun, Minster of Works and Chief C.D. Akran. In 1957, the Osemawe of Ondo, Oba Tewogboye II made Chief Awosika, the Bajulaiye of Ondo Kingdom. The Northern leaders objected to the motion. The motion angered them. They fought back instantly. In his book titled “MY LIFE”, the NPC leader then, Sir Ahmadu Bello (12 June 1910- 15 January 1966), who later became the Premier of Northern Nigeria recounted what happened on page 118 of the book, on March 31st, 1953. He declared “his seconder, Awosika contributed nothing at all to the question. He seemed obsessed by the ‘slavery angle’ and addressed us on the desirability of self government in general, a matter on which we were all at least in warm agreement and which we required no exhortation. The question was proposed by the President, and at that point, I am afraid, I rather put the cat among the pigeons by moving an amendment to substitute ‘as soon as practicable’ for the date ‘1956’. This is what I said: we from the Northern Region never intended, nor do we intend, to retard the progress of any Region. Nor do we say that those who demand self-government, if it is for their own Region alone, are wrong. Far from it. For, after all, every community is the best judge of its own situation. In this regard, Mr. President, the people of the North are the best judges of their own situation and we feel that in our present situation we cannot commit ourselves to fixing a date for the attainment of self-government. We are fully aware of all the implications involved and we want to make it abundantly clear that the destiny of the North is in

the hands of the people of the North. We of the North wish our form of self-government, once granted, to be such that its attainment should give us no cause for eventual regret. It would be very unwise, Sir, if, before we fix a date for attainment of self-government for Nigeria, we do not think of the condition of things obtaining in this country today. It is true that we politicians always delight in talking loosely about the unity of Nigeria. Sixty years ago, there was no country called Nigeria. What is now Nigeria consisted of a number of large and small communities all of which were different in their outlooks and beliefs. The advents of the British and of the Western education has not materially altered the situation and these many and varies communities have not knit themselves into a composite unit. Sir, whatever Nigerians may say, the British people have done them a great service by bringing all the different communities of Nigeria together. The great day came with the introduction of the Richards’s Constitution in 1947 when, for the first time in our history, indigenous citizens of the North sat side by side with the South to legislate for one Nigeria and share in the discussion of Nigeria affairs. That was in 1947. Meanwhile, Sir, our comrades in the South had been taking part in the discussion of their own affairs in the Legislature as far back as 1922. Sir, the 1947 Constitution was to last nine years, very probably in order to give the North sufficient time to learn. That Constitution, Sir, was revised after the North had gained only two years’ experience and now we have a Constitution which has been barely a year in existence. I must say here, Mr. President, motions like the one which I am now trying to amend, are deliberately designed to destroy the happy interRegional relationship which the present Constitution is rapidly building up. Though I realize that motions of this nature are merely an expression of opinion, yet I feel that they can serve no purpose other than doing harm and causing ill-feeling. I have my reasons for so saying. For many years the outside world has been led to regard Northern Nigeria as a back-ward country, where all the people are conservative to the extreme and unreceptive of modern ideas. One has only to read the local papers and to remember utterances made by some Southern Nigerians in the past for a confirmation of my statement. Before we commit ourselves and the people we represent in such matters, we must, I repeat, we must seek the mandate of the country. As representatives of the people, we from the North feel that in all major issues such as this one, we are in duty bound to consult those we represent, so that when we speak we know we are voicing the views of the nation. If the Honourable Members from the West and East speak to this motion unamended, for their people, I must say here and now, Sir, that we from the North have been given no such mandate by our people. No Honourable Member can therefore criticize the Northern Legislators for refusing to associate themselves with such an arbitrary motion fixing, as it does, a definite date for the attainment of national self-government. We in the North are working very hard towards self-government although we ar late in assimilating Western education. It is our resolute intention to build our development on sound and lasting foundations so that thy will be lasting. With things in their in their present state in Nigeria, the Northern Region does not intend to accept the invitation to commit suicide. Unless we Nigerians can prove to ourselves and to the world outside what we want, I cannot see how people can be expected to regard our demand seriously. It is not uncommon for people in this country, for a group of people to sit together and demand self government. Some are even demanding it now, immediately. Any country which accepts self-government must do so with its eyes wide open and the problem, therefore, of one section of the country imposing its will on the others does not arise. I move this amendment, which, in my humble opinion, is much more appropriate if the question of self government for Nigeria is at all to be discussed at this stage. I do so, Sir, without any fear or misgivings that if the original motion were to

