MONDAY 28TH FEBRUARY 2022 by THISDAY Newspapers Ltd

APC Governors Still Divided Over Zoning of Party Offices

Buni expected to come up with list of offices across board Party names Buni, Abiodun, Sanwo-Olu, Abdulrahman, others in convention sub-committees Governors meet tomorrow, likely to deliberate on election timetable Adedayo Akinwale in Abuja and Peter Uzoho A prominent governor of the

ruling All Progressives Congress (APC), yesterday, said division has continued to plague the party over the zoning formula that was

made public last week. Some of them argued the list was sprung on them and the

party never adopted it before it was announced. They have, therefore, argued that it could not stand, thus dismissing the

zoning arrangement in circulation as mere suggestion. They also argued that it was not governors who should

announce zoning of party offices; that it should be the function Continued on page 48

VAT: Hotel Owners Urge Members to Ignore FIRS’ Bid to Install Collection Software...Page 6 Monday 28 February, 2022 Vol 27. No 9820. Price: N250

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Concerns as NNPC Recorded Zero Remittance to Federation Account in January Petrol subsidy gulped N210bn OPEC+ trims forecast for 2022 oil market surplus

Emmanuel Addeh in Abuja Despite the rising international prices of oil, the Nigerian National Petroleum Company

(NNPC) Limited failed to remit its statutory funding to the Federation Account which is jointly operated by the federal, state and local governments, in

January 2022. That was the second time in less than a year that the national oil company (NOC) would be unable to deliver a kobo to the

joint account, following the same occurrence in April last year, when the firm announced zero remittance for the month. In addition, a document

detailing NNPC’s activities for the the NOC expended a whopping month under review, presented N210.38 billion on petrol subsidy during the Federation Account during the month. Allocation Committee (FAAC) Continued on page 48 held last Thursday, indicated that

Ukraine: Putin Puts Nuclear Deterrent Forces on High Alert US says move dangerous, unacceptable More countries ban Russian flights Ukraine gets more support from allies Bp to exit 19.75% Shareholding in Rosneft Russians rush for dollars as sanctions threaten ruble collapse FG secures exit routes for fleeing Nigerians US hypocritical about Russia-Ukraine war, says Sanders FIFA bans matches in Russia, as 3 European countries refuse to play country in World Cup qualifiers Michael Olugbode, Kingsley Nwezeh, Peter Uzoho and Bayo Akinloye with agency reports Russian President Vladimir Putin, yesterday, put his country’s nuclear deterrent forces on high alert, raising global concerns about a nuclear confrontation. But the United States said such a move represented an unnecessary and dangerous miscalculation. That was as the BP board yesterday announced that the global energy company would exit its 19.75 per cent shareholding in Rosneft due to Russia’s invasion of Ukraine. Continued on page 48

L-R: Chief Executive, Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe; Permanent Secretary, Ministry of Petroleum Resources, Dr. Nasir Sani-Gwarzo; Minister of State for Petroleum Resources, Chief Timipre Sylva; Secretary General, International Energy Forum, Joseph McMonighe; Group Executive Director, Refineries & Petrochemicals Nigerian National Petroleum Company, Engr. Yakubu Mustapha, and Chief Executive Officer, Midstream & Downstream Petroleum Regulatory Authority, Engr. Farouk Ahmed, at the minister’s dinner, in honour of participants at the Nigerian International Energy Summit held at Abuja …yesterday

Onaiyekan, Kaigama Urge FG to Stop Fuel Scarcity, ASUU Strike...Page 5

MONDAY FEBRUARY 28, 2022 • T H I S D AY

MONDAY, FEBRUARY 28, 2022 • T H I S D AY

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 08033506821, 08097777322, 08074010580

ICAN GOLF TOURNAMENT... L-R: Registrar/Chief Executive Oﬃcer, Institute of Chartered Accountant of Nigeria (ICAN), Prof. Ahmed Kumshe; Council member, Dr. Felix Osuji; President, Mrs. Comfort Eyitayo; Past President, Doyin Owolabi; Chairman, ICAN Golf Committee, Rasaki Muritala; and ICAN member, Wale Raji at the 2021/2022 ICAN president golf tournament held at Ikeja…recently

90 Oil Platforms, 300 Producing Wells at Stake in $1.2m Seplat, ExxonMobil's Onshore Assets Acquisition Deal Multinational oil company pledges to maintain significant deepwater presence in Nigeria Peter Uzoho The President of ExxonMobil Upstream Oil and Gas, Liam Mallon has provided more details about the ongoing deal between the company and Seplat Energy for the sale of the multinational oil and gas company's Nigerian onshore shallow-water assets to the Nigerian independent energy firm. Mallon, in a statement at the weekend in Texas, United States, which was sent to THISDAY, explained that the asset on acquisition included more than 90 shallow-water and onshore platforms and 300 producing wells in four oil mining leases (OMLs). He also gave an assurance that the American oil giant would maintain significant presence in deep-water operations in Nigeria. He confirmed that ExxonMobil had reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc, through the latter’s wholly-owned subsidiary, Seplat Energy Offshore Limited. He said the transaction would be completed later this year, pending regulatory and other approvals. He said, when finalised, the sale would include the Mobil Development Nigeria and Mobil Exploration Nigeria equity ownership of MPNU, which holds a 40 per cent stake in four oil mining licenses, including more than 90 shallow-water and onshore platforms and 300 producing wells. The deal comprises a 40 per cent operating ownership of four oil mining leases (OMLs 67, 68, 70, 104) and associated infrastructure with the Nigerian National Petrolatum Company (NNPC) Limited being owner of the rest 60 per cent.

It includes the Qua Iboe Terminal, one of Nigeria’s largest export facilities as well as a 51 per cent interest in Bonny River Terminal and Natural Gas Liquids Recovery Plants at EAP and Oso. The American oil giant explained that the sale of the assets would support the company’s disciplined investment strategy and boosts Nigeria’s efforts to enhance industry participation and production. Mallon, however, assured that ExxonMobil would maintain a significant deep-water presence in Nigeria, including interests in the Erha, Usan and Bonga developments via Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Deepwater) Limited. He added that the sale would not result in any loss of employment and was expected to close later this year subject to regulatory and other approvals. Seplat had disclosed in a statement last Thursday, that it had entered into a Sale and Purchase Agreement to acquire the entire share capital of MPNU for a purchase price of $1,283 million plus up to $300 million contingent consideration. The transaction, it said, encompasses the acquisition of the entire offshore shallow water business of ExxonMobil in Nigeria, which it described as an established, high-quality operation with a highly skilled local operating team and a track record of safe operations. Seplat further said the transaction would create one of the largest independent energy companies on both the NGX and LSE and bolster its ability to drive increased growth, profitability and overall stakeholder prosperity. As reported by THISDAY last Friday, the deal would

deliver 186 per cent increase in production from 51,000 bpd to 146,000 bpd or 170 per cent increase in 2P liquids reserves, from 241 MMbbl to 650 MMbbl. It was expected to deliver a 14 per cent increase in 2P gas reserves from 1,501 Bscf

to 1,712 Bscf, plus significant undeveloped gas potential of 2,910 Bscf (JV: 7,275 Bscf) Furthermore, it was expected to increase by 89 per cent, the total 2P reserves from 499 MMboe to 945 MMboe and includes offshore fields with

dedicated, MPNU-operated export routes offering enhanced security and reliability. The transaction agreement disclosed by Seplat also includes potential additional contingent consideration of up to $300 million in total, payable over

the period January 1, 2022, to 31 December 2026, and contingent upon average Brent crude oil prices exceeding $70 per barrel and subject to MPNU’s average working interest production exceeding 60 kboepd (JV: 150 kboepd).

NUPENG Expresses Concern over PIA Implementation Amby Uneze in Owerri The National Union of Petroleum and Natural Gas Workers of Nigeria (NUPENG) has expressed concern over the implementation of the nation's Petroleum Industrial Act (PIA). The concern was expressed at the weekend by the re-elected Chairman, Port Harcourt Council of the union, Mr. Mina Samuel in Owerri, during the occasion of their quadrennial delegates conference. He noted that the development was comparable to handing over the industry

to local content companies. He, however, promised to ensure improved working condition of members. According to him, it was worrisome to operate with anti-union posture of most local content companies in Nigeria. "How can we develop the industry where some management have refused to respect the fundamental rights and privileges of workers? "The rate at which companies are turning workers to casuals is alarming and heart breaking. The workers in oil and gas sector are helpless in the face of precarious work,

which has become the order of the day, " he regretted. The NUPENG's zonal boss also observed that governments at all levels have not developed the political will to implement the regulatory framework that are workersfriendly, even as governments and management at all levels have forgotten in a hurry that labour creates wealth. Expressing confidence in the nation's workforce, he disclosed that Nigerian workers were among those that rose to the occasion to operate all facilities across the upstream, midstream and downstream, in the oil and

gas sector during the dreaded COVID-19 outbreak. Samuel boasted that Nigerian workers have proven that they have the skill, qualification, experience and technical knowledge, required to develop the oil and gas sector, despite the lack of rewards for labour by most management. He promised to ensure a harmonious working relationship between NUPENG staff and management. Present at the occasion were representatives of Nigerian Labour Congress (NLC) and representatives of other zones.

Onaiyekan, Kaigama Urge FG to Stop Fuel Scarcity, ASUU Strike Onyebuchi Ezigbo in Abuja Emeritus Catholic Archbishop of Abuja, Cardinal John Olorunfemi Onaiyekan and the current Archbishop of the Archdiocese, His Grace, Most Rev. Ignatius Kaigama have asked the federal government do something urgently to halt the ongoing industrial action by university lecturers as well as stifling fuel scarcity across the country. Both men spoke to journalists at the official dedication of the building of the Holy Cross Catholic Church Gwarinpa II, in Abuja on Sunday.

Onaiyekan said: "There are too many things you cannot understand about this country. For me, I am not convinced by all the reasons they are given for the fuel scarcity." On the amended Electoral Act signed into law by President Muhammadu Buhari, the former Archbishop Onaiyekan said that federal government should put any measure in place which will help make the country's election more credible and transparent. "We thank Mr. President for signing the Electoral Bill into law. I believe that whatever we can for to make our

election better than before, it is welcomed," he added. On the ongoing fuel scarcity, Onaiyekan said the country was going through bad times with nothing being done by anybody to stem it. "There too many things you cannot understand about this country and you don't hear the truth. For me, I don't know about you, I am not convinced by any of these stories I am hearing about. It is not possible that millions of litres of bad fuel is imported into this country and nobody has so far been held responsible. "In other countries, you

would have been hearing people either resigning or being arrested. Instead our cars are knocking and nobody is paying us for it. This is part of the situation in Nigeria, that things are not working well," he said. Onaiyekan also lamented the resumption of strike by the lecturers, saying that the frequent closure of the universities in the country is a clear sign of that a lot of things have gone bad. On his part, Kaigama expressed worry over the hardship facing Nigerians which the current fuel scarcity has compounded.

MONDAY, FEBRUARY 28, 2022 • T H I S D AY

NEWS

WORKSHOP FOR THE FOOD SAFETY & QUALITY BILL... L-R: Chief Executive Oﬃcer, Nigerian Economic Summit Group (NESG), Mr. 'Laoye Jaiyeola; Facilitator, Agriculture and Food Security Policy Commission, NESG, Ms. Gloria Ekpo; National Coordinator Food Safety & Quality Programme, Federal Ministry of Health, Mr. Atanda John; Representative, Permanent Secretary, Federal Ministry of Health, Mr. Taiye Ologun, and Technical Chairman, Association of Food Beverage & Tobacco Employees (AFBTE), Mr. Fred Chiazor, during the experts’ review and harmonisation workshop for the Food Safety & Quality Bill (2019) in Abuja... recently

VAT: Hotel Owners Urge Members to Ignore FIRS’ Bid to Install Collection Software

Dike Onwuamaeze

The Incorporated Trustees of the Hotel Owners and Managers Association Lagos (HOMAL) has directed its members to treat with disdain any request made by the Federal Inland Revenue Services (FIRS) or its agents for the purpose of collection of Value Added Tax (VAT) from their businesses. The HOMAL, which is made up of hotels, restaurants, fast food outlets, night clubs and related hospitality outfits, said it had been resisting since 2018, efforts of the FIRS to levy VAT on the businesses of its members contrary to the judgment of a Federal High Court (FHC), Lagos, that declared such levy as illegal, null and void. A statement by the President and Director General of HOMAL, Mr. S.O. Alabi and Mr. Adeniyi

Ologun respectively titled: “Valued Added Tax Automation: Looming Apparent Injustice on Our Members,” noted that the association had been having a running battle with the FIRS in the last four years in regards to the validity of VAT. It stated: “Hence, in the suit filed by our association at the Federal High Court in suit number FHC/L/CS/360/2018, the registered trustees of HOMAL Vs AG Lagos State and FIRS, the issue of validity of VAT or Sales Tax was brought before the court. “In the said suit, the FHC nullified the application of VAT in the hospitality sector. However, an appeal was filed by the FIRS and subsequently a stay of execution was granted pending the outcome of the appeal filed.” The HOMAL, however,

Rabiu Blames Middlemen, Other Manufacturers for High Cement Price Says middlemen make N1000 profit per bag Deji Elumoye in Abuja The Chairman of BUA Group of Companies, Alhaji Abdul Samad Rabiu has blamed middlemen and other manufacturers of cement for the high price of the commodity in the country. According to him, despite his company's moves to make cement within reach of average Nigerians, such efforts have remained unnoticed mainly due to the influence of middlemen and other competitors. Rabiu, who made this disclosure at the weekend while on a visit to President Muhammadu Buhari at the State House, Abuja, stressed that his company had increased cement production and slashed the price by over10 percent per bag. He, however, stated that the impact had not been felt primarily due to the activities of middlemen and other manufacturers who did not make corresponding efforts. “I know everybody is talking about the high price of cement in Nigeria. And that is, of course, because we do not have enough capacity. When we started production, the fourth line in Sokoto a few weeks ago, when Mr. President was there to commission the plant, we decided to actually reduce the price of cement by N350 per bag. And that is about 10 per cent of the price.

“So today, our price is N3,000 or N3,050 ex-factory, yet, that has actually not been reflected in the market, simply because the other two producers have actually not reduced the price of cement, so we’re having a challenge. We are actually in a quagmire now. We are discussing this because what is happening is that we have reduced, but the dealers and the distributors are the ones that are actually making the money. So, it’s a bit of an issue for us.” He further said the Group was holding talks with other cement producers with a view to reducing cement price nationwide. According to him: “If you don’t have the support of all the players, it would not be possible. We actually thought that by reducing the price of N350 that the other companies would probably follow suit. That has not happened. And we have seen a situation where the price of cement is still high, you know, so distributors and the dealers are making almost N800 to N1000 per bag. “That is unacceptable. Because the idea initially when we did that was that we want the situation where the end-users will benefit from the price reduction. So now we are contemplating whether probably we have to increase our price to the level of the other producers, which I think is N3,350 or N3,400.”

noted that in spite of the, “unambiguous terms of the judgment of the FHC, the FIRS instead of ensuring prompt prosecution of the appeal, embarked on empire expansion by appointing Messrs Metro Limited to handle the installation of VAT collection software package on our members’ businesses. “In view of this, HOMAL sought legal redress in June 2021 in suit FHC/L/CS/680/2021. Essentially the main relief sort by us in the case is for the court to determine the legality of the proposed software installation,”

it added. The association, however, expressed surprise that despite the pendency of the case, its members were being invited by the FIRS for debriefing in preparation for the installation of the said software in their respective places of business. The HOMAL stated that inasmuch as it was not unaware of a recent amendment of certain laws on the administration of tax vide the power granted to the FIRS to deploy automated technology to taxable entities, “but our position is that such software can only be deployed

to capture taxes which the FIRS are validly entitled to collect.” The association stated emphatically that, “any attempt by FIRS to deploy automated tax administration technology to capture taxes which court had adjudged FIRS not to be legally entitled to collect, will be an aberration and therefore, null and void.” The HOMAL said it had been constrained to instruct its lawyers to draw the attention of the FHC, which is currently handling the suit, to caution the FIRS from taking steps that could defeat the reliefs being sought in the court.

It said: “The legality of the installation of VAT automated collection software is still pending before the FHC and the court should be allowed to decide appropriately.” It, therefore, implored the FIRS to, “follow the stipulation of the rule of law by respecting the judiciary, which is one of the bedrocks of democratic administration.” It also urged the FIRS to follow due process in its bid to shore up revenue for the government, which “should not be achieved at all cost” and at the expense of the law.

Nigeria, Tanzania Canvass International Collaboration against Coups in West Africa Osinbajo, Tanzanian counterpart hold bilateral talks Deji Elumoye in Abuja Nigeria and Tanzania yesterday canvassed global support for unconstitutional change of governments in the West African sub-region. Vice President Yemi Osinbajo and his Tanzanian counterpart, Dr. Philip Mpango also agreed on a just energy transition as the global community moves towards a net-zero emissions target. These were some of the issues discussed by both leaders at a bilateral meeting in Arusha after Osinbajo arrived in Tanzania to speak at the inaugural session of the African Court of Human and Peoples’ Rights for the year 2022. The duo discussed a wide range of issues of interest to both Nigeria and Tanzania, including infrastructure development, trade and investment, technology, climate change and democracy. Speaking about the need to promote democratic governance on the continent against the backdrop of recent coups de’tat in West Africa, Nigeria's vice president emphasised the need for other regional bodies on the continent and others in the global community to support actions already taken by ECOWAS leaders. According to Osinbajo, “we in ECOWAS have experienced in just under a year, four coups de’tats including attempts and it is disturbing because we felt we had put those things behind

us, and now they seem to be coming back. “It is something that we think has to do with more cooperation. AU has been very forthcoming (in condemnation) in saying that we cannot tolerate unconstitutional seizures of power. But sanctioning these coupists without any proper “teeth” has not been particularly effective. “There might be a need for us to reach out to some of the regional bodies, development financial institutions such as the World Bank, IMF, and the EU. The EU has been quite responsive but we think that we can do a lot more just in terms of cooperation, so there is an effective deterrent if everyone agrees that undemocratic change of government is unacceptable.” On Climate Change and the attendant goal of net-zero emissions, Osinbajo observed that “the major challenge is that the wealthier countries are abandoning fossil fuels and gas and some of them are already defunding gas projects.” According to him, “we in Africa will run into trouble because gas projects are important even for the transition. It is important for us to come together to oppose any situation where the wealthier countries insist that on account of going towards net-zero emissions in 2050, we should then abandon gas which is one of the major sources of energy for industry and clean cooking.

“We think that the wealthier countries are asking us to do what they didn’t do – use renewable energy for industry.” The Nigerian Vice President however noted that “on the one hand, it is important for us to keep our focus on the transition to net-zero emissions, but it is also important for the world to know that we in Africa have two challenges – Climate Change and development. “While we are interested in ensuring that we meet net-zero emissions target, we are also interested in ensuring that we develop.” On the issue of the place of technology in economic growth, Osinbajo noted that “we believe very strongly that our growth would be technology-led," explaining that for Nigeria especially, since 2016, "there are about 6 Nigerian companies that have become UNICORNS – companies worth over a billion dollars.” He said: "All these companies started in 2016, including Flutterwave which was recently valued at over 3billion dollars. Technology is very important to us and we have investments in broadband infrastructure across the country and consider it to be fundamental to our economic growth. “Even with what we have done, it is incredible how many new businesses in technology have come up, startups springing up every day. It is an exciting

time for us, especially for those investing in technology startups across all sectors – education, health, and FinTech. There is also financial inclusion because there were many parts of the country that banks didn’t bother to go to, but with technology, we are able to reach all of those places.” On his part, Mpango commended West African leaders for their efforts to halt the menace of coups de’tat in the sub-region and also agreed that Africa can achieve more working in unison. He noted that Climate Change is an example of one area leaders on the continent need to work together to address. His words: "The apparent wish by developed countries to abandon fossil fuel is worrisome because we are still struggling to provide the basics. Our forests are disappearing because our people are still forced to use firewood for cooking, if we abandon gas energy, where do we go to?” He thanked Osinbajo for accepting the invitation of the African Court to be the Guest Speaker at the formal opening of the Court’s 2022 Judicial Year holding tomorrow. Both leaders also agreed that the relationship between their countries have been notable over the years adding however that there is room for much more improvement. For instance, it was agreed that arrangements to concretize the Joint Commission between both countries should proceed.

MONDAY FEBRUARY 28, 2022 • T H I S D AY

NEWS

Niger Confirms Neuralising Eight Bandits, Rounding Up Others Laleye Dipo in Minna The Niger State Government yesterday confirmed that eight out of the 100 bandits that raided communities in Lavun Local Government Area of the state have been neutralised. The others, according to the Commissioner for Local Government and Internal Security Mr. Emmanuel Umar, have been rounded up by troops. Umar, who addressed newsmen on the security situation in the state particularly in the Niger South senatorial zone between Saturday and yesterday, said the remaining gunmen are presently holed up on the flanks of the river Kaduna. The commissioner disclosed that the bandits entered the area about two days ago and were apparently unaware of heavy security presence along the Wushishi cattle routes, which made them to turn to Lavun and Kutigi Local Governments of the state. "However, security and local vigilance groups engaged the bandits in gun battle during which eight bandits were killed. They moved over to

Lavun local governments and to the flanks of river Kaduna up to Dabban community. "They are currently rounded up in the area and

we hope to neutralise them. Security agencies have been fully mobilised to the area supported by air operation," he said. Umar, however, debunked

reports making the rounds that the bandits have entered Bida saying: "I also got that report that the bandits were in specific area in Bida but I called the Area Commander

who said the report is false." He advised people to disregard such fake report, adding: "Government is committed to flushing out the terrorists from the state.

I am happy to tell you that the security agencies and the local communities are more committed to wiping out the terrorists as we employ new strategies."

KADUNA TRADE FAIR OPENS…

Second Deputy President, Nigerian Association of Chambers of Commerce Industries Mine and Agriculture NACCIMA, Jani Ibrahim (left), and Nigerian Ambassador to Chad, His Excellency, Ambassador Sadiq Abubakar at the opening of Kaduna International Trade Fair in Kaduna…recently

2023: Ekwueme's Son Ekiti 2022: New Electoral Law Has Botched Warns Nigerians against APC's Planned Rigging, Says Group Selling their Conscience Victor Ogunje in Ado Ekiti

Deji Elumoye in Abuja Ahead of the 2023 general elections, a cleric and lead Pastor of Revival House of Glory International Church (RHOGIC), Apostle Goodheart Ekwueme, has warned Nigerians against selling their conscience during the polls. Speaking yesterday with newsmen after the final session of ‘Revival is Here Again International Conference (RIHAIC) 2022, which also doubles as the church Thanksgiving Service to mark the 50th anniversary of the church, the son of second republic Vice President, Dr. Alex Ekwueme, said it is important that Nigerians exercise their civic responsibility by registering to get their voters card, do the needful by voting in leaders of their choice, warning

them not to sell their conscience during the 2023 polls or else they will regret it. According to the Abuja-based pastor, since darkness is a backdrop for light to shine, "where we are is a great opportunity for us to make anything wrong in history to be right." Ekwueme said: "Well, transition is a very challenging moment between your yesterday and your tomorrow. You've left yesterday but you are not yet in your future. So, it takes a lot of courage, boldness to focus on the future that God has shown you. "Nigeria has gone through a very difficult history in the past few years and Nigeria is bleeding and we trust God that this will be an opportunity for the Lord to show us mercy and bring us into the nation of our dreams."

Group, Environmental Society Partner against Pollution, Soot in Niger Delta Sunday Okobi A Nigerian advocacy group, Brothers Across Nigeria (BAN), has decried the environmental pollution in the Niger Delta region, which it lamented is raining down soot on the city of Port Harcourt, Rivers State, and other cities in the region. Members of the Port Harcourt chapter of BAN, condemned the effects of the environmental hazard during a walk against the environmental pollution in the region in partnership with the Nigerian Environmental Society and Get Fit With Maye, a fitness group headed by Maye Rowland , a kickboxing world champion. Speaking to journalists at the weekend, the chapter President, Mr. Bright Neneh, called on the people of the state to support the state government’s effort in eradicating acts that are creating

air pollution in the state. On his part, the group chapter Chairman, Mr. Levi Orji, urged the federal government to issue operations licences to youths in the area so that they can legitimately refine crude oil within environmental protection standards. In a chat with THISDAY, the CSR Chairman, Mr. Ken Agala, who has been championing the safe environment campaign in the region, promised to keep up the campaign intensely as long as the challenge remained adversely to man and environment. Agala said that BAN has been involved in citizens campaigns and human rights advocacy, noting that the group preaches unity, love, oneness among humanity irrespective of colour, tribes, religion and social status.

A political pressure group, Ekiti K'oya Movement, has said granting constitutional backing to the use of electronic gadgets for the conduct of the June 18 governorship poll in Ekiti State would check alleged plans by the ruling All Progressives Congress(APC) to rig the election and subvert the will of the people. The group appealed to the Independent National Electoral

Commission to use Ekiti not only for the implementation of the new law assented to last week by President Muhammadu Buhari, but also as a template for the conduct of credible polls in the country. Speaking with journalists in Ado Ekiti, yesterday, the group's spokesman, Mr. Jamiu Adeyanju, saluted President Buhari for assenting to the new law. He stated that signing had given Ekiti voters a respite and boost their expectations that the

Social Democratic Party(SDP)'s candidate, Segun Oni and the most popular candidate, would emerge victorious in the impending election. Adeyanju said sanity would now return to the country's electoral system with the granting of legal backing to the use of smart card readers, electronic transmission of results and total digitisation of electioneering process. He said: "Consequently, ahead of the June 18, 2022 governorship

election in our dear state, we urge INEC to efficiently deploy the application of the new provisions of the Electoral Act to ensure a free, fair, transparent and peaceful election. "We are aware of the grand plot by the ruling APC to rig the election because if the noticeable lapses in our electoral system. But with this ICT-inclined law, their sinister motives have been aborted and our people can now vote for their preferred candidate, Segun Oni.

Staff Association Gives Reasons for Planned Strike Universities' Seniorparents, regretting that the federal Ibrahim, told journalists in Abuja federal government that was long

Onyebuchi Ezigbo in Abuja

The Senior Staff Association of Nigerian Universities ( SSANU), has said that its threat to embark on strike is as a result of the inability of the federal government to honour the Memorandum of Action (MoA), it signed with the union. SSANU said it has been reluctant to resume its suspended strike because of its effect on students, university education and the

government was forcing the union to down tools. The union also said that it is ready to present to the federal government, its alternative salary payment platform, the Universities Peculiar Personnel Payroll System (U3PS), which it expects to replace the Integrated Payroll and Personnel Information System (IPPIS). The National President of SSANU, Comrade Mohammed

that the U3PS was designed by professionals and that it captures all the peculiarities including payment for sabbatical, visiting lecturers etc. Ibrahim said that the inconsistencies of the IPPIS, which he claimed has caused untold hardship still faced by non-teaching staff. He further said that another contentious issue is the renegotiation of the 2009 Agreement with the

overdue was. According to him, "It was agreed that the 2009 agreement should be reviewed every three years but 12 years after, not even 50 per cent was implemented. Part of the areas we have agreed for review are the Responsibility Allowances for heads of departments, Hazard Allowances, Call/Shift Duty Allowances for Nurses, Doctors, Engineers etc and Overtime Allowances.

NACCIMA Seeks End to Fuel Queues, Implementation of PIA

Ugo Aliogo

The Nigerian Association of Chambers of Commerce Industries Mine and Agriculture (NACCIMA) has called on the federal government and other stakeholders to find a definitive solution to the lingering fuel queues. NACCIMA also called for the full implementation of

the Petroleum Industry Act as passed recently. The group made the calls at its first quarter executive and council meetings in Abuja and presided over by the NACCIMA National President, Ide John Udeagbala,. According to a statement by the group, the recent fuel crisis occasioned by importation

of off specification premium motor spirit(PMS), which led to queues across the country with serious implications on life and the economy, was discussed. The council observed that the situation was a reflection of the fact that the oil and gas sector is still plagued by various problems coupled with the non-functionality of the PIA

as envisioned to resolve the issue of the oil and gas sector. It urged the federal government to stop the importation of petroleum products and take immediate steps at ensuring that all refineries are working in full capacity for a definitive end to importation of petroleum products.

2023: PDP Needs to Rescue Nigeria, Says Hayatu-Deen Chuks Okocha in Abuja A former Managing Director and Chief Executive of FSB International Bank, Alhaji Mohammed Hayatu- Deen, has charged the leadership of the Peoples Democratic Party (PDP) to brace up for the challenge of rescuing Nigeria from the

clutches of poverty, insecurity and economic stagnation as the country prepares for the 2023 general elections. Hayatu-Deen stated this when he led a delegation of his political associates on a courtesy visit to the National Headquarters of the PDP in Abuja. Hayatu-Deen and his

entourage were in Abuja with the National Chairman, Dr Iyorchia Ayu and members of the National Working Committee (NWC) of the party. The board room guru recently revalidated his membership of the PDP at his ward in Borno State and had since then launched a series of

consultations with the leaders of the party at the local, state and national levels. Addressing the NWC members, Hayatu-Deen disclosed that he joined active politics in order to enrich the political space with the wealth of experience garnered from the private sector.

MONDAY FEBRUARY 28, 2022 • T H I S D AY

NEWS XTRA

NDLEA Intercepts Drugs, Cash from Pakistan, Austria, Italy in Lagos Seizes Heroin, others going to US, UK, Canada Michael Olugbode in Abuja About 649,300 capsules of Tramadol 225mg and 809,850 Euros in cash were among the consignments from Pakistan, Austria and Italy that were

intercepted at the Murtala Muhammed International Airport, Lagos by operatives of the National Drug Law Enforcement Agency (NDLEA). Also blocked from passage to the United States(US), United

Kingdom(UK) and Canada by the anti-narcotics agency were various quantities of heroin and other illicit drugs. A statement yesterday by the Spokesman of the NDLEA, Mr. Femi Babafemi, showed that at

Gunmen Kill Nine Mourners in Benue George Okoh in Makurdi

Nine persons have been reportedly killed by gunmen in Mbacher Council Ward of Katsina-Ala Local Government area of Benue State on Saturday. Sources from the area disclosed that the gunmen stormed the venue of the burial of a Tax Collector, Zaki Atser Nor, and wasted no time in opening fire on mourners killing nine persons on the spot while also leaving other persons critically injured. The attack came after the special military troop of Operation Whirl Strook(OPWS), intensified the fight against criminal armed gangs and

banditry which led to the recent killing of three notorious criminals in the state last Thursday and Friday. A source, who pleaded anonymity, said the attack may be a retaliation of the killing of bandits loyal to the slain Benue’s militia warlord, Terwase Akwaza alias Gana last Thursday and Friday by OPWS. Speaking to newsmen through telephone yesterday, Chairman of Kastina-Ala LGA, Alfred Atera, confirmed the killing of the nine persons during the attack. “Nine persons were killed at a burial on Saturday. It was a reprisal. You know one of the boys, Janta was killed. It was

a reprisal,” Atera said. The council boss explained that only four out of the nine persons that were killed were from Katsina-Ala while five others, including an in-law to the deceased man who was from Vandeikya LGA, were also killed by the unknown gunmen. “The gunmen only wanted to make a statement by storming that burial and killing people. It is not that they had anything against the man that was being buried. In fact, one of the in-laws from Vandeikya, who provided the coffin for the burial of the deceased man, was sadly gunned down by the invading gunmen.

Electoral Act ‘ll Deepen Internal Democracy in Parties, Says Lawmaker Okon Bassey in Uyo The Senator Representing Akwa Ibom North-East (Uyo) Senatorial District, Senator Obong Albert Bassey Akpan, has observed that the recently enacted electoral act that was signed by President Muhammadu Buhari into law would deepen internal democracy among political parties in the country. Akpan, who is the chairman of Senate Committee on Petroleum Resources

(Upstream), noted that the law would also guarantee increased participation in future elections. The senator, who is aspiring to be the governor of Akwa Ibom State under the platform of the Peoples Democratic Party (PDP) come 2023, also bared his mind on the electoral act as amended while answering questions from journalists in Uyo, last weekend. He described President Buhari as a true democrat for yielding to the yearnings of Nigerians by assenting to the amended

electoral act despite pressure from some quarters. “The President is a true democrat. We have used the old electoral act for two elections. The recent review was necessary because of the need to address critical issues from the past elections. "Some of these issues were not provided for by the law. Hence the President has signed the new act that will go a long way in enhancing the transparency of the election process.

Police Arrest Suspected Cultists, Robbers in Ogun James Sowole in Abeokuta Five suspected cultists on the wanted list of the Ogun State Police Command were on February 22 arrested by the police in the state. The state Police Public Relations Officer (PPRO), Abimbola Oyeyemi, added that the men were arrested at their hideout on Molipa Road

in ijebu Ode while planning another violent attack. The suspects, according to the PPRO, are Segun Olabiyi (aka Koleje); Musa Atanda (aka Musa SARS); Olorunjuedalo Adewale, Olamide Odewole and Peter Anuoluwapo Akinyemi. He said the suspects were arrested following information received by the policemen

attached to Obalende Divisional headquarters in Ijebu Ode that the hoodlums, who are also members secret cult group, were gathering in preparation for a deadly attack. He said: "Upon the information, theDivisional Police Officer (DPO), Obalende Division, Salami Murphy, mobilised his men and headed to the scene.

Operator Stresses Importance of Independent Producers in Power Sector The Managing Director/CEO of Welbeck Electricity Distribution Limited, Mr. Afolabi Aiyela, has hailed the role of independent power producers (IPPs) in enabling the realisation of the goals of the power sector reform. Aiyela, who stated while speaking to newsmen on the new projects being undertaken by his company, said IPPs such as Welbeck are filling a critical gap in the power industry by serving specific communities such as industries, commercial hubs and essential services. According to him, since the take-off of Welbeck, it has successfully delivered over six IPP for specific communities in Lagos and around the country.

"IPPs are meeting the critical needs of specific communities such as industries, commercial hubs and estates, which would otherwise have faced difficulties with unreliable power from the national grid. At Welbeck, for instance, we serve some key establishments across the country and it will surprise you that the pricing is a lot more competitive than you would get with alternative sources of power," he said. Aiyela, who was speaking after inspecting the installation of the company's Oregun IPP located within the Oregun industrial hub in Lagos, noted that Welbeck is currently undertaking three new power projects in Lagos, Imo and Oyo

states. This includes a 2.2 megawatts(mw) plant for industrial consumers in Oregun Industrial Hub. Meanwhile, the new IPPs have been hailed by consumers as timely. According to the General Manager of K3 Industries, a leading packaging company established in 2004, Mr. Reina Saad, “the "new IPP is a welcome development within the Oregun industrial hub that will go a long way to promote production and growth respectively. '' To the managing director of 111 Solid Drive Enterprises, one of the top soundproof producers in Nigeria,

the Skyway Aviation Handling Company cargo warehouse at the airport, anti-narcotic officers seized 649,300 capsules of Tramadol 225mg weighing 460.95 kilogrammes imported from Pakistan via Addis Ababa through Ethiopian Airline last Wednesday, with a suspect, Mr. Nwadu Ekene Christian, arrested in connection with the seizure. Babafemi said that on the

same day, a female passenger, Ms. Ayeki Happy, who arrived the airport from Italy on Turkish Airline flight was arrested with 69,850 Euros in cash concealed in her luggage, coming four days after another woman, Ms. Precious Idahagbon, was arrested with 740,000 Euros in cash hidden in her luggage and undeclared upon her arrival at the airport from Vienna, Austria via Istanbul, Turkey.

He noted that both cash seizures are currently under investigation to establish if they were proceeds of drug business. Babafemi also revealed that at the NAHCO export shed of the Lagos airport, operatives seized a consignment of 131 parcels of cannabis concealed in packages of black soap (Dudu-Osun), during outward clearance of cargo going to the UK.

DPOs Tasked on Proper Management of Detainees Alex Enumah in Abuja Divisional Police Officers (DPOs) in the Federal Capital Territory (FCT), Abuja, have been urged to ensure international best standards in the management of detainees in police cells across Abuja. The charge was given by the Administration of Criminal Justice Monitoring Committee of the Federal Ministry of Justice during a visit to some Divisional Police Stations in the FCT. The visit was to partner the DPOs on the implementation of the Administration of Criminal Justice Act (ACJA), 2015, and also distribute sleeping materials to detainees

in police cells in the FCT. Speaking while donating the materials and copies of ACJA 2015, to DPOs of Galadimawa, Kuje, Iddo and Trademore Police Divisional headquarters, the Senior Supervising Solicitor of the Police Duty Solicitor Scheme (PDSC), Genevieve Johnson, urged the DPOs to apply the provisions of ACJA in the management of detainees in their custody. Johnson, who represented the Secretary of the Committee, Mr. Sulayman Dawodu, maintained that detainees are presumed innocent until proven otherwise by a court of competent jurisdiction. She said the ACJA monitoring committee

embarked on the distribution of the sleeping materials because detainees in police custody are not supposed to sleep on bare floor. At the Kuje Police Divisional headquarters, she urged the DPO, CSP Umar Sambo, to ensure adequate welfare for detainees in compliance with the provisions of ACJA. While responding, DPO Sambo, while thanking the committee for the materials, promised to provide the sleeping materials for the use of the detainees. “ACJA is out to enhance criminal justice system of the country, and we shall comply with the provisions,” he said.

