MONDAY 6TH MARCH 2023 by THISDAY Newspapers Ltd

$176bn Revenue at Risk as Huawei Moves to Sue FG in London over $304m e-Customs Project Eromosele Abiodun and Gilbert Ekugbe Huawei Technologies, one of the Special Purpose Vehicle (SPV) partners in the disputed $304 million

e-Customs project, would next month sue the Nigerian government in London, over moves by the Nigeria Customs Service (NCS) to award the concession agreement to a company formed late last year as

against the federal government’s approval for the engagement of a consortium led by Bionica West Africa Limited. Since the approval of the deal, the management of NCS, which

wanted a different shareholding structure and control of the SPV, had been battling the lead sponsor, resulting in litigations. The project, initiated by Bionica West Africa Limited in 2018, with

Bergman Security Consultant and Supplies Limited (representing the NCS), Huawei, and African Finance Cooperation (AFC) as partners, was approved by the federal government on September

17, 2019. This followed a memo sent to the Federal Executive Council (FEC) by the Minister of Finance, Budget and National Planning. Continued on page 8

US Ambassador: Presidential Election Failed to Meet Nigerians’ Expectations...

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Monday 6 March, 2023 Vol 28. No 10190. Price: N250

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I Won't Disappoint Nigerians, President-elect Tinubu Assures All...

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Atiku: Yakubu’s Promise of Credible Guber Poll Medicine After Death We’re still consulting, searching for legal team, says PDP campaign To file petition after inspection of election materials Commences protest in Abuja over presidential election

Chuks Okocha and Emmanuel Addeh in Abuja Presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar, yesterday, lambasted Chairman of the Independent

National Electoral Commission (INEC), Professor Mahmood Yakubu, describing his promise to deliver credible governorship elections next Saturday as “medicine after death”. Atiku also called Yakubu’s assurances

worthless and unconvincing, adding that they are a belated attempt at face-saving after conducting the “worst” election in Nigeria’s history. The former vice president spoke in a statement by his

Special Assistant on Public Communication, Mr. Phrank Shaibu. The statement came as the leadership of PDP and its Presidential Campaign Council (PCC) said they were still

searching and consulting for a legal team that would handle the petition of Atiku’s petition at the presidential election tribunal. The party said the filing of his petition would start immediately after inspection of the election

materials. PDP said it had called a national protest for today in Abuja against the declaration of the candidate of All Progressives Continued on page 8

Race for Senate President in Tenth National Assembly Kicks Off Lawan, Kalu, Jibrin, Akpabio, Oshiomhole, Yari, Umahi eye top job APC moves to avoid Muslim-Muslim/Muslim-Muslim leadership

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MONDAY, MARCH 6, 2023 • T H I S D AY

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US Ambassador: Presidential Election Failed to Meet Nigerians’ Expectations Welcomes Obi, Atiku's statements committing to take legal route Wants INEC to address promptly challenges that can be resolved ahead of the March 11 guber poll

Emmanuel Addeh in Abuja The United States Ambassador to Nigeria, Mary Leonard , yesterday stressed that the last presidential election conducted in the country failed to meet the citizens' expectations. In an op-ed, the US ambassador noted that although the people of Nigeria demonstrated their dedication to democracy on February 25, there were still many angry and frustrated Nigerians. On the other hand, she stated that there are also many Nigerians who are celebrating victories they believe were hard-fought and well-earned. However, she stated that it will

be important for the future of the country that Nigerians do not let their differences divide them, and that the legally established process for resolving challenges to the election be allowed to take its course. The ambassador welcomed the resolve of Mr. Peter Obi and Mr. Atiku Abubakar for their recent statements committing to take the legal route, and Mr. Bola Tinubu, who the Independent National Electoral Commission (INEC) declared the president-elect under Nigeria’s electoral framework, for acknowledging their right to do so. “The United States is no stranger to election-related controversy and

conflict. As much as it can be unsatisfying to end an electoral process in a courtroom, in a constitutional democracy bound by the rule of law, that is where electoral conflicts may appropriately conclude. “It is clear that the electoral process as a whole on February 25 failed to meet Nigerians’ expectations. As I said numerous times prior to the elections, Nigeria has accomplished much in just the two-plus decades since the return to democracy, and a gradual improvement in the quality of its elections in that time constitutes one of those accomplishments. “We recognise that Nigerians want that positive trend to continue, including through the use of new

technology intended to make the process of reporting results more transparent,” Leonard stated. She thus reiterated the call on INEC to address promptly the challenges that can be resolved ahead of the March 11 gubernatorial elections, and to undertake a broader review of the problems that transpired during the last elections and what can be done to fix them. In all cases, the US ambassador stressed that INEC should share with the Nigerian public information about the actions it is taking. She also highlighted some of the ‘remarkable’ results from the past election that show how Nigeria’s political landscape ‘is indisputably

RACE FOR SENATE PRESIDENT IN TENTH NATIONAL ASSEMBLY KICKS OFF Sunday Aborisade in Abuja Barely one week after the National Assembly elections, and with the Independent National Electoral Commission (INEC) yet to issue certificates of return to winners, the race for principal offices, particularly, the position of Senate President in the upper chamber, has begun. A THISDAY Investigation, weekend, revealed that the incumbent President of the Senate, Ahmad Lawan, and some of the senatorselect, like Orji Uzor Kalu, Barau Bibrin, Godswill Akpabio, Adams Oshiomhole, Abdul-Aziz Yari and Dave Umahi, had started subtle campaigns among their colleagues. Interestingly, the choice of the next senate president would largely

depend on the zoning of the office, among other principal offices, by the leadership of the ruling All Progressives Congress (APC). Although expectations are high that the party leadership may zone the office of the number three citizen to the South-east, as part of moves to pacify the Igbo, having missed out from the presidential contest in all the parties at a time the clamour for a president of South-east extraction was high, it is a thinking that is not cast in stone yet. But if those considerations sail through, the current Senate Chief Whip, Kalu, a former governor of Abia State, has the brightest chance, as a ranking senator with cognate experience from that part of the country in APC.

There is another school, which presupposes the need to pacify the North West by way of acknowledging their contribution to the emergence of the president-elect, which may well see the likes of Jibrin and Yari in the race for the senate president. However, there are feelers that the APC leadership, given what are generally being considered the preferences of the president-elect, Bola Tinubu, may decide to throw the race for senate president open. Such decision would not only make the post anyone’s call but also engender an intense race to the senate presidency. It is, therefore, certain that after that Saturday, March 11 governorship election across the country, the electoral battle would shift to the

race for Senate President. Though it is a contest still some three months away, permutations and intrigues are already afoot. But more importantly, according to Party sources, the party leadership is well inclined to avoid another Muslim-muslim Muslim-muslim leadership for the top job in Senate. With that in mind, some of the high flyers currently nursing interest may be edged out of contention. The President-elect and the Vice President-elect are Muslims, the Party chairman is a Muslim. The is keen to avoid being labelled a Muslim party. For now, below are some of the factors standing for and against each of the potential frontrunners as the battle for Senate President takes off

ATIKU: YAKUBU’S PROMISE OF CREDIBLE GUBER POLL MEDICINE AFTER DEATH Congress (APC), Bola Tinubu, as president-elect by INEC. Yakubu had at a meeting with Resident Electoral Commissioners (RECs) promised to ensure the strict use of the Bimodal Voter Accreditation System (BVAS) during the remaining polls. He said INEC staff found to be

negligent during the presidential election would be barred from participating in the March 11 governorship election. The INEC chairman said on Saturday, “All staff found to be negligent, whether they are regular or ad hoc officials, including collation and returning

officers, must not be involved in the forthcoming elections. RECs must also immediately initiate disciplinary action where prima facie evidence of wrongdoing has been established.” But in the statement, the former vice president described Yakubu’s assurances as useless

and vain after supervising the most fraudulent elections Nigeria had ever witnessed since independence. He said Yakubu should not try to deceive Nigerians again after the “shambolic” performance Continued on page 48

$176BN REVENUE AT RISK AS HUAWEI MOVES TO SUE FG IN LONDON OVER $304M E-CUSTOMS PROJECT Acting on the memo by the Minister of Finance, Budget and National Planning to FEC for approval, President Muhammadu Buhari had vide letter SH/COS/08/10/4/225 of 17th September, 2019, granted anticipatory approval for the engagement of the Consortium Bionica Technologies West Africa Limited (Lead sponsor), Bergman Security Consultant and Supplies Limited (Co-sponsor), Africa Finance Corporation (lead financier), and Huawei (lead technical service provider), to establish a project SPV to enter a 20-year concession arrangement with NCS and ICRC for the Customs Modernisation Project (Establishment of digital/paperless Customs Administration). But the management of NCS had been at loggerheads the lead sponsor. It was learnt that NCS allegedly falsified documents to enable it expunge Bionica, the lead sponsor of the project, and hand same to a company allegedly formed late last year by an ally of the Customs Comptroller General, Col Hammed Ali (rtd.). In a letter dated May 23, 2022, which was received by the president’s office on May 24, 2022, the Comptroller-General of Customs claimed that following the final vetting and approval of the concession agreement by the Attorney General of the Federation (AGF) for execution by parties, Bionica Technologies West Africa Limited, one of the co-sponsors, had rejected the approved concession agreement by the AGF as directed by FEC. He added that Bionica rejected and refused to execute the concession agreement extensively reviewed by all stakeholders and approved by the AGF. Ali also alleged that Bergman Security Consultant and Supplies Limited and other parties had indicated their readiness to execute

the concession agreement and that the technical partners (Huawei) and the lead financier AFC had confirmed their willingness to perform their roles in the Implementation of the project. He concluded in the letter to Buhari, "In the light of the foregoing, Your Excellency is kindly invited to graciously approve that the NCS and ICRC proceed with the implementation of the customs modernisation project with Bergman Security Consultant and Supplies Limited as project sponsor, AFC lead financier and Huawei lead technical service provider under the SPV designated as Trade Modernisation Project Limited with the exclusion of Bionica Technologies West Africa Limited.” However, documents seen by THISDAY showed that Bionica initiated the project six years ago and had put partners together, spending N5.7 billion in the process. The NCS had in another letter to the president dated May 4, 2018, with reference number NCS. ADMMGTO18/S 15/C/ Vol VI, proposed to partner with Huawei Consortium, comprising Bionica Technologies West Africa Limited (lead promoter}, Bergman Security Consultant and Supplies Limited (co-promoter), African Finance Corporation (AFC Lead financier), Huawei Nigeria Limited as the Technical Partners with other Original Equipment Manufacturers (OEMs). This was to be done under a PPP Concession arrangement to develop, design, implement and maintain the required e-Customs End-to-End ICT platform to digitalise Customs Business Processes and Procedures, upgrade Customs ICT infrastructure to world-class, and address NCS critical operational challenges and loopholes, management, regulation, control supervision and prevention of smuggling of goods

across the country's borders, and also effectively tackle the current national security challenges of terrorism. Based on this, Bionica sought and got approvals from PenCom, the Infrastructure Concession Regulatory Commission (ICRC), and related government agencies and had proceeded to secure the federal government’s approval for the take-off of the project. But things took a different twist when the Customs ignored federal government directive and made efforts to delete Bionica as lead sponsor. In a suit filed by Bionica, which had the federal government and the Attorney General of the Federation (AGF) as respondents, the company prayed the court to intervene in the subject matter, threatening the e-Customs project expected to automate and digitalise all NCS business processes and procedures and establish a digital paperless Nigeria Customs organisation, thereby, institutionalising the use of emerging smart technologies in all NCS operations. THISDAY learnt that despite the suit pending in the court, the NCS secretly made moves to have the concession agreement signed with a company that was formed last year Meanwhile, Bionica’s lawyers in a letter to the AGF dated October 21, 2022, requested for the intervention of the AGF on the lingering issues on the execution of FEC-approved concession agreement, which had delayed the progress of the e-Customs project Bionica's lawyers stated, "Surprisingly, we received a letter from the office of the AGF of the Federation dated 17th of January, 2023, but received 19th January, 2023 directing and informing that due to the pendency of the matter in Court in suit No: FHC/ABJ/ CS/848/2022 between E-customs HC

projects Limited & Anor -V- Federal Government of Nigeria &ORS we should wait for the decision of the court before any possible step can be taken." THISDAY learnt that the total cost of implementing the project was approximately $1.896 billion, made up of Capital Expenditure (CAPEX) and Operating Expenditure (OpEX). It was learnt that the e-Customs project would be implemented in three phases over the 20-year concession period with investment cost of about $304 million CAPEX in phase one, while the second phase would be $465.382 million CAPEX and phase three investment of $435.8 million. The CAPEX covers each deployment phase covering Hardware, Application, Equipment, Application Implementation Service, ICT infrastructure Service, Marine Deployment and the SPV costs, while the Direct Costs for OPEX for the duration of the concession is estimated at $1.896 billion, which includes all fixed and variable costs, expenses and charges directly and completely attributable to the dayto-day operations of the e-Customs platform. The project was to be financed through contributions from promoters’ investments and vendor finance. The proposed financing plan for the project showed that it would be financed with an initial investment of $304 million from the project sponsors, vendor finance and debt finance in phase 1. Sources with knowledge of the deal told THISDAY that the full development and implementation of the e-customs project would generate a total revenue of $176.2 billion over the concession period and would adopt a staggered revenue sharing formula between the concessionaire and the federal government of Nigeria.

changing'. Leonard stated that in more than half of the states, 20 in all, the winning candidate represented a different party than that of the incumbent governor. Twelve of these states, she said, are led by All Progressives Congress (APC) governors while for the first time, four presidential candidates won at least one state, and the top three each won 12 states based on these initial results. In the National Assembly elections, Leonard stated that even with results still incomplete, the US already knows that changes are afoot with seven sitting governors losing in their attempts to win election to

the Assembly. In addition, she stated that the Labour Party (LP) has won at least seven seats in the Senate while the New Nigeria Peoples Party (NNPP) has won at least 11 seats in the House of Representatives. “The Nigerian people have made clear their desire for responsive and inclusive governance, and we strongly support their ability to express that desire. “The United States and Nigeria are the two largest presidential democracies in the world, and long-time partners. As Nigeria goes through these next weeks and months, we stand with you,” the ambassador stated.

in earnest.

believe Tinubu’s snide comments after winning the ticket of the party, that Lawan should “go and lick his wounds”, was enough warning for the incumbent senate president to dump his ambition to lead the red chamber for a second term. But the argument had been waved off by Lawan’s close associates, who claim that the Yobe senator had since fallen in line and that he even, vigorously campaigned for Tinubu in the North-east geopolitical zone.

Ahmad Lawan

It was learnt that Lawan was banking on his popularity among his colleagues and the fact that he would be needed to stabilise the polity for the incoming administration of Bola Tinubu with his same page policy, which President Muhammadu Buhari had benefited from in the last four years. Observers are, however, of the view that the support Lawan enjoyed from a faction of the presidency, which made a failed move to present him as the APC consensus presidential candidate, might work against him. Those that subscribe to this view

Orji Kalu

Kalu's camp is confident that Tinubu would run an inclusive Continued on page 49

Nos.

APC SENATORS

STATES (South-East)

1. 2. 3. 4. 5. 6.

Orji Uzor Kalu Peter Onyekachi Nwebonyi Ken Eze David Umahi Osita Izunaso Ndubueze Patrick

Abia Ebonyi Ebonyi Ebonyi Imo Imo

7. 8. 9. 10. 11. 12. 13. 14. 15.

Philip Abbo Shehu Baba Ali Ndume Tahir Monguno Lawan Kaka Shehu Mohammed Danjuma Goje David Jimkuta Ahmad Lawan Ibrahim Gaidem

North-East Adamawa Bauchi Borno Borno Borno Gombe Taraba Yobe Yobe

16. 17. 18. 19. 20. 21. 22.

Godswill Akpabio Williams Eteng Jonah Asuquo Ekpenyong Ede Daﬁnone Thomas Joel Onowakpo Adams Oshiomhole Monday Okpebholo

South-South Akwa Ibom Cross River Cross River Delta Delta Edo Edo

23. 24. 25. 26. 27. 28. 29. 30. 31. 32.

Emmanuel Udende Titus Zam Jibrin Isah Echocho Abubakar Sadiku-Ohere Sunday Karimi Oyetola Ashiru Saliu Mustapha Umar Sadiq Sani Musa Abubakar Sani Bello

North Central Benue Benue Kogi Kogi Kogi Kwara Kwara Kwara Niger Niger

33. 34. 35. 35. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47.

Cyril Fasuyi Bamidele Opeyemi Yemi Adaramodu Idiat Adebule Wasiu Eshinlokun-Sanni Tokunbo Abiru Jimoh Ibrahim Jide Ipinsagba Adeniyi Adegbonmire Gbenga Daniel Solomon Olamilekan Adeola Shuaibu Afolabi Salisu Yinus Akintunde Sharafadeen Alli Fatai Buhari

South-West Ekiti Ekiti Ekiti Lagos Lagos Lagos Ondo Ondo Ondo Ogun Ogun Ogun Oyo Oyo Oyo

48. 49. 50. 51. 52. 53. 54 55.

Babangida Hussain Ahmed Abdul Hamid Barau Jibrin Abdulaziz Yar’Adua Nasir Zangon-Daura Muntari Dandutse Abdulaziz Yari Sahabi Yau

North-West Jigawa Jigawa Kano Katsina Katsina Katsina Zamfara Zamfara

MONDAY MARCH 6, 2023 • T H I S D AY

MONDAY, MARCH 6, 2023 • T H I S D AY

NEWS

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

BUHARI IN DOHA… President Muhammadu Buhari and and the Minister of Foreign Aﬀairs, Geoﬀrey Onyema, at the Opening Plenary of the 5th United Nations Conference on the Least Developed Countries (LCDs) in Doha, Qatar yesterday

Year-long Fuel Scarcity Worsens as Motorists Sleep in Abuja Queues NNPC blames election-induced restrictions for fresh shortages NMDPRA says loading has resumed in depots nationwide Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The over one-year long petrol scarcity in Abuja and its environs continued at the weekend with several motorists sleeping overnight in the few filling stations that were open to customers.

There was chaos in most of the service stations in the heart of the Federal Capital Territory (FCT) as many frustrated customers eager to buy the product struggled to join the long queues stretching several kilometres, causing serious gridlock in the usual light-traffic Abuja roads

Sahara Energy Singapore Promotes Sustainability Volunteering and partnerships can help ensure an effective response to challenges posed by climate change across the globe, the Chief Executive Officer, Sahara Energy International Pte Limited, Singapore, Yomi Benson has said. Benson, who spoke during a beach clean-up exercise embarked on by employee volunteers at the Punggol Promenade Nature Walk in Corney Island, Singapore, said all stakeholders must be involved in the task of keeping planet earth sustainable for all. He said Sahara Energy employees were delighted to join the exercise as volunteers in collaboration with the National Environment Authority, which is vested with the responsibility of managing the park located off the coast of Punggol in Northeastern Singapore. “Sahara Energy here in Singapore is replicating the commitment of our parent company, Sahara Group towards promoting environmental sustainability across our locations. The sheer amount of trash, including plastic bottles and bags we have retrieved today, is mind-boggling. We know they are very harmful to

the marine ecosystem and we all have a collective duty to protect our aquatic habitats,” he said. According to him, the volunteering exercise gave Sahara Singapore employees an opportunity to raise awareness on the need for people to stop littering the beach, adding that it also reinforced Sahara’s belief in the critical role of volunteering and partnerships in achieving sustainable development. “The well-being of the planet we call home can only be safeguarded when we all get involved and join forces. Volunteering is a way of life for us at Sahara and we will continue to seek ways of contributing to making the world cleaner, safer, and energised responsibly for future generations,” he added. Speaking on the exercise, Finance Manager, Chweeyin Tan, urged beachgoers to dispose of trash responsibly, while Marc Ong, Trader, said people are duty-bound to work towards keeping the environment clean, regardless of where they live. “They are oceans and not dustbins,” Nicole Ng Administrative Officer, stated.

at the weekend. A quick check by THISDAY indicated that the Conoil station opposite the Nigerian National Petroleum Company Limited (NNPC) headquarters was selling the product, but had a line that stretched for as much as three kilometres. As of Sunday afternoon, motorists who slept at the Forte filling station at Wuse zone one were seen driving off in disappointment after they were told that the fuel had been exhausted. Nigeria, especially Abuja, has been under the burden of unprecedented shortages of petrol supply since February 2022, when adulterated product was imported into the country and has since graduated unarguably into the most prolonged scarcity situations in the country’s history. The authorities had adduced several excuses for the erratic petrol supply in the country, including the Sallah festivities last year, bad roads in Lagos, the floods that occurred in 2022, rising handling charges, among others for its inability to make the products available at the pumps. Two of the Oando filling stations

recently taken over by the NNPC located in Mabushi and Wuse Zone one respectively were also not dispensing the fuel when THISDAY visited on Sunday. In the streets of Abuja, a 10-litre container of petrol was selling for as much as N5,000, it was observed, as the fuel shortages appeared to have become a permanent feature since February 2022. A report by S&P Global last week revealed that business activities driven by the private sector slumped for the first time in almost three years as companies reduced output and cut jobs due to cash and fuel shortages in February. According to the S&P report, business activities fell to 44.7 in February from 53.5 the month before, being the worst reading since the height of the coronavirus pandemic in June 2020. Meanwhile, the NNPC Limited yesterday assured all Nigerians of a ‘robust’ supply of Premium Motor Spirit (PMS), also known as petrol. In a statement by the Chief Corporate Communications Officer, Garba Muhammad, the national oil company stated that latest updates

released on Saturday showed a total of 2.1 billion litres of PMS in stock. The statement added that this represents 0.9 billion litres in all the land depots nationwide and 1.2 billion litres on marine vessels, which is equivalent to 35 days sufficiency as of March 4, 2023. The NNPC which blamed the shortages on restrictions on businesses and movement during the last election said it plans to close the month of March 2023 with about 2.8 billion litres, which is equivalent to 47 days of sufficiency. “The appearance of pockets of queues in Abuja and some parts of the country, is largely due to restrictions in businesses and movement, to allow for the conduct of the presidential and National Assembly elections and enable Nigerians to exercise their civic right. “However, operations have now resumed at the depots and trucks are being dispatched to various parts of the country. We expect normalcy to be restored in the next few days,” the company said. The NNPC Ltd., stressed that along with all its partners and

stakeholders, it will continue to work together to ensure seamless distribution of petroleum products during the gubernatorial and State Assembly elections. “We, therefore, enjoin Nigerians not to engage in panic buying,” the NNPC added. Last month the NNPC apologised to Nigerians for months of pains caused by the nationwide fuel scarcity, with the Group Chief Executive Officer, Mallam Mele Kyari, assuring that Nigerians will begin to see a turnaround, “within the next one week” at the time. In a related development, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) yesterday assured Nigerians that operations in loading depots have fully resumed following the restriction of movements during the recently concluded presidential and National Assembly elections which necessitated truck drivers to travel to exercise their civic duty. Consequently, the NMDPRA said it was working with other stakeholders to mitigate the 'slight' tightness being experienced in the distribution of petrol.