be carried, it would automatically be binding on all Regions. Far from it! As I said earlier in my remarks, a private member’s motion is intended primarily to give that member and others an opportunity of expressing their views on a given subject. Numberless motions of this nature will not achieve self-government for the un-unified Nigeria. Self-government for Nigeria can be demanded and obtained only when its meaning is fully understood by all the mass of this country. Let all the implications be thrashed out and agreement reached by the leading citizens of all three Regions. This is the primary objective to which we have addressed ourselves and, in doing so, to show to the country our fitness to discharge the heavy responsibility we have begun to assume. Then, once this objective has been attained, we will be on the safe side in demanding self-government”. Thereafter the London Conference was held to decide Nigeria’s independence. Those who went for the London Conference later were, from the Action Group- Chief Obafemi Awolowo, Chief Samuel Ladoke Akintola, Mr. I.J. Dosunmu, Mr. E.O. Eyo, Mr. S.O. Ighodaro, Mr. S.G. Ikoku, Mr. A.O. Lawson, Mr. A. Rosiji and Chief F.R.A. Williams. Dr. E.M.I. Endeley, Galega,Fon, of Bali and Mr.J.T. Ndze from the Cameroun National Congress, Mr. J.N. Foncha from the Cameroun National Congress, Mr. P.M. Kale from the Cameroun People’s Party all attended. From the National Council of Nigeria and the Cameroons were Dr. Nnamdi Azikiwe GCFR, Alhaji Adegoke Adelabu, Mr. T.O.S. Benson, Dr. S.E. Imoke, Dr.K.O. Mbadiwe, Mr. R.A. Njoku, Dr. Michael I. Okpara, Mr. D.C. Osadebey, Mr. Babatunde Olowofoyeku and Dr. Sanya Onabamiro. From the Northern Elements Progressive Union were Mallam Aminu Kano and Mallam Ibrahim Imam. From the Northern People’s Congress, they were Alhaji Ahmadu Bello, Sardauna of Sokoto, Alhaji Tafawa Balewa GCFR, Alhaji Aliyu Makama of Bida, Alhaji Isa Kaita, Alhaji Muhammadu Ribadu and Alhaji Inuwa Wada. Others were Mr. H. Biriye from Rivers state, Mr. J.S. Tarka from the United Middle Belt Congress and Dr. Udo Udoma of the United National Independence Party. The Northern region had the Emir of Kano, Sir Muhammadu Sanusi and the Emir of Katsina, Sir Usman Nagogo, the Western region had the Ooni of Ife, Sir Adesoji Aderemi, Olowo of Owo, Sir Olateru Olagbegi, Alake of Egbaland, Oba Sir Ladapo Samuel Ademola (1872–1962), the Ewi of Ado-Ekiti, Oba Daniel Anirare Aladesanmi II and the Eastern region had Chief Nyong Essien of Uyo at the meeting. The governments in Nigeria were represented by Sir James Robertson, Sir Bryan Sharwood-Smith, Sir John Rankine, Sir Robert Stapledon and Sir J.O. Field, commissioner of the Cameroons. The United Kingdom was represented by Mr. Alan Lennox-Boyd, the Earl of Pearth, Sir John Macpherson, Sir Hilton Poyynton, Sir John Martin, Mr. C.G. Eastwood, Mr. A.R. Thomas, Mr. H.T. Bourdilon, Mr. A.N. Galworthy and Mr. T.B. Williamson. Advisers at London talks included Chief S.J. Amachree, Chief R. Edukugho, Mr A.J.U. Ekong, Mr. R.A. Fani-Kayode and Mr. J. Olawoyin from the Action Group, Mr. V.E. Mukete all from the Cameroon National Congress, Mr. A.N. Jua(Cameroun National Democratic Party), Mr. N.N. Mbile(Cameroun People’s Party), Mr. P.A. Afolabi, Chief Kolawole Balogun, Mrs. M.Ekpo, Dr. C. Obi, Chief Festus Okotie-Eboh and Mr. J.T. Otobo—all from the National Council of Nigeria and the Camerouns. Zana Bukar Dipcharima, Abba Habib, Shettima Kashim and Mr. G.U. Ohikere represented the National People’s Congress, Mr. P.Dokotri (United Middle Belt Congress), Mr. Okoi Arikpo(United National Independence Party), Chiefs –Northern region—Aliyu Obaja, Attah of Igala, Sir Ralph Grey, Mr. E.I.G. Unsworth,Mr. F.D.C. Williams, Mr. C.S.K. Bovell, Mr. P.H.G. Scott, Mr. H.H. Marshall, Lt-Colonel E.C. Aderton, Mr. J.O. Udoji, Mr. D.O. Ibekwe, Mr. E.G. Stumpenhuson, Mr. Simeon O. Adebo, Mr. M.G. de Winton, Mr. F.A. Williams and Mr. J. Murray. Continues online

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