MONDAY FEBRUARY 28, 2022 • T H I S D AY

T H I S D AY • MONDAY, FEBRUARY 28, 2022

COMMENT

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

NPF AND THE IMPERATIVE OF CONTRIBUTORY PENSION NPF’s exemption from the CPS is indefensible, argues Funmilayo Sadiku

or upward of 18 years, the Nigeria Police Force (NPF) has sought to be exempted from the Contributory Pension Scheme (CPS) in addition to making, among other things, provision for its retirees to withdraw at least 75% from the Retirement Savings Account (RSA) while also criminalising undue delay in the payment of pension to the retirees. The NPF has equally sought the exemption in conjunction with the Army, the Nigeria Intelligence Agency and the Department of State Security, all of whose personnel are exempted from the CPS. But the National Pension Commission (otherwise known as PenCom) has a different opinion. NPF’s exemption from the CPS cannot stand to reason. PenCom literally stormed the National Assembly on February 22 to submit a memorandum to the House Committee on Pensions at a public hearing. The aim was unmistakable: stop the NPF from pressing further to be spared adherence to the CPS. According to PenCom, the NPF’s position is indefensible because it has not presented any new or superior ground that would necessitate a review of the previous parliamentary and executive decisions on the matter or that, in fact, the arguments against the proposed exemption are more compelling today and further reinforced by economic, fiscal, social and public policy reasons. PenCom was vehement that exemption of the personnel of the NPF would imply additional financial burden on the federal government through unsustainable pension obligations. It further argued that as of September 2021, there were 304,963 Police personnel based on IPPIS data with valuation revealing that the retirement benefits and liability of these personnel under the defunct Defined Benefits Scheme, comprising pension and gratuity, would amount to about N1.84 trillion – a liability that is expected to significantly increase with the proposed yearly recruitment of 10,000 personnel into the Police Force. For a fact, the federal government had in 2004 embarked on the reform of Nigeria’s pension structure aimed at introducing a sustainable system with the capacity to ultimately provide a stable, sustainable, predictable and adequate source of retirement income for employees in both the public and private sectors in Nigeria. This had resulted in the enactment of the Pension Reform Act 2004, for which a mandatory CPS was introduced for employees of the federal government, the Federal Capital Territory and the private sector organisations with five or more employees. Implementation of the Act however proved a sort of tall order, leading to the Act being repealed, whereupon the Pension Reform Act 2014 was re-enacted with a view to strengthening the CPS and addressing some of the challenges identified during the 10-year implementation period, chiefs of which were embezzlement of pension funds and delay in the payment of retirement benefits to retirees. Evidence shows that as at 30 September, 2021, the number of registered contributors under the CPS grew to 9.4 million (including 5.5 million from the private sector), representing about 9.5% of the total working population in Nigeria, while the total pension fund assets under the scheme also grew to N13 trillion in the same period, representing about 8.53% of the country’s GDP. It is however noteworthy that 60% of the total pension assets of the N13 trillion belonged to employees of the private sector while the public sector employees took the balance of 40%. It can safely be argued that the pension fund generated by the CPS

NPF’S POSITION ON CPS EXEMPTION MAY SOUND GOOD TO THE PROMOTERS, BUT IT WOULD RESULT IN THE DISMANTLING OF THE INSTITUTIONS, SYSTEMS AND PROCESSES THAT GOVERNMENT HAD PUT IN PLACE IN THE LAST FEW YEARS TOWARDS THE IMPLEMENTATION OF THE PENSION REFORM PROGRAMME

has aided in deepening the Nigeria’s financial sector and providing a platform for attaining strategic programmes of government in the areas of infrastructure, housing and the development of the real sector of the economy. In specific terms, 63.17% of the total pension assets had been invested in federal government securities (FGN Bonds, Treasury Bills, Sukuk and Agency Bonds) as of 30 September, 2021, with the remainder poured into money market instruments (17.6%), corporate debt securities (7.44%), quoted equities (6.71%) and other asset classes (5.08%). Despite all the encouraging statistics, there would still be deficits, owing to growing developmental demands. It is not impossible that this reality had motivated PenCom to oppose the position of NPF at the National Assembly to stop its effort at securing CPS exemption with the amendment of Section 5(1) of the PRA 2014 through insertion of the phrase “The Nigeria Police Force”, such that the Police personnel would be among the categories to enjoy that CPS relief. It is worth recalling that private member’s bill was previously sponsored at the sixth National Assembly, seeking to exempt the Police and other paramilitary agencies of government from the CPS. The major reason for the agitation for exemption was dissatisfaction on the quantum of benefits payable to such personnel under the CPS. After a careful legislative scrutiny, the sixth assembly resolved that the issue of quantum of benefits can be addressed by an upward review of the rate of pension contribution under the CPS and not by exemption. Consequently, the proposal to exempt the Nigeria Police Force from CPS was rejected. Between 2011 and 2012, the Nigeria Police High Command made a case to the federal government for the exemption of their personnel from the CPS. The matter was referred to the then Secretary to the Government of the Federation, who constituted a Joint Committee comprising the National Salaries, Income and Wages Commission, the Nigeria Police and PenCom to consider the submission and present a position to the government. After considering the report of the Joint Committee, the government decided that the personnel of the Nigeria Police Force should continue to be covered under the CPS, effectively closing the case, as it were. The NPF was further directed by the federal government to liaise with PenCom to draw-up modalities for addressing all areas of concern. Consequently, the Nigeria Police registered the NPF Pensions Limited, applied for and was granted a Pension Fund Administrator (PFA) licence in August 2014. The Eighth Assembly would also not see any reason to accede to the NPF’s request, based obviously on the “existing protocol”. Indeed, as of 30 September, 2021, the NPF Pensions Limited had registered 537,848 Police personnel and had total assets under the management valued at N685.53 billion. NPF’s position on CPS exemption may sound good to the promoters, but it would result in the dismantling of the institutions, systems and processes that government had put in place in the last few years towards the implementation of the pension reform programme, in addition to unsettling the government’s fiscal policy and financial system stability. It could also lead to some foreign investors questioning the government’s commitment to pension and other reforms. I would suggest that the police authorities look at the bigger picture for the nation and the economy. A system is in place and it is working very well. Why fix what is not broken? Ms Sadiku is a Lagos-based ﬁnancial analyst

RUSSIA AND KNIGHTS’ MOVES WAR STRATEGY Victor C. Ariole writes the Ukraine invasion is a new version of the Cold War

uropean Union is in horror as it sees the invasion of Ukraine as the blackest moment of Europe. UN Secretary General sees it as his saddest moment. And like first and second World War, the world is turning to chessboard in which both sides of the game, whether white or black side, the pawns are to be sacrificed. Watching some good chess players who make moves with the knight, assumptions are that if you can’t beat the champion, the opposite side, aim at checkmating the champion or decimating the opposing pawns. And Russia is doing just that in a greatly chaotic world in which North Atlantic Treaty Organisation (NATO) cajoling Ukraine to join them, failed to see the impending knight move available to Russia before ever asking Ukraine to make rookie move – constrained move, and never expected to get to castling stage where the king, NATO, exchange position with the knight, for the kill. Volodyr Zelenskyy, the Ukrainian president just know that it can’t trust NATO to take the dive; and when Biden announced that just a piece or a fraction annexation of Ukraine could only be tolerated, Zenlenskyy upheld his ‘no trust’ stance. And it happened as the supposed rebel eastern part of Ukraine caved in to Russian annexation. They are now known as Donetsk and Luhansk Republics. Just like Cuba, of the then cold war neighbouring USA, knew that excessive Russia’s presence could lead to annihilating it, Eustania, or any NATO member close to Russia could not allow itself to be a base for attack on Russia. Hence NATO could not expect Ukraine to aim at threatening Russia. And, the UN concern

should be like Noam Chomsky says: NATO should keep off Russia’s proximity as agreed by NATO and Gorbachev at the time Gorbachev accepted the unification of Germany and allowing it to join NATO. The same, also, along that same axis of south west of Russia, rich countries like Finland and Norway seemingly remain unconcerned as they had never contemplated joining NATO or ever willing to accept being pushed around by Russia, hence a bridge. Even Latvia and Estonia - NATO members – know that they cannot rely on Article 5 of NATO that expect all members to fight on the side of fellow member in case of any attack, hence they prefer to ever remain calm; never to provoke ‘a tiger’ who makes solitary decisive moves like a ‘queen’ on chess board or join the ‘lion pride’ for fear of serving as ‘a prey’ in default moves of the ‘king’ and its entourage. Metaphorically while Russia behaves like tiger or the queen on Chessboard, USA behaves like lion, the king, relying on the pawns, the frontline countries where the action is happening and the officers in remote places for action; however, the frontline countries, here, are not in position to confront Russia. Ukraine is serving as a warning to them, as well. Russia, on its side, seems very much assured by its ‘default communist’ allies populating the south and north and, with its Knights’ move, by-pass the pawns, Belarus, Georgia, Mongolia, Azerbaijan and all the “ANs” of this world including Afghanistan. North Korea and China are the ‘default communists’ allies whereas the relatively strong former WARSAW pact allies that are now NATO members know that

Russia is an impenetrable fortress. But the world should be reminded that Putin is about becoming another Stalin, a Georgian, capable of making Stalin’s move like the move in taming Hitler who invaded part of Soviet Union, even after signing a non-aggression pact with Stalin. With over 145 million people and bordered by the north by the Arctic ocean, over 40,000-kilometre stretch (almost half of over 110,000km stretch of Atlantic Ocean from north to south), any war with Russia is like engaging a whirlwind with fire on its mouth. Napoleon once tried it and failed. And there is no how all the Scandinavian countries who share great affinity with Russia could allow any country to attempt a war with Russia. That zone is their collective zone and heritage. Hence the fear as expressed by the United Nations’ Secretary General that the worse is about to happen if Russia refuses to retrace its steps and pull back its soldiers already on Ukraine’s soil. Beyond that Arctic, and partially north or south east Asia, Russia should hands off its invasion tactics. In Africa also, as Wagner Mercenaries are deployed to cause trouble in Africa – Mozambique, Central African Republic, Mali, Guinea, and extending to Burkina Faso and Niger Republic. Currently production of ammunition is going on in Mali and CAR as reported. In effect, African Union should also know that Russia is recruiting some African countries to join in its war against “others”. Hence a war like other wars provoked by European ego. By-passing NATO presence - USA, France, Germany, etc., - those types of knights’ movements using Wagner mercenaries, as reported by “Jeune Afrique”, needed to be checked. From such presence

in ‘mercenary camouflage’ one begins to wonder what the world is turning to and why Ukranian president with about 44 million people could reason well that even with 1.2 billion people in Africa, Russia seems to be making in-road, and it could only be because the West is seemingly conniving with Russia, the way they connived to get Congo DR and Angola on their knees till today. Russia is experimenting with oligarchs, as part of knights’ move or, as read from Russian literature, ‘root – stems’ approach to expansionism. Wagner is now a Russian expansionist oligarch, like there are up to 33 quoted companies in UK with Russian oligarchs’ connections or ownership. Hence UK should not dare to threaten their operations if it so much or believes in rule of law. So, there is no how just claiming to place sanctions on Russia would relent its spread or clamour for knightly moves activities both in business and in territorial occupation. Hear “The World For Sale” by Blas and Farchy 2021,19 and 137. PepsiCo became one of the world’s largest naval powers when it agreed that in exchange for the pepsi it was selling to the Soviets, it would be paid with 17 Soviet submarines… (like all offshore trading company dominated by the West) the commodities they transport are often to be found on high seas, beyond the scope of any national regulator – (sanction or no sanction). It is still a neo-version of the cold war as American and Soviet money and arms converge and the rest of the world seems to be on sale. Ariole is Professor of French and Francophone Studies, University of Lagos

T H I S D AY • MONDAY, FEBRUARY 28, 2022

EDITORIAL THE RUSSIAN INVASION OF UKRAINE The bloodletting and destruction in Ukraine bode ill for global peace

s an oil producing nation and member of the Organisation of Petroleum Exporting Countries (OPEC), Nigeria is not immune to the dire implications of Russia’s recognition of the ‘people’s republics’ of Luhansk and Donetsk in the eastern Ukrainian region of Donbass and the current military attack on Ukraine by President Vladimir Putin. But beyond the surging oil price and what that portends for our national economy, there are also clear issues of international law and diplomacy at stake in this crisis. The casual invasion of Ukraine by Russia and deliberate carving up of ‘sovereign states’ takes territorial violation one step further. The Russian invasion of Ukraine is bound to draw grave humanitarian catastrophe and there is nothing to suggest that the Nigerian authorities understand the wider implications. WILL PUTIN SURVIVE THIS In the past few CONFLICT? ONLY TIME weeks, many WILL TELL. INCREASED countries had issued advisory for SANCTIONS-DRIVEN HARDSHIP WILL SWELL THE their nationals to Ukraine with RUSSIAN OPPOSITION AND leave evacuation plans EMPOWER MORE POPULAR also in place. But HEROES THAN JUST THE weekend report JAILED ALEXI NAVALNY from the Nigerian embassy in Poland is encouraging and we hope our nationals will embrace the opportunity. The bloodletting and destruction in Ukraine bode ill for global peace. The United Nations and the principal actors in the crisis should reckon with Ukraine as a nation rather than an object of a geo-political game between Russia and the North Atlantic Treaty Organisation (NATO) members. Putin deserves all the condemnation that now comes his way for the violence being inﬂicted on the people of Ukraine, but his belligerence can also be deemed strategic and military. Control of Ukraine’s naval facilities has always been important for Russia’s power to counter NATO’s incursion into its

Letters to the Editor

sphere of inﬂuence. Putin’s risky gamble in Ukraine presents a big dilemma for global peace. The message is clear: If not challenged, he could seek to reconquer the former Soviet republics to satisfy an autocratic hunger for Cold War era power tussle. He had attacked Georgia and invaded a substantial part of Crimea. And he has chased his domestic adversaries to London and other western capital cities.

H T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

TO OUR READERS Letters in response to speciﬁc publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

UKRAINE AND THE UNIVERSALITY OF FREEDOM

n edgy world remains firmly on the edge as arms and ammunition powered by Russian folly continues to pound Ukraine in what is markedly an invasion in spite of the devious denials of Vladimir Putin who has continued to cling on to the dreams of a unified Soviet Republic like a dying

breath. It is painful to see and even more painful to watch democracy and sovereignty in a country come under heinous attacks at the behest of a man and a country whose pretense at democracy is an incredibly cruel smokescreen that actively supports conflicts in other countries by actively arming rebels. Multiple dissidents have been murdered within and outside the country as Russia has refined the art of assassination including the use of highly toxic chemicals even on foreign soils to silence any and every opposition to Vladimir Putin who supports a regime which kills people in Chechnya, as well as carries out acts of unspeakable horror against his own people. There can be no doubt that whatever is happening in Ukraine cannot be allowed to continue. Whatever Russia has said about threats to its national security and about supposed crimes by the Ukrainian government against people living in sections of the country remain nothing but an elaborate falsehood, an excuse that cannot hold water anywhere. It was Russia that armed the rebels in the country in the first place and it is Russia that has been actively involved in the destabilization of the country. Everything happening in Ukraine was premeditated, carefully planned over a long time. Everything happening in the country is an experiment in Russian expansionism and the incredibly insatiable

owever, the Ukraine invasion may prove more difficult for Russia. A long period of instability and small wars in the breakaway provinces of Ukraine is about to begin. Nearly all former Soviet republics opposed to Russia’s ambition will now tilt more overtly towards the West. Sanctions will bite a more isolated Russia despite Chinese short-term assurances of relief and palliatives. Of course, Europe will not go unscathed. Energy costs will jump as gas pipelines from Russia will either be cut off or be made more expensive for their European end users. Higher living costs will fire up public discontent and possibly protests. Politicians will panic or be taken out by the electorate. Overall, there will be many losers in this needless war. Will Putin survive this conflict? Only time will tell. Increased sanctions-driven hardship will swell the Russian opposition and empower more popular heroes than just the jailed Alexi Navalny. Russia’s makeshift authoritarian ‘democracy’ could come under pressure and possibly unravel from a military industrial alliance funded by exiled oligarchs who live and have their money mostly in the West. For us as a country, we stand to win and lose economically. While the price of crude oil has in recent days risen dramatically, production is limited by both OPEC quota and our own problems of sector mismanagement and security challenges. Ukraine which has also become a destination choice for many Nigerians desirous of better education at less-prohibitive costs are now caught in the crisis. While we hope that the oil situation will compel a policy shift in the country, especially in the downstream sector, Nigerians who may now be trapped in Ukraine should also not be abandoned to their fate.

bloodlust of a man who is limitlessly irked by the fact that he does not have enough real-time laboratories to test his country`s rumored 6000 nuclear weapons or new torture techniques because most of the world is at peace. The fact that the invasion of Ukraine has drawn worldwide condemnation but only very little action mostly by way of sanctions is a cause for great concern. It shows that the international order remains largely toothless when hyenas like Putin decide to strategically invade smaller countries. But the global solidarity shown so far is deeply heartening. In every country of the world, support has risen for Ukraine and Ukrainians as they fight for their future. Many people have simply refused to stay silent even if the language from many people is not as strong as it should be given the circumstances. The global show of support for Ukraine and the chorus of condemnation for Russia have gone a long way to show that at the most basic levels, people reject dictatorship, oppression and everything that they mean. Many people around the world want to live free and want others to live free. Many people believe that a lack of basic freedoms anywhere affects them just as much as it affects those who are mostly and immediately impacted. It is why efforts to build a free world of equal opportunities must continue apace. The world must find unity in building a world where everyone can feel safe and accepted no matter their size and circumstances. To achieve this, war mongers and war criminals like Vladimir Putin of Russia and Bashar al-Assad of Syria must be told in no uncertain terms that they can no longer do as they please not just to their own people but to people everywhere.

Kene Obiezu, keneobiezu@gmail.com

BE BRAVE AND HONEST “Honesty and transparency make you vulnerable. Be honest and transparent anyway” - Mother Teresa elling the truth is the expected and usual way for most people even when it may not be the best option for them personally. This applies especially for our leaders who guide us and set the standards to follow. If only it was that simple though. There have been two recent cases, ex-President Trump, and ex-Prince Andrew and in both cases they have faced court challenges. Former President Trump and two of his children must testify in court into an investigation by the New York state attorney general into their business practices. He has also been investigated in relation to the Jan 6th Capital Hill riots although in both cases he has claimed his innocence, and this must be presumed correct unless there is more information made available that creates doubt. The recent court appeals to stop the investigation seems odd if there is nothing to be hidden and surely he would want the truth to be out there. With ex-Prince Andrew the matter has been into the courts, but a private and unknown settlement has resolved that matter. He has been accused of horrible things and has also always maintained his innocence as is his right although an open court procedure would have given him the opportunity to clear his name publicly. When people are honest, and their word is true then the best approach is to confront their doubters openly and resolve it in the court of public opinion rather than use a lawyer to attempt to stop legal court actions. Everyone should be brave and honest and stand up to defend what they have done and what they believe in. Dennis Fitzgerald, Melbourne, Australia

MONDAY FEBRUARY 28, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY FEBRUARY 28, 2022

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

M O N D AY D I S C O U R S E

Electoral Law 2022: The Biggest Bipartisan Victory for Buhari

A few of the full-scale ambitions of Nigeria’s new Electoral Law may not have been achieved, but most stakeholders in the electoral system have been suﬃciently appeased with the recent law governing the electoral process signed by President Muhammadu Buhari, writes Nseobong Okon-Ekong

Buhari

he hours leading to the signing of the re-worked Electoral Act Amendment Bill into Law were quite pensive and worrisome. Nigeria’s coalition of civil societies threatened to stage a protest march to the National Assembly to impress on President Muhammadu Buhari that he needed to give the nation a new set of laws to moderate the country’s electoral process. Addressing their concern, Presidential spokesperson, Mr. Femi Adesina, said the president would do the needful in a matter of hours. Because he did not mention a particular date, speculation was rife. Many took his statement with a pinch of the salt, going by the fact that the president had refused to append his signature to the Electoral Bill on different previous occasions, pleading one excuse or the other. It was the latest twist in a long list of controversies over aspects of the bill the president was not comfortable with including electronic transmission of election results and the type of primaries to be conducted by political parties. The new bill was sent by the National Assembly for presidential approval on January 31, 2022. It reviewed the issue of direct primaries, by adding indirect and consensus means of selecting candidates as alternatives. Another cog was set in the wheel when the House of Representatives introduced a controversial provision that demanded all political appointees seeking to contest elective offices to resign long before making their intention public. Of course, those affected like ministers and governors frowned at the provision and lobbied the President to decline his signature. “The Bill would also improve and engender clarity, effectiveness and transparency of the election process, as well as reduce to the barest minimum incidences of acrimony arising from dissatisfied candidates and political parties,” Buhari said, rejoicing over the bill as he signed it on Friday, February 25-2022 at the Aso Rock Villa. “It is gratifying to note that the current Bill comes with a great deal of improvement from the previous Electoral Bill 2021. There are salient and praiseworthy provisions that could positively revolutionize elections in Nigeria through the introduction of new technological innovations. These innovations would guarantee the constitutional rights of citizens to vote and to do so effectively.” The Bill Does Not Address Everything The bill Buhari signed does not address everything he would have loved to see, but he, nonetheless was conscious of the compromises made by all the stakeholders. He knew he could not afford to turn down the bill for the umpteenth time. It was a necessary move to douse mounting tension, restore the confidence of the opposition political parties,

Yakubu

Lawan

the electoral, civil society, particularly the Peoples Democratic Party (PDP) and gain a measure of integrity for the president and his party, the All Progressives Congress (APC), which had been variously accused of planning underhand schemes to claim victory in the 2023 national elections. Perhaps, if the president was not alive to the mood of the nation, he could have refused to sign the bill as in previous times. However, he simply noted “one provision as contained in the proposed Bill, which provision constitutes fundamental defect, as it is in conflict with extant constitutional provisions.,” while requesting federal legislators to reconsider it. The President said, “with particular regards to the benefits of the Bill, industry, time, resources and energy committed in its passage, I hereby assent to the Bill and request the Nationally Assembly to consider immediate amendments that will bring the Bill in tune with constitutionality by way of deleting section 84(12) accordingly.” So, what does section 84(12) say? The section provides that, “No political appointee at any level shall be voting delegate or be voted for at the convention or congress of any political party for the purpose of the nomination of candidates for any election.” Thus, Buhari argues that the section, “constitutes a disenfranchisement of serving political office holders from voting or being voted for at conventions or congresses of any political party, for the purpose of the nomination of candidates for any election in cases where it holds earlier than 30 days to the national election.” According to the president, “This provision has introduced qualification and disqualification criteria that ultra vires the Constitution by way of importing blanket restriction and disqualification to serving political office holders of which they are constitutionally accorded protection. The practical application of

section 84(12) of the Electoral Bill, 2022 will, if assented to, by operation of law, subject serving political office holders to inhibitions and restrictions referred to under section 40 and 42 of the 1999 Constitution (as amended). It is imperative to note that the only constitutional expectation placed on serving political office holders that qualify, by extension as public officers within the context of the constitution is resignation, withdrawal or retirement at least 30 days before the date of the election.” Buhari, therefore summed it up as, “Stretching things beyond the constitutional limit to import extraneous restriction into the constitution on account of practical application of section 84(12) of the bill where political parties’ conventions and congresses were to hold earlier than 30 days to the election.” But this is not the only section that should be of concern to stakeholders, particularly the political parties and aspirants for elective offices. For instance, Section 29 (1) stipulates that parties must conduct primaries and submit their list of candidates at least 180 days before the general elections. Section 65 states that INEC can review results declared under duress. Section 3 (3) states that funds for general elections must be released at least one year before the election. Section 51 says that the total number of accredited voters will become a factor in determining over-voting at election tribunals. Section 54 (2) makes provisions for people with disabilities and special needs. Section 47 gives legislative backing for smart card readers and any other voter accreditation technology that the Independent National Electoral Commission (INEC) deploy. Section 34 gives political parties power to conduct a primary election to replace a candidate who died during an election. Section 50 gives INEC the legal backing for electronic transmission of election results. Section 94 allows for

The bill Buhari signed does not address everything he would have loved to see, but he, nonetheless was conscious of the compromises made by all the stakeholders. He knew he could not afford to turn down the bill for the umpteenth time. It was a necessary move to douse mounting tension, restore the confidence of the opposition political parties

Gbajabiamila

early commencement of the campaign season. By this provision, the campaign season will now start 150 days to the Election Day and end 24 hours before the election. Sharing his thoughts on the provisions of the amended Electoral Act, Abuja-based constitutional lawyer, Dr. Kayode Ajulo explained that Section 29(1) stipulates that parties must conduct primaries and submit their list of candidates at least 180 days before the general elections. “Under the Old Act, political parties had a period of 60 days to submit the list of candidates before the general election. The trend before in the country is for political bigwigs in the parties to deliberately postpone their primaries in the bid to get candidates for their personal and aggrandizement.” Section 3(3) states that funds for general elections must be released at least one year before the election. Ajulo said, “One can easily recall the logistics problems faced in the past by INEC to get adequate resources for ballot boxes and papers. At the last general election, approval of funds for the election were given just few days before the election.” In the case of Section 51 which says that the total number of accredited voters will become a factor in determining over-voting at election tribunals. The Abuja-based lawyer commends it as “a restatement of the judicial pronouncement of the courts with respect to the proper way of proving over-voting. The courts have held that the law is well settled that in order to prove over voting the petitioner must do the following: tender the voters register; tender the statement of results in appropriate forms which would show the number of registered accredited voters and number of actual votes; relate each of the documents to the specific area of his case in respect of which the documents are tendered; show that the figure representing the over-voting if removed would result in victory for the petitioner. Also throwing light on the provisions of Section 34 that gives political parties power to conduct a primary election to replace a candidate who died during an election, Ajulo said, “Under the provision of Section 33 of the old Electoral Act, a political party shall not be allowed to change or substitute its candidate whose name has been submitted pursuant to Section 32 of the Act, except in the case of death or withdrawal by the candidate. Worthy of note is that the provision did not specifically stipulate the time frame to make the substitution in the case of death of a candidate. One would recall that a similar situation happened in Kogi State which ended up in INEC declaring the party with the second highest number of votes as the winner of the election. By this new provision, Continued on page 21

T H I S D AY ˾ MONDAY FEBRUARY 28, 2022

MONDAY DISCOURSE

Amidst N20B Scandal, Stakeholders Intensify Demand for NDDC Board Inauguration Nseobong Okon-Ekong writes that a new chapter was recently opened in the unending scandals involving the illegal Sole Administrator contraption at the Niger Delta Development Commission, as agitations by stakeholders for the inauguration of a substantive board, in compliance with the law, gains momentum

n a scathing editorial titled ‘NDDC and the Anti-Graft Hoax’ published on Wednesday, February 23, 2022, THISDAY categorically stated that the “disrepute into which the commission (NDDC) has fallen in the last seven years is a sad commentary on the avowed commitment of President Muhammadu Buhari to fight corruption as a cardinal undertaking. Investigations into successive NDDC administrations as encapsulated in the recent presidential forensic audit have remained unattended to. Despite the agitations of critical stakeholders, the commission remains without a substantive board. The Minister of Niger Delta, Godswill Akpabio prefers to treat affairs of the NDDC more like a private estate by saddling the commission with cronies.” The media has been awash in the past two weeks with another round of scandal involving the illegal Sole Administrator contraption in the Niger Delta Development Commission (NDDC). According to a national daily, other national newspapers, and many online platforms, in a story entitled “NDDC: IYC Alleges Illegal N20bn Payment to Ghost Contractors Over Phantom Job,” published on February 18, 2022, the Ijaw Youth Council (IYC) alleged that illegal N20bn payment was made to ghost contractors over phantom jobs. In the reports, IYC alleged that the Minister of Niger Delta Affairs, Godswill Akpabio, “in connivance with some persons, paid the sum of N20 billion to ghost contractors for phony distilling contracts purportedly awarded by the Niger Delta Development Commission (NDDC).” The council further alleged that “information at its disposal showed that the signatures of a former acting Managing Director of the NDDC, Professor Nelson Brambaifa, and the commission’s former executive director (projects), Samuel Ajogbe, were allegedly forged to carry out the sleazy process.” A spokesman for the IYC, Ebilade Ekerefe, who spoke in Yenagoa alleged that the “phantom NDDC contractors were paid in tranches of between N300 million and N400 million in the last three months, amounting to N20 billion.” He urged the Economic and Financial Crimes Commission (EFCC) to launch an investigation into the alleged huge payment to the ghost contractors. He said, “They should investigate the financial transaction of the commission in the months under review. We have also discovered that out of the N20billion paid out illegally by the NDDC, 60 per cent is going to Abuja through the Bureau de Change while he (Akpabio) has

Akpabio

Akwa

failed to pay the genuine contractors that have finished the projects awarded by the commission. He even hired thugs to chase away protesting contractors.” It took the Sole Administrator of NDDC, Effiong Akwa nearly one week to respond to this grievous allegation. In a statement signed by the Director of Corporate Affairs, Dr. Ibitoye Abosede, as reported in newspapers on February 21, 2022, it stated that “The attention of the Niger Delta Development Commission (NDDC), has been drawn to a spurious publication on some dailies and online news channels by some Ijaw Youth Group, alleging that the NDDC has paid the sum of N20 billion to ghost contractors by their spokesperson one Ebilade Ekerefe in Yanagoa Bayelsa State. The NDDC, wants to state categorically that it did not pay any N20 billion to any ghost contractor or any one for that matter as demonically alleged by the group. The said sponsored group who claim to be Ijaw Youth further call for the probe of monies that were never spent by the Commission is not only laughable but most unfortunate.” However, in a riposte on February 24, 2022, “IYC insists on probe of alleged NDDC N20bn contract scam,” signed by its spokesperson, Ebilade Ekerefe, and published in an online platform, the leadership of Ijaw Youths Council (IYC) Worldwide, stood by its allegation that N20bn payment was made to ghost contractors over phantom jobs and insists

on an independent investigation into its allegations that the NDDC paid N20bn to ghost contractors for fictitious contracts. The IYC described as watery the NDDC’s reaction to its allegation that the commission under the supervision of the Niger Delta Affairs Ministry, Senator Godswill Akpabio made the payment using forged signatures of a former acting Managing Director of NDDC, Prof. Brambaifa and a former Executive Director, Project, Samuel Ajogbe. The IYC in a statement signed and sent to media houses by its Spokesperson, Ebilade Ekerefe, said the probe should also include its allegations that 60 per cent of the N20bn paid out illegally by the NDDC was moved to Abuja through the bureau de change. Ekerefe said the financial sleaze currently rocking the NDDC was of “monumental proportion surpassing similar underhand dealings that led to the initiation of the forensic audit of the commission.” This is not the first time that critical stakeholders are levelling grievous allegations against the illegal interim management/sole administrator contraptions administering the huge funds accruing to NDDC. Only last December, The Association of Contractors of the Niger Delta Development Commission (ACNDDC) picketed the NDDC Head Office in Port Harcourt. In a report in THISDAYon December 8, 2021, entitled “NDDC Contractors Decry Mismanagement, Demand Board Inauguration,” the Chairman of ACNDDC, Joe Adia

stated that “we hear money comes in, the next thing we hear the money is finished. Who are you paying? Give us a record of the people you are paying. How can you pay N800 million each and above for desilting yet contractors’ ticket of N5 million you can’t even pay? We cannot die for the jobs we have done for the region. We are saying, you pay us now.” ACNDDC Chairman further stated that “the Minister of Niger Delta affairs is the one that okays everything that must be paid here (NDDC). We contractors are dying. You said you are paying contractors. I am the chairman of contractors association of NDDC, (pointing to others) this is the president, and these are critical stakeholders, contractors that have jobs, do you know how many jobs these people have? Look at a woman here, she has a project, she lost her mother, she cannot even bury her, or are we talking of contractors that died in the hospitals.” Also in a piece, “NDDC: Buhari’s Legacy of Illegality and Contempt’ published in THISDAY on December 17, 2021, and other national newspapers, Godspower Tamunosusi wrote that “under the illegal interim managements/ sole administrator contraptions, the combined two-year budget for 2019 and 2020, as approved by the National Assembly was N799 Billion. Yet, as pointed out by Professor Benjamin Okaba, President of Ijaw National Congress (INC), under the interim management/sole administrator contraptions, “over N600bn payments have been made for emergency contracts; over 1,000 persons have been allegedly employed in the NDDC between January and July, 2020 without due process; the 2020 budget was passed in December and N400bn was voted for the NDDC but the commission had spent over N190bn before the budget was passed, thereby violating the Procurement Act.” Tamunosusi also stated that “it is also important to recall the Senate probe of NDDC in June/July of 2020 which revealed how the NDDC Interim Management Committee (IMC) blew N81.5 billion in just a couple of months on fictitious contracts, frivolities, and in breach of extant financial and public procurement laws. The Senate therefore passed a resolution recommending that the IMC should refund the sum of N4.923 Billion to the Federation Account, and that the IMC should be disbanded, while the substantive board should be inaugurated to manage the Commission in accordance with the law.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Electoral Law 2022: The Biggest Bipartisan Victory for Buhari one can easily conclude that votes cast at the poll are not for the individual but for the party as held by the courts in several decisions. His views on Section 50 gives INEC the legal backing for electronic transmission of election results. “It is interesting to recall that the issue of election server was the highlight of the 2019 presidential election tribunal. It is pertinent to recall that it is the petitioners’ case that the results of the Presidential election were transmitted electronically into the imaginary server from all the polling units in the country. It suffices to start on the premise that such an argument is a sham. Of more importance is that what Nigerian Electoral law recognises is the Form EC8 Series, especially Form EC8A, signed by agents, collation officers, etc, at the Polling Units. The only way to prove election results in Nigeria today is by the approved forms: the EC8 series. Not by any Server or Servers. With this new provision, the perdurable question we have to consider is whether the servers would take the place of Form EC8 series. We would also have to battle the issue of data networks and availability of electronic voting for persons in the rural and remote areas.” Section 94 allows for early commencement of the campaign season. By this provision, the

campaign season will now start 150 days to the election day and end 24 hours before the election. Under the old Act, campaign season is usually a period of 90 days before the election. This new provision will allow candidates and political parties reach more people in record time before the election and to be able to determine the strength of their political reach before the election. Taking a very calamitous position on the Electoral Act 2022, the Lead Visioner, Lagos4Lagos Movement, Dr. Abdul-Azeez Olajide Adediran (Jandor), while berating the ruling APC as a party that suppresses the will of the majority and internal democracy, noted that the president has inadvertently signed the death warrant of the APC. “We are glad that the president has bowed to the popular will of the people. We are more gladdened that the signing has signified a death knell for APC, especially in Lagos, where it has never won any election without the use of hoodlums.” He further stated that the Ammended Electoral Act will strengthen the electoral process thereby enhancing the people’s faith in the electoral system.

Mr. Yusuph Olaniyonu, Media Aide of the immediate past Senate President, Dr. Bukola Saraki said the new Electoral Act (Amendment) Bill 2022 ends the 12-year journey of the old law under which three general elections and many other isolated polls have been conducted. According to Olaniyonu, “The combination of the campaigns by these groups, the move by the political parties, and the desire to leave a good legacy must have persuaded the President into signing the law.” He said further, “Now, we have a new Electoral Act and one can only hope this will herald a regime of free, fair, peaceful, and credible elections and electoral process where the votes of the People will count, the majority will have their way and the minority will have their say.” The Speaker of the House of Representatives Rt. Hon. Femi Gbajabiamila said the president’s action was in line with the APC’s determination to bequeath a legacy of an improved democracy to Nigerians. The speaker noted that the new law is a collaborative effort by all stakeholders made up of Civil society organisations, Labour, the media and the

Independent National Electoral Commission. “That this is what happens,” he said, “when all stakeholders work together in the best interest of the country.” One of the immediate consequences of the new Electoral Act was the announcement of revised timetable for the 2023 national elections by the Independent National Electoral Commission (INEC). Going by the INEC timetable, the notice for the 2023 general elections would be published on Monday, February 28, to fall in line with the 360 days stipulated in the Electoral Act 2022. This was announced by INEC Chairman, Prof. Mahmood Yakubu who also assured the public that the commission had the capacity to transmit the results of the 2023 general election electronically. INEC chairman noted that “under the law, there are critical time bound activities from the publication of Notice of Election to the Conduct of Polls, which form the Timetable and Schedule of Activities for elections.” He said the Presidential and National Assembly elections will now hold on Saturday, February 25, 2023 as against February 18 earlier announced, while governorship and state houses of assembly elections hold on March 11, 2023.