Naira Redesign: SERAP Urges Buhari to Obey Supreme Court Order Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) yesterday urged President Muhammadu Buhari to disclose details of the measures he was taking to immediately obey the Supreme Court decision extending the validity of the old N200, N500,

and N1,000 notes and also to direct the Central Bank of Nigeria (CBN) to continue to receive the notes from Nigerians. SERAP also urged the president to publicly instruct the CBN to immediately and effectively implement the Supreme Court decision ordering an end to the cash withdrawal limits imposed

by banks because such restrictions violate citizens’ right to freely use their property. SERAP also urged him to disclose measures he was taking to direct the CBN to immediately re-circulate the old N200, N500, and N1,000 notes, as ordered by the Supreme Court. In a letter dated March 4, 2023 and signed by SERAP’s Deputy

Director, Kolawole Oluwadare, the organisation said there was an overriding public interest in disclosing the details of the measures the government and the CBN were taking to effectively and satisfactorily obey the Supreme Court decision. Continued online

MONDAY, MARCH 6, 2023 • T H I S D AY

NEWS

ENTHRONEMENT OF ARCHBISHOP OF ABUJA DIOCESE… L-R: Archbishop of Abuja Diocese, His Grace, Most Rev. Michael O. Akinwale; Vice President Yemi Osinbajo, and Sir (AVM) Kayode Beckley, during the enthronement of Akinwale and presentation of Beckley, as Diocesan and Archdiocesan Lay President at the Methodist Church Nigeria in Abuja... yesterday

CPPE: Nigeria Not Really Cash Dominant Economy Says cashless transactions in 2022 reached N400tn while cash to GDP ratio was 1.3% Dike Onwuamaeze Contrary to the insinuation that the Nigerian economy is heavily dominated by cash transactions, an economist and the Chief Executive Officer of the Centre for Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, has insisted that available data showed that “Nigeria is not a cash dominant economy.” Yusuf, made this assertion at the weekend, while reacting to the Supreme Court’s judgment that extended the legal tender status of old N200, N500 and N1,000 currency notes till December 31, 2023. He pointed out that only five per cent of money in circulation is held in cash. He said: “As at December 2022, the total money supply was N52 trillion, cash component of money supply was N2.6 trillion, which was just 5.0 per cent. “Similarly, the country’s Gross Domestic Product (GDP) was N202 trillion, which gives a cash-to-GDP

ratio of 1.3 per cent. These ratios are some of the lowest around the world, which showed that the Nigerian economy is not really a cash-dominant economy.” He further pointed out that, “It is also on record that about N15 trillion has been mopped up by the Central Bank of Nigeria (CBN) with its Cash Reserve Ratio (CRR),” adding that “cashless transactions were about N400 trillion in 2022, according to NIBSS,” to show that the crude mopping up of cash in the economy, which was witnessed in the country in January and February this year was unnecessary. “The truth,” according to him, “is that nothing is broken. And we don’t fix what is not broken. Of course, we can do better, but not by crudely mopping up cash in the economy.” Yusuf also stated that the contention that arbitrary reduction of cash in circulation would curb inflation and enhance monetary policy effectiveness has no basis going by available data.

He stated that, “the bigger threat to monetary policy effectiveness and price stability is the N22 trillion ways and means finances of the CBN. “Therefore, the claim by the CBN that the economy has too much cash outside the banking system has no basis in economic theory; neither can it be supported by empirical evidence. “The entire exercise was unfortunately a needless disruption of economic activities, especially among the most vulnerable segments of the economy.” Though Yusuf acknowledged that the CBN has the right to redesign currency, he, nevertheless, stated that the central bank did

not have the right to dispossess the citizens of their cash. He argued that the choice of the mode of store of value was a fundamental right of citizens. “The CBN has no right to impose that choice on citizens. It is a flagrant violation of the rights of citizens for the CBN to withhold the cash from citizens under the guise of currency redesign. “The CBN act does not give the CBN that right. The CBN cannot request the citizens to bring their cash for a swap, only to deprive them access to it. “A swap presupposes that whatever old notes that were received by the banks must be replaced with new ones instantly.

Otherwise, the period of the swap should be extended until the CBN is in position to do so. In many other climes, such swaps are done over 12 to 20 months, or even more, to minimize disruption” of economic activities. “To date the CBN had mopped up about N2 trillion cash from the economy thereby paralysing the retail sector, crippling the informal economy, stifling the agricultural value chain, immobilising the transportation sector and disrupting the payment system in the economy.” Yusuf, therefore, hailed the recent Supreme Court’s judgment that legitimised the use of the old currency notes of N200, N500 and

N1,000 until December 31, 2023. He said, “the CPPE commends the ruling of the Supreme Court on the use of the old currency naira notes as legal tender. Hopefully, the President Buhari, the governor of the CBN and the Attorney General of the Federation would comply with this court order in the interest of the rule of law, good order and public interest. “We welcome the Supreme Court ruling as it protects the citizens from a policy which is, by all accounts, disruptive. Indeed, Nigerians deserve an apology from the promoters and proponents of the policy, especially the arbitrary and uninformed mopping up of cash in the economy.”

UN Agency: Nigeria Has World’s Fifth Highest Burden of People Experiencing Food Crisis Only better than Afghanistan, Ethiopia, Yemen, DR Congo One in every three homes can't afford nutritious diet

NSIA Set to Open Application Portal Ndubuisi Francis inAbuja the potential to achieve zero food insecurity, urgent targeted unfulfilled, and its most vulnerable hunger, regretting that one in three humanitarian action was needed to people continue to suffer critical levels United Nations (UN) World Food households in the country cannot save lives and livelihoods, requiring of food insecurity and malnutrition, for $225,000 Innovation Prize Scheme The Programme (WFP) has reported that afford a nutritious diet while over not only emergency responses but driven by persistent conflict, organised The Nigerian Sovereign Investment Authority (NSIA), managers of the Nigeria sovereign wealth fund is set to open the application portal for its NSIA Prize for Innovation (NPI), a capacity building initiative which aims to bolster innovation within Nigeria’s digital ecosystem. The Authority would open the application portal for the competition to innovators, technopreneurs and startups. According to a statement yesterday, the NPI is a multi-year commitment by the NSIA to empower early-stage Nigerian innovators. The Programme was designed to encourage and support ingenuity within the digital ecosystem and to fund early-stage tech-enabled solutions that could result in costeffective, scalable, and transformative economic impact. In this edition of the programme, the NPI would adopt a three-staged competition at the end of which ten finalists would emerge. The top three of these would win varied prizes

comprising equity investment into the underlying business as well as cash prizes. It explained that the last seven finalists would win consolation prizes. “Budding technopreneurs who intend to participate in the Programme will be evaluated and shortlisted in line with set eligibility criteria. The shortlisted candidates will participate in an acceleration programme to enhance their capabilities and digital solutions. “The top 10 entries will partake in a pitch-session on demo day from which a winner will emerge. The programme will run for 16 weeks,” it added. The statement further explained that the innovation prize would identify, build, and finance earlystage innovative solutions to catalyse economic growth, enhance the nation’s productive capacity, and create jobs. Continued online

Nigeria has the world’s fifth-highest burden of people experiencing food crisis in the world, only better than war-torn Yemen and Afghanistan, the Democratic Republic of Congo and Ethiopia. According to the global humanitarian organisation, Nigeria’s abundant natural resources and untapped human capital indicate

100 million people report at least moderate food insecurity. In its just-released Nigeria Country Strategic Plan (2023–2027), the WFP submitted that with at least 19.5 million people in need of emergency assistance in 2022 and some communities in Nigeria's conflict-affected north-east projected to slide into catastrophic levels of

also anticipatory action. Nigeria, it stated, was still to match the ambition of its commitments despite measurable progress on the 2030 Agenda for Sustainable Development. The WFP declared: "Even though Nigeria graduated to lower-middleincome status in 2014, its immense human development potential remains

violence, recurrent climate shocks and broad exposure to the impact of climate change. "Africa’s biggest economy and most populous country has the world’s fifth-highest burden of people experiencing food crisis or worse, exceeded only by Yemen, Ethiopia, Afghanistan and the Democratic Republic of the Congo.

NAFDAC Seeks More Synergy with Indian Pharmaceutical Sector Onyebuchi Ezigbo in Ezigbo The National Agency for Food and Drug Administration and Control (NAFDAC) has canvassed for stronger synergy between the Nigerian and Indian pharmaceutical sector. In line with its resolve to check unethical practices, the agency said it has sanctioned some local and foreign manufacturers over unethical practices and post-marketing failures. NAFDAC's Director General,

Prof. Mojisola Adeyeye, who made the assertion at the India-Nigeria Pharmaceuticals and Health Industry forum organised in Lagos, recently, said the collaboration with India would provide unhindered access to medicines that are safe, efficacious, affordable and of required quality. As a responsible National Regulatory Agency, Adeyeye, said NAFDAC would continue to forge meaningful alliance with relevant bodies within the confines of its mandate and in line with global

best practice. A statement by NAFDAC's Resident Media Consultant, Sanya Akintola quoted the NAFDAC boss as having said the agency’s attainment of World Health Organisation (WHO) Maturity Level 4 status, on vaccine lot release, supply chain monitoring and expanded postmarketing surveillance, and continual pharmacovigilance activities were enough justification for promotion of strong synergy between the IndiaNigeria Pharma sector.

According to the NAFDAC boss, India remains the largest trading partner of Nigeria and, “Nigeria is India’s largest trading partner in Africa with bilateral trade in the region of over $13.89 billion as of 2019.” She added that Indian-owned and operated companies are the second largest employer of labour in Nigeria with huge foreign direct investment in engineering, electrical machinery and equipment, plastics, chemicals, and the pharmaceutical sector.

MONDAY MARCH 6, 2023 • T H I S D AY

T H I S D AY ˾ MONDAY MARCH 6, 2023

Acting Group Politics Editor DEJI ELUMOYE

POLITICS

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

M O N D AY D I S C O U R S E Northern APC Governors as Pillar of Tinubu’s Victory President-elect, Bola Ahmed Tinubu’s victory at the February 25, 2023 poll may ordinarily not have been possible without the support of the 14 Northern Governors of the ruling All Progressives Congress. Adedayo Akinwale writes

Tinubu

el-rufai

ast Wednesday, the Independent National Electoral Commission (INEC) declared the presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Tinubu as the winner of the 2023 presidential election, fulfilling his lifelong ambition. The former Lagos state governor polled a total votes of 8,794,726 to defeat his closest rival and the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar who scored 6,984,520 votes, and Peter Obi of Labour party who polled 6,101,533 votes while the presidential candidate of New Nigerian Peoples Party (NNPP), Rabiu Kwankwaso came a distant fourth with the total votes of 1,496,687. When Tinubu commenced his race to the Presidential Villa last year, he informed President Muhammadu Buhari about his ambition. He said his aim was not to create bad blood between

him and Buhari. “I told the President that I want to succeed you and I don’t want to offend you. I told the President that I want to step in his shoes, but not step on his toes. I told him as the number one citizen, I should start my presidential bid by informing him first, and he (Buhari) told me to inform the whole world, and I have done that,” he had said then. During the ruling party’s preparation for its Special National Convention where the party’s presidential candidate would emerge, Tinubu’s quest to replace Buhari took a dramatic turn. Barely 24 hours to the party’s presidential primary, the APC National Chairman of APC, Senator Abdulahi

Bagudu

Ganduje

Adamu, told the National Working Committee (NWC) of the party during a meeting that the President had picked the President of the Senate, Dr. Ahmed Lawan, as his preferred candidate. However, his announcement met stiff resistance from other members of the NWC who insisted that all the presidential aspirants must be allowed to go to the field in a free, fair and transparent contest. In the midst of this debacle, the APC northern governors issued a statement after their meeting in Abuja backing the transfer of power to the South and also asked aspirants from the northern region to withdraw. While the governor of Kebbi State and Chairman of APC Governors’ Forum, Atiku Bagudu, withdrew from the race, Governor Yahaya Bello of Kogi and Lawan declined. The statement read: “APC governors and political leaders from the northern states of Nigeria

today met to review the political situation and to further support our party in providing progressive leadership amidst our national challenges. During our discussions, we welcomed President Muhammadu Buhari’s invitation to governors and other stakeholders to contribute to the emergence of a strong presidential candidate for the APC. “After careful deliberation, we wish to state our firm conviction that after eight years in the office of President Muhammadu Buhari, the presidential candidate of the APC for the 2023 elections should be one of our teeming members from the southern states of Nigeria. It is a question of honour for the APC, an obligation that is not in any way affected by the decisions taken by another political party. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Labour Party Makes Inroad into 10th N’Assembly Udora Orizu writes that Peter Obi’s popularity and acceptance has paved way for Labour Party to clinch several Senate and House of Representatives seats in the February 25, 2023 National Assembly elections

he unending popularity, acceptance and love of the citizens for former Anambra State Governor and Labour Party’s presidential candidate, Peter Obi, has brought the party into national reckoning and consciousness, turning it into one that’s feared by members of the ruling All Progressive Congress and main opposition, People’s Democratic Party. The just concluded 2023 Presidential and National Assembly elections came with shocking, unprecedented dynamics never before witnessed since the return of democratic rule in 1999. While this election witnessed seven serving governors who usually use national assembly as their retirement home, losing out their bid to be elected into the 10th Senate, the most shocking outcome of this election is the fact that Labour Party unseat so many serving lawmakers, including principal officers. Brief History of Labour Party Labour Party was created in 2002 and was previously known as the Party for Social Democracy (PSD) before changing to its current name the following year. Built on the ideology of social democracy, the party aims to promote and defend social democratic principles and ideals for the purpose of achieving social justice, progress and unity. Until now, the Labour Party was an obscure party, with little or no presence in the 36 states and FCT. Although Olusegun Mimiko broke the jinx in 2009 to become the first Nigerian governor to be elected on the Labour Party platform, the party had no stake at the National Assembly until the defection of a Senator out of the

Obi

109 senators and two out of the 360 House of Representatives members. But in May 2022, the party’s membership and support increased drastically as the former governor of Anambra State, Peter Obi, joined the party shortly after leaving the People’s Democratic Party (PDP) in a bid to run for the 2023 presidential election. Obi’s Emergence and Birth of Obi-dients Obi’s entrance into the presidential race on the platform of the LP changed the narrative, bringing the party to national consciousness ahead of the 2023 general elections. Unlike in the past when the presidential poll was a straight fight between the candidates of the two

major parties, the APC and PDP, the reverse appears to be the case this time around, with the entrance to the race by Peter Obi, on the platform of LP. Obi’s defection to LP, also gave birth to the ‘Obidient’ movement. The movement driven mostly by youths, leveraged on the good image of Obi to create a third force. Obi is perceived as the candidate that can take the country out of the economic and security crisis bedeviling it. As the obi-dient movement continues to gather momentum, members of the ruling APC and main opposition PDP tagged labour party as a party without structure and obi-dients as social media noisemakers. The PDP presidential candidate, Atiku Abubakar, said the Labour Party lacks the structure required to win the 2023 presidential election in the country. Atiku during an interview on Arise TV, said

although the Labour Party claims to have over one million votes for Osun governorship election on social media, the party’s votes after the counting didn’t justify the claim. He said, “I really don’t expect the Labour Party to take as much votes from the PDP as people are suggesting, we have seen it in the last election in Osun State. What’s the performance of the Labour Party? This is a party that doesn’t have a governor, doesn’t have members of the National Assembly, and doesn’t have state assembly members. And politics in this country depends on the structures you have at these various levels at the local, state and at the national level, so it is very difficult to expect a miracle to happen simply because Peter Obi is in the Labour Party. After all they were saying through the social media; they have more than one million votes in Osun State but how many turned up to vote for Labour Party? In the North, 90 percent of the people are not on social media.” As opponents mocked Obi supporters, they surged on and paid no attention, insisting that, structure or no structure, the movement will deliver President Peter Obi on May 29, 2023. The LP Tsunami in National Assembly Back in October 2022, LP vice presidential candidate, Datti Baba-Ahmed said Nigerians should expect political Tsunami in 2023. He said he had been to some states and seen movement for a new Nigeria and thirst of many young, poor and underprivileged, to have a better country. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY MARCH 6, 2023 • T H I S D AY

T H I S D AY ˾ DAY ʹ˜ 2023

FEATURES

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

Fostering Economic Growth through Women's Empowerment As the world gears go commemorate the International Women's Day celebration, Precious Ugwuzor reports that maximising and increasing the presence of women's participation in the economy is key to reducing poverty on the continent. One of those driving this initiative is Olam Agri in Nigeria, a leading agribusiness in food, feed, and fibre. Through the Crown Flour Angels initiative, a community-building and economic empowerment initiative, the company is equipping more women with skills and enhancing their earnings while enabling them to contribute meaningfully to their community and the national economy

L-R: Alhaji Abdul Munaf Yunusa, the Chairman of Azman Air; Dr Faruk Umar, the Director of Greenwich Merchant Bank; Dr Ibrahim Gaya, the Special Adviser to the Governor of Kano State on Rural and Community Development; HRH Alhaji Aminu Ado Bayero, The Emir of Kano, cutting the ribbon; and Mr. Ashish Pande, the Country Head for Olam Agri in Nigeria, at the launch of Olam Agri’s Crown Flour Angels Baking Academy in Kano, recently

frica is seeing increased participation of women in the workforce. According to a report by the Organisation for Economic Co-operation and Development (OECD), Africa has the highest number of women entrepreneurs in the world. As of 2018, women held 23.4 per cent of the top board positions on the boards of leading African companies. In the agriculture sector, the female gender also contributes 40 per cent of the productive labour force. Maximising the impressive women's presence in the active segment is key to reducing poverty on the continent. This step has become urgent considering the situation on the continent. The poverty level in Africa is not abating. Citing the Institute of Security Studies (ISS), a knowledge-building institute that is focused on developing the continent, citizens in 10 of the 54 countries on the continent are experiencing a deep level of poverty. To tackle the menace, it is imperative to keep raising the level of women's participation in the economy. It is believed that such growth action will deliver more support for local households, shore up incomes and enhance the continent’s combined gross national productivity rating. Meanwhile, Nigeria, one of the top economies on the continent, continues to prioritise women's empowerment as a path to enriching its economy. Presently, the country is seeing many private-led initiatives targeted at broadening the scope of women's empowerment, in support of the federal government's economic growth agenda. One of the organisations driving Nigerian women’s empowerment agenda is Olam Agri in Nigeria, a leading agribusiness in food, feed, and fibre. In 2021 the agribusiness launched the Seeds for the Future project, a wheat value chain development effort, to improve the food security position of the country. The effort later metamorphosed into a fullfledged corporate social investment (CSI) vehicle focused on promoting national food security, women empowerment, support for farmers, skill building, food fortification and carbon reduction within the host market. As part of the CSI vehicle, the business launched the Crown Flour Angels (CFA) initiative. The CFA is a women's community-building and economic empowerment initiative. It was borne out of the need to equip more women with baking skills and enhance their earnings while enabling them to contribute meaningfully to their community and the national economy. Through the CFA initiative, Olam Agri in Nigeria trained and provided baking tools for

The baking academy building in Kano 250 International Cake Exploration Societé (ICES) women in Lagos in 2022. The trainees were further certified by the National Business & Technical Examinations Board (NABTEB) to enable them to find deeper relevance in the industry, especially in helping them take up working roles in the hospitality sector or setting up their baking businesses. Recently, it followed up the successful training of the ICES women with the launch of a baking academy in Kano. The baking academy offers a scaled support framework for women across the northern region. The advantages presented by the baking academy are numerous. Aspiring bakers will be able to earn

a certificate and industry-specific knowledge that will help sharpen their competitive edge in the targeted industry. The teachers in the baking school are experienced professionals who have gained knowledge in the industry through many years of working in the field. The students will learn a wide range of baking skills from these eminent teachers who will shape their future for good. Also, the students will get hands-on experience in a live kitchen. To underline the economic importance of the project, the Emir of Kano, HRH Alhaji Aminu Ado Bayero, who was present at the launch, applauded Olam Agri in Nigeria. He remarked, “Olam Agri in Nigeria has done well by locating this academy in Kano State. The academy will help build our community by giving our women the opportunity to learn the skills that will yield good incomes for their households when put

Through the participation of private organisations in supporting women, Nigeria is taking an important stride towards reducing poverty and achieving wider economic development. Other African countries need to follow suit as a sound path of raising the living standards of the people

to commercial use.” Speaking about the empowerment initiative, Ashish Pande, the Country Head for the business, said, “We believe that an investment in human capital development on a broader scale will engender national prosperity, and investment in educating women is key to enhancing the livelihoods of families. The Crown Flour Angels initiative is targeted at equipping keen women with the requisite baking skills to enhance their earning potential.” Also, Mrs Bola Adeniji, the Head of Marketing at Olam Agri in Nigeria, noted, “The launch of the baking academy offers a scaled support framework for women across the northern regions, and the choice of Kano is strategic. The global bakery product market size was $397.90 billion in 2020. "The market is projected to reach $590.54 billion in 2028. This growth projection presents an opportunity for bakers, including graduates from our baking academy. We are proud to be launching our women into this prosperous market through our initiative.” Through the participation of private organisations in supporting women, Nigeria is taking an important stride towards reducing poverty and achieving wider economic development. Other African countries need to follow suit as a sound path of raising the living standards of the people. An academic delivery will no doubt stress the importance of investment in women's empowerment. Dr Gurudatt Kakkar, the prochancellor of India’s Career Point University, explained that education, which includes access to skill acquisition platforms such as the baking academy, improves women's productivity level, and would increase a woman’s future earnings by around 15 per cent. Olam Agri is a leading agribusiness, transforming food, feed and fibre with a global origination footprint, processing capabilities and deep understanding of market needs built over 33 years. With a strong presence in high-growth emerging markets and products across grains & oilseeds, animal feed and protein, rice, edible oils, specialty grains & seeds, cotton, wood products, rubber and commodity financial services, Olam Agri is at the heart of global food and agri-trade flows with approximately 40 million MT in volume traded annually. Focused on transforming food, feed, and fibre for a more sustainable future, it aims at creating value for customers, enable farming communities to prosper sustainably and strive for a food-secure future.

