TUESDAY 28 FEBRUARY 2023 by THISDAY Newspapers Ltd

Elections: Investors Cautious as Stock Market Crosses N30trn Market Capitalisation Bonds rise as Tinubu leads in pivotal election tally Kayode Tokede Amid the tension associated with

the 2023 general elections, the stock market of the Nigerian Exchange Limited (NGX) yesterday crossed

the N30 trillion mark in terms of market capitalisation, setting a new record as domestic investors shunned

high risk stocks and focused more on investment in fundamental stocks. However, Nigerian bonds are

posting some of the best gains in emerging markets as investors bet that ruling-party candidate Bola

Tinubu, who’s taken an early lead Continued on page 10

Presidential Poll: A Time for Restraints ... Page 22 Tuesday 28 February, 2023 Vol 28. No 10184. Price: N250

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Obasanjo, Abdulsalami Fault Manual Transmission of Election Results When Law Stipulates Electronic Reporting Call for setting up of committee to look at discrepancies Peace committee demands probe of electoral malfeasance Tinubu to president: don’t allow Obasanjo lure you into tainting your democratic credentials Onyebuchi Ezigbo, Emmanuel Addeh in Abuja and James Sowole in Abeokuta

Former President Olusegun Obasanjo and the National Peace Committee led by former Head of State, General

Abdulsalami Abubakar have faulted the manual transmission of election results by the Independent National

Electoral Commission (INEC), as against the electronic transmission which it ought to be.

Obasanjo, yesterday called on President Muhammadu Buhari and the INEC to quickly rectify

observed gaps in the just-concluded Continued on page 11

The World Moves against Nigeria’s Tainted Polls US, EU, AU, ECOWAS, Commonwealth condemn lack of transparency by INEC PDP, LP, two others stage walkout, more results come in Collation process can only be reviewed after exercise, says Yakubu IG warns parties, candidates, others against inciting violence Obi breaks record, Tinubu lu'le in Lagos Story on page 11

2023 PRESIDENTIAL ELECTION RESULTS ANNOUNCED SO FAR STATE

APC

NNPP

PDP

EKITI ONDO KWARA OSUN OGUN LAGOS OYO YOBE AKWA IBOM ADAMAWA ENUGU GOMBE JIGAWA KATSINA NASARAWA

201,494 369,924 263,572 343,945 341,554 572,606 449,884 151,459 160,620 182,881 4,772 146,977 421,390 482,283 172,922

11,397 47,350 31,166 23,283 85,829 582,454 99,110 2,406 132,683 105,648 428,640 26,160 1,889 3,676 191,361

264 930 3,141 713 2,200 8,442 4,095 18,270 7,796 8,006 1,808 10,520 98,234 69,386 12,715

89,554 115,463 136,909 354,366 123,831 75,750 182,977 198,567 214,012 417,611 15,749 319,123 386,587 489,045 147,093

ACCESS HOLDINGS SIGNING OF $300M INTRA-AFRICA TRADE FACILITY... L-R: Managing Director Access Bank PLC, Roosevelt Ogbonna; President/Chairman, Board of Directors, Afrexim Bank Professor Benedict Oramah and GMD/ CEO, Access Corporation, Dr. Herbert Wigwe, during the Access Holdings signing of $300m intra-Africa trade facility in Cairo, Egypt... yesterday

TUESDAY FEBRUARY 28, 2023 •T H I S D AY

TUESDAY FEBRUARY 28, 2023 • T H I S D AY

TUESDAY FEBRUARY 28, 2023 •T H I S D AY

TUESDAY, ͺ΀˜ ͺ͸ͺͻ ˾ T H I S D AY

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

NEWS

THE OBSERVERS' REPORT... L-R: NDI Board Member Ambassador Johnnie Carson; NDI Board Member Stacey Abrams; Leader of International Republican Institute (IRI) and National Democratic Institute (NDI) Joint Election Observation Mission and former President of Malawi, Dr Joyce Banda; NDI Board Member Stacey Abrams; American political leader, lawyer, and voting rights activist and IRI Board Member Dana Whiteat, at the presentation of their preliminary statement on the Presidential and National Assembly elections, in Abuja... yesterday

CBN Moves to Curb Brain Drain with New Tenure Limits for Banks’ Executives Says policy will halt migration to Europe, Canada Allow shareholders determine tenure limits, firm tells apex bank Obinna Chima The Central Bank of Nigeria (CBN) has said its recently released revised regulatory requirements for the tenure of executive management and Nonexecutive Directors (NEDs) of deposit money banks (DMB) and financial holding companies (HoldCos) was expected to help address brain drain in the banking sector. A top central bank official who disclosed this in response to THISDAY’s enquiry, added that the new policy would help check migration of young bankers to Europe and Canada. The new regulation, according to the CBN official who pleaded to remain anonymous, would also pave way for young bankers to aspire to get to executive levels, knowing fully well that those occupying such positions would not stay there forever. “This will force people at Executive Directors (EDs), Deputy Managing Directors (DMDs) and Managing Directors (MDs) to leave early so that younger people can aspire to be at these positions instead of migrating to Canada,” the central bank official added. Several bank workers had been exiting the country due to the ‘japa syndrome’ worsening the country’s brain drain crisis. This, had risen the cost of training in the banking sector as the financial institutions strive to maintain the quality of their services. The central bank disclosed in the circular dated February 24, 2023, titled: “Re: Review of Tenure of Executive Management and NonExecutive Directors of Deposit

Money Banks in Nigeria,” that the new regulation was in line with the Code of Corporate for Banks and Discount Houses (Ref: FPR/DIR/ CIR/GEN/01/004). The letter was signed by the Director, Financial Policy and Regulation Department, CBN, Mr. Chibuzo Efobi. According to the new regulation, the cumulative tenure limits of EDs/ DMDs/MDs and NEDs across the banking industry would be 20 years. According to the CBN, the tenure of Executive Directors (EDs), Deputy Managing Directors (DMD) and Managing Directors (MDs), shall be in accordance with the terms of their engagement approved by the board of directors of banks, subject to a maximum tenure of 10 years. Furthermore, the banking sector regulator stated that where an executive, who is a DMD becomes the MD/CEO of a bank, or any other DMB before the end of his or her maximum tenure, the cumulative tenure of such executive shall not exceed 12 years. It added: “However, for an executive (ED), who becomes a DMD of a bank, or any other DMB, his or her cumulative tenure as ED and DMD shall not exceed 10 years. NEDs, with the exception of Independent Non-executive Directors (INEDs), shall serve for a maximum period of 12 years in a bank broken into three terms of four years each. “EDs, DMDs and MDs who exit from the board of a bank either upon or prior to the expiration of his or her maximum tenure, shall serve out a cooling off period of one year before being eligible for appointment as a NED to the board of directors.

“NEDs who exits from the board of a bank either upon or prior to the expiration of his or her maximum tenure of 12 years (three terms of four years each), shall serve out a cooling off period of one-year before being eligible for appointment to the board of directors of any other DMB.” Meanwhile, analysts at Proshare, a Lagos-based research and information platform, argued that in the attempt to put limits on the tenure of bank executives, the CBN lumped the parent or Holding companies of banks with their subsidiaries, describing it as a “flawed move as local financial holding companies engage in businesses well beyond banking note observers.” In a report made available to THISDAY, it pointed out that Nigeria’s financial Holdcos run businesses ranging from banking and finance to trading in equities and Fixed Income assets, and investments in fintech, agritech, insuretech, Information Communication Technology (ICT), and alternative asset finance. According to Proshare, the regulatory oversight for a few of these activities come under the Securities and Exchange Commission (SEC), the National Communications Commission (NCC), and some SelfRegulatory Organisations (SROs) such as the Nigerian Exchange Group (NGX), FMDQ, AFEX, NASD, and the Lagos State Commodities and Futures Exchange (LCFE). “Therefore, the CBN’s attempt at regulating the tenure of bank executives and that of their financial Holdcos without the agreement of other financial market and

communication regulators, according to analysts, represents a ham-fisted overreach of power and responsibility. “Indeed, the CBN circular has prompted the need for a review of Nigeria’s financial system governance architecture to streamline regulatory roles and responsibilities. The CBN’s grizzly clutch at greater regulatory control of the Nigerian financial markets raises the need for protecting the system from overambitious regulatory institutions or overreaching regulatory officials,” it argued. Furthermore, the Lagos-based firmed recommended that the central bank should allow bank executive officers' tenures to be determined by their shareholders, adding that banks are private businesses similar to bakeries selling cupcakes and bread. “Admittedly the relationship between the broad economy and the business of banking is different from that of pastries but both are

legitimate private businesses, and both should rely on the wisdom, or otherwise, of shareholders. “In the case of the banking business, the CBN should set the rules for bank operations, monitor compliance and apply sanctions where necessary. Caps on executive tenure achieve very little to improve governance quality. The CBN’s desire to see upward mobility amongst Nigeria’s banking rank and file is admirable but is not a requirement for good corporate governance. “Given that a growing number of banks have opted for a Holdco structure most of them have found ample room to sashay around the tenure limitation which has achieved little, if anything, in the last halfdecade. The only CEO caught by the ten-year rule in recent times has been Mr. Ifie Sekibo of Heritage Bank. “The notion that bankers like Mr. Herbert Wigwe former CEO of Access Bank, Mr. Segun Agbaje,

Edo Safest, Most Convenient Place to Work in Nigeria, Says Okungbowa The Edo State Head of Service, Anthony Okungbowa has said ongoing reforms in the public service by the Governor Godwin Obaseki-led administration have repositioned the state as one of the safest, most convenient, and best workplaces in Nigeria. In a statement, the Head of Service also disclosed that Edo civil and

public service remain the best-paid service in the country as the state government pays N40,000 minimum wage while other states were paying N30,000 to workers. He added that the Obaseki-led government remains committed to the welfare of workers in the state, urging the workers to reciprocate the government’s gesture by remaining

Olumorin: Inﬂation May Worsen Housing Deﬁcit Says affordable financing inevitable, informal sector shut out of housing plan James Emejo in Abuja The mounting inflationary pressure in the Nigerian economy could stall government's plan for mass housing for citizens, the Managing Director/Chief Executive, Infinity Trust Mortgage Bank, Mr. Sunday Olumorin has said. Olumorin, who disclose this, also said lack of Certificate of Ownership for lands remained a major disincentive for mortgage financiers. Speaking on "Mortgage Financing in Nigeria: Impact on Economy and Financial Inclusion" at the 2023 workshop of the Finance Correspondents Association of Nigeria (FICAN) Abuja, Olumorin,

said the rising prices of good and commodities especially building materials could discourage funding for legal mortgage as well as widen the housing deficit. Nigeria’s housing deficit had grown progressively from about seven million housing units in 1991 to 12 million in 2007, 14 million in 2010 and subsequently 28 million housing units in 2022. Represented by the bank's Group Head, Business Development, Mrs. Ngozi Chukwu, Olumorin, explained that having the C/O was a critical condition for legal mortgage and urged the government to simplify the process of acquiring the land document to enable mortgage institutions play their

part in the mass housing projects. He said Land Use Act also remained problematic in the provision of housing for Nigerians. According to him, the mortgage banking sub-sector of the financial services industry had since been faced with several herculean challenges including lack of long-term funds, fund mismatch (funding long-term with short term deposit), macroeconomic challenges in the form of high and volatile inflation, interest and exchange rates, which resulted in high cost of funds for both lenders and borrowers. He said the subsector was also adversely affected by slow, expensive and bureaucratic procedures of title registration and transfer, lack

former CEO of GT Bank, and Mr. Jim Ovia, former CEO of Zenith Bank would be caught by CBN’s new tenure arrangement is wrong. The gentlemen manage Holdcos of which the aforementioned banks are subsidiaries. Their executive positions at the Holdcos are not subject to the CBN tenure restrictions as Holdcos are not banks but constellations of different financial and technologyrelated businesses. “The different lines of Holdco businesses have separate regulators, meaning that the CBN cannot unilaterally impose tenure limits on their executives. “As Proshare analysts have previously noted in an earlier commentary, the answer to a throbbing headache is not the removal of the head. The problem of governance is not the length of service of executives but the nature of their character, their competence, and capacity,” the firm added.

of mortgage friendly laws such as foreclosure/eviction laws and lack of strong property rights as well as cumbersome legal and legislative framework for land acquisition. He said the operations of mortgage financing was also hampered by the non-existent mortgage market infrastructure such as mortgage insurance, mortgage guarantee, mortgage collateral indemnity among others. He added, “These challenges seriously hampered the development, scope and reach of housing finance to different categories of Nigerians. “Within the space of about a decade, the subsector had however made remarkable progress

in tackling these issues and the sub-sector has undergone significant evolution to keep up with global best practices. “This was made possible by the efforts of the federal government, through the Central Bank of Nigeria (CBN) as the external regulatory agency for the mortgage banks.” According to the Infinity Trust Mortgage Bank MD, the first major initiative that transformed the mortgage banking business environment was the recapitalisation of Primary Mortgage Institutions (PMIs) and a change of their status from mortgage financing institutions to full-fledged mortgage banks in 2011. Continues online

committed to their duties, contributing effectively to the realisation of the Making Edo Great Again (MEGA) Agenda. According to him, “The Governor Godwin Obaseki is investing hugely in the state’s civil and public service to ensure better wellbeing of Edo workers and enhance productivity in the service. Today, Edo civil and public service is the best-paid service in Nigeria as we pay N40,000 minimum wage while other States pay N30,000 “In furtherance of the government’s commitment to the welfare of the workers, the government has since 2016 ensured that workers are promoted as and when due. Today, there are no arrears of promotion in the State Civil/Public Service as the government has approved the 2022 promotion for staff. “The government has also kept to faith with prompt and regular payment of staff across the service. February 2023 salaries have been paid already. Salaries in Edo are paid not later than the 26th of every month.” Okungbowa further noted, “The state is one of the most convenient and best workspaces in any Public Service in Nigeria. All but one of the secretariat buildings which Dr. Ogbemudia started during his time as Military Governor have been completed with state-of-the-art facilities. The last one is being worked on and will soon be completed.”

TUESDAY FEBRUARY 28, 2023 •T H I S D AY

TUESDAY FEBRUARY 28, 2023 • T H I S D AY

TUESDAY, ͺ΀˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

PROTEST AT COLLATION CENTRE... Senator Dino Melaye addressing the press on behalf of nine political party agents who worked out from the collation centre because the INEC Chairman refused to conﬁrm wether the results they are PHOTO: JULIUS ATOI. presenting were uploaded from the BVAS at the polling centre in Abuja… yesterday.

OML 130: Total Energies Seeks Protection as Palmeron Threatens Contempt of Court Emmanuel Addeh in Abuja Total Energies Upstream Nigeria Limited has approached the Appeal Court in Lagos, seeking to stop Palmeron Nigeria Limited, an indigenous oil servicing firm, from committing it to prison for contempt of court. In court papers obtained by THISDAY yesterday, Total Energies was asking the court to restrain the

indigenous oil firm commencing committal proceedings against it for proceeding with a project while the case is still pending in court. Justice Rasul Olukolu of the Lagos High Court, had declined to halt a suit instituted by Palmeron Nigeria Limited, against a Nigerian National Petroleum Company Limited subsidiary, the NNPC Upstream Investment Management Services (NUIMS) and Total Energies.

The ongoing dispute on Oil Mining Lease (OML) 130 was over a rig contract for which the Nigerian company, Palmeron, complained that it offered the Deep Value Driller at a lower price during a tender, but was rigged out of the process without explanation. Total operates the block, which holds the Akpo and Egina fields. The energy company intended to carry out infill drilling on Egina

this year, possibly anytime from the second quarter. Palmeron had told the High Court that it expressed interest after Total Energies published the first tender. But to its chagrin, Palmeron had said the French oil company then called off the tender process after much progress had been made and a lot of expenditure had been made without the company giving it any explanation.

The “tender process was called off without giving any reasons,” the firm told the court, with the contract later awarded to a consortium of Tirex Petroleum, Pidwal and Noble. Palmeron had thereafter threatened to commit Total Energies to prison for going forward with the award to another firm and continuing work on the project even though there was a pending substantive case in court. The local firm had won round

Nigeria Elections Lacked Transparency, Fell Short of Expectations, Int'l Observer Groups Declare Want international community to sanction electoral violence perpetrators Urge National Assembly to prioritise passage of electoral offences bill Sunday Aborisade and Udora Orizu in Abuja The International Republican Institute (IRI) and National Democratic Institute (NDI) Joint Election Observation Mission, yesterday noted that inadequate communication and lack of transparency by the Independent National Electoral Commission (INEC) in the just concluded elections created confusion and eroded voters’ trust in the process. The groups in their preliminary statement on the Presidential and National Assembly elections, presented in Abuja by their leader, and former President of Malawi, Dr. Joyce Banda said despite the much-needed reforms to the Electoral Act 2022, the election fell well short of Nigerian citizens’ reasonable expectations. The foreign observers on the Nigeria 2023 International Election Observation Mission also urged the international community to sanction perpetrators of electoral violence in the ongoing general election in Nigeria. Those who spoke on the occasion included, Former President of the Republic of Malawi, who is the head of the delegation, Banda, and

Ambassador Mark Green, who is the President and Chief Executive Officer of the Woodrow Wilson, an International Center for Scholars. Other speakers included, Ambassador Johnnie Carson,a former Assistant Secretary of State for the Bureau of African Affairs at the U.S. Department of State; and an IRI Board Member, Constance Berry Newman, who was a former Assistant Secretary of State for African Affairs. They also included NDI Board Member, who is an American political leader, lawyer/ voting rights activist, Stacey Abrams and IRI Board Member, Dana White, a foreign policy and communications advisor. In the speech read on behalf of the coalition, Banda, wondered why political leaders and candidates failed to honour the peace agreement they signed before the elections. Banda said, "The international community should publicly sanction government and party officials who orchestrate, tolerate, or encourage electoral violence "Political actors should fully adhere to their Peace Accord commitments, including seeking redress of electoral complaints that may

arise through proper legal channels and abide by the outcomes of judicial proceedings. "Parties and candidates should hold accountable supporters to desist from any acts of violence, particularly during and after the tabulation and announcement of results. "Security forces should prioritise enforcement in areas likely to be targets of strategic election violence. "The National Assembly should prioritise passage of the bill that would establish the Electoral Offenses Tribunal to better hold perpetrators accountable for electoral violations and alleviate the burden on INEC to prosecute offenders.” Furthermore, they urged INEC and security forces to widely publicise and consistently enforce the penalties for committing electoral offenses under the new electoral law, particularly vote buying. “INEC and security forces should also communicate to the public the number of arrests, charges, and convictions for the electoral offenses," she added. Banda said the observer mission groups did not see anybody physically involved in vote-buying throughput the 20 states, spread

across the six geopolitical zones of Nigeria they visited. The coalition however said, "INEC should dedicate resources to enforce campaign finance regulations, and make political party disclosures publicly available online and in a timely manner." The foreign observers also, "asked political parties to hold candidates, party members, and pasty agents accountable for participating in vote buying or inducement, hate speech or ethnic polarizstion." They noted that despite electorate reforms by INEC, the 2023 polls fell far from expectations. They lamented that logistics problems marred the process while the issue of naira and fuel scarcity worsened the situation. They said, "Logistical challenges threatened the sanctity of the election. INEC should be more proactive, and release result timely and respect the will of the people. "Security agencies should probe all cases of violence experienced during the process and prosecute perpetrators." They sought special attention for internally displaced people, other vulnerable women and people living with disabilities in subsequent elections.

They also urged INEC to reduce pressure on registration and process of obtaining permanent voter card for the youths. Part of their joint statement read, "INEC should dedicate more resources to assistive materials and voting centers for IDPs, and for more robust surveys to improve the electoral participation of marginalised groups. "Lawmakers should consider updating the Electoral Act 2022 to support absentee voting for voters that are not able to be at their registered polling unit on election day, such as observers, polling Officials, security personnel and out-of-state workers. "Lawmakers should prioritise gender quota legislation to increase the representation of women in elected office and parties should provide material and financial resources to support women, youth and PWD candidates, develop robust recruitment and training strategies, and reform internal democratic procedures to ensure more inclusive candidate fists. "Nigerian media houses should continue to support fact-checking desks and partnerships to mitigate rumors and false information regarding electoral processes."

one of the suit in which it prayed the court to continue hearing the case, although Total Energies told the court that the contract agreement stipulated that any breach would go to arbitration rather than the regular courts. But Olukolu had dismissed Total Energies’ prayer, noting that there was no contract yet per say and that it couldn’t go to arbitration. Palmeron’s lawyers had faulted the insistence of the defendants on proceeding with the provision of the drillship rig for OML 130 despite the fact that their application for interlocutory injunction had been adjourned for arguments. “Our client's representatives informed us that despite the fact that the court assumed jurisdiction in the matter and refused to refer the matter to arbitration, you directed that the drillship rig be moved to OML 130 and commence operations on the 28th January, 2023. Your conduct is contemptuous and you will be solely responsible for your action,” Palmeron had noted in a letter to Total Energies. But in new court papers seen by THISDAY, the French major is asking for, “an order restraining the 1st Respondent (Palmeron), whether by itself, or through any servants, agents, privies or any other persons acting on its behalf or at its behest from commencing, initiating or taking any steps whatsoever (including threatening or commencing committal proceedings against the applicant), that would disrupt or interfere with the conduct of the project pending the hearing and determination of the appeal filed by the applicant vide a Notice of Appeal dated 27 January 2023.” Furthermore, it is asking the court to restrain Palmeron from “acting or taking any steps to delay, interfere with or howsoever otherwise disturb the orderly and expeditious conduct and progress of the arbitration commenced by the appellant/applicant for the purpose of obtaining a resolution of the dispute between the parties in relation to the Call for Tender for the Project, pending the hearing and determination of the Appeal filed by the Applicant vide a Notice of Appeal dated 27 January 2023”

TUESDAY FEBRUARY 28, 2023 • T H I S D AY

TUESDAY, ͺ΀˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

BUHARI HOSTS SOME NATIONAL ASSEMBLY ELECTION WINNERS IN HIS CONSTITUENCY... L-R: President Buhari with APC National Legal Adviser, Ahmad El-Marzuq; Senator-elect, Hon. Nasir Zango Daura, and House of Representative Member-elect, Hon. Amunu Jamo, during the visit of National Assembly election winners in his constituency in Daura, Kastina state... yesterday

Vitol, World’s Biggest Energy Trader, Forecasts $100 Oil Price in H2 With $75/barrel benchmark, Nigeria could save up to $25/bbl

Emmanuel Addeh in Abuja If the current increase in Nigeria’s oil production is sustained, the country may not find much trouble financing its 2023 budget, with the Vitol Group, the world’s largest energy trader predicting yesterday that oil prices could return to triple digits later this year. Vitol’s Chief Executive Officer, Russell Hardy, said in a Bloomberg Television interview that as consumption climbs and the market tightens, the price of oil would likely rise to $100 in the second half of 2023. The firm, which has further extended some of its work to Nigeria operates as an energy and commodities company, and offers refining, trading, shipping, and storage of crude oil and energy products. With revenue of $279 billion as of 2021, Vitol is the largest independent energy trader in the world, and would be the sixth-largest company worldwide as measured by revenue on the Fortune Global 500 list at the time. It has a Joint Venture pact with the Nigeria Sovereign Investment Authority (NSIA) in which it was expected to plough an initial $50 million into projects targeted at

cutting back carbon emissions in the country. Nigeria's state oil firm, the Nigerian National Petroleum Company Limited (NNPC) had also signed a $1.5 billion prepayment deal led by Standard Chartered and backed by the oil traders Vitol Group. “Demand is expected to hit record levels in the second half of the year. The prospect of higher prices in the second half of the year, in the sort of $90-$100 range, is a real possibility,” Vitol's Hardy said in the interview. Benchmark Brent crude, Nigeria’s oil, is currently hovering around $83 a barrel. Oil has traded within a tight $10 range so far this year as investors weigh a welter of conflicting forces, including the outlook for supplies from Russia, China’s reopening, and the trajectory of monetary policy. Other trading giants have also outlined bullish views, with Trafigura predicting that prices would head above $90 a barrel and reach $100 at some point this year, and Mercuria Energy Group anticipating price gains that will extend into 2024. Some of the biggest names on Wall Street such as Goldman Sachs Group Inc. and Morgan Stanley also forecast a rally in the second half.

Oil inventory levels look “reasonable” over the next months but should tighten after that, with this year’s oil demand set to increase by 2.2 million barrels per day over 2022 levels, according to Vitol estimates. Most of that would be from diesel, naphtha and liquid petroleum gas, with gasoline and jet fuel “both still playing catch up,” Hardy said in a separate interview. “With jet fuel, we anticipate we’ll end the year close to a half a million barrels a day less than 2019, because

the schedules are just not going to get to where they were,” he said. That puts pressure on strained production, with Organisation of Petroleum Exporting Countries (OPEC) “relatively flat out” in terms of output and with Russia’s logistical difficulties in bringing oil to market. Recently Nigeria has been on its way to meeting its OPEC production quota, with production rising from a multi-decade low of 900,000 barrels per day to about 1.3 million bpd. The NNPC puts the production figure

at over 1.6 million bpd. “You don’t have much room on the supply side is the reality, so the potential for a rally is certainly there,” Hardy added. Sanctions on Russia have created some logistical issues as cargoes are re-routed on longer routes to buyers in Asia, prompting Moscow’s recent warning that it will curb production. However, Europe has comfortable inventory levels and isn’t facing strain from the upheaval, Hardy said. Over the long-term, plans for

US Extends TouristVisaValidity to FiveYears for Nigerians Ugo Aliogo The United States of America has announced that starting March 1, 2023, it would increase visitor visa validity from 24 months to 60 months for Nigerians who want to enter the United States temporarily for business and/or tourism. It disclosed this in a press statement released yesterday, adding that the visa application fee, currently at $160, would not increase as a result of the increased visa validity.

The statement noted that increasing the visa validity was one of several initiatives taken by the United States to reduce visa appointment wait times in Nigeria. It also noted that the US Mission continues to offer No-Interview Visa Renewals to those who meet the eligibility criteria, adding that appointments for No-Interview Visa Renewals were readily available. It added, “You may be eligible for a visa renewal without an interview if your application is for a B1/B2, F,

M, J (academic only), H, L, or C1/D (combined only) visa, and you meet each of the following criteria: you are physically present in Nigeria, your previous visa was issued in Nigeria, your previous visa is in the same classification as your current application, your previous visa was a full-validity, multiple-entry visa, your previous visa expired within the last 48 months or will expire in the next three months from the date of application, you have all your passports covering the entire

ELECTIONS: INVESTORS CAUTIOUS AS STOCK MARKET CROSSES N30TRN MARKET CAPITALISATION in the nation’s presidential election tally, would offer reforms to pull Africa’s largest economy out of a fiscal mess. Five of the West African nation’s dollar bonds ranked among the 10 best performers on Monday in a Bloomberg index of 71 emerging and frontier nations. The country’s sovereign risk premium narrowed the most this year on Monday, according to JPMorgan Chase & Co. data. The equity benchmark in Lagos rose to an eight-month high. Meanwhile, the stock market so far in 2023 has appreciated by N2.23 trillion to the N30.140 trillion it closed yesterday, from the N27.915 trillion it ended trading in 2022. Also, the NGX All-Share Index gained 7.96per cent to 55,328.42 basis points from 51,251.06basis points the stock market closed for trading in 2022. Foreign participation in the local bourse has so far moderated in recent years, due to issues around foreign exchange liquidity and monetary policy of the Central Bank of Nigeria

(CBN) over rising inflation rate. Analysts attributed this to unimpressive yield in fixed income securities, pushing investors to buy up fundamentally strong stocks with attractive dividend yields. Historically, the market has typically experienced volatility during election season with some notable years, particularly the 1999 election – which saw change from military rule – and 2015 election – which saw the first incumbent defeat at the polls – experiencing declines pre-election. The positive domestic investor sentiment, according to analysts was driven mostly by strong earnings released and dividend pay outs announced by companies in the wake of earnings season. The likes of BUA Cement Plc, Dangote Cement Plc, and Nigerian Breweries Plc, recently announced their 2022 financial results and declared dividends to shareholders. Specifically, the management of

“enormous investment” in renewable energy are bringing forward the point at which global oil consumption ultimately tops out, which is likely to come around the end of the decade, he added. Investment is still needed in oil supplies in the meantime. “We’re on a very rapid path to de-carbonisation,” Hardy said. Nigeria’s authorities recently moved to ramp up oil production in the country and curb massive oil theft which have hobbled output for over a year.

BUA Cement recommended for the approval of shareholders a payment of N2.80k dividend per 1 ordinary share of 50 kobo each, out of the profits declared in 2022 as against N2.60 paid to shareholders in 2021, while Dangote Cement for the second consecutive years proposed dividend of N20 per ordinary 50 kobo share. In addition, Nigerian Breweries also recommended to shareholders a total dividend of N13.87 billion, that is, N1.43 kobo per ordinary share of 50 kobo each. The total dividend of Nigerian Breweries comprised of an interim dividend of N3.28, which was 40 kobo per share, and a final dividend of N10.58 billion, which was N1.03 kobo per share. These companies, among others have continued to appreciate as investors continued to take position due to 2022 dividend pay-out. Speaking on the outlook of the stock market in 2023, the Managing Director/Chief Economist at Analysts

Data Service and Resources Limited, Dr Afolabi Olowookere, disclosed that while recent evidence suggested the market performance during pre and post elections comes out negative, it is expected that the stock market might close in the negative territory at the end of the year. According to him, “In the last three years of election, the market had closed in the negative and so looking at it, stock market returns might likely close at -16 per cent at the end of the year and this will be centered on factors like uncertainties around the outcome of the elections, low capital inflows and rising inflation.” Analysts at Investment One in a report titled, “2022 review and 2023 macro-economic and financial market outlook” had noted that the direction of the stock market would be largely determined by the trio impact of fixed income yields in tandem with monetary policy, corporate actions, and election turnouts. “Ditto to our outlook of tepid

movement in yields in the fixed income space and expectations of a less aggressive hawkish tone from the CBN, negative real returns should remain relatively high in the fixed income space giving room for alpha-seeking investors diverting more funds to equities as it remains a solid channel for positive real returns. “For corporate earnings, we are cautiously optimistic of a positive earnings performance in 2023 given the negative impact of high inflation pressures, increased monetary policy tightening and forex instability. Although we expect a broad-based resilient performance, we do not see a significantly upbeat performance as the aforementioned factors remain deterrents,” the report added. An analyst with Parthian Securities, Azeezat Awonuga, whilst commenting on the market with CNBC Africa said that investors were poised to hunt for gains in the stock market as the fixed income yields have moderated in recent times.”

period since receiving the previous visa and the passport with the most recent visa. “You have never been arrested or convicted of any crime or offense in the United States, even if you later received a waiver or pardon; you have never worked without authorisation or remained beyond your permitted time in the United States.” The statement further noted that applicants could visit the US embassy website for further information, adding that if an applicant was qualified based on criteria on the website, they could start the application on the dedicated website. The statement posited that processing times for the programme were expected to be up to two months, “and you will not be able to retrieve your passport during that time.” The statement noted that each applicant must individually meet the criteria; “minors can apply without an interview only if they meet the eligibility criteria on their own.” Regarding emergency appointments, the statement averred that if an applicant has a life-or-death emergency, the individual may request an expedited, in-person interview; however, to accommodate no-interview visa renewals, appointments would be very limited. Continuing, the statement added: “Business travel, conferences, weddings, and graduations are not considered emergencies. If you have an emergency and need to travel immediately, please follow the guidance provided at Apply for a U.S. Visa | Home - Nigeria (English) or +234-1-227-8955 to request an emergency appointment.”

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Archbishop of Canterbury Charges INEC to Ensure Nigerians’ Votes Count Frank urges Nigerians to reject alleged manipulated results Adedayo Akinwale in Abuja The Archbishop of Canterbury, The Most Rev. Justin Welby has advised the Independent National Electoral Commission (INEC) to ensure that the ballots cast by Nigerians in Saturday’s presidential and National Assembly elections reflect the wishes of the citizens. In a Tweet published on his official Twitter handle, he wrote: “Nigeria has voted, praise God for this grace. My prayer now is that counting and declarations are honest - and that the new President

of this great nation serves all the people, especially the poorest and most vulnerable.” INEC is presently collating the results nationwide and so far has announced the results for about 10 states. Meanwhile, a former Deputy National Publicity Secretary of the All Progressives Congress (APC), Timi Frank, has called on Nigerians to reject alleged large-scale manipulation of the results of the 2023 presidential and National Assembly election by INEC in collaboration with Nigeria’s security agencies.

Frank in a statement issued yesterday, alleged that INEC deliberately delayed the release of the presidential and National Assembly election results to give the ruling APC room to doctor the results to favour their candidates. He said the commission, just like in 2019, allegedly upturned the will of the people by, “scientifically rigging the much anticipated poll whose outcome Nigerians had hoped would birth a new dawn in the country.” Frank added: “What they told Nigerians is that results would

be transmitted from the polling units to the server, as we speak, the results are not on the INEC’s server! What changed?” “INEC has scientifically rigged the election through deliberate delay in announcing results and failure to electronically transmit the results as promised. “They fraudulently ensured that APC won with very wide margin in states where they are popular while opposition parties could only manage a slim margin of win in states they are popular. “The question INEC must answer

is if the Presidential candidate of the APC, Bola Tinubu can be disgraced and defeated in his stronghold in Lagos State and his home state of Osun - how come he is being awarded huge vote figures in the northern parts of the country? “We have also seen how state government officials in Rivers and Kaduna state have been intimidating INEC officials to upturn polls in favour of the ruling party. “It is on record that election results in Gombe and Bauchi States where the Peoples Democratic Party is clearly ahead are now being changed

in favour of the APC,” he said. Frank recalled that President Muhammadu Buhari promised to leave a legacy of free, fair and credible elections, but alleged that the, “ongoing manipulation of election results and thwarting of the expressed will of Nigerians in Saturday’s election was highly reprehensible.” “Posterity will judge him as the President who conducted the most fraudulent election in the history of the country and that is what he will be remembered for after leaving office," Frank said.

account should you be seen as part of the collusion or compromise. When the die is cast, it will be your problem and that of the nation. The chairman of INEC may sneak out of the country or go back to his ivory tower.” He enjoined Nigerians to exercise patience until the wrong was corrected, stressing that he strongly believes that nobody would toy with the future and fortune of Nigeria at this time.

Melaye had earlier observed that

urged Nigerians to remain calm while the issues were being sorted out. The statement, titled, "A Call for Calm: Please Give Peace and the Process a Chance," the National Peace Committee also urged the security agencies to cooperate with INEC in their investigations of these weighty allegations. The statement said, "We appeal to INEC to heed the grievances being expressed, to take the necessary steps to escalate investigations of all allegations of infractions and to ensure that justice is clearly done to all citizens who went out to vote. "We have received reports of the culture of voter suppression manifested across the country through the application of targeted violence, disruption of processes, inducement of voters, intimidation, deliberate frustrations of voters and the challenges of the election equipment.” Abdulsalami stated that there were, indeed, genuine cases of concern regarding the manner the presidential election was conducted in several parts of the country. The committee urged INEC to thoroughly investigate the complaints in order to engender the confidence of Nigerians. The peace committee stated, "We are pleased that INEC has accepted these lapses and promised to rectify these lapses. We appeal to the security agencies to collaborate with INEC in their investigations of these weighty allegations. Concerns about the failures of the INEC Result Viewing Portals (IReV) across the country must be thoroughly investigated to ensure transparency. "We commend Nigerians for turning out en masse to exercise their civic duty by voting in the February 25 elections. We took note of their patience, dignity and enthusiasm, which Nigerians lined up to vote despite observable challenges in the polling units. "Along with millions of other Nigerians and the international community, we have followed developments since the commencement and end of the presidential and the National Assembly elections last Saturday. “Not unexpectedly, the elections got on to a rather rocky start with the problems around logistics and accreditation processes across the country. “On balance, despite these glitches, the elections were peaceful across most part of the country. However, now that the process of casting our votes has been largely concluded, the challenge now lies with the collation of the results. We perfectly understand that Nigerians are quite disturbed by these developments. Against this backdrop, we make the following appeals. “Nigerians must be reminded that the world has invested a lot of goodwill towards us in these elections. We have taken note of the dissatisfaction among voters who braved all harsh weather elements to perform their civic duties. All citizens deserve to be rewarded by a process that ensures that their votes truly count." The NPC stated that in the spirit of the peace accord, which all candidates and their chairmen signed on February 23, 2023, it was appealing

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OBASANJO TO BUHARI, INEC: ACT BEFORE AGGRIEVED VOTERS SET NIGERIA ON FIRE presidential and National Assembly polls before the citizens’ pent-up anger and frustration burst forth in negative reactions. In a statement he personally signed, the outspoken ex-president called for a rescheduling of elections in areas where there were confirmed cases of malpractice for next Saturday. Relatedly, Abdulsalami Abubakar asked INEC to take note of the allegations of misconduct trailing the presidential election. But in a swift response to Obasanjo’s call for cancelation of some of the polls, the presidential candidate of All Progressives Congress (APC), Bola Tinubu, yesterday, advised Buhari not to allow Obasanjo lure him into staining his democratic credentials. Tinubu, in a statement by Special Adviser, Media, Communications and Public Affairs, APC Presidential Campaign Council (APC PCC), Dele Alake, urged Nigerians to reject Obasanjo’s dubious and hypocritical advice and stay strictly and firmly on the path of constitutionalism and democratic due process. Obasanjo, who said he had personally spoken with Buhari on the issues, called for the setting

up of an INEC committee, which would comprise the chairman of the Nigerian Bar Association (NBA), to sort out all the grievances by Nigerians regarding the election with a view to resolving them. The former president stated, “At this stage, we do not need wittingly or unwittingly to set this country on fire with the greed, irresponsibility and unpatriotic act of those who allegedly gave money to INEC officials for perversion and those who collected the blood money. “Let me appeal to the chairman of INEC, if his hands are clean, to save Nigeria from the looming danger and disaster, which is just waiting to happen. If the chairman can postpone elections four days to the election, he can do everything to rectify the errors of the last two days — no Bimodal Voter Accreditation System (BVAS), no result to be acceptable; and no upload through server, no result to be acceptable. “Where BVAS and servers have been manipulated or rendered inactive, such results must be declared void and inadmissible for election declaration.” Obasanjo stressed that he had thought the INEC chairman would use the opportunity of the latest

polls to mend his reputation and character for posterity. He said, however, that it was not too late to rectify the anomalies. He told Buhari, in the statement, “Your Excellency, President Buhari Muhammadu, tension is building up and, please, let all elections that do not pass the credibility and transparency test be cancelled and be brought back with areas where elections were disrupted for next Saturday, March 4, 2023, and BVAS and server officials be changed.” Obasanjo noted that he was constrained to speak at this point to make Buhari aware of what was happening and the looming danger. He stated, “On many occasions in the past, I have not hesitated to point out lacuna in the action of the president and his government. But as far as the election issues are concerned, the president has proved beyond reasonable doubt that he will want to leave a legacy of free, fair, transparent and credible elections. “Until last Saturday night, February 25, 2023, the good and noble plan and preparation for the elections seemed to be going well. For (INEC), a lot of money was spent to introduce BVAS, and the server for immediate transmission

of results from polling units.” Obasanjo maintained that INEC officials at the operational level had been allegedly compromised to “make what should have worked not to work” and to revert to manual transmission of results, which were manipulated and doctored. According to him, the chairman of INEC may claim ignorance but he cannot fold his arms and do nothing when he knows the election process has been corrupted and most of the results brought outside BVAS and tampered with are not a true reflection of the will of Nigerians who have made their choices. He pointed out, “To know which stations or polling units were manipulated, let a committee of INEC staff and representatives of the four major political parties with the chairman of NBA look into what must be done to have hitch-free elections next Saturday.” Obasanjo prayed that Buhari’s plan and hope of leaving a legacy of free, fair, transparent and credible election would be realised. He urged the president not to let anybody tell him that the problem did not matter or that it was the problem of INEC. Obasanjo told Buhari, “On no

Abdulsalami-led Peace Committee Demands Probe of Electoral Malfeasance

On his part, Abdulsalami asked INEC to pay attention to the allegations of malpractice trailing the election. The National Peace Committee (NPC), which spearheaded the signing of a peace accord against violence and electoral malpractices, said INEC should take all the time it required to ensure that it delivered results that would inspire the confidence of the people and meet time tested international standards. In a statement signed by the former head of state, the committee

THE WORLD MOVES AGAINST NIGERIA’S TAINTED POLL Kingsley Nwezeh, Adedayo Akinwale, Emameh Gabriel in Abuja and Segun James in Lagos Forty-eight hours after the presidential and National Assembly elections ended in many parts of the country, there is palpable anxiety amongst the people as criticisms by by the United States, European Union, Common Wealth and international observer groups trail the conduct of the exercise amid allegations of widespread of irregularities, rigging and manipulations of the results. For instance, yesterday, observers from the United States of America (US), the European Union (EU), African Union (AU), the Economic Community of West African States (ECOWAS) and the Commonwealth, all noted the irregularities in the polls. The International Republican Institute (IRI) and National Democratic Institute (NDI) Joint Election Observation Mission, noted that inadequate communication and lack of transparency by the Independent National Electoral Commission (INEC) created confusion and eroded voters’ trust in the process. Although more results came in last night, pointing in the direction of a likely winner of the presidential election, agents of the Peoples Democratic Party (PDP), Senator Dino Melaye, his Labour Party counterpart, Hon. Umar Farouk Ibrahim, Action Peoples Party (APP), Chinemelo Ubah and the African Democratic Congress (ADC), yesterday, staged a walkout at the National Collation Centre in Abuja, alleging that the electoral process was flawed. But, some other parties like the Peoples Redemption Party (PRP), Social Democratic Party (SDP) and Action Alliance (AA)

dissociated themselves from what described as a charade. INEC Chairman, Prof Mahmood Yakubu, however said the process could only be reviewed after the exercise had been concluded. This nonetheless, Presidential candidate of the Labour Party, Mr. Peter Obi, yesterday, made history after he defeated his All Progressives Congress (APC) counterpart in his Lagos base. The IRI and NDI in their preliminary statement on the Presidential and National Assembly elections, presented in Abuja by their leader, and former President of Malawi, Dr. Joyce Banda, said despite the muchneeded reforms to the Electoral Act 2022, the election fell well short of Nigerian citizens’ reasonable expectations. The foreign observers on the Nigeria 2023 International Election Observation Mission also urged the international community to sanction perpetrators of electoral violence in the ongoing general election in Nigeria. Those who spoke on the occasion included, Former President of the Republic of Malawi, who is the head of the delegation, Banda, and Ambassador Mark Green, who is the President and Chief Executive Officer of the Woodrow Wilson, an International Center for Scholars. Other speakers included, Ambassador Johnnie Carson, a former Assistant Secretary of State for the Bureau of African Affairs at the U.S. Department of State; and an IRI Board Member, Constance Berry Newman, who was a former Assistant Secretary of State for African Affairs. They also included NDI Board Member, who is an American political leader, lawyer/ voting rights activist, Stacey Abrams and

IRI Board Member, Dana White, a foreign policy and communications advisor. Banda said, "The delegation observed that late opening of polling locations and logistical failures created tensions and the secrecy of the ballot was compromised in some polling units given overcrowding. At the close of the polls, challenges with the electronic transfer of results and their upload to a public portal in a timely manner, undermined citizen confidence at a crucial moment of the process. “Moreover, inadequate communication and lack of transparency by INEC about their cause and extent created confusion and eroded voters’ trust in the process. "The combined effect of these problems disenfranchised Nigerian voters in many areas, although the scope and scale is currently unknown. Despite these issues, Nigerians once again demonstrated their commitment to the democratic process. “Voters displayed extraordinary resilience and resolve to have their voices heard through the ballot, and INEC administered a nationwide election according to the electoral calendar for the first time in the country’s recent history.” "As the nation awaits the results of the February 25 polls and the Nigerian people prepare for upcoming gubernatorial elections, we urge political actors and their supporters to remain calm and exercise restraint. ‘The mission encourages INEC, the government, political actors and civil society to redouble their efforts to deliver on citizen expectations for transparent and inclusive elections, and to ensure that electoral outcomes are a credible expression of the voters’ will."