T H I S D AY ˾ MONDAY FEBRUARY 28, 2022

FEATURES

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

GBV: Seeking Justice for Disinherited Widows In this report, Funmi Ogundare who highlights the plights of widows, writes that there is a need for more sensitisation that will ensure that those who have been disinherited and face one form of discrimination or another, will have access to the right information that will enable them get justice

A cross section of widows during a counselling session with the founder of Palatable Poison Foundation, Mr. Olaniyi Alaka in Ikorodu, Lagos

rs. Paulina Kayode, 47, had lost her husband 17 years ago. Before he died , she and her husband had worked as a caterer and auto mechanical engineer to cater for their family of seven and ensured that they lived a comfortable life. Things seemed to be going on fine in their home, until he fell sick when he traveled to his hometown in Ondo State in 2004. He had a stroke. He was brought back to Lagos and taken from one hospital to another to seek good healthcare, but his situation never improved. Unfortunately, he died. However, rather than sympathise with Paulina on the demise of her husband, his family members blamed her for his death, took his corpse away from the hospital he was taken to for treatment and taken back to his home town for burial against his wife's wish. Paulina was neither allowed to witness her husband's burial, nor was she allowed to mourn him properly. Rather, she was subjected to hurtful comments and accused of causing the death of her husband. After the burial, his family members brought back the sponge with which they used to bath the corpse, gave it to her and forcefully went away with his valuables and property located in Lagos and Ondo Town, but not without threatening her that she will not reap the fruit of her labour on her children. Two out of five of her children had died in controversial circumstances. This reporter met her on the eve of Christmas at Gods Grace for Widows and Orphanage Home, Agbowa, Ikosi, an outskirt of Ikorodu, Lagos, during a programme organised for widows. Looking dejected with tears streaming down her face, she told THISDAY her story, "I am from Edo State and was married to a man from Ondo State. He went to his home town one day and on getting back home, he suddenly fainted and woke up later with a stroke. It was a spiritual attack. Thereafter, we began to take him from one hospital to another with no improvement. "Unfortunately he died. His sisters came to my house, but rather than sympathise with me, they told me to use my hands to cover my face. I did as they said and they asked me if I saw anything and I replied them saying I didn't see anything. "In disbelief, I heard them saying that is how

it will be for you and that I should go and buckle up. I felt so bad at that instance. The little things my husband had after he died, were taken away . When he died in the hospital, they took his corpse away from there to the village to seek what actually killed him and buried him without my knowledge. "By the time they came back to Lagos, they brought his sponge to me, I wasn't told what I should use it for. They cursed me saying I will not reap the fruit of my labour. Before I knew what was happening, my daughter died six years ago. Another of my son who was an undergraduate in Adeleke University, Ede, Osun State, died four months ago." Ever since, she said her husband's family members never bothered to look for her, neither were they bothered about how the rest of her children survived in life. "We have been facing this battle since then," Paulina said. Confronted by this battle from her in-laws, Mrs. Paulina Kayode had to eke a living from menial jobs such as hawking sachet water, laundering and cleaning for people to cater for her children. On the sudden death of her son, she said she believed that he was killed through a spiritual attack adding that while he was sick, he was taken to a church for prayers where they were told that one of his uncles had a hand in the attack. "I have lost a child with a promising future. He was the personal assistant to Davido's younger brother in Adeleke University. They killed him through a

spiritual attack. I took him to a church where they prayed for him, despite all the efforts taken , the boy finally died and since then, none of my husband's family members had called me till today to sympathise with us." Asked if she is aware of any of the laws protecting widows against discrimination, she said she is aware, but incapacitated to follow it through, adding that government should come to the aid of widows to support them. Mrs. Kayode's case is not an isolated one, as many women in her shoes have faced disinheritance, one form of discrimination or another from their in-laws, economic insecurity, stigmatisation, and harmful traditional practices. Investigation by THISDAY showed that in many countries especially West Africa, disinheritance cuts across ethnic and sociocultural groups. Disinheritance is a form of Gender Based Violence ( GBV) against women which threatens their security. It is also a violation of their constitutionally guaranteed rights to freedom from discrimination as provided for in Section 42 of the 1999 constitution of the Federal Republic of Nigeria (as amended), which states that no citizen of Nigeria shall be discriminated regardless of their place of origin, sex, religion or political opinion. Widows do not have equal inheritance rights, and they may be stripped of their land, evicted from their home, or even separated from their children. They may be denied access to inheritance, bank account and credit which can have significant

"Most of them who face disinheritance issues, depend on their daily petty trading to make ends meet. We empower them with little funds to embark on petty trading or any business of their choice, but the funds are so little to go round or even meet their immediate needs. They barely survive"

financial impacts for them and their children, thereby making them to live in extreme poverty. They are particularly vulnerable partly because of weakened customary practice and social safety nets. Although accurate information is limited, it has been estimated that there are some 258 million widows around the world, with over 115 million (nearly one in 10) of them living in extreme poverty. Mrs. Grace Boluwajoko is also a widow who lost her husband 15 years ago, when she turned 50. She founded God's Grace for Widows and Orphanage Home in July 1997 to help young helpless widows and their children who have been discriminated against. Boluwajoko, who equally, faced insults and stigmatisation from her in-laws, narrated how the home was established after she fell sick with a swelling on her leg and was treated for about two and a half years with no improvement. "The doctors concluded that they were going to amputate my leg and I rejected it. I prayed about it and the Lord healed me and I promised him that I will dedicate the rest of my life to serve him. So God told me to take care of young widows and their children and since then, the Lord has been using people to support us in Agbowa, Ikosi to put smiles on the faces of the widows rather than allow them to live in extreme poverty." So far, she has been empowering many widows through vocational skills such as tie-dye, soap making, as well as garri and fufu making for sale. Boluwajoko, who is a mother of five with a widowed daughter told THISDAY, " I grouped them together with the local women to make garri and fufu from cassava for sale. I kept some gains for them and at the end of the day, when they were ready to leave, I give them a small token for their trade." About 60 of the children of the widows, have also been given scholarship to university level. Widowhood Practices in Ghana and support mechanism In some West African countries, especially Ghana, the inheritance of deceased properties by his widows is a big challenge. For instance, among the matrilineal society of the Ashanti, Continued on page 23

T H I S D AY ˾ MONDAY FEBRUARY 28, 2022

FEATURES

Widows being empowered on soap making by Rose of Sharon Foundation ( pix: Rose of Sharon Foundation) properties of the deceased husband are inherited by their sisters' sons or nephews, while the widows and their children are left to fend for themselves or seek support from their own matrilineal clan. According to THISDAY checks, the vulnerable women are mostly the victims of painful widowhood rites and have no source of livelihoods. There is the fear of hardship and hunger and that the education of their children will be truncated. Rather than allow widows live in untold hardship, the Mama Zimbi Foundation , inaugurated the Widows Alliance Network (WANE) in 2007 and has been able to integrate economic, social, sustainable and cultural transformation tools into an educational package in Ghana. Till date, WANE has been able to form over 400 widowhood clubs and associations with over 8,000 widows in free membership. They are encouraged to learn to grow in self-confidence, developing new skills, as well as new friendship to support their families and communities. Impact of United Nation Population Fund on Widowhood The United Nations Population Fund advocates for legislative reform and the enforcement of laws to promote and protect women's right; including widow's rights to reproductive health choices and informed choices. Empowering women means ensuring that protective laws exists, but even more so, educating them and their communities about these laws, regulations and policies that affect their rights and responsibilities in family life. The fund also advocates for the rights of the world's 600 million adolescent girls and join hands with United Nation Women to support women's empowerment programmes and to end violence against women. Impact of Non Government Organisations, Associations and Government on Widows Mr. Chris Kehinde Nwandu is the founder and Chief Executive Officer of CKN Foundation established basically to assist indigent Nigerians. In its seven years of existence, it has empowered over 100 widows with little funds and start-ups across Nigeria. He listed some of the challenges confronting the widows to include; health care, accommodation, feeding, clothing for themselves and education of their children, as most can't afford to send them to school. "Most of them who face disinheritance issues, depend on their daily petty trading to make ends meet. We empower them with little funds to embark on petty trading or any business of their choice, but the funds are so little to go round or even meet their immediate needs. They barely survive. Even some had to resort to sending their children out to hawk and in the extreme cases, beg. Only a few could raise fund to hire shops to engage in buying and selling, " he stressed. Dr.Regina Inem also founded Ragamos Foundation to among others, improve the economic power of widows, through start-up grants, as well as training and mentorship support for

them through entrepreneurial initiatives. The foundation however has its limitations as Inem said, " many are illiterate, they don't have WhatsApp messenger on their phones, sometimes, even getting them on phones is a challenge, so most times, you have to reach them physically. "They also have poor financial literacy skills which lead to business failure. You end up starting afresh with them." The widows are also weighed down by emotional issues due to hardship which makes them suffer mental health issues that affects their ability to care for their children. However, the foundation has been empowering them through financial literacy skills in partnership with Access Bank and support their grieving process through mental wellness therapy and sharing God's words with them. For those who have been disinherited, the founder said it ensures that lawyers assist them in legal process for free so that they could help get their husband's properties especially for those that are next of kin. Mrs. Bolaji Dada is the Lagos State Commissioner for Women Affairs and Poverty Alleviation. Her office has a department which liases with widow-focused NGOs to empower and train them. " We have boot camp where we train them for four weeks on tie-dye, make-up and headgear (gele) tying, confectionaries, ankara craft and throw pillows; and set them up. These are skills that they don't need shops for to be able to start their own business." On the impact so far since she became commissioner, she said, "such training was done once in a year in the last administration, but when Mr. Babajide Sanwo-Olu became governor, we started doing it every quarter in six centres across the state. We also go from community to community where government's impact is yet to be felt." For disinherited widows, she said her office also works with local government chairmen across the state to organise empowerment programmmes where widows are empowered on their rights as women and their inheritance, as well as where they needed to go if they have such complaints. At such programmes, lawyers and judges are also invited to teach them what to do and when issues of disinheritance arise, they are referred to the Lagos State Ministry

A widow who has been empowered on ﬁsh smoking

of Justice. Unfortunately, widows who are disinherited, are either ignorant of the laws such as Maputo Protocol and Violence Against Person (Prohibition) VAPP Act, that could make them access justice or incapacitated to follow it through. Mrs. Amanda Asagba is the President of African Women Lawyers Association ( AWLA). In a telephone interview with THISDAY, she emphasised on the Maputo Protocol and the Child Rights Act which protect women and children, saying that it is no longer popular in Nigeria. According to her, "the laws are there, but it is effective for those who can afford to pursue justice. The Maputo protocol is a very compulsory law. When I read it, I was very happy as it ensures the total protection for the woman. Unfortunately that protocol is not even that popular in Nigeria as we speak. We need to do a lot of sensitisation on that protocol." For widows who are poor and are not able to afford justice in Nigeria, the president said the ECOWAS and Africa Union (AU) courts are there to help out once people are fortunate to come in contact with some pro bono lawyers who are ready to take up their matter. "If you are very poor and there is no way you can afford justice in Nigeria and you are fortunate to come in contact with some pro bono lawyers who are ready to take your matter up , on the premise that you cannot guarantee justice from the issue of violence, you can escalate it from the regional courts, "she said. Asagba added that people could also exhaust the local remedy which has do with reporting the matter to the appropriate authorities such as the police. "If the police refuse to prosecute, then look for the necessary NGOs like African Women's Association, FIDA , we also have the Legal Aid Council and Human Right Commission to access justice. Justice is not out of the reach of the poor because these agencies are there to help the poor and vulnerable. "We need to do more sensitisation because a lot of these people we are talking about don't even have the necessary information to know that they can access these people. So we are taking the sensitisation to the grassroot." The association, she noted, has taken widowhood discrimination to another

"We need to do more sensitisation because a lot of these people we are talking about don't even have the necessary information to know that they can access these people. So we are taking the sensitisation to the grassroot"

level, adding that a committee had been set up to drive sensitisation. "We have been going to the church and mosque, and also remote areas in the different states of the federation. This is what we have been doing in the past four years and we have been on top of it in most states. At this time, we are going the extra mile for widows." The association also offers some forms of dispute resolution mechanism, as the president said, "we have our legal clinic every Friday in all our branches all over the federation. It is a free legal clinic, you can work in and report your case and the other party to see how we can resolve these issues amicably. "But in a case whereby the other party is not interested in amicable resolution, we take it to the next level. We go to court and get the police involved and they are supported. "If it is the one that the other party has to pay for damages, we do the normal filing in court for damages. I must say that women who seek for our services are very happy, that at last there is light at the end of the tunnel and at the end of the day, they are able to get justice. " The minute you have, you know there is somebody out there fighting your course. With that alone, there is a level of comfort. "You see them looking dejected, but the minute the widows come to us, we tell them what we can do for them , encourage them and tell them about their rights and tell them that the injustice must stop. "With that alone you will see the widow leaving with smiles on their faces knowing that there is help. That for me , its 50 per cent battle won. When they don't have any place to go, that alone is suicidal. "Now they have hope and the confidence is there and no matter how bad, we are going to get justice at the end of the day. There is no woman that deserves any form of injustice in Nigeria. This is what we are fighting for . Women must have justice. Enough of indignity to women, it has to stop." Mrs. Jessica Jidanke-Ofia is the former Chairperson, International Federation of Women Lawyers (FIDA), Taraba Branch. The association has led in the participation of the drafting and signing into law the Violence Against Person (Prohibition) VAPP Act. She said its activities regarding the plight of widows ranges from sensitisation and advocacy on the rights of women and debunking discriminatory cultural and religious practices that impede such rights. "We talk to traditional, religious leaders and community heads especially in communities where such acts are prevalent, there is representation in court for widows who are victims of such discrimination and abuses; and legislative advocacy to influence policies and laws that protect women and their properties." -This article was produced with the support of the Africa Women’s Journalism Project (AWJP) in partnership with the International Center for Journalists (ICFJ) and through the support of the Ford Foundation.

MONDAY FEBRUARY 28, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, FEBRUARY 28, 2022

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

F E B R U A R Y

S & P INDEX

2 5 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

CBN’s OMO Auctions Drop by 67% to N400bn on Weak Economic Activity, Illiquidity

Kayode Tokede As the country’s financial markets continued to dance to the tune of monetary policy implementations, the Central Bank of Nigeria (CBN) in first two months of 2022 auctioned N400 billion worth of Open Market Operation (OMO). THISDAY analysis of market data showed that the OMO auctions in the first two months of 2022 represent a decline of 67 per cent

when compared to N1.16 trillion reported by the CBN in first two months of 2021. It is, however, worthy of note that OMO is designed to be a short-term market instrument that the CBN uses to control the supply of money in the economy. Whenever the apex bank believes the inflation rate is high due to increased money supply, it sells OMO at the secondary market to mop-up excess liquidity in the

system. Inflation rate in Nigeria has been on a steady decline since March 2121 when it was at 18.17 per cent to 15.7per cent as at January 2022, according to a report by National Bureau of Statistics (NBS). The data obtained from the CBN revealed that a total of eight OMO sales were carried out between January and February 2022 and since 2021, the apex bank maintained OMO auction every Friday in a

bid to control the supply of money. The breakdown revealed that the CBN in January 2022, auction N130billion OMO, followed by February that recorded N270billion OMO auction. The highest OMO auction by CBN was on February 25, 2022 when the CBN offered and allotted N100.00 billion worth of OMO bills to participants and maintained stop rates across the three tenors (96DTM – 7.0per cent, 180DTM – 8.5per cent

and 362DTM – 10.1per cent), as with prior auctions. However, the CBN auction at the primary market, between January and February 2022 is N1.25trillion as against N936.5billion primary market sales in prior period of 2021. Before now, the CBN had restricted Nigerian corporates, and individuals access to the OMO market, also, banks were not allowed to buy Treasury bills (T-bills) on behalf of borrowing customers.

OMO bills had attracted a juicy interest rate of about 15per cent per annum making them one of the most sought-after securities in Nigeria and indeed emerging markets explaining why foreign investors hold nearly half the size. The CBN under Godwin Emefiele is understood to have one major mandate; keep the exchange rate stable at all costs and further Continued on page 27

FCCPC Partners NCAA to Curb High Airfare, Consumers’ Rights Breach in Aviation James Emejo in Abuja The Federal Competition and Consumers Protection Commission (FCCPC) has partnered the Nigerian Civil Aviation Authority (NCAA) to address the sudden hike in airfare as well as issues of consumer negligence in the aviation sector. To this effect, the duo has set up a joint committee to investigate

airlines’ compliance with regulatory standards as well as establish whether the increases were justified. Nigerians have been complaining over the seeming arbitrary hike in airfare with tickets costing a minimum of N50,000 for a one-way domestic trip. The Executive Vice Chairman of the consumer rights agency, Mr. Babatunde Irukera, while receiving

the Director General of NCAA, Captain Nuhu Musa in his office in Abuja, said the aviation sector remained one of the industries with the highest number of consumer compliant. He stressed that aviation should ordinarily have been the preferred choice of travel given its timeliness and safety but excesses of the operators had affected patronage.

He said, “In Nigeria today, it has by far become the most preferred method of travel not just for timeliness and safety comparative advantage the sector offers, but because of the depressed safety standards outside the aviation sector. “When you have an industry of this nature, it becomes critical to the nationhood not just because of its contribution to the GDP, but because

of its value to the society at large. “If we needed any evidence of this, what has happened in the past week is the exact example. Immediately the information about the increase in airfare came to us, the volume of responses from the public was overwhelming. And the despondence we have seen underscores why the aviation sector has become the backbone of the nation’s life.”

Irukera said the concerns in the industry bothered on fairness to consumers. He said, “In the past days, two sensitive issues have been noted which come under the umbrella of fairness to consumers. Fairness in the sense that how do we address the issues of delay and cancellation of Continued on page 26

M A R K E T D ATA A S AT F R I D AY, F E B R U A R Y 2 5 , 2 0 2 2 FGN BONDS DESCRIPTION 12.75 27-APR2023 14.20 14-MAR2024 13.53 23-MAR2025 12.50 22-JAN2026 16.2884 17MAR-2027

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

106.80

6.58

-0.01

NTB 10-Mar-22

2.87

2.87 0.00

111.08

8.20

-0.01

NTB 28-Apr-22

3.07

3.08 0.00

112.16

8.91

0.00

NTB 12-May-22 3.13

3.15 0.00

107.71

10.06 0.00

NTB 9-Jun-22

3.24

122.43

10.46 0.00

NTB 14-Jul-22

3.38

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS MAR 30 2022 427.24

NGUS APR 27 2022 428.93

NGUS MAY 25 2022 430.63

3.27 0.00

NGUS JUN 29 2022 432.32

3.43 0.00

NGUS JUL 27 2022

434.02

C Ps MATURITY

Discount Yield

Change (%)

UNCP CP VI 2-MAY-22 NEVE CP I 24MAY-22 DANC CP II 25MAY-22 TRBH CP V 26JUL-22 FSDH CP VI 1-AUG-22

8.76

8.91

0.00

16.26

16.92 0.00

8.67

8.86

11.43

12.00 0.00

8.14

8.44

0.00

MONDAY, FEBRUARY 28, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

PRIVATE BANKING BREAKFAST…

Managing Director, Leadway Health, Dr Tokunbo Alli; Chairman, First Bank of Nigeria Limited (FirstBank), Mr. Tunde Hassan – Odukale; Deputy Managing Director, FirstBank,Mr. Gbenga Shobo and CEO, Beaconhill Smile Group, Dr. Oluwaseun Akinbobola at the FirstBank Private Banking Breakfast Networking Session & Partnership launch with VetiFly held in Lagos… recently

P TA D Reiterates Com m it ment to Pensioners’ Welfare, Pays N8.1bn Beneﬁts James Emejo in Abuja The Executive Secretary, Pension Transitional Arrangement Directorate (PTAD), Dr. Chioma Ejikeme, has said the welfare of pensioners remained the directorate’s topmost priority adding that the sum of N8.1 billion had been paid to 25, 950 pensioners following an ongoing revalidation exercise. She further assured pensioners that the directorate would always ensure that the, “labours of our heroes past shall not be in vain.” Ejikeme also said that the pension administration under the Defined Benefit Scheme (DBS) was no longer prone to corruption, pointing out that the current federal government policy of Treasury Single Account (TSA) forbade any government agency from keeping account with any commercial bank as well as mandates all them to open and maintain accounts with the Central Bank of Nigeria (CBN) to receive statutory allocation or revenue and disburse payments there from as applicable. She spoke against the backdrop of allegations in the media, that some officers of PTAD paid pension funds allocation into their personal bank accounts to accumulate interest for their personal gain, and that this had cause of delayed monthly pension payment and that the directorate owed three months’ pension increment arrears following the recent increment of pension by President Muhammadu Buhari, among other allegations. The PTAD boss, further ex-

plained in a statement that the implementation of the Government Integrated Financial Management Information System (GIFMIS) for processing of all official governments’ payments and receipts, had also made it impossible for any individual to divert pension

Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

irregularities. Ejikeme further pointed out that the circular for consequential adjustment to pensions as a result of the 2019 increment to the minimum wage, was received from the National Salaries Income and Wages Commission in May

2021 while the directorate commenced implementation in the same month. Among other things, she said the directorate had completed payment of the 24 months’ arrears arising from the increment to three out of the four operational departments

of the directorate. The PTAD Executive Secretary further assured all civil service pensioners, that the payment of their outstanding balance of three months’ arrears, which has been delayed simply due to insufficient funds, would be paid soon.

National Budget: Insurance Sector Operators Brainstorm on Survival Strategy Ebere Nwoji Insurance sector operators in the country have mapped out survival strategies that must be adopted by the sector to remain afloat in business during the year. This follows a critical analysis of the 2022 budget, Nigeria’s fiscal and monetary policies for this year as well as their impact on the general economy and Insurance business in particular. The National Insurance Commission (NAICOM) and the educational arm of the industry represented by the Chartered Insurance Institute of Nigeria (CIIN) at the 2022 Business Outlook Seminar organised by the CIIN, pointed out risk-based capital approach, enhancement of investment in digital capabilities, automation

capacity development programmes, specific products development among others as the only survival strategy that will drive the insurance sector to its destiny this year. This year’s outlook has the theme, “Economic Policies of the Government in 2022: Challenges, Issues and Prospects.” Speaking on the topic Strategies Aimed at Cushioning the Effects of the COVID-19 on the Operations of the Nigerian Insurance Industry and the Way Forward, the Commissioner for insurance Mr Olorundare Unday Thomas, said NAICOM would ensure increased visibility for the insurance sector this year. He said the Commission had also continued to implement effective policyholder protection schemes, market development as well as

strengthen regulatory oversight and risk management. “The commission reviewed current policyholders’ protection schemes and improved use of the security fund for settlement of insolvency and distress; improved enforcement of market conduct rules; and monitored degree of customer satisfaction and enhanced insurance awareness by policyholders in Nigeria,” Thomas said. He said going forward, the insurance operators needed to embrace risk-based capital approach, enhanced investment in digital capabilities and automation, standardisation of reports and capacity development programmes, among others as the way forward to growing the industry. Earlier in his welcome address, the President/Chairman of Council,

CIIN, Dr Muftau Oyegunle, described the Business Outlook forum as an avenue where key players in the insurance industry and financial subsector of the economy converged to review the business environment in the country. He said through this, the industry draws strategise on the way forward for the year’s operations. He said the programme examined the national budget, reviewed the thrust of the fiscal and monetary policies of the government and estimated how these would influence the insurance industry, in particular, and the economy in general. While making his presentation, finance expert, Dr Oladimeji Alo, said there was a huge prospect in the insurance industry that was yet untapped in the country.

According to him, this is one of the reasons why foreign investors are coming into the Nigerian insurance industry. He said there was need for insurance companies to increase awareness on claims paid by the industry, and attract the public with friendly retail insurance products. Also the Group Chief Executive Officer, United Capital Plc, Peter Ashade, speaking on the Insurance Perspective of the Theme Paper, implored operators to focus on oil sector stressing that the Petroleum Industry Act would create more opportunities for the insurance industry to harness. He also urged them to increase their capacity on agricultural insurance pointing out that there were huge opportunities in the sector.

Report: Nigeria, Others Experienced Decline in Mobile Malware Attack in 2021 Emma Okonji

Group Business Editor Eromosele Abiodun Comms/e-Business Editor Emma Okonji Aviation Editor Chinedu Eze Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents James Emejo (Finance) Ebere Nwoji (Insurance) Chineme Okafo (Energy) Emmanuel Addeh (Energy)

fund allocation to his/her personal account, as no one has direct access to pension funds. She said, all pension transactions are carried out through a seamless online payment system, unlike under the old DBS management system which was fraught with

Findings from Kaspersky’s Mobile Threats 2021 report, showed a steady decline in attacks on mobile devices in Nigeria and other African countries. The report, which attributed the decline to recent moves by cybercriminals to consolidate their efforts to focus on more complicated, dangerous and profitable threats instead, explained that new dynamic was a reflection of the global trend, adding that cybercriminals tend to invest less and less into the mainstream threats that are successfully neutralised by modern security solutions

According to the report, “While analysing the threat landscape of African countries, Kaspersky experts saw a steady decline in attacks on mobile devices in the region, as cybercriminals consolidated their efforts to focus on more complicated, dangerous and profitable threats instead.” Giving further details, the report said in 2021, South African users faced 38 per cent less mobile malware attacks than in 2020, while other countries in the region have seen even more dramatic changes of their mobile threat landscape. It said Mozambique saw a 48 per cent decrease, followed by Botswana (58 per cent), Nigeria (59 per cent),

Ethiopia (69 per cent) and Ghana (76 per cent). The report however said the only countries where the share of attacks increased was Angola, and some countries in East Africa, where mobile malware actually grew by 12 per cent. “This dynamic is a reflection of the global trend, as cybercriminals tend to invest less and less into the mainstream threats that are successfully neutralised by modern security solutions. Instead, they choose to invest more into new mobile malware that has become increasingly complex, featuring new ways to steal users’ banking and gaming credentials, as well as other strands of per-

sonal data. For instance, in 2021 Kaspersky detected more than 95,000 new mobile banking Trojans in the world, but the number of attacks using such malware remained similar. Additionally, the share of Trojans – malicious programs capable of executing remote commands – doubled, reaching 8.8 per cent in 2021,” the report said. In addition to the strategic changes on the mobile threat landscape, Kaspersky experts also attribute the overall decline of mobile malware in 2021 to the enormous wave of attacks seen at the beginning of lockdown in 2020 as users were forced to work from home. That

period also saw increased use of various video conferencing and entertainment apps, increasing the volume and spread of attack opportunities. Now that the situation has stabilised, cybercriminal activity declined as a result. Analysing the report, Security Researcher at Kaspersky, Tatyana Shishkova, said: “Indeed, there have been fewer mobile attacks in general, however, the attacks we are still seeing have become more complex and harder to spot. Cybercriminals tend to mask malicious apps under the guise of legitimate applications, which can often be downloaded from official app stores.”

FCCPC PARTNERS NCAA TO CURB HIGH AIRFARE, CONSUMERS’ RIGHTS BREACH IN AVIATION flights in Nigeria? And the level of responses and sensitivity the airlines show when unavoidable delays and cancellation occurs. “What appears to be a coordinated conduct which restraint competition

has completely distorted the market which has become the vital backbone of the nation.” He stressed that in reality, any type understanding or arrangement between competitors could only

work in one direction, “and that’s hardship and the lost of value for citizens”. He added that the aviation industry had become the highest place of complaints and

dissatisfaction and hoped that the committee will work with the airlines to understand their mode of operations as well as the challenges to create a balance. Musa, however, promised to

ensure that service providers within the sector respected consumers’ rights in their mode of operations. He said the hike may not be unconnected with high cost of aviation fuel and foreign exchange.

T H I S D AY ˾ MONDAY, FEBRUARY 28, 2022

BUSINESSWORLD

STATUS REPORT

Cadbury Nigeria: Battling to Stay Aﬂoat

Kayode Tokede

ith the increased cost of sales and severe competition in the consumer goods sector, Cadbury Nigeria Plc’s profit and dividend payout to shareholders seems threatened in 2021 financial year result and accounts. The company in its unaudited result and accounts for nine months ended September 30, 2021 was unable to managed the rising cost of sales, which was the main challenge that caused a net loss of N516 million in the half year ended June 30, 2021. The multinational company had reported cost of sales of about 30 per cent to N16.3billion in H1 2021 from N12.61billion reported in H1 2020. Cost of sales in nine months ended September 30, 2021 grew by 19.04 per cent to N24.4billion from N20.52billion in nine months of 2020, to drive proportion of cost of sales/revenue to 81.28 per cent in nine months of 2021 from 79.53 per cent in nine months of 2020. The company in the nine months under review reported 16.5 per cent increase in revenue to N30.05billion from N25.8billion reported in prior nine months of 2020. Revenue generated in Nigeria rose by 25.04 per cent to N28.7billion from N22.96billion in nine months of 2020,while export sales dropped by 52.9 per cent to N1.33billion from N2.83billion reported in nine months of 2020. Analysts explained that further rise in cost of sales and hike in finance cost in fourth quarter of 2021 might weaken the company’s profit in full year ended December 31, 2021 results. Companies operating in Nigeria had faced hike in cost of sales in the four quarter of 2021 amid growing revenue, mixed financial parameters that stand to play critical role in profit. However, decline in total operating expenses and growth in net finance income boost profits in the nine months under review. The multinational company total operating expenses dropped by 10 per cent to N3.82billion in nine months of 2021 from N4.24billion reported in nine months of 2020. The breakdown revealed that selling and

disturbing expense gained 2.5 per cent to N3.38billion in nine months of 2021 from N3.3billion in nine months of 2020, while administrative expenses dropped by 53.3 per cent to N436million from N935.99million prior nine months of 2020. Net finance cost dropped by 290 per cent to N333.25million from N85.45million reported in nine months of 2020.

period last year. However, inter-company borrowings of N6.33 billion this year have raised balance sheet debts to N9.5 billion as at September 30, 2021. Total assets closed September 30, 2021 at N42.28billion, 27 per cent increase from N33.21billion reported in full year ended December 31, 2020.

Q1 ABSORBED BY LOSS

WEAKER REVENUE, PROFITS

The company’s profit of N241 million in the first quarter was absorbed by a loss of N861 million in the second quarter, closing the half year with a net loss of N516 million. It has overwritten the half year loss with the N2 billion profit in the third quarter, ending the nine months with a bottom line of N1.51billion. The company to be back on course for a rebound from profit drop last year but cost of sales pose a threat. Despite a rise and fall pattern the company has remained profitable since it returned to profit in 2017 from a N563 million loss in 2016. With moderated input cost, Cadbury Nigeria’s gross profit rebounded at the end of September from a 34 per cent drop at half year to over six per cent improvement year-on-year to N5.6 billion. This is also a change of direction from a drop of 29 per cent in gross profit recorded at the end of 2020. Cadbury Nigeria’s management needed to address fundamental imbalance in the company’s cost-income structure at half year when gross profit was insufficient to meet selling and distribution expenses. This time, gross profit covered operating expenses and produced an operating profit of N5.6 billion at the end of the nine months of 2021 as against N5.28billion reported in nine months of 2020. Cadbury Nigeria benefitted from its significantly deleveraged balance sheet, closing the third quarter operations with a net finance income of N333 million – four times the N85 million it earned in the same

Hitherto, the company in 2020 financial year had reported weak revenue that eroded profits. Cadbury Nigeria had reported 9.97 per cent decline in revenue to N35.41billion in 2020 financial year as against N35.41 billion reported in 2019. In line with the information contained in the report, the 9.97per cent decrease in the revenue of Cadbury Nigeria in 2020 was occasioned by the decrease in domestic and export sales of the company, this decline went on to impact the profits of the Company in 2020. This is logical as Fast Moving Consumer Goods (FMCG) profit margins are usually rather slim, hence Cadbury, like every other player operating in the FMCG sector mostly employs a strategy focused on driving top-line sales (revenue) and by extension increasing market share. Consequently, the impact of the COVID-19 on the Company’s sales pressured revenue in 2020, and this impacted profits significantly. It is important to understand that Cadbury’s profitability thrives on high volume and high revenue. However, the decrease in revenue without a more than proportionate decrease in Cost of Sales by 4.82 per cent to N29.51billion in 2020 from N31billion in 2019, to pressured the company’s prospects of posting an impressive profit last year, as gross profit declined by 30.73 per cent to N5.77billion. Other income increased to N108.04 million, up by 24 per cent in 2020 from N87.13million in 2020. The company reported 12.12 per cent increase in Selling and distribution expenses decreased to N4.58billion from N5.2billion,

while administrative expenses decreased to N1.18 billion, down by 35.25 per cent from N1.82billion reported in 2019. With about 31.21 per cent decline in Net finance income to N127.44 million in 2020 from N184.1million in 2019, Profit for the year decreased to N931.93million in 2020 from N1.07billion in 2019.

STRONGER PERFORMANCE IN 2020

Despite all these, the company’s liquidity position improved in 2020 driven by an 86.1 per cent increase in net cash generated from operating activities, which rose sharply to N4.25 billion from N2.29 billion. However, total assets grew by 15.31 per cent to N33.21billion in 2020 from N28.8billion in 2019, driven by 34.3 per cent growth in total current assets that moved from N15.17billion in 2019 to N20.38billion in 2020. The company reported about six per cent decline in total non-current assets to N12.83billion in 2020 from N13.6billion reported in 2019. Total equity closed 2020 at N14.7billion, an increase of nine per cent from N13.5billion reported in 2019. The operation of Cadbury Nigeria Plc dates back to the 1950s when the business was founded to source cocoa beans from Nigeria. Since then, the company has grown to become one of the leading players in the industry, providing consumers with many well-known and patronised brands. The Company is a subsidiary of Cadbury Schweppes Overseas Limited which held 74.97per cent of the issued and fully paid share capital of the Company as at 31 December 2020 (2019: 74.97per cent ). The ultimate parent of the Company is Mondel z International incorporated in the United States of America. Amount due to Cadbury Schweppes Overseas Ltd at the end of the year was N632.6 million for 2019 dividend (2019: Nil). The remaining 25.03per cent equity-ownership is held by a diverse group of Nigerian individuals and institutional shareholders. Cadbury’s market capitalization closed 2021 at N16.53 billion when it share price closed at N8.80.

CBN’S OMO AUCTIONS DROP BY 67% TO N400BN ON WEAK ECONOMIC ACTIVITY, ILLIQUIDITY devaluation of Naira. This is the cornerstone of his monetary policy and underlines every action the apex bank has taken since the President Muhammadu Buhari’s led administration came into power in 2015. Analysts attributed lack of excess liquidity in the economy to the decline in OMO auction in the first two months of 2022. Commenting, The Vice president, Highcap Securities Limited, Mr. David Adnori attributed the decline in

OMO auction to low excess liquidity in macro economy, stressing that the N400billion auction by the apex bank is enough to serve its purpose of the economy. He maintained that the purpose of OMO is to adjust the CBN monetary policy and to ensure money in the economy is not much to spike inflation and price stability. According to him: “The CBN sales T-Bill in two market platforms and the first one primary market auction and secondary market platform

called the OMO. The secondary market has a market where banks and other approved dealers change T-Bill among themselves. “Occasionally, from its monetary policy implementations of either increasing or decreasing money supply in the economy, the CBN intervened in the secondary market which is called OMO market auction. “When CBN buys in the OMO, it means they wanted to stabilize the economy. Then, if there is so much money in the economy, then

enters secondary market, which is the OMO and sales to withdraw money from the system. The purpose is to improve macroeconomy liquidity. “The reason for the growth in first two months of 2021 was that CBN was complied to auction more OMO at the secondary market, given excess liquidity in circulation. This year, the OMO auction of N400billion means there is no excess liquidity in the economy for CBN to auction.” On his part, analyst at PAC Holdings, Mr. Wole Adeyeye,

stated that CBN’s weak activities in OMO market was due to slow in economy activates, stating that banks were concerned about lending to the real sector as demanded by the regulating body. He explained further that, “We are witnessing weak activities in the money market and OMO market auction shouldn’t be an exception.” The CEO, Enterprise Stockbrokers Plc, Rotimi Fakayejo said the decreased OMO auction was due to the weak economy and policy

stance of the CBN. He noted that the weak OMO sales impacted on the capital market as investors renewed interest in fundamentals stocks on the Nigerian Exchange Limited (NGX). His words, “OMO is one of the instruments CBN used in controlling money in circulation, making sure the rate of inflation is reduced. Investors will always go to where it is easy for them in terms of reaping their investment, be it short-term or long-term.”

MONDAY, FEBRUARY 28, 2022 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Sanusi: Electriﬁcation of 90% Rural Communities Achievable by 2030 The Executive Director of Rural Electrification Fund, Rural Electrification Agency (REA), Dr Sanusi Ohiare in an exclusive interview with Kayode Tokede speaks on the federal government’s partnership with private sector to ensure that various communities in the country get electricity by 2030 Kindly tell us about your achievements in the last 5years? have a background in Economics, Energy Finance and Rural Energy Development. My experience spans research, policy, regulation and funds management in the power sector, especially in renewable Energy and Rural Electrification. We were appointed into the board and management of the REA almost 5 years ago, in April 2017 but with effect from March 31st 2017. The Agency had just before then, that is in 2016 been restructured via the Rural Electrification Strategy and Implementation Plan (RESIP), which was approved by President Muhammadu Buhari. The effect of the new structure then, which was proposed by the then Minster of Power Works and Housing, Babatunde Raji Fashola, meant that there are 3 Executive Directors, who together with the Managing Director were also part of the Board. I was therefore wearing two hats as an Executive Director of the REF, and also a board member representing North Central, REA. One very peculiar thing with our appointment at the time, which was well-received across the country was the fact that for the first time in a long while the President, Muhammad Buhari, entrusted young people with the responsibility of piloting a critical Agency such as the REA, as my Managing Director then, Mrs Damilola Ogunbiyi, who is now with the United Nations, was quite young and myself as well being the youngest at the time. The first assignment I was given was to operational the REF because as you know REF was created in 2005 by the Electric Power Sector Reform Act (EPSRA) to promote Public-Private Partnerships through the provision of Capital grants to incentivize private developers to invest in rural electrification. This task of operationalizing the Fund was done within my first 6 months in my first tenure. It, therefore, took the country 12 years after setting up the REF to operationalize it that is from 2005 till 2017 when we came on board. Operationalizing the Fund entailed piloting various aspects of how the fund would be run, from the operational guidelines, criteria for participating, procurement, approvals, grant thresholds, quality of energy to be supplied, business models, type of agreements to be signed at various levels, environmental and social impact considerations, technical standards and regulations etc. All of these were done within 6 months of my first tenure and we put out the first REF call for proposal which was successfully executed and delivered 12 Minigrids in various parts of the country and 19,000 Solar Home Systems. The successful delivery of these projects birthed the beginning of all of the partnerships we now have at the Agency relating to private development of Minigrids and Solar Home Systems (SHS), such as the Nigerian Electrification Project (NEP) funded by the World Bank and African Development Bank; Interconnected Minigrid Acceleration Scheme (IMAS) Funded by European Union and German Government; African Minigrid Project and Derisking Sustainable Off-grid Solar Lighting Programme both funded by the United Nations Development Programme (UNDP); Minigrids in FCT Programme funded by the Republic of Korea; Energizing Agriculture programme funded by Rockefeller Foundation through the Rocky Mountain Institute; and a programme on Innovation Hub funded by UNIDO. Those pilots from REF call 1 demonstrated the viability of rural Minigrids and SHS projects especially with partnerships with private developers through blended financing from Grants and loans or equity. They also demonstrated that project sustainability could be attained through management agreements with the private developer for upwards of 20 years, with electricity supply provided without interruptions. We are also currently delivering the 2nd REF call of 51 Minigrids, which provides electricity to 17,000 rural households. Let me add that my immediate task of operationalizing the fund 5 years ago has been achieved. We have also gone on to attract over $600 million from various sources for some of our earlier programmes. Although this is a far cry from what is required to electrify the entire country, which is estimated to be between $2.5 billion to $3.5 billion depending on the yardstick used for estimation, we have not allowed the funding challenge to deter us, as we keep exploring options for funding every day. Overall, I would say the most important thing that we’ve been able to achieve in the last 5 years is to bring in the private players and crowd in funding from various sources for projects. Gradually and progressively, we have earned the confidence of private investors and other bilateral and multilateral institutions towards investing in rural electrification. Therefore, the government is no longer funding most of our projects 100 per cent, as counterpart funds are also being provided from private investors.

of funding will definitely help with planning as well, which are all hinged on the review of the EPSRA 2005.

How can we strengthen the rural electriﬁcation fund and make it sustainable? Every other fund that you know of currently operating

In speciﬁc terms, what exactly are the impediments to the provision of electricity in rural areas? A few years ago, some of the impediments included: lack of enabling policies; lack of political will; lack of enabling regulations that would allow the private investors enter the sector; lack of data and inadequate funding. Today, funding to a large extent remains the major challenge, followed by data. However, since the start of President Muhammadu Buhari’s administration in 2015, issues of enabling policies such as Renewable Energy and Energy Efficiency Policy, and Rural Electrification Strategy and Implementation plan, REF Operational guidelines etc. were put in place. Within the same period, the Mini-grid regulation, which provides guidance on investing in generation below 1 Megawatt was also approved, which has opened up the space for private investments to flow. The political will from the highest levels of governance, from the President through our Minister of Power - Engr. Abubakar Aliyu and Minister of State for Power Chief Goddy Jedy Agba, and our young and dynamic Managing Director/CEO of REA, Engr. Ahmad Salihijo, to provide electricity to rural communities as a matter of priority is not in doubt. Also instructive to note is the fact that Mr President has saddled these enormous responsibilities on the shoulders of young people. At the Executive Management level, we have 3 young people below 40 out of 4 executive Management running the affairs of the Agency, so capacity and expertise at the level of the Agency’s leadership is okay. So, to answer your question again, Funding and Data seems to be the major issues now.

Sanusi within the confines of the country, such as Tertiary Education Fund (TETFund), Ecological fund, the Defunct Petroleum Equalization Fund (PEF) and so forth, operates within clearly defined and sustainable flow of funds, usually a certain percentage coming from a certain pool of revenue to the government or something along those lines as enshrined clearly in their various enabling laws. This is what allows them to sustain their funding and plan appropriately for their programmes. As it stands, our enabling Law (EPSRA 2005) even though it mentions some sources of funding for the REF, the major source which should have been determined by the Act pointedly, was left in the hands of the Nigerian Electricity Regulatory Commission (NERC) to determine. What this does is subject us to the interpretation, mood and caprices of the Regulator to determine our progress and success. If they decide not to determine that rate under whatever guise, we are unable to function effectively. As it stands, section 88 (12a) and 89 (1&2), of the 2005 Electric Power Sector Reform Act, stated that Nigerian Electricity Regulatory Commission (NERC) would determine a certain amount that would come from licensees and eligible customers to the REF which hasn’t been done. It also said we would get the yearly surplus after audited accounts from NERC and fines, which we have gotten a few times, which 2021 being incrementally substantial, and we thank NERC for, but the major source of our monies are yet to be determined by NERC. We are also having problems because of the 2021 Finance Act, which states that all monies generated should go to the consolidated revenue as against our EPSRA 2005 and Constitution of Nigeria, which exempts the REF as a special fund created by the National Assembly, that can receive these funds directly from NERC. As a Fund providing critical services to the most vulnerable citizens of Nigeria, we should not be in that kind of dilemma. Thus, going forward, in order to strengthen the REF, we have made some proposals to the National Assembly which seeks to speak to specific numbers and percentages that should come to the REF and enshrined directly in the Act being currently reviewed before the National Assembly, just like every other Fund in the country. We are also hoping that we get some express powers enshrined in the revised Act to enable us invest the Fund and grow it appropriately, and ultimately a clarification to settle the clash with the Finance Act 2021. We cannot continue to rely on external funds perpetually because these funds come once in a while. We also have to strengthen the fund so that we will be able to attract the right staff and keep them. Having a sustainable source

How much fund has REF attracted and also achieved in terms of projects in the last Five Years? We’ve attracted around $50.6 million, so far directly into REF. These were from sources such as budgetary provisions, NERC, European Union and German Government, UNDP, UNIDO, Rocky Mountain Institute and Korean Government. It is worthy of note that when we came in 2017, we met about N2 billion, which is around $4 million as seed funding, which we built on. However, to be clear the REF is also complemented by other sources of funding for the entire Agency which we have also been able to attract. This is not the only thing you put in as our funds. A breakdown of the funds is: 9.3 million euros from EU and German Government, which we are using for a programme called the Interconnected Mini Grid Acceleration Scheme to build 24 solar mini-grids to provide electricity to 26,000 households; $14 million dollars from UNDP and Rockefeller Foundation for energizing agriculture, de-risking solar for solar home systems, and the African Minigrid program; $16 million from NERC and National Budget; $350 million from the World Bank for the Nigerian Electrification Project (NEP), with an additional $200 million dollars from African Development Bank for the same programme (NEP). From all of these programmes we have been able to provide electricity from new connections to 465,606 households and counting, which translates to 2,328,030 people; energized 7 universities such as Bayero University Kano, Abubakar Tafawa Balewa University Bauchi, Nnamdi Azikiwe University Awka, University of Agriculture Makurdi, Federal University of Petroleum Resources Delta, Usmanu Danfodiyo University Sokoto, and Federal Univeristy in Ebonyi. The plan is to energize 37 universities and 7 university Teaching Hospitals in total. We have also provided 3083 jobs and counting and impacted 2,683 Small and Medium Enterprises. Also, under the NEP and Capital projects, we have provided electricity to 200 primary health centres and 100 Isolation and treatment centres. Plans are underway to supply more health centres. By the way, the NEP is also headed by a young lady, Mrs Anita Otubu and 90 per cent of staff running the programme are young people. I keep emphasizing young people because there is this erroneous impression that Nigerian youths are not equal to the task or they do not know what they are doing. Well, the president has trusted youths with this agency, and all of our programs are run by young people and we delivering on our mandate.