T H I S D AY ˾ DAY ʹ˜ 2023

FEATURES

Ajoki, the Emerging Dubai of Niger Delta History was made in Edo State recently at the handover of a gas-to-power plant project that generates all clean gas from energy 1MW of 24-hour electricity to the Ajoki Community. Executed by the NNPC and leading energy and infrastructure conglomerate, Sahara Group, Adibe Emenyonu who was there, writes that it has boosted the profile of the community as the emerging Dubai of the Niger Delta region

Representatives of NNPC Management, leading energy and infrastructure conglomerate, Sahara Group and Ajoki Community during the oﬃcial commissioning of the 24-hour interrupted power supply in Ajoki, Ikpoba-Okha local government area of Edo State

lessing has not stopped counting her blessings since Ajoki joined the league of locations with uninterrupted power supply. Her hair dressing salon business is booming, and she's already thinking of how to expand her business. Ajoki Community is now replete with many "Blessings" whose small businesses are being transformed! That there would be an influx of people seeking to experience the opportunities opening up in Ajoki is not a far-fetched expectation. It's happening already. "What we initially thought was a pipe dream has eventually become a reality,” explains secretary of Ajoki community, Scott Omasan. “The test run has been on since December last year and now the project is in full gear. Now, small businesses, healthcare, and commercial activities will be transformed in Ajoki. Even residents of neighbouring communities now flock into Ajoki to do one business or the other because of the uninterrupted power in our community,” he adds. Call Ajoki the emerging Dubai of the Niger Delta, and you would be stating the obvious - when you consider the role electricity plays in fostering industrialisation and sustainable development. Ajoki is an Itsekiri Community domiciled in Ikpoba-Okha local government area of EDO State. The history of the area dates back to the period of 18th and 19th centuries of oils river states. It is predominantly a fishing community along the Benin River before the advent of oil exploration of 1958 which began at Oloibiri, now in Bayelsa State. The community is bordered in the East by Okoko, another fishing Community which speaks the same Itsekiri language; and on the west flank by the Benin speaking areas. Ajoki's march towards round-the-clock power started with an arrangement that provided 12 hours of power supply facilitated by diesel generators. This was provided by The Nigerian National Petroleum Company Limited and Enageed Resource, a Sahara Group Upstream company.

Promoting access to clean energy responsibly has always driven Sahara Group's operations across the globe. This desire would pave the way for the implementation of Ajoki Gas-to-Power project towards achieving 24-hour electricity supply to the community. It was a march towards clean energy, devoid noise and fossil fuels. Nothing could resonate more with the name "Ajoki" which meaans quietness, vitality, and enthusiasm. Yes, Ajoki has come alive. The mood of the community was captured in a welcome address, Thursday, February 8, at the formal commissioning of the project. It was delivered by the Secretary of Ajoki Community, Mr. Scott Omasan. "Today, our dream has come to pass and God has sent Enageed Resource Ltd and Sahara Group to build the 24-hour electricity to complement other projects executed in our community. The 24- hour electricity supply started December. Now Ajoki can be described as the Emerging Dubai of Niger Delta." Continuing, Omasan declared, "As host community blessed with oil and gas reserves, we consider ourselves very fortunate to have a committed and trusted partners in Enageed, NNPC and Sahara Group." Ajoki's power supports tens of

thousands of beneficiaries whose aspirations can now take off and find expression in sundry rewarding engagements. The project had the NNPC Upstream Investment Management Services (NUIMS) and the Edo State Government as key partners - a development that reinforces the place of effective stakeholder management and public-private partnerships. Olubunmi Lawson, Head Sustainable Community Development, who represented Bala Wunti, Chief Upstream Investment Officer, NUIMS at the handover ceremony, the project will foster increased agricultural and economic productivity, higher revenues, better healthcare, and make the environment cleaner. “NNPC Ltd is committed to timely delivery of social impact projects across the nation. I want to encourage the good people of Ajoki community to continue to collaboratively work with Enageed Resources Limited to ensure the sustainability of this laudable project,” she said. Henry Menkiti, Chief Operating Officer, Asharami Energy (A Sahara Group Upstream Company) has this to say, “what we are witnessing today is the product of Sahara Group’s unwavering commitment to seamless stakeholder relations everywhere we operate. We enjoy the support of our host communities where we call home because we continue to work with a shared vision that is centred on making a difference responsibly.” Menkiti highlighted Asharami Energy 's commitment to effectively adapting and responding to climate change trends and positioning the business to harness emerging opportunities.

These projects have resulted in signiﬁcant development of the community, promoted a sense of ownership amongst the people and led to peaceful operations of Enageed within the community

Reiterating Sahara's position that doing well for the business must also translate to doing well for the community, Ejiro Gray, Director, Governance and Sustainability, Sahara Group, described the project as an outstanding achievement for the energy conglomerate, considering the endless opportunities it offers the Ajoki Community. “This Gas-to-Power project is so important to us because we’re essentially taking a resource that is available in the community and using it to produce something that is beneficial to Ajoki and its environs," she said. Elated by the project, Shegun Eloa and Esther Koma, the Youth and Women Leader respectfully of Ajoki, commended Enageed Resource and Sahara Group for giving the community “a new lease of life.” The Olareaja of Ajoki Community, Pa Joseph Agbaga said the community would ensure the safety of the power plant and continue to work with Enageed harmoniously. “Enageed and Sahara Group have always stood out in their approach to working with the community and Ajoki is grateful for this power project that will now make Ajoki stand out in the Niger Delta,” he added. Babatomiwa Adesida who heads Head, Stakeholder and Community Relations at Asharami Energy noted that Enageed had previously executed other sustainable projects in the areas of health, education, capacity building and infrastructural development. These projects, according to him, have resulted in significant development of the community, promoted a sense of ownership amongst the people and led to peaceful operations of Enageed within the community. "Enageed Resource, the operator of Oil Mining License (ML) 148, commenced the Ajoki Electrification Project in 2019 with the aim of converting flared gas (at the flow station) to electric power for 24-hour electricity supply to Ajoki Community. Now that Ajoki has uninterrupted power supply, let the march towards "Dubai status" begin.

T H I S D AY • MONDAY, MARCH 6, 2023

PERSPECTIVE Judicial Intervention as Extension of 2023 Elections

Dakuku Peterside

The last presidential and National Assembly election was as crucial to our democracy as it was controversial. A lot was riding on it, delivering more drama than anticipated. Our present reality is that going by the posturing of key political gladiators, the 2023 presidential and National Assembly elections have triggered direct judicial intervention as the final phase of the electoral process. This is fine. At least, it is the only legitimate channel to address grievances against the conduct of the elections and to seek redress. Two major political parties , PDP and LP presidential candidates have made it clear they are approaching the courts to “correct what was not properly done” on 25th February. Apart from the two presidential candidates, many National Assembly candidates have also indicated an interest in approaching the courts. Without claiming to be a prophet, the number of cases may be less than we had in 2019 because of the dwindling faith of contestants in the judiciary among other reasons , but the issues will be more contentious this time. These issues range from constitutional and electoral acts interpretations, malfeasance and criminal disruptions of polling processes which have made some question the validity of the electoral outcome. The assumption, based on INEC narratives, before the elections was that we would have few reasons to drag the judiciary into the simple constitutional exercise of the people electing our Leaders. This hypothesis has turned out to be incorrect. Avoidable slips by INEC created these triggers for the option of judicial intervention. What is worrisome is not that political gladiators are approaching the court to help fix our electoral process and may help us “choose” our political leaders but that this will put our judiciary on edge. This is a Judiciary that, objectively speaking, cannot claim it is enjoying the best public standing before Nigerians. In an environment suffused with corruption, even in the judiciary, the democratic process is at risk if it must depend on judicial outcomes to determine the validity of electoral processes. One way to bring down democracy in any society or country is to have a compromised, incompetent, pusillanimous, and politically exposed judiciary. This invariably gives citizens only one optionself-help - the most common denominator for crisis and chaos for nations. Examples abound where the collapse of proper constitutional processes yields failed states. Therefore, we will focus on the judiciary in the next few weeks to stabilize and salvage our democracy. Aside from the alleged malpractices during the elections, a few constitutional issues are at stake in this last election. Prominent among them is the contentious issue of 25 per cent of votes cast in the Federal Capital Territory( FCT) as part of the requirements to be declared winner of a presidential election and the position of the law on electronic upload and transmission of election results at the polling unit/booth level. The court will interpret these laws and establish whether INEC or any candidate or party breaks them. The court also must adjudicate on the claims filed by these candidates, which are in three broad categorisations: 1) Allegations of a “stolen mandate” in which other candidates claim that they won the elections based on their own collated results from the polling

President-elect Tinubu presenting his certiﬁcate of return to Buhari

units by their agents and must be declared winners by the courts. 2) The candidates may be calling for cancellations of the election. 3) The court maintains the status quo and allows the president-elect and winner of the last presidential elections to lead Nigeria because the opposition could not prove their case, or the level of infractions is insufficient to have changed the outcome of the election. The national elections is technically over and the battle for consolidation of democracy has shifted to the courts. The judiciary must take all necessary steps to shield itself from being brushed by the tar of politics. Leaders of the bench must admit that they need much work to regain its reputation in the minds of Nigerians. No love is lost between Nigerians and judicial intervention in politics due to some judgements related to past political contests. The crisis of credibility afflicting the judiciary is evident to all and has taken a severe toll on the institution. It is trite to say that over time, the Nigerian court has not lived up to a decent reputation in most such electoral cum political cases. The impartiality of the courts and its principled stand on key politically related constitutional cum electoral issues should not leave anyone in doubt about the courage to do justice. The belief in the judiciary as the ultimate sanctuary of justice in a democracy is founded on the supposition that judges will be above reproach. Never in the history of Nigeria has the apex court cancelled, nullified, or changed the outcome of a presidential election. We assume that it was because no such cases of presidential elections before the Supreme Court have convinced it that there was a prima facia justification for such. However, we have a precedent in Africa of such cancellation. In the 2017 Kenyan presidential polls, the Supreme Court annulled the

presidential elections result, citing irregularities and that the election had not been “conducted in accordance with the constitution”. This judgement was a landmark one and was reached to save democracy in Kenya. Admittedly, in a democracy, nobody can underestimate the judiciary’s role in correcting malfeasance. Advisedly, the court must allow technical issues to take the back seat and allow substantial justice to prevail. That is the only way we can correct a dysfunctional system and win the trust of Nigerians. This point is vital because in essential cases that attract the attention of the nation and citizens eagerly waiting for justice to be served, it is difficult for everyone to understand why legal technicalities will be the basis of judgements instead of the substance of the law. Only lawyers understand these technicalities, and decisions based on them are often difficult to sell to the public. Communicating judicial pronouncements to the lay audience have been the bane of judicial reporting in Nigeria and is one of the major causes of public distrust of the judiciary in recent times. These presidential election cases allow the court to show its power and clear separation from the executive and legislature. Their job is to uphold the constitution and the rule of law and not essentially a substitute for the collective will of the people expressed through their votes. Any judicial decisions of the supreme court are final and can only be changed by itself or God. Therefore, the Supreme Court judges must be circumspect and convinced in their choices based on the laws and constitution of Nigeria from where it derives its powers. It may be convenient for electoral disputes at sub-national and subsovereign levels to be determined by judicial processes, as we have seen in cases where the Supreme Court has altered the destinies of governors and states. It is common

and understandable that at this level, whatever decisions the supreme court makes may not undermine the State so much given that the States are intertwined and linked with the federal and, as such, can withstand the sudden change of governors by the Supreme Court. But at the apex national level, the presidency, for example, purely technical and legal arguments may not suffice. Judicial decisions come to be conditioned by higher considerations of jurisprudence, national interest, and national security. At that level, judges of the Supreme Court must protect the Nigerian State and its sovereign security over and above matters of justice concerning the rights of individual contestants for partisan pre-eminence. There must be a nation before partisan contestants acquire the right to win an election. Nigeria cannot afford to pour out dirty water with the baby. Nigeria’s existence and growth far outweigh the issue of who leads it. We must always remember that there will be another election in four years if Nigeria survives the furore caused by the last election. It is a pity that after all the plans, provisions of the electoral act that was greeted with fanfare by all Nigerians, and the promises of INEC to conduct a free and fair election in 2023 because of the BVAS and IREV provisions, we are still going to depend on the judiciary to determine the validity or otherwise of the polls. We will all admit that BVAS worked and contributed to more transparency and likely reduced disputation of electoral outcomes, especially in the national assembly polls. We must do a post-mortem of the election and learn from it to improve subsequent polls. And the Supreme Court and the judiciary must be conscious that all eyes in and outside the country are on them. They are carrying the hope of a nation and must not dash that hope. We look forward to a new Nigeria where judicial incursion into politics will be minimal, if not completely eradicated. •Peterside is a former Director General, NIMASA

T H I S D AY • MONDAY, MARCH 6, 2023

FOCUS

Alim Abubakre: Building Minds And Industries As a Global Strategist

r Alim Abubakre is a name that is synonymous with leadership, strategy, management, and entrepreneurship. He founded These Executive Minds TEXEM, UK (formerly These Young Minds), a leadership development and management consultancy firm that has helped many organisations achieve their goals by improving their leadership and management practices. Dr Abubakre’s impressive experience, knowledge, and expertise have made him a sought-after mentor, coach, and consultant.

EARLY LIFE AND EDUCATION Abubakre, a British citizen, has worked in Nigeria at the World Bank-funded Poverty Reduction Agency, one of the emerging countries’ most significant public-private partnership infrastructural projects. Dr Abubakre holds a Master’s in Business Administration from the University of Leicester. During his study, he was appointed the President/Course Representative, which entailed attending regular meetings with the Vice Chancellor, Professor Bob Burgess. Due to his vision, he conceived and collaborated with other MBA students to organise the first student organised confab on the financial crises in 2008 in the UK. Due to the success of this confab, which resulted in coverage in BBC, Independent and Times Higher Education and his work with engaging stakeholders on behalf of his colleagues, he was awarded the Course representative of the year from among 400-course representatives at Leicester. He was the first African in the history of the University to receive this honour. He also holds a Doctorate in Strategy from the University of Southampton, and his thesis was on Evaluating stakeholder theory in a developing country context. He has been invited to present his research findings at the Academy of Management in the USA and the British Academy of Management confab. The findings of his doctoral studies informed the confab and led to the conception of the oil and gas confab titled leaders in oil and gas in Africa. This confab partnered with Oxford University, Financial Times, London Stock Exchange, the Law Society and the Royal African Society. This confab was held on the 22nd of October at the Kensington Royal Garden Hotel, London. Dr Abubakre’s education and early career experiences provided him with a strong foundation in business and management, which he would later draw upon in his work with These Executive Minds TEXEM, UK. His education and early career experiences also instilled in him a passion for entrepreneurship and a desire to positively impact society.

CAREER JOURNEY POST-MBA After completing his MBA, Dr Abubakre began his career in the corporate world, working as Director of Strategy at a multinational firm based in Cambridge and serving as Non-Executive Director of Cambridge to Africa. He has also served on the advisory board of the London School of Economics Africa Society and still sits on the London Business School Africa club. Throughout his career, Dr Abubakre observed a common problem in many organisations – a lack of effective leadership and management. He noticed that many organisations struggled to develop and implement effective strategies, lacked the necessary skills to manage their resources efficiently, and failed to inspire their teams to achieve their goals. In response to this problem, Dr Abubakre founded These Young Minds, a leadership development and management consultancy firm. ‘Young’ is related to innovation, challenging assumptions, having a growth mindset culture and continuous renewal. Through this company, he aimed to help organisations develop effective leaders and managers by providing executive development, coaching, and consulting services. These Young Minds first client was Microsoft, UK. During the first few years of the company’s operation, it partnered with renowned institutions such as Oxford, INSEAD, Manchester

Abubakre and Henley Business School to co-deliver executive development programmes. However, when These Young Minds decided to optimise her impact by expanding into delivering programmes in Africa and the partner institutions were not keen on this, These Young Minds chose to explore their expansion into Africa, deploying her impactful methodology on her own. Since its inception, These Young Minds has become a leading player in the industry, working with top executives and organisations across the globe. The company has helped many organisations to achieve their goals by improving their leadership and management practices. In 2015, These Young Minds rebranded as These Executive Minds TEXEM, UK, following its quest to expand its services to Africa, where some of her clients misconstrued the meaning of Young in the company name. Alim Abubakre has worked as an academic at Nottingham Business School, Coventry and Sheffield Business School. He teaches Strategy, Leadership and addresses issues around global challenges for MBA and MSC students. In addition, he has served as a judge on the University of Leicester Postgraduate Festival of Education, as an external doctoral examiner to UNICAF and supervises postgraduate students, including doctoral candidates.

holistic approach to leadership and management and emphasise the importance of exploring a normative approach while engaging stakeholders. These concepts have been used in designing executive development solutions that have been widely adopted by organisations worldwide and have helped many leaders and managers develop the skills and competencies needed to succeed in their roles. Another notable contribution by Abubakre is his work in promoting entrepreneurship in emerging countries. He has been involved in various initiatives to support and develop entrepreneurship in the country. He has worked closely with the government, private sector, and civil society organisations to promote entrepreneurship to unlock the wealth of nations and drive economic growth and development. Abubakre has been chosen as one of the top 100 Virgin Media emerging entrepreneurs in the UK. Due to his contribution to nation-building, he was selected to accompany London’s Lord Mayor on his entourage to Nigeria in 2015. Due to his contribution to executive education, he has engaged with two UK Prime Ministers and has been invited to St James’s palace by the UK royal family. He is a Fellow (FIOEE) of the UK’s Institute of Enterprise and Entrepreneurs, A senior Fellow of the Higher Education Academy, and a Chartered Member of Business Educators in the UK.

LIFESTYLE Abubakre, the founder of These Executive Minds TEXEM, UK, is a private individual who keeps his personal life largely out of the public eye. In his free time, Dr Abubakre enjoys mentoring the youths and encourages them to channel their energy to positive initiatives that will impact society positively. He is also an avid traveller and enjoys exploring different parts of the world and experiencing different cultures. Dr Abubakre is known to be a silent philanthropist and has been involved in various charitable causes over the years. He is particularly interested in initiatives promoting education, youth development, and good governance. He has supported multiple organisations working in these areas. In general, while Dr Abubakre keeps his personal life largely private, it is clear that his family, personal interests, and philanthropic work are important aspects of his life outside of his work with These Executive Minds TEXEM, UK.

CHALLENGES FACED AS A LEADER Like

any

successful

entrepreneur,

MAJOR CONTRIBUTIONS TO Abubakre has faced his fair share of challenges. However, establishing These INDUSTRY, LEADERSHIP Abubakre’s contributions to the industry have been significant. He is a highly respected thought leader and has written extensively on leadership, strategy, and management. He is also a frequent speaker at conferences and seminars, where he shares his knowledge and insights with other professionals in the industry. In addition, he has delivered keynotes at the London School of Economics, the University of Cambridge, the University of Oxford and Henley Business School. The title of his keynote at Cambridge was Entrepreneurship in the Green Economy, Sustainability amidst Austerity, Resource scarce and a limited growth world at London School of Economics and Bridging the gap between Sustainability and the Board at Cambridge University. One of Dr Abubakre’s most notable contributions to the industry is his work in developing the “intra-stakeholder conflict and historical hangover” informed by his doctoral research. These concepts provide a

Young Minds in a highly competitive industry was one of his biggest challenges. As a new player in the market, Dr Abubakre had to work hard to build his company’s reputation and establish a solid customer base. However, he faced intense competition from well-established players in the industry and had to find ways to differentiate his company from the competition. To overcome these challenges, Abubakre focused on building strong relationships with his clients, providing high-quality services, and delivering value for money. He also invested heavily in marketing and branding to ensure that These Young Minds was visible and recognisable in the industry. Another challenge that Dr Abubakre faced was managing the growth of his company. As These Young Minds grew rapidly, Dr Abubakre had to find ways to scale the business without compromising on the quality of services offered. To address this challenge, Dr Abubakre

focused on building a strong team of professionals and invested heavily in training and development programs to ensure that his team are equipped with the skills and knowledge needed to deliver high-quality services. He also implemented systems and processes to streamline operations and ensure efficiency, which helped to manage the company’s growth.