On the other hand, Commonwealth observers yesterday stated that the country’s elections were, “largely peaceful,” despite administrative and logistical hurdles at many polling units. Chairperson of the Commonwealth Observer Group, former President of South Africa, Thabo Mbeki, delivered his team’s preliminary assessment of the electoral process at a press conference in Abuja, saying Nigerians were largely accorded the right to vote. Delivering the group’s preliminary assessment, he noted that as voting hours extended into the night due to late openings, some polling units were ill-equipped with proper lighting to facilitate voting and counting in the dark. Considering the challenges, he encouraged the electoral commission to conduct a thorough post-election review of the electoral process to draw lessons and consider setting up appropriate mechanisms to implement the recommendations of observers. The chairperson also noted an improvement with the enactment of a new Electoral Act in 2022, which gave the electoral commission more autonomy, legal backing for the use of electronic accreditation of voters and frameworks for the inclusion of people with disabilities in the elections, among other things. “We congratulate all Nigerians for their determination, patience and resilience displayed throughout the electoral process. We call on all those with grievances to address disputes through prescribed legal channels,” Mbeki said. In her preliminary report, the EU, stated that, “Nigerians went to the polls in highly anticipated presidential and National Assembly elections that INEC kept on schedule despite a volatile and

challenging environment. Fundamental freedoms of assembly and movement were largely respected, yet the full enjoyment of the latter was impeded by insufficient planning, insecurity and the prevailing Naira and fuel shortages. “Abuse of incumbency by various political office holders distorted the playing field and there were widespread allegations of vote buying. Media provided an extensive coverage of the three leading campaigns, while disinformation interfered with voters’ right to make an informed choice on election day. The EU EOM is continuing its observation of the ongoing collation and tabulation of results throughout the country. “INEC’s operational capacity was hampered by the ongoing fuel and Naira shortage. Insecurity prevented it from accessing some Local Government Areas (LGAs), notably in the South. Attacks on INEC premises, including just days before polling, hindered preparations in affected areas, while instilling fear in voters. “Overall, stakeholders had expressed confidence in INEC’s independence, professionalism, and voter information efforts, but this decreased ahead of elections. INEC lacked efficient planning and transparency during critical stages of the electoral process, while on election day trust in INEC was seen to further reduce due to delayed polling processes and information gaps related to much anticipated access to results on its Results Viewing Portal (IReV).

PDP, Labour Party, Others Fault Process, Stage Walkout

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NEWS

PROTECTING CYBERSPACE AND ICT INFRASTRUCTURE... L-R: Executive Vice Chairman/Chief Executive Oﬃcer, Nigerian Communications Commission (NCC), : Prof. Umar Garba Danbatta; Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami; Minister of Communications and Digital Economy, Prof. Adeolu Akande, and Director General, National Information Technology Development, Mr. Kashifu Abdullahi, at the inauguration of the Committee on Protecting Cyberspace and ICT Infrastructure held in Abuja... recently

APC PCC: PDP, LP Shopping for Injunction to Stop Result Declaration Says party upbeat of victory Adedayo Akinwale in Abuja The Presidential Campaign Council (PCC) of the All Progressives Congress (APC), yesterday, said it had credible information that the Peoples Democratic Party (PDP) and Labour Party were presently shopping for a court

order to stop the announcement of the presidential result. One of the spokesperson of the APC campaign, Festus Keyamo, who made the allegation at a press conference in Abuja, insisted that the two opposition parties were hell-bent on scuttling the country's democratic process.

"We have credible information that PDP and Labour Party are presently shopping for a court order to stop the announcement of the result like the June 12, election. We have credible information from my colleagues at the bar, who is consulting for colleagues in the inner bar - the Senior Advocates

like me, who have told them to go and prepare papers and proceed to court to secure an order to stop INEC from announcing the result of last Saturday's election. "My appeal to the judiciary is to remember the infamous Justice Ikpeme. We should not allow the replay of that situation of Justice

Mali Adopts Afreximbank’s Factoring Law African Export-Import Bank (Afreximbank) is celebrating the adoption and enactment of a factoring law in the Republic of Mali. Afreximbank’s Factoring Model Law was used as a guide for the development of La Banque des États de l’Afrique de l’Ouest (BCEAO’s) factoring law, which the Republic of Mali has adopted. This conforms to the bank’s Factoring Strategy, which aims to provide legal and regulatory support to African countries in their pursuit of factoring as an alternative financing option.

The enactment of the law in Mali creates a facilitative legal and regulatory environment for factoring to thrive in the country, thereby supporting SMEs with access to another form of financing. According to a statement, the move, which followed similar legislative developments in Togo, Niger and Burkina Faso, constituted a crucial milestone in the broader African effort to increase its share of global factoring transactions from its current level of around one per cent. Moreover, Mali’s decision may

well encourage other BCEAO’s Member States to adopt and domesticate the law. Factoring offers an alternative trade finance instrument to African businesses, and therefore having a robust legal regime that promotes factoring will provide a major boost to the emergence and growth of SMEs and factoring companies in the Republic of Mali and beyond. “By creating a legal infrastructure which diversifies SME financing, and provides credibility and assurance to investors, the law

Obaseki Visits, Condoles with Families of Victims of Electoral Violence in Edo Says investigation ongoing to bring culprits to justice

Edo State Governor, Mr Godwin Obaseki, yesterday, visited families of the two persons who were allegedly killed while exercising their franchise at their polling units during Saturday’s presidential and National Assembly elections in the state. The victims included late Festus Idahosa, 33 years old, and late Mrs. Elizabeth Owie, a 43-year-old mother of three children aged, eight, six, and four years respectively. While Festus Idahosa’s family resides in Upper Sakponba, the family of the late Mrs. Elizabeth Owie lives in Ogheghe, Sapele Road, all in Benin City. Obaseki was accompanied on the condolence visit by his Chief of Staff, Hon. Osaigbovo Iyoha and other top government functionaries. The governor, while expressing sadness over the incidents in the state, assured the families that the police have already commenced investigation to bring the perpetrators of such evil acts to justice. Addressing one of the deceased families Obaseki, noted: “It's very sad as the young man came to perform his civic responsibility and duties and his life was cut short because of

people's perception of what power should be. “It's sad that this sort of electoral violence still happens at this stage of our development. As a government, we would put all measures in place to find out the perpetrators and find out what truly happened and make sure appropriate steps are taken for

us to get to justice.” He added, “People witnessed what happened at these polling units and these people that witnessed what happened will assist with the investigation as the investigators will also reach out to INEC officials and agents who will throw more light on what actually happened.

will significantly improve access to finance for previously excluded small and medium sized businesses in Mali,” it added. Afreximbank’s Factoring Working Group led by Ms. Kanayo Awani, its Executive Vice-President, IntraAfrican Trade Bank, played a pivotal role in the development of the law. Commenting on the news, Awani, said: “Today’s news represents yet another momentous advancement for Africa’s thriving SME sector, and broadens the availability of finance to those with dynamism and entrepreneurship to start and expand businesses in the Republic of Mali. “We are delighted that the Malian government is championing innovative forms of financing – and we are proud of our role in accelerating and facilitating this process.” The African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.

Ikpeme and what happened to her thereafter. Please, please, please we (judiciary) should not scuttle this democracy," he said. Special Adviser, Media and Communication, Dele Alake, also expressed concern over inciting comments and calls to violence by some spokespersons of the opposition, especially those from the PDP. He said Dino Melaye's tweet threatening violence, and Dele Momodu going on the TV to announce a purported winner should not go scot-free. The Campaign said having failed to procure officials to help it doctor results, the PDP rented willing airwaves to make very dangerous statements on the election. Alake said: "We note with utmost concern those inciting comments and calls to violence by some spokespersons of the opposition, especially, those from the Peoples Democratic Party (PDP). "We are particularly concerned and call on the State Security Services and the Nigeria Police Force to immediately restrain persons such as Dino Melaye, Dele Momodu and a certain Pastor Paul Enenche of Dunamis Church from their clear call to violence. "The results trickling in since the close of voting on Saturday have clearly shown the direction Nigerians have chosen to go. Right from the polling unit results received from across the country, the signs were clear that the deceit and propaganda of the opposition did not fetch them the expected votes. "This has expectedly generated anxiety in their camps with many of their leaders making irresponsible incendiary comments," Alake noted,

adding that when failure stared them in the face, rather than accept the outcome with dignity like good democrats would, “some sore losers began shopping for ways to cut corners or scuttle the process. "We have seen many doctored results giving false victory to the Labour Party in places, where it performed abysmally poor. The idea was to give its followers hope and prepare them for a planned street insurrection. The PDP has employed almost similar tactics despite secretly admitting defeat. They went about with mouthwatering offers looking for willing partners that would help them subvert the will of the people. "We also wonder why agents of the party at the Abuja collation centre are pushing insistently for the uploading of the results on INEC portal, when section 60 of the Electoral Act is clear about who has the power to do so at the polling unit. The state collation officer has no such power. The INEC chairman, who collates what has been collated from the states also has no such power. "Is the PDP calling for the upload to enable it to hack the system to give it a false victory? Unlike what the PDP spokesmen have done, we will not announce ourselves as winners despite having the figures which affirm our anticipated victory. We will abide by the laws by allowing the electoral umpire to do its job." Alake noted that a cursory look at the figures from across the states showed that the presidential candidate of the party, Bola Tinubu, was well placed for victory, and stressed that the results had shown that the Labour Party was no threat to APC's victory.

Airports Witness Low Turnout of Passengers after Presidential Elections Chinedu Eze There has been low turn out of passengers at the nation’s airports, as few Nigerians are leaving the locations where they voted or travelled to two days after the conduct of Presidential, Senatorial and House of Representatives elections in the country. Travel agent at the domestic wing of the Murtala Muhammed International Airport, Lagos, Bassey Orok, told THISDAY that the terminals at the Murtala Muhammed Airport 2 (MMA2) and the General Aviation Terminal (GAT) have been scanty since Sunday, a day after the election,

observing that many people were not disposed to travelling in the last two days. He attributed the reason for the low passenger movement at the airports to the fact that many schools have closed and many people are afraid to travel due to uncertainty because of the elections and security fears, suggesting that things might return to normal after the elections. “The airport terminals are scanty. Only few people came to the airport yesterday (Sunday) and today (Monday) and the fair has not increased. Average airfare remains N50, 000. People are not at the airports. Many schools have

closed for this election so students are not going back to their schools and many people are also afraid to travel. Nigerians at this time will not like to be moving up and down until things are settled concerning the elections,” he said. But an official of Air Peace told THISDAY that the airline operated its flights scheduled for Monday, but admitted that many passengers rescheduled their flights. “Our flights are doing well, but a lot of people rescheduled their flights, but all the flights we have today are operating as scheduled; even this evening we will operate all the flights. There has not been

any issue with our flights,” he said. However, industry stakeholders said that since late last year there have been lull in air travel, which they attributed to election period, saying that many businesses and individuals are waiting for new government to be formed before they go into full activities or embark on more investments and these have affected air travel. So as the elections begin there is further reduction in passenger movement at the airports. The Chief Operating Officer of United Nigeria Airlines, Osita Okonkwo recently told THISDAY that economic activities have been low due to the elections

and that has affected air travel. “You can see that everything has frozen, it is like we are on a standstill. Everybody is hoping that the elections will come and go and new ideas will come. This is because nobody is talking about anything. If you even look at those doing fast moving consumer goods, everybody is complaining. It is either you keep your stock, or you discount them and sell at a lower price and get cash flow. Even those selling fuel, every morning I get calls they are not buying (aviation) fuel, because many of them have stopped, people are not buying. So it is a bit of a problem,” he said.

TUESDAY FEBRUARY 28, 2023 • T H I S D AY

TUESDAY FEBRUARY 28, 2023 •T H I S D AY

TUESDAY FEBRUARY 28, 2023 • T H I S D AY

T H I S D AY ˾TUESDAY FEBRUARY 28, 2023

POLITICS

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

Surprises, Hiccups as Nigerians Await Presidential Election Result

Udora Orizu highlights the challenges, shocking outcome from the 2023 presidential election, as the electoral umpire, the Independent National Electoral Commission, collates result

Yakubu

n the build up to the 2023 presidential poll, it is believed that the election might be the most consequential in Nigerian history since the return to democracy in 1999. And true to this belief, last weekend the much anticipated presidential election was finally held, bringing with it surprising and challenging outcomes. Below are takeaway from the just concluded presidential poll Violence Free and fair election in Nigeria is always known to be a mirage. Every election cycle is violencedriven, prone to manipulation, other electoral malpractices, which often lead to outcomes that do not always reflect the popular will, but are often the imposition which comes from intimidation and rigging. The nation held its 6th presidential election in the Fourth Republic on 25th February at a time that Nigerians are believed to have gone through long-suffering and pains as a result of the actions and inactions of government. The pre-election process comprised of violence, killings, denial of use of public facilities to opposition parties, misinformation, hate speeches and disrespect for the letter of the Peace Accord they all signed. The election witnessed thugs snatching ballot boxes, intimidation and disruption of voting process in some states, particularly in Lagos and Rivers. The Commissioner of Police in Lagos State, Idowu Owohunwa, had in his reaction said several arrests had been made regarding electoral violence recorded in some parts of the state on Saturday. With the uneasy, tense atmosphere within which the election in Nigeria held, the poll poses a possibility of post-election violence. While some losers will go to court to challenge the outcome, others and their supporters might decide to go the violent way. Shocking Wins Unlike past elections, which had two major contenders, the 2023 presidential election featured a third force. The battle for who will succeed President Muhammadu Buhari is between Bola Tinubu of the All Progressives Congress, Atiku Abubakar of the Peoples Democratic Party, and Peter Obi of the Labour Party. Obi, a former Governor of Anambra State, who was tagged “social media President”, and a candidate

Atiku

in a political party that has no structure, shocked his opponents and emerged as an unexpectedly powerful force in the race. For supporters of Obi, known as obi-dients, his background is the starting point for what sets him apart. Known for his frugality and integrity, Obi’s tenure as Anambra state governor is a reference point for his accountability in public service. His supporters see that as a departure from endemic corruption that has marred the nation’s public life, endearing him to younger Nigerians who represent a large portion of registered voters. Showing their power, his supporters shocked the ruling All Progressive Congress, when Obi emerged winner of Lagos State in the just concluded election. He polled in 582,454 votes to defeat Tinubu who’s self proclaimed landlord of Lagos who scored 572,606 votes. Also in Plateau came another shock, as Obi won the polling unit of Plateau State Governor and Director General of the APC Presidential Campaign Council, Hon Simon Lalong. There are indications that Labour Party presidential candidate may win the total votes in Plateau. The win will be surprising given APC’s perceived strong hold in the state and the

Tinubu

Obi

fact that it’s the home state of the Deputy Speaker of the House of Representatives, Hon. Idris Wase. Atiku Abubakar of the Peoples Democratic Party, winning Katsina and Yobe states also came as a surprise. Both states ruled by the APC are the home states of President Muhammadu Buhari and Senate President, Dr Ahmad Lawan respectively.

statement said the Commission was aware of challenges with the INEC Results Viewing Portal (IReV). The commission noted that unlike in the off-season elections, where the portal was used, it has been relatively slow and unsteady, stressing that the Commission regretted the setback, especially, because of the importance of IReV in its results management process. “The problem is totally due to technical hitches related to scaling up the IReV from a platform for managing off-season, state elections, to one for managing nationwide general election. It is indeed not unusual for glitches to occur and be corrected in such situations. “Consequently, the Commission wishes to assure Nigerians that the challenges are not due to any intrusion or sabotage of our systems, and that the IReV remains well-secured,” he said. While further assuring the people that its technical team was working assiduously to solve all the outstanding problems, he added that the users of the IReV would have noticed improvements since Sunday night. His words: “We also wish to assure Nigerians that results from the Polling Units, copies of which were issued to political parties, are safe on both the BVAS and the IReV portal. These results cannot be tampered with and any discrepancy between them and the physical results used in collation will be thoroughly investigated and remediated, in line with Section 65 of the Electoral Act 2022.” The commission said while it fully appreciated the concerns of the public on this situation and welcomed various suggestions that it had received from concerned Nigerians, it was important to avoid statements and actions that could heat up the polity at this time or promote disaffection towards the Commission. The commission, therefore, accepted full responsibility for the problems and regretted the distress they might have caused the candidates, political parties and the electorate. As results trickle in, and tension palpably high across the country as Nigerians await results of their preferred candidates more than 48 hours after time was called in on the exercise, the Chairman of INEC, Professor Mahmood Yakubu, has assured that the process of collation and announcement would be transparent.

Highest Turnout The election witnessed the largest electorate in Nigerian history. The elections also include the country’s largest-ever most youthful electorate. This rise in young voters and turnout could be linked to the fact that many young people got involved in politics in October 2020 when they protested against police brutality. Also with the difficulties currently being faced, gave them a sense of their power to push for a better government. Technology The use of technology, especially the ‘debut’ of the Bimodal Voter Accreditation System (BVAS) and INEC Results Viewing Portal (IReV), was expected to play a role in providing legitimacy to the outcome of the results. BVAS combines fingerprint and face biometrics to verify voters’ identities and the electronic transmission of results from polling units directly to the INEC Result Viewing Portal. However, Nigerians were left disappointed as the BVAS which the electoral body claimed will strengthen the integrity and transparency of the elections, were not operational in so many polling units. National Commissioner and Chairman, Information and Voter Education Committee, Festus Okoye, in a

There are indications that Labour Party’s presidential candidate may win the total votes in Plateau. The win will be surprising given APC’s perceived strong hold in the state and the fact that it’s the home state of the Deputy Speaker of the House of Representatives, Hon. Idris Wase. Atiku Abubakar of the Peoples Democratic Party, winning Katsina and Yobe states also came as a surprise. Both states ruled by the APC are the home states of President Muhammadu Buhari and Senate President, Dr Ahmad Lawan respectively

T H I S D AY ˾TUESDAY FEBRUARY 28, 2023

POLITICS

Obi’s Candidature Denies Some N’Assembly Candidates Victory in Anambra Voters in Anambra state turned out in large numbers last Saturday to exercise their franchise for one of their kinsmen and presidential candidate of the Labour Party, Mr Peter Obi, while at the same time rejecting through votes some National Assembly candidates from other parties, reports David-Chyddy Eleke

Umeh

Oduah

Nwoye

Ekwunife

he enthusiasm and interest among voters in Anambra State, both old and young in Saturday’s election is one that can be compared to none in the recent history. As early as 7am in most polling centres in the state, voters, including the old have thronged the centre, waiting for the arrival of INEC officials with the voting materials. Though many centres with high focus, especially in Anaocha Local Government Area, where the presidential candidate of Labour Party, Mr Peter Obi, hails from - got materials on time, hence the commencement of voting by 8am. But in many places, INEC seemed to be determined to frustrate the wishes of the people, as up till 1:30pm, in many voting centres across the state, election materials were yet to arrive. This caused elections in the state to drag late into the night, especially with the high number of turnout in all the polling centres. Not even the harsh sun of the day, or even the threat of rainfall, late into the night could make the electorate to diminish in number, even after close of voting. This was because the people in their number were eager to see the election results entered into the result sheet and transmitted in the same way they voted earlier in the day. It is however noteworthy that no incident of violence was registered during period of the election. The candidate of Labour Party, Mr Peter Obi who voted at exactly 11:45am at his Amatutu ward two in Agulu community in Anaocha Local Government Area of Anambra State told journalists that he was so far satisfied with the process in the state, and wished that it will be the same in other parts of the country. “This election is very important to Nigeria, and I have confidence of

victory. I have the mental capacity, energy and drive to lead this country. We need to get things right in Nigeria,” he said. In all the 21 local government areas of the state visited by our correspondent on election day, the voters were optimistic of a clean sweep of Anambra State by Obi, as the election was characterized by a peaceful conduct in many parts of the state. Also, the Labour Party senatorial candidate for Anambra Central Senatorial District, Senator Victor Umeh expressed happiness over the large turnout of voters in Anambra. Umeh after voting at Aguluzigbo Civic Centre told journalists that the election is a decider for the fate of the people of Nigeria, and that he is happy that the people showed interest in it and turned out in

their numbers. According to him: “The turn out is very impressive in all the places in Anambra State where I have gotten feedback from. The people you see here came from far and wide to come and cast their votes. In the last 20 years, APGA has always won this polling centre, but today everybody is voting Labour Party because of myself and Peter Obi. “We expect a large number of votes when the votes are counted. Not just because of me but because of Mr Peter Obi who everyone wants to be the president of Nigeria. We are happy with this interest shown by our people in coming out to vote. The voting is simple and fast. There are however places where we have information that the BVAS malfunctioned. We hope that the technical support team did something about that.” What many have refered to as Peter Obi hurricane has cost many established politicians in the state of their long held positions, just as some politicians who were described as greenhorns have ridden on the back of the presidential

Among the 11 federal constituencies in the state, though election results have not all been declared, but Labour Party candidates, most of who were previously viewed as political underdogs, have coasted to victory. The All Progressives Grand Alliance (APGA) which is the rulling party in Anambra State is one of the ﬁrst casualties of Obi’s popularity, as most candidates of the party who spent lots of resources to “acquire” the tickets of the party failed woefully

candidate of Labour Party to attain victory in their quest to go to the national assembly. Some of the established politicians who Obi’s influence have cost their positions include: Senator Uche Ekwunife, a grassroot politician who has been in the national assembly for a cumulative 16 years, who represents Anambra Central. Another is Senator Stella Oduah, who is also a sitting Senator, who has held a firm grip on Anambra North Senatorial Zone, which she has also represented twice. Some very established politicians also gained from the Peter Obi effect, despite being household names themselves. They include Senator Victor Umeh and Hon Tony Nwoye who floored Ekwunife and Oduah, despite joining Labour Party late to contest for Anambra Central and North Senatorial seats respectively. Among the 11 federal constituencies in the state, though election results have not all been declared, but Labour Party candidates, most of who were previously viewed as political underdogs, have coasted to victory. The All Progressives Grand Alliance (APGA) which is the rulling party in Anambra State is one of the first casualties of Obi’s popularity, as most candidates of the party who spent lots of resources to “acquire” the tickets of the party failed woefully. As at the time of compiling this report, the Independent National Electoral Commission (INEC) was still collating the results of the presidential election in all the 21 local government areas of the state, but even though Obi’s supporters in the state are sure of a clean sweep in Anambra, many of them have however expressed apprehension about what they termed alleged change of Labour Party’s results in many states across the state.

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20 T H I S D AY TUESDAY FEBRUARY 28, 2023 TR

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& RE A S O

Tuesday February 28, 2023 Vol 27. No 10181

opinion@thisdaylive.com

www.thisdaylive.com

WOYAYA: SONG OF AFFIRMATION Life in Nigeria has been hard, muddy and rough but we will get there, writes O. JASON OSAI

See page 21

ALLAN PATON, BIDEN AND AFRICA Okello Oculi writes that the United States President is making up for some of his country’s past misdeeds

See page 21 EDITORIAL

PRESIDENTIAL POLL: A TIME FOR RESTRAINTS

GODSWILL IHETU argues for an orderly transition away from fossil fuels

ADDRESSING MIXED MESSAGES ON CLIMATE CRISIS AND ENERGY TRANSITION Today, the global consensus is that the world is in a climate crisis. Consequently, the world needs to transition from fossil fuels to renewable energy sources. Burning of fossil IXHOV KDV EHHQ FRQÀUPHG WR KDYH ODUJHO\ contributed to global warming and climate change. The world agreed and pledged that emission from fossil fuels had to be reduced and that renewable and clean energy resources shall be promoted as replacement. As a result of the campaigns against WKH EXUQLQJ RI IRVVLO IXHO VRPH ÀQDQFLDO LQVWLWXWLRQV GHFLGHG QRW WR ÀQDQFH QHZ oil and gas projects. Last year for instance, HSBC, Europe’s largest bank, announced it ZLOO VWRS ÀQDQFLQJ QHZ RLO DQG JDV SURMHFWV HSBC said it made the decision following FRQVXOWDWLRQ ZLWK OHDGLQJ VFLHQWLÀF DQG international bodies who had estimated WKDW FXUUHQW RLO DQG JDV ÀHOGV ZRXOG PHHW JOREDO GHPDQG LQ +RZHYHU LW ZHQW on to say that it will continue to keep its LQYHVWPHQWV ZKLFK DUH DOUHDG\ LQ RLO JDV ÀHOGV DV LW ´UHFRJQL]HV WKDW IRVVLO IXHOV HVSHFLDOO\ QDWXUDO JDV KDYH D UROH WR SOD\ LQ WKH WUDQVLWLRQ HYHQ WKRXJK WKDW UROH ZLOO continue to diminish.” %XW UHFHQW GHYHORSPHQWV LQ (XURSH DQG the US are sending mixed messages to the world. It appears that major oil and gas FRPSDQLHV DQG HYHQ FRXQWULHV LQ WKHVH jurisdictions, are reneging on their carbon emission pledges, in which they had the WDUJHW RI WR DFKLHYH QHW ]HUR FDUERQ emissions. )ROORZLQJ WKH 5XVVLDQ LQYDVLRQ RI 8NUDLQH D YLVLEOH VKLIW HPHUJHG IURP WKH KRUL]RQ The war triggered a global energy crisis DQG DSSHDUHG WR KDYH VKLIWHG WKH ZRUOG·V attention from emphasis on renewable energy sources again towards fossil fuels in the name of energy security. The Russian war has thrown up new challenges leading WR JUHHQ HQHUJ\ SROLFLHV DQG SODQV UHYHUVDOV albeit temporarily. The UK and parts of Europe began to open up coal mines, which had been closed years ago. These mines were closed in the quest to reduce the emissions of carbon dioxide and other greenhouse gases. Oil and gas companies also started sending mixed messages. ExxonMobil is currently increasing oil and gas production in Guyana. Norway’s Equinor, an oil and gas company, KDV DQQRXQFHG LWV ÀUVW FRPPHUFLDO GLVFRYHU\ RͿVKRUH 1RUZD\ WKLV \HDU 7KH 86 KDV VROG more LNG to Europe in 2022 than most traditional suppliers, including Nigeria. The UK has granted new exploration licenses to oil and gas industry players. Interestingly, the mixed messages cannot be more pronounced than in the UK itself, going by a recent BBC report. The Scottish JRYHUQPHQW KDV GHFLGHG WKDW WKHUH ZLOO EH no new oil and gas exploration, thereby

UHYHUVLQJ WKHLU IRUPHU SRVLWLRQ DQG Scotland’s draft energy strategy supports the fastest possible just transition away from oil DQG JDV 0HDQZKLOH WKH 8. JRYHUQPHQW·V SRVLWLRQ LV GLͿHUHQW 7KH SXEOLVKHG VWUDWHJ\ has in its plans, a fresh round of oil and gas licensing in which 100 new licenses are to be issued this year. The BBC report points RXW WKH FRQWUDGLFWLRQ WKXV ´7KHVH DUH WZR GLͿHUHQW UHVSRQVHV WR DQ HQHUJ\ FULVLV IURP WZR GLͿHUHQW JRYHUQPHQWV LQ WKH VDPH jurisdiction, with one leaning into oil and gas and the other leaning away.” British Petroleum’s (BP) new direction is another case in point. Its Energy Outlook 2023 just published, warned that both JRYHUQPHQWV DQG LQGXVWULHV DUH EHKLQG WKHLU WDUJHWV WR UHDFK QHW ]HUR DQG ZLWKRXW FRQWLQXHG LQYHVWPHQW LQ WKH RLO DQG JDV VHFWRU RYHU WKH QH[W WKUHH GHFDGHV WKH world faces increased risks of energy price VZLQJV DQG VKRUWDJHV 7KH\ HPSKDVL]H WKDW UHFHQW HYHQWV OHDGLQJ WR VRFLDO DQG HFRQRPLF GLVUXSWLRQV KDYH KLJKOLJKWHG WKH QHHG IRU the transition away from fossil fuels to be orderly. Yet, they forecast that fossil fuels will likely account for about 20% of primary HQHUJ\ HYHQ LQ WKH \HDU PRVW FRXQWULHV and companies in the world pledge to DFKLHYH QHW ]HUR HPLVVLRQV Considering the depth of the conundrum which seems to tie the hands of the oil giants, the question is whether the major oil companies are hooked on oil and gas GHYHORSPHQW DQG SURÀWV LQ UHVSRQGLQJ WR some shareholders who push for increased UHWXUQV DQG SD\RXWV DV GLYLGHQGV ,URQLFDOO\ some shareholders seem to speak from both sides of the mouth, as they also demand that their companies exit from fossil fuel GHYHORSPHQWV 7KLV LV ZK\ LQ P\ RSLQLRQ the world needs to face the harsh realities, DQG WKHQ FRQVFLRXVO\ PRYH WRZDUGV QHW ]HUR ZLWK H\HV ZLGH RSHQ DQG KDQGV UHDG\ WR ZRUN LQ KDUPRQL]LQJ VWUDQJH EHG IHOORZV According to the Wall Street Journal, WKH WK TXDUWHU ÀQDQFLDO UHSRUW RI %3 indicated a shift away from renewable energy and a return to its primary focus in oil and gas production. BP was disappointed with

UHWXUQV RQ LWV UHQHZDEOH HQHUJ\ LQYHVWPHQWV DQG KDV GHFODUHG WKDW UHQHZDEOHV SURÀW shareholders less than fossil fuels. It now ORRNV WR WULP IXWXUH LQYHVWPHQWV LQ VRODU DQG RͿVKRUH ZLQG VXJJHVWLQJ WKDW WKH QHHG WR VXVWDLQ VKDUHKROGHU YDOXH PLJKW VORZGRZQ the rate of adoption of renewable and climate change actions. There is more bad news. The Global Wind Energy Council has repeatedly warned that ZLQG GHYHORSPHQW LV IDOOLQJ IDU VKRUW RI ZKDW LV QHHGHG WR UHDFK QHW ]HUR LQ WUDQVLWLRQ from fossil fuels to green energy sources. A UK Sunday Mail recent news report UHYHDOHG WKH FDVH RI GR]HQV RI JLDQW ZLQG turbines at some Scottish Power wind farm, being powered by diesel generators after a IDXOW GHYHORSHG ZLWK WKHLU SRZHU VXSSO\ 7KH ÀUP VDLG LW ZDV IRUFHG WR DFW LQ RUGHU WR NHHS WKH WXUELQHV ZDUP GXULQJ YHU\ FROG weather. This is a contradiction. This is a glitch in wind turbine performance where a fossil fuel product came to the rescue. Both WKH DERYH LQFLGHQW DQG WKH *OREDO :LQG Energy Council report suggest that energy transition should be orderly, as predictions based on present and future renewable technologies remain uncertain. , KROG WKH YLHZ WKDW ZH LQ 1LJHULD PXVW FRQWLQXH WR GHYHORS RXU RLO UHVRXUFHV EHFDXVH ZH QHHG WKH UHYHQXHV MXVW DV WKH ,2&V FLWHG DERYH DUH GRLQJ :H QHHG WR XWLOL]H RXU ORQJ VWDQGLQJ VNLOOV DQG existing infrastructure which include multiELOOLRQ GROODU LQYHVWPHQWV LQ ÁRZ VWDWLRQV compressor stations, pipelines and crude oil export terminals, yet we must grow UHQHZDEOH HQHUJ\ VRXUFHV LQ VX΀FLHQW scale to face the realities of the long-term danger of climate change. As I learned more DERXW FOLPDWH FKDQJH , KDYH FRPH WR WKLV position. We must pay more attention to FOLPDWH FKDQJH LVVXHV WKDQ ZH KDYH GRQH VR IDU :H KDYH WR LQYHVW PRUH RQ UHQHZDEOH energy sources like solar and wind, which are already the fastest growing renewable sources worldwide. Meanwhile, some cheering news broke in the last week. The Nigerian Gas Flare &RPPHUFLDOL]DWLRQ 3URJUDPPH ZKLFK DLPV WR UHGXFH JDV ÁDULQJ DQQRXQFHG WZR RU WKUHH \HDUV DJR LV VORZO\ WDNLQJ RͿ ,I successfully implemented, this will certainly reduce our carbon emissions. The federal JRYHUQPHQW KDV DOVR DQQRXQFHG WKH DZDUG of the multi billion Naira Oloibiri Museum and Research Centre. One hopes that the museum will not only focus on our oil and gas history, but also be a research centre IRU WKH GHYHORSPHQW RI UHQHZDEOH HQHUJ\ resources and for decarbonisation of our oil and gas operations. Dr Ihetu is a former MD/CEO of Nigeria LNG Ltd

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Life in Nigeria has been hard, muddy and rough but we will get there, writes O. JASON OSAI

WOYAYA: SONG OF AFFIRMATION In the 1971 classic of the Rock genre titled “Woyaya, the Afro-Caribbean band Osibisa, fervently and passionately said a positive prayer in song, thus: We are going Heaven knows where we are going We know we will We will get there Heaven knows how we will get there We know we will It will be hard we know And the road will be muddy and rough But we’ll get there Heaven knows how we will get there We know we will The peculiarities of Woyaya are one, the members’ strong belief in God and two, the resolute determination that they will get to the zenith of their career irrespective of the daunting odds stacked against them. The personnel of Osibisa were drawn from Ghana, Nigeria and the Caribbean and they were swimming in the croc-infested waters

of the White-dominated music establishment of Great Britain. The odds were therefore mountain-high hence the frustration and GHWHUPLQDWLRQ UHÁHFWHG LQ WKH O\ULFV 6LPLODUO\ in his pre-election message in mid-February 2023, Pastor Paul Adefarasin, Senior Pastor of House on the Rock church, spoke futuristically thus: “We will get there. Obviously, a restatement of the essence and exact words of “Woyaya.” In its topicality that was focused on the band’s aspiration more than one-half of a century ago, the essence of Woyaya, uncannily, UHÁHFWV WKH FRQWHPSRUDU\ PRRG LQ 1LJHULD Millions of well- meaning Nigerians hold tenaciously to the lyrical determination in Woyaya thus:“the road will be hard, muddy and rough but we will get there! We know we will”. A professor of sociology conducting research in a multi-religious community in India accosted a little girl of about 10 years on the street and asked if she was Hindu, Christian or Moslem. With a wry and dry mocking smile, she answered thus:“I am hungry”. Thus, the little girl spoke volubly and eloquently to the inconsequentiality of religion and other sociological factors in the welfare of human beings. The little girl also found the question rather amusing under the obvious circumstance of her abject poverty as UHÁHFWHG E\ KHU UDJJHG FORWKHV DQG FKXUQLQJ stomach. Nigerian masses must transcend the primordial sentiments of religion, ethnicity, etc., and see the real dividing lines as purely socioeconomic. The branded face cap is incapable of covering the agonies of hunger on the face for four years QHLWKHU FDQ WKDW NJ EDJ RI ULFH DQG ÀYH OLWHUV of groundnut oil feed the individual (talk more of the family) for four years. That T-shirt is not bullet proof; so it is incapable of protecting you from the bullets of bandits, armed robbers,

armed herdsmen, etc. Five yards of Ankara cannot cover any individual’s poverty for four years neither can N10,000 solve all the SUREOHPV IRU WKH WHUP RI R΀FH RI WKH SROLWLFLDQ Therefore. if the best candidate by your assessment does not have the chance to win, waste your vote on him without a second thought. That way, you live with your conscience knowing that you did what you believe was right. You voted against the perpetuation of cross-sectoral decay in the society. Given this, you have a chance to air your opinion publicly in the future without your conscience pricking you. 1R LQGLYLGXDO LV VXͿHULQJ DV DQ ,MDZ D Yoruba, Hausa, Igbo, etc., but as a Nigerian. Therefore, people should reject all ethnical cards that are unfavorable to the collective interest of the nation. Election is local but politics is international. The outcome of the HOHFWLRQ ZLOO QRW RQO\ DͿHFW \RX LW DͿHFWV DOO Nigerians irrespective of where they are , where they come from and what alien religion they practice. So, think about the character and integrity of the candidate you intend to vote for: what do you know for sure of who he is in terms of his background details? What are KLV DQWHFHGHQWV LQ SXEOLF VHUYLFH DQG R΀FH" To what extent does he identify with everyday people, which includes you? What is his UHFRUG RI DFFHVVLELOLW\ ZKLOH LQ R΀FH DQG DV DQ individual? These factors are very critical in evaluating the acceptability of an individual R΀FH VHHNHU 7KHVH IDFWRUV DUH WKH IXQGDPHQWDO GHWHUPLQDQWV RI ZKDW WR H[SHFW RI KLP LQ R΀FH Noam Chomsky holds that “a lost nation is one in which hungry and jobless people blindly support those responsible for their poverty, DJRQ\ DQG PLVHU\µ *HRUJH 2UZHOO RͿHUV that“A people that elect corrupt politicians are not victims; rather, they are accomplices”. The characteristic chicanery, cavalier and corrupt practices of Nigerian politicians clearly indicates their lack of patriotism and sensitivity to the needs of the people. Their psychopathic sadism and Luciferian savagery ÀQG H[SUHVVLRQ LQ WKHLU ZHDSRQL]LQJ SRYHUW\ DQG V\VWHPDWLFDOO\ LQÁLFWLQJ SDLQV RQ WKH people in perpetuity. Nigeria has been referred to as a country where the eggheads are taciturn while the pea-brained are loquacious; a rather worrisome combination that has the proven propensity to damage a society. Interestingly, Nigeria has never experienced the prevailing degree of organic grassroots enthusiasm and collective sense of hope spreading across its ethnocultural mosaic. Same as in the song, Woyaya, life in Nigeria has been hard, muddy and rough but we strongly believe that we will get there! We know we will. Osibisa expressed their deep-rooted determination to survive and excel in the rugged European music industry in the lyrics of Woyaya. However, they backed it up with hard work and perseverance hence the global acclaim they enjoyed even beyond their era. According to a patriotic Nigerian, February 2023 election is “An essential and existential election. It is a make-or-break moment in our history. Future generations will not forgive us if we make a wrong choice”. Therefore, Nigerians should not stop at joining Osibisa and Pastor Paul Adefarasin in saying “We will get there”. Nigerians should brace themselves to be part of governance by constantly taking studied interest in what happens in government and demanding probity and accountability from DXWKRULW\ ÀJXUHV DQG SXEOLF R΀FHUV Osai, PhD, is Professor of Development Studies, Department of Political Science Rivers State University, Port Harcourt

Okello Oculi writes that the United States President is making up for some of his country’s past misdeeds

ALLAN PATON, BIDEN AND AFRICA The angry shout by South Africa’s novelist, Allan Paton, would in 2023 probably be: “Ukraine, Cry the Beloved Country’’. Paton would, perhaps, rebuke President Biden for leading a pack of leaders of the European Union with angry teeth snarling at Russia’s leader Vladimir Putin. Ukraine is blessed with scores of precious minerals. Although Euro-American media claim that her grain is primarily for export to starving countries in Africa, notably drought ravaged Somalia, Kenya and Ethiopia, the real consumers are in Europe. Most African peoples are not addicted to eating wheat. Ukraine does not grow yam, cassava, sweet potatoes. The elites devoted to bread and European immigrants across Southern Africa do not constitute majority population. More importantly, Ukraine has become a bazaar for military weapons. The more Russia bombs these weapons the more vibrant the market becomes. The media

by Addis Ababa following pressure by the government of France. She claims in a video that since 1960, France annually seizes 500 billion American Dollars from 14 former colonies which signed a treaty to deposit their foreign earnings in France’s Central Bank. While France lends these funds to its companies, the owners must apply for the funds as loans over which they pat interests for approved funds. Successive American, British, German and other NATO countries were aware of this economic crime and blessed it with salivating silence. Their rage is aroused ZKHQ \RXQJ PLOLWDU\ R΀FHUV ULVH XS with fury and seek Russian support. Russia is a deserving choice. It is their founder Vladimir Lenin who advocated for the end of European colonialism in Africa and Asia as a strategy for cutting RͿ WKH OHJV RI (XURSHDQ FDSLWDOLVP ,Q the post-Cold War era Russia has fought against Islamist militants in Chechnya DQG 6\ULD 0RUHRYHU )UDQFH LV ÀJKWLQJ Russia in Ukraine. President Biden announced publicly that African-American voters “had his back’ i.e. voted for him, he would pay back by ‘’having their back’’. At the level of ‘’symbolism’’, he broke tradition by appointing dark-skinned Linda 7KRPDV *UHHQÀHOG DV WKH FRXQWU\·V Ambassador to the United Nations. The equally highly visible Press Secretary of the President is also a dark-skinned. Haitian-American. Fela Kuti must have suspected the Biden had liked his song against the epidemic of ‘’YELLOW FEVER’’, or what Brazilians call ‘’PRARDO’’. Biden has also been on ‘’taking America back’’ to the country’s middle class. He is combating the accumulated loans weighing down students, and forcing many to abandon dreams of getting university degrees.. announces billions of American Dollars Huge sums of funds are also available voted by Congress for Uraine. AID watchers to rehabilitate decaying airports, in Africa know that such funds do not cross bridges, roads and educational facilities. the Atlantic Ocean. They rush into bank That would give jobs to millions of accounts of American manufacturers of such unemployed people. Low quality weapons. That trip is valuable for Members classrooms for children of poor Africanof Congress in whose constituencies the Americans, Indigenous and Hispanic weapons are manufactured. IDPLOLHV DUH OLNHO\ WR EHQHÀW 0LFKHOOH As African Ministers of Finance know, it Obama noted in her autobiography the is they who earn the wrath of their country WKULOO DQG EHQHÀW WR KHU DPELWLRQ RI KHU folk for ‘’accumulating debts’’. By the time parents saving enough money to send WKH FRQÁLFW HQGV WKHUH LV ULWXDO RI PLJUDWLRQ her on a school trip to France. to the United States, Britain, France and What is good for dredging the swamps Germany of its most talented educated of poverty, decay and racism in his human resources. These were gained from America must also be good for Africa. being in Communist Soviet Union. When Biden was a young politician his There is a lot of media noise about the older leaders indulged racist appetites so-called ‘’RUSSIAN MERCENARIES’’. in a nasty pandemic of promoting It came as a shock when the expulsion of military coup against, and assassination French troops from Mali was accompanied of, Africa’s most brilliant and patriotic by troops from Denmark whose presence political leaders. had been hidden. In Djibouti there are ,QVWHDG RI ÀQDQFLQJ GHVWUXFWLYH German troops under the umbrella of protest; sabotage of sewage; electricity French and American forces. They are not supply; distributing Ebola virus, and seen as mercenaries. demoralizing population through When an Italian government Minister violence – to discourage seeking support lambasted France for a policy in its former from China and Russia - it would be colonies which produces poverty and block more productive to ‘’love your neighbor internal development in those countries, it as you love thyself’’. became clear that these military units were PHUFHQDULHV SURWHFWLQJ R΀FLDO ORRW Prof Oculi A representative of the African Union at writes from Abuja the United Nation has blamed her dismissal