For our yearly capital funding, we did a project verification survey across the six geopolitical zones recently of all our projects since inception in 2005, including the ones handed down to us by the Ministry of Power dating back to 1992. Findings show that we have spent approximately N150 billion to complete 2,567 projects in total. However, worthy of note is that under this administration, especially between 2017 and 2021, we completed 1,700 projects (65%) of total with N50 billion. We continue to use our capital projects as a special intervention medium impacting unserved and underserved areas. In the course of implementing, especially the programmes under the REF and NEP, because it involves giving grants to incentivize the private developers to also source funds, we realized most of them had foreign exchange problems due to the exposure of getting debt in dollars for instance, doing business in Naira and having to pay back in dollars. So, to solve this problem, we approached the government, the Central Bank of Nigeria (CBN) specifically, and after discussions, a N140 billion programme specifically for local developers was approved, called ‘Solar Power Naija’. This provides a window for local naira denominated loans for our local developers at concessional rates, to assemble solar panels and other related components locally as well as build Solar Minigrids and supply solar home systems to rural communities. So far, N7 billion has been disbursed to provide electricity to 100,000 households. Recently, we also started a program on Innovation, called Research and Innovation Hub, which is a Rural Electrification Fund project. The idea of this is to bring in young people that are innovative who might not meet up to other capital projects requirements. If you are good enough, we can mentor you, provide you some seed funds and then you can grow into bigger programs, that are currently ongoing. We have about 15 shortlisted researchers in local universities who have been awarded grants to do research along the renewable energy and innovation, towards improving the body of knowledge and data in this area. We also have about six other pilot projects on Innovation across the six geopolitical zones ranging from bio-mass, to solar cold storage, to solar electrical mobility, to irrigation, solar/ water purification etc. The plan is to test the efficacy and viability of these technologies to see how we can scale them up. In a nutshell, these are some of the things that we have been able to achieve over the last five years. How have these projects impacted the generality of Nigerians? I have just reeled out some numbers that translate into millions of people that their lives have been touched and transformed by virtue of REA’s interventions. As earlier stated, we have various programmes through which we impact Nigerians spread across various sources of funding. To summarize, approximately 2.5 million Nigerians have benefitted from new connections under our programmes, over 5,000 jobs and MSMEs have been created by our interventions, millions of students in our universities now enjoy uninterrupted power supply through our intervention, several markets and economic clusters have been energized, researchers and innovators have been impacted; over 300 Isolation and Primary health centres with thousands of bed spaces have benefited from our energizing health care programme and so on and so forth. With more funding, we can only continue to deliver on our mandate until no community remains without electricity. How does REA encourages indigenous companies and local production? Also, as earlier alluded to, all our projects and programmes except for maybe the ones funded by World Bank gives advantage to local companies and developers. The N140 billion Solar Naija Programme by CBN encourages solar assembling plants and related factories, so that we can be buying panels directly from them, that is what they are doing now, and I am happy to report that we already have a few of these assembling plants across Nigeria - in Kaduna, Lagos and Ogun that I know of, and batteries producing factory in Anambra State. The idea is to encourage more of these local companies to spring up. That is what the CBN’s N140 billion loan is meant for. Also we have a few government bodies also encouraging local assemblage of solar panels such as the Energy Commission of Nigeria who has various research centres across the country and a solar assemblage plant in Sokoto; The National Agency for Science and Engineering Infrastructure (NASENI) is also there, they also have a plant in Karshi Abuja that does solar assemblage. We are exploring opportunities of working together with these government bodies as well. . We are also speaking with some other local financiers such as the Nigeria Sovereign Investment Authority (NSIA) and InfraCredit to guarantee part of that CBN money for local developers.

T H I S D AY ˾ MONDAY, FEBRUARY 28, 2022

BUSINESSWORLD

NEWS

RT200 FX PROGRAMME IN KANO…

L – R: Representative of Nigerian Export-Import (NEXIM) Bank, Gidado Abu Gidado; Head, Product and Market Development North-West Region, Nigeria Export Promotion Council (NEPC) - Kano Regional Office, Yakubu Gambo; , Regional Bank Head, North West 1, Fidelity Bank Plc,Mannir Ringim; , Divisional Head, Export and Agriculture, Fidelity Bank Plc, Isaiah Ndukwe; Managing Director, 3T Impex Trade Academy (Consultant),Dr Bamidele Ayemibo, and , Staff of NEXIM Bank,Zainab Potiskum at the Fidelity Bank Sensitization Programme on the CBN RT200 FX Programme in Kano… recently

Embraer, Air Peace Sign Services Agreement for E195-E2s Fleet Chinedu Eze Embraer has announced that it has signed a comprehensive long-term services agreement

with Air Peace, Nigeria and West Africa’s largest airline, to support the airline’s E195-E2 and ERJ fleet. Embraer made the

WAW Emerge W’Africa’s Premium Multi-use Detergent Brand in 2021 Gilbert Ekugbe Expand Global Industries Limited (EGIL), Manufacturers of WAW detergent, has been adjudged as the West Africa best premium multi-use detergent brand in 2021. The brand won the award based on its impact on lives of its customers with its innovations, inventions, and ideas. At the 11th West Africa Brands Excellence Awards Gala, 2022, with the theme, “Leveraging New Brand Strategies for the New Decade of West Africa”, organised by the Institute of Brand Management of Nigeria (IBMN), the detergent emerged on merit according to the technical committee research’s report. The secretary of the technical committee, Mrs. Augusta Joshua, said in the soap/detergent category, WAW came out tops

having met the awards criteria – “Quality and resilience, brand market share, brand acceptance, reliability and value, and optimum consumer satisfaction”. According to the Institute’s Deputy Registrar, Event, Mrs. Ifeoma Emeka, “The West Africa Brand Excellence Award is aimed at identifying, recognising and rewarding companies that apply branding culture and branding management policies, designed to achieve corporate objectives in both profit and non-profit organisations in Western African countries like Nigeria, Ghana, Burkina Faso, Niger, Mali, Senegal, Gambia, Sierra Leone, Guinea, Togo, Benin, Liberia, Cameroon, Mauritania, and Upper Volta.” Winners under various categories across different sectors of the consumer products sector were also awarded for their feat.

announcement during the Maintenance, Repair and Overhaul (MRO), Middle East Conference in Dubai. The contract includes access to the Pool Program, which includes component exchanges and repair services for hundreds of reparable items for Air Peace’s Embraer aircraft, and the installation of the Ahead-Pro (Aircraft Health Analysis and Diagnosis – PROgnosis) in the airline’s E195-E2 fleet. “This service agreement with Embraer is important to Air Peace’s operational success, offering us immediate access to an inventory of parts, that is efficiently managed and reduces our capex (capital expenditure) requirement for initial provision of spare parts,” said Chief Operating Officer,

Air Peace, Oluwatoyin Olajide. “In addition, with the Ahead-Pro, we will be able to anticipate any potential maintenance issues and optimise the aircraft use, enhancing our fleet schedule reliability.” she added. Air Peace is the launch customer in Africa for the E2s, the newest, most efficient, and most comfortable aircraft in the segment. The airline is also the global launch customer for Embraer’s innovative premium staggered seating design. The airline has 13 firm orders for the E195-E2s, with 17 remaining purchase rights for the same model while operates 8 ERJs 145. Five of the 13 firm orders were delivered in 2021, with more to be delivered this year. “Every service contract is

important because it shows the customers’ trust in Embraer’s direct support to our products. As the first E2 operator in Africa, our main goal is to support Air Peace’s smooth aircraft operations,” said Head of Worldwide Customer Support and Aftermarket Sales, Embraer Services & Support, Danielle Vardaro. The Pool Program will provide the most efficient and reliable solutions to Air Peace’s fleet. The airline will benefit from the availability of spare parts, enjoy significant savings on repair and service costs, and maintain a profitable operation. Currently, the Pool Program supports more than 50 airlines worldwide. Embraer’s Pool Program is designed to allow airlines to minimize their upfront

investment in high-value repairable inventories and resources and to take advantage of Embraer’s technical expertise and its vast component repair service provider network. The results are significant savings on repair and inventory carrying costs, reduction in required warehousing space, and the virtual elimination of the need for resources required for repair management, while ultimately providing guaranteed performance levels. The Ahead-Pro is a state-of-the-art maintenance diagnostic management tool. The system leads to corrective and preventive maintenance planning management optimization and has been well recognized by customers worldwide.

Nigerian Breweries Rewards 374 Trade Partners, Others for Performance James Emejo in Abuja Nigerian Breweries Plc, has rewarded 374 trade partners and seven transporters at its annual Distributor Awards held recently in Abuja. Speaking at the ceremony, its Managing Director, Hans Essaadi, said the gesture was aimed towards honouring and felicitating with partners for being excellent business partners in 2021. He said the company “had a

fantastic year in 2021, and I am sure we will continue to succeed. 2022 is looking very bright. Today is about celebrating and recognizing our great partners”. Essaadi, while delivering his keynote address themed “Courage to Deliver Value, Sustainably”, said, “This event is not only about having fun but also about recognizing our trade partners who have worked so hard. “Today is not about Nigerian Breweries. It is all about our partners

that of whom we are very proud.” Sales Director, Nigerian Breweries, , Uche Unigwe, expressed deep appreciation to the trade partners and transporters for what he described as their significant contribution to the firm’s success, especially last year. He assured them that the company would continue to explore ways of strengthening the ongoing relationship with its trade partners. However, the National Volume Champion, Mr. Ken Maduakor who

is the Chairman/Chief Executive of Ken Maduakor Group Limited, commended the brewery for providing significant support to trade partners in good or tough times. He noted that despite the difficult operating environment over the last two years, since the outbreak of the COVID-19 pandemic, the company had remained unwavering in ensuring that the trade partners and their businesses continue to thrive and prosper.

As part of efforts to continuously equip the financial services and other sectors with the invaluable knowledge needed to navigate complex and dynamic regulatory supervision practices in the Fintech space, FITC, the world-class, innovation-led, and technology-driven knowledge institution is hosting its flagship Risk-Based Supervision (RBS) for Fintech programme in Kigali, Rwanda to enhance stability and stimulate growth in the financial sector,. The programme which is one of FITC’s intervention in the growth and development of the Fintech sub sector through increased knowledge content that fosters industry and regulators understanding and collaboration needed to drive and stimulate the industry’s growth, is part of the recommendations from FITC’s last FinTech Conference, TechNovate 2021, which recommended deeper learning, engagement

and collaboration that would help advance the industry. The five-day event themed: ‘Risk Based Supervision (RBS) for FinTech’kicked off on Monday, February 21st, 2022, and will run till Friday, 25that the prestigious Marriot Hotel, Kigali, Rwanda. The event, which is one in a series of several offshore programmes to be organized by FITC this year, attracted participants from across Sub-Sahara Africa, from the Fintech regulators, FinTech companies, enablers, funding partners, banks, telecom companies, government parastatals, as well as numerous other key stakeholders who are involved in monitoring operations and safeguarding their stakeholders’ interests. In her welcome address, the MD/ CEO, FITC, Chizor Malize, noted that globally, the competitive landscape of financial services is undergoing a paradigm shift. She noted that new entrants are constantly disrupting

the space with innovative digital solutions giving rise to new offerings, increased client acquisition and rapid market penetration. “Technology continues to change the face of the financial services industry. The advent of digital financial services has created faster, more efficient, and typically cheaper banking solution compared to traditional financial services. Many FinTechs have experienced a surge in demand as the customer banking habits changed in the COVID-19 era. Prior to the outbreak of the pandemic, it was clear that FinTech would play a pivotal role in financial services going forward. COVID-19 has undoubtedly accelerated that process” Malize stated. Speaking further, Malize noted that the Risk-Based Supervision (RBS) for Fintech is the leading approach to regulatory supervision of FinTech’s globally. “We currently have about five

hundred and seventy-six (576) fintech companies, enablers, funding partners, as well as numerous key stakeholders such as banks, telcos, and even governments. Many of our local start-ups have gone on to receive various funding and support, and others have gone to become global players and even Unicorns. It istherefore important to up-skill and retool the skillsets of bank supervisors and other players in ensuring they are well equipped to adequately regulate and supervise the evolving Fintech firms in their countries. The programme presents a transparent and credible mechanism for Fintech regulators to provide all-inclusive, wide-ranging, and strategic approach to supervision of Fintech by approaching regulation from a structured system perspective that assesses risk exposures and gives priority to the resolution of risk,” she stated.

SpeedChecker Ranks Airtel Fastest Network FITC Bridges knowledge Gap, Opens Africa’s FinTech in Nigeria, 16th in Africa Industry for Regulators-Operators Collaboration

Emma Okonji

Crowdsourcing firm, SpeedChecker, an international network rating platform has rated Airtel Nigeria as the fastest network provider in Nigeria and 16th in Africa. In its 2021 report for Africa’s Mobile Network Champions, SpeedChecker said Airtel Nigeria recorded an average country mobile download speed of 11.55Mbit/s. The report, which was released over the weekend ranked countries and mobilenetwork operators in two different categories - fastest mobile network champion and best mobile coverage champion. According to the report, internet speed in Nigeria ranked 16th out of the 46 countries that were examined by SpeedChecker. SpeedChecker helps

mobile operators get a better understanding of their network from the end-user perspective by collecting billions of Key Performance Indicators (KPIs) directly from mobile devices, analysing Radio Access Network (RAN) data from Operatinal Support System (OSS) counters, giving comprehensive reports that show why the quality of network is good or bad, and the tangible steps to improve it. The report highlights the data point samples collected from 3,436,863 mobile devices, collected between January 2021 and January 2022 from end user devices running Android and iOS systems in different countries across Africa, thus providing a true picture of how the mobile networks are performing on the continent according to download speeds.

MONDAY, FEBRUARY 28, 2022 ˾ T H I S D AY

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United Nigeria, Air Peace to Sing Partnership Deal, Says Okonkwo Chairman of United Nigeria Airlines, Dr. Obiora Okonkwo, has hinted that the two airlines would revolutionize the aviation sector and usher in a new era of collaboration for better travel experience. He said the new deal would be unveiled in the

“next few days”. Speaking during a Gala and Award Night held at The Dome in Abuja to mark the first anniversary celebration of United Nigeria Airlines, Dr. Okonkwo said the aviation industry in Nigeria was long overdue for such collaboration.

OnePipe Launches Writing Competition for Nigerian Journalists Emma Okonji OnePipe, a foremost Fintech Application Interface (API) Company has launched a press writing challenge to recognise finance-focused journalism and reward press reportage. The prized challenge is part of the company’s efforts to promote and inspire more educational reporting and writing with particular emphasis on enhancing the awareness and understanding of embedded finance. OnePipe aims to foster a deeper understanding of the importance of embedded finance in improving customer experience and satisfaction; while emphasizing the value of good coverage and narrative as a cornerstone for enhancing public awareness of financial technology. Operations Manager of OnePipe, Yvonne-Faith Elaigwu said the company’s objective with the writing challenge was to promote financial literacy and enhance the financial experiences of people in Nigeria. “We hope that the articles, stories, and news items produced by the press and media throughout this challenge will help everyone understand embedded finance and appreciate what the technology can achieve,” Elaigwu said. Research shows that embedded finance will create $230 billion in income by 2025 across a variety of financial services. As the usage of this technology expands and becomes increasingly incorporated into non-financial platforms, it is critical that increased public awareness and understanding is

generated. “We are committed to supporting organisations to build integrated financial solutions that are suited to the needs of their customers, whilst promoting financial inclusion. However, in order to capitalize on the advantages of embedded finance, a thorough grasp of it is required”, Elaigwu added. Commenting on the importance of embedded finance and the services that OnePipe provides, Founder and CEO of OnePipe, Ope Adeoye said: “The world needs a new type of financial services ecosystem, one where everyone has a role to play and everyone has some value to capture. This is what we embody at OnePipe; we help businesses across sectors to enjoy profitable participation in the fintech ecosystem. With our technology, we turn complex infrastructure into simple code so that businesses can focus on building market-defining products, provide their customers with credit, loan payment plans and seamless payment for services”. The writing challenge will be judged by a panel of an expert in financial inclusion policy and digital money, Professor Olayinka David-West, Associate Dean, Lagos Business School and qualified news editors like Muyiwa Mutuloko, Editor, TechPoint Africa, and, Caleb Ojewale, Assistant Editor, BusinessDay. The challenge will span a duration of eight weeks, from February 25 to April 14, 2022, with an opportunity for three first-place winners to win one million Naira each.

PwC Partners Cognext on Enterprise Risk Management Automation Emma Okonji PwC has partnered Cognext Analytics, a breakthrough solution maker for risk management and regulatory reporting for financial services to introduce Platform X, a leading-edge enterprise risk management solution in Nigeria. Recognising that institutions have already made investments in managing risks, Platform X has the ability to bring data from the core banking system and other existing applications to provide consolidated dashboards and reports for senior management to have a real-time view on enterprisewide risk management. Speaking at the formal announcement of the partnership in Lagos, Cognext’s Co-founder, Mr. Sandip Mukherjee, said: “Innovation and differentiation are

key at Cognext. PwC Nigeria has provided us an opportunity to understand local market requirements and expectations in the banking sector in Nigeria through their leading Risk Advisory practice in the country. Going forward it will also help us in increasing our reach across the banking sector as a joint offering and opportunity to co-innovate continuously along with PwC Nigeria.” Partner and Technology Leader, West market, PwC, Mr. Femi Osinubi, said: “Risk has become a topical issue and institutions are seeking to use risk to optimise profitability and drive strategic advantage. The previously siloed approach to risk management is quickly phasing out as institutions have realised the value in investing in integrated systems to manage enterprise risk to create value.

According to him, such partnerships enhance business and improve capacity of airlines to overcome certain issues that lead to flight delays. “In the next few days, we are going to sign an agreement with Air Peace of collaborations that will improve travel experiences in the country and also help address certain problems that arise in the course of flight operations”, he said. Dr. Okonkwo also drew

attention to the habit of passengers physically assaulting airline staff and also, destroying airline and airport property as a way of expressing anger over flight delays or cancellations. Reminding that the resort to such actions is uncivil, Dr. Okonkwo said airline staff and property are not in any way connected to issues that lead to flight delays and or cancellation. “Those airline officials that are beaten up and the

property that are destroyed are not in any way connected to factors that cause flight delays. Those airline officials that are assaulted are husbands, mothers, sisters, brother etc., of people. They are working for their pay and do not have any hand in reasons flights are delayed. I am happy that AON (Airline Operators of Nigeria) has condemned this development. “People ought to understand that no airline operator takes delight in keeping his

aircraft on ground. Operators make money when their aircraft is flying. Aircraft on ground is loss to operators. So, when delays or cancellations happen, they happen for the safety of the traveler. ‘Flight delays and cancelations happen in the aviation sector all over the world. When they happen, they are mostly for the safety of the passenger. So, I plead with our customers to show better understanding in this regard”, he said.

AGILE CONFERENCE…

L-R; Board of Trustee, Agile Conference, Mr. Segun Akinlapa; Executive Secretary, Mr. Tunde Giwa; Chairman, Agile, Mrs Abiodun Osoba and President, Austin Agile Organisation, USA, Maximilian Ekesi during a press conference on the PHOTO: ABIODUN AJALA forthcoming 2022 Annual Agile Nigeria Conference in Lagos… Tuesday

Dana Air to Partner Travelstart on Seamless Booking, Deals for Customers Nigerian carrier Dana Air has announced that it would partner Travelstart, Africa’s largest online travel agency, on seamless booking and exciting deals to provide customers with smart fares as soon as the ongoing systems integration is concluded. This was made known during a courtesy visit by the Global Chief Operating Officer of Travelstart, Amanpreet Singh from South Africa and the Country Manager Travelstart Nigeria, Bukky Akomolafe to Dana Air

recently. Speaking during the courtesy visit, the Chief Operating Officer of Travelstart, Amanpreet Singh said, ‘’Dana Air is a huge player in the Nigerian market and one of our biggest clients. With the continuously growing demand for Dana Air tickets on our platforms, we felt the need to enter into this integration to provide seamless booking options for our customers, which will in turn make it easy for us to also partner on very exciting

deals for local air travelers.’’ He noted that Dana Air has a lot of customer-centric online products and services and Travelstart will consider alot of partnerships and Business Development Initiatives that will not only be beneficial to the customers but will accentuate the brand essence of both Dana Air and Travelstart Nigeria. Also commenting during the visit, the Deputy CEO of Dana Air Sukhjinder Mann said ‘’Dana Air is always super excited to consider

anything and everything that will empower our customers or offer them a hassle-free service from the point of booking to flying you to your destination.’’ ‘’Travelstart is a global brand and one of our biggest agents doing very well in terms of daily sales and we do appreciate this. As soon as the integration is completed, our customers can be rest assured of getting more seamless options and better deals from this partnership.’’

FinTechNGR Targets Accelerated Startup Growth with Marketplace Platform Emma Okonji In a bid to address challenges posed by startups and investors in Nigeria’s FinTech ecosystem, the FinTech Association of Nigeria (FintechNGR) has launched The Start-Up Marketplace platform to address the challenges. The Marketplace platform is an innovative platform designed to provide start-ups playing in the Fintech ecosystem with access to free and heavily discounted services in funding, legal, infrastructure, cybersecurity, data privacy, business development, and a variety of other areas, to accelerate their growth. Making the announcement at

the association’s first conference of the year, tagged ‘Fintech Outlook 2022’, the President, FinTechNGR, who is also the Executive Director, Information Technology and Operations at Access Bank Plc, Ade Bajomo, said: “The Start-Up Marketplace will aid in the development and deepening of Nigeria’s FinTech talent pool. The platform will also encourage research and development to get innovators and start-ups on a higher plain, foster an environment of supportive regulation to grow the industry, facilitate local investors to participate in the funding of FinTechsand position local start-ups and innovators to build and develop durable and

strategic intellectual properties.” According to Bajomo, the COVID-19 pandemic resulted in a challenging year for businesses globally. Despite this, start-ups in the most powerful economies in Africa have continued to grow and show great potential, becoming increasingly significant in the new normal. Highlighting reasons for the increased interest, Head of the Africa Fintech Foundry, Daniel Awe, spotlighted heightened innovation as a key driver. According to Awe, “We are already beginning to see FinTechs innovate across Greentech, Digital Insurance, blockchain, financial inclusion,

amongst others. That said, we need to continue creating strategic partnerships with other players in the ecosystem through which game-changing innovative solutions can be formed formed and new potentials can be discovered enabling growth, customer satisfaction, and improved business practices. The Foundry is contributing to this development by creating ventures that can compete in various industry verticals by providing new and improved digital products to end-users thereby enabling opportunities in new markets to be developed.”

MONDAY FEBRUARY 28, 2022 • T H I S D AY

MONDAY, FEBRUARY 28, 2022 • T H I S D AY

TRIBUTE

Ernest Shonekan as A Footnote

By Eric Teniola

guess that history will be very kind to Chief Ernest Adegunle Oladeinde Shonekan, GCFR, (May 9, 1936-11 January 2022) , why? Because his tenure was the shortest, just eighty-two days. While his colleagues, have been brutally treated by history either for action or misaction, I am sure history will treat Chief Shonekan lightly because he did not did not do much. Infact he was overthrown on November 17, 1993 by General Sani Abacha, GCFR, on the very day he was to move to THE VILLA and take residence. I do not know whether the happiest day of his life was November 17, 1993, but he felt relieved after that day. After his tenure, his wife, Mrs Margaret Shonekan born in Gusau, capital of Zamfara state on October 8, 1940, rejoined the West African Examinations Council (WAEC) on 1 April 1994 as its senior deputy. She was then hired as the WAEC's Head of National Office on 30 October 1995, defeating five male colleagues who also sought the position. Mrs Shonekan served as the Head of National Office at WAEC from 30 October 1995 until her retirement on 30 September 2000. She described her time as Head of National Office as her most difficult years with the WAEC, due to the examination board's lack of adequate funding and its empty treasury at the time. She retired from the WAEC in 2000. The couple resumed their regular attendance at the Cathedral Church of Christ, Marina, Lagos with no fanfare but as ordinary worshippers. Chief Shonekan talked less after his overthrow carrying to his grave his opinion on what led to his removal and how he felt after his overthrow. He neither wrote a book nor grant any interview till he died on top of it all as the Abese of Egbaland, he was buried in far away Lagos. His voyage to government was in January 1993 when he was made the Chairman of the Transitional Council appointed by General Ibrahim Badamosi Babangida (80), GCFR. His Cabinet members at that time were General Sani Abacha (Defence Secretary), Dr. Garba J.A. Abdulkadir(Secretary for Agriculture, Water Resources and Rural Development), Alhaji Isa Mohammed (Secretary of State for Agriculture), Alhaji Inuwa Zakari(Secretary for Commerce and Tourism, Alhaji Bello Dogondaji (Secretary of State for Commerce and Tourism), Alhaji Umaru Baba(Secretary of State for Defence), Professor Ben Nwabueze( Secretary of State for Education and Youth Development), Alhaji Zarma Gogoran(Secretary for Establishments and Management Services), Major-General Gado Nasko(rtd) (Administrator of the Federal Capital Territory), Oladele Olashore(Secretary for Finance), Chief Matthew Mbu(Secretary for Finance), Alhaji Saidu Isa (Secretary of State for Foreign Affairs), Dr. C.Okogie (Secretary for Health and Human Services, Dr.(Mrs.)Laraba Daggash (Secretary of State for Health and Human Services, Alhaji Aminu Saleh(Secretary for Industry and Technology, Uche Chukwumerije (Secretary for Information and Culture), Alhaji Abdulrahman Okene (Secretary for Internal Affairs), Clement Akpamgbo(Secretary for Justice and Attorney-General), Francis John Ellah(Secretary for Labour and Productivity), Alhaji Mustapha Umaru(Chairman of the National Planning Commission), Chief Phillip Asiodu (Secretary for Petroleum and Mineral Resources), Francis Oji (Secretary for Police Affairs), Air Vice-Marshal Nura Imam(Secretary for Power, Mines and Steel), Alhaji Hassan Hadeja (Secretary for Petroleum Resources), Alhaji Oladuni Ayandipo( Secretary of State for Power, Mines and Steel, Alhaji Maccido Dalhat (Secretary for States and Local Government Affairs), Mrs Emily Imoukhuede (Secretary of States and Local Local Government Affairs, Chief Oluwole Adeosun (Secretary for Transport and Communications), Yusufu Galadima (Secretary of State for Transport and Communications) and Chief Barnabas Gemade (Secretary for Works and Housing). When Chief Shonekan became Head of State in August 1993, the following were the members of his cabinet— Defence Secretary: Gen. Sani Abacha, Secretary of State (Defence):Alhaji Umaru Baba, Agriculture/Natural Resources: Prof. Jerry Gana, Commerce/Tourism: Chief Mrs. Kuforiji Olubi, Communications: Chief Dapo Sarumi, Education and Youth Development: Prof. Abraham Imogie, Finance: Alhaji Aminu Saleh, FCT Administrator: Maj. Gen. Gado Nasko, Foreign Affairs: Chief Matthew Mbu. Secretary of State (Foreign): Alhaji Saidu Isa, Health and Human Services: Prince Adelusi Adeluyi, Internal Affairs: Chief Ezekiel Yesufu, Industries: Chief Ignatius Kogbara, Information and Culture: Mr. Uche Chukwumerije, Justice: Mr. Clement Akpamgbo SAN, Petroleum/Mineral Resources: Chief Donald Etiebet, Secretary of State (Petroleum): Alhaji Ibrahim Al, Labour and Productivity: Prince Bola Afonja, Power and Steel: Alhaji Hassan Adamu,, Secretary of State (Power and Steel): Alhaji Oladunni Ayandipo, Police Affairs:

Shonekan Alhaji Abdullahi Mahmud Koki Science and Technology: Prof. Bartholomew Nnaji, Transport/Aviation: Alh. Bashir Dalhatu, Water/ Rural Development: Alhaji Isa Mohammed, Works/Housing: Mr. Barnabas Gemade, Chairman, National Planning Commission: Mr. Isaac Aluko-Olokun, Establishment/ Management Services: Mr. Innocent Nwoga, States and Local Government Affairs: Alhaji Sule Unguwar Alkali, Secretary to Interim National Government: Alhaji Mustapha Umara, National Assembly Liaison Officer: Alhaji Abba Dabo (House of Representatives), National Assembly Liaison Officer: Dr. Samuel Ogboghodo (House of Representatives) and National Assembly Liaison Officer: Senator George Hoomkwap (Senate) The only person appointed into that Cabinet by Chief Shonekan was Ambassador Isaac Agboola Aluko-Olokun from Ilesha, Osun state, who died in March 2011 at the age of sixty-six. He was the Head of Chief Shonekan’s think-tank group. Myself and Dr. Goke Adegoroye, retired Federal Permanent of the Federal Capital Territory were extremely close to ambassador Aluko-Olokun in the last ten years of his life. He confided in us. He told us many stories about Chief Shonekan’s tenure in government. For the present day generation, they must read a book titled “ SOLDIERS OF FORTUNE” BY Max Siollun, I am sure they will have a better understanding of Chief Shonekan’s emergence as Head of State. Let us start from page 262 to 270, it captured the events that led to the emergence of the Interim National Government, according to Max Siollun “General Babangida's speech of June 26, 1993 asked the SDP and NRC to submit two new presidential candidates by the end of July for a new presidential election. The rules for the new election were carefully crafted to prevent Abiola from contesting again. Candidates for the new election had to: (i) be at least 50 years old (ii) have been members of their party for at least one year, and (iii) not have an, personal, corporate and business interests that "conflict with the national interest". Criteria (ii) and (iii) were designed to exclude Abiola since he had not been a member of the SD P for a full year and the government owed vast sums of money to his business empire. While the SDP prepared for its July 4 convention, the Abiola family met and held private discussions with the Babangida family in Abuja. Abiola's wife Kudirat, eldest son Kola, Babangida's wife Maryam and older children also attended. Kudirat told Babangida and Abiola: "you are friends, whatever your differences, please sort them out': Abiola was convinced that Babangida had the power to

rescind the annulment and told him: "I know you. If there a mountain in front of you, you can go through it': However Babangida replied "No. I cannot go through a mountain, but 1 can go around it,"? Babangida also informed Abiola that his quest for the presidency was endangering the lives of both the Abiola and Babangida families. Babangida warned him that "These people will, kill me. They will kill you” The meeting failed to persuade Abiola to drop his quest for the presidency. Moreover, news of the meeting was leaked to SDP members, and it made Abiola look bad. While his party was meeting, Abiola was fraternising with the man who voided his electoral victory just a few days earlier. At its July 4 convention in Benin, the SDP reaffirmed its refusal to engage in a fresh election, and insisted on the full release of the June 12 election results. It argued that it had a valid mandate stemming from its victory at the June 12 election, and that in any case, it did not have time to produce a new candidate before the end of July. The SDP's decision was communicated to Babangida on July 5 when SDP and NRC leaders met him. Knowing it had lost the June 12 election, the NRC favoured fresh elections that would give it a second chance to get into power. On July 5, Babangida issued the SDP and NRC with a 48 hour ultimatum to find a common position and accept fresh elections, failing which he would dissolve all democratic structures created during the Transition. This raised the spectre of the dissolution of the SDP and NRC, the Senate, House of Representatives and the offices of all the elected officials such as the state governors. By issuing this threat, Babangida jeopardised the jobs of thousands of officials elected during the Transition, and dragged all of them into the crisis. It was no longer just about Abiola, but about the continued office and livelihood of every politician in the system. Political positions were seen by many politicians as an investment. They were opportunities to acquire wealth, and determine the future direction of wealth. Moreover, continuing in office was the only way that politicians could quickly regain the massive sums they had spent to fund their election campaigns. Babangida's threat had the desired effect of sowing panic among the politicians. Elected officials of the two parties pressurised their party leaders to reach a, compromise with the FMG in order to save their jobs. The SDP was thrown into a state of confusion and became polarised into pro-Abiola and anti-Abiola factions. If the SDP continued to insist on Abiola’s mandate, it would jeopardise

its existence and the well-being of thousands of its members, for the sake of one individual. If it agreed to fresh elections, it would forfeit its convincing electoral victory, and risk losing in a new election. While the SDP squirmed, the FMG was ready to go ahead with fresh elections, with or without the SDP's cooperation. In his speech of June 26, Babangida had also lifted the ban on all persons who had previously been disqualified from the presidential race (except those with criminal records). He said this was "with a view to enriching the quality of candidature for the election and at the same time tap the leadership resources of our country to the fullest': It seems astonishing that Babangida felt that individuals whom he earlier disqualified from the Transition for electoral malpractice, rigging and corruption would "enrich" the political process. He was readmitting into the political process individuals whom he previously described as having "imbibed the worst culture of the Nigerian political class': The real reason for re-admitting disqualified candidates was to create a cleavage in the political support for Abiola. Babangida played on the greed, opportunism and power hunger of Nigerian politicians. He hoped that powerful disqualified candidates would ditch Abiola in the hope of another shot at the presidency. This was a typically brilliant divide-and-rule tactic by Babangida to isolate Abiola, whose previous mistakes came to bear. Yar'Adua (the political godfather of Abiola's party) was still angry that Babangida had stopped him from becoming president by disqualifying him in 1992. Abiola was an outsider to the SDP so Yar'Adua and powerful party members had no incentive to support or take risks for him. Many SDP members who laid the groundwork and campaigned for six years resented the way that Abiola walked into the party at the last moment and used his wealth and high powered contacts to emerge as the party's presidential candidate, ahead of party members who were there before him. Now Babangida had opened a back door that would give them and Yar'Adua another shot at the presidency. Yar'Adua also had a grievance with Abiola for ignoring his choice of Atiku Abubakar as vice-president. Additionally, the SDP was effectively Yar'Adua’s party and was packed with his acolytes. Yar'Adua's new political lifeline placed his interests in direct competition with Abiolas. To support Abiola would mean forfeiting his second chance to run for president. Many disqualified candidates from the SDP and NRC took the same view. Some of them had even canvassed the military to annul the election, and felt no sympathy for Abiola, whose misfortune they regarded as no different from their own in 1992. Some politicians also ditched Abiola after being given very generous financial "settlements" by Babangida. Abiola found himself having to financially match or exceed Babangida's "settlement" of these politicians in order to retain their support.' However, the military had totally exhausted its goodwill and had little credibility left. Few believed it would or could organise a fresh election, and instead believed that the idea of another election was just a ruse to buy the military more time in office. Even if it could conduct another election in such a condensed time frame, such election would lack credibility and the winner would be haunted by the ghost of the annulled June 12 election. Although they had threatened Babangida and severely weakened his authority, the military clique behind the annulment were willing to give Babangida breathing room to negotiate his own exit - so long as this did not entail Abiola as president. Abiola's stubborn insistence on his mandate further enraged senior officers and stiffened their opposition to him. Babangida decided to bypass Abiola and SDP party members to negotiate directly with the SDP and NRC leadership. After Babangidas meeting with the national chairmen of the SDP and NRC (Tony Anenih and Hammed Kusamotu respectively) in Abuja on July 7, 1993, the SDP and NRC issued a joint statement announcing their decision to "cooperate fully" with the FMG, and their acceptance of the FMG's proposal to form a national government. The parties decided: To cooperate fully with the Federal Military Government to ensure the speedy resolution of the present political impasse. To this end, the two parties accepted in principle the second option of a national government proposed by the Federal Military Government, but would suggest that in view of the implications of the option, a committee comprising representatives of the Federal Government and representatives of the two political parties should be set up to work out the composition, tenure and other issues pertaining to the setting up of the national government. NOTE: Read the full piece in the online edition on www.thisdaylive.com

MONDAY FEBRUARY 28, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, FEBRUARY 28, 2022

HOMES&DESIGN THE POST SQUARE (Formerly NIPOST Tower)

Elegant in Glass Facade

MONDAY, FEBRUARY 28, 2022 ˾ T H I S D AY

HOMES&DESIGN

Nigeria’s Classy, Glassy Skyscraper Designers of skyscrapers more frequently use glass and steel for several beneficial reasons. It was no surprise that the promoters of The Post Square, former NIPOST Tower, chose these materials to render the exquisite facility. Bennett Oghifo writes

he Post Square (NIPOST Tower) offers superior accommodation to match a superior taste and is built to artistic standards. According to its promoters, this elegant open-plan office space is “fit for royalty” and is located on Adeola Odeku Street, old post office building Victoria Island, Lagos. Its glass facade and steel structure accentuate the skyscraper’s elegance. The Post Square is an office development located in Victoria Island, Lagos. It is developed by Yf Construction and will join other developments in the area, including FIRS Office Building, Crystal Tower and Development for

First Marina Trust Limited. The project team members include the Centre of Studies and Architecture, CSA as the Architect and Yf Construction as the Main Contractor. The facilities in the Post Square are a modern lift, fire alarm and burglar alarm systems, standby generators, ample parking space, borehole and water treatment plant, 24 hours security service, air-conditioners, visitors parking, among others.

was first made in about 500 BC. At first, thought to possess magical properties, glass has come a long way. It is one of the most versatile and oldest materials in the building industry. From its humble beginnings as a windowpane in luxury houses of Pompeii to sophisticated structural members in new age buildings, its role in architecture has evolved over the years.

STEEL STRUCTURE

Steel has unique properties that make it an ideal building Glass has been a fascinating material. Steel’s advantages in material to humankind since it construction include speed, safety,

GLASS FACADE

optimal cost, reliability, lightweight and design adaptability. They also have quality, speed, strength, safety, economic efficiency, flexibility, and expressiveness.

OPEN FLOOR PLANS The promoters opted for an open floor plan with advantages such as better traffic flow. Without doors to open and close and no walls to hinder traffic, people can move through space unhindered. It improves sociability and communication, shared light, improved real estate value, layout flexibility, and multifunctional spaces.