LESSONS LEARNT Abubakre has learned many valuable lessons through his journey as an entrepreneur. One of the most important lessons he has learned is the importance of perseverance and hard work. He believes that success does not come easy and that one must be willing to work hard and persevere in facing challenges and setbacks. Another lesson that Abubakre has learned is the importance of having a strong vision and purpose. He believes a clear vision and purpose are essential for any successful entrepreneur and provide a roadmap for achieving one’s goals. Abubakre has also learned the importance of taking calculated risks. He believes that taking risks is an essential part of entrepreneurship, but weighing the risks carefully and making informed decisions is crucial. Finally, Dr Abubakre has learned the importance of giving back to society. He believes successful entrepreneurs are responsible for using their success to positively impact society and support initiatives promoting social responsibility and community development.

LEGACY AS A LEADER The legacy of Abubakre, founder of These Executive Minds TEXEM, UK, is one of innovation, impact, and excellence in executive education. Dr Abubakre has established a reputation as a thought leader and expert in leadership, strategy and management and has significantly contributed to developing executives and business leaders worldwide. Through his work with These Executive Minds TEXEM, UK, Dr Abubakre has developed and delivered cutting-edge executive education programs that have helped over 4000 individuals and hundreds of organisations achieve their goals and reach new levels of success. He has developed a unique approach to executive education that focuses on practical, real-world solutions and has brought together a team of world-renowned faculty willing to relearn and unlearn by deploying TEXEM’s methodology for the success of the clients. Those dynamic and resourceful faculty are committed to delivering high-quality TEXEM programmes that meet the needs of their clients. Dr Abubakre’s legacy extends beyond his work with These Executive Minds TEXEM, UK, as he has also been a passionate advocate for entrepreneurship, youth development, and education. He has supported various charitable causes over the years and has been involved in initiatives that promote education and youth development in Nigeria and other parts of the world. In a nutshell, Dr Abubakre’s legacy is one of excellence, innovation, and impact in executive education. He has significantly contributed to developing leaders and executives worldwide, and his work will continue to inspire and influence the next generation of business leaders for years to come. In conclusion, Abubakre is a true visionary and leader in the business world, with a passion for developing influential leaders and managers. Through his company, These Executive Minds TEXEM, UK, he has helped many organisations to achieve their goals by improving their leadership and management practices. His contributions to the industry are significant, and his work promoting excellence in leadership in Nigeria has the potential to impact the country’s economic development positively. Abubakre’s success can be attributed to his extensive knowledge, experience, and expertise in strategy, leadership and management. He understands organisations’ challenges today and has developed effective strategies to help them overcome them.

T H I S D AY • MONDAY, MARCH 6, 2023

This Week In Tech Tech Top 5 News 08097710984

FLUTTERWAVE HACKED, N2.9BN STOLEN FROM ACCOUNT

n February 13, 2023, African fintech unicorn, Flutterwave, experienced an attack by hackers who illegally transferred N2.9 billion ($4Million) from their accounts. The hack was reported to the police by Flutterwave’s legal counsel, Albert Onimole, on February 19, 2023. It was revealed that the money was initially transferred to 28 accounts in 63 transactions, and some of the commercial banks allowed the money to be transferred to other accounts, making it difficult to trace. Flutterwave’s legal counsel filed a suit in the Magistrate Court of Lagos, requesting that accounts in 27 financial institutions in Nigeria be frozen, including Access Bank, Providus Bank, KudaBank, PiggyVest,Zenith Bank, e.t.c. According to Flutterwave, some commercial banks allowed the money to be moved to other accounts, widening the money trail. To investigate accounts holding the stolen funds across various financial institutions in Nigeria, S.A. Adedesin, Legal Officer, State CID, Panti, Yaba, Lagos, filed a suit in the Magistrate Court of Lagos (Yaba Magisterial District sitting at Yaba) to support Flutterwave’s claims,with the Commissioner of Police named as the plaintiff. While there are no documents to confirm if the court has ruled in favour of Inspector Micheal’s motion, some people have confirmed that their accounts have been frozen in connection to the hack. A Twitter user said, “I got a mail from my bank saying I’m a 4th beneficiary to this acclaimed fraud money. This was after over five days after a successful trade. My account is locked, I can’t access fund inside. Pls is this right? It’s unfair I have zero business with flutter wave or the hack.”

REPORT: 8.7% OF AFRICAN INTERNET USERS EXPERIENCED PHISHING ATTACKS LAST YEAR Kaspersky experts have discovered that throughout 2022 cybercriminals increasingly turned to phishing attacks. In a report by Kaspersky’s SecureList, the anti-phishing system prevented more than 500 million attempts at accessing fraudulent websites globally in 2022. The company’s anti-phishing system successfully blocked 507,851,735 attempts to access fraudulent content globally, twice the number of attacks thwarted in 2021. In Africa, 8.7 per cent of individuals and corporate users were affected by phishing attacks on their devices which were detected and stopped. In Nigeria, the share of users affected by phishing stands at 7 per cent, followed by Kenya at 8.4 per cent and South Africa at 9.7 per cent. The sphere most frequently targeted with phishing attacks was delivery services. Fraudsters send fake emails pretending to be from well-known delivery companies and claim there is a delivery issue. The email includes a link to a fake website asking for personal information or financial details. If the victim falls for the fraud, they could lose their identity and banking information, which may be sold to websites on the dark web. With financial phishing, the most targeted categories were online stores and financial services. Among the financial phishing attempts in Nigeria, 31.1 per cent were through websites of fake payment systems, 51.2 per cent through fake online stores and 17.8 per cent through fake online bank portals. In South Africa, 15.4 per cent were through websites of fake payment systems, 68.4 per cent through fake online stores and 16.2 per cent through fake online bank portals. In Kenya, 22.5 per cent were through websites of fake payment systems, 54.9 per cent through fake online stores and 22.6 per cent through fake online bank portals. There is also growing demand among cybercriminals for social media credentials, with criminals exploiting people’s curiosity and desire for privacy by offering fake updates and verified account statuses on social media platforms. Moreover, the experts found that cryptocurrency scams and market events, like the pandemic, are still being used by phishing attackers to steal

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Tech Personality of The Week ADEOLA AYOOLA

deola is the CEO and founder of Famasi Africa, where she leads a team that manages recurrent medication needs for Africans. With over six years working in different sectors of pharmacy (retail, hospital and supply chain), she has experienced the problems people with recurrent medications face. In her last official capacity at the Quality Rx Unit of mPharma, she worked on facilitating access to medications in retail pharmacies. Famasi is a Nigerian e-health startup that began as a medication management service but has expanded its vision to build pharmacy infrastructure to scale digital health. The online pharmacy was launched in September 2021 and delivered medications as monthly or quarterly ‘plans’ to its customers. However, the health tech startup started to roll out non-chronic plans like menstrual care and sexual health during its beta. In February, the company secured an undisclosed pre-seed round to build the pharmacy infrastructure for African digital healthcare. The startup is set to onboard over 35,000 customers from its pipeline and grow its providers from 229 to 1,000 by the end of 2023. The Nigeria-based Famasi Africa joins the concise list of health techs, including mPharma, with a promise to improve medication access. sensitive information from people who are worried.

MOOVE DRIVERS PROTEST OVER HIGH COSTS OF OPERATIONS Recently, app-based drivers registered under mobility fintech, Moove, in partnership with Uber, have been protesting in Lagos. They have since been operating in the Uber Go Category, a cheaper ride-hailing option. However, the demonstrations are ongoing, majorly because of what it costs to rent and drive on the Moove assembly line. Moove rents out the cars to the drivers in a hire purchase model, where the drivers would become the owners of the cars after paying the value that the company determines. Although the Suzuki vehicles used in the Uber Go category typically sell for $12,900 (N6 million) outside Nigeria, Moove rents them out to the drivers for $25,450 ( N11.7 million). At a daily remittance rate of N9,400, a driver would take 41 months (three years and five months) to complete their payments. According to reports gotten from drivers, it used to cost N8 million to acquire higherpurchase vehicles via the platform. But the company was reported to have revised it to around N12 million. Nonetheless, Moove maintains that there have been no changes to the pricing. Typically, Moove gives its drivers either a Suzuki S-Presso or an Alto, which ordinarily retail at N7.6 million and N9.9 million, respectively. Most of these taxis are used for rides on Uber Go, which on its part, requires drivers to pay N9,400 ($20) daily. The e-hailing platform also requires them to complete twelve rides within six days every week. Some vehicles rented from Moove are fairly used, yet drivers are mandated to repay sums that trump the costs of buying

them brand new. In a statement,Moove said,“All mobility entrepreneurs across Nigeria, including our very own Moove customers who earn their living operating vehicles that we have empowered them with, are even more adversely affected due to the number of working hours spent queuing for fuel rather than being on the road and earning money.”

IPHONE USERS TO BEGIN SENDING IMESSAGES FROM PCS iPhone users can now send and receive messages, calls, and notifications directly on their PC. By utilising the updated Phone Link desktop application developed by Microsoft, it is pre-installed on Windows PCs and was previously only available for Android users to synchronise their phones to their laptops. The app only supports basic messaging and calling and does not allow group messaging or sending media. Despite being unable to share photos on the Phone Link, iCloud Photos is already integrated into the Windows 11 photos app. The latest Windows 11 update enables iPhone users to establish seamless connectivity between their smartphone and laptop. In a blog post, Microsoft said it was launching the preview first to a limited percentage of “insiders”, implying that not all “insiders” will have access to the preview immediately. But it noted that based on feedback, it would gradually expand the availability of the preview to more “insiders.” Android users have had access to Phone Link for some time, and Microsoft announced an “even richer experience” for those users, including the option to “easily transfer” browser sessions from their Samsung phone to their Windows device. The Phone Link application provides basic support for iOS, including calls, messages, and

contacts. It enables users to receive notifications directly via Windows notifications, but the experience may not be seamless. Microsoft has stated that Phone Link for iOS does not offer features like sending media messages or replying to group messages. According to Microsoft, the Windows system exchanges messages via Bluetooth, and Apple transforms them into iMessage if the recipient uses an iPhone. The enhanced Phone Link application will not provide a complete conversation history nor indicate blue or green bubbles. It also will not exhibit photos saved on iPhones, unlike Android phones linked to the PC.

SNAPCHAT LAUNCHES OWN AI CHATBOT Snapchat launched a new chatbot this week that operates off the latest version of OpenAI’s ChatGPT technology. According to a statement by Snapchat, the chatbot named My AI can recommend gift ideas for friends, plan trips, suggest recipes, and write personalised poems. Snapchat is just one of many companies jumping on the AI bandwagon. Executives from companies like Microsoft, Google, Nvidia and Meta have made similar announcements to start implementing large AI models. However, in announcing the release, Snapchat did offer a warning. “As with all AI-powered chatbots, My AI is prone to hallucination and can be tricked into saying just about anything,” the Snapchat statement said. “Please be aware of its many deficiencies, and sorry in advance!” The company said conversations users have with My AI will be stored and reviewed for improvements but said not to share secrets or rely on advice it may give. Initially, the chatbot is only available to Snapchat+ subscribers who pay $3.99 monthly. The company hopes to eventually make the feature available to all its active users in the future.

20 T H I S D AY MONDAY MARCH 6, 2023 TR

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Monday March 6, 2023 Vol 27. No 10187

opinion@thisdaylive.com

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THE ELECTIONS OF FEBRUARY 25 The electoral process failed to meet Nigerians’ expectations on February 25, writes MARY BETH LEONARD

See page 21

DELTA 2023: WHY OMO-AGEGE IS THE RIGHT CHOICE

BERNARD OKUMAGBA argues Omo-Agege will offer a new Delta anchored on creating employment, development and security

See page 21 EDITORIAL

MAIDUGURI MARKET FIRE AND MATTERS ARISING

GEORGE ADIMIKE encourages Nigerians to persist in demanding electoral justice

2023 ELECTIONS: NIGERIANS VERSUS STATE CAPTORS While Prof. Mahmood Yakubu-led INEC ruthlessly snatched the prize for the worst conduct of an election, Nigerians are resolved to free themselves from the evil state captors. By conducting this shambolic and discredited presidential election, INEC capitulated to these criminal cabals and made itself a willing tool to keep Nigeria perpetually in bondage and captivity. It aborted Nigeria’s ambulation from the socio-economic ICU (intensive care unit) to national recovery and handed Nigeria over to her undertakers for possible burial. However, Nigerians are resolved not to let such happen. They have refused to abandon this project for national deliverance celebrated with the 2023 presidential election on February 25. Instead, it has graduated to a revolution. $V VXFK WKH ÀQDO EDWWOH WR IUHH 1LJHULD from captivity by corrupt state captors is unfolding. Though an uneasy calm and minor protests pervade the land, this piece intends to encourage Nigerians to persist in demanding electoral justice. Having been encouraged to vote by the persistent assurance of INEC that using BVAS would eliminate election rigging, the people responded and trooped out to exercise their rights and perform their civic duties. Unfortunately, INEC abandoned using BVAS and left the votes susceptible to manipulation for reasons DOOHJHGO\ LQFOXGLQJ ÀQDQFLDO LQGXFHPHQW In consequence, the hopes of millions were shattered by an unprecedented rigging. INEC allied with the state captors and tore to shreds the fabric of this nation. In line with their loud statement on Saturday when they trooped out en masse to vote for a new beginning characterised by national reconciliation, hope, justice, fairness, productivity, stability, character, compassion and competence, Nigerians should tirelessly demand the restoration of the mandate. By so doing, they ensure that the labours of our heroes will not be in vain. Indeed, no turn should be left unstoned. Since these state captors have reduced Nigeria to a criminal enterprise in which only the criminally minded snatch power and run with it, Nigerians have to dominate every physical and digital space WR GHPDQG WKH UHFWLÀFDWLRQ RI WKLV HYLO against the Nigerian people. These captors have to be subjected to pressure and the UDPLÀFDWLRQV RI WKH SHRSOH·V SRZHU WR appreciate that sovereignty belongs to the people. By refusing to give space or SHDFH WR WKHVH FDEDOV WKH EHQHÀFLDULHV of this atrocious sheer robbery of the people’s mandate will understand that government is a social contract and that

political power is a trust. Though INEC, in utter disregard for the electoral law, produced a puzzling and intriguing result and reneged on its avowed commitment to the people of Nigeria, the project of national liberation UHPDLQV DQ XQÀQLVKHG EXVLQHVV 3URI Mahmood Yakubu demonstrated corruption or a lack of capacity to carry out the great task of bequeathing to Nigeria the worst electoral outcome. He allowed himself to be overwhelmed by the corrupt and criminally minded politicians who bought and corrupted their way to power. The cost of the shambolic victory is humongous. It took the blood of many citizens of Nigeria. Yet it remains a project of God, and He is not in the habit of abandoning His projects. *RG KDV QRW ÀQLVKHG ZLWK 1LJHULD +H KDV no abandoned projects. Therefore, stay the course of the struggle but remain calm and active. The unfortunate mandate robbery is not a period but a comma. It is not the last word. Instead, it is the penultimate station to Nigeria’s ultimate deliverance. As such, violence would be its weakest and worst point in this battle for liberation and restoration. The right path would be to sustainably aggregate, mobilise and unleash the cumulative hopes, pains, WHDUV GHVLUHV VDFULÀFHV DQG GUHDPV RI WKH youth until the goal is achieved. The hope that the labours of our past and present heroes will not be in vain has to be kept alive and active. The hope that the desired future of a dream country where the best of the young will no longer ‘japa’ and the strongest of the youth will not experience the Sahara Desert or Mediterranean Sea as graves in their often failed hope of crossing to a better life in Europe has to drive the battle of emancipation and deliverance. From their tortuous journey across sea and desert, these Nigerians learn the bitter truth that there is no place like home. Often these economic migrant Nigerian youth end up living third-class citizenship in their lands of sojourn by

begging, prostitution, slavish farming, picking tomatoes and harvesting potatoes under the harsh sun and subhuman conditions for peanuts. In this new stage of the struggle, Nigerians are expected to activate their latent energies and motorise their hopes through civil and legal means— for example, through civil activities like sustained and heightened prayers, peaceful processions, commentaries, engagement with legal and political leaders, the building of political structures, recruiting more people, eschewing violence and despair, networking with individuals and groups of like minds, encouraging the leaders of the struggle LQ GLͿHUHQW ZD\V DFWLYH QRQ YLROHQW resistance where necessary, and media appearances, among other things. The struggle aims only to realise the hope of the commoner, which Prof. Yakubu-led INEC arrested. In the shambolic charade shamelessly called the 2023 presidential election, INEC assisted the cabals in capturing and kidnaping the hopes, joys, and prospects of a better Nigeria, which spurred the teaming millions of youth to take over the campaign for a better Nigeria. In their resolve to take back Nigeria, a gospel echoed and re-echoed by Peter Obi standing on the podium of the Labour Party, these youth demonstrated VHULRXVQHVV DQG FDSDFLW\ 7KH\ DPSOLÀHG the gospel of Peter Obi, which announced the coming of the liberation of families and the deliverance of Nigeria from consumption to production, darkness to light, ineptitude and corruption to responsible governance, to create a just and free society. Although INEC impeded our march to progress, peace, prosperity, and greatness, Nigeria is still pregnant with hope. Despite the fact that a new Nigeria was captured by the clueless and heartless enemies of the state, Nigerians are not relenting. Nigeria should not be surrendered to electoral robbers who would abuse her. The battle for freedom and redemption has only shifted to the next level. It acquires a new level of depth, impetus and frequency. It changes gear, and all persons of goodwill, Nigerians, must not sleep: wake up, do not sleep and take back your country. As the court begins, we need to give the same solidarity, putting pressure on every institution and person involved, especially the candidates on the court days in any legitimate form. In this battle, Nigerians should know that God is QRW ÀQLVKHG ZLWK WKHLU FRXQWU\ Fr Adimike, ÀQGIDGDFKLJR]LH#JPDLO FRP

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MONDAY MARCH 6, 2023

The electoral process failed to meet Nigerians’ expectations on February 25, writes MARY BETH LEONARD

THE ELECTIONS OF FEBRUARY 25

The people of Nigeria the quality of its elections in that demonstrated their dedication time constitutes one of those to democracy on February 25, accomplishments. We recognize but there are many angry and that Nigerians want that positive frustrated Nigerians as well as trend to continue, including many who are celebrating victories through the use of new technology they believe were hard-fought and intended to make the process of well-earned. In the coming days, reporting results more transparent. it will be important for the future We thus reiterate our call on INEC of this country that Nigerians not to address promptly the challenges OHW WKHLU GLͿHUHQFHV GLYLGH WKHP that can be resolved ahead of the and that the legally established March 11 gubernatorial elections, process for resolving challenges and to undertake a broader review

to the election be allowed to take its course. We commend Mr. Obi and Mr. Abubakar for their recent statements committing to take this path, and Mr. Tinubu, who INEC declared the president-elect under Nigeria’s electoral framework, for acknowledging their right to do so. The United States is no stranger

of the problems that transpired during the last elections and what FDQ EH GRQH WR À[ WKHP ,Q DOO cases, INEC should share with the Nigerian public information about the actions it is taking. I also want to highlight some of the remarkable results from this past election that show how Nigeria’s political landscape is indisputably changing. In more than half of the We reiterate our call on states – 20 – the winning candidate INEC to address promptly UHSUHVHQWHG D GLͿHUHQW SDUW\ WKDQ the challenges that can be that of the incumbent governor. Twelve of these states are led by resolved ahead of the March $3& JRYHUQRUV )RU WKH ÀUVW WLPH 11 gubernatorial elections, four presidential candidates won at least one state, and the top three and to undertake a broader each won 12 states based on these review of the problems that initial results. In the National Assembly elections, even with transpired during the last results still incomplete, we already know that changes are afoot: seven elections and what can be sitting governors lost in their done to ﬁx them attempts to win election to the Assembly; the Labor Party has won at least seven seats in the Senate; to election-related controversy the NNPP has won at least 11 seats DQG FRQÁLFW $V PXFK DV LW in the House of Representatives. can be unsatisfying to end an The Nigerian people have made electoral process in a courtroom, clear their desire for responsive in a constitutional democracy and inclusive governance, and we bound by the rule of law, that strongly support their ability to LV ZKHUH HOHFWRUDO FRQÁLFWV PD\ express that desire. The United appropriately conclude. States and Nigeria are the two It is clear that the electoral process largest presidential democracies in as a whole on February 25 failed to the world, and longtime partners. meet Nigerians’ expectations. As As Nigeria goes through these next I said numerous times prior to the weeks and months, we stand with elections, Nigeria has accomplished you. much in just the two-plus decades since the return to democracy, Leonard and a gradual improvement in is U.S. Ambassador to Nigeria

BERNARD OKUMAGBA argues Omo-Agege will offer a new Delta anchored on creating employment, development and security