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EDITORIAL

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

PRESIDENTIAL POLL: A TIME FOR RESTRAINTS All critical stakeholders should guide against statements and actions that may trigger violence and put the democratic process in peril

ne mandatory outcome of any electoral contest is that there must be winners and losers. But after results are declared, YHULÀDEOH HYLGHQFH RI LUUHJXODULWLHV FDQ EH WHQGHUHG E\ DJJULHYHG SDUWLHV WKURXJK WKH HVWDEOLVKHG UHGUHVV PHFKDQLVPV 8QGHU WKH SUHYDLOLQJ FRQVWLWXWLRQDO RUGHU LQ WKH FRXQWU\ XQUHVW DQG YLROHQW SURWHVWV DUH QRW SDUW RI VXFK YDULDEOHV 7KH VHQVH RI ORVV HYHQ XQGHU KLJKO\ SUREDEOH DOOHJDWLRQV RI HOHFWRUDO PLVFKLHI GR QRW MXVWLI\ any action that would raise social tension and lead to EUHDNGRZQ RI ODZ DQG RUGHU 7KH GLVFLSOLQH WR VWD\ WKH course is an essential quality of true democrats and GULYHUV RI VXVWDLQDEOH FKDQJH %DVHG RQ WKH IRUHJRLQJ ZH HQMRLQ FULWLFDO VWDNHKROGHUV LQ WKLV HOHFWLRQ F\FOH WR UHVLVW DOO LPSXOVHV WR VHOI KHOS DV WKH QDWLRQ DZDLWV WKH ÀQDO GHFODUDWLRQ RI UHVXOWV RI WKH SUHVLGHQWLDO DQG 1DWLRQDO $VVHPEO\ HOHFWLRQV KHOG ODVW 6DWXUGD\ :H KRSH WKDW WKH ,QGHSHQGHQW 1DWLRQDO Electoral Commission ,1(& ZLOO VWD\ WUXH WR LWV SOHGJH WR EH IDLU EHIRUH GXULQJ DQG DIWHU WKH SROOV so that the outcomes would UHÁHFW WKH DVSLUDWLRQV RI WKH SOXUDOLW\ RI 1LJHULDQ YRWHUV DV VWLSXODWHG E\ relevant laws. +RZHYHU ZKLOH SROLWLFDO SDUWLHV PXVW SOD\ XS WKHLU GLͿHUHQFHV DQG VRPHWLPHV HYHQ ELFNHU HVSHFLDOO\ DIWHU WKH NLQG RI FORVH HOHFWLRQ WKDW ZH MXVW KDG VXFK GLVSXWDWLRQV VKRXOG QRW EH DW WKH H[SHQVH RI RXU QDWLRQDO VHFXULW\ $W D WLPH OLNH WKLV WKHUHIRUH R΀FH VHHNHUV DQG WKHLU VXSSRUWHUV PXVW EH UHPLQGHG RI WKH LQWULFDWH FRUUHODWLRQ EHWZHHQ XQJXDUGHG XWWHUDQFHV DQG WKH KHLJKWHQLQJ RI WHQVLRQ LQ WKH SROLW\ 'HPRFUDF\ LV QRW MXVW DERXW ZLQQLQJ HOHFWLRQV RU VWD\LQJ LQ SRZHU LW LV DERXW VHUYLFH WR WKH SHRSOH WKH XOWLPDWH RI ZKLFK LV WR JXDUDQWHH SHDFH We cannot build a democracy when those who feel DJJULHYHG LQVLVW RQ KDYLQJ WKHLU ZD\ E\ DOO PHDQV QHFHVVDU\ 7KHUH LV DQ HVWDEOLVKHG SURFHGXUH IRU VHHNLQJ UHGUHVV DQG WKLV KDV EHHQ XVHG VXFFHVVIXOO\ LQ WKH SDVW LQFOXGLQJ E\ WKHVH FRQWHVWDQWV LQ WKH FXUUHQW HOHFWLRQ 6R WKHUH LV QR GLVSXWH WKDW PD\ DULVH RQ WKH GHFODUDWLRQ RI WKH SUHVLGHQWLDO HOHFWLRQ UHVXOW E\ ,1(& WKDW FDQQRW EH UHVROYHG DV SURYLGHG IRU E\ ODZ 7KDW FLYLOLVHG RSWLRQ VKRXOG EH HPEUDFHG E\ DOO SDUWLHV LQ WKH LQWHUHVW RI GHPRFUDF\ GHYHORSPHQW DQG QDWLRQ EXLOGLQJ Meanwhile, whoever is eventually declared winner,

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We cannot build a democracy when those who feel aggrieved insist on having their way by all means necessary. There is an established procedure for seeking redress and this has been used successfully in the past T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

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T H I S D AY ˾ DAY, FEBRIARY 28, 2023

MARKET NEWS

Dangote Cement Announces N382.3bn Profit, N20 Dividend for 2022FY Kayode Tokede Dangote Cement Plc, yesterday on the trading floor of the Nigerian Exchange Limited (NGX) announced N382.3billion profit in 2022 audited financial statement for full year ended December 31, 2022, representing an increase of nearly five per cent from N364.44billion reported in 2021. Amid N382.3billion profit in 2022, the management of mul-

tinational cement manufacturer has proposed a dividend of N20 per ordinary 50 kobo share for the second consecutive years. From the profit & loss figures, Dangote Cement’s revenue increased to N1.62trillion in 2022, a growth of 17 per cent from N1.38trillion reported in 2021, driven by price increases to offset heightened inflation. According to the company, the volumes sold by Dangote Cement’s core Nigerian opera-

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tions decreased by 4.1per cent to 17.8Mt, elevated by the high base of 2021. “The decrease is partly as a result of energy supply challenges,” the group explained in a statement. Pan-African volumes also reduced by 8.1per cent to about 10.0Mt from 10.9Mt in 2021 due to increased supply chain challenges and maintenance activities. The Chief Executive Officer, Dangote Cement, Michel Puchercos in a

statement said: “We are pleased to report a solid set of results, despite the elevated inflation due to a very volatile global environment. “We achieved a record revenue and EBITDA that drove strong cash generation across the Group. We recorded a revenue of N1,618.3B, up 17per cent compared to last year and Group EBITDA of N708.2B, up 3.5per cent with an EBITDA margin of 43.8 per cent. “During the year, we ramped-

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up production at our Okpella plant and commissioned our power plant there. To address rising coal prices, we commissioned our alternative fuel feed systems at Obajana and Ibese which saw thermal substitution rate reach 7.5 per cent in December 2022. Successively, the Carbon Disclosure Project for the second consecutive year upgraded Dangote Cement’s CDP rating, this time to B. “The CDP rating upgrade

A S O F

clearly illustrates the growth we have achieved in our commitment to transparency on climate and environmental issues. “Looking ahead, our strategic growth priorities are on track. We are progressing well to deploy grinding plants in Ghana and Cote d’Ivoire this year. To strengthen our local production capacity, I am pleased to announce the Company’s plan to expand capacity into Itori, Ogun State Nigeria.

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TUESDAY, FEBRUARY 28, 2023 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 24Feb-2023, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 201.60 202.75 6.03% Afrinvest Plutus Fund 100.00 100.00 11.30% Nigeria International Debt Fund 327.97 327.97 5.35% Afrinvest Dollar Fund 106.58 107.68 1.08% 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 N/A N/A N/A AIICO Balanced Fund N/A N/A N/A 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 7.58% Anchoria Equity Fund 155.38 157.05 7.20% Anchoria Fixed Income Fund 1.23 1.23 0.04% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 23.57 24.28 7.40% ARM Discovery Balanced Fund 550.92 567.53 5.70% ARM Ethical Fund 46.95 48.36 4.07% ARM Eurobond Fund ($) 1.14 1.14 0.87% ARM Fixed Income Fund 1.12 1.12 1.28% ARM Money Market Fund 1.00 1.00 10.71% ARM Short Term Bond Fund 1.05 1.05 0.99% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 97.45 97.45 2.47% AVA GAM Fixed Income Naira Fund 1,114.63 1,114.63 -1.05% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.14 2.14 3.79% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.37 2.42 7.84% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 1.24% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 11.93% Paramount Equity Fund 20.02 20.38 8.04% Women's Investment Fund 156.65 158.62 6.29% CHD Nigeria Bond Fund 101.37 101.37 10.91% CHD Nigeria Dollar Income Fund 1.01 1.01 9.15% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.92% Cordros Milestone Fund 143.67 144.59 4.34% Cordros Fixed Income Fund 107.00 107.00 9.49% Cordros Halal Fixed Income Fund 104.24 104.24 6.03% Cordros Dollar Fund ($) 114.11 114.11 5.76% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 10.50% Coronation Money Market Fund 1.23 1.24 2.53% Coronation Balanced Fund 1.38 1.38 -2.25% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn 100.00 100.00 10.31% EDC Nigeria Money Market Fund Class A 1,000,000.00 1,000,000.00 11.62% EDC Nigeria Money Market Fund Class B 1,115.93 1,120.12 0.82% EDC Nigeria Fixed Income Fund EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 13.45% Emerging Africa Bond Fund 1.08 1.08 10.26% Emerging Africa Balanced Diversity Fund 1.13 1.13 33.58% Emerging Africa Eurobond Fund 105.60 105.60 3.90% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1499 1499 12.32% FBN Balanced Fund 210.80 212.30 5.56% FBN Halal Fund 125.39 125.39 12.87% FBN Money Market Fund 100.00 100.00 12.21% FBN Dollar Fund 121.48 121.48 6.92% FBN Smart Beta Equity Fund 174.03 175.87 5.09% FBN Specialized Dollar Fund 105.56 105.56 9.74% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.62% Legacy Debt Fund 3.52 3.52 -12.08% Legacy Equity Fund 2.10 2.15 20.99% Legacy USD Bond Fund 1.27 1.27 5.27% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1

Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

Bid Price 4,384.20 3,756.20 100.00

Offer Price 4,413.40 3,756.20 100.00

Yield / T-Rtn 27.80% 7.88% 11.23%

FSDH Dollar Fund 1.14 1.14 5.67% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.87% Vantage Balanced Fund 3.19 3.25 7.41% Vantage Guaranteed Income Fund 1.00 1.00 7.21% Kedari Investment Fund (KIF) 0.00 0.00 0.00% Vantage Equity Income Fund (VEIF) - June Year End 1.29 1.33 6.01% Vantage Dollar Fund (VDF) - June Year End 1.07 1.07 8.67% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.81 1.85 3.92% Lotus Halal Fixed Income Fund 1,175.32 1,175.32 1.29% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 13.13 13.18 6.56% Meristem Money Market Fund 10.00 10.00 11.36% 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) 102.04 102.04 10.18% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.08% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 132.61 135.75 0.05% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.02 1.02 11.01% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,819.64 3,850.48 12.68% Stanbic IBTC Bond Fund 246.74 246.74 4.74% Stanbic IBTC Ethical Fund 1.52 1.53 21.03% Stanbic IBTC Guaranteed Investment Fund 335.71 335.71 7.21% Stanbic IBTC Iman Fund 276.16 279.21 18.18% Stanbic IBTC Money Market Fund 1.00 1.00 12.91% Stanbic IBTC Nigerian Equity Fund 12,873.76 13,029.31 17.91% Stanbic IBTC Dollar Fund (USD) 1.38 1.38 6.76% Stanbic IBTC Shariah Fixed Income Fund 122.19 122.19 4.52% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 116.56 116.56 9.57% Stanbic IBTC Absolute Fund 4,629.48 4,629.48 8.82% Stanbic IBTC Aggressive Fund 3,437.23 3,481.09 23.65% Stanbic IBTC Conservative Fund 4,367.85 4,384.62 14.74% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.04 1.06 8.83% United Capital Balanced Fund 1.56 1.59 13.90% United Capital Wealth for Women Fund 1.24 1.26 6.55% United Capital Sukuk Fund 1.12 1.12 10.09% United Capital Fixed Income Fund 1.97 1.97 7.33% United Capital Eurobond Fund 126.38 126.38 5.50% United Capital Money Market Fund 1.01 1.01 11.36% 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 N/A N/A N/A Zenith ESG Impact Fund N/A N/A N/A Zenith Income Fund N/A N/A N/A Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund N/A N/A N/A Vetiva Consumer Goods Exchange Traded Fund N/A N/A N/A Vetiva Grifﬁn 30 Exchange Traded Fund N/A N/A N/A Vetiva Money Market Fund N/A N/A N/A Vetiva Industrial Goods Exchange Traded Fund N/A N/A N/A Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund N/A N/A N/A REITS NAV Per Share

Yield / T-Rtn

115.29 53.47 101.31 9.93

1.22% 4.65% -13.05%

Bid Price

Offer Price

Yield / T-Rtn

16.76 141.91 111.31 17.40 16.40

16.86 144.39 113.24 17.50 16.50

8.26% 11.21% 11.33% 0.34% 6.65%

NAV Per Share

Yield / T-Rtn

106.75

0.00%

Fund Name

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

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

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

LAWYER TUESDAY, FEBRUARY 28, 2023

UT H

& RE A S O

WEEKLY PULLOUT

UT H

& RE A S O

PROFESSOR CHIDI ODINKALU

‘BVAS Wasn’t Properly Tried, Before the Presidential Election’

TUESDAY, FERUARY 28, 2023 ˾ T H I S D AY

IN THIS EDITION

R E Y W A L TUE SDAY,

202 3 FEB RUA RY 28,

PROFESSOR CHI

LLOUT WEEKLY PU

TRU

T H & RE A S

TRU

T H & RE A S

Fusion of the Offence of Conversion to a Money Laundering Charge

DI ODINKALU

Page IV

Afam Osigwe to Lead 2023 NBAAGC Committee

re fo e B , d e ri T y rl e p ro P ’t n s ‘BVAS Wa ’ n o ti c le E l a ti n e id s e r the P

Page V

JI ADELEKE

QUOTABLES ‘We practice ‘executiveocracy’, where the executive arm of government superimposes itself and terrorises other arms of government, using its hooded security agents to terrorise them.’-Chief Mike Ozekhome CON, SAN, Human Rights and Constitutional Lawyer

‘The casualisation of a specific order of court, is not something that is open to a President that proclaims that he respects the rule of law.’ -Yemi Candide-Johnson, SAN

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

LAWYER

Punuka Foundation Celebrates Founder, Managing Partner Page V

Kubi Udoﬁa PhD Kubi Udofia holds a Doctorate degree in Law from The University of Nottingham, a Certificate in International Risk Management from the Institute of Risk Management, London, a Masters degree in Corporate Law from University College London and a Bachelors degree from University of Uyo in Nigeria. He is a leading and an acknowledged expert, in corporate restructuring and insolvency law in Nigeria. As a scholarpractitioner, Kubi Udofia has extensively researched and written on a broad spectrum of topical issues in corporate restructuring and insolvency law. He is a seasoned transactional and dispute resolution specialist, with extensive knowledge and practical experience in corporate and commercial law. He is a Partner at Babalakin & Co, a leading commercial law firm in Nigeria.

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

III THE ADVOCATE

T H I S D AY ˾ TUESDAY, FEBRUARY 28, 2023

Of Constitutional Violations and Serial Offenders Supreme Court’s Interim Order Still Subsists or those who made a song and dance out of highlighting the fact that, last Wednesday, in the case of the 3 AGs v AGF Currency Case (SC/CV/162/2023), the Supreme Court was silent about its interim order of February 8, it is obvious that the order remains sacrosanct until it is set aside, even though the President, CBN and others have disobeyed it. The said interim order restrained the February 10 deadline “pending the hearing and determination” of the motion on notice for interlocutory injunction. In this context, the word ‘Determination’ means to decide/settle the question of the motion on notice, that is, when the Apex Court hands down its ruling on the motion on notice. It goes without saying therefore, that the idea that the interim order ceases to be in place before the Supreme Court has ruled on the motion on notice, because it may have been silent on the issue, is absurd; to say the said interim order ceases to exist, is tantamount to saying that the Apex Court ruled in advance on the motion on notice, without delivering its ruling! I was therefore, dismayed, to hear my learned colleagues publicly asking what the fate of the interim order of February 8 is! It is questions like this from people who were trained as legal practitioners, and should therefore, know better, that lay the foundation for more confusion among the people, and also fuel the constitutional crisis we find ourselves in; when even the Executive is also given impeachable/incorrect legal opinions by its legal advisers, thereby causing the Executive to act unlawfully or unconstitutionally at times.

Constitutional Crisis What do you call a country, whose Federal Government serially breaches and by-passes it’s operating manual, the Constitution, with gusto and aplomb, plus relish, and has no regard for the rule of law? A Banana Republic, running as if it does not believe in the tenets of democracy, nor does it enjoy the benefits of receiving sound legal advice. In AG Federation v AG of Abia State (2001) LPELR-631(SC) per Karibi-Whyte JSC, the Supreme Court held that: “Our system of government and our constitutional structure, entrenches the exercise of separation of constitutional powers among the three equal and separate departments of the Constitution.The exercise by usurpation of one of the constitutional functions of the other, is very likely to result in conflicts and productive of a constitutional crisis”. About five years ago, I wrote an editorial titled ‘The Road to Constitutional Crisis’. With the assistance of the Buhari administration, it seems that we have finally arrived at that destination. In my aforementioned editorial, I had restated a definition of Constitutional Crisis that I read and agreed with, which stated in part: “….Typically, a dispute or an interpretation or a violation of a provision in the constitution between different branches of government is involved”. I concluded that: “In simple terms, it occurs when there may be ambiguities in the constitution, and people try to take advantage of it, or a branch of government acts ultra vires its powers, and the way to halt this anomaly, is unclear, in short, a problem with no sure solution”. See the case of Buhari & Ors v Obasanjo & Ors (2003) LPELR-813(SC). There are various categories of constitutional crisis, but that which is applicable for the purpose of this discourse, is where the provisions of the 1999 Constitution of the Federal Republic of Nigeria (as amended in 2018)(the Constitution) are ignored or violated by any of the arms of government, where the President has acted ultra vires his Section 5 constitutional powers (because he still has dictatorial tendencies, even though ostensibly, we are no longer in a military era, but a democratic dispensation) and when the various arms of government are set against each other for various reasons such as rivalry, corruption, partisanship, tribalism, and even self-interest. The common denominator in the various examples of Nigeria’s constitutional crisis which I shall mention below, is the Executive’s seeming attempts to wrestle power from the other co-equal arms of government by the usurpation of their constitutional powers, contrary to Sections 1(1), 1(2), 1(3), 4, 5, 6, 235 & 287(1) of the Constitution, and exalt itself over and above them in a fashion that sometimes resembles that of an autocratic dispensation, where the dictator takes decisions without due consultation, or with consultation from cronies/‘yes’ men and kitchen cabinet; and implements them without following the requisite due process. See the case of AG Federation v AG of Abia State (Supra). Examples of Constitutional Crisis 1) Purchase of Tucano Jets In 2018, the Buhari administration spent $490 million purchasing 12 Super Tucano Jets from the US Government without seeking and obtaining the approval of the National Assembly (NASS) (see Sections 4(2) & 88 of the Constitution & Items 2 & 3 of the Exclusive Legislative List) to make such an

provisions of the Constitution - in my opinion, it defies Sections 1(1), (2), (3), 14(2)(b) & 16(1)(b) particularly, amongst other constitutional provisions cited above. Besides this, not only did the President, CBN, etc disobey the Supreme Court's interim order issued on February 8, 2023 contrary to Sections 235 & 287(1) of the Constitution, the President sat as a court of appeal on the Supreme Court's interim order and sought to vary it - a double constitutional crisis! A clear usurpation of the role of NEC and that of the Supreme Court, while showing a blatant disregard for the latter. See the case of Okonkwo v FRN & Anor (2021)LPELR-58384(SC) per Musa Dattijo Muhammad JSC, where the Apex Court held inter alia that: “This Court is the highest and final Court of Appeal in Nigeria. It’s decisions bind every Court, authority or person in Nigeria”. I submit that, this includes the President and the Executive.

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

The

Advocate

Conclusion

Examples abound on how this administration has “….. the Executive’s seeming attempts to wrestle power from the eroded our institutions, setting Nigeria on a sure path crisis, in order to have its way, whether other co-equal arms of government….. and exalt itself over and above torightconstitutional or wrong. Though some argue that this APC administration somewhat reduced the chances of its them in a fashion that sometimes resembles that of an autocratic party members running for elective offices with the lingering fuel and currency crises, if this election is dispensation, where the dictator takes decisions without due adjudged to be mostly free and fair, at least the Buhari would have bequeathed something consultation, or with consultation from cronies/‘yes’ men and kitchen administration positive - an improved electoral process. administration already has its work cut cabinet; and implements them without following any due process” outTheforincoming it, in terms of restoring the Constitution its place of pride, rebuilding our institutions and enthroning the rule of law in all the arms of government generally.

enormous expenditure. The excuse of the ‘doctrine of necessity’ could not avail the President, because the US Government had issued its approval for our purchase of the Jets since December 2017, and there was therefore, ample time to seek and obtain the approval of NASS from the time the approval was given, with the knowledge that the Nigerian Government could be called upon anytime from then to make payment. The action of the President purchasing the Jets without following due process and seeking the requisite approval from NASS, was clearly ultra vires the President’s powers, and a usurpation of the constitutional role of the Legislature. He then sought ratification from NASS after the fact, thereby rendering NASS irrelevant in such an important matter, since it wouldn’t have mattered if they refused to consent, the act having been completed. 2) Handling the #EndSARS Protesters in October 2020 The shooting, wounding and killing of unarmed Protesters at the Lekki tollgate during the abovementioned Protest, was in clear violation of Sections 14(2)(b), 33, 34, 39(1) & 40 of the Constitution, which include the right to security, the right to life and dignity, freedom of expression and association. Obviously, it was the Executive that must have ordered the Military to the scene, and given them the ‘Carte Blanche’ to open fire.

Commission and the IGP. Learned Silk, Femi Falana, has complained repeatedly that the NPC doesn’t hold meetings as it should, let alone advise the President on anything, particularly his choice of IGPs. There are presently at least three Governors who are Lawyers, Rivers and Sokoto, and Ondo, a Senior Advocate of Nigeria. Per chance, if they had been consulted about the appointment of IGP Alkali Baba, they would have pointed out to the President the provision of Section 215(1)(a) of the Constitution, that the appointment of the IGP shall be from among serving members of the Police Force, inferring that the IGP must be a serving Police Officer throughout his four year tenure (see Sections 7(6) of the PA), and that by virtue of Section 18(8) of the PA, sometime next month the IGP will cease to be a serving Police Officer before the end of his tenure of office in 2025, as he will have attained the mandatory retirement age of 60 and 35 years in service. An unnecessary constitutional crisis caused by the President, in order to enthrone his choice of IGP at all cost.

2) Appointment of Inspector General of Police Section 153(1)(l) of the Constitution provides for the establishment of the Nigeria Police Council, while Section 215(1)(a) of the Constitution, Third Schedule to the Constitution Part 1 L Nigeria Police Council (NPC) Paragraph 28(c) and Section 7(3) of the Police Act 2020 (PA) all provide that the President shall appoint the Inspector General of Police (IGP) on the advice of the NPC. The NPC comprises of the President, all the Governors, Chairman of the Police Service

3) President's Disobedience to Supreme Court's Interim Order in the Currency Redesign Matter Just like the NPC, Section 153(1)(h) of the Constitution establishes the National Economic Council (NEC) which has the Vice President as Chairman, and all the State Governors and CBN Governor as members, to advise the President on the economic affairs and programmes of the country (see Third schedule to the Constitution Part I H Paragraph 19). In his argument before the Supreme Court, Counsel to Kano State, Sanusi Musa, SAN, raised the point that NEC was not consulted about the currency redesign policy. The logical assertion is that the decision to make and implement the policy (and the anguish unleashed on Nigerians arising therefrom), therefore, runs afoul of the

President Muhammadu Buhari GCFR

Chief Justice of Nigeria, Hon. Justice Olukayode Ariwoola GCON

P.S. A Brief Summary of Some of My Observations of Last Saturday’s Elections In my polling unit, for the number of voters, more BVAS devices should have been deployed. One of the BVAS devices had issues, and those whose surnames started with the alphabets in the range that that particular device had been programmed to accredit, had to spend several hours waiting until the device started functioning, when they were then able to be accredited to vote. Though the polling unit was somewhat rowdy, using the functioning BVAS device for those whose surnames started with the alphabets A-J was seamless, and I didn’t hear any reports of electoral malpractices in my polling unit. We however, witnessed quite a few electoral offences across the country, right from the proscribed IPOB attacking registration centres and trying to stop people in the South East from registering to vote, and trying to prevent the elections from holding there; to videos of underaged children flashing PVCs on Election Day, saying they were voting for particular candidates; to the disruption of some polling units and burning of ballot papers after people had voted, thereby preventing their votes from being counted; to the disenfranchisement of people; to INEC officials tampering with result sheets (we saw a video of a Youth Corper who was caught, and confessed to attempting to give the results of one candidate to another); to the arrest of representatives of politicians/ political parties for trying to buy votes by means of bank transfer, and using Naira and US Dollars; threats and intimidation of voters to vote for particular candidates - this cut across all the leading candidates’ parties; to thuggery and violence. All these actions are offences, contrary to the Electoral Act 2022. The offence that however, took the cake in my view even if it seemed trivial to some, was that of President Buhari and the Attorney-General of the Federation, Abubakar Malami, SAN, who flashed their ballot papers to show that they had voted for the APC, contrary to Section 122(1) of the EA which provides for secret ballot, and punishable by Section 122(4) of the EA with a maximum fine of N100,000 or three months imprisonment or both! Among other things, it showed a total contempt for the rule of law, by the President and the Chief Law Officer of the Federation. The slow pace of releasing of the election results by INEC, is rather disappointing, and has given rise to the dissemination of all sorts of fake results all over social media. While the APC and PDP both declared they were leading in the Presidential polls by the day after the elections, even though INEC had declared only a few results, the Labour Party or it’s supporters, are also driving their own narrative that they have won the elections, and if they are not declared as such, it means that they have been cheated out of their victory. How do you declare yourself as the winner of a football game, because you scored a goal five minutes into the game, and there’s still over one more hour to go in the football match? This type of behaviour is inciting and dangerous, especially if the final results are not declared in favour of the one who assumes he has won the election. Patience, they say, is a virtue. At the end of the day, people must not forget that by virtue of Section 134(2)(a) & (b) of the Constitution, the winner of the Presidential election must have the highest number of votes cast and the 25% spread in 24 States and Abuja. Without fulfilling these two conditions, there will be a second election.

IV LAW REPORT

TUESDAY, FEBRUARY 28, 2023 ˾ T H I S D AY

Fusion of the Offence of Conversion to a Money Laundering Charge Facts Sometime in 2015, the Economic and Financial Crimes Commission (EFCC) carried out an investigation into the activities of the Appellant who was the then Executive Director, Maritime Safety and Shipping Development at the Nigerian Maritime Administration and Safety Agency (NIMASA), in relation to a fraud perpetrated at the Agency. The investigation revealed that the Appellant was involved in the fraud, and further to this, the Appellant and five others were arraigned before the Federal High Court, Lagos, on a 22-count charge ranging from conspiracy to commit money laundering, money laundering, and inducing the Federal Government of Nigeria to approve and deliver to (NIMASA) the sum of N795,200,000.00 (Seven Hundred and Ninety-Five Million, Two Hundred Thousand Naira) under false pretence. At the trial, the Respondent called 12 witnesses and tendered several exhibits – Exhibits P1-P77, in proof of its case. At the close of the Prosecution’s case, the Appellant made a no case submission in respect of the specific allegations of money laundering brought against him, and refused to enter a defence to the evidence adduced against him by the Respondent. The trial court overruled the no case submission, made by the Appellant. Dissatisfied, the Appellant filed an appeal before the Court of Appeal. In its judgement, the Court of Appeal allowed the appeal in part with respect to counts 21 and 22, and ordered the Appellant to enter his defence at the trial court with respect to counts 1-20 which were in relation to the offences of conspiracy to commit the offence of money laundering and money laundering of various sums of money on various dates as stated in the charge filed at the trial court. Dissatisfied with the decision of the Court of Appeal ordering him to enter his defence at the trial court on the allegations contained in counts 1-20, the Appellant appealed to the Supreme Court. Issue for Determination The Apex Court considered the following issue in its determination of the appeal:Whether the Court of Appeal was right in dismissing the Appellant’s appeal, and to have used the elements of the offence of conversion to hold that a prima facie case of money laundering had been established against the Appellant to warrant opening his defence to the counts 1-20 at the trial court. Arguments On this issue, it was the submission of counsel for the Appellant that both the Appellant and the Respondent had joined issues on the nature of the offence established at the trial court by the Respondent, which was to the effect that the evidence adduced by the prosecution witnesses at the trial only sought at best to establish the offence of conversion, rather than the offence of money laundering for which the Appellant was charged and tried. He argued that the Court of Appeal was wrong to have held that a prima facie case was established against the Appellant sufficient to warrant opening his defence to the allegations in counts 1-20, without construing the nature of the evidence adduced by the Respondent and its legal effect on the jurisdiction of the trial court. He submitted that going by

of the offence of conspiracy against the Appellant, the Respondent also made out a prima facie case of conversion against the Appellant in counts 2, 4, 6, 8, 10, 12, 14, 16, 18 and 20 of the charge, and there was prima facie admission by the Appellant that the various sums of money allegedly converted were either handed over to the Appellant in US dollars or personally converted to his own use, or to the use of his cronies. He urged the court to dismiss the appeal.

Honourable Uwani Musa Abba Aji, JSC

IIn the Supreme Court of Nigeria Holden at Abuja On Friday, the 2nd day of December, 2022 Before Their Lordships Musa Dattijo Muhammad Chima Centus Nweze Uwani Musa Abba Aji Mohammed Lawal Garba Helen Moronkeji Ogunwumiju Justices, Supreme Court SC.1171C/2018 Between CAPTAIN EZEKIEL BALA AGABA

APPELLANT And

FEDERAL REPUBLIC OF NIGERIA

RESPONDENT

(Lead Judgement delivered by Honourable Uwani Musa Abba Aji, JSC)

the record of appeal, the court below ought to have come to the conclusion that the Respondent having failed to adduce further evidence in support of the offence of conspiracy to commit the offence of money laundering from which the elements of the main offence of money laundering could be distilled, as against the offence of conversion or stealing from which the offence was predicated; then the Federal High Court lacked the jurisdiction to try the Appellant for the predicate offence of conversion/stealing which is an offence under the Criminal Laws of Lagos State. He referred the court to F.R.N v YAHAYA (2015) LPELR-24269 (CA). Counsel for the Appellant further submitted that it is immaterial that

“….once money laundering is involved, any predicate offence is fused to the money laundering charge, so as to confer jurisdiction on the court handling the money laundering case. Thus, where the offence of conversion or stealing is a predicate offence, the Federal High Court has the requisite jurisdiction to try the Appellant”

the charge against the Appellant was brought under the Money Laundering Act which cloaks the Federal High Court with exclusive jurisdiction; however, what was important at the stage of considering the no case submission was whether the elements of the offence of money laundering for which the Appellant was charged in counts 1-20 were established from the evidence adduced at the trial, to warrant calling on the Appellant to enter his defence. Conversely, counsel for the Respondent argued that the Appellant was charged with conspiracy to convert, and conversion of proceeds of unlawful activity contrary to the provisions of the Money Laundering (Prohibition) (Amendment) Act 2012; and considering the evidence of the Respondent’s witnesses and the several exhibits tendered by the Respondent at the trial court, the Respondent had made out a prima facie case against the Appellant to necessitate him to enter his defence. He further argued that the predicate offence that is referred to in Section 15(1) of the Money Laundering (Prohibition) (Amendment) Act 2012, like any other unlawful act, includes the offence of criminal conversion or stealing prescribed under Section 383-390 of the Criminal Code Act. He submitted that apart from proving the elements

Court’s Judgement and Rationale The Apex Court, in its determination of the issue before it reproduced the provision of the Section 15(1-3) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and held that it is clear that the particulars and ingredients of conversion/ stealing are well defined and contained under Section 15(1() & (2) of the Money Laundering (Prohibition) (Amendment) Act 2012. The Court held further that the law insists that a charge of the offence of money laundering must be accompanied by a predicate offence, and prior proof of the predicate offence is a sine qua bob to the proof of the offence of money laundering. Predicate offences cannot be separated as far as proving money laundering is concerned, and therefore, they become a part and parcel of the offence of money laundering. The Apex Court agreed with the submission of the Respondent’s counsel that the offences of criminal conversion or stealing under Sections 383-390 of the Criminal Code Act are predicate offences as regards laundered funds and held further that once money laundering is involved, any predicate offence is fused to the money laundering charge, so as to confer jurisdiction on the court handling the money laundering case. Thus, where the offence of conversion or stealing is a predicate offence, the Federal High Court has the requisite jurisdiction to try the Appellant. The Court made reference to the decision of the Court of Appeal in FRN v YAHAYA (2015) LPELR-24269 (CA) (PP. 29 PARA C) to the effect that a predicate offence is an offence whose proceeds may become the subject-matter of any of the money laundering offences and an action that provided the underlying resources for another criminal act, such that the Federal High Court has the exclusive jurisdiction to try any predicate offence created under any law, together with a charge of money laundering before it. The Court reiterated that the offence of conversion/stealing which the Appellant’s counsel termed a predicate offence and argued is different from the charges against the Appellant, is indeed, imbued and well situated in Section 15(1() & (2) of the Money Laundering (Prohibition) (Amendment) Act 2012 under which the Appellant was charged. Finally, the Apex Court held that it is clear that Exhibits P1-P77 admitted by the trial court linked the Appellant who was the Chairman of the Committee for the Implementation of International Ship and Ports Security with his cronies, to have used companies to pull out funds from the Committee’s accounts without NIMASA’s authority, and transfer to various Bureau de Change operators and individuals, which were used to acquire properties. The Court of Appeal was thus, right to hold that the Appellant has a case to answer and should enter his defence at the trial court. Appeal Dismissed. Representation E. D. Onyeke, Esq. for the Appellant. A.B.C Ozioko, Esq. for the Respondent. Reported by Optimum Publishers Limited, Publishers of the Nigerian Monthly Law Reports (NMLR)(An afﬁliate of Babalakin & Co.)

TUESDAY, FEBRUARY 28, 2023 ˾ T H I S D AY

NEWS

Mazi Afam Osigwe, SAN

Late Justice Chukwunweike Idigbe JSC

Late Whitney Adeniran

Afam Osigwe to Lead 2023 NBA-AGC Committee Stories by Steve Aya Former General Secretary, of Nigerian Bar Association (NBA), Mazi Afam Osigwe,

SAN, has been appointed by NBA President, Mr Yakubu Maikyau OON, SAN, as the Chairman of the 2023 NBA Annual General Conference

Planning Committee, while Mrs Oyinkan Badejo-Okusanya is the Alternate Chairman. A statement from the NBA President, Yakubu Maikyau,

SAN said that the appointment was made “pursuant to Section 13(2) of the Constitution of the Nigerian Bar Association 2015 (as amended in 2021), subject

Money Laundering is a Sophisticated Crime, Bawa The Chairman of the Economic and Financial Commission (EFCC), Mr Abdulrasheed Bawa, has described money laundering as a very sophisticated crime that every nation must keep an eye on, because of its effect on the economy. Mr Bawa was speaking on Wednesday, February 15, 2023 at a two-day workshop on developing a robust anti-corruption and anti-money laundering landscape in Nigeria, organised by the Attorney-General Alliance-Africa Programme (AGA-Africa) in collaboration with the Nigerian Institute of Advanced Legal Studies (NIALS) Lagos. Represented at the workshop by EFCC Counsel, Mr Rotimi

Oyedepo, SAN, Bawa added that, although money laundering is a global phenomenon, its degree of effect differs from country to country, and the Anti-Money Laundering Act seeks to make it harder for launderers to hide their profit of crime. Also speaking at the workshop, Professor Yemi AkinseyeGeorge, SAN, said the removal of stay of proceedings in the trial, in the new Administration of Criminal Justice Act is good, as it removes time wasting in criminal trials. He also made a suggestion as to trial within trial, to further hasten the trial time. Other Speakers at the workshop were the Director General of the Nigerian Institute of Ad-

vanced Legal Studies (NIALS) Professor Muhammed Tawfiq Ladan, Director General of the Financial Intelligence Authority (FIA) Malawi, Dr Jean PhillipoPriminta, Dr Anthony Idigbe,

electronics, such as smart television sets, generators, standing gas cookers with cylinders, air conditioners, fans, garden grass cutting generators and medical supply's such as sanitary pads for both children and adults, medicated soaps etc. Speaking at a presentation of some of these items at the National Orthopaedic Special School, Igbobi, a partner in the Firm, Mr Nnamdi Oragwu, said the celebrations for the year was enlarged because of the 100 years celebrations of the Founding Partner as well. Some of the institutions for the Disabled visited include, Modupe Cole Memorial Child Care and Treatment Home School in Akoka, Yaba, the National Orthopaedic Special

tional members as the need arises. The theme, venue, and other details of the Conference will be announced in due course.” The AGCPC is charged with the responsibility of delivering a memorable 63rd Annual General Conference for members of the NBA. The Committee has the liberty to co-opt additional members as the need arises. The theme, venue, and other details of the Conference will be announced in due course.

NBA Condemns Murder of Former NBA Oji River Branch Chairman The Nigerian Bar Association (NBA) has condemned the shocking, gruesome killing of the former Chairman of NBA Oji River (2017-2019) and Labour Party candidate for Enugu East Senatorial district, Chief Oyibo Chukwu, which sad event took place on 22

Punuka Foundation Celebrates Founder, Managing Partner The Punuka Foundation organised two-day charity festivities to celebrate the lifetime of its Founding Partner, late Justice Chukwunweike Idigbe JSC, and its Managing Partner, Mrs Elizabeth Idigbe. However, this year’s celebrations was wider, in view of the fact that the whole law firm is marking the 100 years birthday of its Founding Partner, as well. The charity event was held simultaneously in Lagos, Abuja and Asaba, saw Punuka Staff and Management visit Disabled Children’s Homes, Schools and Orphanages, to present gift items like food stuff such as bags of garri, rice, beans, yams, several other provisions. Other items donated include

SAN, Professor Dayo Ayoade, Dr Esa Okibe Onoja, Mr Todd Turnbleson, Mr Markus Green, Dr Olajide Bello, Dr Ibe Okegbe Ifeakandu, Mr Mac Atom and Hon. Mike Igini Esq.

to ratification by NEC”. The 45-member high-level Committee has all the Chairmen of NBA Sections as Ex-officio members, even as Maikyau charged the Committee to deliver “a memorable 63rd Annual General Conference for members of the NBA”. Former AttorneyGeneral of Ekiti State, Olawale Fapohunda, SAN and Abdul Rafindadi Mohammed, SAN are also members of Committee. He noted that the Committee “has the liberty to co-opt addi-

School Igbobi, Ozannaha House in Agidingbi, Ereko Methodist Primary School, Onikan, St John Special Roman Catholic School, Ayeteju, Ibeju Lekki, and Friends of Jesus Orphanage in Badore, Ajah, all in Lagos.

February 2023. The news of the killing suggests that Chief Chukwu who was, until his untimely death, a legal practitioner, was shot and his car set ablaze while returning from his party’s political rally in Agbani, Enugu State. This killing occurred the same day that the 18 Presidential Candidates and National Chairpersons of the various political parties in Nigeria signed a Peace Pact, to ensure “the conduct of free, fair, credible, transparent and verifiable elections cognisant of the need to maintain a peaceful environment before, during and after the 2023 general elections” and “to place national interest above personal and partisan concerns”. It is regrettable that this Pact was violated, even before the ink was dry.

In a statement signed by the NBA President, Yakubu Maikyau, SAN, the NBA unequivocally condemned the killing of Oyibo Chukwu, and the general atmosphere of violence and desperation that continues to plague our elections. “We commiserate with the Chukwu family, particularly his wife, children and brother, Mr Arthur Elvis Chukwu, a past Governor of the Eastern Bar Forum, and the good people of Enugu State, on this very tragic event. The entire legal community, mourns this painful loss of one of our own.’’ “We call on the security agencies to step up to their responsibilities of not just solving murders and other crimes, but prevention of such heinous crimes. We also urge the various political parties to stop

paying lip service to the recently signed Peace Pact, and call their members and supporters to live by the terms of the Agreement.’’ The statement further added that, Lawyers and Judges in the five branches of the NBA in Enugu State last Thursday, boycotted court sittings to express anger over the gruesome killing Elder Oyibo Chukwu. The five NBA Branches in Enugu, gave security agencies in the State 48 hours to fish out the perpetrators or await actions from all Lawyers in the State. Speaking with Journalists at the court premises in Enugu, the Oji River Branch Chairman of the NBA, Seth Nwokolo, said the measure was taken to urge government and security agencies to apprehend the killers of the Lawyer, and for human lives to be adequately protected.

Whitney Adeniran: Lagos Orders Coroner's Inquest The Lagos State Government has ordered a Coroner's Inquest, to ascertain the cause of death in the case of the late Whitney Adeniran, a 12-year-old student of Chrisland School, who died on Thursday, 9th February, 2023. The Lagos State AttorneyGeneral and Commissioner for Justice, Mr Moyosore Onigbanjo, SAN, gave the directive in a statement today, noting that a

thorough investigation will be carried out to ascertain the cause of death. He said: "A Coroner’s Inquest has immediately been requested, in line with Sections 14 and 15 of the Coroners’ Systems Law, Laws of Lagos State 2015, to determine the cause and circumstances of the death of the student". "By Section 14 (1) (d) of the Coroners’ System Law of the

State: A report of death shall be made to any of the agencies for the report of death or the office of the Coroner, and be subject to post-mortem examination where there is reasonable cause to believe that the cause of death was: violent, unnatural or suspicious. “Section 15 (1) and (9) further enjoins the Coroner to hold an inquest whenever he or she is informed that the death of

the deceased person was in a violent, unnatural or suspicious situation, or believes an inquest is desirable following the report of a reportable death”, he added. The Commissioner noted that as a responsible Government, the security and well-being of citizens are of utmost importance, assuring the public that everything will be done to ensure that the cause of death is determined.