MONDAY, FEBRUARY 28, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

Tracking Marginal Fields’ Bid Round Conclusion

Peter Uzoho writes on how the Nigerian Upstream Petroleum Regulatory Commission is methodically addressing bottlenecks around the 2020 marginal fields bid round in order to bring the process to a closure. This is expected to translate to oil production optimisation and strengthening of local capacity.

room -subsidy paid on imported petrol to keep the price of petrol consumed by Nigerians, and shockingly, by the neighbouring African countries at just N165 per litre. This alone wipes off all the gains that should ordinarily accrue to Nigeria in times of high oil prices as being witnessed now. The Minister of State for Petroleum, Chief Timipre Sylva, had described Nigeria’s production as “sub-optimal”, insisting that oil prices rising above $80 per barrel was not good for the country. Sylva, like the Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari, believes that the rise in oil prices at a galloping rate portends danger for Nigeria as it would jack subsidy bills up. To this end, saving the country from the above precarious situation partly lies on the door step of NUPRC, which has to galvanise the operators to achieve production increase and bring more revenue to the government through increased investment. And part of the ways the commission can help the government is by ensuring that the marginal fields award process is closed out so that awardees can speedily get down to work, develop the oilfields, produce and boost the nation’s oil production and revenue. This, the commission has been methodically doing since its inauguration, as the CEO has been engaging the awardees to find ways to resolve the bottlenecks around the process.

ne of the major responsibilities inherited by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) upon its creation and inauguration last year was the conclusion of the 2020 marginal fields

bid round. The defunct Department of Petroleum Resources (DPR) which transmuted into the current NUPRC in line with the provisions of the Petroleum Industry Act (PIA), had conducted the 2020 marginal fields bid round, the first since the 2003/2004 exercise, when 24 assets were put on offer. Marginal fields are smaller oil blocks developed by indigenous companies, which have remained unproduced for a period of over 10 years. Prior to the enactment of PIA, fields were classified as marginal when they were not considered by licence holders for immediate development due to assumed marginal economics under prevailing conditions or left unattended for more than 10 years. They also included assets that leaseholders considered for farm-out due to portfolio rationalisation or those, which the president may, from time to time, identify as such. The marginal field was initiated in the 90s as a federal government programme intended to offer Nigerian indigenous oil and gas companies the opportunity to play more active part in the exploration and production segment of the petroleum sector by owning and operating oil blocks. The latest bid round began in June, 2020, and in May, 2021, 161 indigenous companies were shortlisted as successful bidders for the 57 marginal oilfields spanning land, swamp and offshore, put up for lease by the government. The defunct DPR had progressed further by presenting letter of award to the successful bided companies at the award ceremony held in Abuja, later last year. Some of the companies, which emerged winners at the time, included: Matrix Energy, AA Rano, Andova Plc, Duport Midstream, Genesis Technical, Twin Summit, Bono Energy, Deep Offshore Integrated, Oodua Oil, MRS and Petrogas. Others were: North Oils and Gas, Pierport, Metropole, Pioneer Global, Shepherd Hill, Akata, NIPCO, Aida, YY Connect, Accord Oil, Pathway Oil, Tempo Oil, and Virgin Forest, among others. But upon the scrapping of the DPR and replacing it with the NUPRC, the task of continuing and closing out the award process fell on the commission.

RISING TO NATIONAL EMERGENCY

Upon his appointment and inauguration as the pioneer chief executive officer of NUPRC, Mr. Gbenga Komolafe, recognised the issues around the marginal fields award as one of the major tasks before him and his team. With his decades of experience and knowledge of the workings of the petroleum sector, coupled with the urgent need to raise Nigeria’s oil production and ultimately impact the economy, Komolafe began approaching the marginal field issues with much priority. In all of his engagements with the awardees, the NUPRC chief executive would explain that the marginal field programme was critical to government’s plan of building local capacity among the indigenous companies and boost their contribution to the country through enhanced participation in the industry. More so, he would explain that allowing local firms to take more active part in the exploration and production activities through the marginal fields would help a great deal in helping the country to shore up production and get more value during oil price rise. Komolafe is absolutely right. More than any time ever, Nigeria is currently in serious need to increase its oil production volumes from the current low of 1.4 million barrels per day. Nigeria’s current production quota by the Organisation

Komolafe of Petroleum Exporting (OPEC) is 1.6 million barrels per day but the country is producing average of 1.4mbpd. The volume is also below the 1.88mbpd estimated in the 2022 national budget. However, in 2021, according to an industry data, Nigeria recorded a total oil production of 481,665, 633 million barrels, and total condensate production of 128,610,019 million barrels, while total oil and condensate production stood at 610,275,652 million. Average daily oil production in 2021 stood at 1,319,631,.87 million; while average daily oil and condensate production stood at 1,671,988.09 million barrels. According to the industry data, average Organisation of Petroleum Exporting Countries (OPEC) quota for Nigeria in 2021 was 1.574 million barrels, while performance with OPEC production quota was 83.83 per cent. The document also indicated that total losses in 2021 was 37,474,951.03 million barrels while average daily losses stood at 102,671.10 barrels Average oil price for Bonny, Brass and Forcados was $70.53, according to the document. Also, the total value of losses stood at $2,643,236,648.05, while average daily losses stood at $7, 241,744.24, the data showed The federal government has set its sight on raising daily oil production to 3 million or even 4 million barrels and increasing the reserve to 40 billion barrels. The urgency around this aspiration has been further hightened by the rising oil prices, as last week saw Brent Crude, the global oil price benchmark, hitting $105 per barrel. Indeed, Nigeria really needs to maximise the benefit of this price rally by producing more and exporting more oil to boost the country’s foreign exchange earnings from crude. But the country is hamstrung by the fact that its production volume is too low, and so, the price hike makes no little or no sense to the country. Making the matter worse is the elephant in the

OPPORTUNITY FOR RESERVE BIDDERS

As part of strategies to ensure speedy closure of the programme, the commission recently invited reserve bidders for the marginal fields after some of the initial bid winners were unable to pay up their signature bonuses within the stipulated time. The commission had in a public notice signed by Komolafe, indicated that a number of the winners of the assets could not pay the fee, prompting the regulator to rework the process. The commission stated that all offers made to the initial bid winners had lapsed, adding that by allowing interested reserve bidders to take part in the rest of the process, it would expand the participation of Nigerians. “Notice is hereby given to the general public, and in particular, all recipients of the letter of notification of potential awardee status in the 2020 marginal field bid round that the 45 calendar days allowed for payment of the requisite signature bonus has since lapsed,” the notice stated. Before the invitation for reserve bidders, the NURPC had disclosed that the bid round concluded in 2021 had so far yielded about N174.944 billion, with owners of 30 fields having partially paid and two fields stalled by court cases. The commission further stated that 20 companies which won the bids had partially paid up, from among those who won the 57 oilfields. Also, on January 27, NUPRC hosted all the eligible awardees who had fully or partly complied with signature bonus payment in the 2020 marginal field programme. The objective of the engagement held in Abuja, was to state the policy position of the commission for the marginal field bid round. Komolafe explained that the engagement was to enhance the progress of the exercise in line with the programme guidelines and in compliance with the PIA 2021. “The forum will also appraise, distil and clarify issues associated with the MFBR and provide relevant updates on status to all stakeholders in line with the transparency policy of government. “All eligible awardees and relevant International

Oil Companies (IOCs) who are associated with the MFBR as farmors are expected to attend the meeting,” he had stated.

RESOLVING OUTSTANDING ISSUES

One of the policy decisions of the regulator from the stakeholders meeting, was the move to resolve all outstanding issues delaying the conclusion of the 2020 marginal oilfields bid process. Some of the top challenges highlighted by the stakeholders as hindering the awardees from settling down to finding first oil was the differences among members of the Special Purpose Vehicles (SPVs) set up by the commission to realise the objectives of the programme. With the SPVs compelling the winners to co-own the assets, it was observed that while a number of the indigenous award winners complained about non-payment of the bonuses by their partners, others complained about partial payment. These hindered the progress of the initiative, which saw the award of 57 marginal fields to 161 Nigerian entities, from which about N175 billion had been raised by the federal government so far. Komolafe reiterated that the engagement with the marginal field awardees and leaseholders was for NUPRC to state the policy position on the 2020 Marginal Fields Bid Round (MFBR). He stated that this would enable successful awardees progress to field development phase in line with the PIA. He added that the marginal field initiative was conceived to entrench the indigenisation policy of the government in the upstream sector of the oil and gas industry. According to him, the objective is to promote indigenous participation, increase oil and gas reserves, as well as production, encourage capital inflow, generate employment, and build local capacity in the sector. Komolafe noted that relevant leaseholders had also been invited to the forum so that they could understand their roles and responsibilities as it affects the farm-out of the fields, which he said included facilitating the achievement of first oil in a collaborative manner. In all, he reiterated that 57 fields were identified for the 2020 bid round exercise, and a total of 665 entities expressed interest, explaining that after extensive evaluation processes as laid down in the guidelines, 161 entities emerged as potential awardees. Komolafe explained that signature bonuses for 119 awards were fully paid, nine awards were partly paid for, and 33 awards had yet to be paid for. He said this situation had resulted in various challenges inhibiting the close-out of the exercise. He told the awardees that “The marginal field guidelines provided for 45 days for the payment of signature bonus, which has since elapsed, and we have issued a public notice to that effect as well as notified the relevant potential awardees. “It is pertinent to inform you that concerted efforts are being made to ensure that the 2020 MFBR exercise is completed within the shortest possible time.” Komolafe stated that the NUPRC management on assumption of duty set up a committee to look into issues surrounding the bid round and come up with strategies to resolve them. “And some of these issues include the formation of SPVs, equity participation, and part payments,” he stressed. According to him, the committee has had engagements with some awardees and would continue such meetings with another set of awardees. He said the commission through the Alternative Dispute Resolution Centre (ADRC) also offered an opportunity for co-awardees of marginal fields to resolve issues speedily and amicably. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Championing Prefabricated Green Buildings in Nigeria with EDGE Terhemen Mark Chieshe

o fight climate change, the world must re-think how buildings are designed, developed, rendered, built, and operated. As a result of unsustainable construction practices, buildings account for 35 – 40 per cent of energy-related greenhouse gas emissions. As the real estate industry, governments and policy leaders map strategies and take action to meet current and future housing demand, sustainability must be a defining consideration. The good news is that forward-looking developers

and real estate players are responding to this call to build more sustainably. First, because it is the morally responsible thing to do, and second, it makes sound business sense. Green homes use energy and water more efficiently, are cheaper to live in and operate, and leave a significantly lower carbon footprint. In Nigeria, KARMOD, an innovative building construction company, is championing prefabricated green homes as a more environmentally friendly and sustainable path to affordable housing delivery. A typical KARMOD prefabricated green home comes with a pair of solar panels and a small

lithium battery inside with an inverter that can be metered. The simple system generates enough power for the basics: a fan, cell phone, fridge, and lighting, with six hours of backup battery time. One of the KARMOD signature projects is Abacus One a 90-housing unit estate that sits on 13,567sqmof land in Nigeria’s capital city Abuja. The project received EDGE Advanced certification for achieving at least 40 percent less energy consumption compared to a similar project in Abuja. Abacus One is a mixed-use sustainable living community that comprises 36-units of two-bedroom apartment buildings, 14 and eight units of two-

bedroom and three-bedroom semi-detached bungalows respectively and five units of three bedroom detached bungalows. The prices range from N9.7 million for the two-bed apartments to N15 million for the 3-bed detached bungalows. For the CEO of KARMOD, Hakeem Shagaya, Africa’s housing shortfall presents a unique opportunity for developers to innovate. He sees blending the advantages of prefabricated buildings with EDGE Certification as a key to Continued on page 39

T H I S D AY ˾ MONDAY, FEBRUARY 28, 2022

BUSINESS SPECIAL

ANALYSIS

Oﬀ-spec Fuel: Distilling Emadeb’s Position Emmanuel Addeh writes that despite its name consistently cropping up concerning the current controversial issue of imported substandard petrol into the country, Emadeb Energy’s explanation of its role or the absence of it in the ongoing saga appears to be clear and straightforward.

t started like hush-talk, but by the time the media beamed its searchlight on the rumoured importation of petrol that was causing damage to vehicles across a number of states in Nigeria, there was no doubt that something had seriously gone amiss in the product supply chain. By then pockets of queues had started building, especially in Abuja and surrounding states as well as in Lagos as a result of the disruption which was becoming more pronounced by the day. The authorities, including the two major actors, the Nigerian National Petroleum Company (NNPC) and the Nigerian Midstream/Downstream Petroleum Regulatory Authority (NMDPRA) would not make any public statement on the matter. Pressure had begun to build; Nigerians were beginning to get agitated. They wanted to know what exactly was happening and why when most Nigerians had thought that the era of long fuel queues were over, it was suddenly creeping back. But buckling under pressure, on the night of Wednesday February 9, the NNPC, which is solely in charge of importation of the product made some revelations, and for the first time admitted that something had gone terribly wrong with some cargoes of fuel imported into the country. The NNPC went further to mention the names of some business entities it thought brought in the product. Group Managing Director/Chief Executive Officer of the national oil firm , Mele Kyari, in the broadcast, listed the firms as Duke Oil, its own oil trading arm, MRS, Oando and a conglomeration of companies, known as the Emadeb/Hyde/AY Maikifi/Brittania-U Consortium. The fuel imported from Antwerp in Belgium, he said, was found in circulation in late January, precisely on the 20th of that month when the NNPC received a report from its quality inspectors on the presence of emulsion particles in cargoes shipped to Nigeria from the European country. While other firms have, as expected, denied importing off-spec petrol as the product was certified by the regulator, Emadeb’s case appears pretty different: As a consortium, it was never involved in the importation of the product into the country at all.

to ExxonMobil. In addition, Emadeb has 12 loading arms with capacity to load an average of 100 to 120 trucks per day, a fully automated loading system that can monitor activities from any part of the world and a world class laboratory for quality checks on all cargoes received. Since it was founded, the company states that it has never been involved in any dealings that run contrary to the law.

A PROFILE IN INTEGRITY

COMPANY’S REACTION

Emadeb Energy Services Limited is a wholly indigenous private company incorporated in 2007 and commenced business in 2008. Since coming on stream, the company says it has grown to become one of the leading oil and gas entities in Nigeria. It’s now fully involved in the upstream, midstream and downstream. “As one of Nigeria’s dynamic and innovative energy companies, we have over the years built a reputation of proactively meeting our customers’ needs and surpassing their expectations through our specialised and differentiated products and services. “At Emadeb Energy, we conduct all our businesses in strict compliance with all relevant national and international legislation and regulation. A strong compliance culture is important to our success,” it adds. The brainchild of the Managing Director/Chief Executive Officer, Mr. Adebowale Olujimi, the company states that its desire is to make petroleum products available at competitive rates to bulk buyers who would in turn retail the product. “The objective is to provide a better and sustainable option for small and medium scale operators in the downstream sector to navigate the obstacles in the path to sourcing these fuels at profitable rates by streamlining delivery logistics,” Emadeb notes. Its 45 million litre tank farm located at Ijegun Egba, Amuwo Odofin area of Lagos state, South West Nigeria, was commissioned in the first quarter of 2014 with the capacity to store 30,840,000 litres of petrol, 7,122,000 litres of diesel and 7,122,000 litres of kerosene. It has a private dedicated jetty which enhances timely discharge of products thereby eradicating congestions and delays, plus several gas plants, including the one located in the Federal Capital Territory (FCT), Lagos as well as other parts of the country and had recently successfully bid for and won OML 70, formerly belonging

But the company in a reaction after the NNPC accusation, put the blame on a member of the consortium, Britannia-U, saying the firm had long operated independently and bore full responsibility for the purchase. In a statement, Emadeb stated that it was not involved in any way in the importation of the problematic fuel, but that it was solely imported by Britannia-U, a hitherto member of the group, which had refused to work together with other members of the consortium. Emadeb stated that the said importation of the contaminated Premium Motor Spirit (PMS) was executed by the company without the involvement of other members. It argued that the blanket claim made against the consortium by the NNPC was misleading and contradicted the actual events that happened and did not fully reflect or represent what transpired. “We also deem it necessary to protect our image as we have invested a lot in building our respective brands in the industry,” it noted. According to other members of the consortium, Brittania-U Nigeria Limited was the sole supplier of the 90,000MT of PMS delivered via MT Torm Hilde with laycan January 2 to 4, 2022. “At the formation of the consortium in May 2021 by NNPC, Brittania-U refused to execute the Service and Consortium Agreement submitted to NNPC in fulfilment of the award of the DSDP Contract. “Emadeb as the lead of the Consortium engaged Brittania-U severally and it insisted on dealing with NNPC independently. NNPC was expressly notified about this by the other consortium members via a letter dated June 2, 2021,” it said. According to the other members of the consortium,

Brittania-U vehemently refused to execute the consortium agreement with the other consortium members, frustrating every attempt to make it do so. The consortium insisted that Brittania-U had communicated all her actions to the other consortium members as well as the NNPC harping on its preference to perform a sole contract for crude lifting and PMS supply under the DSDP arrangement. It noted that Brittania-U’s chose to be solely liable under her supplies to NNPC and in the light of which she indemnified the other consortium members and failed to accept the nominated international partner agreed by other consortium members. “Following the repeated refusal of Brittania-U to work with the consortium, Brittania-U indemnified the other consortium members and the resulting agreement was executed by their company on June 16, 2021,” Emadeb stated. In a letter dated December 10, 2021 Emadeb noted that it also informed NNPC of non-receipt of information from Brittania-U on all correspondence relating to the DSDP crude cargo allocated to them.

APPEARANCE BEFORE HOUSE OF REPS

A few days after the issue became public knowledge, the House of Representatives invited the Emadeb consortium to defend itself. Testifying before the panel, the leader of the consortium, Olujimi insisted that Emadeb was unaware of the transaction, insisting that Britannia-U handled the importation. “The consortium was awarded the DSDP contract on June 22, 2021 by NNPC. The delivery of the petroleum product and crude lifting have been done strictly on a rotational basis by the respective consortium members. “Some of the consortium members-Emadeb/ Hyde and AY Maikifi immediately engaged a reputable international company for delivery of all PMS cargoes and prompt loading of crude oil; while Brittania-U chose to engage a different entity for her own supplies. “Brittania-U also preferred to liaise directly with NNPC and took responsibility for all her transactions without recourse to the other consortium members. The other consortium members-Emadeb/Hyde and AY Maikifi-have successfully delivered 270,000 Metric Tonnes (MT) of Premium Motor Spirit (PMS), while

Brittania U also delivered 90,000MT PMS. “The PMS alleged to be methanol-blended was solely delivered by Brittania-U via MT Torm Hilde in January 2022. “The other consortium members-Emadeb/Hyde and AY Maikifi- were not privy to the arrangements for the delivery of the aforementioned PMS and documentary evidence relating to the PMS,” Olujimi maintained. Olujimi who addressed the panel on behalf of the consortium, however applauded the NNPC for its foresight in putting together and supporting the consortium to manage the DSDP agreement which he said was geared towards eliminating product scarcity in the country. He reiterated that one of the parties in the contract, Brittania-U went outside the agreement and initiated communications with the NNPC without the knowledge of others, and without notifying the NNPC that it wasn’t representing the consortium, as a result of which it got the deal and imported the product said to be laden with methanol. “It is worthy to mention that Brittania-U should be allowed to provide all answers to the controversy surrounding the importation of the PMS product,” he noted. Britannia-U in its defence, did not deny knowledge of the deal, neither did it contradict the position of Emadeb and other members, but said that the product was duly certified okay by the authorities. Chief Executive Officer of the company, Uju Ifejika maintained that her company had done no wrong as it only brought in what was specified by the NNPC in the contract. She added that necessary quality control tests were carried out at every turn by NNPC, NMDPRA experts alongside those from her company with clearance certificates issued and the products successfully handed over to the NNPC. For now, the Chairman of the House Committee, Ahmed Gaya (APC, Kano), has said that after going through the documents presented, the lawmakers would invite the companies back if there’s anything to verify. However, as the matter continues to linger, the company says it remains untainted by the controversial importation, sticking with its story that it had absolutely nothing to do with it.

CHAMPIONING PREFABRICATED GREEN BUILDINGS IN NIGERIA WITH EDGE success, business differentiation, market leadership and responsible climate-smart investing. “The need to champion a different, sustainable, and environmentally friendly building methodology to redress Nigeria’s housing deficit led us to establish KARMOD. We set out to prove that it makes perfect business sense to build sustainably using prefabs,” he added. Shagaya said EDGE fits into KARMOD’s business model and has helped the company to enhance efficiencies in its building technique in terms of water and energy usage, thus reducing negative impact on the environment. “Sustainability, innovation, and the desire to differentiate from the competition has been at the

core of my vision for KARMOD from day one. So, a partnership with EDGE was therefore a natural and logical move. My prefab walls passed EDGE certification standards efficiency because we do not use deep concrete wall. Where we had issues was plumbing. I didn’t know there were faucets that would regulate water, I didn’t know there were ways to get some other types of pipes. EDGE showed me a better and more efficient way of plumbing and wiring, and we added it to our building style,” he said. He added that while KARMOD is thriving as a business, the EDGE climate impact measurements also make clearer KARMOD’s contributions to the global fight against climate change.

According to Shagaya “Building green with EDGE does not only make sound business sense, but it also affords us the opportunity to play a role in making the planet a better place for today and for tomorrow.” In six years, KARMOD, with a clientele that comprises United Nations, UNICEF, the U.S. Embassy, the Nigerian Army and Navy, has completed over 531 prefabricated green projects. The projects range from housing, office accommodation, project sites, and industrial. The company is also quickly expanding its market to other African countries. In the last two years, KARMOD has opened branch offices in Kenya and Uganda. Shagaya further said KARMOD has exceeded

his initial business projections. “I have always had big dreams to disrupt the housing market in Nigeria and Africa and push it towards a more sustainable and environmentally friendly path. But my start off goal was to hit about 200 projects. That we have been able to more than double this figure in six years and now have a presence in other African countries is testimonial to market demand, continent wide acceptance of sustainable structures and the potential of prefabricated green buildings for massive scale,” he added. t $IJFTIF JT B IPVTJOH QPMJDZ BOBMZTU CBTFE JO "CVKB

T H I S D AY ˾ MONDAY FEBRUARY 28, 2022

IMAGES

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

L-R: Nigeria Coordinator, Global Health Advocacy Incubator (GHAI), Dr. Emmanuel Alhassan; Managing Director, Nigeria Health Watch, Vivianne Ihekwazu; and Director-General, Nigeria Centre for Disease Control (NCDC), Dr. Ifedayo Adetifa, during the Nigeria Health Watch Prevent Epidemic Journalism Award ceremony in Abuja…recently

L-R: Convener, Nigerians for Good Governance, Oladapo Wole; Spokesperson, Transparency and Accountability Group (TAG), Ayodeji Olaogun; Spokesman, Southern Nigeria Frontier, Olufemi Lawson; and Convener, Yoruba Stakeholders’ Summit Group (YSSG), Oladosu Razaq, during a press conference by the YSSG on the state of the nation in Lagos...recently PHOTO: ABIODUN AJALA

L-R: Co-convener, Progressives Youth Movement (PYM), Prince Mustahpa Audu; All Progressives Congress (APC) National Youth Leader, Ismaeel Ahmed; and Special Assistant to the APC National Caretaker Committee chairman, Mutala Yakubu, after the reconciliation meeting with the leadership of YPM at the party’s national secretariat in Abuja...recently PHOTO: ENOCK REUEBN

L-R: Director, Administration and Human Resources, Lagos State Ministry of Education, Mrs. Oluranti Fadipe; Special Adviser on Education to the state Governor, Mr. Wahhab Tokunbo; Director, Standard and Accreditation, Oﬃce of the Special Adviser on Education (OSAE), Mr. Segun Idowu; and Special Assistant to the Governor on Tertiary Education and Student Relations, Mr. Omotayo Sanyaolu, at the media brieﬁng on Education and Review of Performance and a better way to improve service delivery, held in Alausa, Lagos... recently PHOTO: ETOP UKUTT

L-R: Vice President, International Facility Management Association (IFMA) Nigeria, Olalekan Akinwumi; President, IFMA Nigeria, Segun Adebayo; Group Managing Director, Alpha Mead, Femi Akintunde; General Secretary, IFMA Nigeria, Sheriﬀ Daramola; and Managing Director, Alpha Mead Facilities, Wole Olufore, during a courtesy call by IFMA Nigeria executives to the Alpha Mead Head Oﬃce in Lagos…recently

(L-R) First Vice President, Igbobi College Old Boys Association (ICOBA), Mr. Yomi Badejo-Okusanya; Chairman, Board of Trustees (BoT), ICOBA, Mr. Olubode Thorpe; President of ICOBA, Mr. Olumuyiwa Kinoshi; Chairman, Board of Governors, Igbobi College Yaba, Mr. Foluso Phillips; member, BoT, ICOBA, Aderemi Esan; and Supervising Bishop, Methodist Church of Nigeria, Diocese of Ikeja, Dr. Steve Adegbite, during the inauguration of the Commemorative Wall and Garden, to mark the Igbobi College 90th anniversary in Lagos... recently

L-R: Secretary, Oyo State Administration of Criminal Justice Monitoring Committee (ACJMC), Alhaji Abdullateef Adebisi; High Court Judges, Justice Mojisola Sule, Hon Justice Iyabo Yerima; Chief Judge of Oyo State, Justice Munta Abimbola; Justice Adenike Adeeyo, and Justice Shola Adetujoye, at a workshop on ‘Strengthening Eﬀective Implementation of Criminal Justice Act/Law in Nigeria’ implemented by the federal and state ACJMC in collaboration with MacArthur Foundation in Ibadan, Oyo State…recently

MONDAY, FEBRUARY 28, 2022 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Putin Places Russia Nuclear Forces on High Alert

Ukraine has agreed to hold talks with Russia at the Belarus border, as Russian President Vladimir Putin orders Russian nuclear deterrent forces on high alert. With tensions with the West soaring over Russia’s invasion of Ukraine, Putin told the Russian defence minister to put nuclear forces in a “special regime of combat duty” Sunday. He told his officials that leading NATO powers had made “aggressive statements” and imposed hard-hitting financial sanctions against Russia. White House press secretary Jenn Psaki told ABC News Sunday Putin was continuing his pattern of “manufacturing threats that don’t exist in order to justify further aggression.” “At no point has Russia been under threat from NATO, has Russia been under threat from Ukraine,” she said. Ukrainian President Volodymyr Zelenskyy agreed to send a delegation to the Belarus border to start peace talks with Russia without preconditions. “We agreed that the Ukrainian delegation would meet with the Russian delegation without preconditions on the UkrainianBelarusian border, near the Pripyat River,” his office said in a statement. Earlier, Zelenskyy had said he would enter peace talks with Russia but ruled out meeting inside Belarus because Russia had used it to launch its attacks on Ukraine. North Korea Fires 8th missile North Korea fired what looks to be a ballistic missile early Sunday, marking a return to weapons testing after a near monthlong pause overlapping the Beijing Winter Olympics. In an alert to reporters, South Korea’s military said a single projectile was launched at 7:52 a.m. from the Sunan area into waters off the peninsula’s east coast. It later echoed the view of the Japanese military that the projectile could be a ballistic missile. At Seoul’s presidential office, the National Security Council swiftly convened an emergency meeting, in which several cabinet-level officials expressed their “deep concern and grave regret” over the ballistic missile test conducted at a time the world is trying to resolve a war in Ukraine. The US Indo-Pacific Command Sunday called on Pyongyang to “refrain from further destabilizing acts.” Condemning the ballistic launch, it said it was closely consulting with South Korea, Japan and other regional partners. Ballistic missile activity by North Korea is banned under a series of United Nations Security Council resolutions. Liu Xiaoming, Beijing’s special representative on Korean Peninsula Affairs, tweeted that “the Biden administration needs to show it maintains strategic focus on the Indo-Pacific, including by responding sternly to Pyongyang’s provocations.” Europe Begins Welcoming Ukrainian Refugees Tens of thousands of Ukrainians are arriving in Eastern Europe, fleeing the Russian invasion of their homeland. Experts predict between 1 million and 5 million could enter the European Union in the coming weeks. This time, countries such as Poland are opening doors previously closed to others seeking asylum. Grabbing any form of transportation they can, many Ukrainians are crossing their borders searching for safety. This group of refugees is arriving in Poland by train. Others wait for hours to cross by car or walk kilometres to reach border points with Poland, Romania and Slovakia. Ukrainian men aged between 18 and 60 are not allowed to leave. European Commission President Ursula von der Leyen has outlined European Union plans to support Ukrainian refugees and those internally displaced by the conflict through its humanitarian aid office, known as ECHO. “And (as far as) internally displaced people are concerned, we have a lot of support through ECHO humanitarian aid — shelter

and all the necessities people who are internally displaced immediately need,” she said. Russia-Ukraine War Tops UN Human Rights Council Agenda Russia’s invasion of Ukraine will be hotly debated during the five-week UN Human Rights Council session that begins Monday. Heads of state and other dignitaries representing more than 140 countries will address the UN Human Rights Council over the next three days. Quite unusually, this high-level segment will begin with a consideration of a request from Ukraine to hold an urgent debate on the “situation of human rights in Ukraine stemming from the Russian aggression.” The council’s president, Argentinian Ambassador Federico Villegas, told journalists in Geneva that an urgent debate can take place as soon as the 47-member body decides to do so. “And has to make a decision according to the rules of procedure, which is a consensus or a vote with a majority of positive votes over negative votes. … We had the most recent, I am sure you are very much aware in 2020, Belarus was an urgent debate, and the killing of George Floyd was also an urgent debate,” he said. Before Russia invaded Ukraine, Human Rights Watch Executive Director Kenneth Roth said he hoped the council would immediately address the issue if war broke out, noting the council has the capacity to help prevent war crimes. “With respect to Ukraine, I do not see it is the council’s role to try to stop a war. That is the Security Council. But if war breaks out, the council is really the leading venue to address how the war is fought and… if there are large-scale war crimes, then it is the council’s role to spotlight the war crimes with the aim of deterring them,” he said. Two of Russia’s Billionaires Call for Peace in Ukraine Two Russian billionaires, Mikhail Fridman and Oleg Deripaska called for an end to the conflict triggered by President Vladimir Putin’s assault on Ukraine. Fridman called it a tragedy for both countries. Billionaire Fridman, born in western Ukraine, told staff in a letter that the conflict was driving a wedge between the two eastern Slav peoples of Russia and Ukraine, who have been brothers

for centuries. “I was born in Western Ukraine and lived there until I was 17. My parents are Ukrainian citizens and live in Lviv, my favourite city,” Fridman wrote in the letter, excerpts of which Reuters saw. “But I have also spent much of my life as a citizen of Russia, building and growing businesses,” he added. “I am deeply attached to the Ukrainian and Russian peoples and see the current conflict as a tragedy for them both.” Deripaska used a post on Telegram to call for peace talks to begin “as fast as possible.” “Peace is very important,” said Deripaska, who is the founder of Russian aluminium giant Rusal 0486.HKRUAL. MM, in which he still owns a stake via his shares in its parent company En+ Group. On February 21, Deripaska said there would not be a war. Washington imposed sanctions on Deripaska and other influential Russians because of their ties to Putin after alleged Russian interference in the 2016 US election, which Moscow denies. Russians Hold Anti-War Rallies Despite Putin Threats From Moscow to Siberia, Russian antiwar activists took to the streets again Sunday to protest Russia’s invasion of Ukraine, despite the arrests of hundreds of protesters each day by police. Demonstrators held pickets and marched in city centres, chanting “No to war!” as President Vladimir Putin ordered the Russian nuclear deterrent to be put on high alert, upping the ante in the Kremlin’s standoff with the West and stoking fears of a nuclear war. Protests against the invasion started Thursday in Russia and have continued daily ever since, even as Russian police have moved swiftly to crack down on the rallies and detain protesters. The Kremlin has sought to downplay the protests, insisting that a much broader share of Russians support the assault on Ukraine. In St. Petersburg, where several hundred gathered in the city centre, police in full riot gear were grabbing one protester after another and dragging some into police vans, even though the demonstration was peaceful. Footage from Moscow showed police throwing several female protesters on the ground before dragging them away. According to the OVD-Info rights

group that tracks political arrests, by Sunday evening, police detained at least 1,474 Russians in 45 cities over anti-war demonstrations that day. Malawi Restocks Depleted AstraZeneca COVID-19 Vaccine Malawi has received nearly 300,000 doses of the AstraZeneca COVID-19 vaccine under COVAX, the global initiative founded to foster equitable access to COVID-19 vaccines. This is the first vaccine donation this year after the country’s stocks were depleted in December. The donation from Japan Saturday is part of about two million doses of AstraZeneca Japan is prepared to send to Malawi. Health authorities in Malawi say the donation is the first COVID-19 vaccine consignment from Japan to a country in sub-Saharan Africa. Malawi’s health minister, Khumbize Kandodo-Chiponda, says Malawi feels honoured to receive the vaccine donation when it is needed most. “This is so timely because we have over 700,000 Malawians who have already received the first dose of AstraZeneca. You are aware that we had our last consignment in December. By December 31, we finished all the doses of the AstraZeneca which we had. So we haven’t had AstraZeneca since January 1,” said Kandodo-Chiponda. Belarus Holds Constitutional Vote Russia-Ukraine War Belarusians cast ballots Sunday in a constitutional referendum that the country’s authoritarian leader called to cement his 27-year old grip on power, even as he offered the country’s territory to his ally Russia to invade Ukraine. Belarusian President Alexander Lukashenko, who has edged even closer to Russia amid crippling Western sanctions over his crackdown on domestic protests, said he was confident that Belarusians will support a set of constitutional amendments that would allow him to stay in power until 2035. The revised main law also sheds Belarus’ neutral status, opening the way for stronger military cooperation with Russia, which deployed forces to Belarusian territory under the pretext of military drills and then sent them rolling into Ukraine as part of the invasion that began Thursday. Some of those forces quickly closed in on the Ukrainian capital, Kyiv, located just 75 kilometres (less than 50 miles) south of the border.

MONDAY FEBRUARY 28, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY FEBRUARY 28, 2022

CITYSTRINGS

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

The Joy of Peace Two Anambra villages, Umudunu Agbaja village in Abatete community and Umueze Obodo Ajilija village in Ogidi community have for 50 years been at feud over land, but last week, peace came their way, reports David-Chyddy Eleke

A women's dance group comprising the two feuding villages, entertaining guests during a peace ceremony between both villages

Anambra Deputy Governor, Dr Nkem Okeke cutting the tape to the disputed land between Umudunu Agbaja village in Abatete community and Umueze Obodo Ajilija village in Ogidi community after peace returned

Anambra State Deputy Governor, Dr Nkem Okeke reading a letter of commendation by the state government to a businessman, Chief Sam Anyanwutaku who facilitated peace between two Anambra villages

L-R: Businessman, Chief Sam Anyanwutaku being presented with a letter of commendation by the Deputy Governor of Anambra State, Dr Nkem Okeke, for making peace between two feuding villages in the state

or 50 years, Umudunu Agbaja and Umueze Obodo Ajilija villages in Abatete and Ogidi communities, respectively in Idemili South Local Government Area engaged in land tussle, working to outdo each other. THISDAY gathered that even though the fraud never got to the level of full blown war, youths of both communities engaged in violence to protect what they thought genuinely to be their inheritance. Though both villages were not happy engaging in violence, but the tussle became an ego thing, as each village felt it may amount to cowardice to let the other take the land, as generations after theirs may not forget what may be thought to be cowardly. The tussle went through various phases, from violence to legal action, and despite several judgments, the matter continued. Within the 50 years the tussle lasted, several generations of youths and elders also passed through the decision making of both villages, all to no avail until recently, when an indigene of Ogidi, even though outside the concerned village, Chief Samuel Anyanwutaku decided to stamp his feet on the ground and ensure peace between both villages at all cost. Anyanwutaku, a businessman based in Lagos has a track record of being a peace maker, and had in 2020 recorded a great feat, between two communities, Ogidi and Umunachi communities in a land tussle that had lasted 100 years and also claimed many lives through communal hostilities. In same way, Anyanwutaku had in 2021 commenced a peace move between the two villages, preaching to them on the need to live in harmony and shun hostilities. His appeals yielded fruit, and last week, the two villages came together to cement the new found peace through a ceremony, which both villages co-hosted. The disputed parcel of land which spanned many hectares of land with a link road that joins both villages, and a government constructed ultramodern health facility was the venue of the celebration. THISDAY reporter who was at the event moved round the venue and could

not help but marvel at the joy of peace as members of both villages, who had sat in mixed crowd, throwing banters and laughing to jokes from the master of ceremony. From the very lonely road leading to the venue from Ogidi side, it was easy to decode that there had been no love between the two villages, as houses close to the disputed land showed signs of abandonment, a clear sign that those who lived around the disputed land had all vacated it, for fear of attacks from their neighbours. A youth member of Abatete community, who simply introduced himself as John said the scenario in the Abatete end was also the same, as sometimes before the commencement of the peace move, there had been rumours that any of the two villages may initiate an attack any moment. He said: "Our people who have houses close to this place were also made to vacate, while our vigilante operatives were always on the look out, because we heard that Ogidi people planned to attack us." The celebration attracted Anyanwutaku himself who initiated the move for peace, the state Deputy Governor, Dr Nkem Okeke, and very prominent indigenes of both Ogidi and Abatete communities. Prof Obiora Ikpeze, a member peace conciliation committee from Ogidi community told the Deputy Governor that the reconciliation ceremony being held was jointly sponsored by the two villages, as a sign that they wholeheartedly accept the reconciliation. Prof Ikpeze said, "We have been in this struggle for 50 years now, but today we

have found peace. We went through so many court cases, so many struggles and bitterness, but today we have come together to accept peace, and we can testify that peace comes with special joy. "These two villages you see have had cause to meet and even guard themselves against the other, in the hope that hostilities may break out. Male indigenes were tasked for procurement of arms, and nocturnal meetings were held, but today we are so happy that peace has returned." A visitor to the area will not fail to observe the happiness among members of the villages as a women's group, which comprised of women from both communities sang and danced to the delight of the two villages. Anambra State Deputy Governor, Dr Nkem Okeke could not also hide his joy. He praised Chief Anyanwutaku for championing the resolution of the crisis, saying his intervention has saved many years of hostilities and stunted development which was brought about by the land dispute. Okeke said: "We are happy to be here today to witness peace between Umudunu Agbaja village in Abatete and Umueze Obodo Ajilija village in Ogidi. It took the effort of one man to resolve this 50 years old boundary dispute. In the next one month, I will leave office as Deputy Governor. This is one of the crisis settled under my watch, and I'm so happy. "My experience as chairman of boundary resolution committee for seven years and 11 months now has shown that no one can resolve boundary disputes, except the

"Many communities in Anambra are still in crisis today as a result of land dispute. Many are holding meeting and taxing all male adults to make contributions for purchase of arms to ﬁght over land. We must learn to embrace peace"

communities involved agree to do so. Not even the court, or my office can. It only takes being reasonable for problems like this to be resolved." The Deputy Governor also presented a letter of commendation to Chief Anyanwutaku for facilitating the peaceful resolution of the dispute. In his reaction, Anyanwutaku said the resolution was an act of God, and expressed happiness at the peace that has returned to the area. He said: "Many communities in Anambra are still in crisis today as a result of land dispute. Many are holding meeting and taxing all male adults to make contributions for purchase of arms to fight over land. We must learn to embrace peace, and all communities must also caution their youth, because they are the ones that usually take up arms to fight over land. We are happy that we were able to resolve this dispute." Presidents General of the two villages in their separate speeches went emotional with the troubles the tussle had caused them. The President General of Abatete, Mr Ekunie Annie in his speech said: “I grew up as a young boy and knew when we used to contribute money to come to war over this land. Today we are happy that peace has returned.” Dr Okey Ikpeze from Ogidi in his own speech said: “Three generations of the two villages have been on this matter for 50 years now. We have been changing representatives both in court and at meetings over this land, either because of age or death. We have used this war method for 50 years, we have used court for 50 years, and none has worked or brought peace to us. "What you see over there (pointing to a structure) is a federal comprehensive health centre, but since it was built, it has never functioned for once. When you send doctors here they refuse to come. This road you see there used to be a very busy road, it connects Ogidi and Abatete communities, but today, no one comes here because this place is seen as a danger zone. " Obata Obie (Sam Anyanwutaku) came here and was crying after seeing the large expanse of land that has remained moribund for decades because of war. He decided to make peace between us, and it was as if it will never work, today we are here to celebrate peace,” he said.