DELTA 2023: WHY OMO-AGEGE IS THE RIGHT CHOICE Our state, Delta, is at an epochal moment that will determine whether we make the bend to get on the road to development or if we regress. There is little doubt that most Deltans are disappointed with the condition of our state. For a state that is blessed with abundant oil, gas and solid mineral resources, arable land and some of the best human capital in Nigeria, it is without a doubt that Delta should not be in its current sorry state. Delta is the largest producer of oil and gas in Nigeria, with more raw materials in clay, limestone, kaolin, silica, tar sand and decorative rocks, which if properly harnessed, would provide job opportunities for our fast growing population and teeming unemployed youths. So why is a state so blessed with such an array of raw materials, many of which have not been harnessed, be in such a terrible state where there is mass youth unemployment and despair? That is an issue at play here as Deltans go to the poll to elect a governor

articulated a very clear and measurable agenda towards meeting the needs. His manifesto and presentations show understanding and clear intent, which Deltans cannot take for granted. Explaining his mission, Omo-Agege said: “Our men and women must have decent jobs that allow a good quality of life. Our programme for the next four years in Delta State will bring back job creation, a productive economy, a sense of community and respect for people. Creating jobs for young people is a FKDOOHQJH ZKLFK ZLOO GHÀQH XV IRU WKLV generation and the next, and will remain a key priority for us as part of our longterm commitment to full employment.” He adds: “To create jobs, we will introduce an ambitious ‘Delta State Employment, Entrepreneurship and Empowerment Programme (DEEP) and will support our Social Economy and our Small and Medium Enterprises. DEEP is an unbreakable commitment WR EH IXOÀOOHG ZLWK LQQRYDWLYH LGHDV DQG reforms targeting massive private-sector economic development and growth through responsible management of government resources and processes. “The driving strategy behind DEEP will create modern cluster industries and manufacturing centres that will generate good jobs in every Local Government Area of Delta State. Our target is to create the right environment and support mechanism, including structured state guarantees, for the private sector to GHYHORS DW OHDVW ÀYH PDMRU HPSOR\PHQW on March 11, 2023. It is clear that if we are to generating corporate vehicles in each change our story from despair to a new era of LGA annually. These will drive wellnew economic opportunities, development organised, government-supported and and growth, Deltans must vote in a governor actively supervised Micro, Small and that means business. That person is Senator Medium Enterprises (MSMEs) to be Ovie Omo-Agege, candidate of the All strategically spread across the State on Progressives Congress (APC). the basis of the unique economic strength 6HQDWRU 2PR $JHJH FRPHV ZLWK YHULÀDEOH of each LGA. This is at the core of our records of performance as a lawmaker. He overall BUILD A NEW DELTA – BAND has distinguished himself excellently at the governance agenda.” Red Chamber of the National Assembly Delta State has not had a leader who WR WKH EHQHÀW RI DOO 'HOWDQV 6HQDWRU lucidly articulates his vision as OmoOmo-Agege will replicate his endless Agege does. Omo-Agege’s manifesto GHYHORSPHQWDO VWULGHV H[HPSOLÀHG E\ immensely underscores his passion and the numerous projects he attracted to his the promise of a new Delta anchored Constituency and beyond while serving as on creating employment, development, Senator representing Delta Central for the good governance and enduring security. past seven years-plus and as Deputy Senate Yet another plus is that Senator President of the Federal Republic of Nigeria Ovie Omo-Agege is a detribalised for the past three years-plus. He will also Deltan whose actions, body language be bringing his vast experience to bear in and antecedents are devoid of ethnic the management of the state resources as sentiments. Rather, he has performed Governor of Delta State. exceedingly well in his duties and Senator Ovie Omo-Agege is a has established friendships in various development-oriented administrator. As communities, local government areas, Governor, Ovie Omo-Agege would usher senatorial districts across Delta State in a new vista of hope and opportunities and beyond. All these are assets that will for Deltans. Omo-Agege’s emergence will come handy to Build A New Delta. also improve the relationship and enhance When it comes to the imperatives and synergy between the Federal and Delta challenges of development in Delta State, State Governments and thereby, attract the Deltans should trust Omo-Agege who needed development currently eluding the has delivered on his electoral promises hardworking and peaceful people of the in the past. State. I urge Deltans to choose this A peek into the BAND agenda of the Omo- trustworthy, progressive-minded and Agege manifesto shows a candidate that detribalised Deltan who has a clear has done serious work. Deltans who have vision of massive infrastructural and followed his campaigns at rallies and town social development of Delta State. hall meetings across the State would notice that he has shown a clear understanding Olorogun Okumagba, FCA of the needs of our people and has equally is a former Commissioner for Finance in Delta State

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MONDAY MARCH 6, 2023

EDITORIAL

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

MAIDUGURI MARKET FIRE AND MATTERS ARISING Regulators should do well by enforcing building codes

it is imperative to ask whether serious consideration s thousands of people continue to LV HYHU JLYHQ IRU WKH LQHYLWDELOLW\ RI ÀUH RXWEUHDNV LQ count their losses following the many of these markets and indeed in private and P\VWHULRXV ÀUH WKDW EXUQW GRZQ SXEOLF EXLOGLQJV LQ 1LJHULD ,Q PRVW FRXQWULHV LW LV the entire complex of the ‘Monday QRW MXVW HQRXJK WR GHVLJQ DQG FRQVWUXFW EXLOGLQJV LW Market’ in Maiduguri, Borno State, LV DOVR LPSRUWDQW WR PDNH DOORZDQFHV IRU D SRVVLEOH President Muhammadu Buhari has RXWEUHDN RI ÀUH E\ HQVXULQJ WKH DYDLODELOLW\ RI ÀUH called for vigilance. Winds and rising temperatures, ÀJKWLQJ HTXLSPHQW LQ VXFK IDFLOLWLHV 0DNLQJ VXFK DFFRUGLQJ WR WKH SUHVLGHQW LQFUHDVH WKH ULVNV RI ÀUHV DOORZDQFHV LV LQGHHG SDUW RI XUEDQ SODQQLQJ LQ IRUHVWV KRPHV SXEOLF EXLOGLQJV DQG PDUNHWV :LWK We are aware that such codes and regulations are DERXW VKRSV VWRUHV DQG NLRVNV WKH 0DLGXJXUL DOVR DYDLODEOH KHUH EXW WKH\ DUH UDUHO\ HQIRUFHG PDUNHW HVWDEOLVKHG DERXW IRXU GHFDGHV DJR LV RQH ,QGHHG LQ PDQ\ PDUNHWV WKHUH DUH OLPLWHG DFFHVV RI WKH ELJJHVW LQ WKH FRXQWU\ DQG WKH ÀUH ZDV VDLG SRLQWV WKURXJK ZKLFK ÀUH ÀJKWHUV DQG HPHUJHQF\ to have started after the Presidential and National SHUVRQQHO FRXOG JDLQ HQWUDQFH WR SXW RͿ ÀUH EHIRUH LW $VVHPEO\ HOHFWLRQV RQ WK )HEUXDU\ spreads. Yet, what all the recent developments point While we join in commiserating with the people to is that there is a need ZKR KDYH VXͿHUHG IRU EHWWHU DSSUHFLDWLRQ RI losses, it is important WKH FKDOOHQJH SRVHG E\ WKDW WKHUH EH D WKRURXJK What all the recent developments point to is that there is a need for ÀUH RXWEUHDNV VR WKDW WKH investigation so that DXWKRULWLHV FDQ EHJLQ WR appropriate lessons can better appreciation of the challenge posed by ﬁre outbreaks so that fashion how to deal with EH OHDUQW :H KDYH KDG them. PRUH WKDQ HQRXJK ÀUH the authorities can begin to fashion how to deal with them To reduce the increasing tragedies that ought UHJXODULW\ RI ÀUH RXWEUHDNV to have warranted the and the attendant dangers entrenchment of various T H I S D AY to lives and property, it is important to step up IRUPV RI PHFKDQLVP E\ WKH RSHUDWRUV RI WKHVH PDUNHWV EDITOR SHAKA MOMODU DGYRFDF\ RQ WKH LVVXH FRQGXFW UHJXODU ÀUH GULOOV LQ DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA to reduce occurrences. Most irksome is that some of MANAGING DIRECTOR ENIOLA BELLO PDUNHWV DQG RWKHU SXEOLF EXLOGLQJV HQIRUFH H[LVWLQJ the incidents culminating in this colossus damage DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU ÀUH FRGHV DQG UDLVH WKH SURÀOH DQG WKH UHVRXUFHV WR WKH OLYHOLKRRGV RI RXU SHRSOH ZHUH FDXVHG E\ WKH CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI DYDLODEOH WR RXU ÀUH VHUYLFHV ,W KDV DOVR EHFRPH careless attitudes of individuals. What compounds EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN increasingly important that traders should get their MANAGING EDITOR BOLAJI ADEBIYI the tragedy is that in all the instances, authorities shops and goods insured. That is the only way they THE OMBUDSMAN KAYODE KOMOLAFE RQO\ RͿHU V\PSDWK\ YLVLWV DQG SURQRXQFHPHQWV RI FRXOG UHFRYHU JRRGV ORVW WR ÀUH GLVDVWHUV VXSSRUW ZKLFK ZHUH KDUGO\ EDFNHG XS ZLWK DQ\ We call on the federal, state, and local governments concrete measures. Perhaps what makes these losses WR FRPH XS ZLWK VRXQG DQG HͿHFWLYH PHFKDQLVPV WR really haunting is that most traders do not insure T H I S D AY N E W S PA P E R S L I M I T E D SURWHFW RXU PDUNHWV IURP ÀUH LQFLGHQWV 7KH\ VKRXOG EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA their goods. GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, DOVR DV D PDWWHU RI XUJHQF\ UHYDPS DQG PRELOLVH WKH Although the president has alluded to the forces ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI ÀUH VHUYLFH WR SHUIRUP RSWLPDOO\ 6WULQJHQW PHDVXUHV of nature in his statement on the Maiduguri market DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, VKRXOG EH SXW LQ SODFH WR SXQLVK DQ\ LQGLYLGXDO LQFLGHQW PDQ\ RI WKH ÀUH RXWEUHDNV KDYH EHHQ ANTHONY OGEDENGBE or group which carry out any activity resulting in linked to factors such as fuel storage, power surge, DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI LQIHUQR 8QWLO WKLV LV GRQH ÀUH LQFLGHQWV ZLOO FRQWLQXH SNR. ASSOCIATE DIRECTOR ERIC OJEH illegal connection of electricity, carelessness due to lit ASSOCIATE DIRECTOR PATRICK EIMIUHI WR EULQJ LUUHSDUDEOH DQG LQFDOFXODEOH ORVVHV WR RXU matches or forgotten candle lights, stoves, cookers, CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI country. and gas cylinders in the markets as well as ignorance DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO of safety procedures. Beyond the usual lamentations, TO SEND EMAIL: ﬁrst name.surname@thisdaylive.com

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

LETTERS WHAT HAPPENED AT MY POLLING UNIT IN OYO STATE :KHQ , ZHQW WR FDVW P\ YRWH RQ )HEUXDU\ LW ZDV WR SHU IRUP D FLYLF GXW\ IRU WKH ÀUVW WLPH VLQFH 1LJHULD UHWXUQHG WR GHPR FUDWLF UXOH LQ , DP QRW D SROLWLFLDQ RU D FDUG FDUU\LQJ PHPEHU RI DQ\ SDUW\ , KDYH EHHQ KHVLWDQW WR JHW LQYROYHG LQ SDUW\ SROLWLFV RU YRWLQJ LQ DQ\ 1LJHULDQ HOHFWLRQ )URP ZKDW , NQHZ DERXW YRWLQJ in Nigeria, the votes did not count. Yes, they did not. Rigging de cided the outcome of elections. Many Nigerians are aware of this VLWXDWLRQ EXW FRQWLQXH WR YRWH DQ\ZD\ 9RWLQJ LV D IRUPDOLW\ WKDW politicians use to legitimize their claim to power; their positions as SUHVLGHQWV JRYHUQRUV RU SDUOLDPHQWDULDQV 6R , KDYH QHYHU ERWK HUHG WR YRWH , GLG QRW ZDQW WR ZDVWH P\ WLPH DQG HQHUJ\ RYHU D futile exercise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ͿHUHQFH EHWZHHQ FLWL]HQV DQG HWK nizens, state and ethnic nationalities, democracy and theocracy or ethnocracy. Even the many so called educated Nigerians speak as

HWKQL]HQV QRW FLWL]HQV RI WKH 1LJHULDQ VWDWH , VKDUH :KDWV$SS DQG RWKHU VRFLDO PHGLD SODWIRUPV ZLWK PDQ\ RI WKHP $QG , VKXGGHU at how they think and reason especially when it comes to politics. 7KH\ OLWHUDOO\ VXVSHQG WKHLU HGXFDWLRQ DQG LQWHOOHFWLRQ ,Q 1LJHULD FLWL]HQVKLS LV RQ WKH VXUIDFH DQG IDOOV RͿ DQ\ WLPH WKHUH LV DQ HOHF tion or political discussions. Politicians who win elections are those ZKR FRXOG RXW ULJ RWKHUV $Q HOHFWLRQ LV QRW DERXW WKH FKDUDFWHU RU FRPSHWHQFH RI WKH FDQGLGDWHV 3ROLWLFV LV DERXW HWKQRUHOLJLRXV D΀OLDWLRQ PRELOL]DWLRQ GRPLQDWLRQ DQG PDQLSXODWLRQ :KDW KDSSHQV DW WKH SROOLQJ XQLW GRHV QRW FRXQW ,W GRHV QRW PDWWHU DW DOO 9RWLQJ LV D IDFDGH IRU WKH FUXGH DQG SULPRUGLDO DFTXLVLWLRQ RI SRZ HU :KDW PDWWHUV LV ZKDW KDSSHQV DIWHU WKH YRWHV KDG EHHQ FDVW what happens at the collation centers. So it is the collation, not the casting of votes, the rigging structure, not the people, that largely determines the winner of elections in Nigeria. 0DQ\ \HDUV DJR , KDG D URRPPDWH ZKR ZDV D 3'3 R΀FLDO +H WROG PH KRZ SDUW\ WKXJV XVHG WR FDUU\ EDOORW ER[HV DQG VWXͿ WKHP ZLWK YRWHV IRU WKHLU FDQGLGDWHV ZKLOH VRPH SROLFH R΀FHUV ORRNHG RQ 3ROLWLFLDQV KDYH SHUIHFWHG VWUXFWXUHV ZKLFK WKH\ XVH WR VXE YHUW WKH ZLOO RI WKH SHRSOH WR ZLQ HOHFWLRQV DW DOO FRVWV E\ KRRN RU FURRN ,W LV QRW WKH SHRSOH ZKR GHWHUPLQH ZKR ZLQV DQ HOHFWLRQ Then after this charade, statements are released praising the con GXFW RI WKH HOHFWLRQV 2EVHUYHUV LVVXH SUHVV UHOHDVHV GHVFULELQJ WKH

HOHFWLRQV DV IUHH DQG IDLU )UHH DQG IDLU" , KDYH ZRQGHUHG ZKDW IUHH DQG IDLU HOHFWLRQV PHDQ LQ 1LJHULD 6R , ZDV QRW H[SHFWLQJ DQ\WKLQJ GLͿHUHQW IURP SDVW HOHFWLRQV , UHIXVHG WR UHJLVWHU ZLWK DQ\ SDUW\ DQG UHVROYHG WR YRWH IRU FDQGLGDWHV EDVHG RQ P\ FRQVFLHQFH LI , PXVW YRWH ,Q WKH SDVW PRQWKV , KDYH FRQYHUVHG ZLWK PDQ\ SHRSOH ZKR H[SUHVVHG RSWLPLVP WKDW ULJJLQJ ZRXOG EH PLQLPDO GXH WR WKH LQWURGXFWLRQ RI WKH %9$6 PDFKLQHV , KDG P\ GRXEWV VHULRXV GRXEWV DERXW WKH H΀FDF\ RI WKH VR FDOOHG %9$6 , NHSW DVNLQJ DQG ZRQGHULQJ ZKDW FRXOG VWRS WKH SRZHUV WKDW EH IURP WDPSHULQJ ZLWK WKH %9$6 PDFKLQH WKH ZD\ WKDW WKH\ WDPSHU DQG PDQLSXODWH the electoral process. Many of my friends kept assuring and reas VXULQJ PH WKDW WKLV WLPH LW ZRXOG EH EHWWHU +DV LW EHHQ GLͿHUHQW" , DP RYHU \HDUV DQG , EHOLHYH WKDW ZKHQ LW FRPHV WR 1LJHULDQ politics and elections, a leopard never changes its spots. Some SHRSOH H[SODLQHG WKDW WKH %9$6 ZRXOG EH XVHG WR DFFUHGLW YRWHUV and upload the results at the various polling units. That sounded IDQWDVWLF , DP VNHSWLF , QHHGHG VRPH HYLGHQFH WR DFFHSW WKLV DV WKH FDVH 0DQ\ SHRSOH H[XGHG FRQÀGHQFH WKDW ZLWK WKH XVH RI %9$6 LQ accrediting voters and uploading the votes, the votes would count WKLV WLPH DURXQG , ZHQW WR YRWH LQ RUGHU WR VHH KRZ WKLV ZRXOG SOD\ RXW $QG , VDZ LW Leo Igwe, nskepticleo@yahoo.com

MONDAY MARCH 6, 2023 • T H I S D AY

MONDAY, MARCH 6, 2023 ˾ T H I S D AY

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

M A R C H

S & P INDEX

3 , 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%

T H I S D AY ˾ MONDAY, MARCH 6, 2023

Amid Economic Challenges, Dangote Cement, 10 Others Reward Shareholders With N899.2bn Dividend

Kayode Tokede On the backdrop of severe macroeconomic challenges, Dangote Cement Plc, MTN Nigeria Communication Plc and nine other companies listed on the Nigerian Stock Exchange (NGX) have declared N899.2 billion dividend pay-out to shareholders for the financial year ended December 31, 2022. This represents an increase of nearly 12 per cent from N803.99billion proposed by these companies in 2021 financial year. The 11 companies are: Dangote Cement, MTN Nigeria

Communication, Geregu Power Plc, Nigerian Breweries Plc United Capital Plc, Lafarge Africa Plc, BUA Cement plc, Nestle Nigeria Plc, Dangote Sugar Refinery Plc, Transcorp Hotel Plc and Nascon Allied Industries Plc. Dividend remains one of the key factors that traditionally drive stock market activities and aid investment decisions towards stocks across the globe, and the Nigerian bourse is not an exception. A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. When a corporation earns a profit

or surplus, the corporation is able to re-invest the profit in the business called retained earnings and pay a proportion of the profit as a dividend to shareholders. Companies operating in Nigeria and other African countries were faced with double-digit inflation instigated by the Russia-Ukraine war. With inflation steadily increasing to 21.34 per cent in December 2022, the Central Bank of Nigeria (CBN) had increased its monetary rates that also contributed to severe operating environment for companies in the country. THISDAY analysis of the 11

companies showed that they generated N1.04 trillion profit after tax in 2022, representing an increase of 13.7 per cent from N914.83 billion reported in 2021 financial year. Geregu Power and United Capital were the only two companies that reported decline in profit after tax in the period under review. As Dangote Cement remained the leading company on the Exchange with the highest dividend payout to shareholders, Geregu Power in its three months after listing on the Exchange declared a dividend to shareholders. With about 4.9 per cent increase

in profit to N382.31 billion in 20222 from N364.44 billion in 2021, Dangote Cement declared N20.00 per 50 kobo ordinary share for the second consecutive years, translating into N340.81 billion total dividend payout in 2022 financial year. According to THISDAY investigation, Dangote Cement between 2020 and 2022 has paid shareholders a total dividend of about N954.3 billion. On its part, MTN Nigeria declared a sum of N317.53billion dividend in 2022, representing 18.90 per cent increase from N267.05billion in 2021. On 29 July 2022, the Board

of Directors of MTN Nigeria Communication approved interim dividends of N113.99 billion for the year ended 31 December 2022 (Interim 2021: N92.61 billion). The interim dividend represents N5.60 kobo per ordinary share on the issued share capital of 20.3 billion ordinary shares of 2 kobo each for the period ended 30 June 2022. The Board of Directors recommend the payment of a final dividend of N10.00 per ordinary share of 2 kobo each subject to shareholders’ approval at the forthcoming Annual General Continued on page 33

Banks’ NPL Sustain Decline at 4.2%, Assets Up 24.24% to N73.59trn Nume Ekeghe The Central Bank of Nigeria (CBN) has stated that the non-performing loans (NPLs) in the nation’s banking sector have sustained a decline further below the regulatory benchmark of 5 per cent to 4.2 per cent at the end of December 2022. This decline, furtherance from 4.9 per cent recorded in September 2022 was highlighted in the personal statements of the members of the Monetary Policy

Committee (MPC) released by the CBN on its official website over the weekend. Also, the total assets of the banking industry grew by N14.36 trillion or 24.24 per cent from N59.24 trillion in December 2021 to N73.59 trillion in December 2022. In his personal statement, the Deputy Governor, of Economic Policy at the CBN, Dr. Kingsley Obiora noted that the banking system remains sound, safe, and resilient.