#upjudicialsalaries “Life in retirement of Judges, is an important element to be considered for the protection of judicial independence…. Adequate provision for life in retirement, in fact, contributes to preventing Judges from seeking extra proﬁts or favours, and better shields them from potential corrupt tendencies, practices and pressures, aimed at inﬂuencing their decisions or behaviour.” - NBA Working Committee on Judicial Remuneration and Conditions of Service

TUESDAY, FEBRUARY 28, 2023 ˾ T H I S D AY

TALKING CONSTITUTIONAL DEMOCRACY DR. MIKE OZEKHOME, SAN

0809 889 8888 SMS ONLY

Ethics and Discipline in Law: Akin to Waiting for Godot (Part10) Introduction ast week, I took a break from this contemporary issue; ethics and discipline in law, akin to waiting for Godot, which we commenced some weeks ago, to discuss Nigerian Law Firms and Foreign Names: Matters Arising. The reason for this may oftentimes be attributed to fashionability; ease of recognition, spelling, and pronunciation; for international business transactions conducted by these law firms; and perhaps, to emphasise the founder’s or partners’ foreign qualifications. Today, we shall continue and conclude our discourse on the above issue. Please, read on. Ethics and Discipline in Law: The Nigerian Perspective, A Case of Waiting for a Godot? (Continues) In Nigeria the basic national ethics and discipline include self reliance, patriotism, loyalty to the nation, honesty, dedication to duty, obedience to authority, respect of elders and seniors in authority, participation in national service, payment of tax, reporting criminals and members of cults to the Police, assistance to the poor and the needy, parental care, participation in an election, protection of government property and contribution to national development. The observance of these ethics and discipline in national life, will instil national consciousness on the people. Once a person examines his conduct in line with its effect on the nation, he is bound to participate in the activities that will bring a good name and development of the nation. Discipline is not only historically determined, but also part of man’s social nature. Similarly, indiscipline is socially determined, and occurs when there is a violation of defined social order. Hence, indiscipline is not a personality trait that is inherent among some group and absent in others. Prevalent social, economic and political conditions of society, can breed discipline or indiscipline. There are various causes of indiscipline, and likewise, their solutions. As such, any control measure taken for un-disciplinary behaviour must be appropriate to the cause, in order to be effective. Primarily, the major causative factor of indiscipline centres on the issue of equity and social justice, in relation to resources allocation. If it is positive, discipline would be installed; if negative, indiscipline would be installed. No other means, such as Structural Adjustment Programme (SAP) or IMF prescriptions can instil discipline in society. It is the non-observance of national ethics and discipline in Nigeria, that has given rise to fraud (419), political unrest, embezzlement of public fund, corruption, indiscipline, forgery, armed robbery, cultism in higher schools of learning, bribery, religious bigotry and fanaticism, exam malpractice, vandalism, and smuggling.

Conclusion Ethics, morality and discipline have been jettisoned in the conduct of national life, for financial gains. Much of the Nigerian problems in terms of development, are the resultant effect of non-observance of ethics and the standard of ethical conduct in national affairs. A nation is said to be developed, when the standard of her discipline and social structures are measured in comparison with others in the developed society.

It is lack of discipline or the non-observance of it, that characterise Nigeria national life. That’s the reason the Nigerian State, has failed to catch up with other developed nations of the world. Since 1960, when Nigeria started to manage its own affairs, the nation has not been fully developed to match up with other civilised countries of the world. Indiscipline and corruption has eaten deep into the fabric of the nation. Chinua Achebe, in his book, pointed out that “knowledgeable observers have estimated that as much as 60% of the nation’s wealth is regularly consumed by corruption.” In today’s Nigeria, over 60% of the nation’s wealth is being pocketed by public office holders; this has helped to slow down the developmental growth of Nigeria nation. In every aspect of national life (social, political, economic, religious and cultural), it is the observance of ethics and discipline that guide the conduct of individuals towards such activities that stimulate national development. If politicians and business men in Nigeria observe the ethics and discipline of their occupation, rigging, falsification of election results, embezzlement of public funds, fraud, fake products and smuggling that hinder the development of Nigeria, would cease to exist. If Nigerian teachers, religious leaders, civil servants, politicians and traders should imbibe national ethics and discipline and apply it in their daily life, Nigeria will see significant growth in national development.

“It is the avoidance or non-observance of the basic national ethics and discipline in the utilisation, development and consumption of national resources, that brings underdevelopment to Nigeria”

One of the problems of Nigeria not matching up in development like other western countries, is due to lack of ethics and discipline among the people. Once Nigerians start observing these two norms in the conduct of their affairs, every other activity in national life will change to develop the nation. Nigeria is highly blessed with human and material resources, the utilisation, development and consumption of the resources must be conducted with regard to the ethics and discipline of the nation. It is the avoidance or non-observance of the basic national ethics and discipline in the utilisation, development and consumption of national resources, that brings underdevelopment to Nigeria. Nigerian citizens should learn to observe and apply discipline, in the conduct of their activities. It is only through observance and application of ethics and discipline, that Nigeria can develop to an acceptable standard in the global community of nations. In the paraphrased words of the Nigerian incumbent Vice President, Professor Yemi Osinbajo, SAN, in an event which featured Professor Marc Le Menestrel, a Professor of Decision Sciences; Chairman of Governing Council, Institute of Directors, Chief Chris Okunowo; Dele Alimi, DG/CEO, Institute of Directors: “The collapse of many Nigerian ﬁnancial institutions from the nineties to the more recent occurrences in 2009, is a pointer to the fact that “in the long run, unethical practices are unsustainable. The development and sustenance of viable enterprises is no longer dependent on the size of the corporation and related factors, but sound ethical practices imbibed by all stakeholders. The theme of the conference is a challenge to conquer in our own interest, the new frontier in business ethics, ethical leadership and sustainability. The frequent clashes between conscience and wrongful behaviour, will eventually create a toxic work environment and destroy corporate objectives and visions. There is also enough history of how cutting corners and dishonesty, ultimately

bring down the whole enterprise. This we have seen in the facts behind the collapse of many Nigerian ﬁnancial institutions from the nineties, to the more recent occurrences in 2009. Yes, it took a while for the institutions to unravel; but, the point is made that in the long run, unethical practices are unsustainable. Besides, for quoted companies, the dangers of unethical behaviour are much graver. Local and international investors have greater access to information and more options than ever before; the slightest whiff of scandal or malfeasance, can destroy value built up over the years. The local and, especially the international examples of the collapse of companies thought to be too big to fail and brand names that had even once been associated with integrity and strong business ethics, is a strong reminder of just how brittle ediﬁces built on weak business ethics are. Today, every company’s stakeholders are far more than investors, management, or employees. They now include customers, clients, trade partners, suppliers, media, the general public, government and now, the environment.” Chinua Achebe had the following to say about Nigeria in his book titled There Was a Country: “Nigerians are what they are, only because their leaders are not what they should be.” pg. 10 “A true patriot will always demand the highest standards of his country, and accept nothing but the best for and from his people. He will be outspoken in condemnation of their shortcomings, without giving way to superiority, despair or cynicism. That is my idea of a patriot.” pg. 16 “Look at our collapsing public utilities, our inefficient and wasteful parastatals and stateowned companies… If you want electricity, you buy your own generator; if you want water, you sink your own bore-hole; if you want to travel, you set up your own airline. One day soon, said a friend of mine, you will have to build your own post office to send your letters!” pg. 20 “I must now touch, however briefly, on the grave undermining of national discipline which the siren mentality of Nigerian leaders fosters. In all civilised countries, the siren is used in grave emergencies by fire engines, ambulances and the police in actual pursuit of crime. Nigeria, with its remarkable genius of travesty, has found a way to turn yet another useful invention by serious-minded people elsewhere into a childish and cacophonous instrument for the celebration of status.” pg. 34 “My frank and honest opinion is that anybody who can say that corruption in Nigeria has not yet become alarming is either a fool, a crook or else does not live in this country.” pg. 37 “Knowledgeable observers have estimated that as much as 60 percent of the wealth of its nation is regularly consumed by corruption. I have no doubt that defenders of our system would retort: Mere rumor! Where is the proof? No one can offer ‘satisfactory’ proof for the simple reason that nobody issues a receipt for a bribe or for money stolen from the public till.” pg. 41 However, in the Nigerian legal profession, the Rules of Professional Conduct for Legal Practitioners is well instilling extolling ethics and discipline in law, even though some bad eggs may scramble tirelessly to whittle it down. We do hope that a more coercive and corrosive machinery will be set up or the existing one accorded more vent and pep to ensure the applicability of the rules to all and sundry in the legal profession because a situation where the rules become like a cobweb that entangles the small spiders and make the big one go scotfree, ethics and discipline will be moribund. A fearless, daring and undaunted enforceability of the rules is key to having a profession where ethics and discipline reign supreme. (The End) THOUGHT FOR THE WEEK “Divorced from ethics, leadership is reduced to management and politics to mere technique”. (James MacGregor Burns)

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TUESDAY, FEBRUARY 28, 2023 ˾ T H I S D AY

INSOLVENCY DISCOURSE DR KUBI UDOFIA

INFO@KUBIUDOFIA.COM

Business Facilitation Act 2023: Appraisal of the New Threshold for Cash Flow Insolvency Introduction The long-awaited Business Facilitation (Miscellaneous Provisions) Act 2023 (“Act”) was signed to law on 13 February, 2023. The Act codifies Executive Order 001 of 2017 on the Promotion of Transparency and Efficiency in the Business Environment issued on 18 May 2017. It also amends twenty-one businessfacilitation laws which are pivotal for promoting ease of doing business in Nigeria. The Act has made twenty amendments to the Companies and Allied Matters Act (CAMA) 2020, three of which are insolvency-related. This discourse examines these three amendments, and in particular the new monetary threshold for cash-flow insolvency. The New Threshold for Cash Flow Insolvency The Act has amended the monetary threshold for cash flow insolvency in Section 572(a) of CAMA 2020. Cash flow insolvency is the inability of a company to pay its debts as they fall due. Prior to the amendment, a company was deemed to be cash flow insolvent where (i) the company was indebted in a sum exceeding N200,000.00 which was due, and (ii) a creditor had served a demand on the company requiring payment of the sum, and (iii) the debtor had neglected to pay the sum three weeks after service of the demand. The repealed monetary threshold for cash flow insolvency was expressed as "a sum exceeding N200,000.00". The Act has now replaced this with: "a sum to be determined by a regulation issued by the Commission". This amendment effectively removes the N200,000.00 monetary threshold. The Corporate Affairs Commission (CAC) is now empowered, to determine the monetary threshold. In consequence, the power to determine the monetary threshold has been transferred from the National Assembly via an Act, to the CAC via a regulation. The rationale for the amendment is unclear. It is possible that the amendment is aimed at empowering the CAC to easily adjust the threshold, going forward. In contrast, an amendment of a provision of CAMA can only be done by the National Assembly. It must therefore go through the legislative process, as was the case with the Business Facilitation Act. Contrary to widely held perception, law-making processes at the National Assembly may not always be slow, complicated and plagued with red tape. Cases abound where the National Assembly fast-tracked the passage of Bills in furtherance of certain objectives. During the Covid-19 pandemic, some countries had temporarily raised/adjusted the monetary thresholds for cash flow insolvency to curb the deluge of Covid-induced insolvencies. These were done by amending their laws through fast-tracked legislative processes. For instance, Australia raised her threshold from AU$2,000 to AU$20,000; India raised hers from 100,000 to 10,000,000; Ireland raised her threshold from €10,000 for individual creditors and €20,000 for two or more creditors to €50,000; United Kingdom banned winding-up petitions based on statutory demands for Covid-induced defaults; and Germany suspended a creditor’s statutory right to request for opening of insolvency proceedings for inability to pay due debts. Instructively, in Nigeria, there was no attempt by stakeholders to make any temporary adjustment. The new monetary threshold for cash flow insolvency is not without demerits. First, the approach may create uncertainty regarding the threshold in particular and Nigeria’s insolvency law framework generally. The fact that CAC may easily and speedily adjust the threshold as it desires will create an air of uncertainty and unpredictability around the threshold. Having the threshold in CAMA, as was previously the case, prevented incessant or unpredictable adjustments and enhanced certainty. In its most recent Principles for Effective Insolvency and Creditor/Debtor Regimes, 2021, the World

Bank Group explained the disadvantages of uncertainty and unpredictability of insolvency laws and procedures thus: “Lenders in emerging markets demand compensation for a number of procedural uncertainties. First, information on local rules and enforcement is often asymmetrically known. There is a widespread perception among lenders that local stakeholders can manipulate procedures to their advantage and often benefit from fraud and favouritism In the absence of sufficient and predictable laws and procedures, creditors tend to extend funds only in return for unnecessarily high-risk premiums. In times of crisis they may withdraw financial support altogether. Countries would benefit substantially if creditor/debtor rights and insolvency systems were clarified and applied in a consistent and fully disclosed manner.” Second, the new approach is relatively novel and contrary to what is the norm and global best practice. It is unclear where this model was adopted from, which jurisdictions have previously applied the model and how those jurisdictions fared. Nigeria is indeed sailing in uncharted waters. Asides Zambia (Section 57(3) (a) Corporate Insolvency Act, 2017) and Malawi (Section 184 Insolvency Act, 2017), the practice in several common law jurisdictions is for the monetary thresholds of cash flow insolvency to be expressly stated in the principal company or insolvency laws. That way, the thresholds are substantially certain and predictable as opposed to being controlled and “determined” by a regulator. Notable examples in Africa include: Botswana (100 Pula, Section 171(a) Companies Act, 2003); Ghana (10,000 Cedis, Section 83(5) Insolvency Act, 2020); Kenya (100,000 Kenyan Shillings, Section 384(1)(a) Insolvency Act, 2015); Mauritius (100,000 Mauritian Rupees, Section 180(a) Insolvency Act, 2009); South Africa (100 Rand, Section 345(1)(a) Companies Act, 1973). Examples outside Africa include: Australia (2,000 Australian Dollars, Section 585 Corporations Act, 2001); Canada (200 Canadian Dollars, Section 4 Winding up and Restructuring Act, 1986); Cayman Islands (100 Dollars, Section

“The long-awaited Business Facilitation (Miscellaneous Provisions) Act 2023 (“Act”) was signed to law on 13 February, 2023.The Act codifies Executive Order 001 of 2017 on the Promotion of Transparency and Efficiency in the Business Environment issued on 18 May 2017. It also amends twenty-one business-facilitation laws which are pivotal for promoting ease of doing business in Nigeria”

93(a) Companies Act, 2022 (Revision)); India (1 Lakh Rupees (i.e. 100,000 Rupees), Section 271(2)(a) Companies Act, 2013); Ireland (10,000 Euros for a creditor and 20,000 Euros for two or more creditors, Section 571(a)/(b) Companies Act, 2014); Malaysia (10,000 Ringgit), Section 466(1)(a) Companies Act, 2016); New Zealand (1000 New Zealand Dollars, Section 289(2)(a) Companies Act, 1993); and Singapore (15,000 Singapore Dollars, Section 125(2)(a) Insolvency, Restructuring and Dissolution Act 2018). Third, there is a risk of inadvertent or deliberate misuse or abuse of the threshold under the new approach. Even in the absence of real abuse, the approach will create a perception that Nigeria’s threshold for cash flow insolvency is susceptible to manipulation and arbitrary adjustment by a regulator or an influential official. An arbitrary upward or downward adjustment of the cash flow insolvency threshold may have dire consequences on businesses and the Nigerian economy. An increase in the threshold may force hitherto solvent companies into insolvency. This would not necessarily be due to their inability to pay debts that are due; but because of a shift of the goalposts by the CAC. Conversely, a reduction of the threshold may superficially prop-up insolvent companies to become solvent, creating zombie companies to the detriment of the Nigerian business environment and economy. Instructively, as at 27th February 2023 (that is, two weeks after the repeal of the N200,000.00 threshold), CAC was yet to issue a regulation “determining” or specifying the new cash flow insolvency threshold. Proper Deﬁnition of Fraudulence Preference It is not all gloom and doom. Commendably, the Act has amended Section 658(6) of CAMA 2020 by replacing the expression “a period of years” with “a period of two years”. Section 658 of CAMA 2020 provides for fraudulent preferences. A transaction may be set aside for constituting fraudulent preference if a company, during “the speciﬁed period” prior to the commencement of formal insolvency procedure, does anything or procures anything to be done which has the effect of giving a creditor, surety or guarantor undue advantage. It must also be shown that the company was influenced to give the preference by a desire to confer an undue advantage on the creditor/surety/guarantor. In the repealed Section 658(6) of CAMA 2020, the drafters omitted to specify the period within which transactions with persons connected to the company would be vulnerable as fraudulent preference. The repealed provision stipulated thus: “In the case of a preference which is given to a person who is connected with the company (otherwise than by reason only of being its employee), the relevant time is the period of [x] years ending with the onset of insolvency, and in any other case, the relevant time is the

period of three months ending with the onset of insolvency.” (“x” indicates the omission) The omission was previously highlighted in the 8th September, 2020 issue of this discourse titled “Revisions to Insolvent Liquidation Framework by CAMA 2020: The Refinements and the Flaws”. The amendment has corrected the omission. Deletion of Conflicting Definition of “Insolvency Practitioner” The Act has repealed the definition of “insolvency practitioner” in Section 868(1) of CAMA 2020. The repealed Section 868(1) defined insolvency practitioner as: “a legal practitioner within the meaning of the Legal Practitioners Act or a member of the Institute of Chartered Accountants of Nigeria or such other professional bodies of accountants as is established by an Act of the National Assembly”. The import of the repealed definition was that all (i) qualified legal practitioners in Nigeria, (ii) members of Institute of Chartered Accountants; and (iii) members of other professional bodies of accountants, were automatically insolvency practitioners. This conflicted with the accreditation framework in Chapter 26 of CAMA 2020 and Regulation 1.07 of Insolvency Regulations 2022 (IR 2022). Section 705(1) of CAMA 2020 provides that a person is “only” qualified to act as an insolvency practitioner where he satisfies conditions set out in Section 705(1)(a)-(d). These are: (i) a degree in law, accountancy or a relevant discipline, (ii) a minimum of five years post-qualification experience, (iii) a certified member of a body accredited by the CAC, and (iv) authorisation by CAC. Section 707(1) of CAMA embodies some of the requirements for CAC’s authorisation but the list is by no means exhaustive. Sections 705(2) and 707(1)(a) of CAMA 2020 empower CAC to prescribe additional qualifications in its regulations. Accordingly, Reg. 1.07(1) and (2) of IR 2022 contain a detailed list of requirements for accreditation as an insolvency practitioner. Furthermore, an insolvency practitioner’s accreditation is renewable after three years: Reg. 1.07(3). The deletion of the definition of insolvency practitioner in Section 868(1) has resolved the confusion regarding who is qualified to act as an insolvency practitioner that is, receiver, manager, liquidator, administrator, nominee and supervisor. Instructively, Reg. 1.05 of IR 2022 defines an insolvency practitioner as a person duly accredited by the CAC to undertake insolvency proceedings. This is congruent with the accreditation framework in CAMA 2020. Postscript Notwithstanding the drawbacks in relation to the new threshold for cash flow insolvency, the Business Facilitation Act is a laudable initiative and a reformoriented legislation. Several of its provisions have the potential of immensely engendering transparency, eliminating bottlenecks and promoting ease of doing business in Nigeria.

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TUESDAY, FEBRUARY 28, 2023 ˾ T H I S D AY

Professor Chidi Odinkalu

‘BVAS Wasn’t Properly Tried, Before the Presidential Election’

Last Saturday, Nigerians went to the polls for the seventh time, to elect the next President and National Assembly Members, in what many have described as the most critical and controversial election that has held since 1999. Given the various challenges that Nigerians were contending with prior to the election - particularly insecurity, fuel shortage, and Naira scarcity, some believed that the elections wouldn’t hold or would be postponed. But, despite all odds, the first leg of the elections held, albeit amidst some allegations of electoral malpractices and rigging, pockets of thuggery and violence. Professor Chidi Odinkalu in a chat with Onikepo Braithwaite and Jude Igbanoi discusses the electoral exercise, its integrity, the likely challenges the next President may face, and matters concerning our nation’s Judiciary

hat is your opinion about the current Naira redesign policy conundrum? Some argue that one of the

main purposes of the policy, that is, to curb vote-buying, does not seem to have been achieved; that even the scarce new currency has been cornered by the politicians; and because of the non-availability

“Look, my problem with Emeﬁele as the CBN Governor is that he should have been relieved of his position, once he got into his dalliance with politics to seek the Presidency on the platform of a political party. At that point, he sacriﬁced the independence of the CBN, and he should have been let go”

of cash, the people are going through immense hardship, as they have no money for food and the basics, and are suffering too much anguish. The fact that the virtual banking platforms have also become epileptic, is not helping matters. Regarding the legal aspect, what is your interpretation of Section 20(3) of the CBN Act and your opinion of the legal proceedings so far? Thank you very much, for this encounter. You have posed too many questions, and I am not sure I can deal with all of them

in one go, or that I am indeed, qualified to. You ask me to interpret Section 20(3) of the CBN Act. I am not a Judge. I am no longer even sure, I am qualified as a Lawyer. So, I will be pretending if I were to tell you that I could respond to that question competently, or at all. Thankfully, I don’t have to answer that question, because it is not necessary for me to. That is because the issue is not what the interpretation is of the CBN Act, but where you go to get that if it is needed. The point of this matter is that the Supreme Court’s original jurisdic-

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TUESDAY, FEBRUARY 28, 2023 ˾ T H I S D AY

‘BVAS Wasn’t Properly Tried, Before the Presidential Election’ tion, is not meant for this matter. That belongs to the Federal High Court. The reason is very simple: to resolve that matter, you need the CBN as part of the proceedings, and you cannot sue the CBN before the Supreme Court in original jurisdiction. As for the hardships, that is self-evident and inexcusable. It seems clear now, that the politicians connived with the banks to corner the currency notes that were distributed. You have now seen the clips of the people attacked while distributing some of those notes to buy votes during these elections, or you have read of the people who were arrested for trafficking in or storing them. In Kaduna State, where the Governor led the charge against this thing, you must have read about a senior woman leader in his party’s leadership in the State, who was fraught with tens of millions of notes, right? So, there you go! Look, my problem with Emefiele as the CBN Governor is that he should have been relieved of his position, once he got into his dalliance with politics to seek the Presidency on the platform of a political party. At that point, he sacrificed the independence of the CBN, and he should have been let go. Instead, he was kept there. The way the Governors got involved in this matter, shows that their motive was politics not principle. They went to the Supreme Court to ask for an injunction, which is an equitable relief. The Supreme Court had enough grounds in equitable doctrines - not to speak of jurisdictional grounds or political questions doctrine – to throw the case out. That we are here is puzzling beyond measure. This is not about law. Don’t ask me what it is about, please. Nigeria is going through what some have labelled the most critical election in the nation’s history, given the deeply entrenched divisions and fault lines along, religious and ethnocentric interests. How, in your view should the new President navigate through the complex problem, to set up an acceptable cabinet? These elections are vital for both Nigeria’s cohesion, and for its place in and beyond West Africa. When the votes are finally in and all the related disputes resolved, the in-

Professor Chidi Odinkalu

coming President will – almost certainly - be President of less than 50% of the votes cast. That will be a first in the annals of elections, since the return to elective government in 1999. It means, notionally, at least that the person will need to find ways to corral the rest of the country into their vision. It could be an opportunity. But, it will not be easy. This is why we need INEC’s results to be credible, so that it gives the person declared as winner the currency of both credibility and political capital that they will need, to spend for what the country needs. If the result is contentious, then we could see deeper trouble for the country and that will be far from desirable, because most people have a right to believe that the country is in a deep enough hole already. Do you think the much talked about BVAS will assist in reducing the number of election petitions, since it is said to be accurate? Anyone who took minimal interest in the matter would have figured that, INEC’s as-

“But, the biggest issue with BVAS, is that the result uploading function has a human interface that is tailor-made for substitution of results….So, you end up in a situation in which party agents have one result sheet in hard copy, and another result is the one uploaded to the INEC platform.”

surances of a seamless process or flawless BVAS deployment were both empty and not believable. I wrote about this more than once, but, I guess, as Nigerians, we are wired to miracles and to magic. So, there was an anaesthetising effect to clothing INEC with credulity that it’s squalid record under the current leadership, has neither earned nor justified. BVAS was untried on anything approaching the scale of the claim INEC made on it, in this election. Prior to this, it had only been tried in three off-cycle Governorship elections in Anambra, Ekiti, and Osun, as well as in the FCT Local elections. In all of those, the flaws were very evident. But, the biggest issue with BVAS, is that the result uploading function has a human interface that is tailor-made for substitution of results. That was always very evident. We now see that is exactly where the complaints are, in these elections. That was clear from the beginning. So, you end up in a situation in which party agents have one result sheet in hard copy, and another result is the one uploaded to the INEC platform. That will make for very contentious collation, and I suspect that is upon us. Some seem to be losing hope in the Judiciary as the last hope of the common man, because of some of its decisions and the slow pace of the wheels of justice, aside from political cases, while others are saying that a good number of political cases these days seem to be decided based on technical rather substantive justice, thereby defeating the purpose of democracy and denying the people the choices

of their preferred candidates. Please, share your opinion on this. I am one of those who has lost hope, so, please don’t speak about some. That is one of the reasons, I no longer can claim to be a Lawyer. The kinds of things that come out of our courts these days, can only be manufactured by Juju priests and voodoo shrines. I did not train for either, and lack the qualifications to practice any of those. This is not just about technicality; it is also about bare-faced abuse of judicial office. Going to court these days cannot be fulfilling or meaningful for those who do it at any level, from the Area Courts, Magistrates Court or District Courts to the Supreme Court. Strange things happen, in all of our courts these days. It is also that the courts have become turfs for insider dealing. Most of the people appointed to the Bench these days, are related to powerful Judges or powerful politicians – the son of this, the daughter of that, the wife of the other one, or the mistress of that one. It is no longer about competence, character, skill or qualification. The Bench has been taken over, by intimations of pillow-talk propinquity. It is disgraceful. That the 1999 Constitution has not worked well for Nigeria, is a fact. Some have advocated a return to the 1963 Constitution and Restructuring - regional governments and true devolution of powers away from the centre, while others still have advocated an Interim Government for a period of six months, in order to draw up a new Constitution and set the country on the right path, instead of going straight into the 2023 general elections. Would you subscribe to a retention of

TUESDAY, FEBRUARY 28, 2023 ˾ T H I S D AY

COVER ‘BVAS Wasn’t Properly Tried, Before the Presidential Election’ cont'd from page IX

the 1999 Constitution with all its imperfections, or a return to regional autonomous units? What are your thoughts on the different options for Nigeria? There is nothing so imperfect about the Nigerian Constitution, that cannot be fixed by good leadership. However, year-on-year, our leadership at all levels gets more venal. The Constitution did not say we should rig elections, or fill high public positions with the worst instead of the best. It did not say we should not send our children to school, or that we should watch our mothers and sisters die in pregnancy for failure to provide for them. The Constitution is not a charter for State incapacity, or for mass plunder of our natural resources. The things that ail us are man- and woman-made. Look, our Constitution is already too prolix, even before you add the amendments. We think that what we need is writing more verbiage onto the document, but that is only going to make the Constitution more complex. India became independent in August 1947, but only adopted its constitution over three years later in 1950. It took three years to negotiate a constitution which has lasted. In Nigeria, we decree constitutions into being without thinking about negotiating the agreements that would underpin it, or addressing first principles. A constitution is more than a legal document. It is first and foremost, a testament to a political settlement, as well as an IOU to generations yet unborn. The legal dimension to the constitution is in fact, the least significant of its functions. In Nigeria we make the constitution prisoner to the lack of imagination of black-letter Lawyers, rather than a shrine that binds us in civic worship. That is why we are in this crisis. I don’t imagine I will persuade anyone that what I have just said, is anything other than the fantasies of an idealist, but, there you have it. The situation at the Supreme Court where the system is so clogged up that cases are now given dates in 2024 and beyond, is quite worrisome to say the least. For well over a

Professor Chidi Odinkalu

year, the Apex Court has also been short of Justices. As at today, there are only 13 Supreme Court Justices instead of a full court of 21. The Justices are overworked. What panacea would you proffer to ameliorate all this? Some have advocated that Divisions of the Court be created in the geopolitical zones of the country, to decongest the Apex Court, while other suggest that there be separate Divisions to hear election matters and policy/ interpretation cases? What do you think? You see, I have had my say on the Supreme Court for a long time. I have written about it for nearly two decades. I was actually thinking the other day, that I should put all of my writings on the Supreme Court together into one collection. So, I have really little to say in response to your question. Again here we are victims of our short-term tactical thinking, without no sense of first principles. First, we need a diagnosis.

“There is nothing so imperfect about the Nigerian Constitution, that cannot be ﬁxed by good leadership….The Constitution did not say we should rig elections, or ﬁll high public positions with the worst instead of the best….The Constitution is not a charter for State incapacity, or for mass plunder of our natural resources”

Every time the Supreme Court is raised, the stock solution is appoint more Justices. No one thinks about the quality of Justices, or, even more, about what they go there to do. So, we send up Justices to the Supreme Court, to be deciding whether a party should nominate Jude or Onikepo to the House of Assembly of Atlantic State. Well, there are over 900 House of Assembly seats and now 18 parties, and all of their nomination fights for just house of assembly seats could end up in the Supreme Court, and be on a clock for disposal. Then add House of Reps seats, and Senate, and Governor. I have not mentioned Local Government nominations. All that can end up in the Supreme Court. It is an utter waste of judicial time and resources. So, the Court doesn’t ever again get to have time for ordinary citizens. Instead, it is chasing political cases for sanguine and subsistence reasons, all at the same time. It is easy to say the Court is overworked, but, when you see it take up cases like the one over the currency thing on original jurisdiction, it can make one despair into thinking that there is a sadomasochistic streak up there. I confess that, I don’t get it. I could go on about the age at which Justices get to the Court, but, if you are appointing people who will spend two, three or four years on the Court, what kind of contribution can then make? But, because we have this turnby-turn system, we will not be able to get it right. So, the problem is hydra-headed. There are no quick fixes. By the way, I think the idea of creating geo-political divisions of the Supreme Court, is

entirely messed up. Sorry, there is no other way that I can find to describe it. If you read their decisions carefully between the lines, you will see the Court is already sufficiently tribalised. When you relocate the Court into geo-political zones, you no longer have a Supreme Court; it will become a Supreme Bantustan Court. In Nigeria, sadly, we love our Bantustanisations. That is part of the reason, why there are no common standards applicable to us all anymore. That is also why the only thing that now unites us all, is mutual disaffection with the country and with each other. How would you rate the outgoing administration visà-vis its three main campaign promises - ﬁghting corruption and insecurity, and revamping the economy, and also its respect for the rule of law? What is your view on the state of the nation generally? Well, my mother always told me: If you can’t say a kind word about someone, hold your peace. The best I can do, is wish Mr Buhari good riddance when his time is up on May 29. I always thought he was good enough, only as a misadventure. He has not disappointed me, though. Not at all. It is good that he got his wish, to become President of Nigeria. If he didn’t we would all have been made to believe when his earthly sojourn is over, that he would have been the solution to all of Nigeria’s problems. Now, we know that he is the problem against which all of Nigeria’s solutions proved ineffective. Thank you Prof.

28.2.2023

XII

TUESDAY, FEB ͺ΀˜ ͺ͸ͺͻ ˾ T H I S D AY

Tuesday, February 28, 2023

dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ /ŶĚĞǆ 'ĂŝŶƐ Ϭ͘ϵй dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞǆ ƌŽƐĞ Ϭ͘ϵй ƚŽ Ϯ͕ϲϭϲ͘ϲϱ

THISDAY AFRINVEST 40 INDEX

ŝŶĚĞǆ ƉŽŝŶƚƐ ĚƵĞ ƚŽ ŐĂŝŶƐ ŝŶ h &KK ^ ;нϰ͘ϳйͿ͕

'd K ;нϮ͘ϬйͿ͕ ĂŶĚ E/d, ;нϬ͘ϴйͿ͘ ƵŵƵůĂƟǀĞůǇ͕

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƚŚĞƐĞ ƐƚŽĐŬƐ ĂĐĐŽƵŶƚ ĨŽƌ ϭϴ͘ϳй ŽĨ ƚŚĞ ŝŶĚĞǆ͘

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

Ticker

Current Price

THISDAY AFRINVEST 40

2616.65

0.85%

41.1%

ROE

161.7%

ROA

24.7%

P/E

5.2%

4.9x

P/BV

Divindend Earnings Yield Yield

0.8x

5.4%

12.8%

ŽŵĞƐƟĐ ŽƵƌƐĞ &ůŽƵƚƐ ůĞĐƟŽŶ :ŝƩĞƌƐ͙ ^/ ƵƉ Ϭ͘ϳй ĞƐƉŝƚĞ ĞůĞĐƟŽŶ ƐŚŝǀĞƌƐ͕ ƚƌĂĚŝŶŐ ĂĐƟǀŝƟĞƐ ŽŶ >ĂŐŽƐ ĐƵƐƚŽŵƐ ƐƚƌĞĞƚ ĐůŽƐĞĚ ǇĞƐƚĞƌĚĂǇΖƐ ƐĞƐƐŝŽŶ ŽŶ Ă ƉŽƐŝͲ

ƟǀĞ ŶŽƚĞ ; ^/ͲE'y ƵƉ ϲϵďƉƐ ƚŽ ϱϱ͕ϯϮϴ͘ϰϮ ƉŽŝŶƚƐͿ͕ ĨŽůůŽǁŝŶŐ ďƵǇŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ h &KK ^ ;нϰ͘ϳйͿ͕ ^d E / ;нϭϬ͘ϬйͿ͕ ĂŶĚ ' Z 'h ;нϱ͘ϳйͿ͘ Ɛ Ă ƌĞͲ ƐƵůƚ͕ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ ϴ͘Ϭй ;ƉƌĞǀŝŽƵƐůǇ͗ ϳ͘ϮйͿ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ŐĂŝŶĞĚ ʬϮϬϲ͘ϲďŶ ƚŽ ʬϯϬ͘ϭƚŶ ʹ ĂŶ ĂůůͲƟŵĞ ŚŝŐŚ͘ ĐƟǀŝƚǇ ůĞǀĞů ǁĂƐ ŵŝǆĞĚ ĂƐ ǀŽůƵŵĞ ƚƌĂĚĞĚ ƌŽƐĞ Ϯϱ͘ϴй ƚŽ ϭϰϵ͘ϴŵ ƵŶŝƚƐ ǁŚŝůĞ ǀĂůƵĞ ƚƌĂĚĞĚ ĨĞůů ϯϴ͘ϰй ƚŽ ʬϭ͘ϱďŶ͘ /ŵƉƌĞƐƐŝǀĞ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ĐŽǀĞƌĂŐĞ ǁĂƐ ůĂƌŐĞůǇ ƉŽƐŝƟǀĞ ĂƐ Ăůů ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ ƐĂǀĞ ƚŚĞ &ZͲ/ d ŝŶĚĞǆ͕ ǁŚŝĐŚ ĐůŽƐĞĚ ŇĂƚ͘ dŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞǆ ŽƵƚƉĞƌĨŽƌŵĞĚ ƚŚĞ ďƌŽĂĚĞƌ ŵĂƌŬĞƚ ǁŝƚŚ Ă ŐĂŝŶ ŽĨ Ϯ͘ϰй ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ƵƉƟĐŬ ŝŶ h &KK ^ ;нϰ͘ϳйͿ͕ &>KhZD/>> ;нϵ͘ϭйͿ͕ ĂŶĚ E'^h' Z ;нϭ͘ϱйͿ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ /ŶƐƵƌͲ ĂŶĐĞ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ ϭ͘ϰй ĂŶĚ ϭ͘ϭй ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ŝŶƚĞƌĞƐƚ ŝŶ K E K ;нϭϬ͘ϬйͿ͕ KEK/> ;нϭϬ͘ϬйͿ͕

KZE Z^d ;нϲ͘ϳй Ϳ ĂŶĚ // K ;нϭ͘ϳйͿ͘ ^ŝŵŝůĂƌůǇ͕ ďƵǇ ŝŶƚĞƌĞƐƚ ŝŶ E/d, ;нϬ͘ϴйͿ͕ ^d Z>/E' ;нϯ͘ϯйͿ͕ ĂŶĚ t W K ;нϭ͘ϲйͿ ƐƵƉƉŽƌƚĞĚ ŐĂŝŶƐ ŽĨ Ϭ͘ϱй ĂŶĚ

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ

P ric e C hg %

OA N D O

14.3

10.0%

T R A N SC OR P

11.7

-3.1%

10.0%

F ID ELIT YB K

10.7

-1.0%

10.3

0.0%

P ric e

ST A N B IC

37.95

10.0%

OA N D O

4.40

10.0%

C ILEA SIN G

P ric e C hg %

3.63

T ic k er

C ON OIL

46.85

10.0%

CHA M S

M RS

33.50

9.7%

UB A

9.1

0.0%

9.0%

Z EN IT H B A N K

8.0

0.8%

7.1%

GT C O

7.4

2.0%

J A P A ULGOLD

6.7

-3.4%

M B EN EF IT

6.7

-3.0%

UC A P

6.1

-2.9%

34.95

SOVR EN IN S

KƵƚůŽŽŬ

Vo lum e

T ic k er

F LOUR M ILL

Ϭ͘ϭй ŝŶ ƚŚĞ ĂŶŬŝŶŐ ĂŶĚ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ͘

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

T o p 10 G a in e r s

0.30

C OR N ER ST

0.64

6.7%

IKEJ A H OT EL

1.26

5.0%

B UA F OOD S

90.00

4.7%

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

T o p 10 L o s e r s

ďƌĞĂĚƚŚ͕ ǁĞĂŬĞŶĞĚ ŵŝůĚůǇ ƚŽ Ϭ͘Ϯϱǆ ĨƌŽŵ Ϭ͘Ϯϲǆ ŝŶ ƚŚĞ

ƉƌŝŽƌ ƐĞƐƐŝŽŶ ĂƐ Ϯϵ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ͕ ϭϬ ĚĞĐůŝŶĞĚ

T ic k er F T N C OC OA UP D C

ǁŚŝůĞ ϳϲ ĐůŽƐĞĚ ŇĂƚ͘ dŽĚĂǇ͕ ǁĞ ĞǆƉĞĐƚ Ă ŵŝůĚůǇ ŶĞŐĂͲ

P ric e 0.27 0.96

P ric e C hg % -6.9% -4.0%

J A P A ULGOLD

0.28

-3.4%

ƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ ƚŚĞ ďŽƵƌƐĞ͕ ŐƵŝĚĞĚ ďǇ ǁĞĂŬͲ

T R A N SC OR P

1.26

-3.1%

M B EN EF IT

0.32

-3.0%

ĞŶĞĚ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂŵŝĚ ƌŽůůŽƵƚ ŽĨ ĞůĞĐƟŽŶ

UC A P

15.00

-2.9%

F ID ELIT YB K

5.00

ƌĞƐƵůƚ͘

LA SA C O

1.04

-0.4%

ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ

41.35

T ic k er

Value

P ric e C hg %

Z EN IT H B A N K

205.6

0.8%

GT C O

190.5

2.0%

D A N GC EM

115.1

0.0%

A IR T ELA F R I

101.8

0.0%

UC A P

93.7

-2.9%

WA P C O

91.8

1.6%

-1.0%

UB A

77.1

0.0%

-1.0%

M TNN

71.8

0.0%

OA N D O

62.6

10.0%

F ID ELIT YB K

53.7

-1.0%

ƌŽŬĞƌĂŐĞ

ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ

/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ

ĚĞĚŽǇŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ZŽďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ďŝŽĚƵŶ <ĞƌŝƉĞ ͮ <ĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ĂŵŝůĂƌĞ ƐŝŵŝǇƵ ͮ ĚĂƐŝŵŝǇƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

XIII

T H I S D AY ˾ TUESDAY FEBRUARY 28, 2023

PROPERTY & ENVIRONMENT Riel Homes Seeks Govt’s Intervention in Infrastructure Provision r To build more commercial, residential property in 2023 Bennett Oghifo

he CEO of Riel Homes, Amb. Kolade Adepoju, has appealed to the Lagos State Government to increase its intervention in the provision of infrastructure, particularly in underserved new development areas, to enable them build more residential and commercial property for the citizenry. Adepoju said commercial and residential real estate are becoming huge attractions for discerning investors in property, and that they are a big boost to any economy. Riel Homes, he said, has seen a future in that segment of the market and that they plan to build more commercial and residential property across Lagos. To realise this commitment, the company has moved its corporate office headquarters to a central location- Akin Ogunlewe street, Victoria Island, Lagos. from Abraham Adesanya, Lekki. According to Amb. Adepoju, they have a huge task on their hands and that working from an accessible location was important to what they plan to achieve, saying they would bring their touch of excellence to the property market. Adepoju said the company’s portfolio is being expanded from site and services schemes to construction of buildings both commercial and residential and that these would be sold off-plan. “So, this year, we have two premium products, a 10-storey building and another one, coming up in Ikoyi in the heart of the city; both with top-range facilities. We’re working on building some ultra-modern shopping malls.” The company, he said, will launch five estates for the middle class, say-

Adepoju

ing that one of them will be launched next month in Abijo, Ibeju Lekki. “It’s a very lovely place, and you can trust us that whatever we are bringing is of high quality and we’re never going to go back on our word.” The firm already has a site and services scheme at Epe on 20 acres that is expected to be sold out next month, considering the high rate of patronage, Adepoju said. “We have estates planned in Awoyaya, among others, but these have been put on hold

because of infrastructure issues. The fact is that the type of infrastructure needed in those places cannot be done without the government’s intervention. So, we’re appealing to the government to get involved in infrastructure provision so that real estate developers can provide homes and commercial places for the citizenry.” One of the major reasons the company is engaging in massive construction of buildings- two premium and five middle class- he said is to help bridge the housing deficit, adding that they can do more with the government’s intervention in infrastructure development. “We’re building to house more

people. For instance, the Ikoyi building will have 48 units and you can now imagine the number of people that will be living there.” In the mainland, he said, the company would build commercial property and that it will have several shopping malls in this axis of Lagos. Their developments will be eco-friendly, smart and futuristic, even in the shopping facilities, stating that they cannot sell what they cannot buy. Adepoju said technology plays a big role in modern housing, particularly in access control and automation of systems for lighting, elevators and water, among others. “We already have systems in place to use technology and human resources in securing our property. We have security cameras, and the whole estate or home can be locked down within seconds. These things are not what we should negotiate, we don’t joke with excellence, as a company.” Giving an idea of how much an apartment in their premium estates would cost, he said the least is N600 million. A plot in the site and services scheme in Epe is N3.5 million, adding that they are having a promo presently with 20 percent discount. It will end on February 29. In the Abijo estate, a plot is between N20 million and N40 million, depending on whether it is commercial or residential. The shops in the complexes, which will be of contemporary design, with lounge and good parking space, will sell between N6 million and N12 million, and there will be a payment plan. Riel Homes will begin the construction of a shopping complex in Ketu next month, adding that they would explore a partnership with mortgage providers for uptakers.