T H I S D AY ˾ MONDAY FEBRUARY 28, 2022

CRIME

New GOC 81 Division Pledges to Keep Lagos Peaceful

CRIME SITUATION REPORTS

FIRE MANAGEMENT: PREVENTION, DETECTION, AND RESPONSE TECHNICS/APPROACHES (4) Gbolahan Samuel Moronfolu

L-R: Immediate past GOC, Major General Lawrence Fejokwu, and his successor, Major General Umaru Musa, ﬂanked by senior oﬃcers at the handing and taking over ceremony Stories by Rebecca Ejifoma

he new General Officer Commanding of 81 Division, Major-General Umaru Musa, has pledged to keep Lagos State peaceful amid security threats across the country. He mentioned this at the formal Handing and Taking over ceremony at 81 Division Headquarters, Lagos, recently. Addressing newsmen, GOC Musa said: "I've heard so much about Lagos. I've come fully prepared to ensure the peace being enjoyed in the state continues. "

He also hinted his intentions to improve on the security situations like cultism, kidnapping, stealing and other peculiar crimes. The new GOC further declared his intention to work and ensure that Lagos remains tranquil. He, however, encouraged army officers under his command to remain committed, dedicated, steadfast, urging them to work with him to achieve the vision of the Chief of Army Staff (COAS), which is to return soldiers to the path of professionalism. Earlier, the immediate past General Officer Commanding,

81 Division, Major-General Lawrence Fejokwu expressed optimism about the new GOC. "The challenging moments will always come in the form of insecurity. We will try to apply the act of being proactive. "He's a very seasoned infantry officer. So, he'll know how to go about it. I'm positive the situation will continue to remain calm." Fejokwu, who was GOC 81 Division for 11 months, expressed that with time, GOC Musa would begin to unpack his plans. "It will be made manifest."

Wright Family Declines Tenant's Bid to Pay N60,000 Per Annum

he administrators of the estate of Regina Omoloto Wright have outrightly rejected a bid by the tenant of their Lagos Island property to pay a 1958 lease of £130 BCPVU / QFS BOOVN The family, represented by Adediran Thomas and Mrs. Oyinkansola Obasi (nee Thomas), contended that the annual rental value of the property BT PG XBT QVU BU / NJMMJPO CZ estate valuers, but that the occupiers are insisting on paying the old rate. The tenant, Star Properties Limited, whose directors and founders include Chief Chris Ogunbanjo, filed a suit at the Lagos State High Court. They are seeking an interpretation of the 1958 lease agreement on the property on 3, Ganiyu Smith Road, opposite St /JDIPMBT )PTQJUBM -BHPT *TMBOE In their counter-affidavit, the family said the late Mrs. Wright owned the property formerly on 3, Prison Street, -BHPT *TMBOE XJUI UJUMF OVNCFS - It was said to be registered with the -BHPT .JOJTUSZ PG -BOET PO UI "QSJM 1948. She also built on it. According to the administrators in a press release it made available to THISDAY, the late Mrs. Wright signed a lease agreement with Mr Maroun %BBLPVS PO UI +VOF GPS B ZFBS lease starting from 1st April 1958 at £130 per annum. "Based on the agreement, Daakour subsequently sub-let the property to Vensimal Sawlani and Hotchand 4BXMBOJ PO "VHVTU CFGPSF Star Properties eventually took over from the Sawlanis," says the family. It was, however, learnt that after the original estate administrators passed on, Mr. Thomas and Mrs. Obasi were appointed as the administrators. The statement read in part: "They

briefed their lawyer to open negotiations with the applicant to seek an amicable settlement of the issues. "The family engaged an estate valuer, Jide Taiwo & Co, which estimated the property’s unpaid rental income for 14 years (2003 BT / NJMMJPO BEEJOH UIBU the family asked the applicant to pay half of it, but Star Properties refused the reduction and rejected the valuation report. The administrators said when the matter could not be resolved amicably, they asked their lawyers to issue a quit notice to Star Properties partly for non-payment of rent, XIJDI BT PG XBT ZFBST overdue. Two months after the quit notice, Star Properties was said to have TFOU B DIFRVF PG / 5IJT Star Properties noted, was supposed to cover the 14 years of unpaid rent. However, the administrators declined it. The respondents said Star Properties did not pay the outstanding rent or move out at the expiration of the eviction. The administrators further claimed that their lawyer had notified the tenant on 1st August 2017 of their intention to recover possession of the property, but the tenant is “still retaining possession of the landed property, and has refused to pay its rent”. Meanwhile, in an earlier suit they filed, which is now on appeal, the family is praying the court to order Star Properties to pay the arrears of rent from March 2003 to July JO UIF TVN PG / NJMMJPO BOE a Mesne profit from 1st August

BU UIF TVN PG / QFS month until possession is given up. The administrators are also challenging that Star Properties was not a party to the original lease agreement with the late Mrs. Wright and, therefore, cannot seek to enforce it. “There is no lease agreement between the respondents and the applicant (Star Properties),” the family said. But, Star Properties in its suit pending before Justice Taofiquat Oyekan-Abdullahi is praying the court to hold that the quit notice issued by the family was not in accordance with the lease agreement. The firm also said the Sawlanis transferred residue of the lease to it “with the same annual rent as agreed in the head lease”. As noted in the statement, Star Properties told the court, “Since settlement has broken down between parties and the defendants were insisting that the unilaterally reviewed rent should be paid, the claimant in compliance with the agreed terms of the head lease issued a cheque dated 21st March 2017 in favour of the defendants for the sum of / DBMDVMBUFE BU b QFS annum multiplied by the current exchange rate being the rent due for the property.” According to the Wright family, the case filed in 2017 has suffered delay due to numerous adjournments. Although the case was to come up on February 8 this year before Justice Oyekan-Abdullahi, it was not listed for hearing.

ARSON Fires are not always accidents or acts of nature. An alarming number of cases are thought to be intentionally set up fires resulting from a vast number of reasons. In some cases, insurance fraud is said to be the motivator; in others, it could be psychological disorders. Whatever the motive arson fires are some of the most dangerous types of fire. Often accelerants are utilized to cause the conflagrate the fire beyond the containment and extinguishing capabilities of the responding fire department. In some tragic cases, this reduces the time available for those within the burning structure to a point where they cannot escape before falling victims of smoke inhalation. In even more sinister cases, arsonists have been known to block or lock doors thus preventing escape from the flames. REASONS FOR ARSON:- (I) Attempts to cover up Fraud/Crime committed. (ii) Public demonstration/riots. (iii) Jealousy/Envy or Burning of another person’s property or Rivalry. (iv) Warfare (v) Violent political activities (vi) To claim Insurance policy under false pretence. The best protection from arson is a combination of highly visible patrols to deter the attempt and effectively secure unused rooms and flammables. These steps will reduce the area of concealment which arsonists often rely on to commit havoc. Much like other crimes, a desperate arsonist might eventually find a way to carry out a crime, but one can create an environment where the arsonist looking for a random place to start a fire will be less likely to feel comfortable. FIRE INSTRUCTIONS Fire instructions are a notice advising occupants of a building of the actions they must take when they hear a fire alarm or discover a fire. Such instructions must be displayed at prominent points in buildings. Typical ﬁres instructions are as follows: When the Fire Alarm Sounds r $MPTF UIF XJOEPXT TXJUDI PGG electrical equipment. r -FBWF UIF SPPN DMPTJOH UIF EPPS behind you r 8BML RVJDLMZ BMPOH UIF FTDBQF route to the open air. r 3FQPSU UP UIF àSF PGàDFS BU ZPVS assembly points. r %P OPU BUUFNQU UP SF FOUFS UIF building r&WBDVBUJPO m .PWF PVU RVJDLMZ in an orderly manner in case of a high-rise building, don’t use lift, instead, use staircase. r *O DBTF PG B TNPLZ SPPN CFOE down and move with the back of your palm. r "TTFNCMF BU B QSFEFUFSNJOFE point. r 3PMM DBMM m NBLF B SPMM DBMM UP ensure nobody is trapped in the building. r 'JHIU UIF àSF XJUI UIF BWBJMBCMF firefighting equipment without endangering your life r /FWFS HP CBDL UP UIF CVJMEJOH until fire officer instruct you to go back.

r -FBWF UIF SPPN DMPTJOH UIF door behind you. r -FBWF UIF CVJMEJOH CZ UIF FTDBQF route. r 3FQPSU UP UIF àSF PGàDFS BU ZPVS assembly points. r %P OPU BUUFNQU UP SF FOUFS UIF building Fire Fighting Hints In the event of a Fire, you should: r 3BJTF BO BMBSN r 5VSO PGG NBDIJOFSZ HBT BOE electricity supplies in the area of the outbreak. r $MPTF EPPST BOE XJOEPXT CVU do not lock or bold them. r 3FNPWF DPNCVTUJCMF NBUFSJBMT away from the path of the fire. If the fire is small. r "UUBDL TNBMM àSFT XJUI UIF BQpropriate extinguisher When a ﬁre breaks out in an adjacent building, other close buildings should be protected by: r $MPTJOH FWFSZ XJOEPX GBDJOH the burning building r 4UBUJPOJOH NFO PO UIF SPPG PG UIF adjacent buildings with hose lines to keep the roof wet and extinguishers to put out burning embers. Fire Drills A fire drill, resulting in total evacuation of the building should take place, at least annually. r 'JSF XBSEFOT PS PUIFS EFTJHOBUFE persons should take a headcount on evacuation. r $MFBSMZ JEFOUJàBCMF BTTFNCMZ points should be established, and all persons, including visitors, should be aware of their specific assembly point. Sounding the Fire Alarm The fire alarm should be sounded weekly so that all occupants of premises are familiar with its sound (Berger and Stroberger, 2003). RECOMMENDATIONS Measures to improve fire protection in homes Information and education are deemed to be the most important measures. Increased awareness of fire by residents would affect behavior and lead to greater care. In homes early detection by smoke detectors is the most important measure. It is important that action is taken once the fire is discovered - people should own fire extinguishers and be trained to handle them. Procurement of Fire Fighting Equipment in combating incidences of Fire outbreak and attending to cases of emergencies is essential and should be intensified. Education and training for school children is considered especially effective in raising fire awareness across the whole population. Such education should be an obligatory part of all schooling. Television, radio, internet, twitter and Facebook are media which should be used more to spread information on fire protection across the country. Fire fighters in the country should be empowered to respond quickly in cases of fire outbreak.

-Moronfolu is a seasoned security consultant with many years of security and policing experience. FELLOW, Fourth Estate Professional When You Find A Fire r 3BJTF UIF BMBSN CZ w JG UIF Society (FFPS), he has also partaken telephone is to be used, the notice in peace keeping operations within must include a reference to name and outside the country and has flair for general security education. and location).

T H I S D AY ˾ , FEBRUARY 28, 2022

BUSINESS/MONEYGUIDE

Ife: Central Bank’s Finance Interventions Timely,Yielding Positive Results Nume Ekeghe

Development Consultant and Lead Consultant, Industry and Private Sector Development, ECOWAS Commission, Professor Ken Ife has noted that the interventions by the Central Bank of Nigeria (CBN) in the economy, which were put at N3 trillion, have been timely and has yielded positive results. Ife, disclosed this while speaking to members of the Finance Correspondents Association of Nigeria (FICAN), in a virtual presentation at the second edition of the association’s 2022 monthly capacity building programme. He said programmes like the Anchor Borrowers Programme (ABP), Targeted Credit Facility (TCF), Real Sector Support Facility (RSSF), Healthcare/Pharmaceuticals Facility, Electricity Stabilisation Facility, 100 for 100 PPP and RT 200 Forex programmes all have significant impacts in the lives of Nigerians and Nigeria as a whole. He specifically said, “More people could have died from starvation and hunger in Nigeria that COVID-19 and the

victims of the insecurity put together if decisive action was not taken to tackle food security through CBN’s Anchor Borrowers Programme.” He said that the unemployment challenge, which he described as a demographic time-bomb, should leave no one in no doubt of the consequences of under 35 year young people, who make up 65 per cent of Nigeria’s population, with unemployment rate of 48 per cent and underemployment rate of 22 per cent, and only seven per cent of graduates finding employment. He also added that Nigeria’s economy jumped out from recession in just one quarter (December 2020) and this was only possible because of the quantitative monetary and fiscal policies responses, including of course, a higher order of targeting of CBN’s domestic finance intervention at the real sector of the economy. He also recommended that commercial and development banks should ideally have a business advisory desk in each branch that should be the first port of call of prospective

businesses seeking loan from the Central Bank of Nigeria’s 100 for 100 Policy on Production and Productivity (PPP). According to him, a pool of business advisers would improve the quality of business plans, reduce the rejection rate of applicants and increase the take-up of the loan facilities. In an effort to stimulate the flow of credit to the real sector of the economy and reverse the nation’s over-reliance on imports, the Central Bank of Nigeria introduced the 100 for 100 Policy on Production and Productivity (PPP). The apex bank received 224 applications, valued at N294.91 billion for real sector projects in agriculture, energy, healthcare, manufacturing and services in the first tranche. Similarly, as some Nigerian farmers get set for the new planting season, Prof. Ife said a total of N948 billion has been disbursed to farmers as loans through the Anchor Borrowers Programme (ABP) of the CBN in-conjunction with the commercial banks, as at the second week of February, 2022.

VFD Group Plc Gets “A” Rating DataPro, the technology-driven credit rating agency has assigned VFD Group Plc a long-term rating of “A” with a Stable outlook for the year 2022/2023. The rating company, in a statement issued at the weekend and signed by its Client Service Manager, Mr Kehinde Rasheed, explained that the “A” rating indicates low risk, adding that the rating shows very good financial strength, operating performance and business profile when compared to the standard established by DataPro. “This company, in our opinion, has a strong ability to meet its

ongoing obligations,” the statement said. It stated further that the DataPro Rating Committee approved the rating after the assessment of the Company’s financial performance, corporate governance and risk management as well as the operational and regulatory environment. It added that the rating also considers the operating model of the parent company and the financial strength of the subsidiaries. According to the statement, “The Group Revenue grew yearly from 2017 to 2020. The

latest growth was 96%. Other major rating considerations of VFD Group Plc include the company’s stable management team and its strong capitalisation. “VFD Group Plc had a Short-Term Rating of “A2” which indicates fair credit quality and adequate capacity for timely payment of financial commitments. The company however said that the rating carries a maximum shelf life of 12 calendar months, in line with international best practice, explaining however that the rating is therefore not an offer to trade in securities nor

NSE Partners Vitapur to Improve Local Content The Nigerian Society of Engineers (NSE) has shown its commitment to collaborate with Vitapur Nigeria Limited to promote local contend for sustainable development of manufacturing industries in Nigeria. Speaking at the facility tour, the Chairman, Innovation Committee, NSE, Ikeja Branch, of Nimot Muili commended Vitapur for its giant stride in the production of modern building materials and expressed his Committee’s willingness to collaborate with the company to educate Nigerians on the relevance of patronizing local content for sustainable development of the manufacturing sector in Nigeria.

He said, “The main purpose of our visit is in line with the vision of the Nigerian Society of Engineers especially Ikeja Branch. We collaborate with organizations to enrich our members in terms of professional knowledge of the trends in the industry. We have also noticed that Vitapur focuses on sustainable development through its local content policy, which increases output and create job opportunities. “Theme for Ikeja Branch Innovation Committee is “Building a Sustainable City” and there is a need to for collaboration in this regard since Vitapur is well known for supporting the global initiative

of Green Environment through our insulation products which conserve energy and also protect humans from direct heat radiation from the sun.” The General Manager, Vitapur Nigeria Limited, Yemi Mofikoya noted that collaboration between Vitapur and the Society of Engineers would be mutually beneficial in this period when the government was emphasizing local content for sustainable growth and development of our economy. “The cold chains solution such as the insulated boxes, insulated tricycles, cold-rooms/ blast freezer, Insulated Trucks are manufactured in Vitapurs ,”Mofikoya said.

Hogan Guards Sets Up Journey Management to Combat Insecurity Citing insecurity plaguing Nigeria as a catalyst, Hogan Guards, a leading private security firm, has introduced a newly established sister company, Hogan Protocol, to provide individuals with journey management, armed escort services and close protection services. Hogan Protocol was established with a view of reducing the risks associated with traveling and other forms of public exposure by both ordinary citizens and VIPs, by providing specialized risk and journey management backed by an elite team of trained

professionals. At the opening ceremony held at the company’s head office in Lagos, Group Chief Executive Officer of Hogan Security Mr. Paul J. Ibirogba noted that the organization is headquartered along the LagosIbadan Expressway, which is not only the busiest road in Nigeria, but also the venue of several reported cases of highway robbery and kidnapping, which Hogan Protocol is established to combat head-on and prevent in its entirety. “The importance of detailed route planning, counter measures, and close protection given the

state of insecurity particularly on the interstate highways today cannot be overemphasized,” said Ibirogba. “The significant increase in demand for these services led us to create a separate registered entity to fill this need while Hogan Guards focuses on physical security,” he added. The Hogan Protocol fleet is complete with real time GPS tracking, live monitoring, and encrypted communication which is monitored from the company’s 24-hour central command center to deploy additional assistance should the need arise.

L-R: Eelco Weber, Managing Director, CHI Limited; Toyin Nnodi, Head of Marketing, CHI Limited; and Bola Arotiowa, Sales Director, CHI Limited, during the launch of Chivita Smart Malt Drink in Lagos...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ , ͰͶ˜ ͰͮͰͰ

NGX Reiterates on Investors’ Diversiﬁcation of Portfolios in Capital Market

Kayode Tokede

The Nigerian Exchange Limited (NGX) has emphasized on the need for investors to diversify portfolios in the capital market in order to ensure enhanced return on investment. According to NGX, portfolio diversification is the process of investing one’s money in different asset classes and securities in order to minimize

the overall risk of the portfolio. The Divisional Head, Trading Business, NGX, Jude Chiemeka, recently at the Retail Investors workshop organised by the NGX and ARM Securities Limited said as a multi-asset exchange, the NGX had various products for every investor regardless of what their investment goals, risk appetite or return expectations might be, listing the products as equities, fixed income, Exchange

P R I C E S MAIN BOARD

F O R DEALS

Traded Funds and derivatives. Educating investors, Chiemeka said: “Just imagine what would happen if you invested all your money in a single security. Everything would be great as long as the stock’s performance is good. But in case where the market takes a sudden U-turn, the likelihood of significant loss of investments is increased. “The fundamental purpose of portfolio diversification is

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

to minimize the risk on your investments; specifically, unsystematic risk. This is risk of significant loss is further compounded if the stocks belonged to the same sector like manufacturing because any news publication or information that affects the performance of one manufacturing stock could as well affect the other stocks in a similar way. Chiemeka further explained

T R A D E D MAIN BOARD

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that, “If an investor choose the same asset, he/she can diversify by investing in different sectors and industries. There are so many different industries and sectors to explore with exciting opportunities like pharmaceuticals, Information Technology (IT), consumer goods, conglomerates, financial, agricultural and so on. “Furthermore, NGX is a multi-asset exchange that

O F

2 5

provides a wide range of asset classes for investors to leverage. Investors could also add other investment options and assets to their portfolio. Mutual funds, bonds, Equity Traded Funds as well as other asset classes such as real estate and pension plans are other investments they can consider. Investors are encouraged to ensure that the securities vary in risk and follow different market trends.

/ 2 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

MONDAY, FEBRUARY 28, 2022 • T H I S D AY

Monday, February 28, 2022 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ ƵůůŝƐŚ DŽŵĞŶƚƵŵ ZĞƐƵƌĨĂĐĞƐ͙ ^/ ƵƉ Ϭ͘ϰй ǁͬǁ

THISDAY AFRINVEST 40 INDEX

,ĂůƟŶŐ ŝƚƐ Ϯ-ǁĞĞŬ ďĞĂƌŝƐŚ ƐƚƌĞĂŬ͕ ƚŚĞ ĚŽŵĞƐƟĐ ďŽƵƌƐĞ ƌĞďŽƵŶĚĞĚ ǁŝƚŚ Ă ŐĂŝŶ ŽĨ Ϭ͘ϰй ǁͬǁ ƚŽ ƉƵƐŚ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƚŚĞ E'y- ^/ ƵƉ ƚŽ ϰϳ͕ϯϮϴ͘ϰϮ ŝŶĚĞǆ ƉŽŝŶƚƐ͕ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ĂƉƉƌĞĐŝĂƚĞĚ ďǇ േϭϬϭ͘ϯďŶ ƚŽ േϮϱ͘ϱƚŶ͘ ŽŶƐĞƋƵĞŶƚůǇ͕ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ ϭϬ͘ϴй ĨƌŽŵ ϭϬ͘ϰй ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ͘ DĞĂŶǁŚŝůĞ͕ ĂǀĞƌĂŐĞ ǀŽůƵŵĞ ƚƌĂĚĞĚ ƌŽƐĞ Ϯ͘ϭй ǁͬǁ ƚŽ ϯϯϯ͘ϲŵ ǁŚŝůĞ ĂǀĞƌĂŐĞ ǀĂůƵĞ ƚƌĂĚĞĚ ĨĞůů ϯϮ͘Ϭй ǁͬǁ ƚŽ േϯ͘ϵďŶ͘

WĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ďƵůůŝƐŚ ĂĐƌŽƐƐ ŽƵƌ ĐŽǀĞƌĂŐĞ

THISDAY AFRINVEST 40

5 Zenith Bank PLC 6 Dangote Cement PLC 7 Nestle Nigeria PLC

9.8% 103.7%

0.0%

38.0%

31.9%

15.0%

ROA

P/E

3.5%

5.5x

31.9%

Divindend Earnings Yield Yield

P/BV

0.8x

5.3%

ot Applicable

1.5%

16.5%

5.2%

7.3%

201.00

0.5%

7.9%

2.0%

134.7%

14.1%

13.7x

21.1x

70.75

0.0%

6.8%

5.5%

19.1%

11.2%

34.0x

6.4x

26.90

0.0%

6.3%

3.5%

24.8%

3.9%

4.1x

1.0x

11.2%

24.6% 27.4%

2.9%

26.95

-0.2%

6.0%

7.2%

20.9%

2.8%

3.7x

0.7x

11.1%

0.0%

4.4%

6.4%

40.4%

16.7%

13.6x

5.3x

5.9%

7.4%

1,435.00

0.0%

3.1%

-7.8%

106.8%

15.6%

27.8x

32.8x

4.2%

3.6%

8 FBN Holdings Plc 9 Lafarge Africa PLC

11.55

0.4%

3.2%

1.3%

8.4%

0.8%

6.8x

0.6x

3.9%

14.7%

26.30

0.0%

3.4%

9.8%

11.6%

8.4%

9.8x

1.1x

3.8%

10.2%

10 Access Bank PLC 11 United Bank for Africa PLC

10.35

1.5%

2.8%

11.3%

17.0%

1.4%

2.9x

0.5x

8.2%

34.4%

8.70

0.0%

2.2%

8.1%

19.5%

1.8%

2.2x

0.4x

6.3%

45.7%

ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ ůĞĚ ƚŚĞ ŐĂŝŶĞƌƐ͛ ĐŚĂƌƚ ǁŝƚŚ ǁͬ ǁ ŐĂŝŶƐ ŽĨ ϯ͘ϵй ĂŶĚ Ϭ͘ϳй ƌĞƐƉĞĐƟǀĞůǇ͕ ĨŽůůŽǁŝŶŐ

17 Okomu Oil Palm PLC 18 Flour Mills of Nigeria PLC

ŐĂŝŶĞĚ Ϭ͘ϰй ĂŶĚ Ϭ͘Ϯй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ͕ ĚƵĞ ƚŽ

0.10%

ROE

273.50

15 Ecobank Transnational Inc 16 International Brew eries PLC

;нϭϲ͘ϳйͿ͘ dƌĂŝůŝŶŐ͕ ƚŚĞ AFR-/ d ĂŶĚ ĂŶŬŝŶŐ ŝŶĚŝĐĞƐ

1,260.00

3 BUA Cement Plc 4 Guaranty Trust Holding Co PLC

ƐĞĐƚŽƌƐ ĂƐ ϰ ŽƵƚ ŽĨ ϲ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ͘ dŚĞ Kŝů Θ 'ĂƐ

;нϳ͘ϰйͿ͕ E/' Z/E^ ;нϰϬ͘ϬйͿ͕ ĂŶĚ KZE Z^d

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

2037.10

1 Airtel Africa PLC 2 MTN Nigeria Communications PLC

12 Stanbic IBTC Holdings PLC 13 Nigerian Brew eries PLC 14 SEPLAT Energy PLC

ƉƌŝĐĞ ĂƉƉƌĞĐŝĂƟŽŶ ŝŶ ^ W> d ;нϳ͘ϱйͿ͕ d ZE

Current Price

Ticker

34.85

0.3%

1.5%

-3.2%

15.1%

2.1%

7.8x

1.2x

11.7%

12.8%

48.00

0.0%

1.4%

-4.0%

7.6%

2.7%

30.1x

2.2x

3.3%

859.90

0.0%

2.0%

32.3%

3.4%

1.9%

19.7x

0.7x

4.4%

11.35

-0.4%

1.7%

30.5%

5.50

4.8%

1.2%

11.1%

-10.3%

-3.9%

0.0%

0.9%

-10.0%

36.5%

23.3%

8.7x

2.9x

32.00

0.6%

1.0%

12.9%

15.9%

4.5%

4.9x

0.7x

22 FCMB Group Plc 23 United Capital PLC 24 Guinness Nigeria PLC 25 Transnational Corp of Nigeria 26 NEM Insurance PLC 27 Presco PLC

;нϵ͘ϯйͿ͕ ĂŶĚ 'd K ;нϮ͘ϳйͿ͘ ŽŶǀĞƌƐĞůǇ͕ ƚŚĞ

5.1% 38.3%

127.80

19 Fidelity Bank PLC 20 AXA Mansard Insurance PLC 21 Dangote Sugar Refinery PLC

ƉƌŝĐĞ ƵƉƟĐŬƐ ŝŶ DdEE ;нϭ͘ϬйͿ͕ t D E<

2.6x 1.0x

-10.4% 11.5% 5.2%

20.4%

3.06

0.3%

0.7%

20.0%

13.3%

1.3%

2.3x

0.3x

7.2%

43.0%

2.40

-2.8%

0.6%

3.4%

9.3%

3.0%

7.4x

0.7x

9.2%

13.5%

17.00

0.0%

0.5%

-2.3%

15.3%

6.3%

11.1x

9.0%

3.05

0.7%

0.4%

2.0%

10.3%

1.1%

1.7x

8.8%

0.3x

5.0%

3.1x

10.8%

14.00

0.4%

0.5%

41.4%

68.00

-2.9%

0.6%

74.4%

13.3%

6.0%

14.3x

1.8x

0.7%

7.0%

1.26

0.0%

0.4%

31.3%

11.1%

2.3%

6.7x

0.7x

0.8%

15.0%

35.6%

18.5%

5.9x

1.0x

4.7%

16.9%

2.2x

1.0% 2.8%

7.4%

3.80

-5.0%

0.2%

-15.6%

104.00

0.0%

0.3%

18.5%

28 NASCON Allied Industries PLC 29 AIICO Insurance PLC

14.40

0.0%

0.3%

9.1%

21.3%

6.9%

13.5x

2.7x

0.69

0.0%

0.2%

-1.4%

7.2%

1.1%

383.3x

0.7x

264.90

0.0%

ŽŶƐƵŵĞƌ ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ ůŽƐƚ ϭ͘ϭй

30 TotalEnergies Marketing Nigeri 31 Custodian and Allied Insurance

0.3%

19.4%

48.0%

9.5%

5.4x

2.2x

1.5%

18.6%

7.20

0.0%

0.2%

-8.9%

19.5%

5.5%

4.2x

0.8x

7.6%

23.6%

23.45

0.0%

ĂŶĚ ϭďƉ ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ͕ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŝĐĞ

32 Vitafoam Nigeria PLC 33 Unilever Nigeria PLC

0.2%

4.2%

38.7%

16.0%

6.0x

2.1x

6.6%

16.6%

14.05

0.7%

0.2%

-3.1%

7.8%

4.9%

31.2x

1.2x

ŵŽĚĞƌĂƟŽŶƐ ŝŶ &>KhZD/>> ;-ϴ͘ϴйͿ͕ E'^h' Z ;-

34 Julius Berger Nigeria PLC 35 Union Bank of Nigeria PLC

26.50

0.0%

0.2%

18.6%

18.9%

2.4%

4.0x

0.8x

1.5%

25.0%

3.9%

ϳ͘ϭйͿ͕ ĂŶĚ t W K ;-Ϭ͘ϰйͿ͘

36 Oando PLC 37 Wema Bank PLC 38 Sterling Bank PLC 39 Notore Chemical Industries Ltd

/ŶǀĞƐƚŽƌ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ

40 Transcorp Hotels Plc

ďƌĞĂĚƚŚ͕ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ Ϭ͘ϯǆ ĨƌŽŵ Ϭ͘ϭǆ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ ĂƐ ϰϰ ƐƚŽĐŬƐ ŐĂŝŶĞĚ͕ ϮϬ ůŽƐƚ ǁŚŝůĞ ϴϴ ǁĞƌĞ ƵŶĐŚĂŶŐĞĚ͘ dŚŝƐ ǁĞĞŬ͕ ǁĞ ĞǆƉĞĐƚ ƚŚĞ ŵĂƌŬĞƚ ƚŽ ƐƵƐƚĂŝŶ ƚŚĞ ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ͕ ĂůďĞŝƚ͕ ŵŽĚĞƐƚůǇ͘

DĞĂŶǁŚŝůĞ͕ ƚŚĞ EŝŐĞƌŝĂŶ ǆĐŚĂŶŐĞ 'ƌŽƵƉ ;E'yͿ >ŝŵŝƚĞĚ ůĂƐƚ ǁĞĞŬ ŶŽƟĮĞĚ ƚŚĞ ŝŶǀĞƐƟŶŐ ƉƵďůŝĐ ŽĨ ƚŚĞ

ƚŚĞ ŐƌŽƵƉ ĂƐ Ă ŶĞǁ ƐƵďƐƚĂŶƟĂů ƐŚĂƌĞŚŽůĚĞƌ ŽĨ E'y ůŝŵŝƚĞĚ͘

T ic k er

0.1%

7.6%

7.1%

0.8%

7.2x

0.7x

0.0%

9.7%

14.5%

2.6%

2.1x

0.3x

3.2%

14.0% 47.9%

0.94

0.0%

0.1%

30.6%

14.1%

0.8%

4.1x

0.5x

4.3%

1.59

-1.9%

0.1%

5.3%

9.4%

0.9%

2.1x

0.3x

3.1%

62.50

0.0%

0.1%

0.0%

-28.3%

-6.1%

5.38

0.0%

P ric e

2.4x

24.5% 48.1% -13.8%

0.9x

T o p 10 T r a d e s b y V o lu m e P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

ET R A N Z A C T

2.66

9.9%

FCM B

50.1

0.7%

R OYA LEX

1.25

9.6%

T R A N SC OR P

37.0

0.0%

R T B R ISC OE

0.94

9.3%

UB A

19.3

0.0%

N IGER IN S

0.28

7.7%

FB NH

17.7

0.4%

C OR N ER ST

0.70

7.7%

GT C O

10.1

0.0%

J A IZ B A N K

0.77

5.5%

UC A P

9.8

0.4% 0.0%

IN T B R EW

5.50

4.8%

M ULT IVER SE

9.5

CHA M S

0.23

4.5%

F ID ELIT YB K

7.0

0.3%

M B EN EF IT

0.28

3.7%

ST ER LN B A N K

7.0

-1.9%

R EGA LIN S

0.39

2.6%

J A IZ B A N K

6.5

5.5%

T o p 10 L o s e r s

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

T ic k er

P ric e

P ric e C hg %

T ic k er

Value

C UT IX

2.70

-8.5%

M TNN

434.9

0.5%

N EM

3.80

-5.0%

GT C O

273.2

0.0%

VER IT A SKA P

0.22

-4.3%

FB NH

205.0

0.4%

WA P IC

0.48

-4.0%

172.9

0.0%

UP D C

1.04

-3.7%

UB A

167.7

0.0%

LIVEST OC K

ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ

0.8% 0.0%

T o p 10 G a i n e r s

ŝŶĐƌĞĂƐĞ ŝŶ ƚŚĞ ƚŽƚĂů ŶƵŵďĞƌ ŽĨ ŝƚƐ ƵŶŝƚ ƐŚĂƌĞƐ ŚĞůĚ ďǇ s& 'ƌŽƵƉ WůĐ ƚŽ ϭϬϭ͕ϱϰϰ͕ϳϵϮ ;ϱ͘ϭϳйͿ͕ ƋƵĂůŝĨǇŝŶŐ

6.35 4.85

0.3%

P ric e C hg %

1.94

-3.0%

FCM B

152.9

0.7%

GUIN N ESS

68.00

-2.9%

Z EN IT H B A N K

145.9

-0.2%

M A N SA R D

2.40

-2.8%

ST A N B IC

137.3

0.3%

F T N C OC OA

0.36

-2.7%

UC A P

137.2

0.4%

J A P A ULGOLD

0.37

-2.6%

N GXGR OUP

126.8

-2.5%

ƌŽŬĞƌĂŐĞ

ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ

/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ

ĚĞĚŽǇŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ZŽŵďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ďŝŽĚƵŶ <ĞƌŝƉĞ ͮĂŬĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ĂŵŝůĂƌĞ ƐŝŵŝǇƵ ͮ ĚĂƐŝŵŝǇƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

MONDAY, FEBRUARY 28, 2022 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 24Feb-2022, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 176.16 177.31 5.56% Afrinvest Plutus Fund 100.00 100.00 8.93% Nigeria International Debt Fund 317.30 317.30 2.94% Afrinvest Dollar Fund 90.46 91.61 -7.96% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 9.46% AIICO Balanced Fund 3.66 3.83 4.78% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 7.90% Anchoria Equity Fund 146.54 148.38 5.05% Anchoria Fixed Income Fund 1.21 1.21 5.83% 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 N/A N/A N/A ARM Discovery Balanced Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.91 108.91 7.08% AVA GAM Fixed Income Dollar Naira 1,080.64 1,080.64 8.06% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.08 2.08 9.57% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.27 2.32 27.61% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 1.38% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund N/A N/A N/A Cordros Milestone Fund N/A N/A N/A N/A N/A N/A Cordros Dollar Fund ($) N/A N/A N/A CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 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 1.00 1.00 8.50% Emerging Africa Bond Fund 1.02 1.02 5.21% Emerging Africa Balanced Diversity Fund 1.05 1.05 14.98% Emerging Africa Eurobond Fund 101.39 101.39 3.34% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund N/A N/A N/A FBN Balanced Fund N/A N/A N/A FBN Halal Fund N/A N/A N/A FBN Money Market Fund N/A N/A N/A N/A N/A N/A FBN Nigeria Eurobond (USD) Fund - Retail N/A N/A N/A FBN Smart Beta Equity Fund N/A N/A N/A 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 7.47% Legacy Debt Fund 3.98 3.98 -0.48% Legacy Equity Fund 1.81 1.85 4.12% Legacy USD Bond Fund 1.21 1.21 0.66% 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 4,002.56 4,063.32 2.83% Coral Income Fund 3,501.38 3,501.38 0.95% Coral Money Market Fund 100.00 100.00 6.63% FSDH Dollar Fund

1.09

3.43%

INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 6.34% Vantage Balanced Fund 2.92 2.99 2.30% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 142.79 142.84 -8.24% Vantage Equity Income Fund (VEIF) - June Year End 1.28 1.32 1.49% Vantage Dollar Fund (VDF) - June Year End 1.08 1.08 4.14% 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 1.56 1.59 3.43% Lotus Halal Fixed Income Fund 1,156.81 1,156.81 1.75% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.30 101.31 9.01% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.51% 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 1.63 1.65 1.43% PACAM Fixed Income Fund 11.60 11.59 3.59% PACAM Money Market Fund 10.00 10.00 6.56% PACAM Equity Fund 1.51 1.52 4.53% PACAM EuroBond Fund 114.31 116.75 -0.79% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 131.12 132.74 8.50% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.08 1.08 10.03% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,526.51 3,563.68 2.40% Stanbic IBTC Bond Fund 236.60 236.60 0.37% Stanbic IBTC Ethical Fund 1.33 1.35 3.08% Stanbic IBTC Guaranteed Investment Fund 315.80 315.80 0.79% Stanbic IBTC Iman Fund 244.47 248.04 0.97% Stanbic IBTC Money Market Fund 100.00 100.00 6.07% Stanbic IBTC Nigerian Equity Fund 11,236.27 11,392.72 1.14% Stanbic IBTC Dollar Fund (USD) 1.30 1.30 0.66% Stanbic IBTC Shariah Fixed Income Fund 117.53 117.53 0.48% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 107.72 107.72 UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.97 0.99 4.26% United Capital Balanced Fund 1.41 1.43 3.63% United Capital Wealth for Women Fund 1.14 1.16 4.77% United Capital Sukuk Fund 1.09 1.09 1.15% United Capital Fixed Income Fund 1.98 1.98 1.07% United Capital Eurobond Fund 123.32 123.32 0.80% United Capital Money Market Fund 1.00 1.00 8.16% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.39 13.52 1.58% Zenith ESG Impact Fund 15.24 15.41 4.31% Zenith Income Fund 22.29 22.29 1.35% Zenith Money Market Fund 1.00 1.00 6.27%

REITS NAV Per Share

Yield / T-Rtn

124.98 54.65

10.62% 8.10%

Bid Price

Offer Price

Yield / T-Rtn

14.07 136.05 107.11 19.84 23.29

14.17 139.46 109.47 19.94 23.39

0.73% 3.37% 3.37% 0.00% 0.00%

Fund Name SFS REIT Union Homes REIT

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Grifﬁn 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

N/A N/A N/A N/A N/A N/A

NAV Per Share

Yield / T-Rtn

107.28

10.80%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

MONDAY, FEBRUARY 28, 2022 • T H I S D AY

PAGE FOURTY-EIGHT APC GOVERNORS STILL DIVIDED OVER ZONING OF PARTY OFFICES

of the party and not governors. However, while they have agreed that the next chairman of the APC should come from the north and the party’s presidential candidate from the southern part of the country, its leaders, mostly governors, were not comfortable with the zoning formula for other positions in the party, THISDAY learnt yesterday. “It is the issue of the deputy chairman and others that they are dealing with. Under the current arrangement, they want to retain John James Akpanudoedehe as secretary; Ken Nnamani as Deputy National Chairman and make Farouk Aliu Deputy Chairman, north, which is where the conflict is, because the northwest governors don’t want him to be deputy chairman,” the source explained yesterday. The acting Chairman of the Caretaker/Extraordinary National Convention Planning Committee (CECPC) of the party, Mai Mala Buni, was expected to come up with a zoning arrangement of offices across board to deliberate upon and perhaps adopt, but that is yet to happen. But, with the release of INEC timetable, which has left little room for any further machination, there is renewed urgency to get things done quickly. Between the

March 26 date for the party's convention and beginning of primary season on April 4, according to INEC timetable released on Saturday, there is no enough time for the expected new NWC of the party to prepare for the primaries. However, APC governors would be meeting tomorrow, and their meeting is not be unconnected to the election timetable recently released by the Independent National Electoral Commission (INEC), and the unusual duration between primaries and the general election. The governors are also likely to deliberate on the contentious zoning list that is receiving a lot of pushback from party stakeholders. According to the THISDAY source with knowledge of the happenings in APC, who preferred anonymity, the division in the party was telling, adding that some three governors from the north had usurped the powers of the CECPC. He said what was widely circulated as zoning formula was no more than a proposal by some elements in the party, which was yet to be approved by the Caretaker/Extraordinary National Convention Planning Committee (CECPC) of APC. The source claimed that,

contrary to the impression being created by those promulgating the unofficial zoning formula, it was just an idea mooted by some people and sold to the party leadership. He contended that the zoning arrangement had not undergone proper review by critical stakeholders, let alone getting the approval of the APC leadership led by Buni. According to the source, who was not pleased with some of the recent happenings in the party, the three governors, also from the north, have literally seized the powers of the caretaker committee and were driving the affairs of the party, thereby undermining Buni, for obvious self-interest. The source said some of the meetings of the party leadership last week agreed on a new convention date, adding that President Muhanmadu Buhari, might have settled for a former governor of Nasarawa State, Abdullahi Adamu, from North Central, as the consensus choice for national chairman. The source, thus, noted that the next president of the country would come from the south for the purpose of geo-political and ethnic balancing, stressing that anything short of this basic understanding could spell doom

for the party. These, nonetheless, the APC, last night, named the Deputy Senate President Ovie OmoAgege; Mai Mala Buni, Prince Dapo Abiodun, Abdulrasaq Abdulrahmnan, Governor of Lagos State, Babajide Sanwo-Olu; and Governor of Cross River State, Ben Ayade, as Chairmen of the national convention subcommittees amongst others, ahead of the party's convention slated for March 26. But in further explaining the involvement of his three northern colleagues in issues relating to the national convention, the source said, Buni had never taken any decision without consulting Buhari, whom he said was Chairman of the National Executive Council (NEC) of the party. The three governors, he claimed, had been railroading the party’s leadership into taking many decisions without consulting other members. He contended that this did not augur well for the APC, as these actions had been mostly driven by personal ambition rather than the overall interest of the party. The governor said, “Obviously, a few governors are trying to usurp the powers of the party. For instance, the postponement

of the national convention and the zoning list announced to the press, the governors and other stakeholders of the party never discussed or agreed on it; we just heard it in the media. “As far as some of us are concerned, that zoning list making the rounds is only a proposal by those few governors. The party may well adopt it or may set up a zoning committee, which to some of us is the right thing to do. The ideal thing was for us to have set up a zoning committee that would agree on the zones to allocate the party positions to. “So, by announcing a list that was not agreed on as the party’s position, was more like an imposition. No decision was taken. The president only said all he wanted was to make sure we have a consensus. No decision and they just went and organised a press conference with a zoning list. “The proper thing is for the party to have a zoning committee that would consult and arrive at the zoning formula. Even if they are going to arrive at the same answer, they must be seen to have consulted with members of the party. That is very important so that our party is not seen as a party in confusion, like the Peoples Democratic Party (PDP),

would like to make Nigerians believe. “There was a meeting to announce the postponement of the convention and some governors were unhappy that the convention was being postponed and they were not aware and that really got the governors upset.” The governor also disclosed that based on the decision to zone the APC national chairman to the north, the party’s presidential candidate must come from the south. His words, “The presidential candidate is going to come from the south and it is likely going to be a Christian presidential candidate. You cannot have the chairman of the party to be a Muslim and a presidential candidate a Muslim, it is not possible. “And if the presidential candidate is a Christian, the vice is going to be a Muslim from the north, invariably, you cannot have a Christian vice president from the north, when the presidential candidate is a Christian.” The source, who further buttressed his position with the setting up of zoning committee by the party, contended that he had been vindicated by

its first quarter 2022 results, to be reported in May. BP chair Helge Lund said, “Russia’s attack on Ukraine is an act of aggression, which is having tragic consequences across the region. BP has operated in Russia for over 30 years, working with brilliant Russian colleagues. “However, this military action represents a fundamental change. It has led the BP board to conclude, after a thorough process, that our involvement with Rosneft, a state-owned enterprise, simply cannot continue. We can no longer support BP representatives holding a role on the Rosneft board. “The Rosneft holding is no longer aligned with BP’s business and strategy and it is now the board’s decision to exit BP’s shareholding in Rosneft. The bp board believes these decisions are in the best long-term interests of all our shareholders.” Looney added, “Like so many, I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected. It has caused us to fundamentally rethink BP’s position with Rosneft. “I am convinced that the decisions we have taken as a board are not only the right thing to do, but are also in the long-term interests of BP. Our

immediate priority is caring for our great people in the region and we will do our utmost to support them. We are also looking at how BP can support the wider humanitarian effort.” Looney had been a director of Rosneft, as one of two BPnominated directors since 2020. Bob Dudley had been a director of Rosneft since 2013. As a result of the resignations of BP’s nominated directors, BP determined it no longer met the criteria set out under International Financial Reporting Standards (IFRS) for having “significant influence” over Rosneft. BP will, therefore, no longer hold equity account for its interest in Rosneft, treating it now as a financial asset measured at fair value. As BP now is exiting its interest in Rosneft, it has removed Rosneft dividend payments from its financial frame. BP also disclosed that it would exit its other businesses with Rosneft within Russia.