He said: “Industry Nonperforming Loans decreased from 4.9 per cent in December 2021 to 4.2 per cent in December 2022, which was below the maximum prudential requirement of 5.0 per cent. The decline in NPLs was attributable to write-offs, restructuring of facilities, Global Standing Instruction (GSI) and sound credit risk management by banks. “Total assets of the banking industry grew by N14.36 trillion or 24.24 per cent from N59.24

trillion in December 2021 to N73.59 trillion in December 2022, driven by balances with CBN/banks, investments, and credit expansion to the real sector. As a result, total gross credit increased by N5.14 trillion or 20.93 per cent between the end of December 2021 and December 2022, from N24.57 trillion to N29.72 trillion, due to the increase in the industry funding base as well as the CBN’s directive on LDR, which has encouraged banks to increase

lending to the real sector of the economy, and business strategy and competition. The increase in credit to the key sectors of the economy is expected to bolster aggregate demand and promote economic growth, job creation, and poverty alleviation.” On his part, another MPC member, Aliyu Ahmed, added: “Financial Soundness Indicators revealed salutary outcomes in the review period. Industry Capital Adequacy Ratio (CAR) at 13.8 percent

at end- December 2022 was above the 10 percent prudential requirement. Liquidity ratio at 44.1 percent was above the 30 percent regulatory requirement. Also, Non-Performing Loans improved to 4.2 per cent in the review period, compared with the regulatory minimum of 5 percent. Return on Equity (ROE) and Return on Assets (ROA) both rose by 20.2 percent and 1.6 percent in December 2022, from 18.4 and 1.5 percent in September 2022, respectively.”

M A R K E T D ATA A S AT F R I D AY, M A R C H 3 , 2 0 2 3 BONDS DESCRIPTION Price ^14.20 14MAR-2024 ^13.53 23MAR-2025 ^12.50 22JAN-2026 ^16.2884 17MAR-2027 ^13.98 23FEB-2028

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

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

Yield

BILLS MATURITY

Discount

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

1.53

NTB 11May-23

2.70

1.54 1.83 2.43

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

Yield

2.72

January -0.54 13, 2023

OTC F X F U T U R E S

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

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

Discount Yield

. .

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

MONDAY, MARCH 6, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

NPA Vows to End Illegal, Unlawful Access into Nigerian Ports Gilbert Ekugbe The Nigerian Ports Authority (NPA) has stated that plans are underway to enforce and restrict Illegal and unlawful entries into the nation’s seaports. The Managing Director, NPA, Mohammed Bello-Koko who stated this during a tour of the TinCan Island Port, Apapa at the weekend, said to achieve this feat, the authority has awarded the contract for the concrete fencing of Tin Can ports in its bid to keep out miscreants and thugs who do not have businesses in the ports. According to him, the move would also help the authority enforce the usage of the automated control gate while also reducing pilferage and theft to the barest minimum. “This is just to look at the operations of the ports to see what we have achieved so far in terms of improving sanity and ensuring that only people that should be in the ports get into the port. We will keep enforcing and restricting entry into the ports to only individuals that have businesses in the ports, “he assured.

He also stated that to combat crimes on the coastal areas, the Authority has also increased patrol on its waterways, stressing that it has bought security patrol boats along the waterside and also working with the Nigerian Navy within the ports in Lagos to increase patrol to ensure safety of lives and vessels. “There are some parts of the ports that we felt we should also fence, but that is being looked at and we are looking for the best option and structural engineering due to the area, but if we cannot fence the water front, we will restrict access into the ports from the water side using patrol boats and surveillance. Our security officials are up to the task and we are supporting them with all the tools they need to improve their communication as we are going to buy more patrol boats to ensure that the water front is also secured, “he added. In his words: “We keep complaining about the roads leading into the ports which is the responsibility of the federal government through the federal ministry of works and we also

felt that the roads within the ports are also in good state because it is going to start raining. I came to look at the level of execution of the contract we awarded. This section of the road will be completed in two weeks time and we will ensure that this is done and we know that there are issues of flooding in this location. So we have created drainage outlet into the main creek to ensure that there is evacuation of water and we are doing this at other port locations also.” “We are doing this in Onne, Calabar and Rivers ports just to ensure that the roads within the ports are in very good state. Tin Can has now been fenced using concrete walls from the outside. The essence is to secure the ports not just for safety, but also restrict entrance and by reducing the number of persons we are ensuring that we reduce pilferage and theft, thuggery and miscreants coming into the ports which would in turn create an enabling business environment within the port locations as required by International Ship and Port Facility Security (ISPS) code.

NiMet, India Met Sign MoU as Sirika Lists Agency’s Achievements Chinedu Eze Aviation Minister, Senator Hadi Sirika, has highlighted achievements of Nigerian Meteorological Agency (NiMet) under his watch, saying such was made possible due to political support and experts’ advice. He stated this in his address during the 76th session of the World Meteorological Organisation (WMO) Executive Council in Geneva, Switzerland, recently, where NiMet and India Meteorological Service signed a Memorandum of Understanding (MoU). According to Sirika, new products, including Seasonal Climate Prediction (including its Summary for Policy Makers and translated version), the State of the Climate in Nigeria, Climate and Health Bulletin, Hydrometeorological

bulletin, Agrometeorological bulletin, Extreme Weather Events Bulletin, Marine meteorological bulletin, 3-days Impact based forecast and many more on different time scales and validity, have been introduced by the agency. Sirika also revealed that there is increased inter-agency synergy along the Climate Services Value Chain, bringing together the meteorological, hydrological, disaster management and all responders together as we develop and practice Multi-hazard Early Warning System for All Nigerians. “NiMet forecasts provide basis for the Annual Flood Outlook and Disaster Preparedness in Nigeria by both Nigeria Hydrological Services Agency and National Emergency Management Agency (who are both in two separate Ministries of

Governments). “The Agency has provided interventions in Liberia, Sierra Leone, The Gambia, and Malawi in terms of Capacity Building. Technical Assistance, Quality Management Systems and Competency framework. “We have successfully hosted, providing leadership, and participated in Regional Climate Outlook Forums. Nigeria was recently part of and led the Country Hydromet Diagnostic (CHD) in Liberia and Sierra Leone, we hosted a Study Visit by both National Meteorological Services of Republic of Niger and The Gambia, we provided hosting support for the WMO HydroSOS initiative and earnestly working to take the initiative to the implementation phase, and just on Tuesday, we are part of the SOFF Initiative as well.

NANTA Seeks FCCPC Guidance over Fare Profiteering by Foreign Airlines Chinedu Eze The National Association of Nigeria Travel Agencies (NANTA) is seeking a solution to eliminate the fare profiteering of foreign airlines in Nigeria, which charge exploitative tickets on Nigerian passengers, leaving their low fares in foreign currency. President National Association of Nigeria Travel Agencies, Mrs. Susan Akporiaye in company of some of her executives recently visited FCCPC in Abuja to seek the next line of action over foreign Airlines high fares and closing of lower inventories to travel agents

across Nigeria. Addressing the FCCPC team led by its Executive Vice chairman and Chief Executive Officer, Babatunde Irukera, NANTA President, Mrs. Akporiaye disclosed that the association was committed to protecting its members and their businesses from any form of exploitation and unfair practices from any quarter, hence the visit to the FCCPC for guidance and solutions driven advice on the face-off with foreign airlines over unfair fare pricing in Nigeria. “Sir, we strongly view from our professional experience and knowledge of fare mechanism, that

the reactions of foreign airlines on trapped funds is grossly unfair to the Nigerian travelling public and gravely threatens the survival of NANTA members,” Akporiaye explained. Responding, FCCPC Vice Chairman and Chief Executive Officer, Irukera commended the NANTA Leadership for the trust and confidence in government structured Competition and Consumer Protection ecosystem, adding that the commission would study the issues and engage necessary interventions which may include inviting parties and stakeholders involved.

TD Africa, IBM Empower Nigerian Youths with Digital Skills Emma Okonji TD Africa Distributions Limited, also known as TD Africa, in collaboration with technology giant, IBM, sponsored the inaugural edition of a capacity building training that was attended by over 250 youths, designed to equip participants with cutting-edge digital skills. Held recently at the Yudala Heights in Lagos, the Launchpad programme also witnessed hundreds

of other beneficiaries that participated virtually. With Nigeria experiencing a deluge of tech talents leaving the country in search of opportunities in other climes, the event was put together to equip young Nigerians with useful knowledge to aid them skill up and fill the vacuum created by those who have left the country. The programme was put together for young tech enthusiasts to garner the skills they need to kickstart a

technology career or business. Participants had the opportunity to gain the foundational exposure on the journey to becoming subject matter experts on IBM Integration, Data and Security. The event saw a host of seasoned facilitators deliver masterclasses on Agile Integration for Cloud Pak, Cloud Pak for Security and Cloud Pak for Data and AI. The participants were also segregated into communities for progressive training.

Delivering PenCom’s Mandate on Payment of Retirement, Te r m i n a l B e n e f i t s The National Pension Commission (PenCom) has, in line with the provisions of the Pension Reform Act (PRA 2014), established procedures and requirements for Retirement Savings Account (RSA) holders to access their retirement benefits as and when due. Section 7(1) of the PRA 2014 states that an RSA holder shall utilise the amount credited to his RSA upon retirement or attaining the age of 50 years, whichever is later. The RSA holder can withdraw a lump sum from the total amount credited to his RSA, provided that the amount left PENCOM DG, Aisha Dahir-Umar after the lump sum withdrawal shall be sufficient to procure a Programmed Fund However, such withdrawals can only be Withdrawal (PW) or Retiree Life Annuity made after four months of cessation of (RLA) for life. The PW provides the RSA employment, and the employee does not holder with a monthly or quarterly pension secure another job. From inception to 2022, calculated based on life expectancy. At PenCom approved N188.51 billion (25% the same time, the RLA purchased from a of RSA balances) to 453,686 RSA holders life insurance company offers a monthly under 50 years who were disengaged from employment and could not secure or quarterly pension for life. In addition to the above retirement another job within the stipulated time benefits, other forms of payments exist of four months. under the Contributory Pension Scheme (CPS). These payment types include EN-BLOC PAYMENT PenCom allows en-bloc payment to Temporary Job Loss, Death, Missing retirees whose RSA balances cannot Persons, En bloc, etc. procure Programmed Withdrawal or PROGRAMMED WITHDRAWAL RLA that is equivalent to one-third of Programmed withdrawal is a benefit the prevailing minimum wage (N30,000). payment method by which the employee From the start of the CPS to the end collects his retirement benefits in periodic of 2022, PenCom approved the en-bloc sums (monthly or quarterly) spread payment of retirement benefits to 145,313 throughout an estimated life span. retirees, totalling N38.71 billion. From inception to 31 December 2022, PenCom has approved 319,833 requests DEATH BENEFITS Death Benefits are paid to a beneficiary from retirees to draw pension through PW mode. The retirees received a total under a will or the spouse and children of lump sum of N908.04 billion, while their an RSA holder who dies in service. In the monthly pensions amounted to N14.18 absence of a wife and child, the benefits are paid to the recorded next-of-kin or any billion. person designated by the deceased. From RETIREE LIFE ANNUITY RLA, on the other hand, is a contract inception to the end of 2022, PenCom for regular income purchased from an granted approvals for payment of death approved Life Insurance Company, which benefits amounting to N328.05 billion to provides monthly or quarterly income to the legal beneficiaries/administrator of retirees during their lifetime. From the 86,610 deceased employees and retirees. beginning of the CPS to 31 December Voluntary Contributions Section 4(3) of the PRA, 2014 allows RSA 2022, 105,047 retirees chose the annuity mode of pension payment. A lump holders to make Voluntary Contributions sum of N201.43 billion was approved (VC) in addition to the mandatory for payment to the retirees. In contrast, contributions to augment their pension N615.78 billion was approved for payment at retirement. From inception to 2022, to RLA Providers as premiums in return PenCom approved withdrawals from for monthly annuities of N6.24 billion. voluntary contributions amounting to N33.82 billion by 46,957 contributors. In conclusion, accessing retirement benefits TEMPORARY JOB LOSS (25 under the CPS is seamless. Pension Fund PERCENT BENEFIT) The PRA 2014 permits an employee Administrators (PFAs) must guide RSA who loses his job to withdraw an holders who want to access their retirement amount not exceeding 25 percent of benefits on the documentation requirements the total amount credited to his RSA. for each benefit payment type.

T H I S D AY ˾ MONDAY, MARCH 6, 2023

BUSINESSWORLD

STATUS REPORT

Finance Cost Shrinks Lafarge Africa’s Profit

Kayode Tokede

afarge Africa Plc show its profit before tax reduced to N68.31 billion in financial year ended December 31, 2022 from N61.79 billion reported in 2021 financial year over 202.9per cent significant increase in finance cost. Profit for the period stood at N53.65billion in 2022, representing an increase of 5.2 per cent from N51billion in 2021. The cement manufacturing company reported significant increase in cost of sales, operating expenses to post 11 per cent increase in profit before tax and declare N2.00 per 50 kobo ordinary share (2021: N2.00) on every ordinary share in issue amounting to N32.22billion (2021: N32.22billion) dividend payout to shareholders. Lafarge Africa in the year under review reported N13.13billion net foreign exchange loss in 2022, instigated by scarcity of foreign exchange, a contributing factor to growth in finance costs. Other contributing factor to finance cost was N1.64billion bank charges & other interest cost in 2022 from N1.22billion in 2021. The multinational cement maker reported N177.02billion cost of sales in 2022, representing an increase of 17.6 per cent from N150.51billion in 2021, as total operating expenses stood at N112.15billion in 2022 from N78.13billion in 2021. Fuel & power and raw materials &consumables and were driving forces behind increase in cost of sales last year. As Lafarge Africa show it fuel & power expenses moving to N62.21billion in 2022 from N51.51billion in 2021, Raw materials and consumables expenses rose by 32.3

per cent to N48.99biillion in 2022 from N37.03billion reported in 2021. Production costs that include personnel expenses, by-products costs, inventory write-offs and electrical energy expenses increased to N25.25billion in 2022 from N12.4billion in 2021. Amid increase in revenue and hike in cost of sales, Lafarge Cement announced N196.22 billion gross profit in 2022 from N142.58 billion in 2021 to bring its gross profit margin to 52.57per cent from 48.65per cent in 2021. Lafarge Africa 2022 performance showed strength in topline, given the group expansion in cement sales and Readymix & other products. In the year under review, the group declared N373.244billion revenue, an increase of 27.34 per cent from N293.09billion in 2021. The breakdown of revenue revealed N361.96billion cement sales in 2022, representing an increase of 27 per cent from N285.12billion in 2021, while sales from Readymix and other products increased to N11.28billion in 2022, an increase of 42 per cent from N7.96billion in 2021. The group spent N170.99billion production cost of sales on its cement in 2022 from N146.26billion in 2021, while Readymix & other products production cost of sales was at N6.03billion in 2022 from N4.23billion in 2021. Operating profit on cement production stood at N79.98billion in 2022 as against N62.018billion loss reported in 2021. The group reported N4.21billion operating profit for its Readymix & other products in 2022

from N3.04billion in 2021. The group, thus closed 2022 with N3.33 basic earnings per share in 2022 from N3.17 in 2021.

RISING LOANS AND BORROWINGS Lafarge Africa in 2022 financial grew its balance sheet position as its loans & borrowing and Property, plant and equipment expanded. Total assets stood at N600.7billion in 2022, representing an increase of 14 per cent from N526.84billion in 2021, driven by N341.4billion Property, plant and equipment in 2022 from N338.72billion reported in 2021. As Total non-current assets increased to N404.43billion in 2022 from N390.26billion in 2021, Total current assets moved from N136.57billion in 2021 to N196.3billion in 2022. Total liabilities closed the year under review at N184.61billion, representing an increase of 25 per cent from N148.3billion in 2021. Lafarge Africa show its loans & borrowings at N35.06billion in 2022 from N20.81billion in 2021 as Trade and other payables rose significantly by 35 per cent to N80.8billion in 2022 from N59.82billion in 2021. Lafarge Africa had accessed N5.3 billion from the unsecured CBN/ BOI Power and Aviation Intervention Fund through Guaranty Trust Bank Plc. Principal and Interest are paid quarterly. The facility has a 10-year tenure with a fixed interest rate of four per cent per annum and an effective interest rate of 15.23%. per annum The outstanding balance disclosed in

the Company’s books amounts to N430 million (2021: N904 million), which is the amortised cost to date. The Group also assessed an additional N6.4 billion from the unsecured CBN/BOI intervention fund in 2019 through Zenith Bank. The loan assessed amounted to N6.4 billion. Principal repayment commenced in December 2019. The facility has a 7.5-years tenure and an interest rate of 5% per annum. The outstanding balance, at amortised cost, amounts to N1.7 billion (2021: N2.4billion) bringing the total balance in the Group’s books to N2.1billion (2021:N3.3billion).

REMARK The CEO of Lafarge Africa, Khaled El Dokani in a statement said “In 2022, we recorded 27.3per cent and 29.3per cent improvement in net sales and recurring EBIT respectively, compared to FY 2021 results. “The worsening exchange rate situation led to revaluation losses, thereby constraining our Net Income growth to 5.2per cent. “We remain committed to our sustainability ambitions by utilizing affordable clean energy in our operations and optimizing our green logistics strategy; among other initiatives that are in alignment with our net zero pledge journey’’. On outlook for 2023, the company said, it expected good demand momentum in 2023, albeit moderated due to the impact of the general elections. It added that, “We will continue to maximize volume opportunities across our markets and actively manage our costs. We will consolidate our efforts on sustainability.”

AMID ECONOMIC CHALLENGES, DANGOTE CEMENT, 10 OTHERS REWARD SHAREHOLDERS WITH N899.2BN DIVIDEND Meeting (AGM). If the proposed final dividend is approved, the total dividend for the financial year ended 31 December 2022 will be N15.60 per share of 2 kobo each. Other listed firms that rewarded their shareholders in 2022 are BUA Cement, which paid N94.82 billion ; Nestle Nigeria, N48.75billion; Lafarge Africa, N32.22billion; Geregu Power, N20billion; Dangote Sugar, N18.22billion, Nigerian Breweries, N13.87billion; United Capital, N9billion; Transcorp Hotels, N 1.33billion and Nascon Allied Industries, N2.65billion. THISDAY analysis of the

performance of stocks listed on NGX in the last four years showed that the first four months of a new year always turn out to be the best time for a rally in stock prices. The last week of 2022 and early 2023 signalled that investors have started positioning themselves to tap the opportunity the New Year rally will offer. Experts lauded 2022 corporate earnings and dividend payout of Dangote Cement, others, stating that firms in Nigeria are resilient to overcoming challenges and declared dividend from their earnings. Speaking with THISDAY, the

Managing Director, ARM Securities Ltd, Mr. Rotimi Olubi said Dangote cement has consistently been paying dividend for over the years. “I believe this is their usual routine to send a message that they are committed to keeping their legacy and ensure investors that they are financial buoyant,” he added. Chief Research Officer, InvestData Consulting Limited, Mr. Omordion Ambrose said the 2022 performance of these companies are impressive and their dividend returns more attractive when compared to yields on money market instruments. “From the results we have seen

so far, MTN Nigeria proposed N10.00 final dividend and Geregu Power declared N8.00 in its first dividend payout on the NGX. Some companies’ dividend payout were flat to show how the operating environment was challenging in 2022. Some of these companies over the years have been consistent in dividend payout to shareholders.” Speaking from a shareholders’ perspective, Chairman Progressive Shareholders Association (PSAN), Boniface Okezie stated that despite economic hardship, Dangote Cement, among others have reported impressive performance.

According to him, “As we have seen from their performance, there is resilience in the corporate world which means there is hope for our domestic economy. Those in the private world have put more handwork, diligence in growing profit and declared dividend in their move to give back to shareholders. These firms pay heavily for security, source for energy and infrastructure which is not their duty.” Furthermore, market analysts noted dividend-paying stocks is very important to income investors for many reasons, saying that the reason is that dividend payment

plays a role in stock valuation. “Beyond valuation, dividend paying stocks can be a good source of stable income streams. Many investors will want to invest in companies with a history of growing dividend,” they said. Market analyst and Managing Director/CEO APT Securities and Funds Limited, Mr. Garba Kurfi commended listed companies for posting impressive result and accounts for 2022, expressing concerns that the declared dividend by these companies did not reflect in the trajectory of the stock market.

MONDAY, MARCH 6, 2023 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Onafowokan: National Lottery Transforming Gaming Industry in Nigeria The Managing Director of National Lottery Nigeria, Olayiwola Onafowokan, speaks about the company’s strides, the impact it will have on the lives of Nigerians, the transformation of the gaming industry. Emma Okonji presents the excerpts Nigeria’s gaming industry is booming, with many companies trying to get the attention of Nigerians. What sets National Lottery apart, and how do you intend to drive the adoption of National Lottery Nigeria? e understand how competitive the gaming industry is in Nigeria, and we are determined to be the country’s leading lottery services provider. What sets National Lottery Nigeria apart is that it is an initiative to better Nigeria and Nigerians. The socio-economic benefit this initiative will create in the country is mind-blowing. Also, to the best of my knowledge, we are the only lottery service provider in Nigeria that offers a jackpot prize with the ability to roll over and increase. We are confident that our unique offers, top-notch security, customer experience, and engagement will make National Lottery Nigeria the leading provider of lottery services in Nigeria. To drive the adoption of the Lottery in Nigeria, we focus on providing our customers with the best possible customer experience. We offer a wide range of lottery games, including the Naija Mega Jackpot with a whooping 45 million Naira starting prize, to the 6/49 lotto and our other instant games, where Nigerians can win up to N100,000 every hour. Furthermore, we offer our customers a range of promotional offers and loyalty rewards.