Brains and Hammers Partners Kano to Build Coordinated Pharmaceutical Centre Fadekemi Ajakaiye

rains and Hammers Limited, one of Africa’s leading indigenous construction, infrastructure and development companies, has partnered with the Kano State Government to bring to reality the Federal Government’s quest to put an end to wholesale drugs in an unregulated environment across the country. Desirous of curbing the incidence of fake, adulterated and counterfeit drugs, the Federal Government in 2003 muted the idea of a Coordinated Warehouse Centre (CWC) for pharmaceuticals to stop the chaotic and dangerous trade in drugs in the open markets at Ariaria in Abia State, Idumota in Lagos State, Onitsha Head Bridge in Anambra State and Sabon Gari in Kano State. For years, federal regulatory agencies, particularly the National Agency for Food and Drug Administration and Control (NAFDAC) and the National Drug Law Enforcement Agency (NDLEA) had engaged perpetrators of this unwholesome trade in a costly battle. The journey to the CWC which reached an epoch with the commissioning of the Kanawa Pharmaceutical Coordinated Wholesale Centre also known as Dr. Abdullahi Umar Ganduje Pharmaceutical Centre in Kano recently, may not be an end in itself, but serve as a wake-up call for quick implementation of the project in the remaining states. Working under a Private-Public Partnership (PPP) arrangement between Brains and Hammers Limited and the Kano State Government, the multibillion-Naira CWC is situated within the larger 117-acre Kano Economic City (KEC), a brainchild of the Governor Abdullahi Umar Ganduje administration

L-R: Emir of Kano, Alhaji Aminu Ado Bayero, Director, Federal Ministry of Health, Mrs. Olubunmi Aribiano; and Kano State Gov., Abdullahi Umar Ganduje, at the commissioning of Phase 1 of the Kano Economic City… recently

has been formally opened to mark completion of Phase 1 of the KEC. Chairman of the KEC, Alhaji Mohammed Aliyu Chiroma described the Coordinated Pharmaceutical Wholesale Centre as a complex of 2100 shops with warehouses, that will house businesses of all pharmaceutical products in Kano under the control of regulatory bodies such as Pharmaceutical Council of Nigeria (PCN), Standard Organisation of Nigeria

(SON), and NAFDAC. At the recent commissioning of the Phase One of the KEC, Chiroma spoke glowingly of the efforts put in by the tripartite pact executed by Brains and Hammers Limited, developer of the groundbreaking trade hub in West Africa, Kano State Government and Jaiz Bank Plc. He discussed some of the features inside the sprawling 117 hectares architectural masterpiece . The Kano Economic City is unlike anything that Brains and Hammers had done in the past. It required meticulous handling. It is first-of-its-kind in the West Africa sub-region. Initially projected

to cost N78 Billion, it was reviewed upwards to N150 Billion. For this level of solid financial support, Chiroma showered encomium on the management of Jaiz Bank for believing in the project from the beginning and staying the course. In their goodwill messages, Minister of Health, Dr. Osagie Ehanire and Prof. Mojisola Adeleye, Director General, NAFDAC praised Governor Ganduje for becoming a model for other states. Ehanire said, “History will be kind to your administration for relocating all the stakeholders to a regulated drug facility;” while Adeyeye said, the Kano CWC will make our job easier. This is going to be a one-stop spot for us.” Messages of support and encouragement from the Minister of Trade and Investment, Registrar, Pharmaceutical Council of Nigeria, Kano Pharmaceutical Partners and Director General, National Drug Law Enforcement Agency (NDLEA) among others were also rendered at the event which attracted the presence of the Emir of Kano, Alhaji Aminu Ado Bayero, a major stakeholder and financier of the project, Jaiz Bank whose serving Managing Director, Dr. Sirajo Salisu along with his predecessor and members of the Kano State Executive Council. Brains and Hammer ’s reputation is built on over 15 solid years of insight and expertise. The company has become a partner of choice for affordable, premium, and luxury houses for the public and private sectors and Nigerians at home and in the diaspora. Brains and Hammers’ hospitality, residential, commercial, and infrastructural portfolio covers thousands of acres of land in urban, suburban, and satellite communities in Abuja, Kano, Oyo and Lagos in Nigeria.

XIV

T H I S D AY ˾ DAY ͰͶ˜ ͰͮͰͱ

FEATURES

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

Loyola Jesuit University: Championing Quest for Value-driven Institution In pursuit of the dreams of Fr Joe Schuyler and Fr Joe Landi, both deceased, to establish a moraldriven institution that sets an agenda for society, solves problems that make for significant change while adding values to Nigerians and West Africans, the Loyola Jesuit University is soliciting $7.3m to erect the faculty building in Ewato, Edo State. In this interview with Rebecca Ejifoma, a member of the Society of Jesus, Jesuits, Rev Fr Jude Odiaka calls on lovers of education, alumni of Schuyler and Landi, Nigerians and Africans to help this course sail through

ould you walk us through what birthed the idea of a Jesuit University in Nigeria? The Society of Jesus, known as 'Jesuits', was founded in 1540 by St Ignatius of Loyola from Spain. He had several companions from different parts of Europe with whom he studied at the University of Paris. Upon their graduation, they decided that they would go to Jerusalem and offer themselves to the church to be used however the church wanted. But when that trip did not work, they decided to go to Rome and present themselves to the Pope to serve. Keep in mind; these were very educated people with master's degrees and doctoral degrees graduating from perhaps, or arguably the best university in the world, the University of Paris. They decided to put themselves in the service of the church and humanity. The Society of Jesus was founded eventually. And the head of this group of people was St Ignatius of Loyola. The society of Jesus, the Jesuit, was ultimately known as educators. Again, drawing from their backgrounds, they were highly-priced. And they used what they had – their knowledge and their intellect – to begin to help others by establishing schools. That's how the Jesuits became very famous as educators. Today, we are also very much into giving retreats, helping people to gain some spiritual revival or if they want some spiritual rejuvenation. We are into running secondary schools and universities in different parts of the world. So, the Society of Jesus was founded in Nigeria in 1962, Ghana, and Liberia. Rome sent words to the New York province of the Society of Jesus, asking them to please send some Jesuits to Nigeria to begin a university. They were represented by three priests, all of whom were university professors – Joe Schuyler, who taught at the University of Lagos (UNILAG), Joe Schuh, and Joe McKenna, who taught Biology at UNILAG. When they arrived in the mid-50s, they were here when the war broke out in the 60s. As a result of the war, they returned to the US; they couldn't quite accomplish the task. But thank God they returned after the war. After the war, they also returned with another priest and a professor – Joseph Landi, who taught the English language at the University of Nigeria NSUKKA. Joseph Schuyler continued teaching Sociology at UNILAG. The idea at that time was that to start a university; they needed to embed themselves in Nigeria’s university system to understudy and afterwards have whatever knowledge they would need to begin a university of the Jesuit in Nigeria. But again, things didn't work out as they had planned. Over the years, we lost track of the original intention of the Jesuits. With time, at least in the last 15 years, we've been very vigorous about returning to that original dream. It was while expressing that desire that one of the parents of our secondary school students in Abuja, Loyola Jesuit College, said, “Look, I know you guys have been saying you don't have money, you don't have land. This is almost like a project that is beyond you. I am going to go to my village and talk to my king. And ask for land for this very university that you desire. We, the parents, desire that you build for this very country and the West African region”. He went to his Onogie in Ewato in Esan South East, Edo State. That’s how we got about 250 hectares of land for this university project. What is the status of the project and its timeline? We have the master plan of the university. We have the architectural design. We have the academic brief. We have a business plan. We are good to go, except that we do not have the

and Law. However, with time, we will move into other areas. In the social sciences, we are beginning with art. Our specialisation is usually in the liberal arts; we are very good at the liberal arts. But of course, our universities are usually full-fledged; we do everything that a regular university does.

Rev Fr Jude Odiaka, member of Society of Jesus (Jesuits) financial wherewithal to embark on the project. We have decided to start small in realising this dream. The establishment of a university is a huge capital project. And we decided to take one building at a time. We just completed a 10-bedroom building in Ewato and two major conference halls with solar-powered electricity and an industrial solar-powered borehole. All these cost us about $500,000. The next thing we want to embark on is the faculty building of the university, which is going for $7.3 million. The faculty building is going to serve a multiplicity of purposes. It's going to serve as a classroom and as an administrative building. It will have some halls for major conferences and all of those. It's quite a big building, but of course, it's understandable since it serves a multiplicity of purposes. There are about 170 universities in Nigeria, what stands Loyola Jesuit University out? The Jesuits are known to have an educational philosophy that, in many ways, has made a difference in various parts of the world. Today, for instance, you cannot talk about the history of the US without alluding to the educational contributions of the Jesuits. They brought an educational philosophy that is innovative and targeted at educating the entire human

person. It is not meant to develop your intellect. No! It is intended to develop you intellectually, emotionally, spiritually and otherwise. It is meant to help you know your place in society, in the world, and with the values you have to engage in that very world you live in. Jesuits' education forms men and women of character, competence, conscience, commitment and compassion. These five elements are essential, especially in our context. It is not enough for you to say that you are intelligent. No human person can claim to have created themselves. Everything that we are is a gift from God. Nigeria is the way it is today, not because God has not blessed us with enough resources. God has blessed us with so much, but corruption has stolen the gifts that God has endowed us with, although we have so many brilliant people. Jesuit education does not focus on just developing your intelligence. It teaches you how to be a man or woman of conscience. You cannot be a man or woman of conscience and be given $10 billion, for instance as retirement money meant for elderly men and women who have served this very country for years, and you siphon it into your private pocket. That is not a man or a woman of conscience. Jesuit education prepares you for entry into the workforce. It does not prepare you to sit at home for the next five years or 10 years, or 15 years to get a job after graduation. It prepares you to get a job. It prepares you even to create a job for yourself if you can't get one. That's what it does. And that's what is going to be new in terms of this very university that we are trying to make a reality in Nigeria. That is why we are beginning with the Social Sciences, Computer, Engineering, Civil Engineering

That's why our founder, St Ignatius of Loyola, told us that if our schools cannot help the poor, there's no need to start that very school. If the school cannot uplift the lives of the poor, then it's not worth embarking on

There are speculations that religious-owned universities are usually designed for the afﬂuent. What will Loyola Jesuit University's tuition fee be? I can’t determine that for now. What will determine the fee eventually will be, you know, the circumstances, the cost of living. Nigeria has a very high inflation rate. We cannot sit in January of 2023 and be setting the cost of this same university for any given amount. Very conscious of the point that you're making that some of these private universities or institutions are usually very expensive. Why I admit that I want to also say that look at the ones that are not expensive and see the quality of education they are offering. Our brothers and sisters were just home for eight months, going to nine. Even now that they are back, the situation is still very precarious. I think it's high time Nigeria woke up to the reality that if you want to give people quality education, you know you have got to pay for it, except the government has all the money to subsidise. I believe it is high time we woke up to the reality that if you want to get a quality education you've got to pay for it. It is based on what I said. I want to say that the recent approval by the senate to allow the government to give students loans is wonderful, because if I have money to go to the university, however expensive it might be, at least I have the assurance of receiving a quality education. Many countries, including the US and even Ghana, have student loans. I think it's very important that it takes off the burden of whatever amount of money that parents would have to cough out to be able to send their children to school. And the beauty of it is that over the years you can pay off your student loan but it gives you a quality education. It does make sense that we who own schools are conscious of those who are from families of slender means, families that are struggling. That's why our founder, St Ignatius of Loyola, told us that if our schools cannot help the poor, there's no need to start that very school. If the school cannot uplift the lives of the poor, then it's not worth embarking on. That is why if you go to our secondary school, Loyola Jesuit College in Abuja, you will find all kinds of scholarships that we offer to students, especially poor ones. You go there and you find somebody who cannot afford N200,000 for school fees attending LJC, a school that demands N3m or over yearly. This is because we offer scholarships. What is the appeal by Loyola Jesuit? Oo And that's why, we're trying to reach out to well-meaning Nigerians, lovers of education, especially tertiary education. Who might be able to come to our aid in helping us get the dream of Joe Schuyler who taught at the University of Lagos (UNILAG) for years and years and years? Joe Landi taught at the University of Nigeria (NSUKKA) for years and years and years. They're late now, but their dreams continue in us who have become the indigenous members of the society of Jesus otherwise known as the Jesuit. All donations can be made to its Zenith Bank account on 1014346971 Jesuit Fathers of Nigeria (Ewatto University). It can also be sent to Jesuit Fathers of Nigeria (Ewatto Uni P.J) Globus Bank Limited 1000069220. You can also reach out to them on 08023690425 or via e-mail at rodiaka@ hotmail.com.

T H I S D AY ˾ DAY FEBRUARY 28, 2023

FEATURES

Insecurity: FG Must Insist on Professionalism, Arm Licensing for Private Security Agencies, PSS Posits Precious Ugwuzor

s part of measures to tackle the insecurity ravaging the country, the chairman and chief executive officer of Profile Security Service limited, (PSS) Dr. Muhammad Babangida said the federal government must insist on professional conduct and licensing of arms for private security companies. Babangida stated this recently during the PSS end of the year staff award held in Abuja. According to him, the incessant recruitment of security personnel by private security companies without the approval of the regulatory body has led to unethical behavior which poses a major challenge to the security sector Speaking at the occasion, the CEO said “The private security sector is maturing and as a regulated industry, you are supposed to operate when given the approval or license, however, many mushroom companies are coming up who bypass the rules. "We do have some conflicts here and there once in a while whereby companies recruit their security services within their organization, which by the laws and regulations, they're not allowed to do. "Gradually, I think that would be an area that the government can focus on to ensure that some of these corporations, especially the construction companies, do not set up their security services within the organization; rather they should get services from companies that are specialized and licensed to render such services." Babangida considering the high rate

Reward for diligence for PSS Staﬀ of insecurity and the deficit of security personnel in the country noted that the licensing of arms for private security agents would help cater to the security needs of citizens He said “Arming the private security personnel is the way forward. The pressure on the Armed Forces is quite enormous, especially the police, they cannot cover every single Nigerian,

effectively and thereby we have them in locations where ordinarily you should not be the main responsibility but where you begin to license for those who can meet the requirements. " I believe it will reduce the pressure on the police force to take on other areas where the police ordinarily should not be. "We have quite a few of them that are taking care of VIPs. That's a huge area that takes quite a chunk of the policemen. And I believe this is something that could

be handled by private security services. "Another area is the banks, they're all over the place, securing locations. Ordinarily, these locations should be given to private security services to manage, and I believe this will cause the availability of manpower who can now be reallocated to more strategic places in the nation.” In his remarks, Salihu Ibrahim, the general manager of PSS reiterated that the company which has existed since 1997 has maintained professionalism yet suffered losses due to the saturation of unprofessional personnel who now take jobs from licensed companies. The government has to look into strict regulation of the sector, especially with the presence of quarks and unregistered companies in operation. “ They don’t pay tax, they are not regulated, and are taking over our jobs,” he lamented. While awarding 42 personnel who have served for over 15 years in the company, he revealed that the Profile security service limited currently has over 1100 personnel across the country and is one of the top 5 private security companies in Abuja and the northern part of the country. Paul Onyilo, head of operations PSS, urged the federal government’s intervention in providing an enabling environment for the private security companies. “Policies such as arm licensing and reduction of incessant taxation would help us serve Nigerians better” he said Speaking on licensing of the private security personnel, he said “ we rely more on intelligence yet we face security threats on daily bases but because we’re not armed, we can’t do much."

Security: FCTA Seeks Collaboration with Residents Michael Olugbode in Abuja

he Federal Capital Territory Administration (FCTA) said tackling insecurity within the nation’s capital city needs collaboration between the government and

residents. The FCTA insisted that residents need to help the government in this regard by making efforts to know their neighbours and taking special interest in what happens around them. The acting Director, Reform Coordination and Service Improvement Department of the FCTA, Dr Jumai Ahmadu, made the statement

at the first Abuja Residents Townhall & Security Summit in Abuja. The summit with the theme: "The Cost of Inaction, Bridging the Gaps", is designed to enable Abuja residents, businesses, and stakeholders to identify, discuss and resolve issues as it affects their daily lives in the FCT. Ahmadu said: “The only thing we have emphasised here is for them to know one another. There is this popular saying we used to have in the FCT; 'know your neighbour, stay safe, stay alive'. "If you don't know your neighbour,

if you don't speak out when you see suspicious movement, how can the government or the security agencies help you?” "So, my advice to residents is to know anybody coming into their environment...if we have this in each of our communities, we will be able to curb security challenges because the government needs information to act," she added. She also encouraged residents to call the FCT call centre toll-free lines to report all emergencies in the capital city. On his part, Muhammad Khalid, Chiarman, Islamic Research and Da'awa Foundation, challenged residents to show love to one another notwithstanding their religious or

ethnic orientations, noting that only love could bridge the gap between them. Khalid, while stating that there was a limited number of security operatives in the FCT, said a neighbourhood that is united could help ensure the security of the lives and property of members. In his opening remark, Jude Ezeobi, the Chairman of the Neighbourhoods, Estates, and Residents Association of Abuja Forum (NERAAF), a non-religious, non-partisan, and not-for-profit forum, said the aim of the summit was to encourage good neighbourliness, adding that only social cohesion could guarantee better security in the FCT.

Three Sexagenarians, Nigerien, Arrested with 52kg Cocaine, Skunk Seized in Lagos, Kwara, Plateau

s part of its ongoing war against drugs, operatives of the National Drug Law Enforcement Agency (NDLEA) in the past one week has arrested three sexagenarian grandfathers and a Nigerien. The suspects top the list of suspects arrested in connection with the seizure of over 52.252 kilograms of Cocaine, Methamphetamine, and Skunk as well as 32, 590 pills of opioids in Lagos, Kwara, Plateau, Sokoto and two courier companies. One of the suspects, Onyebi Benjamin Chimaobi, who frequents Cameroun, Ethiopia, Uganda and has been on NDLEA’s watchlist was on Saturday, February 18, arrested at Victory estate, Iba, Ojo area of Lagos in connection with the seizure of a 19.70kgs cocaine abandoned on an Ethiopian airline flight that arrived Lagos airport on Thursday, February 9. According to NDLEA spokesman, Femi Babafemi, “Chimaobi had travelled to Addis Ababa, Ethiopia to pick the consignment, which he claimed was handed over to him in a black backpack bag on the plane in Addis Ababa but failed to disembark

with it on arrival in Lagos. "While the agency continues to investigate the flight crew members, relevant intelligence and investigative tools were deployed to identify the passenger who brought the consignment to Nigeria as a result of which Chimaobi was eventually unraveled and traced to Victory estate, Iba where he was arrested. “In the same vein, operatives on Thursday, February 23, intercepted an intending passenger on Turkish Airline flight to Torino via Milan, Italy at the Departure Hall of the Lagos airport, Obazee Timothy Eguagie, with various quantities of opioids. “The consignment consisting a total of 22, 840 tablets of Tramadol 225mg weighing 10.60 kg; 1000 tablets of Tramadol 200mg with a gross weight of 600 grams; 2, 300 capsules of Tramadol 100mg, weighing 800 grams and 60 tablets of Rohypnol 1mg, weighing 19 grams were concealed inside cloths

and wrapped with black tapes. “The following day, Friday, February 24, NDLEA operatives attached to the NAHCO import shed of the airport intercepted eight cartons of shoes coming from Los Angeles, United States of America. " A diligent examination of the cargo however showed that the shoes were used to conceal a total of 37 parcels of Loud variant of Cannabis with a gross weight of 20.10 kilograms. A 63-year-old grandfather, Balogun Akinlabi Abideen hired as freight agent to clear the illicit consignment has already been arrested. “Two other sexagenarians arrested in connection with drug trafficking include Butven Siman, 62, who was nabbed with 5.5kgs skunk on Friday, February 17. at Timbol village, Langtang South LGA, Plateau state, as well as 65-year-old Musa Shuaib who was arrested with a kilogram of cannabis on Thursday, February 23, in Adewole area of Ilorin, the Kwara state capital. “At two major courier companies in Lagos, a total of 4.292 kilograms of psychoactive drugs including Methamphetamine, Tramadol, Lexaton, and Swindon concealed

in walls of cartons, picture frames, bathing soap packs and bedsheets were recovered from parcels going to United Kingdom, New Zealand and Australia by officers of the NDLEA Directorate of Operations and General Investigation, DOGI attached to the logistics firms. “In Sokoto State, NDLEA operatives at the Illela land border on Tuesday, February 21, intercepted a Nigerien, Bashar Abdu of Kwanni, Niger Republic with 1.460kgs of skunk wrapped round his private part, while in Kaduna, a suspect, Mohammed Garba (a.k.a Alfazazi), was arrested with 6,390 tablets of Tramadol 225mg, weighing 3.4kgs on Thursday, February 23, along Abuja-Kaduna express road.” While commending the officers and men of MMIA, DOGI, Plateau, Sokoto, Kaduna and Kwara Commands of the agency for the arrests and seizures, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd) noted that their efforts and those of their compatriots across the country have in no small measure reduced access to and availability of illicit substances in Nigerian communities.

XVI

TUESDAY, FEBRIARY 28, 2023 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Tens of Thousands Protest Mexico’s Electoral Law Changes Tens of thousands of people filled Mexico City’s vast main plaza Sunday to protest President Andres Manuel Lopez Obrador’s electoral law changes they say threaten democracy and could mark a return to the past. The plaza is normally thought to hold nearly 100,000 people, but many protesters who couldn’t fit in the square spilled onto nearby streets. The marchers were clad mostly in white and pink — the colour of the National Electoral Institute — and shouted slogans like “Don’t Touch my Vote!” Like a similar but somewhat larger march on November 13, the marchers appeared somewhat more affluent than those at the average demonstration. The electoral law changes drew attention from the US government. Brian A. Nichols, the US assistant secretary of state for Western hemisphere affairs, wrote in his Twitter account, “Today, in Mexico, we see a great debate on electoral reforms that are testing the independence of electoral and judicial institutions.” “The United States supports independent, well-resourced electoral institutions that strengthen democratic processes and the rule of law,” Nichols wrote.

Fresh Casualties As New Earthquake Hits Turkey A 5.6 magnitude earthquake hit southeastern Turkey on Monday, killing one person, injuring at least 110, and causing a number of already-damaged buildings to collapse. The new tremor came three weeks after a 7.8 magnitude shook Turkey and Syria and killed more than 50,000 people. Turkish authorities said that rescue teams were immediately deployed Monday to rescue people from the rubble. A father and daughter who were trapped beneath the ruins of a four-story building they had entered in the town of Yesilyurt to retrieve their belongings after the earlier quake were saved. Yesilyurt, in Malatya province, was the centre of Monday’s quake. Yunus Sezer, the head of Turkey’s Disaster and Emergency Management Authority (AFAD), said that search and rescue teams had been deployed at five buildings. The region has had four earthquakes in the past three weeks, as well as more than 10,000 aftershocks, according to AFAD’s general director of earthquake and risk reduction, Orhan Tatar.

Israel Heightens Troops after Settler Rampage Israel sent hundreds more troops to the occupied West Bank on Monday, a day after a Palestinian gunman killed two Israelis and settlers rampaged through a Palestinian town, torching homes and vehicles in the worst such violence in decades. The responses to the rampage laid bare some rifts in Israel’s new right-wing government, with Prime Minister Benjamin Netanyahu appealing for calm while a member of his ruling coalition praised the rampage as deterrence against Palestinian attacks. The events also underscored the limitations of the traditional US approach to the long-running Israeli-Palestinian conflict: Washington has been trying to prevent escalation while staying away from the politically costly task of pushing to resolve the core disputes. As the violence raged in the West Bank, such an attempt at conflict management was taking place Sunday in Jordan, with the US bringing together Israeli and Palestinian officials to work out a plan for de-escalation. Sunday’s events kicked off when a Palestinian gunman shot and killed brothers Hillel and Yagel Yaniv, ages 21 and 19, from the Jewish settlement of Har Bracha, in a shooting ambush in the Palestinian town of Hawara in the northern West Bank. The gunman fled.

France Unveils New Africa Strategy French President Emmanuel Macron is set to deliver an address Monday unveiling France’s new Africa strategy. Later in the week, the French leader travels to Gabon, Angola, the Republic of Congo and Congo. Macron’s visit to Africa comes as many nations there have expressed an anti-France sentiment, including street protests in some West and North African countries. France is also finding that its long economic ties with Africa are starting to fray as Russia, China, and Turkey make inroads. In addition, Mali has replaced the French troops stationed there with Russian military contractors, something France would not like to see replicated.

The French leader will also attend a forestthemed climate summit in Gabon.

US first lady Jill Biden made a high-profile visit to a tiny Kenyan community to draw attention to the severe drought that has gripped East Africa and created an unprecedented food insecurity crisis in Kenya. The United States has provided the lion’s share of humanitarian aid to East Africa after rains failed here for a third straight year, causing unprecedented hunger that stretches from Somalia to this dusty Maasai village just three hours from Kenya’s capital, Nairobi. The UN chief for Kenya told VOA that 6 million people are on the brink of extreme hunger this year and that the situation is exacerbated by the food-supply crisis caused by the conflict in Ukraine. But the world’s richest nation can’t walk this road alone, Biden said after her visit to the Maasai village, which is suffering the worst drought seen in this area in seven generations. The trip came at the end of a five-day visit that took her to Kenya and the Southwest African nation of Namibia.

a deal to resolve their thorny post-Brexit trade dispute over Northern Ireland. British Prime Minister Rishi Sunak said the “decisive breakthrough” marked a “new chapter” in the U.K.-EU relationship. Sunak and European Commission President Ursula von der Leyen signed off on the deal at a meeting in Windsor, England. Von der Leyen told a news conference it was “historic what we have achieved today.” The agreement, which will allow goods to flow freely to Northern Ireland from the rest of the UK, ends a dispute that has soured UK-EU relations, sparked the collapse of the Belfast-based regional government and shaken Northern Ireland’s decades-old peace process. Fixing it is a big victory for Sunak — but not the end of his troubles. Selling the deal to his own Conservative Party and its Northern Ireland allies may be a tougher struggle. Now Sunak awaits the judgment of Northern Ireland’s Democratic Unionist Party, which is boycotting the region’s power-sharing government until the trade arrangements are changed to its satisfaction. Sunak is due to make a statement to the House of Commons later setting out details of the deal.

Ukraine Pushes for F-16s Despite US Says Time Not Right

Russia’s Ukraine Invasion Dominates at UN Human Rights Council

Ukraine Monday continued its push for allies to supply Ukrainian forces with fighter jets despite the latest US assessment that providing its F-16 fighters would not be appropriate at this time. “Every discussion about supplying Ukraine with a new, crucial kind of weapon started with a ‘no’ and ended with a ‘yes,’” Ukrainian Foreign Minister Dmytro Kuleba tweeted. “In the last year, we have unlocked political decisions on six of the seven types of game-changer weapons. The only one left is combat aircraft.” Kuleba alluded to earlier reluctance to send Ukraine tanks and other military aid that its partners ultimately decided to provide. US President Joe Biden said Friday in an interview with ABC News that on the question of providing F-16s to Ukraine, he was “ruling it out for now.” White House national security adviser Jake Sullivan told NBC’s “Meet the Press” Sunday that US military commanders believe what Ukraine needs now are “tanks, and armoured personnel carriers, and infantry fighting vehicles, artillery, and air defence systems up there on the front line.

Russia’s war of aggression took centre stage at the opening of the UN Human Rights Council’s five-and-a-half-week session in Geneva. As he kicked off this historically long and politically charged conference, UN SecretaryGeneral Antonio Guterres condemned what he called the carnage unleashed by Russia’s invasion of Ukraine, which he said “has triggered the most massive violations of human rights we are living today.” “It has unleashed widespread death, destruction, and displacements,” he told those gathered in Geneva. “Attacks on civilians and civilian infrastructure have caused many casualties and terrible sufferings.” Guterres presented a gloomy assessment of the state of human rights, noting that the Universal Declaration of Human Rights, which sets out the rights to life, liberty, security and many other rights and freedoms, was “under assault from all sides.” He warned the erosion of human rights around the world has stalled and, in some cases, reversed progress in human development. He added that extreme poverty and hunger are rising worldwide for the first time in decades.

Jill Biden Draws Attention to East Africa’s Hunger Crisis

UK Says Sunak, Von Der Leyen Seal Deal to Fix EU Trade Spat The UK and the European Union ended years of wrangling on Monday, sealing

Child Immunisation Vaccine Shortage Hits Ghana The Ghana Health Service says a shortage of routine vaccines for children blamed for a measles outbreak that infected 120 will be

resolved within weeks. Health officials said the shortage of vaccines against polio, hepatitis B, and measles was caused by the depreciation of Ghana’s currency, the cedi. The Pediatric Society of Ghana warned childhood diseases could quickly spread if the vaccines were not soon made available. For months, nursing mothers have been complaining of a shortage of vaccines meant for babies from birth to at least 18 months. The situation worsened in February after major health facilities in 10 out of the 16 administrative regions of Ghana kept turning nursing mothers away due to erratic supply. Vivian Helemi said her baby girl missed one of the key vaccinations last month and the situation has not changed after combing three health centres on Monday. Like other mothers, Helemi is worried the shortage of essential vaccines for infants will threaten her child. “It has been frustrating moving from one hospital to another,” she told VOA. “I don’t know what could happen to my baby because she is yet to receive her second vaccination. I am confused because no one is telling me when the vaccines will be ready.”.

WFP: Millions of Syrians May Lose Food Aid The World Food Program said Monday that without an urgent injection of $450 million, it would not be able to maintain emergency food assistance this year in Syria, including to people impacted by the recent earthquake. “Without sufficient resources, we will have to do cuts,” said Ross Smith, WFP Deputy Country Director for Syria. “We will have to cut significantly the number of people we support, and that’s going to come on top of an earthquake crisis and an economic crisis.” In a video briefing from Damascus, he told reporters that the food agency projects they will have to cut 50 to 60 per cent of the 5.5 million Syrians they assist monthly if they are not assured of the funds within the next two to three months. Due to a dozen years of civil war, more than 12 million people are food insecure in Syria, and another three million are at risk. Over the last three years, a spiralling economic crisis has dragged more Syrians into poverty. The February 6 earthquake, which killed at least 5,900 people and injured thousands more in Syria, has only increased the suffering and added to a complex humanitarian response. WFP was already present across the country, had supplies in warehouses and was able to reach people in the immediate aftermath. Since the quake, Smith said WFP had provided ready-to-eat meals and other rations to 1.5 million Syrians in the quake-affected areas — both in government-controlled and opposition-held areas.

T H I S D AY ˾ TUESDAY, FEBRUARY 28, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

F E B R U A R Y

S & P INDEX

2 7 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

Tougher Times for Nigerians as Kerosene Price Rises by 163%, Petrol by 54%

Emmanuel Addeh in Abuja There appears to be no respite for Nigeria’s poor and vulnerable whose main source of cooking fuel is kerosene, with the price of the product rising by a whopping 163 per cent year-on-year to N1,153.40 per litre in January this year. But on a month-on-month basis, Latest data from the National Bureau of Statistics (NBS) obtained by THISDAY showed that the average retail price per litre of the product paid by consumers in January 2023

compared to the previous month increased by 4.42 per cent. Many Nigerians, especially those living in the rural and semi-urban areas who hitherto depended on kerosene-powered cooking stoves have now resorted to firewood for cooking, since the rise in prices of the fuel regarded as the cheapest fuel before now. The federal government estimates that firewood smoke kills at least 90,000 Nigerians, mainly women and children, annually. The government’s clean cooking policy to help

Nigerians reduce its greenhouse gas emissions has largely failed. For instance, over two years after its declaration of the ‘Decade of Gas’, which in part seeks to encourage greater penetration of cleaner fuels like liquefied petroleum gas or cooking gas, government authorities say its success remains at a paltry 5 per cent to date. “On a year-on-year basis, the average retail price per litre of the product (kerosene) rose by 163.87 per cent from N437.11 in January 2022,” the NBS report stated.

On state profile analysis, the highest average price per litre recorded in January 2023, the statistics body said, was recorded in Abuja with N1,566.67, followed by Lagos with N1,411.11 and Plateau with N1,383.33. On the other hand, the lowest price was recorded in Jigawa with N891.67, followed by Edo with N925.93 and Katsina with N935.19. In addition, analysis by zone showed that the South-west recorded the highest average retail price per litre of kerosene with N1,232.15,

followed by the South-east with N1,223.95, while the North-west recorded the lowest with N1,003.54. The report stated that the average retail price per gallon of kerosene paid by consumers in January 2023 was N3,886.11, showing an increase of 3.54 per cent from N3,753.38 in December 2022 while on a yearon-year basis, this increased by 154.20 per cent from N1,528.74 in January 2022. For other fuels, the NBS report explained that the average retail price of diesel paid by consumers

in January 2023 was N828.82 per litre, an increase of 187.69 per cent from N288.09 per litre recorded in the corresponding month of the previous year. On a month-on-month basis, this increased by 1.34 per cent from N817.86 per litre reported in December 2022. When the states are considered, the highest average price of the product in January 2023 was recorded in Bauchi with N900.00, followed by Continued on page 26

NLNG Ramps Up Planned 1.1m Tons Per Annum LNG Supply to Nigerian Market Peter Uzoho The Nigerian Liquefied Natural Gas (NLNG) Limited has expressed commitment to actualising its plan of supplying LNG to the Nigerian market as part of its contribution to the growth of domestic gas utilisation in the country. The company said the offtakers of the product -Asiko Power Limited, Bridport Energy Limited, and Gas-Plus Synergy Limited, were currently constructing their receiving

infrastructure in Apapa and Lekki Free Zone, Lagos in readiness for the commencement of supply to them. The Manager, Common Facilities Assets, NLNG, Mr. Lateef Biobaku, gave the latest hint while responding to THISDAY’s question during a panel session at an oil and gas conference in Lagos. NLNG had announced in June 2021 that it was going to commence domestic LNG supply in July 2022, adding that it had signed Sales and Purchase Agreements (SPAs) with

three power firms as offtakers, which were to set up receiving infrastructure to enable the commencement of the project. The then Managing Director of NLNG, Mr. Tony Attah, who disclosed the plan during the signing of the SPAs in Abuja, had stated that the initial volume of supply would be 1.1 million tonnes per annum (mtpa). He had explained that the execution of the SPAs followed a Domestic LNG (DLNG) workshop

FOOD

held in November 2019 to stress-test the delivery model with industry stakeholders and a series of engagements to identify suitable actors to co-create the initiative and stimulate market interest for potential off-takers. “It is my pleasure to announce that our commitment to unlocking gas utilisation is now backed by the execution of Sales and Purchase Agreements to supply 1.1 million tonnes per annum of LNG on DES basis to Asiko Power Limited,

COMMODITIES

NAME OF COMMODITY

SIZE

STATE

PRICE

NAME OF COMMODITY

RICE

100KG

ABUJA

N35,000 – N45,000

SORGHUM

50KG

OYO

N35,000 – N45,000

50KG

PLATEAU (JOS)

N32,500 – N42,000

50KG

KWARA

N24,000–N27,000

50KG

LAGOS

N35,000 – N45,000

50KG

RIVERS

N36,500 – N46,500

50KG

SOKOTO

50KG

EDO

PRICE

Bridport Energy Limited and Gas-Plus Synergy Limited. “The SPAs will facilitate the project execution and development of infrastructure led by off-takers to aid LNG delivery into the domestic market, “Attah had said. But providing updates on the project, Biobaku said: “We remain committed to delivering LNG to the Nigerian market. Our partners are currently constructing their receiving facilities. They’ve suffered some delays as a result of what you know

is happening in the industry -steel import and the rest of them. “But nevertheless, we are working with them to make sure that they deliver to their promises. Coincidentally, a team of NLNG officials are currently in Lagos going to visit those facilities to make sure that everything is on track. They have been to Apapa and would also be going to the Lekki Free Trade Zone, just to make sure that those Continued on page 26

T O D AY

STATE

PRICE

NAME OF COMMODITY

SIZE

STATE

PRICE

100KG JIGAWA

N30,000

BEANS

MAIDU GURI

N22,000 – N30,000

100KG

BENUE

N32,000

50KG BAG

100KG

N32,000

100KG LAGOS

N36,000

KADUNA

50KG

ENUGU

N24,000

100KG

KANO

N35,000

50KG

LAGOS

N26,000

100KG

DELTA

N36,000

N60,000 – N70,000

100KG

DELTA

N35,000

N17,000–N20,000

100KG

ABIA

N36,000

100KG

ABIA

N35,700

SIZE

TUESDAY, FEBRUARY 28, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS FOOD

NAME OF COMMODITY

PALM OIL

COMMODITIES

SIZE

STATE

PRICE

NAME OF COMMODITY

SIZE

LOCATION

PRICE

100KG KANO

N20,500

ONIONS

100KG

IBADAN

N60,000

MAIZE

100KG

OYO

N10,000

N24,000 – N35,000

100KG BENUE

N27,000

100KG KANO

N30,000

100KG ENUGU

N16,500

100KG BENUE

N65,000

100KG DELTA

100KG LAGOS

N32,000

N14,000

25CL IBADAN N22,000 — N35,000

100KG PLATEAU

N45,000

100KG

ABIA

N11,000

PRICE

25CL LAGOS N20,000-N35000 25CL

STATE

GROUNDNUT

T O D AY

PRICE

STATE

SIZE

PRICE

NAME OF COMMODITY

SIZE

NAME OF COMMODITY

25CL

IMO

N24,000 – N36,500

100KG DELTA

N34,000

100KG DELTA

N50,000

50KG

LAGOS

N9,000

25CL

EDO

N20,000 – N35,000

100KG

ABIA

N27,000

100KG LAGOS

N60,000

100KG KANO

N9,400

100KG ENUGU

N23 000

100KG ENUGU

N45,000

50KG

N6,000

25CL ABUJA N25,500 – N35,000

BENUE

ARDA: Refining Output to Peak by 2027 at 77.6m Metric Tons Emmanuel Addeh in Abuja The African Refiners and Distributors Association (ARDA) has said that refinery output on the African continent will peak in 2027 at about 77.6 million metric tons per year. Speaking in Cairo, Egypt, at the Second High-Level Organisation of Petroleum Exporting Countries (OPEC)-Africa Dialogue Meeting, Executive Secretary of ARDA, Anibor Kragha, projected that there would be rapid growth in fuel demand in Africa in the next two decades. During the event, OPEC, African Energy Commission, African

Petroleum Producers Organisation (APPO) and ARDA engaged on the need for a robust intra-African oil and gas industry. Kragha however warned that public health challenges may result unless cleaner fuel is prioritised, stressing that import requirements for transport fuels will continue to grow in sub-Saharan Africa, making the region the world’s largest importer by 2030. According to him, the continent would in the next four years see a peak increase of 52.7 million metric tons compared to African refinery capacity of 2019, reflecting an increase of about 212 per cent. “Higher peak output reflects new

refineries in Angola and Guinea and restarts of refineries in Cameroon and South Africa (Sapref). Subsequent closures driven by the push for cleaner fuel specifications will be offset by opening of the new refinery in Uganda in 2028,” Kragha stated. He also noted that Africa’s growing energy demands must be met with cleaner fuels to address pollution and public health issues. According to him, separate implementation strategies are needed for cleaner fuels, lower-carbon power generation and sustainable renewable energy solutions in Africa. He disclosed further that a measured, decade-by-decade sustainable finance plan was urgently needed on the

continent to ensure investments are made to deliver a unique African energy transition plan. The ARDA executive secretary said coordinated refinery upgrade and supply and distribution infrastructure projects were critical, adding that ARDA remained committed to securing project financing for strategic opportunities in African downstream oil sector. He added that a coordinated strategy for storage and distribution investments would be required to deliver an energy transition plan for Africa. Kragha stressed that there was need for regional and pan-African pipelines to connect the continent’s

“Mobility indicators for China, such as congestion, have been rising steadily,” the note said, adding that “flight schedules have firmed-up the outlook for jet fuel demand.” This may not lead to a substantial deficit in global oil markets, however, because the bank expects Russian supply to offset some of that demand, oilprice.com reported. Even so, oil markets are about to swing into a shortage in the second half of the year, pushing Brent crude prices to between

$90 and $100 per barrel. This is a downward revision on earlier price forecasts by the bank’s analysts, who expected Brent to hit $100 to $110 per barrel in the second half of the year. “We previously estimated a 1 million bpd year-on-year decline in 2023, which we moderate to 0.4 million bpd,” they said about Russian oil production. Russia said earlier this month it would cut oil production by half a million barrels from January levels

in March in response to Western price caps, according to Deputy Prime Minister Alexander Novak. Meanwhile, Goldman Sachs forecast that Brent crude may not hit $100 until the end of the year, revising earlier expectations of this happening a lot sooner, about mid-2023. The reasons for the revision that the bank’s analysts cited were higher production in Russia and the United States that could push the market into a moderate surplus this year.

energy centres as well as deep water ports to reduce congestion and ultimately reduce costs associated with petroleum products imports. “Inclusive and equitable energy transition roadmap must be deployed that captures priorities, challenges and perspectives of Africa’s lowemitting countries. “The roadmap must not prioritize near-term emissions reductions (with relatively little climate benefits) over support for economic development and energy transformation,” he said. At the event, the Secretary General of OPEC, Haitham Al-Ghais said:

“The opportunities for the continent will be significant in the years ahead, but there will undoubtedly be a great number of challenges in store as this industry continues to evolve towards a lower-carbon future.” Also, the Secretary General of APPO, Dr. Omar Farouk , speaking at the event said the challenge of energy transition for Africa was a lot more daunting. He pointed out that a study conducted by APPO on the future of the oil and gas industry in Africa in light of the energy transition identified three imminent challenges.

FG Moves to Improve Power Morgan Stanley Boosts Global Oil Demand Forecast by 36% Supply in Akwa Ibom

Emmanuel Addeh in Abuja

Morgan Stanley has raised its forecast for global oil demand for this year by 36 per cent, citing China’s economic reboot and higher demand for air travel. The investment bank now expects oil demand this year to rise by 1.9 million barrels per day, up from an earlier forecast of demand growth amounting to 1.4 million bpd, Reuters reported, citing a note by Morgan Stanley analysts.

Green Energy Chair Named African Oil, Gas Man Of The Year Emmanuel Addeh in Abuja An international energy expert and Chairman Green Energy International Ltd(GEIL) the operator of Otakikpo marginal field in OML 11, Prof Anthony Adegbulugbe has been named the African Man of Year ( oil &gas ) for the year 2022 by the African Peace Magazine. This is coming after the successful hosting by the London based magazine of the

International African Energy, Oil and Gas Summit held in Angola in October 2022. Presenting the award in Abuja, the Ambassador Republic of Equatorial Guinea to Nigeria, Fransico Edu Ngua Mangue, stated that the award was given to the recipient considering the leadership qualities and the giant strides recorded by his company, GEIL. He explained that under

Adegbulugbe’s leadership, the company delivered unprecedented result of increasing oil production from the field from 3,800bbls (barrels of oil per day) to 11000 bbls within 6 months by successfully drilling two new wells. Accompanied to the presentation by the Ambassador, Republic of Angola, Represented by Counsellor,N.P Kafikiri and the Publisher of the African Peace Magazine, Noah Ajare who stood in

for the Chairman of the publication, Justice Suleiman Galadima, Mangue said the award was intended to encourage high performing Africans to do more to uplift the economic and human capital standards of the African continent. He commended Adegbulugbe, an MIT USA trained energy expert for utilising his expertise in turning a marginal field into a high performing energy company within a short period.