Continued on page 51

UKRAINE: PUTIN PUTS NUCLEAR DETERRENT FORCES ON HIGH ALERT In a related development, the Nigerian government yesterday announced it had secured exit routes for Nigerians fleeing Ukraine, just as anti-war protests against Russia were held across the world, Moscow inclusive, as support for Ukraine continues to rise. Putin said the decision to put the nuclear deterrent forces on alert was in response to what he described as “aggressive statements” by leading NATO powers and economic sanctions by the West, according to Sky News. Putin gave the charge yesterday during a televised meeting with Russia's Defense Minister, Sergei Shoigu, and the Chief of the General Staff of the Russian Armed Forces, Valery Gerasimov “Top officials in leading NATO countries have allowed themselves to make aggressive comments about our country, therefore, I hereby order the Minister of Defense and the chief of the General Staff of Russian Armed Forces to place the Russian Army Deterrence Force on combat alert," Putin said. The Russian president also said the sanctions placed on Russia were unlawful. According to state news agency, RIA Novosti, Russian Ministry of Defense said the strategic forces "are designed to deter aggression against Russia and its allies, as well as to defeat the aggressor (inflicting defeat on him), including in a war with the use of nuclear weapons." More Countries Ban Russian Flights from Airspace Russia has faced series of global sanctions, especially the closure of airspace to the country's aircraft and airlines for the war in Ukraine. Germany said it will close its airspace to Russian aircraft from 3pm local time on Sunday, according to a statement from the Federal Ministry of Digital and Transport. The statement read, “On February 27, 2022, the Federal Ministry issued a notice to air missions (NOTAM) that Russian aircraft and aircraft operators were banned from flying into and over German airspace. The ban applies from February 27, 2022, 3pm It is initially valid for three months.” The ministry added that humanitarian aid flights were exempt from the ban.

The Italian government said on Twitter that it was closing its airspace to Russian aircraft on Sunday, following a similar action. "#Ukraine - Italy has decided to close its airspace to Russia, starting from 15.00 today," the statement said. France also said it would shut “its airspace to Russian aircraft and airplanes from this evening onwards,” according France’s Transport Minister, Jean-Baptiste Djebbari, in a tweet yesterday. Djebbari said, “To the Russian invasion of Ukraine, Europe responds with total unity. "France is shutting its airspace to all Russian aircraft and airlines from this evening on." German Chancellor Olaf Scholz said Germany would allocate €100 billion for its armed forces as it looks to increase defense spending in the light of Russia’s invasion of Ukraine. “It’s clear that we need to invest more in the security of our country in order to protect our freedom and democracy,” Scholz said while delivering a statement on Ukraine at a special parliament session." Scholz said the German army needed to have “new strong competences,” including better devices and equipment which “cost a lot of money.” He announced the €100 billion special fund for this purpose as part of

the 2022 budget. He added that the country would invest more than two per cent of its Gross Domestic Products (GDP) in defense every year from now on, and accused Putin of wanting to have a Russian empire and to change Europe. Scholz said, “Those who read Putin’s explanation about history, those who have seen him how he announced the war on TV, and before that I had talked to him for hours, so I cannot have any doubt that he wants to have a Russian empire. He wants to change Europe according to his imagination.” Earlier, the United States' Secretary of State, Antony Blinken, announced that the US was sending nearly $54 million in humanitarian aid to Ukraine to assist those affected by Russia’s invasion. In a statement released yesterday, Blinken said the funds would go to international humanitarian organisations to provide food, water, shelter and health care to Ukrainians in need and help reunify families who have been separated amid Russia’s attacks. The statement said, “The United States commends the hospitality of the neighbouring countries in the region hosting fleeing Ukrainians, and we are engaging diplomatically to

support their efforts to keep their borders open and assist those seeking international protection “As with any refugee situation, we call on the international community to respond to the needs of those seeking protection in a way consistent with the principle of non-refoulement and our shared obligations under international law.” The US has provided nearly $405 million in humanitarian aid to Ukraine since Russia first invaded Ukraine in 2014, according to the press release. BP to Exit 19.75% Shareholding in Rosneft The BP board announced that it would exit its shareholding in Rosneft. BP had held a 19.75% shareholding in Rosneft since 2013. The company, in a statement on its website, also disclosed that its chief executive officer, Bernard Looney, was resigning from the board of Rosneft with immediate effect. The other Rosneft director nominated by BP, former BP group, chief executive Bob Dudley, similarly would resign from the board. The resignations would require BP to change its accounting treatment of its Rosneft shareholding and, as a result, it expects to report a material non-cash charge with

FG Secures Exit Routes for Fleeing Nigerians The Nigerian government secured exit routes for Nigerians fleeing Ukraine, the Ministry of Foreign Affairs revealed. The ministry in a signed Continued on pag 49

CONCERNS AS NNPC RECORDED ZERO REMITTANCE TO FEDERATION ACCOUNT IN JANUARY THISDAY recalls that with a deficit of approximately N2 trillion out of its projected N2.511 trillion, the NNPC was unable to remit roughly 80 per cent of its projected contribution to the Federation Account in 2021. For the entire 12 months of last year, the NNPC disbursed N542 billion as against the budgeted N2.511 trillion, despite a monthly contribution estimate of N209.3 billion. The N542 billion represented just about 21. 6 per cent of the total expected contribution of the NNPC to the joint account. The development underscored how a combination of factors, including declining oil production, rising subsidy payments and high oil production costs, have hobbled the organisation's performance despite the increasing oil prices which overshot $105 per barrel last week. Earlier in the year, President Muhammadu Buhari had backtracked on the planned full deregulation of the downstream

sector, including the wholesale removal of petrol subsidy, citing the negative impact it would have on the poor in the country. For decades, Nigeria's attempt to fully free the downstream oil and gas industry has met with a brick wall. The latest effort has also been pushed forward by about 18 months, effectively exempting the current administration which will exit by May 2023 of any burden. A THISDAY’s analysis in January 2022, had shown that total deductions for petrol subsidy or what the government terms under-recovery was about N1.43 trillion for 2021. The journey to zero remittance in January was envisaged by close watchers of the industry as the NNPC only delivered a paltry N14.8 billion, N10.54 billion and N20 billion in October, November and December respectively last year. In December, the three tiers of government shared N675.946 billion as FAAC revenue for the month of November while in

January, it shared N699.82 billion for December. But the total funds shared in February markedly decreased to N574.66 billion, raising concerns over the capacity of sub-nationals to meet their current financial obligations. The amount shared by the federal, state and local governments dropped to a four-year low this month, a huge blow to states that are already struggling to survive. But in the latest monthly presentation to FAAC held on February 24, obtained by TheCable, NNPC pointed out that the N210 billion shortfall included a December 2021 value of N176.48 billion plus the outstanding value shortfall recovery of N33.90 billion accruing from 2021. Furthermore, the oil firm stated that it would deduct N242.5 billion, which was the about N143.7 billion for January 2022 recovery and November spot arrears of N98.8 billion, during next month’s FAAC meeting. It,

however stated that the national oil company recorded N383 billion as gross revenue from crude oil sales in January, a dip from the projected N414.9 billion. The fall would significantly negatively affect states that are presently experiencing fiscal stress and had been kicking against deductions of the shortfall from FAAC remittances. While an ad-hoc committee of the National Economic Council (NEC) had recommended gradual deregulation of petrol prices by February 2022 to reduce the pressure on revenue accruing to states, recently Buhari asked the National Assembly to approve the N2.557 trillion budget for petrol subsidy in 2022. Meanwhile, the Organisation of Petroleum Exporting Countries (OPEC) and its allies OPEC+ have revised down forecast for the 2022 oil market surplus by about 200,000 barrels per day (bpd) to 1.1 million bpd, according to a base scenario in a technical committee report seen by Reuters on Sunday.

The data which is part of a report the Joint Technical Committee (JTC) prepares for OPEC+ ministers - also showed stocks in the developed world standing at 62 million barrels below the 2015 to 2019 average by the end of the year. In a previous forecast it had predicted the stocks would reach 20 million barrels above the same average by that point. Ministers from OPEC and allies led by Russia, a group known as OPEC+, will meet on March 2 to decide whether to increase output by 400,000 bpd in April. Sources from the group told Reuters their output deal is showing no cracks so far after Russia's invasion of Ukraine, and the group is likely to stick to a planned output rise despite crude topping $100 a barrel. Data from a separate JTC report also showed the group produced in January 972,000 bpd less than the targets outlined by the deal, compared with 824,000 less in December.

MONDAY, FEBRUARY 28, 2022 • T H I S D AY

NEWS

INAUGURATION OF NEW KIMBERLY-CLARK PLANT... L-R: Acting Vice President of Kimberly-Clark, Middle East & Africa, Mr. Fernando Baticon; Lagos State Governor, Mr. Babajide Sanwo-Olu; Vice President, Prof. Yemi Osinbajo and the General Manager, Kimberly-Clark Nigeria, Vani Malik, during the commissioning of the Kimberly-Clark Nigeria new plant factory in Ikorodu, Lagos,... recently

Ex-JAMB Boss Diverted N341m from NECO for Printing Press, Others, Says Witness Kingsley Nwezeh in Abuja The High Court of Niger State sitting in Minna, was told how a former Registrar of the Joint Admission and Matriculation Board (JAMB), Prof. Dibu Ojerinde, allegedly diverted N341.9 million from the National Examination Council (NECO) to set up a personal printing press, school and buildings. Prosecution witness, Dr. Jimoh Olatunde, who testified before the trial judge, Justice Abdullahi Mikailu, in the on-going trial of Ojerinde, told the court that N216, 297.443 was deceitfully withdrawn from NECO account for payments for 17 fictitious printing contracts, which was in actual sense, used for establishing the printing press. Olatunde is the first witness to be brought before Justice Mikailu, in a 10-count charge of official corruption and abuse of office brought against Ojerinde by the Independent Corrupt Practices and Other Related Offences Commission (ICPC). The witness, who is a former deputy director and head of

treasury at NECO said: “We follow due process for the award of the contracts strictly on paper but I am confirming to this court that I know what went on underneath despite perfection of all the documents and processes. "Let me give you an instance, between 2004/5, most printing contracts were awarded to these 17 companies owned by a friend of Prof. Dibu Ojerinde. He was the one in charge of all printing materials in NECO. "He brought a handwritten bill of N246, 914, 890, when he wanted to establish a printing press for Prof Dibu Ojeriende and I was directed to pay 87.6% amounting to N216, 297.443 only. We perfected all the documents through award of fictitious contracts to the 17 companies.” While being led in evidence by counsel to ICPC, Ebenezer Shogunle, the witness gave details about the various properties he acquired in Minna for Ojerinde, using different fronts including one Alhaji Muri Lamidi, and fictitious

address in Kontagora, Niger State. The witness further listed before the court, a multiple storey building known as "TejumolaHouse", Ojodu, Lagos, which was acquired in 2003, in the name of Doyin OgbohiIndustries Ltd from Intercontinental Bank for N27 million and Sapati International School, Ilorin, Kwara State, which was built at an initial contract sum of

N98.6 million. The witness, who took full responsibility for all the illegal withdrawal of funds from NECO being the Head of Treasury as at the time the alleged fraud took place, told the court that assets were acquired with stolen public funds. A total of 18 documents including correspondence addressed to the witness as "client representative’ by the

various contractors used for the projects as well as bills of quantities were tendered and admitted in evidence. The witness also tendered some documents to show that a number of shares in some blue chip companies acquired for the former JAMB boss were transferred to ‘Madiba’sTrust’, an entity created to consolidate. While being cross-examined by counsel to the Defendant, Ibrahim Ishyaku (SAN), the

ICPC witness also tendered a list of 17 companies, which he said were used to siphon funds from NECO to acquire some of the companies and assets for the benefit of the defendant. The matter was adjourned to March 7-8, 2022 for continuation of hearing following complaint of back ache by the witness and further cross-examination by the defence counsel, a statement by ICPC said.

Gunmen Kidnap Bride at Wedding Ceremony, Kill 10 Others in Niger Communities Laleye Dipo in Minna The bride at a wedding ceremony in Gbacitagi village in Lavun local government area of Niger state was on Saturday kidnapped by terrorists who also raided several communities in the area and killed 10 villagers, some of them guests at the wedding ceremony. All the goods brought for the wedding and cash were

taken away by the terrorists. The gunmen numbering over 100 stormed the communities riding on motorcycles and carrying sophisticated weapons, including AK47 rifles. THISDAY learnt that the terrorists also rustled a large herd of cattle and stole food items from the villages they attacked. Some of the villages invaded according to report were Egbako,

Ndaruka, Ebbo, Ndagbegi, Tshogi, Gogata and Ndakogitu Tsonfadagabi, Kanko and Gbacitagi. It was learnt that the bandits were however stranded at Akere, where the bridge linking the community with Wushishi was said to have collapsed. The cattle which they rustled according to reports "refused" to cross into Wushishi through the river making the armed men to

abandon them and took different routes for their escape. As at the time of filing this report the where about of the bride and others kidnapped was not known. The Commissioner for Local Government and Internal Security Mr. Emmanuel Umar confirmed the incident to newsmen but said he was yet to get the details. The Police could not be reached to confirm the incident

In a video seen by THISDAY, Sanders, who spoke before the war between Russia and Ukraine broke out, pointed out on the US Senate floor that the American government was selfish and would have flexed its military muscles against Ukraine, were it to be in Russia's situation. Sanders stated, "Putin may be a liar and a demagogue, but it is hypocritical for the United States to insist that we do not accept the principle of 'spheres of influence'. For the last 200 years, our country has operated under the Monroe Doctrine, embracing the premise that as the dominant power in the western hemisphere," explained Sanders, "the United States has the right to intervene against any country that might threaten our alleged interests.” Under this doctrine, noted the US senator, America had committed various atrocities on foreign lands. The Democratic senator stressed, "We have undermined

and overthrown at least a dozen governments. In 1962 we came to the brink of nuclear war with the Soviet Union in response to the placement of Soviet missiles in Cuba, 90 miles from our shore, which the Kennedy administration saw as an unacceptable threat to our national security." He added, "And the Monroe Doctrine is not ancient history. As recently as 2018, Donald Trump’s Secretary of State, Rex Tillerson, called the Monroe Doctrine 'as relevant today as it was the day it was written'. In 2019, Trump’s former national security adviser, John Bolton, declared 'the Monroe Doctrine is alive and well'." Further condemning the US grandstanding and hypocritical response to the Russia-Ukraine crisis, Sanders explained, "To put it simply, even if Russia was not ruled by a corrupt authoritarian leader like Vladimir Putin, Russia, like the United States, would still have an interest in the security policies of its neighbours."

UKRAINE: PUTIN PUTS NUCLEAR DETERRENT FORCES ON HIGH ALERT statement by its permanent secretary, Ambassador Gabriel Aduda, yesterday, said visa free passage had been secured for Nigerians fleeing the troubled country. Aduda advised that Nigerians fleeing Ukraine should make the move through Hungarian Zahony border and Romanian Suceava, Tulcea, Satu Mare County and Maramures. The statement read, “The Ministry of Foreign Affairs is fully abreast of all the challenges Nigerians crossing into countries bordering Ukraine, especially the Polish border, are facing and we are taking adequate measures to assuage these challenges. “The Honourable Minister of Foreign Affairs has spoken with his counterpart, the Foreign Minister of Ukraine on these unsavoury development and both are working on alleviating the suffering of Nigerians, including deploying the International Organisation for Migration (IOM) to the border to ensure easier access to all Nigerians and

other nationals. “For now, movement to the Hungarian Zahony border and Romanian Suceava, Tulcea, Satu Mare County and Maramures borders is advised, as they have approved visa free access to all Nigerians coming from Ukraine and arrangements for accommodation and feeding before evacuation is arranged.” Aduda said, “Parents, guardians and wards of Nigerians in Ukraine are enjoined to remain calm as the Federal Government of Nigeria is working very hard to get them all home safely.” Russians Rush for Dollars as Sanctions Threaten Ruble Collapse Russians are lining up at cash machines around the country to withdraw foreign currency as new sanctions to punish the Kremlin for its invasion of Ukraine sparked fear the ruble could collapse. The rush for foreign currency came despite some lenders

selling dollars at more than a third higher than the market’s close on Friday, and well past the psychologically important level of 100 rubles per dollar that many economists said would trigger an interest-rate hike by the Bank of Russia. The shock came as Russians were still digesting news that Europe was closing its airspace to them and popular payment systems like ApplePay would stop working, Bloomberg news reported. FIFA bans matches in Russia, 3 European countries refusing to play country in World Cup qualifiers Meanwhile, FIFA said no international football matches will be played in Russia and the country's flag and anthem will be prohibited from matches abroad. The governing body FIFA announced this in the wake of the invasion of Ukraine. It said Russia's national teams would henceforth compete only as the Football Union of Russia (RFU), and its games would be

held with no fans and on "neutral territory". The ban came after Sweden, Poland, and the Czech Republic refused to play Russia in the 2022 World Cup playoffs next month amid the invasion of Ukraine. The decision by the three countries could disrupt the UEFA World Cup qualifiers, and leave FIFA president Gianni Infantino with the responsibility to find a solution within the next month. Sweden and Poland made the decision on Saturday, and the Czech Republic followed Sunday. US Hypocritical about Russia-Ukraine War, Says Senator Sanders Democratic and ranking Senator Bernie Sanders slammed the United States as hypocritical for kicking against Russia's on-going onslaught against Ukraine, accusing the American government of illegitimately overthrowing a "dozen" of regimes in other countries.

MONDAY, FEBRUARY 28, 2022 • T H I S D AY

NEWS

SOLEMNISATION OF HOLY MATRIMONY... L-R: Parents of the groom, Engr. Olufemi and Dame Olufunmilayo Agbato; Akarigbo and Paramount Ruler of Remoland, HRM Oba Babatunde Ajayi; Ogun State governor, Prince Dapo Abiodun; groom, Dr. Opeyemi Agbato and bride Dolapo Aiyegoro at the solemnisation of the holy matrimony between the couple at the Redeemed Evangelical Mission (TREM) Victory and Integrity Centre (VIC), Lekki-Expressway, Lagos...weekend

Shehu: Buhari's Assent to Electoral Act Landmark Moment for Nigeria New legislation would revolutionise elections in Nigeria, says VON boss Deji Elumoye and Adedayo Akinwale in Abuja Senior Special Assistant to the President on Media & Publicity, Mallam Garba Shehu, has described last Friday's assent to the Electoral Act 2022 by President Muhammadu Buhari as a landmark moment for the nation. This is just as the Director General of Voice of Nigeria (VON), Mr. Osita Okechukwu has said the new legislations in the Electoral Act would revolutionise elections in Nigeria. Shehu in an opinion he wrote Sunday, said the back and forth on some controversial provisions underscored the perfect workings of a parliament and executive both driven by new energy to deliver change in a country where the people want to move in a different direction.

According to him, this of course runs parallel to that which Nigerians witnessed in the past when selfinterest overrode the nation’s and the fashioning of electoral acts. He said the law underscores the government's commitment to ensuring free and fair elections, dignity of the citizens, opportunity and justice to all political participants whether they are voters or candidates. Shehu also said the law furthers social empowerment and inclusion by limiting the influence of money on elections and raw power of incumbents to use to the disadvantage of opponents outside the political tent. He added that the crucial changes to the law would benefit voters not parties, empower citizens not politicians, and strengthen our democracy as part of President Buhari’s legacy to the nation. The Presidential spokesman said,

N635m Underpayment: Senate Sustains AuGF Query against University of Uyo Sunday Aborisade, Abuja

The Senate has directed the Vice Chancellor of the University of Uyo, Prof. Nyaudoh Ndaeyo to recover N635.7 million over paid to staff of the institution in 2017. The Senate Public Accounts Committee took the decision based on the 2017 report of the Auditor General for the Federation (AuGF), asking the vice chancellor to uncover the amount of money he overpaid to staff of the Institution. The AuGF in its 2017 report which is currently being considered by the Senate panel, had alleged that the management of the university under-deducted the Pay-As-You- Earn tax totalling N635,700,792.65 from staff salaries and emoluments of workers in 2017. However, the Vice Chancellor in his response claimed that the Akwa Ibom Internal Revenue Service which is the relevant tax authority and which regularly does tax audit had not made any claim against the university for much bogus amount. The vice chancellor added that the total sum of N87.4 million was paid as tax in that same year. The Chairman of the Committee, Senator Matthew Urhoghide, in the last sitting of the panel last Friday, rejected the explanation of the vice chancellor and ordered the management of the institution to refund N635 million to the Akwa

Ibom Internal Revenue Service. The query had read: "Finance Treasury Circular No. TRY/A1 & B1/2009 OAGF/CAD/026/V/12 dated 19th January, 2009 emphasized on the correct and complete deduction of VAT, WHT and PAYE and remittance of same to the Relevant Tax Authority. Paragraph VI of the Circular states that any violation of the directive will be regarded as gross misconduct and shall attract commensurate disciplinary action. "During the periodic check, it was observed that the management of the university under-deducted Pay as You Earn (PAYE) tax totalling N635,700,792.65 from staff salaries and emoluments of workers in 2017. "Additionally, records of the amounts of PAYE that ought to have been remitted to the relevant Tax Authority were not produced for Audit. As a result, government revenue totalling N635,700,792.65 was lost, while staff were overpaid in the same amount. "This may lead to loss of government revenues, which will impact on its ability to execute projects that will benefit the citizens. "The Vice Chancellor is required to recover the under deducted tax (PAYE) in the sum of N635,700,792.65 and remit to the appropriate State Internal Revenue Board and forward the evidence of recovery and remittance to my Office."

"It equally limits the thuggish practice of kingpins who scare voters and officials away, snatch ballot boxes to fill desired outcomes against the popular wish. It is easy to forget that the election of 2015 was the first time in the history of Nigeria that power peacefully changed hands at the ballot box. “It was the first time any party or candidate not from the incumbent PDP had won a nationwide contest since the re-establishment of democracy. This came despite the then administration pulling every lever of its sixteen-year incumbency to bend the electoral system to its advantage. "President Muhammadu Buhari’s re-election by a 15 per cent and a 4 million vote margin in 2019 was therefore equally decisive: it was the first time a non-PDP administration had even been returned to office to a consecutive term. “The last two contests represent the levelling of the political playing-field between long-time incumbents and long-time opposition by sheer force of citizens’ determination for change. Nigerians voted so decisively for the President and the APC, and the margins so significant that the result could not be in doubt." He stated further, "However, this is not a reason to ignore the fact there have been inadequacies in electoral law – and therefore electoral practice. No democratic

system of elections is perfect: in every country that considers itself a democracy those laws must be subject to a continual process of improvement. Indeed, to stop being better is to stop being good. “The Electoral Act makes better and makes good on the circumstance in which every citizen casts their ballot. It ensures that the ballot is fair and free, and that every vote cast is equal, respected, and counts. “For this to be so, the Act was drafted in concert with and through the collaborative consultation of civil society NGOs, labour unions, the media, and the Independent National Electoral Commission itself and not merely by politicians with a vested interested in the rules under which they stand for public office. It empowers the Independent National Electoral Commission by assuring their funding by law well in advance of the election season. "It addresses the unfortunate fact that some polling station results in the past have been declared under duress: now with the power to review any results announced under such circumstances enshrined in law, it makes the use of coercive behavior counterproductive. “The Act also addresses the misuse of appointed political office as a platform and source of resources from which to campaign for elected political office. In the coming days or weeks, the parliament and the

executive should reach a common ground on the issue raised by the President at the point of signing the law, which is the requirement for appointed political office holders to first resign before being eligible to vote or stand for election in the primaries for elective offices." Meanwhile, Okechukwu, in a statement yesterday, said through the strokes of his signature-pen in enacting the law, President Muhammadu Buhari has bequeathed to Nigerians an Electoral Act that empowers the Independent National Electoral Commission (INEC) to deploy Smart Card Reader, Biometric Voter Accreditation System (BVAS) and other technological devices for electoral fidelity. Okechukwu said: "The coming into force of Electoral Act 2022 marks a significant turning point in Nigeria’s journey towards electoral reforms, reinforced democratic rights, higher voters turn out and consolidation of democracy, stressing that by signing the bill into law, the President has given lovers of democracy a booster shot of Vote-Rigging-Vaccine (VRV)." The All Progressives Congress (APC) chieftain noted that contrary to insinuations by naysayers, who according to him, like Joseph Goebbels of Nazi Germany, “kept on telling the big lie and fake news that Buhari will not sign the bill and those who believed them,” the president proved them wrong by

endorsing the VRV, a crucial piece of electoral legislation. He stressed that henceforth, Nigerians would be less attracted by stomach infrastructure or vote buying and need not protest or demonstrate against misrule, maintaining that with the VoteRigging-Vaccine (VRV) strengthened by black ink of the law, Nigerians can now troop out to voting booths on election day with confidence that their votes would vote out bad leaders. Okechukwu stated: “By virtue of the Electoral Act 2022, the VRV offers electronic accreditation and electronic transmission of results. These voter empowerment machines combined to revolutionise free, fair and transparent elections in Nigeria. Electronic Transmission of results is the key element in the Act and will automatically boost voter turnout to 60 per cent in future elections. “Electronic transmission is the lofty milestone and indeed, comes as one of the progressive legacies of Mr President who, as a victim of vote-rigging has always craved for a law instrument that contains progressive provisions to knock out thuggery during accreditation, voting and collation processes." Against this background, Okechukwu noted that the battle between leaders and the led over accountability had shifted to the ballot box.

Group Wants Emefiele to Contest for 2023 Presidency John Shiklam in Kaduna The Kaduna chapter of the “ProGodwin Ifeanyi Emefiele for President 2023,” has asked the Central Bank of Nigeria (CBN) Governor to join the race for the presidential election. Chairman of the group, Mohammed Omale, made the call at a meeting organised by his members in Kaduna, yesterday. Omale said the CBN governor has devoted his time and energy towards building a strong financial system that would lead to the growth and development of the Nigerian economy. He added that Emefiele, “has demonstrated the capability and ability to lead this great country to the promise land.” The group therefore, urged the CBN governor to run for the presidency in 2023, maintaining that his track records at the CBN, are indication that he would transform Nigeria for the better if elected

president. “As patriotic citizens of the federal republic of Nigeria, strong believers in democracy and advocates for a greater Nigeria built on a solid economic foundation, we declare support for the current governor of the Central Bank Nigeria, Mr. Godwin Ifeanyi Emefiele for President of the Federal Republic of Nigeria,” Omale said. The group added: “Emifiele is a well-known Nigerian economist and one of the best CBN Governor Nigeria has ever had in history. “He designed bank policies and program that has led to many jobs creation and drive economic growth. “He promoted agricultural development through anchor borrowers’ schemes which has yielded great success in all parts of the country regardless of religion or tribe.” He said, “One good example of Emefiele’s achievements is the maize production by Maize Association of

Nigeria (MAAN) facilitated by the favourable agricultural policies of the CBN under Emefiele.” He said launching of the biggest maize pyramid in Kaduna reduced the price of the commodity in the market. The group said, “Nigerians are happy especially the less privilege as many youths were empowered through ABP direct and indirect production and processing. “Many farms produce processing companies were established, especially in maize. Modern technology systems were introduced in agricultural farming systems. “He has ensured stable economy in Nigeria by engaging the fiscal authority through various interventions. “He has worked tirelessly to see that Nigerian economy is among the 25th world best economy globally.” Omale further commended Emefiele for preventing series of naira devaluation and excess pressure on

the currency by introducing multiple exchange rate regime. “He has devoted his time and energy towards building a strong financial system that will lead to the growth and development of the Nigerian economy therefore he has demonstrated the capability and ability to lead this great country to the promise land. “His policies and strategy have been able to direct the Nigerian economy through bad times such as recession, Inflation and stagnation. “He has also supported the oil and gas industry through intervention schemes that has led to new private refinery and other modular refinery within the country. “With these we hereby urge Mr. Godwin Ifeanyi Emefiele to contest for president of federal republic of Nigeria to save our nation and our economy. “We also urge all meaningful Nigerians to vote for a better Nigeria”, the group said.

MONDAY, FEBRUARY 28, 2022 • T H I S D AY

NEWS

DSS LONG SERVICE AWARD... L-R:: Deputy Director Operations, Department of State Security (DSS), Sokoto State Command, Mr. A.O Ogboda; Deputy Governor, Sokoto state, Manir Dan’Iya; Assistant Director of DSS, Aminu Muhammad Musa; Sokoto State Governor, Mallam Aminu Waziri Tambuwal of Sokoto State; Director SSS, Sokoto State Command, Alhaji Yahaya Hassan and Deputy Director Administration, SSS, Sokoto Command, Alhaji Idris Garba after the conferment of DG SSS ‘Long Service Award’ on Musa, and seven others in Sokoto

APC Convention: Battle Shifts to the Zones Iyobosa Uwugiaren in Abuja

Ahead of the 2023 general election, the struggle for the soul of the ruling All Progressives Congress (APC) has shifted to the zones, as leaders of different entrenched interest groups – within the party are desperately plotting to undermine one another, over who gets the party offices in their zones. A senior party official at the national secretariat of the APC, told THISDAY in Abuja that, while President Muhammadu Buhari, may have succeeded in diffusing political tension in the party with the zoning arrangement and the consensus option in electing officials, the entrenched interest groups within the APC, are currently engaged in a major battle, trying to get their loyalists into offices allocated to the zones. “We have only succeeded halfway in diffusing tension in our party with the zoning arrangement. But the challenge we currently face is trying to get different interest groups within the party in agreeing on who gets what in the zones. “Some presidential aspirants like Bola Ahmed Tinubu, VicePresident Yemi Osinbanjo, Rotimi Amaechi, Governor Yahaya Bello of Kogi State, Governor Kayode Fayemi and other governors in different zones, are desperately undoing themselves in attempts to get their loyalists into the zoned positions,” the APC chieftain stated. The insider said that while the manoeuvre is expected, especially as the party moves gradually to the primaries, the desperation of some party’s leaders will further divide the party, if not properly handled. In preparation for its national convention, the APC recently zoned the position of the National Chairman to the North Central geopolitical zone, after APC-elected governors met with President Muhammadu Buhari in Abuja with regards to the zoning arrangement for party offices. In the zoning arrangement, the offices of the National Chairman and Deputy National Secretary were zones to the North Central, which includes Benue, Kogi, Kwara, Nasarawa, Niger, and

Plateau States. Also zoned to the region is the Deputy National Legal Adviser and Deputy National Publicity Secretary. According to the party’s decision, the South-south zone will produce the party’s National Publicity Secretary, National Women Leader, Deputy National Treasurer and Deputy National Welfare Secretary.The region comprises Akwa Ibom, Bayelsa, Cross River, Delta, Edo and Rivers States. The position of National Secretary, National Youth Leader and Deputy National Auditor have been zoned to the Southwest, which comprises Ekiti, Lagos, Ogun, Ondo, Osun, and Oyo States. The positions of Deputy National Chairman (South), National Treasurer, National Welfare Secretary and others were zoned to the South East. The zone comprises Abia, Anambra, Ebonyi, Enugu, Imo States. The North-east, which includes Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe States, will have the Deputy National Chairman (North), National Auditor, Deputy National Financial Secretary and Deputy National Women Leader. The positions of National Legal Adviser, National Organising Secretary, National Financial Secretary and Deputy National Youth Leader were zoned to the North West. The zone comprises Jigawa, Kaduna, Kano, Katsina, Kebbi, Sokoto and Zamfara States. THISDAY gathered that the seeming battle for party’s offices is more pronounced in the South-west, as Vice-President Yemi Osinbajo’s group, Governor Kayode Fayemi, Senator Ibikunle Amosun and others are said to be at loggerheads with Tinubu over who picks the National Secretary’s position of the party. The APCelected South West governors were expected to meet last night to resolve the issues. “The APC South-west governors are expected to meet this night (yesterday) to agree on macrozoning. No one can really predict what will be the outcome of the meeting. “But, it is likely the position of the National Secretary will be zoned to Oyo State, because the state has no APC-elected governor.

N E W S A N A LY S I S

But the question of which of the interest group should produce the national secretary will be a tough one,” a source said. To be sure, the argument of some gladiators in the race for 2023 presidential election, is that the results of the zonal congress in Southwest will, to a very large extend, determine the chances of Tinubu, Vice President Osinbajo and Governor Fayemi in the race. In the South-south, the Minister of Transportation, Hon. Rotimi Amaechi is said to be having a

running battle with the Deputy Senator President, Senator Ovie Omo Agege, Senator Magnus Abe, and former National Chairman of APC, Comrade Adams Oshiomhole, on the same issues. Although not official yet, there are strong indications that the former Governor of Rivers State is eyeing the presidency in 2023 general election. THISDAY gathered that Amaechi would have to contend with the clash of interests of the Minister of State for Petroleum,

Timpre Sylva; those promoting the aspiration of Governor of Central Bank of Nigeria, Godwin Emefiele; Cross River Governor Ben Ayade; Niger Delta Affairs minister, Goodwill Akpabio and Senator Ita Enang, among others. In the South East, some party’s leaders are looking the way of former Senate President, Ken Nnamani for the position of Deputy National Chairman (South), who is being supported by Governor Hope Uzondima of Imo State. But, some insiders have said that he was currently facing a strong opposition from other forces

like Senator Andy Uba, Senator Ifeanyi Ararume, Senator Osita Izunazo, the Director General, Voice of Nigeria, Chief Osita Okechukwu and others. However, it was gathered that the party would have a smooth process in the North Central, North East and North West, in macro-zoning their positions, because of what the source described as the “fatherly influence” of President Buhari in the north. The APC has approved March 12 for the zonal congresses and March 26 for its national convention.