Keen watchers would have noticed that you launched the National Game in Abuja on July 18, 2022, and just recently, you had a media brieﬁng to announce the ofﬁcial launch of operations. Can you throw more light on these two activities? Yes, we launched the National Game in Abuja on July 18, 2022, to mark the beginning of this groundbreaking initiative in Nigeria. Various stakeholders, including the government and the private sector, attended the launch. We officially unveiled the National Lottery Nigeria logo during the event and introduced the National Game. At the recent media briefing, we announced the official commencement of operations. Key stakeholders, partners, and the public attended the media briefing. We revealed that Nigerians can now play all our entertaining games and win mouth-watering prizes through the USSD code *9966# or website www.nationallotterynigeria.com. What are the available games, and how affordable is playing them? The National Game is proud to offer many games, including the Naija Mega Jackpot, where you can win 45 million Naira, 6/49 lotto, and fun instant games like Pick 3. We also offer scratch card games such as Scratch USSD, Easy Win, and Jara. All these games are affordable, as players can play for as low as N100. How will the National Lottery open more opportunities and create wealth for Nigerians, reduce poverty and ramp up revenue for Nigeria? Our operations provide access to affordable and fun gaming experiences, allowing more people to win whooping amounts of money in prizes. Additionally, we are introducing initiatives such as the “Good Causes Foundation”, which will help to facilitate development in various areas in the country and create more entrepreneurship and job opportunities for Nigerians. In addition, the National Lottery Nigeria will increase revenue for the government to fund other vital projects. With lotteries, there are draws and

Onafowokan

issues of integrity and credibility. How do you intend to conduct yours credibly? We are committed to ensuring a fair and transparent process for all our draws. In pursuit of this, we have established an integrity committee that will be present at all live draws to observe the process and ensure it is conducted credibly. We are also regulated by the National Lottery Regulatory Commission (NLRC), which will work closely with us to ensure that all processes comply with the rules and regulations. We also have strict procedures to ensure that all draws are conducted fairly and without bias. What platforms are the National Lottery Games available on? The National Game is available on the USSD code *9966#. Our games are also available on our website, www.nationallotterynigeria. com, where players can easily purchase tickets and view the latest results. In addition, we are planning to introduce other platforms shortly, which will be communicated to the general public as we roll out. How will you ensure gamers play responsibly? At the National Lottery Nigeria, we are

committed to promoting responsible gaming. We have strict guidelines and procedures to ensure that all players play responsibly. We also provide information and resources to help players make informed decisions when playing our games. Furthermore, our customer service team is available to answer questions and support players. Finally, we actively monitor and review player behaviour to ensure all our players play responsibly. A lot of people need help understanding the workings of National Lottery Nigeria. Tell us about the concession you alluded to recently at your brieﬁng Does the National Lottery Regulatory Commission own it? The National Lottery Nigeria was established by the National Lottery Regulatory Commission (NLRC) and operated under the aegis of Elrae Ltd. Recently we announced that the NLRC granted us a concession to operate the National Lottery Nigeria. The concession allows us to run the National Game across the country and offer players a wide range of games. We will continue working with the NLRC to ensure the

success of National Lottery Nigeria and the National Game and promote responsible gaming in Nigeria. What has been the feedback since you launched? Since launching, we have received very positive responses from the public. Players have expressed excitement about the wide range of games available, the mega million prizes up for grabs, and the affordable ticket price of N100. We have also received positive feedback from stakeholders, both in the government and the private sector, who have expressed their support for this initiative we have launched to promote economic development in Nigeria. What’s your sustainability plan? At the National Lottery Nigeria, we are committed to being a sustainable and responsible organization. One of the things we are doing to ensure our sustainability is engaging with the public and stakeholders to ensure our operations are socially responsible. We are ensuring our operations are environmentally friendly and use resources efficiently. We are also focused on creating long-term value for our stakeholders, including our players, the government, and the private sector.

MONDAY, MARCH 6, 2023 ˾ T H I S D AY

BUSINESSWORLD

PERSPECTIVE

Pledge for Food Security in the Land of Promise Umo Eno promises agriculture renaissance to make Akwa Ibom self-sufficient in food production Bassey Nssien

mo Eno, the candidate of the Peoples Democratic Party (PDP) in the March 11, 2023 governorship election, is campaigning on the promise of taking Akwa Ibom State from where Governor Udom Emmanuel will leave off on May 29 to a higher level in terms of development, in all its ramifications. This includes provision of infrastructure, healthcare, security, education, industrialization, employment, for the purpose of improving the quality of life of the people and making the state the ideal place to live and work. The candidate recognizes that the state cannot be the investment and tourism destination it is being prepared for if it cannot meet the basic expectation of feeding its people. He knows that the state has the potential to produce enough food not only to feed its growing population, but also to sell to other parts of the country and outside. This has informed his decision to make agriculture a cardinal programme of his administration, should the people of the state give him their mandate. Agriculture forms the first leg of the A.R.I.S.E. agenda – agricultural revolution, rural development, infrastructure maintenance/ advancement, security management and educational advancement – of the PDP candidate. The agenda is designed to revolutionize agriculture and raise it from the subsistence level it has been for decades, through large scale mechanized farming, at commercial level. The whole idea is to make farmers in the state to embrace agribusiness because of the critical role agriculture is expected to play in the economic development of the state. “Farmers will be made stakeholders in the economic renaissance project,” Eno assures, in the agenda. “It is worth emphasizing that there is a lot of money to be made in agriculture. Ours must go beyond the rudimentary stage of just making garri, starch, flour and others. Farmers need to be assisted.” Akwa Ibom is an agrarian state where a good number of people, especially those in the rural areas, are predominantly farmers. The state has riverine communities that are engaged majorly in fishing,

Eno with a coastline that stretches 129 kilometers from Oron in the east to Ikot Abasi in the west – one of the longest in Nigeria. Agriculture in the state is still at the subsistence level, though it is a source of income for many. This is not enough to feed the estimated population of over seven million people, the reason the state still relies on food items such as yam, potato, tomato, pepper, onion, rice, beans, etc, from other parts of the country to meet demand. “Subsistence agriculture is no longer serving our needs; so, the mechanized farming approach will be adopted and my government will work on assisting both local and commercial farmers with farm implements, modern technology and new farm techniques,” the candidate promises. “This will be a major consideration in our proposed settlement

scheme. Government will explore all available avenues to assist large-scale farmers with funds to achieve this objective and help small scale farmers with inputs and extension services.” Eno has promised support for extensive and intensive agriculture through a boost in productivity in areas such as crop farming, fisheries and animal husbandry. This would allow for integration of an agricultural value chain that would help achieve the objective of self-sufficiency in food production in the state. He said his government would also provide off-taker incentives and facilitate access to markets for raw materials and processed food. There’s a plan to establish an agency for the sole purpose of managing agribusiness, to make it attractive to investors within and outside the state. That is the extent to which an Umo Eno administration would be willing to go, to turn around the agricultural sector in Akwa Ibom. The present administration experimented with the Green House project that has proved to be a success. This project has revealed the state’s potential to grow agricultural produce that were thought could not be grown in the state – crops like tomato, carrot, cucumber, onion, etc, in commercial quantity. Eno has signified intention to follow up on the project by establishing farm settlements where farmers would live and engage in large scale, mechanized farming, in order to be able to produce enough food to feed the state and supply to other markets. The programme would be approached from both the small holder and medium scale farming perspectives. “The farm settlement programme will be a major project during my dispensation,” he assures. “In my agriculture renaissance programme, the starting point will be the low-hanging fruits – commercial farming, livestock production, fishing, as well as infrastructure for processing (value chain) and incentives. The implication of not being able to feed ourselves is dire; but the market potentials are also huge but unexploited. I will take full advantage of the coming fertilizer plant and grow our agricultural potentials. It will be of great relevance to our farm

settlement scheme.” Agriculture is not practised in Akwa Ibom at the same scale with what obtains in the northern part of Nigeria. But that is not to say farmers in the state are immune to the challenge of storage and preservation of farm produce that farmers in those parts regularly grapple with. Farmers in the state also face the challenge of lack of facilities for preservation of farm produce, even at the relatively small scale on which they operate. Eno has promised to embark on provision of storage facilities to curb waste. “We will be working on large-scale production; we will also be working on storage facilities to avoid wastage”, he said. There has been a growing interest in agriculture in Akwa Ibom in the last decade, mostly by young people and retirees from public service, in areas such as livestock, poultry, fish and snail farming. Interest in these areas is buoyed by the availability of a ready market in the rapidly growing hospitality industry. The snag has been the inability of farmers in these areas to meet demand, because of the low scale on which they operate. Many believe an intervention such as the PDP governorship candidate is promising would go a long way in mitigating the challenges farmers face, in terms of infrastructure, finance and incentives. The plan to establish farm settlements is going to be a novelty, and is capable of attracting more investors into the sector. “The idea of living in a settlement with modern infrastructure such as good roads, light and water, to be able to carry out farming on a large scale looks quite attractive,” says Idongesit Ebong, a hospitality outfit owner in Uyo, the Akwa Ibom State capital. “That promise, if it becomes a reality, is certainly going to encourage more people to take up farming as a business. We are going to witness a new era in which more educated people will go into agriculture, different from the time when it was meant for uneducated people in the villages.” His prayer is that the PDP candidate would emerge victorious in the governorship election because, in his words, “Umo Eno stands shoulder above the rest.” t #BTTFZ /TTJFO MJWFT JO 6ZP

MONDAY MARCH 6, 2023 • T H I S D AY

T H I S D AY ˾ MONDAY, MARCH 6, 2023

HOMES&DESIGN

Trinity Towers As Symbol of Beauty, Unity and Divinity The City of David of the Redeemed Christian Church of God has made a rare statement in contemporary church architecture with the inauguration of its iconic Trinity Towers, a unity of three exquisite towers in one elegant building, with a helipad to boot. Bennett Oghifo writes

he latest rendition of the City of David of the Redeemed Christian Church of God, known as Trinity Towers, is in a prime location within easy reach of Lagos’ finest commercial and residential environments. It is situated along COD Church Road, Oniru Estate, Victoria Island, Lagos and boasts a number of neighbours. As the name suggests, Trinity Towers is

a unity of three towers with structural beauty and functionality to offer the best environments for business and leisure. The Trinity Towers boasts indoor amusements for children, retail therapy for the shopaholic and cinema experience for all the family from the two cinema halls, recreational theme park and shopping centre. Trinity Towers has over 13,000sqm of contemporary real estate spanning 12

floors; a multi-storey car park for 670 cars; a 5,000-seater concert hall; other multi-purpose halls sitting over 2,000 people; indoor amusement for children; a shoptping strip; two cinema halls; gymnasium; rooftop swimming pool; helipad; rooftop tennis court; food court; games arcade; medical centre; café and restaurant; banking halls; and ATM gallery, among others.

According to the promoters of the towers, as the Trinity Towers rises from the elegant lobby to the concert halls and rooftop terraces with a tennis court, thought has been put into every detail to ensure the highest quality and standard. The City of David is renowned as “where the love of God reigns, where dreams come true, where Legends are born, and tomorrow’s history is experienced today.”

MONDAY, MARCH 6, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

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

Wigwe and Access Corporation’s Drive for Continental Expansion Access Corporation has intensiﬁed its cross-border expansion in order to take advantage of opportunities in Africa, writes Oluchi Chibuzor

ccess Corporation recently signed a $300 million intra-African trade facility with Afreximbank in Cairo, Egypt, in line with its strategy to support trade and finance in the continent and also take advantage of the African Continental Free Trade Area (AfCFTA). Although details of the deal with Afreximbank has not been fully disclosed, the Group Managing Director of Access Corporation, Herbert Wigwe, has not hidden his desire for the institution to tap from the massive opportunities in the continent and also leverage on the benefits of AfCFTA. Wigwe believes that AfCFTA, among other benefits, would expand intra-Africa trade and provide real opportunities for Africa. According to him, the plan is for Access Bank, the banking subsidiary of Access Corporation, is to establish its presence in 22 African countries so as to diversify its earnings and take advantage of growth opportunities in the continent. Africa has enormous potential and there are opportunities for an African bank that is well run, that understands compliance and has the capacity to support trade and the right technology infrastructure to support payments and remittances, without taking incremental risks. “We believe that we are best positioned to basically do all of that. Our focus is to become an aggregator in Africa and we are building a global payment gateway and providing trade finance support and correspondent banking across the continent. We are focusing on the key markets. “The approach would always be that in the country we wish to go to, that we have the right skills. We would not just be a drop in the country in which we are present, we would make sure that we have an impactful presence in each of the major countries in which we are present. “In doing this, we are also mindful of the country we are going to so as to make sure that it is of benefit to the bank. As we do this, we are working with our friends and partners. “We are diversifying our earnings away from volatile markets as well and we are orchestrating our operations from the global payments gateway and ensuring that using Access Bank UK, providing corresponding services from digital platforms, the overall profitability of our franchise,” he had explained. Commenting further, on AfCFTA, he said the financial institution would use its digital framework to benefit from the continental agreement. Access Corporation, under the leadership of Wigwe, recently unveiled its five-year strategic plan, in which it outlined plans to deepen financial services across Africa and extend its services to the continent’s large unbanked population. The five-year strategy document is for 2023 to 2027. Its target is to become one of the top five banks in the continent by 2027. Wigwe had explained that the institution has consistently followed its five-year strategic plan, which according to him, is responsible for the success it has achieved over the years. The institution has since transitioned into a holding company (Holdco) with five verticals to capture the opportunities in the African market. They include Access Bank Limited; Hydrogen, which focuses on delivering integrated payments solutions; Oxygen, which focuses on digital and consumer loans; Access Pensions Limited and Access

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Insurance. Clearly, Access Corporation has positioned itself to be at the centre of financial flows in the continent. Its six key priorities are retail banking, focus on being digitally led, being customer centric and focused, analytics-driven insights and robust risk management, global collaboration and building a universal payments gateway. Access Corporation’s target for the next five years would be supported by seven key enablers. These enablers would ensure that Access becomes a top five financial services institution in the continent by the end of the strategic cycle in terms of revenues, asset base and on a balanced scorecard basis. “The records over the last 20 years show that we have consistently followed our five-year strategic plan and there is no reason to suggest that we would not achieve same by 2027,” Wigwe said. He stressed that Access Holdings prides itself in the fact that it serves well over 52 million unique customers, which is different from bank accounts. The CEO of the holding company explained that unique customers mean individual accounts. He also disclosed that Access has over 62 million accounts with presence in over 17 markets worldwide, with network

of about 600 branches and over 6,000 professional staff. By 2027, Access Corporation expects its Nigerian bank to be contributing about 52 per cent of revenues compared to about 82 per cent (nine- month 2022). The new verticals would also be contributing about 12 per cent of total revenues, as revenues from African subsidiaries is expected to double over the next five years. In addition, Profit Before Tax contributions from Nigeria bank is expected to reduce from about 63 per cent (9M’22) to about 33 per cent, while the new verticals are expected to contribute about 19 per cent of the profitability by 2027, while its African subsidiaries would contribute about 20 per cent as their footprint grows across the continent. Additionally, by the end of 2027, it expects to have presence in at least 26 countries and in at least three organisations for Economic Co-operation and Development (OECD) countries supporting trade (United Kingdom, France and United States of America). Access also projected that its customer acquisition drive would hit 100 million for the Retail Business by 2027 and would continue as it migrates majority of customers to digital platforms by 2027 across all touchpoints. According to Wigwe, “Our primary

focus on trade is to leverage established presence across trade and financial hubs across the world to continue driving trade outputs. Presence in London, Dubai, Hong Kong, Lebanon, Beijing, Mumbai, etc. and extensive footprint across the continent. “Today, we have an operation in China, which we are going to convert into a branch because the new ordinance allows us to do that because of our size. “As part of our desire to position ourselves as Africa’s gateway to the world, we have now basically placed ourselves in the critical trade hubs across the continent and that has helped us as far as a correspondent banking and payment is concerned. “More than any African bank, we are laying the groundwork for that real growth, linking the entire continent, which I think will see us get to where we want to get to. Until we have more African institutions thinking like us, we would continue to have a situation where they would be treating us like second fiddle from outside.” He pointed out that the combination of Access Bank and the then Diamond Bank, played a vital role in supporting the growth of the institution. Speaking further, Wigwe said, “We don’t want to be seen and known as just a dot in any country. So, if you go to countries like Mozambique, we have done further acquisitions. People keep asking: why are you doing all of these? But you need to get to the critical mass before you become profitable. You need to get to the critical mass before you are able to employ the right management, technology and scale, otherwise you cannot compete. “So, the idea is that if you are going into a country, you make sure that you have the right scale. We built on partnerships, and one of the things you will see is that the contribution from our various subsidiaries is growing and is providing a natural hedge against Nigeria, which has a soft currency as we speak. “One of the things we want to be known as, is as a global player with an African heritage, and one of the things that mitigate against anybody trying to achieve that is if you are in a soft currency country. We are a growth company and we will continue to invest in our future. So, we would continue to invest in countries that have inflation rate lower than that of Nigeria. What does that mean? It means that in the short-term, we would see elevated cost in terms of technology and people. “For us, the future is more important. In the next five years, what we have done is to look at Africa first of all as our continent. You have to be strong at home first before you go out and ask ourselves where are the opportunities in the continent, then you ask yourself what is there to be done internationally. Finally, what we then told ourselves is that the world is going through significant shift and changes with respect to technology, demographics.” He stressed that the bank would continue to take advantage of the huge number of Africa’s unbanked population to drive its retail business, the growing opportunities in trade within the continue due to the Africa Continental Free Trade Area agreement, remittances, cross border trade and digital payment. Access Corporation is steadily pursuing its ambition of taking banking services to the high unbanked population in the continent.

T H I S D AY ˾ MONDAY, MARCH 6, 2023

BUSINESS SPECIAL

ANALYSIS

NEXIM’s Push to Boost Nigeria’s Non-oil Exports Dike Onwuamaeze writes on efforts by the Nigerian Export-Import Bank to stimulate non-oil exports in the country

Abba Bello, MD/CEO, NEXIM (left) and CEO, Saudi EXIM, Sa’ad Alkhalib, at the MoU signing ceremony in Saudi Arabia… recently

igeria’s annual Gross Domestic Product (GDP) growth rate slowed to 3.10 per cent in 2022, compared to 3.40 per cent in 2021, the National Bureau of Statistics (NBS) disclosed recently. However, the economy grew by 3.52 per cent (year-on-year) in real terms in the fourth quarter of 2022 (Q4 2022), compared to 2.25 per cent in the preceding quarter. According to the GDP Report for Q4 2022, aggregate GDP stood at N56.76 trillion compared to N49.28 trillion in Q4 2021, indicating a year-on-year nominal growth of 15.18 per cent. Interestingly, the economy was largely driven by the non-oil sector which accounted for 95.66 per cent of growth while the oil sector contributed 4.34 per cent. This underscores the importance of the non-oil sector to Nigeria’s economic growth. That was why in line with its drive to further boost Nigeria’s non-oil exports, a delegation from the Nigerian Export-Import Bank (NEXIM) led by the Managing Director/Chief Executive, Mr. Abba Bello; Executive Director Corporate Services, Bala Bello, and other staff recently undertook a working visit/strategic engagement with some International Development Finance Institutions, which included the Islamic Development Bank (ISDB) and the Saudi Export-Import Bank. The purpose of the visit which took place last month, was to engage in various bilateral meetings and other activities towards attracting development funds into the Nigerian non-oil export sector, promote capacity building and information exchange, as well as engage in necessary partnerships towards developing new products, particularly non-interest banking products to fill the yearning gap in the Nigerian financial system. Significant milestones during the visit included signing a Memorandum of Partnership (MoP) with the Saudi Export–Import Bank. Key aspects of the MoP was to collaborate in co-financing, club deals, syndication projects, and provision of Buyer’s Credit facilities to Nigerian institutions to purchase the goods and services and financing for project development tied to Saudi Exports. With the MOP, the two institutions seek to cooperate in providing financing, investment and other services to promote trade between the two countries. The institutions also seek to explore the possibility of knowledge sharing, staff training and capacity building initiatives. The MOP was executed by the CEO of Saudi EXIM, Saad Alkhalib and Abba Bello, who signed on behalf of their respective institutions. Specifically, the parties agreed to collaborate

in the areas of co-financing, club deals and syndication projects. The Saudi Exim also agreed to provide Buyer’s Credit facilities to Nigerian institutions for the purchases of Saudi goods and services and or financing for project development tied to Saudi Exports. The NEXIM team also paid working visit to the Vice President of the ISDB, Dr. Mansur Muhtar, who was represented by Anasse Alsami, the Acting Vice President and Director General, Vice President’s Office. Discussions during the meeting focused on promoting African Arab Trade, mutual sharing of information, capacity building, and the ISDB Reverse Linkage Policy. The parties also discussed how Nigeria could benefit from ISDB’s programs, such as the “She Trade” and “Women Tech Stars” programs. The Bank also held technical meetings with various institutions under the ISDB Group. This included the Islamic Solidarity Fund (ISFD) to discuss modalities on how the Bank and Nigeria can benefit from the ISDB Guarantee Facility Fund and Capacity Building Programmes. The Senior Advisor to the Director General of ISFD, Khamais EL Gazzah, and his team represented the institution. The Bank also met with the Chief Operating Officer of the International Trade Finance Corporation (ITFC), who also doubles as the Acting MD of International Cooperation for The Development of The Private Sector (ICD) Nazeem Nordali, and other officials from both the ITFC and ICD. During the meeting, the Bank discussed progress on the $ 200 million ISDB line of financing for Nigeria through NEXIM. Other discussion areas included opportunities for collaboration towards securing funding for port infrastructure in furtherance of the NEXIM Sealink project. NEXIM also had an engagement with Global Partnership & Practices (GPP) officials, represented by the Director of Resilience & Climate Action, Syed Hussain Quadri, and Nabil Ghalleb, Director, Economic Empowerment. During the meeting, the Bank called for a partnership to promote SMEs in Nigeria. The GPP agreed to support Nigerian entrepreneurs through some of its initiatives such as “Business Resilience Assistance for Value-Adding Enterprises for Women (BRAVE),” “She Trade Programme,” which supports women in trade, “Women Tech Stars,” which supports women in technology.