Emmanuel Addeh in Abuja The Minister of State for Power, Goddy Jedy-Agba, has on behalf of the Federal Government flaggedoff a transmission project for the improvement of electricity supply at Ididep, Ibiono Local Government Area, Akwa Ibom State. The project is a construction of 2 x 30/40MVA, 123/33kv Substation with six feeders, which is projected to be completed in 18 months, starting from the date it was approved by President Muhammadu Buhari, a statement by the Director, Information/Press, Margaret Oyinboade, said. Jeddy-Agba stated that the federal ministry of power and the Transmission Company of Nigeria (TCN) had to embark on the construction of the substation project for completion to strengthen the national grid. He added that this will further improve service delivery and increase capacity to supply power to the people of Akwa Ibom, adding that upon project completion, it will increase its wheeling capacity

to 25,000MW by 2025. He further informed the gathering that the project was a campaign promise fulfilled by Buhari to the people of Akwa Ibom State. The Executive Governor of Akwa Ibom state, Mr. Emmanuel Udom , represented by the Commissioner of Power and Petroleum, Dr. James Etim, thanked the federal government for bringing the project to Akwa Ibom state and promised to support the project. Earlier, Senator Ita Enang, and the paramount chief of Ididep Ibiono, Ime Usoro, during their remarks stated thzt they were of the opinion that the project will! positively influence the life of the people and promised to work with the state government to ensure the successful completion of the project. Also speaking, the Director Transmission, TCN, Nosike Emmanuel, urged the government and people of Akwa Ibom State to provide all necessary support and assistance to make the project a reality.

NLNG RAMPS UP PLANNED 1.1M TONS PER ANNUM LNG SUPPLY TO NIGERIAN MARKET companies fulfil their promises.” The company currently has a six-train LNG processing plant in

Bonny Island, Rivers State, with total 22 million tones per annum (22mtpa) and 5mtpa of Natural Gas

Liquids (NGLs) capacity. It is also building the seventh train capable of raising its LNG production capacity

to 30mtpa. NLNG has dedicated 100 per cent of its Liquefied Petroleum Gas

(LPG) production to the Nigerian market in order to help encourage local utilisation of the cleaner

energy source, reduce importation of the product and save foreign exchange.

TOUGHER TIMES FOR NIGERIANS AS KEROSENE PRICE RISES BY 163%, PETROL BY 54% Benue with N885.71, and Adamawa with N866.67. On the other hand, the lowest price was recorded in Bayelsa with N768.75, followed by Edo with N788.00 and Akwa Ibom with N788.75. Furthermore, analysis by zone showed that the South-west had the highest price of diesel with N845.59, while the South-south recorded the lowest price with N800.49. For the very controversial petrol prices, despite the huge subsidy on the product, the NBS noted that the average retail price paid by consumers for petrol also known Premium Motor Spirit (PMS) for January 2023 was N257.12, indicating a 54.52 per cent increase relative to the value recorded in January 2022, which was N166.40. Penultimate week, the Nigerian

National Petroleum Company Limited (NNPC) announced that the country was spending over N400 billion monthly on petrol subsidy, with about N202 paid by the government on every litre of the fuel. “Our customers are here, we are transferring to each of them at N113 per litre. That means there is a difference of close to N202 for every litre of petrol we import into this country. “In computation, N202 multiplied by 66.5 million litres, multiplied by 30 will give you over N 400 billion of subsidy every month,” stated NNPC Managing Director Male Kyari. In comparing the average price value with the previous month, that is, December 2022, the NBS noted that the average retail price increased

by 24.70 per cent from N206.19. “On state profile analysis, Imo state had the highest average retail price for petrol, with N332.14, followed by Rivers with N327.14 and Akwa Ibom with N319.00. “On the other hand, Sokoto recorded the lowest average retail price for petrol with N191.43, followed by Plateau with N192.14 and Borno with N193.91, ”NBS stated. In addition, analysis by zone showed that the South-east recorded the highest average retail price in January 2023 with N307.85, while the North-central had the lowest with N217.15. Also, the average retail price of diesel paid by consumers in January 2023 was N828.82 per litre, an increase of 187.69 per cent from N288.09 per litre recorded in

the corresponding month of the previous year. On a month-on-month basis, this increased by 1.34 per cent from N817.86 per litre reported in December 2022. The highest average price of the product in January 2023 was recorded in Bauchi with N900.00, followed by Benue with N885.71, and Adamawa with N866.67. But the lowest price was recorded in Bayelsa with N768.75, followed by Edo with N788.00 and Akwa Ibom with N788.75. Furthermore, analysis by zone showed that the South-west had the highest price with N845.59, while the South-south recorded the lowest price with N800.49. The price for refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas), the NBS stated,

increased by 0.51 per cent on a month-on-month basis from N4,565.56 recorded in December 2022 to N4,588.75 in January 2023. On a year-on-year basis, this rose by 25.46 per cent from N3,657.57 in January 2022. Kwara recorded the highest average price for refilling a 5kg cylinder of cooking gas with N4,962.50, followed by Plateau with N4,945.50, and Adamawa with N4,936.67. Enugu recorded the lowest price of cooking gas, with N4,119.23, followed by Anambra and Rivers with N4,183.14 and N4,210.00 respectively. In addition, analysis by zone showed that the North-central recorded the highest average retail price, with N4,859.60, followed by the North-west with N4,616.66, while the South-east recorded the

lowest with N4,408.99. Also, the average retail price for refilling a 12.5kg tube increased by 0.28 per cent on a month-onmonth basis from N10,248.97 in December 2022 to N10,277.17 in January 2023. According to the NBS report, on a year-on-year basis, this rose by 38.63 per cent from N7,413.25 in January 2022. On state profile analysis, Benue recorded the highest average retail price for the refilling of a 12.5kg tube with N11,260.67, followed by Cross River with N10,833.33 and Ebonyi with N10,763.57. On the other hand, the lowest average price was recorded in Yobe with N9,550.00, followed by Taraba and Gombe with N9,845.00 and N9,850.00 respectively, the NBS document indicated.

T H I S D AY ˾ TUESDAY, FEBRUARY 28, 2023

BUSINESSWORLD

INTERVIEW

Ologbese: We are Making Ondo State Next Frontier for Investments The Commissioner, Regional Integration and Diaspora Relations, Ondo State, Adeboboye Ologbese in this interview unveiled plans to transform Ondo State into a business-driven economy as the State waits for the approval and licensing of its deep sea ports. Gilbert Ekugbe presents the excerpts Tell us about your ministry t is a two in one ministry. The regional integration has to do with the region aspect which coordinates the entire Southwest region. We have our headquarter in Ibadan which is the Development Agenda for Western Development of Nigeria in Ibadan. We have the Diaspora relations under the leadership of the Chairman of Nigerians in Diaspora Commission (NIDCOM) Abike Dabiri-Erewa in Abuja. We are the state vocal officer and basically under the Diaspora relations, we oversee the welfare and identify Ondo State citizens in Diaspora and when we talk about Diaspora, it is not just citizens outside the country alone, an Ondo State citizen living in Abuja is the Diaspora, an Ondo State person living in Lagos is a Diaspora. So we must coordinate these activities together and see how we can use the wealth of experience to enhance productivity in terms of development of the State. In the area of the Diaspora too, we try to make sure that we showcase the potentials of the State at any avenue, we find ourselves in any of the Diaspora relations and engagement we have been doing and that was what led us to be co-host in the fifth Diaspora summit we had in Abuja, that was what also led us to Lagos to identify with the Russian engagement in Lagos and why we are doing this is because we quickly want to change the story of Ondo State from a civil servant State to a business driven State because we have all the potentials to become better than Lagos. We are looking at the Ondo deep seaports and we are trying to tell the Diaspora that now that we have our industrial hub going up, which China is actually taking over and we are trying to tell our diasporas who have made it in their chosen carrier to come home to see that there are so many opportunities they could actually invest in the State and apart from that, that is why we took it upon ourselves to say that were not much activities in Akure for the kind of lifestyle they are leaving in Europe for them to come down to Ondo States and to attract them to come home finally and that was why we came up with the idea of we having a Diaspora city. We are working on this project and we are working with the Ministry of Land, Work and Infrastructure. We are also working with the Ministry of Tourism and Culture because it is going to be the first of its kind and it is not going to be a residents estate per se, but a city that is going to actually drive the tourism business of the State at 100 per cent because we are going to have one of the best park in the world, we are going to have a mall that is going to have a cinema. The mall is also going to have a playground for tennis and for other recreational activities. It is going to have a very standard car park where you can park your car and be guaranteed that nothing would happen to the car, but all of these are not going to be free because these are investments that will be done by the diaspora, we are actually providing a framework by providing lands and the enabling environment for these investments to thrive, but mainly going to be funded by the diaspora and once we have that, this is actually going to drive the cultural heritage of the State and that is why the Ministry of Culture and Tourism is coming on board so that once you come into the park, you can actually understand and know all the cultural heritage of the States at various locations you can exploit. So it is just more or less to say we are we building another new city out of Akure again. We are marketing this to the whole world and the Diaspora is eager to come on board. So I think this is good so back to the regional integration, I have met with the Director General of the Development Agenda for Western Nigeria (DAWN) Commission, Oluseye Oyeleye, who is a hardworking man. The Commission is a research institute for the region and we try to look at the common goals we can actually do in the region to enhance development, productivity, what kind of industries we can put in Ondo States that Ekiti State can benefit? What are the industries that can be cited in Osun that Ondo can benefit from so these are part of what we are working on in our bid to create a new hub for the Southwest. So far in terms of States being autonomous, I think it is only Lagos State that has a template to say we can say we can stand on our feet to fund the three tiers of our government without depending on Abuja, but no State in the southwest region can do that right now and technology is fast moving ahead of our crude oil. So in the next 30 to 35 years, by the time technology is able to move ahead of our crude oil, so what becomes of our future as a state, how will we be able to fund the three tiers of our government? So that is why we came up with this concept to say let us design Ondo State

in Europe and America to gather their data to seek ways to increase their Diaspora remittances in Ondo State, because when you talk about remittances, the bottlenecks involved is these Diaspora are always thinking about when they come around, they are looking at where they can put their heads and have the kind of life they have abroad and that was what led to the Diapora city, so you will agree with me that when we have our Diaspora city, by the time our sons and daughters are coming home for vacations, we would be increasing our remittance probably by time they come often for holidays they can think about what they can invest in the State. Presently, we are planning a complete database of our Diaspora in Europe, America, Asia, and even in Abuja and Lagos. So once we have all the data together, especially people who had actually fulfilled in all their endeavors and begin to say that okay, you can replicate your business in Ondo State. It might interest you to know that the Permanent Secretary of Federal Capital Territory (FCT) is from Ondo State and he has been providing a lot of leadership for our sons and daughters in Abuja. I think it is important that keying into the Diaspora remittances is very key at this point in time. It is not about the Diaspora in abroad alone, we are talking about some of our Diasporas even in Lagos, we have some of our diasporas in Port Harcourt doing extremely well and we are also discussing with them to key into the initiative at 100 per cent

Ologbese as the business hub of the entire Southwest so that why we are by building up Ondo, we are building up Osun, Ekiti and Ogun States for self-reliance and we are also trying to work with Lagos State on this project so that Lagos would also come on board, because we feel we are still one under the region map which is very key too and it might interest you to know that the Amotekun you are seeing today was formed through this ministry and it was formed in DAWN Commission, so these are the activities of the region to have a common goal and that is why when we were forming Amotekun despite the fact that Osun State is a PDP State, but it was able to key to the ideology because the principle was of a common goal. So these are part of what we are actually pushing regardless of our political lineage, we should be able to push a common goal under the region and this is what we have been doing. Anytime you are talking about driving investment, you need Diaspora engagement and when you are talking about the Diaspora engagement, the ministry is very key, because we are the umbrella body of the Diaspora. So I think it is very important that we begin to look inward and will begin to step forward to see how we can position ourselves. We must also give it to our leader a visionary leader, the Governor, Ondo State, Rotimi Akeredolu for coming around to say that enough of all this to say that we believe that with all our potentials we should be able to stand on our own and that is why he put all the resources together and did all he could for us to have the Ondo deep sea port and once you have the deep sea port, we want to open our State to the entire world which means that whatever industry you are operating in Ondo State, you can begin to push for exports. We also want to actually drive our agribusiness by 100 per cent so that our port is going to be an export driven port. We would not want to concentrate too much on importation, but rather than export business of the nation, because at the point of doing this, we believe that this is the only way we can actually balance the forex market of the nation. So the more we export, the more dollar we are able to have in our forex and once we have that we will be able to balance out the deficiency in the forex market that we are facing today. So when you look at all the potentials in Ondo State, that is why the ministry was able to design the key business potential of Ondo State that at a glance. On a seat you can actually see what investible areas you can put your money into to get your investment back. We are working with the Diaspora on this project to see how they can come on board and they have been so committed, because when you’re talking about driving investment, the Diaspora are always very keen about the security. The government is more responsible in the area of

providing security for the people. So these are what have given us another leverage and lots of confidence with the diaspora engagement, believing that we have more seniors than ever before, because nobody will not come and invest where their lives and property are not safe, so with the leadership the Ondo State Governor. So I think with all of these I see Ondo State in the next 30 years I see Ondo State economy better than Lagos economy. What are some of the beneﬁts of the Ondo Sea port when it comes on stream? We are designing our ports for export business for the nation. We are discussing with Olam in area of having a refrigerator warehousing, so this means it is going to be the first of its kind in the whole of West Africa having a refrigerator warehouse around our port, so this means that we can begin to grow fresh vegetables to export outside the shores of the country and this is money for us and many of the unemployed teeming youths looking for employment do not need to look for employment anymore, but all they need is to go to you tube to find out the fruits and vegetable selling fast in abroad to grow it locally and push for export. By the time we have this, we have a lot of packaging companies moving around the State that would package their goods for export. As per our bitumen exploration, this is part of the setback we have in our bitumen exploration because we do not have a port, but now that our port is coming on board very soon, there is going to be a lot of transformation. You can be rest assured that immediately the port is announced, it is going to be a compact zone and you will agree with me that the whole market across the globe is saturated, but where you have a virgin market is Africa, so that is why we have to position ourselves. Each State must step up and that is why Ondo State is coming up with this project and on the ease of doing business in the country, we are rated number eight which is a commendable gesture, because we are able to put a lot of mechanism in place. Under the leadership of our Governor, in 100 days, you will get your certificate of occupancy in Ondo State meaning that you buy your land and within 100 days, you get your Cof O so this shows that Ondo State is working and ready for business. Tell us about the current level of Diapora remittances into the State and how it can be channeled into economic development for Ondo State So far so good, because the ministry was just created probably like a year ago and I came onboard less than a year and this is why we are trying to gather diaspora in trying to make sure that we have a lot of Ondo State citizens, probably in the area of the medical area in the area of the nursing area who have done well

What are your thoughts about Diaspora voting? It is a welcome development and I think we are working on it and under the leadership of NIDCOM office in Abuja, we have been able to get a NIDCOM office in the State to coordinate the Southwest and this is an arm of NIDCOM, but right now, Diaspora voting cannot be possible, but we will get there. We are pushing for it, but we will surely get it but not now. I do not know how soon is going to be, but we will surely get there. I believe it is their right to come and vote in as much as you are talking about Diaspora remittances, they have been remitting and we have been benefiting from their remittances so they must have a say in the government and it is their voting rights. I am sure that by the next administration, we should be able to come out with something tangible What assurances are you giving investors in terms of Return on Investment (RoI)? No investor is a Father Christmas and every businessman is always looking for a quick return in his investment. We have a lot of success story already. We have a lot of track record of investors who are doing businesses right now. We have the Chinese making money and that is why we are able to actually design a mechanism for ease of doing business, because these are parts of what will make you actually achieve quick return on investment. This is also part of the mechanisms we put in place to say in 100 days, you will get your C of O and with your land title, you can able to secure loans to expand and strengthen your investments. How has your ministry fared over the past one year? We thank God for the successes recorded so far, but we have our shortcomings and you know for a new ministry there will be some bottlenecks, but right now the success story is that under my leadership, we were able to bring NIDCOM down to Ondo State to coordinate the Southwest and for me this is a success story. So I think this is why the Diaspora are saying that we are actually serious than ever before and they are very ready and willing to cooperate with us. Despite the economic potentials of the State, what is slowing down the pace of development of Ondo State? The slow development Ondo State is due to the past administration for not being focused enough. I think it was more of politics than business because it was a very sad story for us to allow Dangote refinery to elude us in Ondo States. I am sure if we have had Dangote refinery rin the State, it would have been a different ballgame but it is not too late for that and that is why I give it to the able leadership of the Ondo State Governor for taking the bull by the horns to say there is need for us to have a deep sea port. We are not telling the federal government to fund the port for us, but rather give us the license and approval. There are lots of partners coming onboard and once we have that, we want to skyrocket and I am sure with the blueprint that we have designed, in the next 30 years, we will be competing with the top economic cities of the world.

TUESDAY, FEBRUARY 28, 2023 ˾ T H I S D AY

BUSINESSWORLD

AGRICULTURE

Mitigating Barriers to Agric Trade, Investments The agricultural sector is being hindered by myriads of challenges that have deprived it from reaching its full potentials. Gilbert Ekugbe writes

he agricultural sector is not immune from the environmental and sociocultural challenges facing other sectors of the Nigerian economy. For instance, Foreign Direct Investment (FDI) in the Nigerian agricultural sector dropped to $59.17 million in the first six months of 2022, which is the lowest in five years. It has also been identified that insecurity has remained one of the top challenges hindering local and foreign investors from investing in the country’s agricultural sector. Data from the National Bureau of Statistics (NBS) revealed that the $59.17 million capital that was imported into the agricultural sector in the half-year of 2022, represented a decline of 74.9 per cent from $235.87 million that was recorded during the same period in 2018. The statistics body stated that in the first three months of 2022, foreign investments in the country’s agricultural sector stood at $1.76 million, a 98.7 per cent decline from $130.90 million in the same period of 2018.

INSECURITY Insecurity still remained a major stumbling block to agriculture investments. Many investors are now shying away from investing in the agriculture space as a result of the worsening security challenges in the country. The spate of insecurity is a major risk that cannot be shoved aside when making investment decisions. No investor in the world would put his or her hard earned resources into an investment he or she is not certain of a Return on Investment (RoI) The effect is that many farmers have abandoned their farms out of fear of either being kidnapped or killed. Stakeholders have continued to call on political gladiators to find lasting solutions to the hydra-headed security challenges hindering investments into Nigeria’s agricultural sector. Definitely, the resultant effect would mean increase in food prices as evident in Nigeria. Many impoverished Nigerians have continued to go to bed hungry due to the dwindling disposable income to afford food items hence, the urgent need to improve the nation’s security apparatus is not out of place in the federal government’s quest to attain food security. The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, told THISDAY in a telephone interview that the biggest component of agriculture is crop farming, pointing out that in locations where these activities are being carried out, there have been a lot of insecurity issues hindering the activities of both peasant or commercial farmers, players in backward integration space. According to him, operating in these regions has been extremely difficult because of insecurity. Yusuf said: “Insecurity is the biggest constraints to investment in agriculture. If you look at our growth, you will see that the agricultural sector is still struggling even though it is not contracting, but it posted just about 2.0 per cent to GDP growth in Q3 of 2022.” Similarly, the Food and Agriculture Organisation (FAO), has said that poor budgetary allocations to the sector from the national budget has been hindering the removal of some of the structural bottlenecks that have been stunting the growth of the sector and depriving it from leveraging on private investments. The FAO Assistant Director-General and Regional Representative for Africa, Mr. Abebe Haile-Gabriel, said at a dialogue session organised by the FAO and the Government of Ghana, in collaboration with the Alliance for a Green Revolution in Africa (AGRA) in Ghana that “engaging in commercial agriculture is a business in itself. Evidence indicates that returns on investments in agriculture could be even higher than in many other sectors.” Only recently, the African Development Bank (AfDB) stated that Africa’s push for food sovereignty and resilience would depend on investments and partnerships. The bank explained that with the removal of barriers to agricultural development and aided with new investments, Africa’s agricultural output could increase from $280 billion per year to $1 trillion by 2030. “This is the time to invest in Africa’s future.

The continent has more than 60 per cent of the world’s remaining arable land, and millions of Africans are productive in the agriculture sector,” the President of the AfDB, Dr. Akinwumi Adesina, said.

RURAL-URBAN MIGRATION The lackluster attitude of many Nigerian youths towards farming has also deterred investment inflow into the sector. Many youths are abounding agriculture and moving to the urban areas in search of white collar jobs. This has left farming in the hands of the ageing population in the country. Studies have shown that youths are not interested in farming due to Nigeria’s inability to embrace mechanised farming processes. However, the Federal Ministry of Agriculture and Rural Development (FMARD) stated that the goal of its tractorisation programme in the agricultural sector is to encourage mechanised farming, boost food and nutrition security while also creating more jobs for the teeming unemployed youths in the country in the agricultural sector. Although the tractorisation scheme is meant to attract youths into the agricultural space, whether it achieve this goal or not would depend on the effectiveness of its implementation. “We also need more technology in agriculture because virtually almost all the sectors are driven by technology, but unfortunately for us we still depend on hoes and cutlasses, but we must do a lot more in that regard. If we use more technology, it will attract many youths in the sector,” Yusuf advised. Inputs, machinery Cost, climate change The cost of farm input is also a big factor hindering the flow of investment into the sector. Equipment such as tractors, harvesters and the likes are still being imported as well as agro chemicals which has made many farmers to abandon their farms since they have little or nothing to go by. Nigeria’s heavy dependence on rain-fed agriculture has made most of the lands in the county lose their fertility due to climate change where arable lands are no longer as fertile as they used to hindering farmers’ productivity levels to meet Nigeria’s food demands. A recent study by nature, climate change has reduced global agriculture productivity by 21 per cent since 1961. At the same time, food systems represent a third of total greenhouse gas emissions and are a major contributor to biodiversity loss. The International Food Policy Research Institute (IFPRI) said that agriculture is

extremely vulnerable to climate change. It stated that higher temperatures would reduce yields of desirable crops and encourage weed and pest proliferation. “Changes in precipitation patterns increase the likelihood of short-run crop failures and long-run production declines. Although there will be gains in some crops in some regions of the world, the overall impacts of climate change on agriculture are expected to be negative, threatening global food security,” the IFPRI warned. The institute added that populations in the developing world, which are already vulnerable and food insecure, are likely to be the most seriously affected, pointing out that in 2005, nearly half of the economically active population in developing countries representing 2.5 billion people- relied on agriculture for its livelihood.

STAKEHOLDERS’ RECOMMENDATION The CPPE’s boss stated the need for Nigeria to tackle the issue of insecurity. He pointed out that large scale farming required large expanse of land, which is available in the north where insecurity is thriving. In his words: “Insecurity in these regions is extremely high. We need to address the issue of agricultural input and machinery. We need to waive import duty on them so that they do not pay duties at all. We also need to subsidise these farm equipment and other agricultural inputs like pesticides and herbicides.” He added: “We also need to support our research institutes because most of them are wasting away. They are not being properly funded and not playing the role they should. We must also invest largely in irrigation facilities and not continue to rely on rain-fed agriculture because it is not sustainable. We should be able to farm all year round. The farmers cannot make these investments, but the federal government’s responsibility so that the farmers can key into it. “There is also the need to combat the challenge of desertification, climate change, flooding because it is affecting a lot of agricultural location while also strengthening the agric value chain because agric is not just about farming. All sets of the value chain needs to be strengthened so that the entire value chain will be uplifted.” The National President of All Farmers Association of Nigeria (AFAN) said that the roles of the private and public sectors should be complimentary. The public sector should be providing the enabling

environment that would enable the private sector investments to grow sustainably. “It should be understood that the private sector investments actually are the engine room of growth whereas the public sector’s effectiveness is sustained by sustainable investments by the private sector because these generate jobs to cater for the teeming youth requiring such opportunities,” he said. He stressed that sustainable investments in agriculture are the fastest way to get people out of poverty in Nigeria and Africa as a whole. To sustain these investments, he said that economic managers must be focused on implementing laudable policies through government officials that were appointed on merit. This would enable Nigeria to attain sustainable investments in agriculture and thereby attain reasonable level of food sufficiency and the much desired food security. “To harness Nigeria’s potential in Agroindustrial investment there must be sustainable public sector incentives and consistent policies as well as focused implementation of time tested programs designed to promote sustained private sector participation,” he advised. The AFAN boss canvassed for the promotion of access to credit, science and technology, enabling laws governing trade and investment as well as good investment policies in order to harness private sector participation needed to make meaningful development in agriculture. “Patience and perseverance are keys to any successful sustainable Agro-industrial investment so Nigeria should incentivize private sector investments generally,” he said. On his part, the Former Executive Director, Lake Chad Research Institute, Maiduguri and Borno States, Dr. Oluwasina Olabanji, said that a paradigm shift toward a private sector led agro business is needed for Nigeria to attain food security. “To develop the private sector as a key enabler of sustainable agricultural revolution and industralisation, investment in agricultural extension systems by reviving the moriboud Agricultural Development Programmes (ADPs) and adequate support to National Agricultural Research System (NARS).” He called on the private sector to contribute their quota in capital investment, particularly in the face of dwindling public resources and serve as service providers by investing in agricultural inputs (seed, fertilizer, agro chemicals), mechanisation (tractor, seed planter, threshers, combine harvester), value addition (processing, utilisation and marketing). “Finally, the private sector should invest in commodity exchange. If these roles are properly implemented in Nigeria, no doubt, food and nutrition security is assured and the nation will be a net exporter of food to African countries,” he averred.

T H I S D AY ˾ TUESDAY, FEBRUARY 28, 2023

BUSINESSWORLD

Sustaining Strides on Deep Blue Project Francis Ugwoke

s the apex maritime agency, the Nigerian Maritime Administration and Safety Agenc (NIMASA) has a lot of statutory obligations. With core mandate in deepening indigenous shipping development, NIMASA indeed has its hands full. Apart from checking piracy on Nigeria’s territorial waters and in the Gulf of Guinea (GoG), NIMASA is currently championing the blue economy project, human capital development, among others. While stakeholders applaud the agency for its performance so far, they believe that there is still more to be done. And it is in respect of this that the agency appears not to be resting as far as shipping development is concerned. . Deep Blue Project To the Nigerian stakeholders and the international community, the agency has done well in the area of Deep Blue Project or the war against piracy. The rate of piracy incidents in both territorial and Gulf of Guinea has all gone down. What is however expected is that piracy should not be allowed to rise again for whatever reason. For a decade, piracy has been like an albatross on the neck of shippers in Nigeria and West Africa. This has given Nigeria and indeed other West African countries bad image. But beyond that is the cost implication to shippers as they have to pay more in shipping charges to cover the cost of security being claimed by multinational shipowners who hire security onboard vessels to secure shipment to the region. At a point, piracy in the region had overtaken the popular Somalia where years back activities of pirates were nightmare to ships. But Nigeria did not fold her hands and allow the ugly situation to continue. In the past few years, NIMASA has made every effort to address the problem , a development that has yielded good results. As part of the efforts to stop piracy and armed robbery at sea, NIMASA introduced deep blue project leading to the acquisition of a number of equipment, including two unmanned aircraft system, nine interceptor patrol boats and 10 armoured vehicles. The NIMASA DG, Dr. Bashir Jamoh, believes this will fight piracy. The agency had earlier in June last year held Gulf of Guinea Maritime Collaboration Forum (GOG-MCF/SHADE) in Abuja where international support was sought for the suppression of maritime insecurity. NIMASA’s DG had during that programme restated Nigeria’s commitment to fight piracy. He said, “Nigeria is improving on her capacity to fight maritime crime by procuring state of the art technology, upgrading human capacity for effective service delivery and deployment of the assets for round the clock patrol, interdiction and reconnaissance with the support of Nigerian Navy and other security agencies we signed MoU”. CVFF and Shipping Devt One of the latest national assignments for the apex maritime agency is the disbursement of Cabotage Vessel Financing Fund (CVFF) which total worth is about $350m. CVFF replaced the Ship Acquisition and Ship Building Fund (SASBF) suspended following the failure of beneficiaries of the fund to pay back their loans given to them to acquire vessels. There is high optimism that this will improve indigenous shipping capacity. With high volume of trade, Nigeria as a maritime nation cannot boast of her own fleet that are involved in international trade that can travel all over the world to carry goods. The liquidation of the Nigerian National Shipping Line (NNSL) in July 1995 created a huge gap. So, Nigeria has always depended on international shipping liners to transport her goods, including wet and dry cargo. The argument has been that the terms of trade in the area of wet cargo which allows only the owners to determine who carries the goods has been part of the problem. The argument is that if trade terms allow Nigerians to be involved in affreightment of crude oil, they would have been into the trade even if it means entering into partnership with foreign firms. Yet, the other argument is that if their hands are tied on crude oil transportation, what of involvement of Nigerian fleet in transportation of dry cargo or imported fuel. Many of the tankers involved in affreightment of imported petroleum products are foreign-owned. The only areas where Nigerian tankers are involved is in the movement

of such goods from one point to another within the territorial waters under the Cabotage law. Even at that, there have been complaints that Nigerians are being discriminated against in preference for foreign shipping companies who have waivers from the Ministry of Transport. Again the argument by sources close to NNPC is that most of the Nigerian vessels may not be good enough. This explains why government intervention in the disbursement of CVFF becomes imperative in indigenous shipping development. After about two decades to the suspension of SASBF, the federal government in December last year gave approval for the disbursement of the fund. Since the approval was announced by the Minister of Transportation, Alhaji Muazu Sambo, many industry operators have been looking forward to this. The former Transport Minister, Rotimi Amaechi, had promised to do this but could not as he resigned to contest the presidential election. However, Sambo on assuming office mounted pressure on President Muhammadu Buhari who finally gave his approval that was conveyed to NIMASA. Already, the process has started. NIMASA had met with five Primary lending institutions (PLIs) as part of the efforts to disburse the fund. What is not clear is whether the fund can be disbursed before the end of the present administration. Jamoh recently met with the five banks, including Union Bank, Jaiz Bank, Zenith Bank, Polaris Bank and United Bank of Africa (UBA) on the issue. The apex maritime agency during the meeting with the banks cautioned against unnecessary collaterals that will be difficult for the shipping companies to provide. Jamoh explained, ”We don’t want a situation where the banks will be asking for the father and mother of the ship owners and other collaterals that may make the prospective beneficiaries of the funds get scared” However, Jamoh made it clear that the government wants to avoid the mistake of the past in which some beneficiaries of the SASBF could not repay the loans. Many believe that when disbursed, the CVFF is capable of improving on indigenous shipping capacity as more fleets would be added to what is on ground. Indigenous shipping stakeholders pleased with these developments have commended Jamoh for display of transparency and steadfastness in the process currently being carried out to disburse the CVFF since the approval was given by the federal government. Members of the Nigerian Shipowners Association (NISA), Ship-Owners Association of Nigeria (SOAN) and maritime lawyer who spoke to SHIPPING DAY separately said they were pleased with the efforts of NIMASA so far. Similarly, a maritime lawyer, Mr Kasarachi Opara, described the steps taken by Jamoh as commendable and reassuring, adding that the decision of this administration to give out cabotage fund to indigenous shipping operators, though belated, should be applauded and Kudos given to the Buhari led federal government for taking that bold step unlike the past administrations. Opara however expressed concerns on the implementation of the necessary guidelines by the designated banks as required by the apex maritime body. He said, “ I must commend the present DG of NIMASA for his outstanding performance that has raised the hope of practitioners in the industry”. t6HXPLF JT QVCMJTIFS 4IJQQJOH %BZ 0OMJOF .BHB[JOF The story continues online on www.thisdaylive.com

TUESDAY, FEBRIARY 28, 2023 ˾ T H I S D AY

BUSINESS/MONEYGUIDE

Chike-Obi Bags CIS Fellowship, Pledges Support for Margin, Securities Lending Kayode Tokede The Chartered Institute of Stockbrokers (CIS), has invested the pioneer Chief Executive Officer of Asset Management Corporation of Nigeria (AMCON) and the Chairman of Fidelity Bank Plc., Mr Mustafa Chike Obi, as a Honourary Fellow, even as Chike-Obi pledged to work with the Institute to initiate moves to re-open discussions on margin lending in the Nigerian capital market. In his acceptance speech, Chike-Obi, who appreciated the board of fellows and the entire council members of the Institute for the great honour, said he had always regarded himself as a stockbroker. He explained that when he took the appointment at AMCON, the biggest problem was debt in the financial market and he realized that he needed

to reach a solution very early. According to him, he was ready to work with the Institute to reopen the processes that will make margin-lending work in the capital market. “With margin lending, the Nigerian capital market in addition to all the recent achievements and regulation can bounce back again. Margin lending will increase the volume of transactions in the market. It will create hedging opportunities and value propositions. Until we do that, we are going to be a stone-age capital market. This is not for just equities but debts as well. Now that I am a honourary Fellow. I shall devote time and efforts to support the market. We shall make sure that margin lending is a reality in the Nigeria in the next two years, “Chike-Obi said. Earlier in his welcome address, the CIS’ President,Mr Oluwole Adeosun, extolled the virtues

of Chike-Obi as a thoroughbred professional and commended his continuous support to the growth and development of the economy. He explained the justification for conferring honourary Fellowship to deserving people. The Governing Council of the Chartered Institute of Stockbrokers, in its wisdom a few years ago, decided to admit into our membership community, persons who have distinguished themselves as thoroughbred professionals of the calibre deserving of being a Stockbroker. As a result of this Council resolution, ten eminent Nigerians have been admitted as Honorary Fellows of the Chartered Institute of Stockbrokers, out of which seven have been invested. Today, we have gathered here to celebrate yet another trueicon of the Nigerian corporate community who is being admitted into the CIS family.

MARKET INDICATORS

Huawei joins UNESCO Global Alliance for Literacy Huawei has announced that it has joined the UNESCO Global Alliance for Literacy (GAL) as part of the company’s lead up to the Mobile World Congress 2023. The announcement was made at a Digital Talent Summit co-hosted by Huawei and the Institute for Lifelong Learning (UIL) which serves as the Secretariat of the GAL. At the Summit, Huawei and the UIL agreed to jointly promote the use of technology to raise literacy. The two parties also signed a cooperation agreement under which Huawei will fund an expansion of the UIL’s current initiatives to enhance educators’ use of

technology in developing countries. Currently, the UIL initiative operates in Bangladesh, Côte d’Ivoire, Egypt, Nigeria, and Pakistan. Huawei is the first private company to become an associate member of the GAL and the company is excited it’s own goals align with the GAL’s vision of eradicating digital illiteracy in young people. UIL Director David Atchoarena explained at the event, “Our rapidly changing world calls for concerted efforts and strong partnerships to achieve quality education and lifelong learning for all.” Atchoarena continued, “Huawei’s expertise in the

area of innovation in learning will be a great asset to the Global Alliance for Literacy. Collaborative projects such as ours will ensure that no one is left behind on this journey.” Huawei’s own Vice President of Corporate Communications Vicky Zhang also commented, “Getting the right education is often the key to success in life. As a major player in the technology sector, Huawei feels it has a responsibility to provide technology skills in all parts of the world, trying our best to include as many people as possible. We are proud to join forces with UNESCO to better deliver on this responsibility.”

Wema Bank to Celebrate International Women’s Day Wema Bank Plc has announced that it is preparing to celebrate International Women’s Day 2023. The bank in a statement said it aims to honor women and provide them with opportunities to achieve success in their personal and professional lives. “This year’s global theme, “Embrace Equity,” will be the focus of the event. The discussion will center on the

topic of equity and achieving economic growth for women in their careers and businesses. The event will feature, keynote speaker Audrey Joe-Ezigbo, as well as panelists Tosin Olaseinde, Fela Durotoye, and Adenike Oyetunde-Lawal. “The event aims to celebrate and appreciate Wema Bank customers and the Nigerian Women in General while equipping them with knowledge they

need to succeed in their careers and businesses, “said Mabel Adeteye, Head of Brand & Marketing Communications at Wema Bank. Sara by Wema, the bank’s women’s proposition, has been designed to grow with women and has proven to be the best solution, with tailored offerings ranging from health plans to business financing and advisory services.

Emages Multimedia to Honour CEOs at Inaugural Edition The management of Emages Executive of the Year Awards (EEYA) has said that EEYA as been designed to publicly recognize, celebrate and honor exceptional corporate and executive leaders who have made significant impacts in their organizations and industries. The awards, they said, would recognize their outstanding achievements and contributions of these selected CEOs, Top Executives and Senior Management which would be determined by public nominations but judged by a selected panelist. According to the awards CEO, Omotayo Elawure, CEOs bear the majority of the responsibility and risk of any firm, company or organization; despite this,

they work hard to ensure that their companies remain at the forefront of their industries and provide their clients with the highest standards of products or services. He further established that, “We are bringing accountability, transparency, profile and we are bringing something that would broaden and sharpen the Nigerian business and corporate community. It’s a paradigm shift and everyone should be prepared. And we plan that after this edition it’s going to be more tougher with dynamic professional panel of judges.” One of the judges panelist and an Ex-Junior Chamber International (JCI), World President, Paschal Dike, added that

the nominees would go through a rigorous screening process because in order to be referred to as a CEO, a person must comprehend the purpose and possess the will to carry it out by setting an exemplary example. “CEOs must have a clear understanding of the organization’s objective and the motivation to carry it out, as well as set an example for others to follow.” Dike buttressed. Omotayo concluded that winners of the awards slated for the 27th of October 2023 at the prestigious, Eko Hotel and Suites will be decided through a combination of nomination process gathered from the employees of various companies, organizations, the public, respected industry partners.

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

49,356,443.6

-- CBN Bills Held by Money Holding Sectors

50,601.36

Money Supply (M2)

49,305,842.3

-- Quasi Money

27,869,678.3

-- Narrow Money (M1)

21,436,164

---- Currency Outside Banks

2,680,236.81

---- Demand Deposits

18,755,927.2

Net Foreign Assets (NFA)

5,074,909.92

Net Domestic Assets(NDA)

27,869,678.3

-- Net Domestic Credit (NDC)

61,195,142.4

---- Credit to Government (Net)

21,001,401.5

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

40,193,740.9

--Other Assets Net

6,785,979.22

Reserve Money (Base Money

14,040,351.9

--Currency in Circulation

3,210,664.98

--Banks Reserves --Special Intervention Reserves

10,829,686.9 390,557.8

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2022

Inter-Bank Call Rate

13.00

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

14.00

Treasury Bill Rate

2.76

Savings Deposit Rate

1.42

1 Month Deposit Rate

3.64

3 Months Deposit Rate

4.96

6 Months Deposit Rate

5.87

12 Months Deposit Rate

5.76

Prime Lending rate

12.10

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 10 JANUARY, 2023

The price of OPEC basket of thirteen crudes stood at $82.78 a barrel on Thursday, compared with $81.86 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela)

TUESDAY, ͺ΀˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

WATCHING THE ELECTION... Group of foreign observers exchanging ideas at Durumi 2 Primary school, Garki Abuja, during the 2023 presidential elections in Abuja ... recently

PHOTO: ENOCK REUBEN

Afenifere: Tinubu’s Loss in Lagos Not Strife Between Igbo, Yoruba Urges Sanwo-Olu to make state-wide address Police spokesperson, Hundeyin denies ethnic-profiling allegation Emmanuel Addeh in Abuja and Sunday Ehigiator in Lagos A socio-cultural group, Afenifere, yesterday maintained that the loss of the All Progressives Congress (APC) candidate, Bola Tinubu, in the presidential poll in Lagos, should not be seen through the prisms of ethnicity. In a statement by Afenifere Leader, Lagos State, Chief Supo Shonibare, the group also urged Governor Babajide Sanwo-Olu to make a state-wide address to douse the tension that’s currently brewing. Afenifere maintained that Peter Obi’s victory in Lagos was in spite of the suppression of votes and violence clearly intended to deter perceived potential supporters of the ‘rainbow coalition' which had adopted him as their joint candidate, from being able to cast their votes. Insisting that many segments of supporters were prevented from voting, Afenifere noted that there was lack of diligence on the part of the Independent National Electoral Commission (INEC) officials, who it alleged connived with ruling party leaders in many local governments by refusing to upload the election results at polling units. According to Afenifere, INEC claimed that the same BVAS

appliance which had successfully accredited voters, suddenly became inoperable in loading the results. While thanking all Lagosians and all residents of Lagos State who trooped out en masse to exercise their fundamental right to vote, the socio-cultural association said it had however been inundated with reports of violence in some parts of Lagos, occasioned against non- indigenes. “Afenifere has observed the results of the presidential elections in Lagos. This result has confirmed the returns from our LGA Chairmen in all the 20 LGAs in Lagos, confirming that Mr. Peter Obi has emerged as the victor of the polls in Lagos. “Yorubas are an urbane, accommodating ethnic group that will always eschew violence in expressing their preferred candidate in any democratic process. “All of us in Lagos must appreciate the fact that our political decisions in exercising our franchise is not an ethnic warfare, strife or contest between Yorubas and Igbos or between Yorubas and any other ethnic group,” the group said. It pointed out that many Igbos voted for Tinubu in states in the south-east, as many Yoruba people also elected to vote for Obi in Lagos and other states in the south-west.

Afenifere enjoined the commissioner of police in Lagos state to uphold the rule of law and ensure the protection of life and property of all the residents of Lagos. It also welcomed the statement from the APC Presidential Campaign Council enjoining Lagosians not to resort to acts of violence. “We also enjoin the Governor, Mr Babajide Sanwo-Olu to make a state-wide address to the residents of Lagos State and join hands with Afenifere to assure all residents of their safety and protection of life and property,” the Yoruba group stated.

African SMMEs have on job creation and economic growth,” Fhulufhelo Badugela, MultiChoice Africa CEO said. “Through the MultiChoice Africa Accelerator Programme, our vision is to take that impact and multiply it beyond what our start-up founders ever believed possible. I have no doubt these small businesses will be able to take everything they’ve learned so far to unlock transformative business funding.” The MultiChoice Africa Accelerator programme, the brainchild of the MultiChoice Group and part of the MultiChoice Innovation Fund, in collaboration with Dubai-based business incubator Companies

All Progressive Congress (APC) presidential candidate, Ahmed Tinubu, in Lagos State In a follow-up reaction to the allegation on his Twitter handle, Hundeyin had written, “I urge us not to fall for tribal bigotry. The complaint was that Igbos were being attacked and robbed. “I investigated and found it true that Igbo traders were specifically being chased away by some hoodlums over the insistence of the traders to open a shop today despite an agreement by all the traders that shops would not open yesterday

and today. “@LagosPoliceNG would not condone that. Patrol teams from three different units were swiftly dispatched there. Our swift response prevented anyone from being attacked or robbed, as widely claimed. Normalcy was restored and officers remained on the ground. “The complaint brought up was addressed squarely, not shying away from the facts. I urge us not to see things from the lens of tribalism (as I am being wrongly accused of) but from the lens of facts and figures. We are Nigerians.”