SERAP Sues Buhari over Failure to Probe Alleged Misuse of Security Votes by Govs Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Muhammadu Buhari over the failure to probe allegations of systemic mismanagement of security votes by state governors since 1999 as well as to ensure the

prosecution of those suspected to be responsible. The suit followed Buhari’s 2022 New Year Message in which he had raised concerns about the persistent insecurity in certain parts of the country, and his promise in his 2015 inaugural speech to check gross corruption and ensure that there is accountability at

all levels of government in the country. In the suit number FHC/L/ CS/189/2022 filed last week at the Federal High Court in Lagos, SERAP was seeking an order of mandamus to compel Buhari to direct the Attorney General of the Federation and Minister of Justice, Abubakar Malami to probe allegations of

systemic mismanagement of security votes by state governors since 1999. SERAP is also seeking an order of mandamus to compel Buhari to direct Malami to prosecute anyone suspected to be responsible, as appropriate; if there is sufficient admissible evidence, and to recover any mismanaged public funds.

APC GOVERNORS STILL DIVIDED OVER ZONING OF PARTY OFFICES that development, adding that the route earlier taken was synonymous with placing the cart before the horse. While condemning the activities of the three northern governors, he said the Buni-led committee should be commended for the stability it brought to the party. He claimed that a lot of the APC governors were happy with Buni, because of how he had been able to resolve the disputes in the APC states without undermining the governors. He stressed, “But some have remained antagonistic and have been scheming to have their way obviously, because of their selfish political interests and despite benefiting immensely from Buni’s decision to recognise the excos. “The truth is that Buni didn’t betray the governors, because this same man, if not for him, most of the governors would not have had their excos as the recognised

party structures in their states. He made sure every governor got what he wanted, which is unprecedented. “The governors would have been battling with their contenders or the former governors in their states. But Buni made it favourable for the governors by making sure that right from the ward to the state EXCO levels, the governors have those they wanted in charge. “This same man (Buni) was also able to bring in the Zamfara, Ebonyi and Cross River governors, to the party. So, Buni has helped in stabilising the party. That was why when some persons were accusing him of misconduct and were making noise, the man said he would resign if they continued the noise and everybody calmed down.” The source, however, reiterated that Buhari wanted the chairman of the party to come from North-central and has settled

for Adamu as the next party chairman as well as the deputy chairmen, a decision he said the president had communicated to the CECPC. “However, Buni told the president that he wants to retain the Secretary of the CECPC as the party’s secretary, which he has agreed to, but when some governors heard it, they were up in arms, because everybody as you know has different interest. “Everybody wants to have party leadership that they feel would do their bidding, because we all have our different ambitions,” he said. On sub-committee membership for national convention, the party, in a short statement, named other members of the sub-committees as Governor of Ebonyi State, Dave Umahi, and the Minister of Foreign Affairs, Geoffrey Onyeama, among others. National Secretary of the party,

Senator John Akpanudoedehe said the 20 sub-committees constituted by the party were in line with the schedule of activities for the National Convention as resolved by the caretaker committee. The party noted that each of the committees, except the Central Planning Committee, had a 12-man team with all Caretaker Committee as members. The party added that the Secretariat Support Committee had a seven-man team, while the Accreditation Committee has 41 members and other committees were made up of 40 members each. According to APC, the Central Planning Committee is chaired by Yobe State Governor, Mai Mala Buni; Screening Committee is chaired by Kwara State Governor, Abdulrasaq Abdulrahmnan; while the Election Committee is chaired by Ogun State Governor, Prince Dapo Abiodun.

MONDAY, FEBRUARY 28, 2022 • T H I S D AY

NEWS

BUILDING BILATERAL RELATIONSHIP WITH TANZANIA... Vice President, Prof. Yemi Osinbajo (left) participating in a bilateral meeting with the Vice President of the United Republic of Tanzania Mr. Philip Mpango in Arusha, Tanzania… yesterday

Lalong, Jang Commend Peaceful Conduct as PDP, APC Candidates Win By-elections Ortom rejoices with PDP over victory in Jos North/Bassa

Chuks Okocha in Abuja and Seriki Adinoyi in Jos Candidate of the Peoples Democratic Party (PDP) in last Saturday’s by-election for Jos-North/Bassa Federal constituency, Plateau State, Mr. Musa Agah, has been declared winner by the Independent National Electoral Commission (INEC). Also, the All Progressives Congress (APC) candidate for Pankshin South State constituency, Mr. Ezra Dakup, has been declared winner of the by-election. Declaring the results on Sunday, INEC's Returning Officer, Yinka Oyerinde, said Musa Agah of the PDP polled a total of 40,343 votes to defeat his closet challenger, Muhammed Adam Alkali of the Peoples Redemption Party (PRP), who garnered a total of 37,757, while Abbey Aku of the All Progressives Congress (APC) polled 26,111. Eleven political parties contested the February 26th by-election to fill the position left by Haruna Maitalla of the APC, who died in a motor accident in April, 2021. However, congratulating winners of the elections, Governor Simon Lalong of Plateau State, commended the electorate for coming out to vote for their candidates of choice and conducting themselves in a peaceful and orderly manner, which ensured that there was no breakdown of law and order throughout the process. He also commended INEC for a credible and transparent

conduct of the exercise, and security agents for assisting INEC to ensure a hitch-free exercise. While assuring the candidates of his support and cooperation, the governor said, “Having been elected, the biggest focus should be on how to improve the lives of the people and work for a greater Plateau. With the elections over, it is now time for governance, which requires unity, dedication and sacrifice.” Also, commending the electorate and the leadership of the PDP, Senator Jonah Jang,

in a statement by his Media Consultant, said, “We must congratulate and commend the constituents for conducting themselves in an orderly manner before, during and after the election. The results reflect their commitment and resilience to having good representation in the Federal House of Representatives. “Our party leadership at the National level, ably led by Senator (Dr.) Iyorchia Ayu, deserves worthy commendation for their support and full backing in the course of the campaigns as well as during the elections

proper. “We must register our profound gratitude, particulaly, to the Governor of Rivers State, Barrister Nyesom Wike, and to the Governors of Benue and Bauchi, Dr. Samuel Ortom and Senator Bala A. Mohammed respectively, for their support and for physically being on ground to monitor the elections. Your commitment, has indeed yielded positive results. “The Independent National Electoral Commission (INEC) conducted the election in a free, fair and credible manner,

leaving no one in doubt as the results reflect the wishes of the electorate. We commend them and urge the INEC to continue to live up to its name and be a truly independent umpire as we engage in the general elections in 2023.” On his part, Ortom too has expressed happiness with the victory of the Peoples Democratic Party (PDP) in the just concluded elections. Ortom, who was the chairman of the PDP campaign council, praised the perseverance and determination of the PDP faithful

and its candidate that earned the victory. He also commended Governor Mohammed, who was the co-chairman of the campaign council for holding firm, the party's structures in the run up to the election. In a statement issued yesterday, Ortom said, “With this victory, it is no longer in doubt, where the people stand in 2023. It is a clear road map that Nigerians have aligned with the PDP in its mission to rescue and rebuild Nigeria from the misrule of the APC”, he stated.

SEPCOL Gives Update on FPSO Explosion, Says Five Bodies Recovered, Two Still Missing Unauthorised persons found on board, says oil firm

Emmanuel Addeh in Abuja Shebah Exploration & Production Company Limited (SEPCOL), yesterday provided further update concerning the explosion and fire that engulfed Trinity Spirit at the Ukpokiti Terminal on February 2, 2022. It stated that since February 3, when the fire was contained, the company had been working relentlessly with relevant authorities, agencies, experts, and the communities, focused on search and rescue of the 10 crew members. A statement by the Chief Executive Officer, SEPCOL Ltd, Ikemefuna Okafor, yesterday, noted that the company had also

prioritised police Investigations and environmental damage assessment. “We have kept up the search and rescue efforts, with the collaboration of the Police, NUPRC, NIMASA, NOSDRA, Marine Police, the communities, and local fishermen. The community leaders and traditional rulers have also been of great support. “We have been in regular contact with the three survivors and their family members and ensured that all three received appropriate medical care in hospital. “They have all been discharged from hospital and the company has continuously offered support with any post-trauma care that may be required,” it noted. So far, the company disclosed

that a total of five bodies had been found on and around the vessel, while the bodies have been handed over to the police for due process to establish the identities of the deceased persons. “A forensic pathologist and a coroner have been appointed to assist with the autopsy and identification processes. “The company has also paid condolence visits to the next-ofkins and family members of all persons still missing. We have kept the families abreast of the developments and apprised them of the relevant next steps in the investigation processes. Furthermore, the company has provided interim financial support to the immediate families and

dependents of all 10 persons on board,” it stressed. But the company said recently, it had found new information that persons who were not authorised nor scheduled to be on duty on the FPSO were in fact on the vessel at the time of the incident. “This is a significant development. The company has visited the families in sympathy, and the police has been notified for further investigation. “We are eager for the autopsy and identification processes to be concluded as soon as possible so that families can have the certainty and closure that they need. “We have focused efforts on minimising any damage that the incident might have on the

environment and have been cooperating with the relevant authorities and regulatory agencies carrying out the investigations,” it added. Furthermore, it explained that aerial surveillance by overflights around the FPSO area and the shoreline had been ongoing, led by NOSDRA and supported by Clean Nigeria Associates (CNA), NUPRC and neighbouring IOCs (Chevron and Shell). “Until the final reports from these investigations are released by the relevant authorities and agencies, the company is not at liberty to make any declarations as to the level of environmental impact or any conclusions as to the cause of the explosion.

Sultan Tasks Leaders on Unity, Says Diri is Patriotic The Sultan of Sokoto, Sa'ad Abubakar III, has urged Nigerian leaders to always place the interest of the country above sectional or partisan considerations, stressing that the unity of the country was paramount and leaders should endeavour to promote it at all times. The Sultan spoke at the weekend in his palace in Sokoto, when the Bayelsa State Governor, Senator Douye Diri, paid him a condolence visit over the death of a member of the Sultanate Council, Alhaji Hassan Danbaba. The late Danbaba was the

Magajin-gari Sokoto and a grandson of the late Sardauna of Sokoto, Sir Ahmadu Bello. Sultan Abubakar, however, described Governor Diri as a patriotic Nigerian, because his delegation comprised of individuals from different parts of the country and advised other leaders to emulate him in order to foster unity. He thanked the governor for the visit and for identifying with people of the state in their moment of grief. “At the appointed time, every one of us will answer the great

call. It is only the Almighty God that knows when is the appointed time,” he said. The Sultan also congratulated the Bayelsa helmsman on his second anniversary in office and for providing what he described as "very strong leadership as attested to by many leaders in the country." In his remarks, Diri, who commiserated with the Sultan, his Sokoto counterpart, Aminu Tambuwal, and people of the state over Danbaba's death, said the deceased was dear to the state and Nigeria and therefore, his

sudden demise was a shock, not only to the people of Sokoto but the country as a whole. He explained that he would have visited earlier, when he first heard about the sad loss, but that the activities marking the second anniversary of his administration, which just ended, delayed him. While bemoaning insecurity in the country as well as banditry and terrorism in parts of the North, Diri called on the federal government to make effort to bring the scourge to an end. Noting that too many lives had been lost to insurgency in the

North, he said, “Your Eminence, I am here on behalf of the good people of Bayelsa State and my prosperity administration to commiserate with you, the governor and people of Sokoto State. “Death is a necessary end that will come when it will come. None of us has control over it.Our prayer is that whenever we come to Sokoto, it would not be as a result of death again. Instead, we will come to this great kingdom to be happy and make merriment with you. “We are also not unaware of

the banditry that has claimed so many lives in this state and other parts of the North. Again, on behalf of the people of my state, I commiserate with you over the lives that have been lost. “I, therefore, call on the federal government and the military to redouble their effort to stop the banditry in the North. We are like a system, where when one part of the country is sick, the rest of the country is also sick. We cannot fold our arms in Bayelsa believing that all is well when it is not well with our brothers in Sokoto.

MONDAY, ͺ΀˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

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

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Liverpool Beat Chelsea in Shootout to Win Carabao Cup

Femi Solaja with agency report Liverpool won a dramatic penalty shoot-out to secure the first domestic trophy of the season after a classic Carabao Cup final against Chelsea at Wembley. Kepa Arrizabalaga, brought on in the closing moments of extra time as a penalty specialist, missed the decisive spot-kick after a magnificent game came down to a shoot-out between Chelsea's keeper and his Liverpool counterpart Caoimhin Kelleher. Kelleher made it 11 penalties from 11 for Liverpool but Kepa blazed wildly over the top as a high-class showpiece was decided by the finest of margins after 21 successful attempts. Chelsea, who had three goals disallowed for offside, were left to rue two big misses by Mason Mount but they were also grateful for a magnificent display from keeper Edouard Mendy, who produced a string of outstanding saves. Liverpool created a host of chances and had a Joel Matip goal ruled out for a foul and offside in an incident-packed game that went right down to the wire before Jurgen Klopp's side prevailed, for a record ninth League Cup success. Manager Jurgen Klopp made it clear as soon as Liverpool reached Wembley that Kelleher would retain

his place as the Reds' goalkeeper in this competition ahead of firstchoice Alisson. It was a decision laced with an element of risk but the 23-year-old repaid Klopp with a complete

performance that included scoring Liverpool's 11th and final penalty. This was a small element of a remarkably assured performance that started with a crucial early save from Christian Pulisic and

also saw him deny Chelsea a last-gasp win with a near-post block from Romelu Lukaku in the closing seconds of extra time. Kelleher was composed in every aspect of his game as he dominated

his area and handled everything that came his way, confirming his growing reputation as a goalkeeper of high promise. Liverpool had to go all the way to win this trophy for the first

time since 2012. Klopp was forced into a late reshuffle after a tearful Thiago Alcantara was injured in the warm-up, drafting in Naby Keita as a late replacement.

Liverpool players celebrating after defeating Chelsea in Shootout last night

Nigeria Rowing Federation Launches Canoe Training Centre Olawale Ajimotokan and Joel Ita in Abuja The Nigeria Rowing, Canoe and Sailing Federation (NRCSF) has set up a new Rowing and Canoeing Training Centre at Jabi Lake, Abuja towards achieving its goals. The President of the federation, Rear Admiral FBI Porbeni (Rtd),disclosed this in Abuja at the weekend at the start of the 8th Porbeni National Boat Race and the unveiling of six newly acquired limited editions of Nelo boats. He said the centre will be a game

changer and real-life example of how federation can change the fate of young Nigeria athletes, adding the centre will tremendously help the federation in boosting the performance of its athletes. He also revealed that the federation is working tirelessly to improve on the technical and organisational efficiency of the championship to attract support from the International Canoe Federation (ICF) and International Rowing Federation (FISA). He said this will authenticate new records set, created or broken by the athletes

in the competition. He described the boat race as essentially a talent hunt and discovery competition aimed to nurture athletes to stardom and prominence by preparing and exposing them to international competitions. However, He advised that other states adopt Canoe and kayak sport as a major sporting activity. He lauded Ayomide Bello for breaking her African Record of 50 seconds at the 200 metres event in Morocco a new record of 49 seconds.

On her part, Bello said Nigeria can bring home gold medals in canoeing with the new training centre and standard equipment provided by the federation. “My intention before Paris 2024 Olympic is to train and break 46 seconds record,” she said. Moses Michael, who won a gold medal in the event, revealed that the competition helps and build athletes, that Nigeria can make history in an international tournament. Former Super Eagles striker and a Special Assistant on Sports to

Iwobi Shocked Everton Denied Penalty against Man City Super Eagles and Everton midfielder, Alex Iwobi, yesterday admitted that the team was shocked after they were denied what looked like a penalty in their 1-0 Premier League defeat against Manchester City at Goodison Park on Saturday. The 25-year-old Nigerian star started his third straight match for the Toffees since the arrival of Frank Lampard but they could not get something from the game as Phil Foden’s 82nd-minute goal proved decisive in the contest. With five minutes remaining to the final whistle, Everton were also aggrieved when City midfielder Rodri appeared to handle the ball in the penalty area, only for VAR to rule against the situation. Iwobi, who started in a three-man attack alongside Anthony Gordon and Richarlison, has explained what transpired in the dressing room after the final whistle. “I’m happy with my performance and grateful for the reception I got from fans when I went off but we wanted the result our performance deserved,” Iwobi told Evertontv as quoted by the club’s official website. “We can be pleased with how we played, though.

“We should have had a penalty. It’s been the talk of the changing room. We’re all shocked but it’s just something we have to get on with. The decision has been made and we have to focus on the next game now.” Iwobi, who was replaced by Anwar El Ghazi with two minutes remaining, has further revealed why Lampard has handed him a free hand to showcase his skills. “The manager has given everyone the confidence that we are a really good team, can be very good on the ball. He just wants us to trust our ability. It’s not just me; we are all thriving off him and enjoying it,” the former Arsenal winger continued. “Personally, the manager’s support gives me the belief that I can go out and express myself and enjoy the games. It really helps me to show what I’ve got. It works for me and it works for the team. Long may that continue.” On what Everton will pick from the City defeat, Iwobi explained: “There are a lot of positives that we’re going to take. We’re going to analyse the game and move forward. If we apply ourselves like we did today with the other games that

are coming up, we know we can do well. “The formation was good. We tried to congest the midfield. City like to break through the lines but they struggled to get through our defence. It worked for us today but we may change again. We’ve played a number of formations and whatever the gaffer decides to do we’ll be ready to give our best. “We can’t stay negative over this. We need to move on and push on. We have that confidence, we believe we did well even though the result doesn’t reflect that but we take the positives and move on.” Iwobi will hope to keep his starting role when Everton host National League side Boreham Wood in the fifth round of the FA Cup on Thursday before they travel to face Tottenham Hotspur in the top-flight on March 7.

Alex Iwobi...shocked Everton denied penalty against Manchester City

the President, Daniel Amokachi, acknowledged the works of Nigeria Canoe and Sailing Federation in organising the sport to bring out the potential of young athletes. The gold medalist will go home

with N100,000, silver N70,000 and bronze N50,000 at the 2022 Admiral Porbeni National boat race event. Up to 130 athletes are competing for medals in 15 events at the ongoing competition.

MFM Women’s Basketball Beat All Comers in 3x3 Tourney Mountain of Fire and Miracles Ministries Women Basketball Club atoned for their inability to win the Mark D’ Ball Women Basketball competition held in Abuja in January by running riot in Lagos, beating all opponents enroute the final of NOW 3X3 event on Saturday. The Shade Olukoya Queens as they’re called participated in an 18 team 3x3 National Women Invitational Basketball competition that had teams from across Nigeria in attendance. Drawn in the group that had Foba, Abeokuta, Front liner, Lagos, City Sparks, Abuja, Fingers, Ijebu Ode and Amazon, Lagos, they finished unbeaten to emerge champions of the two-day event which took place at the Dodan Warriors basketball court, Ilupeju, Lagos. For a team that enjoys excellent support of the General Overseer of MFM, Dr Daniel Olukoya, the

girls put the disappointment of Abuja behind them to win all eight games in the competition. Interestingly, MFM fielded two teams in the competition and they met in the semi final with one of them making the final. Led by captain Marvelous Chizi, the MFM ladies approached the final with caution which made it a cagey affair against Team NK of Lagos state. With less than 2 minutes remaining, the game was tied at 8-8. Final result was 15-10 points in favor of MFM. Speaking at the end of the game, MFM captain, Marvelous said: “This competition afforded us a unique opportunity to make up for the disappointment that happened in Abuja. We desperately wanted to make our amiable father, Dr Daniel Olukoya and his wife, Dr Shade Olukoya happy and to say thank you for their support”.

MFM Basketball Club cruising in the ongoing 3x3 tournament in Abuja

MONDAY, ͺ΀˜ ͺ͸ͺͺ ˾ T H I S D AY

SPORTS

Russia national has been given tough condition by world football governing body FIFA over their invasion of Ukraine

Ukraine Crisis: FIFA Gives Russia No National Flag Condition FIFA has ordered Russia to complete their upcoming matches without their flag, anthem and as the Football Union of Russia in neutral territory, following the invasion of Ukraine. Several nations have announced that they will refuse to play Russia, including England, as well as Poland, Czech Republic and Sweden. World Cup play-offs would see Russia face Poland then either the Czech Republic or Sweden if they win - and are due to be played in March. Russian President Vladimir Putin launched a military invasion of neighbouring Ukraine on Thursday. FIFA said talks will take place with other sporting

organisations over whether Russia should be expelled from competitions. "FIFA would like to reiterate its condemnation of the use of force by Russia in its invasion of Ukraine," world football's governing body said in a statement on Sunday. "Violence is never a solution and FIFA expresses its deepest solidarity to all people affected by what is happening in Ukraine." "FIFA will continue its ongoing dialogue with the International Olympic Committee, UEFA and other sport organisations to determine any additional measures or sanctions, including a potential exclusion from competitions, that shall be applied in the near

future should the situation not be improving rapidly. "FIFA's thoughts remain with everybody affected by this shocking and worrying

situation. Earlier on Sunday the Football Association announced England will not play any international matches against Russia at any

level following the invasion of Ukraine. The FA said they "wholeheartedly condemn the atrocities being committed by

the Russian leadership". English football's governing body said the boycott of matches will be "for the foreseeable future".

Chelsea's Charity Trustees Yet to Accept Abramovich Offer Chelsea's charity trustees have yet to accept Roman Abramovich's offer to give them 'stewardship and care' of the club and some of them may not do so. Sportsmail has learned that the seven trustees of the Chelsea Foundation, who include Chelsea Ladies manager Emma Hayes, were only informed of Abramovich's plans shortly before they were announced

on Saturday evening and have responded with a request for further details. The trustees met with the club earlier yesterday to discuss how the arrangement would work in practice, with some of those involved understood to have reservations about taking up the offer. Concerns include doubts over whether acting as the trustee of a charity is compatible with

being given stewardship of the club, uncertainty over the change of role will involve representation on the Board, and fears they could be accused of sportswashing. Chelsea sources described the matter as an on-going process, although are hopeful it can be resolved in the next few days. The trustees are not committed to making a decision as a bloc, and some of them could choose

Plateau United defeated Akwa United 3-0 yesterday to keep pace with Rivers United in the Nigeria Professional Football League matchday 15 encounter in Jos on Sunday. Silas Nenrot, Buhari Ibrahim and Chimezie Izuchukwu got the goals for Fidelis Ilechukwu’s men. Plateau United occupy second position on the table with 31 points from 15 matches. In the South West derby, MFM FC defeated Sunshine Stars 1-0 at the Teslim Balogun Stadium, Lagos. Muyiwa Balogun netted the winning goal 10 minutes from time. MFM remain bottom of the log with 14 points from 15 matches. Manu Garba scored the decisive goal in the 63rd minute as Wikki Tourists beat Gombe United 1-0. In the day’s other fixture, Kwara United pip Niger Tornadoes 1-0 courtesy of Alao Danbani’s 19th minute strike.

Plateau United defeat Akwa United 3-0 to move top of NPFL, one point below leaders Rivers United

to accept Abramovich's proposal, with others opting to walk away. In addition to Hayes the club representatives on Chelsea Foundation are chairman Bruce Buck and finance director Paul Ramos. The other trustees are World Athletics president Seb Coe, former sports minister Hugh Robertson, anti-racism campaigner Piara Power and lawyer John Devine.

...World Cup Champion, France, Call for Russia’s Expulsion from Qatar 2022 NPFL: Plateau Utd Hammer Akwa Utd to Pile Pressure on Rivers Utd The President of the France Football Federation, Noel Le Graet, has called for the expulsion of Russia from the 2022 World Cup. There has been swift worldwide backlash following Russia's invasion of Ukraine, with the football world joining in on the protests. Already, Poland, the Czech Republic and Sweden have said they will refuse to play Russia in next month's World Cup qualifying play-off. "This is something that I have not yet discussed with other federations," Le Graet told Le Parisien. "I am leaning toward the exclusion of Russia from the next World Cup. This is my first impulse. "Usually, I believe that sport

is there to reconcile people and ease tensions. But this is going much too far. "And the world of sport, and in particular football, cannot remain neutral. I will certainly not oppose the exclusion of Russia." World Cup play-off in doubt Poland and Russia are set to face off on March 24, with the winner facing the winner of Sweden and Czech Republic for a place at the World Cup. However, on Saturday both Poland and Sweden announced they would refuse to take part in any match against Russia. Czech Republic followed suit on Sunday, saying in a statement: "It's not possible to play against the Russian national team in the current situation, not even on the neutral venue. We all want the war to end as soon as possible."

MONDAY, FEBRUARY 28, 2022 • T H I S D AY

BACKPAGE CONTINUATION WE, THE AFRICAN BYSTANDERS In Africa here, in situations from football to war, our sympathy is automatically for the underdog, in this case Ukraine. Yet, Russia attracts some sympathy because most African intellectuals harbor a deep suspicion of the Western powers, because of the wide discrepancy between their leaders’ moral preachments and their actions where selfish interests are concerned. Unjust though the world order has always been to poor and weak countries, the postWorld War II order and its discouraging the resort to war in pursuit of national aims is something that we Africans applaud. Never mind that it is selectively applied. We cannot possibly wish for a return to a situation in which countries could lightly resort to war in pursuit of national aims, especially when peaceful options are still available. That we have not had a war involving the most powerful nations since 1945, except through proxies, is a situation that we should uphold and try to correct its imperfections. Russia’s ongoing attack on Ukraine is evidence of the order’s imperfections. In a long, televised speech that he made on Friday, President Putin made Russia’s case for resorting to war. From my own little recollections of history, his speech contained an admixture of truth, stretching of truth and outright lies as well. Putin talked about “tragic events taking place in the Donbas,” where he last week recognized the break-away Donetsk People’s and Luhansk People’s Republics. In both places, ethnic Russians have been fighting secessionist wars, with Russian support, for a decade. We Africans cannot support secessionist bids in Donbas because if ethnic groups who believe they ended up on the wrong sides of colonially drawn borders all take up arms to “correct the wrong,” Africa will become a total wreck. Next, Putin spoke about “the key issues of ensuring the security of Russia itself…those fundamental threats that year after year, step by step, are rudely and unceremoniously created by irresponsible politicians in the West in relation to our country. I mean the expansion of the NATO bloc to the east, bringing its military infrastructure closer to Russian borders.” In this claim he finds much sympathy in Africa. Western powers, how could you possibly insist on your so-called right to continue expanding eastwards and gobble up more and more, not only former East Bloc countries but former Soviet Republics, with the obvious aim of encircling Russia, and not expect a terrible backlash? What is NATO still doing on the world stage after the Cold War ended and Warsaw Pact disbanded in 1990? Putin said with USSR’s collapse, Western powers arrogantly rewrote rules of international conduct that were there since World War II ended. He said “previous treaties and agreements are no longer in effect…Everything that does not suit the hegemon is declared archaic, obsolete, unnecessary. Everything that seems beneficial

Putin

to them is presented as the ultimate truth, pushed through at any cost.” This is true of Western double standards, except that some of the examples the Russian President cited to buttress this point were problematic. He cited the 1999 US and NATO bombing of Serbia, “without any sanction from the UN Security Council,” and lumped it together with US/Western attacks against Iraq, Libya and Syria. He said attack on Libya “led to complete destruction of the state, emergence of a huge hotbed of international terrorism, the country plunged into a humanitarian catastrophe.” We Africans agree with this point because African Union [AU] pleaded with the Western powers not to bomb Gaddafi’s army. Bombing of Serbia was

however different, far as we Africans can see, because Bosnian Serbs, armed and supported by the war criminals Slobodan Milosevic, Radovan Karadzic and Ratko Mladic carried out genocides in Bosnia Herzegovina and Kosovo. Serbs, who are Eastern Orthodox Christians, are traditional allies of Russia. Putin said the West made promises to Russia “not to expand NATO by one inch to the east.” He was referring to a promise said to have been made by then US Secretary of State James Baker in 1990. If indeed such a promise was made, it should have been kept no matter the desire of some former East bloc and ex-Soviet countries to join the essentially anti-Russian NATO military alliance. That breach of promise

Putin said the West made promises to Russia “not to expand NATO by one inch to the east.” He was referring to a promise said to have been made by then US Secretary of State James Baker in 1990. If indeed such a promise was made, it should have been kept no matter the desire of some former East bloc and ex-Soviet countries to join the essentially anti-Russian NATO military alliance. That breach of promise has now exploded in everyone’s face

has now exploded in everyone’s face. Putin said despite modern Russia’s “readiness to work honestly with the United States” and its “virtually unilateral disarmament, they immediately tried to squeeze us, finish off and destroy us completely.” He said the West “actively supported separatism and mercenary gangs in southern Russia,” i.e. Chechen and other separatists. I concede to this KGB agent that he had information that we Africans didn’t have; otherwise, it is difficult to see the Western interest in supporting Muslim Chechen separatists. Putin also described Ukraine’s leaders as “extreme nationalists and neo-Nazis… Hitler’s accomplices” who killed ethnic Russians in eastern Ukraine and Crimea. His aim is “demilitarization and denazification” of Ukraine, he said. This was propaganda for domestic Russian audiences. USSR suffered 60 million casualties in World War II, so nothing is viler in Russian eyes than a Nazi or Adolf Hitler. I don’t think Zelensky remotely measures up to that description. Vladimir Putin concluded his speech with a threat. He said Russia “is today one of the most powerful nuclear powers in the world and, moreover, has certain advantages in a number of the latest types of weapons.” He said “whoever tries to hinder us… should know that Russia’s response will be immediate and will lead you to such consequences that you have never experienced in your history.” Is he threatening to unleash nukes? That could only lead to Mutual Assured Destruction. Military strategists’ acronym for it is, MAD.

SERVICE TO HUMANITY IS SERVICE TO GOD In the last two and a half years, over 58,000 households have been rescued from poverty through our various social intervention programmes under which women got cash transfers and acquired skills. Also, 2,704 Lagos residents whose means of livelihood were disrupted by COVID-19 were supported with cash grants. Equally, 500 women were assisted with N20,000 each in collaboration with the Federal Ministry of Humanitarian Affairs’ Rural Women Grants; 250 women were empowered through an empowerment workshop on intercrop of maize and cassava with demonstration plots for practical knowledge. Additionally, 1,050 rural women were given intensive training aimed at boosting their outputs in agricultural production while also giving the beneficiaries equal access to markets. Over 25,000 Lagosians were trained in diverse skills, such as textile design, hairdressing, barbing, cosmetology, photography, shoe and leatherworks, fashion design, tiling, interior decoration, and Ankara craft, among others, in our Skill Acquisition Centers. Eighteen outstanding students from the centres were also supported with N100, 000 each to boost their morale. In the heat of COVID-19, students at the centres produced

500,000 face masks for public use. Since June 2019, the centres have graduated over 6000 trainees. Similarly, over 27,000 Lagosians have benefited from the CodeLagos scheme aimed at making coding education and technology accessible to Lagosians. It had a total of 611 facilitators, who also eked a livelihood out of the Programme. Likewise, over 18,000 residents have been empowered through the Lagos State Employment Trust Fund [LSETF] with a quick and affordable loan for Micro, Small and Medium Enterprises (MSMEs) to start up, build, expand and create wealth and employment for the residents. We have equally successfully supported 1,835 businesses with N939.97 million and saved 10,005 direct jobs and 40,020 indirect jobs through the MSME Recovery Fund. Also, a N1 Billion Fund, targeted at businesses in the tourism, hospitality, entertainment, arts and culture sector, was set up to be accessed as both loans and grants. In the last two years, we have invested in the upgrade of public health facilities to enhance access to quality healthcare. We have commissioned four Mother and Child Centres (MCCs) at Eti-Osa, Igando, Badagry and Epe. We have renovated and remodelled the Mainland Hospital in

Yaba, with future plans of making it an Institute of Research for Infectious Diseases. We have also completed the remodelling and upgrading of Apapa General Hospital, just as the Harvey Road Health Centre, Ebute Metta Health Centre, Isolo General Hospital and the General Hospital, Odan are all undergoing renovation. All of these are part of service to make health accessible to Lagosians. Similarly, we have begun the construction of the New Massey Children’s Hospital in Adeniji-Adele, Lagos. When completed, the seven-storey, 150-bed hospital is expected to be the largest paediatrics centre in West Africa. Approval has been given for a 1,500bed Psychiatric Hospital and Rehabilitation Centre at Majidun in Ketu Ejinrin. Also, in partnership with the private sector, we have handed over oxygen plants at the Mainland and Gbagada General Hospitals. The Triage and Oxygen Centres in 10 locations across Lagos have also been delivered. We have also stepped up our efforts toward spreading the ‘Ilera-Eko’ health scheme across the State. We now have more ‘Ilera-Eko’ offices at the grassroots. This is to further make it possible for vulnerable residents to have access to effective, quality and affordable health care services.

We are also creating more opportunities for our youths to be productively engaged. We are building cyber infrastructure to help them with digital skills needed to be active in the global digital economy. Before the middle of this year, we will be commissioning the biggest rice mill in Africa. This mill will produce 2.5 million 50kg bags in one year. We are working. We are serving. Given the necessity of effective security in a metropolis like Lagos, we keep creating creative means to ensure a safe and secure Lagos for all. No doubt, we have challenges here and there. That is normal in a state with such a huge population as Lagos. However, as long as God gives us strength, we will continue to serve our people. We will continue to work for them. We will continue to ensure we make life better for our people. That is what we signed for. That is what we will keep doing. That is what service is all about. •Being excerpts from Lagos State Governor Sanwo-Olu’s response at the Interdenominational Divine Service organised by the Christian Association of Nigeria (CAN) at the Apostolic Church, LAWNA Territorial Headquarters, Ketu, Lagos on February 19, 2022

Monday February 28, 2022

UT H

& RE A SO

Price: N250

MISSILE Don to ASUU, Federal Government

“Strike is an action that has stopped all over the world. The ASUU strike is a major issue that should keep a sensible government on its feet. The challenges we are facing is leadership, insecurity, education, and the current ASUU strike. It is unfortunate we have to go through hardship to survive in this country” – Prof. Chris Imumolen, berating both ASUU and the government for incessant strikes.

BABAJIDESANWO-OLU GUEST COLUMNIST

Service to Humanity is Service to God

oday, though we gather from different congregations. The greatest thing that holds us together is that we are one in Christ. This is the ideal that our administration has always pursued. We are focused on providing service for a united people, irrespective of colour, religion, ethnic and tribal affiliations. Hence, what this interdenominational service stands for is what our government stands for - unity with oneness that breeds togetherness. We have chosen to serve God, and it is a wise choice. We know who we serve and we are committed to serving him. According to the Bible in Matthew 6: 24, no man can serve two masters. Thus, you cannot serve God and serve mammon. My contribution to the subject of service is quite simple. We all need to serve God. There is no doubt about that. But then, why do we really need to serve God? When we serve the people well, it is also a way of serving God. Hence, service to humanity is also service to God. There is no greater service than that. So, as Christians who have chosen to serve, there is no greater service than the service that you offer to your fellow

human beings. Now, let me move to the role and responsibilities of Christians serving God in the political field. Interestingly, I fall into this category. But the question is: How well are we serving? How well are we improving the lot of the people? Well, the THEMES Agenda of my administration was carefully crafted to meet the needs of our people. As the captain of the ship, I am always guided by the fact that God has put us here for the good of mankind. I know that our tenure is time-bound and I am always conscious of that. That, indeed, is why we have made the people the bedrock of our administration. The truth is that without the people, there can be no government. Lagos is the nation’s economic and commercial nerve-centre; improving the residents’ journey time within the metropolis is necessary. That, in my view, is service to humanity. Ironically, some of the gridlocks that our people might be facing across the metropolis are by-products of our resolve to redevelop some of our roads. We are working on many roads at the same time. We are constructing roads in Kosofe, Molebi, Demurin and Church Street (right here; where we are). We are also

building roads in Ogudu GRA, Mile 2, Festac, Ikorodu, Agege, Badagry, Alimosho, Victoria Island, Ikoyi, Bariga, Lekki, Agbado, Ebute-Metta and Iju, among others. We are trying to make commuting easier for our people. That is a core service to mankind because transportation is key for human existence. This explains why we are working round the clock to make our dream of having rail transportation within the metropolis a reality. By the grace of God, this year, our dream concerning rail transportation will see the light of the day. With this, our people will be able to commute easily from Agbado in Iju to Ebute-Metta within 15 to 20 minutes. That is what we consider an essential service to mankind. Mind you, we are quite mindful of the fact that working on many roads at the same time could be tough both on us as well as the people, but that is the price we all have to pay to have a better tomorrow. As they say, there is gain in pain. We are not just building roads; we are also constructing brand new schools for our children so they could compete with other children from other parts of the world. Considering the relevance of education, we encourage our children, especially

those out of school, to go back to school. There is no need for any child to be out of school. Let us get our children back to school because there is enough space for them in our secondary and primary schools. We have improved the teaching environment. We are also training the teachers on how to use technology to improve teaching. Fortunately, the results are already matching our investment in the sector. Last year, the pass percentage in our public secondary schools moved from 39.78% to 79.64%. Yet, we are not resting on our oars because we know that our people deserve nothing but the best. On the 8th of February, 2022, the National Universities Commission (NUC) stamped its seal of authority on the establishment of two specialized universities in Lagos State. This implies that we now have two new State universities for our children to attend. We will keep working for the good of our people until we fulfill every of our electoral promises. This, in our conviction, is the essence of real service. We want our people to judge us by what we do. Continued on page 55

MAHMUDJEGA VIEW FROM THE GALLERY

We, the African Bystanders I

personally had my doubts when, for several weeks, the US government predicted that Russia would launch a full invasion of Ukraine. Why should it when, as many analysts said, President Vladimir Putin could achieve his goal of preventing Ukraine from joining NATO by putting military pressure but stopping short of a resort to war? Besides, US government and its intelligence agencies failed big time in 2002-03 when they claimed that Iraqi President Saddam Hussein had weapons of mass destruction. They launched a war that cost over a million Iraqi lives, without UN Security Council authorization, found no WMDs, caused absolute chaos in Iraq, created a vacuum which ISIS filled, never apologised for it, while former President George W. Bush and his recently deceased Secretary of State Colin Powell were still walking the streets as free men. This time around, Russia did launch a war against Ukraine. So far the airstrikes and ground skirmishes have been less than

Putin

what you expect in an all-out assault, but it was a horrible shock all the same. It has

gripped the world’s attention like nothing since the Gulf Wars of 1991 and 2003. It could turn out to be a Russian mistake of historic proportions because Ukrainians could remember this for centuries to come. This war in Ukraine is a terrible turn of events for the modern world. Not only because of the human toll, which so far is limited, the humanitarian calamity for citizens and the material losses, but also because this is a problem that wisdom and a few cool international heads could have solved. Russia’s biggest demand is that NATO should stop expanding eastwards and Ukraine should not join NATO. Why won’t the United Nations broker a treaty in which Ukraine pledges not to join NATO for the next 50 or 100 years in return for a Russian pledge to respect its territorial integrity and guarantee its peace? Ukrainian President Vlodomyr Zelensky said in a tweet that “We will be defending our country, because our weapon is truth, and truth is that this is our land, our country, our children, and we will defend all of

this.” It is a stirring speech but you know what it reminded me of? A passage in Frederick Forsyth’s novel Dogs of War, in which a mercenary soldier cynically said that in war, God is on the side of the bigger battalions. Truth is irrelevant in war and the righteousness of your cause does not guarantee victory. By far the biggest battalions in this war are Russian. Ukrainian military has been described as a David ranged against a Russian Goliath. Russia has 900,000 active duty troops and 2 million reservists, to Ukraine’s 190,000 active duty troops and 900,000 reservists. Russia has 16,000 armoured fighting vehicles, 1,390 warplanes, 1,000 helicopters and 50 submarines, compared to Ukraine’s 3,300 armoured fighting vehicles, 132 warplanes, 55 helicopters and no submarines. Not to mention nukes, of which Russia has thousands and Ukraine has none, having transferred all its nukes to Russia when USSR broke up in 1991. Continued on page 55

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