Global Debt Declines by $4tn, First Drop Since 2015 Nigeria, other developing countries' debt hit record $98tn Toyota tops list of 10 most indebted companies Ndubuisi Francis in Abuja The amount of debt sloshing around the global economy witnessed its first annual drop in dollar terms since 2015, with a $4 trillion decline in 2022, according to a new report by the Institute of International Finance (IIF).

MultiChoice Africa Accelerator Programme to Support Small Businesses At a time when unemployment challenges and economic instability are high, small and medium-sized businesses (SMMEs) are proving to be the engines of economic growth and job creation throughout the African continent. In recognition of the critical role SMMEs play, MultiChoice launched the MultiChoice Africa Accelerator programme which trained 29 businesses across nine African countries in key entrepreneurial skills. As the second leg of the programme, a panel of experts selected 11 of the most promising small businesses and invited them to pitch to prospective international investors in Dubai. “There’s no denying the impact

Meanwhile, Lagos State Police Spokesperson, Benjamin Hundeyin has denied the ‘ethnic-whistling’ allegation levelled against him by some members of the public while reacting to news of hoodlums who attacked some business owners in Lagos Island yesterday. Hundeyin had come under heavy criticism by Nigerians in his reactions to news about thugs attacking traders at the Mandilas Market, Lagos Island, shortly after the presidential candidate of the Labour Party (LP), Peter Obi was announced to have defeated the

Creating Change (C3), technical partner EOH, and Galelo Africa, has been designed as a platform to help grow start-up businesses from across Africa. The programme specifically targets start-ups and small businesses in the technology sectors of health tech, agritech, fintech, edutech, the circular economy, and creative industries. “The quality of the submissions this year was high. It confirms our view that Africa has enormous potential. The specific focus on tech industries allows us to showcase the innovation of Africa to the world, but also enables these businesses to develop tech solutions to real societal problems,” Badugela added.

IIF is the global association of the financial industry, with about 400 members from more than 60 countries. The IFF attributed the drop which brought the global debt profile fractionally back under the $300 trillion threshold partly to the post-pandemic rebound in growth as well as inflation. However, the dip was driven entirely by wealthier countries, whose total debt declined by roughly $6 trillion to $200 trillion. In contrast, the amount of developing world debt, including Nigeria's, hit a new record high of $98 trillion, with Russia, Singapore, India, Mexico and Vietnam seeing the largest rises. Nigeria's public debt burden, including the N22.7 trillion Ways and Means Advances from the Central Bank of Nigeria (CBN) has continued to balloon, and is projected to hit N77 trillion or $171.8 billion (at the exchange rate of N448/$ when the tenure of the current administration terminates on May 29. The IIF report noted: "The external public debt burden of many developing countries worsened due to sharp losses in local currencies against the dollar." The report noted that the ratio of global debt-to-GDP dropped by

over 12 percentage points to 338 per cent of GDP, marking the second annual drop in a row. But the improvement, it added, was again driven by developed markets, which saw an overall 20 percentage points fall to 390 per cent, stressing that the emerging market debt ratio rose by 2 percentage points to 250 per cent of GDP. However, reports quoted investment bank, JPMorgan as saying that the modest falls in developed-market debt in 2022 pale into insignificance given the huge rise since the global financial crash 15 years ago. It estimated that developed market public-sector debt as a share of GDP has surged to 122 per cent, from 73 per cent just before the crash. "The step-change in debt in just 15 years raises questions of sustainability," JPMorgan analysts say. Meanwhile, Japan carmaker is leading the pack of ten most indebted companies in the world with a debt in the region of $200 billion. According to data by the Institute of International Finance (IIF) and S&P Global, the debt of non-financial corporations has increased from 75 per cent of total global gross domestic product

(GDP) in 2007 to 98 per cent last year (which along with the debt of governments, households and financial corporations brings the total aggregate worldwide debt to a record $300 trillion, a 349 per cent leverage on the gross domestic product). In 2022, the Japanese company sold 10.5 million vehicles, retaining the title of the world's top-selling automaker but also conquering that of the most indebted company of all. By comparison, at over $200 billion, its long-term obligations are bigger than the external debt of a small country like New Zealand. To stay on top, Toyota had to make massive investments in research and development and spend big on global operations and marketing. Some industry experts say toyota has been slow in transitioning away from traditional internal combustion and hybrid vehicles to all-electric vehicles (EVs). Other leading debtor companies in the world are China’s Evergrande Group,China’s biggest—and the most indebted property developers; German carmaker, Volkswagen AG; Verizon Communications; Ford Motor Company; Deutsche Bank; AT&T; Soft Bank; Deutsche Telekom AG, and Électricité de France.

TUESDAY, ͺ΀˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

STRENGTHENING PARTNERSHIP... L- R: Vice President/Chairman British Business Committee, Nigerian-British Chamber of Commerce (NBCC), Steve Smith; Head Marketing & Communications (Nigeria) Virgin Atlantic, Promise Ukandu, and Chairman Programmes Committee NBCC, Tajudeen Ahmed, during a courtesy visit of Executive Committee of NBCC to Virgin Atlantic in Lagos...recently

Halt Release of Presidential Results Now, PDP Tells INEC Says results did not pass through i-rev Threatens to release from polling units

Chuks Okocha in Abuja The Peoples Democratic Party (PDP) yesterday called on the Independent National Electoral Commission (INEC) to immediately halt further release of results of the presidential election, saying it did not follow the due processes as contained in the Electoral Act. The party also threatened to release the results from the polling units as collated from its agents and situation room.

Addressing a world press conference with the full compliments of the PDP Presidential Campaign Council, the National Publicity Secretary, Debo Ologunagba said: "It is very clear from the votes as cast at the polling units across the country, that the presidential candidate of the PDP, Atiku Abubakar substantially defeated the presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, in line with the expressed aspiration and will of Nigerians.

"However, it is alarming that INEC is aiding and abetting the rigging and manipulation of the election results in favour of the APC by flagrant and provocative violation of the express provisions of the Electoral Act, 2022 by refusing and neglecting to transmit directly the results of the elections from the polling units to the INEC server/ website as required by law.", the PDP spokesman stated He added:, ""For clarity, Section 64 (4) (b) of the Electoral Act, 2022

specifically provide thus: “A collation officer or returning officer at an election shall collate and announce the result of an election subject to his or her verification and confirmation that the "(b) “votes stated on the collated result are correct and consistent with the votes or results recorded and transmitted directly from polling units under Section (60) (4) of this Act”. , he explained." According to Ologunagba, "Consequent upon the above

World Bank, Air Force, Shofac to Establish $5bn Aviation City in Osun Kingsley Nwezeh The Chief of the Air Staff, Air Marshal Oladayo Amao, said yesterday that the World Bank, the Nigerian Air Force and the Messrs Shorefac Limited have concluded plans to establish an aviation city in Oshogbo, Osun State. Presenting a paper at the National Defence College(NDC) in Abuja, Amao disclosed that the project was part of initiatives to effectively harness competencies and enhance capacity building in research and development of the Nigerian Air Force. Speaking on the lecture themed: "Air Power and National Security: Counter-terrorism and Counterinsurgency Operations in Perspective", the air force chief said the Nigerian Air Force, in partnership with the World Bank and Messrs Shorefac Limited, has finalised discussions to establish an aviation city in Oshogbo worth about $5.5 billion. He said on completion the project would include aircraft manufacturing plant, a maintenance repair organisation and unmanned aerial vehicle production centre amongst others. He said some local and foreign organisations had also shown willingness to partner with the Nigerian Air Force to undertake some construction works and establish plants at the aviation city. "In the area of technological development, the Nigerian Air Force aims to improve aerospace technology to meet both defence and commercial needs and achieve

reasonable self-reliance in essential capabilities to leverage air power. "It is my belief that the Air Force Institute of Technology (AFIT), Kaduna and the Air Force Research and Development Centre, Oshogbo are the most strategic steps in placing the Nigerian Air Force on course to address the technological challenges of the future", he said. "As part of initiatives to effectively harness competencies and enhance capacity building in research and

development, the Nigerian Air Force, in partnership with the World Bank and Messrs Shorefac Limited, has finalised discussions to establish an aviation city in Oshogbo worth about $5.5 billion. "On completion, the project would include aircraft manufacturing plant, a maintenance repair organisation and unmanned aerial vehicle production centre amongst others", he said. Amao asserted that the planned aviation city was attracting the interest

of foreign and local organisations. "It is encouraging to mention that some local and foreign organisations have shown willingness to partner with the Nigerian Air Force to undertake some construction works and establish plants at the aviation city. "These would, in the nearest future, enhance internal technological development and reduce dependence on aircraft spares as well as other foreign defence products and services", he said.

Section 60 (4) of the Electoral Act 2022, any result announced by INEC is ultra vires, illegal, and of no consequence unless they are results already transmitted directly from the polling units. So procedurally, INEC cannot continue to announce results that are yet to be transmitted as expressly stated in the relevant Sections of the Electoral Act. "The integrity of this election has been compromised and vitiated by the admission of INEC officials that there was a technical glitch in the midst of the election which affected the effective functioning of the BVAS machines. "Furthermore, the Integrity of the Chairman of INEC, Prof. Mahmood Yakubu is at stake having regard to his multiple representation and assurances to Nigerians and the International community that the Electoral Act 2022, is a game changer that will guarantee a free, fair and transparent electoral process especially as it relates to the direct transmission of election results from polling units at all elections. 'It is therefore curious that the INEC chairman will insist on proceeding with the announcement of election results which are not transmitted directly from the polling units to the INEC server/website as required by the Electoral Act.",, he stated. Accordingly, Ologunagba said:

"Information at our disposal indicates that INEC deliberately refused to commence the process of announcement of results more than 48 hours after the close of election and collation of results from the various polling units, which result by law was expected to be transmitted directly into INEC server/website as provided for under Section 68 of the Electoral Act 2022. "This deliberate delay and criminal connivance by INEC provided the opportunity for the reported compromise, alteration, falsification and switching of election results in favour of the APC in Kano, Katsina, Jigawa, Ondo, Ekiti, Kebbi, Ogun and other states where our candidate was in clear lead. "The PDP therefore, rejects the manipulated election results as announced by INEC. "Our Party cautions that INEC is pushing Nigerians to the wall by announcing manipulated results. "We are aware that INEC embarked on extensive and illegal cancellation of election results in many states of the country. For instance, in Sokoto State over 200 polling units results where the PDP is in clear lead have also been canceled thereby disenfranchising over 200,000 registered voters. Continues online

OBASANJO, ABDULSALAMI FAULT MANUAL TRANSMISSION OF ELECTION RESULTS WHEN LAW STIPULATES ELECTRONIC REPORTING to all the presidential candidates and chairmen of parties to take full responsibility for statements made by their spokespersons and agents. It said, "We appeal to all our citizens to remain calm while INEC continues with its process to its conclusion. "Finally, let us all stand together trusting in the will of God, Allahu Subhanahu Wata'ala for our country. “We appeal to INEC to take all the time it requires to ensure that it delivers results that inspire the confidence of our people and meet time tested international standards."

Obasanjo’s Mischief, Hypocrisy on Display Again, Says Tinubu

Tinubu, in response to Obasanjo, stated that his attention was drawn to a press statement by the former president in which he was virtu-

ally calling “for a truncation of the ongoing electoral process and a cancellation of already conducted elections on the basis of frivolous, unfounded and baseless allegations by politicians who are sore losers and have no respect for democratic values.” The APC presidential candidate said in the statement, “It is tragic that a former president who ought to be a statesman in comportment and speech will recklessly seek to endanger and derail our democratic process for utterly selfish, egoistic and malicious reasons. “He offers not a single credible piece of evidence to prove his laughable and ridiculous allegations against INEC and the credibility of the ongoing process. “Of course, we are all aware that Obasanjo is not an impartial and disinterested party as far as this election is concerned. On January 1,

2023, he had issued a characteristically lengthy epistle to Nigerians endorsing the candidacy of Mr. Peter Obi and asking Nigerian youths to vote en masse for him.” Tinubu also stated, “Of course, our reaction was that the former president was entitled to his view and that the outcome of the elections would demonstrate if he had any electoral value. “As fate would have it, Peter Obi was defeated even in Obasanjo’s own polling unit in Abeokuta in Ogun State. But it is now obvious that the only election Obasanjo will agree to being free, fair and credible is one that produces Obi as winner, which is ridiculous. “Is Obasanjo also querying the outcome of the presidential elections in Lagos or Delta, where Obi won? If the outcome in Lagos won by Obi is free and credible, on what basis is he querying the outcome

of the elections in other places? This is pure mischief and sheer hypocrisy. Obasanjo wants President Muhammadu Buhari to intervene in an undemocratic manner to truncate the ongoing political process just the way he did most shamelessness in the 2003 and 2007 elections widely described as the worst in our political history. “Luckily, President Buhari is made of finer and more principled democratic stuff. He will not allow Obasanjo to lure him into tainting his democratic credentials in this regard. We recall that in his last trip to the United States, President Joe Biden praised Buhari‘s commitment to democratic values and principles. “Obasanjo has no such record to be applauded. The world has not forgotten his fraudulent and undemocratic attempt at a third term agenda in violation of the letter and spirit of the Nigerian constitution.

“This is an election in which Tinubu, for instance, has lost in Lagos State in his South-west region while Atiku and Obi have also won elections outside their own regional bases. “No true democrat must seek an abortion of the process just because he believes the elections are not going his way. What Obasanjo is subtly calling for in his nefarious statement is a coup against democracy and the constitution. He should be roundly condemned and severely ignored. “The constitution has stipulated processes for seeking redress against electoral malpractices in the past and these have been tested several times and used to redress electoral injustice where such has been proven. “Nigerians must reject Obasanjo’s dubious and hypocritical advice and stay strictly and firmly on the path of constitutionalism and democratic due process.”

TUESDAY, ͺ΀˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

ABIODUN FETES WITH ELECTED NATIONAL ASSEMBLY MEMBERS... L-R: Ogun State Governor, Dapo Abiodun; Senator-elect for Ogun Central, Salisu Afolabi Shuaib and the All Progressives Congress chairman, Ogun State, Yemi Sanusi, when the governor feted elected National Assembly members from the state at the Governor’s country home, Iperu-Remo... yesterday

THE WORLD MOVES AGAINST NIGERIA’S TAINTED POLL the result of Ekiti State presidential election presented on Sunday was characterised by over voting. Melaye and other party agents, however, demanded the cancellation of the Ekiti result and also asked INEC to show transmitted results state-by-state on the screen for all to see. He emphasised that if the electoral body had transmitted the election results in line with the Electoral Act, political parties would have accessed the results on the commission's portal. But the INEC boss, Yakubu, explained that if the total number of votes cast and the number of accredited voters were compared, the only complaint would have been that of under voting. His words: "Towards the end of the spreadsheet, we provided three columns. The first column is total valid votes and that is 308,171; Total rejected votes, 6,301; Total votes cast, 314,472, which is actually lower than 315,000 058. Let me recap. Total number of accredited voters 315, 058. Total votes cast – both valid and invalid, 314,472. There is no over voting. “I repeat myself once again for clarity. If there is any figure different from what I have presented, and what came from the manual forms completed by the state collation officer for the presidential election, please discountenance that figure. It did not emanate from the commission. "I saw some postings on social media to the effect that the election result was published on the 20th of February, five days ahead of the election. They took the results presented yesterday (Sunday) and took the total number of registered voters for Ekiti and concluded that the results were prepared several days before the election. "All Nigerians will bear witness that it is this hall we presented the hard copies of the total number of registered voters in Nigeria on state by state basis and then the number of PVC collected. And that information as we speak is on the Commission's website. "So if anybody is trying to be clever by half by taking figures from somewhere and saying all these results were published, or released ahead of the election, that one can only pass for fake news. And I'm sure that we are responsible citizens not to fall for fake news. “So, my first response is that for the election results presented

for equities, there was no overvoting. Over-voting means the total number of votes cast is higher than the number of accredited voters. The number of accredited voters is in this particular case higher than the total number of votes cast," he explained. On whether what transpired at the polling units and what was uploaded or ought to have been uploaded to the IReV portal corresponded, the INEC chairman expressed satisfaction that the figures on this spreadsheet emanated from the process that transpired at the polling units. Yakubu said the polling units were the only places where citizens voted, saying whatever was being done thereafter, was just a collation of results. He added: "We have provided the votes scored by each political party. However, if any political party believes that the figures they have from the hard copies of the results, given by their polling agents at the level of collation, that if figures are inconsistent with what has been provided on the spreadsheet that we projected yesterday, that political party should forward the information to the commission, so that we can speak on the basis of facts." The chairman said while the electoral body was empowered by law to review results, he said the power was contingent upon one procedure – the process has to be concluded first before it would be reviewed. "And to assure political parties that any evidence that you have of any alleged wrongdoing, at any level of the process, whether it is at the polling unit or collation level, please forward this information and I promise you as soon as the process is concluded, we will then do the review, as provided by law. On this note. I beg you, for us to proceed with the process," he submitted. Dissatisfied with Yakubu's explanation, Melaye and three others staged a walkout, and addressed journalists afterwards, saying they were not at the collation centre to rubber stamp the fraud that had been perpetrated, because there was no result on the server. His words: "We party agents, having observed that the national chairman of INEC is determined to rig the election by making sure that results are not uploaded by vehemently making a presentation that makes us look as if we are all

here to rubber stamp the fraud. We are saying that we are not here to rubber stamp the electoral fraud that has been prepared by INEC and APC. "He is now saying we should wait for the process to be completed, that there will be a review knowing full well that after the announcement, there can't be any review. So, we are completely dissociating ourselves and that's why we staged a walkout to express the unfortunate politicisation and commercialisation of our electoral process. "We are saying INEC is compromised. APC has influenced INEC and we can see results are being changed. We have records of where elections did not take place and results are being prepared. We have records of where the BVAS were not used and results have been pronounced. What is difficult in the chairman to display the uploaded results so that we can compare it with that which is made by the state returning officers. "They cannot upload results. They cannot show us the uploaded results because they know that what they are going to upload will be at variance with what will be presented to Nigerians. The electoral process has been rigged and we are disassociating ourselves from it. "Our resolution is that the entire process be canceled. We are saying that the system has been compromised. INEC is compromised, we are saying the entire process be canceled." On his part, the National Secretary of Labour Party, Umar Farooq Ibrahim, said the party has reliable evidence that BVAS machines were not used and in places where they were used, they were compromised. He said, "We have aired our observations to the National Chairman of INEC and he has refused to listen to us. When we make observations, he wants us to accept the results that came from the collation center at various state. "We do not agree with that. And we have empirical evidence that we have our agents, who have observed and they have informed us reliably that the BVAS machines have not been used, where they are used and where they are used they were compromised. "And the results of the BVAS machine have not been uploaded to the server and we have observed

on Saturday around the hour of 2pm. The portal has gone down… and he wants to us to accept what they are presenting here. And so on. The issue is the system truthfully being used.” Relatedly, the Labour Party has said President Muhammadu Bubari and Yakubu, have failed in their promise to conduct a free and credible elections. The party has therefore called on INEC to halt the announcement of election results and stick to the rules of engagement for the sake of national peace and unity. Speaking at a press conference by the Director General of its Presidential Campaigns Council, Akin Osuntokun, in Transcorp Hilton, Abuja, the party warned that it should not be held responsible when Nigerians take to the street to protest against the outcome of the elections. "The President promised Nigerians free and fair elections with the passage of the new Electoral Act and indeed has repeated this promise multiple times. "The INEC Chairman also came before Nigerians and the Global community to promise free and fair elections and severally reiterated its readiness to conduct the elections. "What has become glaring is that none of these promises have been kept. All the promises made about deploying a fail-safe system anchored on BVAS were broken,” Osuntokun said. Consequently, the party has called "on INEC to suspend further announcement of the results, and follow its own guidelines or completely cancel the entire election and make plans for another election with strict compliance with the stipulated laws and guidelines.” On his part, Ubah of APP said what they had been trying to do was for INEC to redeem itself, insisting also that the process was not transparent. But, about 13 political parties had dissociated themselves from the walkout staged by the PDP and three other parties. The political parties insisted they were not part of the charade and as such were not pulling out of the collation process. Some of the parties were Peoples Redemption Party (PRP), Young Peoples Party (YPP), APC, New Nigerian Peoples Party (NNPP), Social Democratic Party (SDP), Action Alliance (AA), Accord party,

National Rescue Movement (NRM) and Boot Party. The APC agent, Babatunde Ogala said the party had confidence in the process, and “we are not part of walkout or boycott as some have done.”

Peter Obi Floors Tinubu in Lagos, Wins Big

In the most shocking outing, the presidential candidate of the Labour Party, Mr. Peter Obi, defeated the strong man of Lagos politics, Bola Ahmed Tinubu in his Lagos State. Obi won in nine local governments to defeat Tinubu and win the state. The Labour Party candidate scored 582,454 votes to defeat Tinubu. It was a major upset as Lagos had hitherto remained under the control of Tinubu since 1999. Giving the total votes cast, the collation officer, Prof Adenike Oladiji, the Vice Chancellor of the Federal University of Technology, Akure, said the LP candidate got 582,454 while APC got 572,606. The total valid votes were 1,271,451 while the rejected votes were 64,278. Total votes cast was 1,335,729.

George: INEC's Claim on Slow Results Transmission Shameful

A former Deputy Chairman of the Peoples Democratic Party (PDP), Chief Olabode George, has berated INEC and its chairman, Prof. Mahmood Yakubu over claims that the transmission of votes to its server was slow, saying it would be disgraceful to go back to the dark age. The PDP chieftain noted that, "It is the most despicable shameful act, after the certification of the veracity of the BVAS." He explained that such a claim by INEC was a way of taking the country back to the period of misery, when elections results were manipulated between the polling units and the collation centers. While commending President Muhammadu Buhari for his boldness to getting things right by initiating and signing the electoral bill into law, George stated the director of ICT in INEC should be sacked. He therefore called on the international community and observers on ground, monitoring this election, to rise and condemn

the alleged self-destructive move.

IG Warns Parties, Candidates, Others against Inciting Violence

The Inspector-General of Police, Usman Baba, yesterday, read the riot act to political parties, presidential candidates of the parties and their supporters to desist from inciting violence as INEC continued with the collation of election results. A statement by the Police Spokesman and Chief Superintendent of Police (CSP), Olumuyiwa Adejobi, said the warning was in furtherance of "the close monitoring of the ongoing 2023 electoral exercise and consequent upon a series of intelligence reports, and high expectations from all angles. "The Nigeria Police Force has deemed it necessary to charge presidential candidates of all political parties, most especially APC, PDP, LP and NNPP, to caution their party stalwarts and supporters to avoid making inciting comments capable of unnecessarily heating up the polity and creating undue excitement amongst the electorate and the general populace in the country. "The NPF, having assessed the trend of scaled-up expectations and psychological projections on the ongoing electoral process viz-aviz collation of results, charges all presidential candidates, as leading and respected figures in their respective political parties, to seize the opportunity of this waiting period to emphasise the rule of law, respect for the constitution, and constituted authority amongst their supporters, as we all owe a duty to ensure that the nation does not fall into anarchy on the basis of interests and sentiments," it said. The police high command further warned against mounting undue pressure on the electoral process and INEC, the body constitutionally mandated with the conduct of elections and announcement of results. While commending the general populace and electorate for their patience thus far and largely lawful conduct around the country, "the police, therefore, encourage presidential candidates to admonish their supporters to uphold the tenets of the peace accord recently signed for the smooth conduct of the 2023 general elections.”

TUESDAY, ͺ΀˜ ͺ͸ͺͻ ˾ T H I S D AY

…NIGERIA DECIDES 2023…

ON ELECTION DUTY... INEC Chairman, Prof. Mahmood Yakubu and some international election observers at the election results collation centre in Abuja…recently

PHOTO: JULIUS ATOI

Ortom Beaten By APC's Zam in Benue North George Okoh in Makurdi Benue State Governor, Samuel Ortom, has lost his senate bid to Titus Zam of the All Progressives Congress (APC). Declaring the result, the Returning Officer Prof. Rufus Shaa-tor said Zam scored a total of 143,151 to defeat Ortom of PDP and Mark Gbillah of Labour Party, who scored 106,882 and 51950 respectively. In Benue South Senatorial District,

incumbent senator Abba Moro retained his seat having scored a total of 76,459 to defeat his rival, Daniel Onjeh of APC who polled 59,938 votes. As at the time of filling this report, the result for Benue North East District involving former Benue State governor, Senator Gabriel Suswam and ex House of Representative member for Ukum/Logo/KatsinaAla, Emmanuel Udende was yet to be declared.

Wase Wins Reelection, Elumelu Loses to LP Candidate in Delta Udora Orizu in Abuja The Deputy Speaker of the House of Representatives, Hon Ahmed Wase, has been declared winner of Wase federal constituency election held on Saturday. Wase was declared winner by the coalition officer for Wase Federal Constituency, Prof. Sati Umaru Fwatshak Wase contested on the platform of the All Progressives Congress (APC), and polled a total of 31,499 votes

to defeat his closest rival, Ibrahim Bawa Kanji of the Peoples Democratic Party (PDP) who scored 25, 513 votes Also, the House Minority Leader, Hon. Ndudi Elumelu, has lost his fifth term reelection bid.He was defeated by the Labour Party (LP) candidate, Ngozi Okolie, in Aniocha/Oshimili Federal Constituency of Delta State. Elumelu polled a total of 33,456 votes, while the LP candidate polled a total of 53,879 votes to emerge winner as announced by the Returning Officer, Kenneth Ibe, a professor.

Meanwhile, the ruling Peoples Democratic Party (PDP) has lost almost all House of Representatives seats. The party only managed to win Apa/Agatu Federal

The Peoples Democratic Party (PDP) has asked the Independent National Electoral Commission (INEC) to take a cursory look at the election results being announced for Southern Borno area of Borno State. A press statement signed by a

Sani Musa Wins Niger East Senate Seat Laleye Dipo in Minna

The senator representing Niger East senatorial District, Sani Musa, has been reelected for a second term. Returning officer, Professor Mohammed Tsado, said Musa polled the highest number of votes, 159,650 to defeat his closest challenger Ibrahim Ishyaku SAN of the Peoples Democratic Party PDP, who scored 125,292 votes. Ishyaku contested for the same seat against Sani Musa in 2019. Professor Tsado said the Labour Party candidate polled 35,941 while the NNPP candidate recorded 7012 votes.

spokesman of the PDP campaign, Dr. Daniel Bwala, said the party took exception to the practice whereby results not announced at the collation centres were presented at the national collation centre. “In specific reference to Borno State, we reject in totality all areas where elections were conducted without the use of BVAS in compliance with the provisions of the new electoral act. We have concrete evevidencet our disposal to confirm

Candidates of the All Progressives Congress (APC) have been declared winners of the three senatorial seats in Lagos State, recording landslide victories across the National Assembly slots. Former deputy governor, Dr. Idiat Adebule, won the Lagos West senatorial election, polling 361,296 votes to defeat her main challenger of the Peoples Democratic Party (PDP), Segun Adewale, who scored 248,653 votes. The Independent National Electoral Commission (INEC) Lagos West Senatorial District Collation Officer, Prof Solomon Akinboye, expressed satisfaction in the conduct of the election INEC also returned Senator Tokunbo Abiru as winner of Lagos East senatorial election. INEC Returning Officer for the election, Prof. Simeon Adebayo Oladipo, who declared the results in Somolu, said Abiru polled 178,646 votes to

these facts. “Consequently, elections results produced from such areas will not be accepted by our parties and therefore call for outright cancellations of votes produced from such areas like Sothern Borno Senetorial District: “The entire results of Bayo and Shani local government areas where there was gross violation and complete non usage of BVAS for accreditation before voting cannot be acceptable.”

LP Candidate, Imasuen, Wins Edo South Senate Seat

Adibe Emenyonu in Benin City

The Independent National Electoral Commission (INEC), has declared the Edo State Labour Party (LP), Neda Imasuen, as winner of the South senatorial seat. Imasuen, a lawyer was announced winner of the contest, after defeating the two major political parties; the All Progressives Congress (APC) and the Peoples Democratic Party (PDP). Announcing the results in the

Constituency, daughter of former Senate President, David Mark, Blessing Onuh of APC also retained her seat, after polling 29,031 to defeat her closest rival,Alex Ogbe of PDP,

who scored 21,741. While in Oju/Obi Federal Constituency, David Ogewu (APC) scored 26450 to defeat the incumbent, Samson Okwu, (PDP) who got 12506.

APC Wins 24 Reps in Lagos, Clears Three Senate Seats

Borno PDP to INEC: Cancel Polls Where BVAS Machines Not Used Chuks Okocha in Abuja

Constituency,where a former Commissioner for Sports, Ojema Ojotu defeated an incumbent Godday of Labour Party. For Otukpo/Ohimin Federal

early hours of Monday, the Returning Officer, Professor Julius Obasuyi said Imasuen polled 167,250 votes while his closest rival, Mathhew Iduoriyekemwen of the PDP garnered 61,749; and Valentine Asuen of the APC scored 57,933. According to Obasuyi, AA scored 369 votes, ADC, 1909, ADP, 1022, NNPP, 2279, NRM scored 581, SDP got 400 while the ZLP scored 2670. More stories online

defeat the candidate of the Peoples Democratic Party (PDP), Akodada Nicholas Adekunle, who garnered 80,249 votes. Abiru is the incumbent senator representing the senatorial district. Lagos Deputy Speaker, Hon.

Wasiu Eshinlokun, beat PDP’s Gomez Adewale Francis to clinch the Lagos Central Senatorial District. Eshinlokun garnered 131,828 votes, while Francis polled 69,320 votes and OIadeji Blessing Tunde of the Young Progressives Party scored 14, 941 votes

to become second runner-up. APC has also cleared the House of Representatives seats in Lagos, with Speaker Femi Gbajabiamila being elected for the sixth time. APC won 20 of the 24 Reps seats in the just concluded federal elections.

Lawan, Kalu, Others Make 10th Senate Sunday Aborisade in Abuja President of the Senate, Ahmad Lawan has won his re-election to the 10th Senate for the fifth term on the platform of the All Progressives Congress (APC). Lawan won the Saturday Senatorial election by a landslide victory having polled 91,318 votes, representing 74.7 per cent of the total valid votes (122,193), to defeat his closest rival, Bello Ilu of PDP, who polled 22,849 votes Chief Whip of the Senate and Candidate of the APC, Senator Orji Uzor Kalu, has been declared winner of the Abia-North Senatorial elections by the INEC. The former governor of Abia State polled a total of 30,805 votes to defeat his major opponents, Mao Ohuabunwa of the PDP, who polled 15, 175 votes while Nnamdi Iroh of the Labour Party got 25,540 votes. Similarly, the Senator representing Bayelsa West in the National Assembly, Senator Henry Seriake Dickson, has

been re-elected. Dickson was declared winner of the Bayelsa West Senetorial District election by the Returning Officer, Prof Akpan Emnanuel. The former two-term Governor of Bayelsa State polled 27,000 votes to defeat his closest rival, and candidate of the All Progressive Congress, Wilson Ayakpo Dauyegha, who scored 8,375 votes.

Senator Mohammed Sani Musa of the APC has also been declared winner of the Niger East Senatorial District. He scored a total of 229,415 votes to beat his opponent Isiaku Sani of the Peoples Democratic Party who scored 116,143. Similarly, the candidate of the Social Democratic Party for Nasarawa North Senatorial district, Godiya Akwashiki has won his re-election bid.

PDP Wins Mashi/Dutsi Federal Constituency in Katsina Francis Sardauna in Katsina The Independent National Electoral Commission (INEC), has announced the candidate of the opposition Peoples Democratic Party (PDP) Hon. Salisu Yusuf Majigiri, winner of the Mashi/ Dutsi Federal constituency election in Katsina State. Returning officer, Dr. Aderemi

Adesoji, stated this while announcing the result in Mashi, the headquarters of Mashi Local Government Area of the state. He said Majigiri scored 27,387 votes, while his opponent, Mansir Ali of the ruling All Progressives Congress (APC) scored 20,596 votes and Tasi'u Duguru of the New Nigeria People's Party (NNPP) got 1,021 votes respectively.

Governor Umahi Wins Senate Seat, Egwu Loses Benjamin Nworie in Abakaliki Ebonyi State Governor, Dave Umahi, has been declared winner of Ebonyi South senatorial position. Declaring the result in Afikpo, headquarters of the zone, Prof. Augustine Ogugua Egwu of Alex Ekwueme Federal University, Ndufu

Alike Ikwo, announced that Umahi polled 28, 378 votes to defeat his closest rival, Linus Okorie of the Labour Party, who scored 25, 496 votes. The incumbent Senator, Michael Nnachi of the Peoples Democratic Party, scored 11, 398 votes. But a former governor of the state and two-term senator of Ebonyi North

zone, Senator Sam Egwu of the PDP, lost his election to the APC candidate, Barrister Onyekachi Nwebonyi,who scored 65, 863 votes. Egwu came a distance third position with 26, 569 votes while the candidate of the Labour Party, Ejiofor Vincent Chukwu came second with 42, 283 votes.

Akpabio Wins Akwa Ibom North West Senatorial Election Okon Bassey in Uyo Former Minister of Niger Delta Affairs, Senator Godswill Akpabio, has won the Akwa Ibom North West Senatorial election. Akpabio, who contested the

senatorial election on the platform of the All ProgressivesCongress (APC) defeated his closest rival, the candidate of the Peoples Democratic Party (PDP), Emmanuel Enoidem. Declaring Akpabio winner of the contest, Professor Anthony Udoh, said

the former Senate Minority Leader satisfied all conditions to be declared the winner, after polling 115,401 valid votes. The candidate of the peoples' Democratic Party (PDP) Mr Emmanuel Enoidem, who came a distant second, polled 69,838 votes.

TUESDAY FEBRUARY 28, 2023 ˾ T H I S D AY

NEWS

FITLIFE WINNERS...

L-R: First Place, Abuja Fittest (Male category), Godwin Etang; First Place , Strongest, ( Female category), Jennifer Amuzie; Group Chief Financial Oﬃcer(CFO), Norrenberger, Nkiru Chime; Manager, Bodyline Fitness& Gym, Abuja, Hosea Bako; Business Head , Asset Management, Norrenberger, Abigail Utomi; First Place, Half Marathon, Shehu Muazu Adamu, and First Place, Abuja Strongest (Male category), Itodo Inuwa, during a “Meet & Greet” with the 2022 Norrenberger Abuja Fitlife Winner, by Norrenberger in Abuja…recently

INEC Worker Shot Dead, Several Others Injured in Delta Omon-Julius Onabu inAsaba

A staff member of the Independent National Electoral Commission (INEC) has been shot dead by security personnel who reportedly shot into the bus that was conveying some workers of the commission after electoral duties in Ukwuani Local Government Area of Delta State. The commission’s Delta state

Resident Electoral Commissioner (REC), Mr. Monday Udoh Tom, who disclosed this to newsmen at the state collation centre in Asaba yesterday, said that several other occupants of the vehicle also sustained injuries during the incident. The Delta REC, however, said that the five other persons wounded were receiving medical attention in the area but would be

Guber Election: Enugu Electorate ‘ll Vote Competence, Capacity An Enugu based civil society organisation, the Enugu Good Governance Group (E-3G), yesterday said the results of the last Saturday’s presidential and National Assembly elections in Enugu State would not substantially influence the outcome of March 11 2023 governorship election in the state. The National Coordinator of E-3G, Comrade Odinaka Okechukwu, competence, capacity, and track record will count more in the forthcoming election. The group congratulated the presidential candidate of the Labour Party, Mr. Peter Obi, on

an impressive presidential election outing and victory in Lagos State and the people of the state, political actors, and the security agencies on the peaceful conduct of the election. The group said: “We congratulate Mr. Peter Obi and all the Obidients on a superlative outing in the last Saturday’s presidential election. This is a welcome development for the nation’s democracy. Irrespective of the final outcome, winning Lagos is a clear indication of Nigerians uniting for a great course beyond ethnic, political, and religious boundaries.

moved to another hospital later. The shooting was said to have occurred when the driver of the bus allegedly failed to stop when flagged down at a checkpoint in the area.

following series of meetings on the issue in accordance with the law, adding that a new competent collation officer had been appointed to carry on with the job. Bello-Mahmud assured that the newly appointed officer would continue from where the missing officer stopped and possibly make announcement today. The News Agency of Nigeria (NAN) reported that tension was high at INEC office in Birnin Kebbi in view of the strong contest between the two political giants in the state.

Masari Sacks Commissioner, Perm Sec, Pilgrims Board Chairman Francis Sardauna in Katsina

The Governor of Katsina State, Hon. Aminu Bello Masari, has approved the immediate termination of the appointment of the State’s Commissioner for Works, Housing and Transport, Hon. Tasi’u Dandagoro. Masari also terminated the appointments of the Permanent Secretary, Ministry of Agriculture and Natural Resources, Mr. Aminu Waziri; the Chairman,

Katsina State Pilgrims Welfare Board, Mr. Yusuf Barmo and the Permanent Secretary, Sustainable Development Goals, Ms. Fatima Ahmed. The governor, in a statement issued to journalists yesterday by the Secretary to the State Government (SSG), Mr. Muntari Lawal, said that he sacked the duo as part of his administration’s move to strategically realign and adjust his cabinet.

ascertained . The shooting incident was coming on the heels of the abduction of INEC officials, including nursing mothers during the just concluded Presidential and

National Assembly elections. Udoh had lamented the frequent kidnap of INEC officials, including nursing mothers during the just concluded Presidential and National Assembly elections.

ASUU: We’re Monitoring INEC’s Declaration of Presidential Election Results

Onyebuchi Ezigbo in Abuja

As Nigerians await the final outcome of last Saturday’s presidential/national assembly elections, the leadership of the Academic Staff Union of Universities (ASUU) said it paying keen attention to the ongoing collation of results from

different parts of the country. The union said that it allowed the Independent National Electoral Commission (INEC) to conclude the process before making its position on the conduction of the poll known to Nigerians. When asked by THISDAY about his impression on the

conduct of the presidential election and early reactions by Nigerians, ASUU president, Prof. Emmanuel Osodeke said it will be premature to assess the election and performance of the commission now since the process is ongoing. He said: “ I will only make comment when I have a

documented evidence on the outcome of the election. I can’t say anything about the result that is not yet ready. Right now, the process of result collation is ongoing. We are watching and following the release of the results and will state our position when the process is concluded”.

Kwara Gov Leads Victorious APC Team to Ilorin Emir Hammed Shittu in Ilorin

Kwara State Governor, Alhaji AbdulRaman AbdulRazaq yesterday led a team of his ruling All Progressives Congress (APC) to the Emir of Ilorin Dr. Ibrahim Sulu-Gambari following the landslide victory the party

recorded in the presidential and National Assembly elections in the state. On the Governor’s delegation were the Turaki of Ilorin and Senator-elect for Kwara Central Mallam Saliu Mustapha; House of Representatives members-elect Ahmad Yinka

Aluko and Mukhtar Shagaya; cabinet members and other party chieftains. The delegation also commiserated with the Emir on the death of his cousin, Alhaja Maryam Alarape Belgore, a princess of Ilorin Emirate. A statement issued in Ilorin

signed by the governor’s Chief Press Secretary, Mr. Rafiu Ajakaye, noted that the visit was for dual purposes of appreciating the respected monarch for his fatherly support for the party and condoling with him on the passing of Alhaja Alarape Belgore.

2023: Presidential, National Elections Held under Siege, Says Osun APC Yinka Kolawole in Osogbo

Osun State chapter of the Drama as INEC Declares Collation The All Progressives Congress (APC) condemned in strong Officer ‘Persona non grata’ yesterday terms the tensed atmosphere The Independent National Electoral Commission (INEC) in Kebbi State, yesterday declared collation officer for Marafa ward in Birnin Kebbi Local Government Area of Kebbi State, Mr Yusuf Isa-Yahaya as ‘persona non-grata’. The INEC Resident Electoral Commissioner in the state, Alhaji Ahmed Bello-Mahmud said in Birnin Kebbi that the commission would, however, not be deterred by this development. He said the commission had no option than to declare him missing

However, the state police spokesman, Mr Bright Edafe, said that investigation into the incident was ongoing but added that the identity of the trigger-happy security operative was not yet

under which the presidential and National Assembly elections were conducted in the state last

Saturday. The APC in the state decried the pocket of lawlessness, violence and extra-judicial killings that trailed the electoral process in the state as manifested in the severe heinous attacks on the members of the opposition party the state before, during and after the polls, where

15 persons were allegedly killed and several others injured in the process. This is even as APC in the state rejected the results of the election in some parts of the state, arguing that they were not the true reflections of the people’s wish.

The party commended the electorate in the state for their unflinching support, resilience, forthrightness and strong resistance “in the face of intimidation and physical life-threatening events from the ‘daredevils’ of the ruling party before, during and after the elections in the state.”

ADC, APC Bicker Over Cancellation of Results of Kabba/Bunu/Ijumu Fed.Constituency Seat in Kogi Ibrahim OyewaleinLokoja

The acting Chairman of African Democratic Congress (ADC), Kogi State, Comrade Adaji John has called on the Chairman of Independent National Electoral Commission(INEC) Professor Yakubu Mahamud to order the candidate of the party as the winner of the Kabba/Bunu/Ijumu federal

constituency seat. Comrade John made this call while addressing journalists in Lokoja yesterday said the returning officer after collation of results escaped into thin air. However in reaction ,the candidate of the All Progressive Congress (APC) Kolawole Matthew, has refuted the claim by the ADC that INEC issued duly signed result

sheet for Kabba/Bunu//Ijumu Constituency. Kolawole explained that on the contrary, what the ADC were circulating was fake result sheet. “Results were cancelled in two other polling units due to over voting which were not collated by INEC in line with the electoral act, and everybody agreed to it. But the results cancelled in Otu Polling

unit and Egbeda- Egga polling units was due to violence at the poll. “We have video evidences of when the electoral umpire declares the result inconclusive. I wonder why the same body who early declared election inconclusive will later issued a signed result as been circulated by ADC. That shows that the ADC are circulating fake result.”

2023 Polls: Marwa Commends NDLEA Officers for Good Conduct, Blocking Access to Drugs MichaelOlugbodeinAbuja

Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency, (NDLEA), Brig. Gen. Buba Marwa (rtd) has commended officers, men and women of the anti-narcotics body for their good conduct, visibility and blocking access to illicit substances during the Presidential and National Assembly election at the weekend.

The agency as a member of the Inter-Consultative Committee on Election Security,( ICCES), had deployed almost 10,000 personnel across the country during election last Saturday with a Situation Room at its National Headquarters inAbuja for a round the clock monitoring of the polls through field reports from officers and men spread nationwide. In his reaction to the preliminary reports collated across all the Area,

State and Zonal Commands of the agency, Marwa said he was satisfied with the professional conduct of NDLEApersonnel deployed across the country, their working synergy with other security agencies and most importantly, ensuring that the electoral process was free from the influence of illicit substances. He said: “I have no doubt in my mind that your recent offensive action operations leading to massive

seizures of illicit drugs and the arrests of their criminal merchants across the country significantly contributed to the absence of free flow of psychoactive substances on our streets and communities during this critical time, especially with the recent destruction of over 400 tons of skunk warehoused in deep forests in a state for distribution across the country shortly before the election.

TUESDAY FEBRUARY 28, 2023 ˾ T H I S D AY

NEWSXTRA

NEW MEDICAL DOCTORS INDUCTED...

L-R: Senior Vice President/ Deputy Vice Chancellor, Management Services, Babcock University, Prof. Yacob Haliso; Senior Vice President/ Deputy Vice Chancellor, Academics, Babcock University; Prof Philemon Amanze; Registrar, Medical & Dental Council of Nigeria, Dr. Tajudeen Sanusi; President/ Vice Chancellor, Babcock University, Prof. Ademola Tayo and Medical Elder of the Day/ Global Health Leader, Dr. Folake Olayinka, during the seventh induction ceremony for newly qualified medical doctors from Benjamin S. Carson (Snr.) College of Health and Medical Sciences, Babcock University, Ogun State....recently

Uphold Popular Will of Nigerians, Southern, Middle Belt Leaders Tell INEC Sunday Aborisade in Abuja

The Southern and Middle Belt Leaders’ Forum (SMBLF) has expressed concern over the non-transmission of the results of Saturday’s presidential and National Assembly elections to the Independent National Electoral Commission (INEC) Portal, after the collation of the results at the various polling units across the country. SMBLF expressed this concern in a statement signed by its leaders, Messrs Edwin Clark, (Pan Niger Delta Forum), Chief Ayo Adebanjo (Afenifere), Dr. Pogu Bitrus (Middle Belt Forum) and Okey Emuchay (Ohanaeze Ndigbo Worldwide) and made

available to our correspondent in Abuja yesterday. They lamented that President Muhammadu Buhari’s promise to Nigerians and the international community of holding free, fair and credible elections might have been undermined by the actions and inactions of the INEC. Part of the statement read: “Suffice to say that INEC failed to adhere to critical provisions of the amended Electoral Act, with several reports of Bimodal Voter Accreditation System (BVAS) challenges, the delay in upholding the results and excuses of server hutches. “There were also cases of outright voter intimidation in parts of the country, particularly,

in Lagos, where people were allegedly prevented from voting, and the Independent National Electoral Commission (INEC) has been silent on the occurrences. “Most worrisome are the suggestions that the delay in uploading results to the INEC Portal was deliberate; to provide

certain persons opportunities to alter the election results, with Lagos state and Delta state repeatedly cited. “These situations are unacceptable and should not be allowed. We warn INEC not to tamper with the results; the will of Nigerians as expressed

through the votes cast yesterday, across the country, must be upheld. Let the choice of the people stand, in the interest of peace and stability. “There were high hopes that INEC would do a good job, unfortunately, it appears that the electoral body was not

prepared to conduct credible elections. “SMBLF cautions the INEC Chairman, Professor Mahmood Yakubu not to pour scorn on his hard earned reputation, due to pressure from desperate politicians. Nigeria is greater than any individual or group.”

PDP, LP, Others Call for Cancellation of Ekiti Presidential Election Results Adedayo Akinwale in Abuja The Peoples Democratic Party (PDP), Labour Party (LP) and Action Alliance (AA) have called for the cancellation of the presidential election of Ekiti state, citing alleged over voting. The State Collation Officer for Ekiti State, Prof. Akeem Lasisi, on Sunday declared Bola Tinubu of the All Progressives Congress

(APC) as the winner of the election in Ekiti. He said Tinubu scored a total of 201,494 votes; Atiku Abubakar of the Peoples Democratic Party (PDP) scored 89,554 votes, while Labour Party’s candidate, Peter Obi garnered 11,397 votes and Rabiu Kwankwaso of the New Nigerian Peoples Party (NNPP) polled 264 votes. But at the resumption of

collation of the presidential results yesterday in Abuja, the agent of the PDP, Senator Dino Melaye argued that the Independent National Electoral Commission (INEC) should cancel the election because there was over voting. His words: “I worked on the result as presented and I discovered that we have 987,647 registered voters in Ekiti and 301,558 accredited.

The result that was presented yesterday, APC had 201,494. If you subtract that from 301,558, what you have left is 100,064. Out of this 100,064, PDP scored 89,554. If you subtract that from the balance of 100,064, what is left is 10,510 and now it was also recorded that the Labour Party had 12,397 when the total left is 10,510. Meaning an over figure of 887.

An official of the Jos North LGA that was a witness to the fracas, who identified himself as Mr Shittu said: “Trouble started when the party agents were asked to sign the result sheets for the Bassa/ Jos North Federal Constituency as announced by the Returning Officer, Dr Nehemiah Sanda who declared the PDP candidate, Musah Agah as winner with 59,337 votes. “But the agent of the Peoples Redemption Party (PRP) candidate,

who came second with 58,460 votes rejected the results and insisted that no result sheets would be signed at the collation centre. “As the INEC officials were trying to prevail on the party agent to allow them do their job, the thugs believed to be loyalists of the PRP invaded the collation centre and chased the INEC officials away, thus preventing them from declaring the winners. He said that it took a spirited

effort of a senior police officer, DC Afebuamhe, who quickly seized the election results and took them away. Returning Officer for the Presidential election for the Collation Centre, Dr Lazurus Maigoro also confirmed the disruption of the election exercise by the thugs, saying, “yes, it is true that thugs invaded our collation centre while we were doing our job.it is now up to the INEC to know what to do next.”

Appeal Court Judge Slums, Dies in Ondo Thugs Invade INEC Collation Centre, Disrupts Result Announcement in Plateau Fidelis David in Akure

A Judge of the Court of Appeal in Akure, the Ondo State capital, Justice Lokulo-Sodipe, has died at the age of 67. The Judge was said to have slummed in his office while dressing up to attend a court session and all attempts to revive him proved abortive as he reportedly gave up the ghost on the way to the hospital.

The immediate-past Chairman of the Akure branch of the Nigeria Bar Association (NBA), Mr. Rotimi Olorunfemi, confirmed the incident on a WhatsApp platform. He simply said: “Just confirmed it (the judge’s death), it is true. He collapsed in the office at Court of Appeal in Akure this (Monday) morning. He was rushed to the hospital but confirmed DOA (Death on Arrival).”

SerikiAdinoyi inJos Suspected thugs yesterday evening invaded the Jos North Local Government Area of Plateau state, venue of the collation centre for Presidential and National Assembly elections in Plateau North Senatorial district of the state. THISDAY gathered that the thugs chased away the INEC officials before they could conclude their assignment.

NGOs Launch SDGs Shun Violence, Remain Peaceful, Jandor Tells Lagos Residents Manifesto Index Ugo Aliogo

A group, Nigeria Network of NGOs (NNNGO), has posited that the Sustainable Development Goals (SDGs) have served as the framework for governments all over the world to deliver prosperity to people globally in the last seven years. A statement issued by the NNNGO said in 2021, the world experienced first-hand the effects of the pandemic (COVID-19) on human development. It further explained that the SDGs are a road map for humanity as they include almost every aspect of human and environmental needs, adding that if properly implemented, they would bring development to the doorsteps of the common man. The statement also noted that as with every election cycle, there is tremendous hope for reaching the yearnings of the citizens through

campaign promises, agenda and manifestos advanced by candidates seeking to be elected. The statement revealed for the first time that the Nigeria Network of NGOs is launching a report that links the manifestos of the three major candidates in the 2023 presidential elections to the SDGs. The statement also noted that the report called the SDGs Manifesto Index objectively assessed the relevance of the SDGs to the manifestos presented by the presidential candidates of the All Progressives Congress (APC), Labour Party (LP), and Peoples Democratic Party (PDP). According to the statement, “This publication marks a significant milestone in the journey of tracking SDGs implementation by the new administration that will be ushered in by the 2023 general election using each prospective candidate’s manifesto as an entry point.”

The Lagos Peoeples Democratic Party (PDP) governorship candidate, Dr Abdul-Azeez Adediran (Jandor), yesterday said there should be no reason for violence in any part of the state following the outcome of Saturday’s presidential and National Assembly elections. Adediran made the call in a statement by issued by the Jandor4Governor Campaign Organisation in Lagos.

The News Agency of Nigeria (NAN) reported that the collated results on Monday in the state favoured the Labour Party(LP) as against the ruling All Progressives Congress(APC). There were cases of violence in some parts of the state reportedly instigated by those who were not comfortable with the outcome of the polls. The candidate, who condemned alleged attacks on

some non-indigenes in the state, said that the results should be accepted in good faith. “I call on the good people of the state to continue to keep the peace and remain resolute on their readiness to change the government in the state through their voting in the March 11 guber election,” he said. Decrying what he described as inhuman treatment meted on the electorate by political thugs

in some local government areas of the states, Adediran called on Gov. Babajide Sanwo-Olu to condemn such attacks and beef up security around the areas the attacks were happening. The candidate recalled that his team also on Sunday paid a visit and extended support to one Mrs. Bina Jennifer Efidi, one of the victims of the political attacks on Saturday in Surulere area of the state.

Election Violence: Two Die as Thugs Set NNPP Campaign Office Ablaze in Kano

Ibrahim Shuaibu in Kano

Kano State Police Command yesterday said that at about 4:00 on Sunday, reports were received that, while the collation of results was ongoing at Tudun Wada LGA INEC Office, a group of thugs in large numbers mobilised and attacked the Campaign Office of NNPP House of Representatives Candidate. Police Spokesman in Kano,

Abdullahi Haruna Kiyawa yesterday said this in a statement made available to THISDAY. According to him, the thugs torched the building, setting it ablaze with two unknown persons in a stationary motor vehicle inside the building burnt to death. “The hoodlums again mobilised and attempted to block the road leading to the INEC Office” Kiyawa added.

He explained that security personnel were immediately mobilised to the scene. It was gathered that, while investigation is in progress, one of the thugs was fatally injured and was rushed to hospital where he died while receiving treatment. Four other suspected thugs were, where however, arrested. Meanwhile, the former member House of Representatives from Gwarzo-

Kabo constituency, and candidate of the NNPP, Nasiru Sule Garo, has rejected the election result recently announced by INEC. He announced this reaction Sunday night at an emergency press conference in Kano following the declaration of his opponent from the ruling All Progressives Congress (APC) as winner by INEC after a polling unit in his constituency was canceled due to over-voting.

TUESDAY FEBRUARY28, 2023 ˾ T H I S D AY

NEWSXTRA

Resident Doctors, Consultants Begin Strike over Assault on Member in Kwara

Hammed Shittu in Ilorin

Resident doctors and consultants in Kwara State General Hospital, Ilorin, under the aegis of the Nigeria Association of Government Medical and Dental Practitioners (NAGMDP) yesterday began a 48-hour strike over alleged assault on one of their members by a Mobile Policeman.

While, addressing journalists in Ilorin, the state capital, the Chairman of the state Nigeria Medical Association (NMA), Dr. Abdulkadir Ahmed, after a congress of the medical doctors, said the strike was meant to call the attention of the community to frequent assault on medical personnel, “and the strike would commence by 8 a.m. on Monday and end on Wednesday

by 8 a.m.” It was gathered that the mobile police officer had brought his wife for treatment in the general hospital and later came back to assault the doctor for examining his wife without his consent. It was also gathered that the man was already in custody of the state Police Command in Ilorin, after his arrest by a detachment of NSCDC in the general hospital. The NMA chairman explained that

the doctors’ action was not targeted at either the state government or management of the hospital, saying it aimed to send a loud signal to the community and make the community take action to warn their wards. “Our gathering here today is so painful to all of us. Just less than two months ago, one of our doctors was attacked at the UITH. “The matter is still in court after spending lots of resources and time to resolve the matter, it just happened

again. “On Sunday at by 5 p.m., one of our members was attacked while doing his lawful duty at the obstetrics and gynecology unit of the general hospital in Ilorin. “It was said that a man brought his wife at about 12:00 noon with a complaint that his wife was ill. Following necessary questioning and examination, treatment was administered and was discharged to go home.

“But the husband to come back later in the day to attack the doctor, claiming that the doctor did not get his consent before carrying out examination on his wife,” he said. The NMA chairman, who argued that the wife is an adult that could determine to agree to be examined without getting any consent, added that a female chaperon was inside the room with the doctor where the woman was examined.

The Kano State Command of Nigeria Security and Civil Defence Corps (NSCDC) has arrested 19 suspects who allegedly looted a rice truck on Sunday in Kano. The Command Public Relations Officer, DSC Ibrahim IdrisAbdullahi, said in a statement

yesterday that the suspects attacked the truck along Kano-Zaria Road. He said that the truck with registration number UGG 532 XA was loaded with hundreds of 50kg bags of rice from Alhamsad Rice Mill, located in Sharada, Kano. Idris-Abdullahi added that the

truck was heading to Zaria in Kaduna State when the hoodlums attacked it and looted the bags of rice. “On receiving the report, operatives of the NSCDC swiftly mobilised personnel to the scene, arrested the suspects and 29 bags

of rice were recovered from them. “The driver of the truck and his assistants were rescued unhurt,” Idris-Abdullahi said. The command spokesman said that the suspects would be taken to court after conclusion of investigation.

Labour Party Calls for Removal of Imo REC over Compromise NSCDC Arrests 19 Suspects for Looting Rice Truck in Kano

Amby Uneze in Owerri

The Imo State chapter of the Labour Party (LP) has called for the removal of the Resident Electoral Commissioner (REC) of the Independent National Electoral Commission (INEC) in the State, Prof Sylvia Agu for allegedly compromising to deliberately disenfranchise voters in the state in the February 25 presidential and National Assembly elections. In addition, the party also called for the immediate removal all the Electoral Officers and SPOs in the state. In a press conference in Owerri, Monday, Chairman of the party in the state, Dr. Ambrose Onyekwere, submitted that Labour Party has rejected in advance all results for the House of Assembly elections scheduled for March 11, 2023, if conducted by the current REC in the state.

Dr. Onyekwere said the election was marred by late arrival of voting materials at the polling units, non conduct of election at many polling units, especially in the Imo East senatorial zone, deliberate subversion of electoral process by INEC officials, manipulation of BVAS, and intimidation and harassment of electorate. The chairman stated that elections did not hold in seven out of the 11 electoral wards in Okigwe Local Government Area of Imo North Senatorial Zone, but regretted that the said INEC went ahead to declare the senatorial and House of Representatives candidates of the ruling All Progressives Congress, as winners of the elections that could not hold. Onyekwere maintained that Labour Party, from the outcome of the elections, won landslide from presidential to House of Representatives.

Lagos PPRO Under Fire for Alleged Ethnic Profiling Sunday Ehigiator The Lagos State Police Public Relations Officer (PPRO), Benjamin Hundenyi, has been heavily criticised by Nigerians over alleged ethnic whistling in his comments on the news about thugs attacking traders at the Mandilas Market on Lagos Island shortly after the presidential candidate of the Labour Party (LP), Peter Obi, was announced to have defeated the candidate of the All Progressives

Congress (APC), Ahmed Tinubu, in Lagos State A few hours after the LP candidate was announced the winner in Lagos, it was reported that thugs went on a rampage on the streets of Lagos attacking shop owners. According to a tweet from an eyewitness identified as Victor Israel, “APC thugs are on a rampage on the streets of Lagos because Peter Obi won Tinubu. “In Mandilas Market in Abibu

Oki Street off Broad Street on Lagos island, they are chasing the Igbos, robbing them and destroying property. Please share to save someone.” While reacting to this tweet through his Twitter handle, @ BenHundenyin, the PPRO described the information as fake news. According to him, “This is fake news. The market association agreed that shops would remain closed yesterday and today. Igbo

traders this morning decided to renege on the agreement and open shops. Some hoodlums took it upon themselves to enforce compliance. The police were alerted. “The police arrived there promptly, and the hoodlums fled upon sighting the police patrol vans. Not one shop was vandalised. Not one person was robbed. Not one person was injured. Normalcy was swiftly returned and officers remained on ground. Go and verify, shun fake news.”

TUESDAY, ͺ΀˜ ͺ͸ͺͻ ˾ T H I S D AY

TUESDAYSPORTS

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

0811 181 3083 SMS ONLY

Messi Beats Mbappe, Benzema to Best FIFA Award

Argentina’s Scaloni, Martinez Best Coach, Best Goalkeeper respectively Argentina and Paris St-Germain forward Lionel Messi has been named Men's Player of the Year at the 2022 Best FIFA Awards. The seven-time Ballon d'Or winner beat French forwards Kylian Mbappe and Karim Benzema to the award. Messi, 35, helped Argentina win the 2022 World Cup in Qatar, scoring 27 goals in 49 games for club and country in 2021/22. Barcelona's Alexia Putellas was named Women's Player of the Year. At the ceremony in Paris, Lionel Scaloni, who led Argentina to their third World Cup title, was named men's Coach of the Year. Scaloni beat Pep Guardiola - who led Manchester City to a sixth Premier League title - and Real Madrid's Champions Leaguewinning boss Carlo Ancelotti to

the honour. England manager Sarina Wiegman was named women's coach of the year after guiding the Lionesses to European Championship glory on home soil last year, the team's first major trophy. Aston Villa and Argentina's Emiliano Martinez was recognised as the leading Men's Goalkeeper. The 30-year-old helped his country win the World Cup, saving four penalties along the way including in the shootout victory against France in the final. Amputee footballer Marcin Oleksy of Polish side Warta Poznan won the FIFA Puskas award for the best goal in world football for his stunning strike against Stal Rzeszow, when he sent a powerful overhead volley into the back of the net with the help of his crutches.

Uganda Coach, Mayanja, Focuses on Q’final Clash with Flying Eagles

Lionel Messi posing with the Best FIFA Men's Player of the Year trophy...last night

PHOTO: FIFA.com

Nigeria’s opponents in the quarterfinal of the on-going U-20 AFCON tournament in Egypt, Uganda, are aiming to upstage the Flying Eagles when both sides meet on Friday in Ismailia. The Young Cranes, secured first place in Group B and are already looking forward to their ‘Break or Bend’ clash with Nigeria. The Hippos finished level on five points with Congo before the drawing of lot in Cairo confirmed their place at the summit. Jackson Mayanja’s team played South Sudan who qualified in third at the Suez Canal Stadium in Ismailia on Sunday night. The CECAFA representatives cancelled each other with South Sudan having the better of the chances. “This tournament is a bit tricky but this is the game but we had to get a result because I also rested my

key players because I trust every player,” Mayanja said. “Since that we have qualified, now we’re planning for the next one so that we can qualify to the next stage.” While Jackson Mayanja was fulfilling his post-match media duties the drawing of lot was taking place in Cairo but the former El Masry man wasn’t too concerned about the draw. “There’s nothing much I can say about the drawing of lot. I’m not a coach who has pressure,” he said. “This is what I was looking at whether I am first or second but I have qualified that is the most important. “My goal here in this tournament is to take this team to the World Cup. “That’s why I give a chance to every player of mine to express himself, to express talent.”

Another Bonus of N127m Awaits Osimhen if He Scores More Nine Goals Bullet Energy B’ball:

Duro Ikhazuagbe

Super Eagles striker, Victor Osimhen stands to reap an additional bonus of €260,000 (about N127million @ official exchange rate of N487 to €1) if he achieves the 30-goal mark for Napoli at the end of the 2022/2023 football season in Italy. Osimhen, 24, has already clocked 19 goals in 20 Italian Serie A games while also contributing two goals to Napoli in their UEFA Champions League campaign. The 2015 FIFA Under-17 World Cup winner in Chile, is on a weekly €93,000 pay at the Parthenopeans he joined from Lille of France two years ago. He’s on contract till June 30, 2025 with Napoli. According to Italian top media outlet, La Gazzetta dello Sport, the Nigerian international who has already picked up a €130,000 bonus pay cheque (about N64million) after reaching the 20-goal mark when he scored in Napoli’s 2-0 defeat of Eintracht Frankfurt in the UEFA Champions League Round of 16 penultimate week, is believed to be capable of the milestone

It revealed further that Osimhen has an additional bonus clause of €260,000 if he’s able to achieve the 30-goal record in the 2022/23 season. “He (Osimhen) has already achieved his first contractual bonus, which included a €130,000 bonus upon reaching 20 goals. But at this rate, Victor risks making blows because the same figure starts at the 25th and also at the 30th goals,” La Gazzetta hello Sport hinted in a report published at the weekend. “Objectives that become decid-

edly within the reach of a great striker who has achieved these 21 goals in just 25 games. There are at least 15 challenges ahead and probably they can become 17, dreaming of being able to reach 20, which would mean going to play the Champions League final in Istanbul,” the medium further stressed on the in-form leading marksman in Italy. With Osimhen’s red-hot form for Napoli this season, it remains doubtful if any of the top clubs in England will not lure the Nigerian away to the English

Premier League with irresistible offer in summer transfer window. Already, Manchester United appear to be the front runner in the race to bring Osimhen to the English league considered the ultimate for any footballer. Old Trafford big wigs are believed ready to shell out as much as 120 million pounds for Osimhen. Although the Nigerian has not ruled out leaving Napoli, he however insists that his priority for now is helping the Parthenopeans win their first trophy in 30 years.

Djokovic Breaks Steffi Graf's Record Novak Djokovic has surpassed Steffi Graf's record for the most weeks as world Number One after entering a 378th week at the top of the men's rankings. Serbia's 22-time major winner has held the record for the most weeks as men's world number one since March 2021. "I'm flattered, proud and happy," said Djokovic, 35, who added that Graf was "one of the greatest, most legendary tennis

players that ever played". Germany's Graf won 22 Grand Slam singles titles between 1987 and 1999. Graf first rose to the top of the women's rankings in 1987 and initially remained there for 186 consecutive weeks - a women's record that was later tied by Serena Williams in 2016. Djokovic, who returned to world number one for the first time in six months by winning

the Australian Open in January, first topped the rankings in July 2011. He has managed a best run of 122 consecutive weeks at the top, between July 2014 and November 2016. For that record, he trails Roger Federer (237 weeks), Jimmy Connors (160) and Ivan Lendl (157). In 2021 he ended the year as world number one for a record seventh time

First Bank, Air Warriors Lead Teams to Asaba

The teams listed for the March 2023 Bullet Energy Drink Basketball invitational tournament have been announced in Lagos by the organisers. The teams are the reigning champions First Bank, MFM, Tap Queens, War Queens, Peace Academy and Impression Basketball. The other teams are Divine Speed, Discover, Delta Force, Black Gold and Air Warriors. The Chief Executive Officer of the Bullet Energy Drink worldwide, Harmeet Ahuja, has enjoined the teams in the competition to arrive in Asaba with all optimism as the competition would be one of fun for the ladies. His message was delivered in Nigeria by the CEO of the Sam Oguche Foundation who are the organisers of the competition. “The last time we played in Lagos, it was a combined competition for the men and women but it is something very different in Asaba and so promises to be special. “Bullet Energy Drink has been

very committed to the game of basketball and the CEO (Ahuja) has made it very clear that it is not going to be different this time and wishes the clubs well as they compete in Asaba,” Sam Oguche, a former national guard who heads the Foundation told the media in Lagos. The tournament will take the tip off as soon as the country rounds off with the gubernatorial election in the various states of the federation. The schedule has been tweaked a little and will now hold from March 14 to 19 for comfort and team safety reasons. Last month the organisers and sponsors announced N2million as the cash prize for the winners. The runners-up will take home N1million in the week-long tournament while the third-placed team gets N500,000. Apart from the trophy and cash prizes, the teams are always paid subsidies and other bonuses. First Bank club won the last competition held in Lagos last November.

TUESDAY, ͺ΀˜ ͺ͸ͺͻ ˾ T H I S D AY

SPORTS

Lewandowski Set to Miss El Clasico Barcelona top scorer Robert Lewandowski looks set to miss Thursday night’s Copa del Rey semi-final first leg against Real Madrid through injury. The 34-year-old has scored 25 times for Barça since joining from Bayern Munich in the summer, helping the Catalans climb to the summit of La Liga – his 15 league goals also puts him top of the standings for the coveted Pichichi Trophy. Having scored a penalty against Manchester United in the Europa League last week – his first from the spot this season – Lewandowski drew a blank in a bitterly disappointing lost Almeria on Sunday. The 2021 Ballon d’Or runnerup completed 90 minutes in that game, but Barcelona have since confirmed that he has suffered a hamstring injury.

“First team player Robert Lewandowski has a left hamstring strain. He is out and his recovery will determine his availability,” a short club statement on Monday read. There is no clarification of when he might return, but the early expectation is that Lewandowski won’t play in Thursday’s Clasico at the Bernabeu. On the rare occasions when Lewandowski has missed games this season – including a three-game suspension served in January – Ferran Torres or Ansu Fati have typically filled in. After the first leg of the Copa del Rey semi-final against Real, the Bluagrana have games against Valencia (home) and Athletic Club (away) prior to another Clasico in La Liga on 19 March. The return leg of the Copa semi will be played at Camp Nou in early April.

Chukwueze Scores 10th Goal of the Season for Villarreal Samuel Chukwueze scored a goal and provided an assist as Villarreal defeated Getafe 2-1 to move up four places to seventh on the Spanish La Liga standing. Chukwueze’s goal was his third in the Liga and his 10th overall this season in all competitions. Earlier, he scored four in the Copa Del Rey (Spanish Cup), two in Europa Conference League plus one in Europa Champions League

qualifiers. Shockingly, it was the visitors that first rattled Villarreal when Enes Unal fired Getafe into the lead in the ninth minute. But the Nigerian international canceled out that goal barely a minute going into the half time break. He then provided the assist in the 52nd minute to Morales to take the game beyond Getafe for full points for Villarreal.

Argentina Renew Scaloni’s Contract till 2026 Argentina coach Lionel Scaloni has extended his contract until 2026, the country's FA said yesterday after he led the team to their World Cup triumph in Qatar last year. Scaloni, who took Argentina to the Copa America title in 2021, renewed his contract after meeting with AFA President Claudio Tapia in Paris last night. "Claudio Tapia and Lionel Scaloni met to close the extension

of the contract as coach of the Senior Selection until 2026," the AFA said in a statement. Tapia was in Paris last night to see two of his players and coach Scaloni scoop FIFA's 'The Best' Awards Coach of the Year, Player of the Year, and Goalkeeper of the Year awards following the Albeceleste’s World Cup winning feat in Qatar last November/ December.

Argentina Manager, Lionel Scaloni, who guided the Albiceleste to win the World Cup in Qatar won Best FIFA Coach of the Year last night while his contract has been extended until 2026

Robert Lewandowski is set to miss the El Clasico due to hamstring injury

Morocco Confident of 2025 AFCON Hosting Moroccan officials remain confident the North African country can launch a strong bid to replace Guinea as hosts of the 2025 Africa Cup of Nations (AFCON). Morocco, who last hosted the tournament in 1988, were due to stage it again in 2015 but withdrew because of fears over an Ebola outbreak. But having successfully hosted both the Women's Africa Cup of Nations and the Club World Cup in the past 12 months, the Atlas Lions believe they can see off neighbours and rivals Algeria in the bidding process. "Morocco is ready," top Moroccan official Hassan Kharbouch told BBC Sport Africa. "We just organised a successful Club World Cup after our previous successes of hosting this same tournament in 2013 and 2014." Kharbouch is director of the Mohammed VI Football Complex, a project launched over a decade ago that has been praised for its role in helping the men's national team become the first from Africa to reach a World Cup semi-final at last year's tournament in Qatar. "We've also staged the Under-17 and Under-23 Nations Cups and as hosts we delivered record African attendances for the Women's Cup of Nations in Rabat and Casablanca in 2022," Kharbouch continued. "We have all the facilities and logistics to organise the African Cup of Nations, not only in Rabat and Casablanca but also in Tangier, Oujda, Fez, Marrakech and Agadir, each venue boasting of a number of training sites."

The Confederation of African Football (CAF) president Patrice Motsepe confirmed last month that Algeria, Morocco, South Africa, Zambia and a joint Benin-Nigeria bid are in the running to replace Guinea as hosts of the 2025 event. The West African nation were stripped of the 24-team event in October because of a lack of suitably advancing infrastructure and facilities. Motsepe said the successful replacement would offer the best

"transport, logistics, hotels and beautiful stadiums". "Each region will have a chance to organise a Cup of Nations; we cannot assign the organisation of the tournament successively to the same region," said Motsepe. This would seem to count against Benin and Nigeria, because another West African nation, Ivory Coast, will host in 2023. Zambia have never hosted the tournament, while 1996 and 2013 host South Africa's economy is

struggling. Morocco were the first African country to qualify for a World Cup in 1970, the first to reach the last 16 in 1986 and the continent's first semi-finalist in 2022. The Atlas Lions won their only Africa Cup of Nations in 1976, beating Guinea in the final, but lost the 2004 final to host nation Tunisia. The first African referee to take charge of a World Cup final - when France beat Brazil in 1998 - was Moroccan Said Belqola.

100 Athletes to Represent Nigeria at World University Games in China With 150 days until the start of the World University Games in Chengdu, China, Nigeria is to be represented by 100 of its best athletes at he competition also known as the Universiade. Acting Secretary General of Nigeria University Games (NUGA), Chidiebere Ezeani, announced last night that “This is indeed a great opportunity for Nigerian Students to showcase its talents on a global stage and bring glory to the nation.” The World University Games is a multi-sport event that takes place every two years, bringing together student-athletes from around the world to compete for honors in a variety of sports. The 2023 edition of the event has been confirmed for Chengdu, China, and is expected to attract over 10,000 participants from

more than 170 countries. Nigeria has a proud sporting heritage and has produced world-class athletes in various disciplines such as football, athletics, basketball, and table tennis, among others. As the games are just 150 days away, World University Games, the Nigerian University Games Association and university leaders are working tirelessly to select the best athletes to represent Nigeria at the event. To achieve this, rigorous training programmes and trials will be conducted to identify potential athletes who will fly Nigeria's flag and win medals. Nigeria is expected to compete for honors in seven disciplines, including; track and field, swimming, badminton, judo, taekwondo, table tennis, and

tennis. According to Ezeani,: “Nigeria will not only participate but will also excel at the 2023 World University Games, bringing pride and joy to the nation. Ezeani is “therefore appealing to the government, sports authorities, corporate bodies and well-meaning individuals to support our teams, as they represent Nigeria with honor, dignity, and sportsmanship” NUGA has regularly produced world-class athletes from Nigerian Universities including Clement Chukwu (Athletics), Olumide Oyedeji (Basketball), and Santos Ahkilele (Taekwondo). The 2022/23 World University Games will take place from July 27 to August 8 in Chengdu, China.

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Yiaga Africa to INEC “As soon as INEC announces the oﬃcial results, Yiaga Africa will convene a press conference to share its own statement on the accuracy of the election results and will publicise these projections...there were once again signiﬁcant logistics challenges which delayed opening of polls across the country. Once again INEC has fallen short of expectations. As a result, elections didn’t hold in some polling units...” --- Executive Director, Yiaga Africa, Samson Itodo, scores INEC low, in the 2023 Presidential and National Assembly polls.

TUESDAY WITH REUBENABATI Nigeria 2023: The Best And Worst Of Times T abati1990@gmail.com

he best way to describe what has happened to Nigeria in the last 72 hours, beginning with the country’s first set of general elections on Saturday, February 25, 2023, is to echo Charles Dickens’ poetic, oxymoronic declaration in his novel “A Tale of Two Cities” (1859) on the radical opposites between Paris and London in the 19th Century, that indeed Nigeria now finds itself in truly interesting times, where the best and the worst are on display. Dickens’s novel is one of the best novels ever written. He told the world famously that : “It was the best of times, it was the worst of times, it was the age of foolishness, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way – in short the period was so far like the present period, that some of its noisiest authorities insisted on its being received, for good or for evil, in the superlative degree of comparison only” At the time Charles Dickens wrote A Tale of Two Cities, this was in the context and season of the French Revolution. Nigeria did not come into being until 1914, when the consort of a colonial Governor-General, Flora Shaw and her man, the fascist Lord Lugard willed and named Nigeria into being, with the dubious imprimatur of the British panjandrum. But the concept of radical opposites of values, expectations and realities, established in Dickens’s classic, in line with the other classical polarities portrayed in world literatures from Nietzsche, Thomas Mann to Wole Soyinka and after, in more contemporary times tell simply the story of the given duality of human becoming. And so, it has been with Nigeria’s current electoral process in this first stage. Why has this been the best of times and why at the same time, the worst? Best of times: Nigeria’s elections 2023, would be the first time since 2011 that the elections have not been postponed. In other election cycles, previous administrations before now always found an excuse to shift the “goal-post” as Nigerians are wont to say. But this time around, the Independent National Electoral Commission (INEC) promised that it would stay within the same time-frame that it announced in line with Constitutional provisions. Even when the INEC came under immense pressure from political parties and other stakeholders with regard to other emergent factors over which it had no control, such as the national currency redesign policy which robbed most Nigerians of access to cash during an election season, and nationwide fuel scarcity which made transportation across the country difficult, the electoral body remained focused on its schedule. One factor that played strongly in its favour was the support of the incumbent President, Muhammadu Buhari who repeatedly told Nigerians that he was committed to a smooth transition of power and that he was looking forward to a due exit from power. He also promised to provide the electoral body and the security agencies all the necessary wherewithal to make the election possible. Buhari, a former military Head of State (1983 – 1985) ran for the Presidential office in 2003, 2007, 2011, and won the fourth time in 2015. He was re-elected in 2019. Nigeria’s 1999 Constitution prescribes only a limit of two terms, that is - a maximum of eight years for an elected President. In Africa, the Constitution means nothing to sitting Presidents, the rule of law is seen as an imposition, access to power is regarded as a birthright. By choosing to toe the path of the likes of Nelson Mandela, Thabo Mbeki, Goodluck Jonathan, Ellen Johnson-Sirleaf, John Mahama, Ernest Bai Koroma, Joyce Banda – African leaders who respected the Constitution and moved when it was time to do so, as contrasted with the likes of the old men in Equatorial Guinea Teodoro Obiang Mbasogo, 80), and Cameroon (Paul Biya, 90) who seem to be following in the footsteps of Hastings Kamuzu Banda of Malawi, Togo’s Gnassingbe Eyadema, and Zimbabwe’s Robert Mugabe. African leaders

INEC Chairman, Prof. Mahmood Yakubu see themselves as monarchs who must die in office. Whatever may have been his failings, Nigeria’s Muhammadu Buhari as of this moment has not shown any sign of any clumsy attempt to cling to power by foul means. It is almost a widely accepted fact in Nigeria that the President is on his way out, and that all permutations to the contrary are odious. When he leaves eventually on May 29, 2023, it would be said of him that he is a good student of history, learning to avoid the example of certain other African leaders who failed before him, rather choosing the path of honour. It is also the best of times in Nigeria because Nigeria’s democracy appears to be standing “firm”. Nigeria held its first legislative elections on September 20, 1923 in Calabar, under the 1922 Clifford Constitution. Thus, for 100 years, Nigerians have been trooping out to vote in one election or the other, beginning with legislative elections. But in all of those 100 years, the interludes have been legislative somersaults, intrigues between the colonials and the people, as well as war and military interventions. In 1922, Sir Hugh Clifford set up a legislative council with a membership of 46 persons, four of whom were later elected from Lagos (3) and Calabar (one) in 1923. The Clifford Constitution introduced the idea of representation and elections, and the formation of political parties. The arrangement under the Clifford Constitution survived for only 25 years. Northern Nigeria was not represented in the Council, and hence, in 1946, the Clifford Constitution was replaced by the Richards Constitution, the objective of which was to increase participation and inclusion. The history of Constitutional developments in Nigeria has been better treated by scholars of the subject – Kalu Ezera and others. Our point is simply that since the return to civilian rule in 1999, and despite all the bickering about the 1999 Constitution, what has given hope about the 2023 electoral process in Nigeria has been the belief that a proper legal framework has been emplaced and that the rule of law through the Constitution and subsidiary legislation, and adherence to same would facilitate good outcomes. Before the 2023 general elections, Nigeria agreed on a new Electoral Act 2022. Since 2000, every effort to make far-reaching changes to the country’s electoral framework ran into troubled waters. Indeed, ahead of the 2019 general elections, the Presidency refused to touch any of the amendments proposed by the national legislature. President Buhari rejected the then proposed Bill

four times. But in 2022, the situation changed. The National Assembly not only passed the Electoral Bill 2022, it became the new Law. The beauty of it is that it sought to address many of the ills that had plagued the electoral system in Nigeria. Nigerians went into the election therefore full of hope, that with the emphasis on the deployment of technology - the Bio-Modal Voter Accreditation System (BVAS) and the INEC Election Reporting Portal (IREV), all would be well. It has also been the best of times because of the determination, the resilience of the people, their zeal and passion to use this election to make a statement and a. difference. In 2015, when President Buhari was proposed to them as the messiah that Nigeria needed, they all went out on the wing of a hope and a promise and supported Buhari and his party, the APC. In 2019, they gave both another chance. But the people were short-changed. Buhari and his people could not keep their promise. The trust deficit between the people and government grew. The government said it was fighting corruption but nothing else worked. The economy collapsed. Inflation and unemployment shot through the roof, not necessarily because of exogenous global trends, but because governance had been poor. Nigeria’s 2023 general election has turned out to be the most competitive since the return to democratic rule in 1999 but it provides the people an opportunity to have a voice in how they are governed, especially the youths who in 2020 had turned out en masse to protest against police brutality and poor governance: the #EndSARS, #SoroSoke phenomenon. This subtext played out in terms of the desperation of the people to get registered for the votes, and to get their Voter’s cards. Ahead of election day, many slept overnight at voting stations. When voting ended at 2.30 p.m. on voting day and INEC promised that people could stay on the queue for “as long as it talks”, many across the country remained on the queue with their torch lights. In many places, they were disappointed. But still, it is the best of times because of the people’s belief that democracy could and should move the country forward, because by the time the electoral body began to announce the results, it was clear that the people’s voice had been heard. The results that have been announced so far show the people’s rebellion against the old order, and a yearning for change. The Labour Party, and its candidate – Peter Obi may not win the election eventually, but they have both caused a big disruption that could change Nigeria’s electoral map in a substantially significant manner. Labour Party, catalyzed by Peter Obi and his band of revolutionaries, have become the lightning rod for the rude awakening that Nigeria needs. With victories in the South East, in Southern Kaduna, parts of the North Central and the North West, and the displacement of the stranglehold of the All Progressives Congress (APC) and the ruling party candidate, Bola Tinubu, in Lagos, it is clear that something has shifted in Nigerian politics. In many parts of the country, old, established politicians were voted out. They lost their seats, from Anambra to Ekiti to Plateau and Benue and Cross River. Some of the victims of the people’s rebellion include the Governors of Cross Rivers state – Ben Ayade; Benue – Samuel Ortom; Enugu– Ifeanyi Ugwuanyi, and so many others who have now been told that there is a limit to state capture and the excesses of the complicit middle class. This is one of the signals coming out of Nigeria’s 2023 elections. This is a signal that cannot be ignored. This has inspired hope in many Nigerians that the change that they truly want may be possible, and that the status quo can be effectively challenged. Who would ever have thought that the same Labour Party that was regarded as a non-party, without structures, six months ago, could cause so much disruption of the old order, even if it does not win? Who would ever have thought that Peter Obi would defeat the Almighty Tinubu in his own Local Government in Ikeja, Lagos, in Eti-Osa, or Oshodi, or Alimosho, the stronghold of the much-acclaimed Lion of Bourdillon?

But it is indeed also the worst of times. The elections that took place on Saturday, February 25, 2023, were marred by the same problems that have always plagued Nigerian politics – identity politics, ethnicity, religion, hate speech, violence, vote-buying, under-age voting, voter suppression, sheer criminality and disregard for the rule of law. There have been reports of all the usual evils - before, during and after the elections of February 25 in Nigeria – indeed far worse than whatever may have been experienced since 1999. This may be the most competitive general election, the seventh since 1999, but it is also the worst in terms of management. Violence raged in Lagos, Rivers, Taraba, Akwa Ibom, Edo, Kogi, Bayelsa, Federal Capital Territory, Enugu, Gombe, Osun, Ogun, Edo, as political gladiators turned the elections into war and an opportunity for bloodshed. In Kano, INEC’s office was set ablaze! Elsewhere, ballot boxes and human beings were seized and set ablaze. One of the concerns before the election was that the CBN had introduced a cash redesign policy as an election-control sleight of hand, to stop politicians from buying votes, but in reality, that did not stop politicians from trying to buy votes. The Economic and Financial Crimes Commission (EFCC) arrested persons in Lagos, the FCT and Rivers state moving large sums of cash, ahead of and during the election. On election day, they arrested more than 20 persons trying to buy votes in Kano, Benue and the FCT, including persons resorting to online bank transfers to induce voters. It is the worst of times also because thuggery and violence reigned supreme, and the security agencies proved sadly incapable of addressing the crisis. In parts of the country, especially Lagos, paid thugs went to polling units and threatened voters. In Surulere, Mrs Efidi Bina Jennifer was attacked by thugs simply because she was considered an opposition-voter in a polling unit that had been taken over by hoodlums. The law allows every Nigerian to vote freely according to their conscience. No law says any voter must be dictated to. For showing signs of independence, Jennifer was wounded in the face. She went away to be treated and she returned to vote, with blood dripping from her face: her heroism and resilience come across as a strong exemplification of the passion with which the average Nigerian approached these elections. But it is the worst of times because INEC, the political elite and the state failed the people. INEC was so mouthy before the election about how well prepared it was. On election day, it failed the people in many parts of the country. Election materials and officials did not arrive on time. Where they showed up, the officials were ill-prepared. The so-called BVAS machines either did not work or the poorly trained or untrained INEC ad-hoc officials could not operate them! In places where the elections appeared to have gone on smoothly, results could not be uploaded onto the INEC viewing portal, real-time as had been promised. On Sunday, INEC came up with an explanation about “technical glitches” and regrets that should ordinarily sound stupid to the dumbest person in the room. INEC simply confessed that it was not prepared. And close to one trillion Naira of the people’s money has been spent on this big gamble? It is not technology that failed. It is the people in charge of the technology. But will anyone identify those people and sanction them? Nigeria at this moment is faced with accusations and counter accusations as everyone, from political parties to civil society groups tries to blame the other. It is an ugly spectacle. Former President Olusegun Obasanjo has joined the furore, raising the alarm that “danger is looming”. Is that the best the former President can offer at this critical time, when the country needs calm and sobriety in the face of tension and anxiety, occasioned by gross incompetence and collapse of common sense and infrastructure? What Obasanjo has done is to re-affirm that this is not the best of times for Nigeria. But what lies ahead for our country? Charles Dickens ended his novel on a note of optimism, looking into the future. I wish we could say the same of Nigeria right now.

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