In his remarks, the NEXIM MD/CE said that the working visit to Saudi Arabia promises to provide many benefits for the Nigerian economy and the non-oil export sector. “Besides the $ 200 million Line of Credit, which is already being processed, the Bank hopes to secure additional credit lines and leverage the Guarantee Fund of the Islamic Development Bank. We also have the opportunity for capacity building, particularly in developing Islamic banking products, which will provide financial inclusion for some of our exporters, who hitherto, have not benefited from our regular banking products,” Abba Bello said. Abba Bello had stressed the need to pay greater attention to the non-oil sector. According to him, non-oil exports have the potential to drive the needed inclusive growth, hence the need to double efforts to grow the boost activities in the areas. Bello, however, noted that the Nigerian economy was well diversified. What remained undiversified, he argued, was the external sector. He regretted that the country’s foreign exchange earnings still revolved on crude, which posed a concentration risk. “About 90 per cent of our foreign earnings still come from oil. Non-oil used to contribute about five per cent. But the recent emphasis on non-oil in recent years has helped to raise its contribution. But what we have is still very poor,” he regretted. According to Bello, the non-oil export growth agenda is constrained by issues ranging from production, quality standards to packaging challenges. He said Nigeria was losing so much to poor packaging, which should improve if the country must earn more from non-oil exports. Also analysts as well as the Minister of Trade and Investment, Niyi Adebayo, had stressed the need for the country to support non-oil exports in order to boost the nation’s GDP in the light of present economic realities. Adebayo had also underscored the need for Nigeria to move beyond oil and export of raw commodities and build a vibrant manufacturing sector capable of exporting finished goods that could boost the nation’s foreign exchange earnings. He said, “As a nation, this is the time to build a competitive manufacturing sector to see us through the next 50 years, especially in the light of the African Continental Free Trade Area – one of the most important and

strategic international economic agreements ever enacted.” For the Chief Executive Officer of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, expanding the country’s non-oil export has remained a matter of strategic economic importance requiring continual intervention. He pointed out that the impact of the pandemic on oil demand and, by extension, the price of crude oil in the international commodities market further exposed Nigeria’s over-dependency on crude oil earnings and its susceptibility to oil-related vagaries. “The expectation is that export diversification programmes and initiatives will intensify as Nigeria continues to re-orient its export profile and boost foreign currency earnings. Reinvigorating the Nigerian economy calls for measures to reduce the country’s dependence on oil exports. “It requires expanding the array of the country’s value-added products that are exported to foreign markets. When combined with the promise of the African Continental Free Trade Area (AfCFTA), more non-oil exports translate into enterprise and industry level competitiveness with positive implications for job creation and technological development while enabling the country to earn and save much-needed foreign currency,” Onyeagwu explained. In order to avoid such disruptions and diversify the economy by promoting activities in the non-oil sector, in 2020, the federal government rolled out a N50 billion Export Expansion Facility Programme (EEFP) under the N2.3 trillion National Economic Sustainability Plan. The programme was designed to increase Nigeria’s export capacity in the near term and export volumes in the medium term by supporting exporters, especially micro, small and medium entrepreneurs (MSMEs). The EEFP targets 16 programmes in five areas, including capacity building, financing, market development, infrastructure, and institutional strengthening. Overall, the working visit to Saudi Arabia promises to provide a lot of benefits for the Nigerian economy and the non-oil export sector in particular. Besides the $200 million Line of Credit, which is already being processed, the Bank hopes to secure additional credit lines and leverage the Guarantee Fund of the Islamic Development Bank. One of the highpoints is the opportunity for capacity building, particularly in the area of developing Islamic banking products, which will provide financial inclusion for some of our exporters, who hitherto, have not benefited from our regular banking products.

MONDAY, MARCH 6, 2023 ˾ T H I S D AY

BUSINESS/MONEYGUIDE

Boehringer Launches Initiative to Provide Access to Veterinary Medicine to Smallholder Farmers Dike Onwuamaeze The Boehringer Ingelhein of Germany, a leading researchdriven biopharmaceutical company, is partnering with GALVmed and Bill & Melinda Gates Foundation, to raise awareness on animal disease prevention and treatments among smallholder farmers in Nigeria and five other African countries. Boehringer Ingelheim’s has also reached over 40,000 smallholder farmers in six Sub-Saharan African countries, including Nigeria, with its LastMile Initiative to them on the prevention of animal diseases by leveraging on access to veterinary medicine. The initiative is aimed at bridging the gap (“last mile”) in access, availability, and awareness of animal healthcare solutions in hard-to-reach areas and also to improve productiv-

ity and income generation for the local communities. LastMile, which was launched in 2018 as an initiative of the Boehringer Ingelheim in partnership with the Global Alliance for Livestock Veterinary Medicines (GALVmed), is funded by the Bill & Melinda Gates Foundation (BMGF) to support smallholder farmers in Kenya, Cameroon, Nigeria, Mali, Burkina Faso, and Ethiopia. It has also enabled 56 product registrations in these countries as well as Uganda and Tanzania to facilitate access to more treatment options for farmers and veterinarians. The Project Lead for LastMile at Boehringer Ingelheim, Mr. Tiago Teixeira, said: “LastMile is a sustainable model for smallholder farmers with a positive impact on vulnerable communities. It supports our commitment towards improving the health and wellbeing

of animals by increasing disease awareness and improving access to animal medicine.” Tiago explained that animal technicians from local communities are playing crucial roles in demonstrating product usage and providing education to smallholder farmers on prevention and treatment options. Also the Head of Sustainable Development – For Generations at Boehringer Ingelheim India, Middle East, Turkey and Africa, Mr. Ayman Eissa, said: “At Boehringer Ingelheim, we are committed to address global health challenges in developing countries and improve animal health. With our LastMile initiative, we aim to strengthen smallholder farmers’ income and productivity, highlight the importance of disease prevention to ensure food security, and drive sustainable businesses that are integrated into the wider economy in Africa.”

L-R: The Executive Secretary/CEO, The Nigerian Council of Registered Insurance Brokers, Mr. Tope Adaramola; Vice President, Mrs. Ekeoma Ezeibe; Deputy President, Mr. Tunde Oguntade; Managing Director, Linkage Assurance Plc, Mr. Daniel Braie and Executive Director, Technical, Linkage Assurance, Mr Okanlawon Adelagun at theBrokersMembersEveningsponsored byLinkageAssurancePlcinLagos...recently

MARKET INDICATORS

Ecobank Group Appoints Awori CEO Nume Ekeghe Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, the leading panAfrican banking group, has announced that Jeremy Awori has officially assumed his role as Chief Executive Officer of the Ecobank Group. The Group disclosed this in a statement made available to THISDAY. Commenting on his new role, Jeremy Awori, said: “It’s a fantastic opportunity to take Ecobank to the next level of its growth strategy. Despite cur-

rent global challenges, Africa offers promising prospects. Ecobank is uniquely positioned to provide systematic change across the banking sector at a pan-African level, using the geographic footprint it has already established.” “Through our single gateway platform, we are well-positioned to provide the necessary financial products and solutions for countries, corporates, and SMEs to capitalise on the continent’s vast resource, trade, and investment opportunities. We also provide relevant, accessible, and affordable financial

services that address the evolving needs of a vibrant, youthful, and entrepreneurial continent. Ecobank’s brand and heritage continue to be a source of pride.”, Jeremy Awori concluded. Ecobank Group Chairman, Alain Nkontchou, added: “Jeremy Awori’s exceptional and proven qualities as a resultoriented effective leader with an extensive knowledge of the African banking landscape, make him the ideal choice to steer the growth of the Ecobank Group through the current era of rapid global and continental changes.”

Wakanow Announce Okubanjo as Group CFO Kayode Tokede The Board of Directors and Management of Wakanow has appointed Mr. Olubayode as the Group Chief Financial Officer (GCFO) Wakanow. Prior to this appointment. Bayode was Wakanow’s Chief Financial Controller. He transitions into the new role with over a decade’s experience in finance. He gained much of his experience in the commercial banking sector, where he supervised various control functions in the fields of financial control, treasury and international operations. Bayode is a Chartered Ac-

countant and a Fellow of the Institute of Chartered Accountants of Nigeria. He holds an MBA in Finance and Investment from Ahmadu Bello University. With this background, Bayode brings a wealth of financial and management expertise to his role as Group CFO. Commenting on his appointment, the Group CEO of Wakanow Group, Mr. Bayo Adedeji in a statement said, “Bayode assumes this new role with a track record of consistently stellar performances at the helm of the finance function at Wakanow. We are confident that his knowledge, experience and expertise will be vital in Wakanow’s tilt towards

global dominance in the travel industry. As Group CFO, Bayode will further consolidate on the successes achieved while charting new milestones for Wakanow and its subsidiaries as he oversees our financial operations at the group level”. Bayode expressed his readiness for the new challenge stating that, ‘’I appreciate the Board and Management of Wakanow for the continued trust and confidence reposed in me and would like to seize this opportunity to restate my commitment to the Wakanow vision and drive for global excellence in the travel industry.”

F i r m U n ve i l s N e w B a n ki n g A p p Ugo Aliogo Clever Digital Limited has announced the launch of its digital banking platform, Sprout. The company in a statement said Sprout, which is purposely built for retail outlets and social entrepreneurs, is a cutting-edge financial technology solution designed to aid the growth of businesses across the country through the provision of seamless payments, financial and business management solutions. The statement said the platform combines the latest advancements in financial technology and innovative features like ‘Tap to Pay’ for card payments using merchants’

mobile phones. The statement revealed that Sprout promises to significantly improve the business transaction processes of its customers through the simplicity of payments, target savings, loan accessibility and various attractive incentives. The statement also stated that by signing up for an instant Sprout account, customers enjoy zero maintenance fees, affordable e-banking charges, interest on their savings and access to business loans. The Chief Executive Officer, Sprout, Enahoro Uanseoje said: “We decided to undertake this venture to help businesses realize their growth potential

through the provision of reliable and affordable payment processing and business enhancement solutions. Our team has worked relentlessly to build a product that utilizes a customer-centric approach to provide transactional and financial insights to customers. We listen to each customer’s needs and provide tailored solutions that can grow their business and scale.” He averred that though small businesses contribute almost half of the nation’s gross domestic product, a large percentage of them still experience payment and financial issues that threaten the growth of their enterprise.

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

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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

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OPEC DAILY BASKET PRICE AS AT 10 JANUARY, 2023

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

T H I S D AY ˾ DAY, MARCH 6, 2023

MARKET NEWS

Transcorp Hotels Announces 172% increase in PBT, Proposes N1.33bn Dividend Kayode Tokede Transcorp Hotels Plc has reported profit before tax (PBT) of N4.5 billion in its financial results for full year 2022, representing an increase of 172 per cent increase yearon-year from N1.7billion reported 2021. The hospitality subsidiary of Transcorp Group also reported a 47 per cent growth in revenue to N31.4 billion in

2022 from N21.4 billion the previous year, and a N2.6 billion profit after tax. With the hike in costs of supplies caused by negative macro-climate, continued efforts to drive cost efficiencies resulted in an improved net profit margin which doubled from seven per cent in 2021 to 14per cent in the year 2022. The company recorded about two per cent increase in finance costs over the previous year

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despite the cessation of the previously enjoyed COVID-19 concessions on interest rate granted by lenders. Commenting on the results, Managing Director/CEO, Transcorp Hotels, Dupe Olusola in a statement said “This impressive achievement is the highest revenue generated since the inception of the Company. The full-fledged return of the International Business

Travel segment and the bolstering leisure segment contributed immensely to this performance. We continuously strive to achieve a dynamic mix of schemes to efficiently manage hotel occupancy and guest experience,” “Our excellent financial performance in 2022 is the direct result of our concerted efforts and commitment to deliver value to our stakeholders and customers. In 2023 and

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beyond, we will build on our strengths, stay agile; optimise our existing businesses, while identifying new opportunities. “We remain committed to redefining hospitality in Africa through innovation and exceptional services as we unlock value for all our stakeholders,” Olusola added. The board of the company has approved that the sum of N1.33 billion be paid to shareholders as dividends for

AS O F

the year ended December 31, 2022, which is subject to the shareholders declaration at its Annual General Meeting. Transcorp Hotels has a combined 5000+ rooms, both in ownership and management through its online booking platform Aura by Transcorp Hotels. With Aura by Transcorp Hotels, users can book top quality hotels, unique homes and experiences from all parts of Nigeria.

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MONDAY, MARCH 6, 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 02Mar-2023, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 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 6.82% Anchoria Equity Fund 158.76 160.47 9.53% Anchoria Fixed Income Fund 1.24 1.24 0.77% 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 23.76 24.48 8.29% ARM Discovery Balanced Fund 553.69 570.38 6.23% ARM Ethical Fund 47.27 48.70 4.78% ARM Eurobond Fund ($) 1.14 1.14 0.94% ARM Fixed Income Fund 1.12 1.12 1.35% ARM Money Market Fund 1.00 1.00 10.57% ARM Short Term Bond Fund 1.05 1.05 1.05% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 96.38 96.38 1.35% AVA GAM Fixed Income Naira Fund 1,120.38 1,120.38 -0.54% 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 3.73% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.41 2.46 9.18% 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 1.39% 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 11.86% Paramount Equity Fund 20.17 20.54 9.83% Women's Investment Fund 156.67 159.66 7.95% CHD Nigeria Bond Fund 101.55 101.55 9.97% CHD Nigeria Dollar Income Fund 1.02 1.02 8.97% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund N/A N/A N/A Cordros Milestone Fund N/A N/A N/A Cordros Fixed Income Fund N/A N/A N/A Cordros Halal Fixed Income Fund N/A N/A N/A Cordros Dollar Fund ($) N/A N/A N/A CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 10.30% Coronation Money Market Fund 1.23 1.25 3.26% Coronation Balanced Fund 1.38 1.38 -1.92% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn 100.00 100.00 9.01% EDC Nigeria Money Market Fund Class A 1,000,000.00 1,000,000.00 11.09% EDC Nigeria Money Market Fund Class B 1,119.67 1,124.31 1.17% EDC Nigeria Fixed Income Fund EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1501.07 1501.07 12.23% FBN Balanced Fund 212.22 213.77 6.27% FBN Halal Fund 125.55 125.55 12.85% FBN Money Market Fund 100.00 100.00 11.30% FBN Dollar Fund 121.63 121.63 6.92% FBN Smart Beta Equity Fund 0.00 0.00 4.67% FBN Specialized Dollar Fund 105.71 105.71 9.77% 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 8.57% Legacy Debt Fund 3.52 3.52 -12.08% Legacy Equity Fund 2.13 2.17 22.42% Legacy USD Bond Fund 1.27 1.27 5.27% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1

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

Bid Price 4,425.70 3,760.60 100.00

Offer Price 4,455.50 3,760.60 100.00

Yield / T-Rtn 30.96% 7.82% 10.77%

FSDH Dollar Fund 1.14 1.14 5.66% 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 8.16% Vantage Balanced Fund 3.15 3.20 8.81% Vantage Guaranteed Income Fund 1.00 1.00 7.20% Kedari Investment Fund (KIF) 0.00 0.00 0.00% Vantage Equity Income Fund (VEIF) - June Year End 1.28 1.31 8.55% Vantage Dollar Fund (VDF) - June Year End 1.08 1.08 8.63% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 13.40 13.45 9.04% Meristem Money Market Fund 10.00 10.00 12.13% 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) 102.17 102.17 9.93% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.94% 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 136.43 139.73 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 11.02% 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 3,864.49 3,893.55 13.97% Stanbic IBTC Bond Fund 246.91 246.91 4.81% Stanbic IBTC Ethical Fund 1.53 1.55 22.22% Stanbic IBTC Guaranteed Investment Fund 335.94 335.94 7.28% Stanbic IBTC Iman Fund 281.39 284.47 20.41% Stanbic IBTC Money Market Fund 1.00 1.00 9.08% Stanbic IBTC Nigerian Equity Fund 13,010.20 13,168.92 19.16% Stanbic IBTC Dollar Fund (USD) 1.38 1.38 6.84% Stanbic IBTC Shariah Fixed Income Fund 122.27 122.27 4.58% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 116.69 116.69 9.69% Stanbic IBTC Absolute Fund 4,635.37 4,635.37 8.96% Stanbic IBTC Aggressive Fund 3,489.73 3,534.33 25.54% Stanbic IBTC Conservative Fund 4,387.72 4,404.72 15.26% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.07 1.10 12.27% United Capital Balanced Fund 1.60 1.63 17.12% United Capital Wealth for Women Fund 1.29 1.31 10.66% United Capital Sukuk Fund 1.12 1.12 9.94% United Capital Fixed Income Fund 1.98 1.98 7.27% United Capital Eurobond Fund 126.49 126.49 5.48% United Capital Money Market Fund 1.00 1.00 11.29% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 14.62 14.76 5.40% Zenith ESG Impact Fund 16.63 16.80 5.21% Zenith Income Fund 23.84 23.84 1.19% Zenith Money Market Fund 1.00 1.00 0.00% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund Bid Price Offer Price Yield/T-Rtn 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

115.40 53.52 101.31 9.93

1.31% 4.74% -13.05%

Bid Price

Offer Price

Yield / T-Rtn

16.76 143.89 112.27 17.40 16.40

16.86 146.40 114.22 17.50 16.50

8.26% 12.76% 12.29% 0.47% 9.58%

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.

MONDAY MARCH 6, 2023 • T H I S D AY

MONDAY, MARCH 6, 2023 • T H I S D AY

NEWS

PRESIDENT-ELECT TINUBU IN LAGOS... L-R: President-elect Bola Tinubu, the Oba of Lagos, Rilwan Akiolu, and the Lagos State Governor, Babajide Sanwo-Olu, during Tinubu’s return to Lagos and visit to the Oba’s palace for the ﬁrst time after his victory at the February 25 presidential election. He can be seen displaying the certiﬁcate of return as president elect … yesterday.

Obaseki, Oshiomhole Bicker over Alleged Plan to Impeach Edo Gov Gov assures better investment in STEM education

Adibe Emenyonu in Benin City The Edo State Governor and his predecessor, Adams Oshiomhole are in a war of words over the alleged Impeachment of the former The Special Adviser to the Edo State Governor on Media Projects, Crusoe Osagie, has said the recent statement by the former Edo State Governor, Adams Oshiomhole on the fate of Governor Godwin Obaseki in the Edo State House of Assembly polls exposes Oshiomhole’s insidious plan to oust Obaseki through impeachment. In a statement, Osagie expressed confidence that Edo people, as they did in 2020, would again rise in defense of the governor at the polls on Saturday, March 11, and vote massively for the Peoples

Democratic Party (PDP), electing a House controlled by the PDP. The governor’s aide said, “The recent statement by the former Edo State Governor, Adams Oshiomhole on the fate of Governor Godwin Obaseki in the Edo State House of Assembly polls exposes his insidious plan to oust the current governor through impeachment. “We are, however, confident that, like it happened in 2020 when Edo people stood with the governor despite the bullying and intimidation by Oshiomhole and his paymasters, Edo people will again rise in defense of the governor at the polls on Saturday, March 11; vote massively for the Peoples Democratic Party (PDP) and elect a House controlled by the PDP. “Obaseki has never placed his

Lufthansa Flight with over 200 Nigeria-bound Passengers Diverts to Cotonou Chinedu Eze

Lufthansa Flight LH566 from Frankfurt that was destined to the Murtala Muhammed International Airport (MMIA) Lagos as direct flight was on Friday diverted to Cotonou, Togo and later to Malabo, Capital of Equatorial Guinea by the pilot who lied to the passengers that the Lagos airport was closed. The flight with over 200 passengers and about only 15 passengers destined to Malabo was scheduled to arrive Lagos by 5:45 pm on March 3, 2023 before flying to Equatorial Guinea capital, but later arrived Lagos at 2:00 am on March 4, 2023. THISDAY investigations revealed that the Lagos airport was not closed at any time on March 3, and there was no indication that any other airline coming to Lagos diverted flight to any other airport whether within Nigeria or outside the country. THISDAY enquired from the General Manager, Public Affairs, the Federal Airports Authority of Nigeria (FAAN), Mrs. Faithful Hope-Ivbaze, whether the Lagos airport was closed at any time on March 3, 2023 and she responded, “There was never a day/time that

MMA was closed. I will let you know if there will be any closure in the coming days.” Anytime any airport is closed the information is circulated to the world through Notice to Airmen (NOTAM), which is managed by the Nigeria Airspace Management Agency (NAMA), so THISDAY spoke to insiders in the agency and the NOTAM desk also confirmed that the airport was not closed at any time on March 3, 2023. Eyewitness account narrated passengers’ experience in the Lufthansa Flight LH568. “They left Frankfurt yesterday (March 2, 2023) by 12 noon to Lagos and Malabo in Equatorial Guinea. This flight was supposed to be at Lagos by 5.45pm. On getting to Lagos, the pilot told the passengers that they couldn't land because the Lagos airport was closed. “He took them to Contonou airport and landed waiting for Lagos airport to open, according to the pilot. They were there for almost three hours, during this time, relatives waiting for the flight was panicking. Then individuals were now making calls to relatives asking what was happening in the Lagos airport.

confidence in any man or godfather. He has placed his confidence in God and the people.” He further noted, “It is also curious that it is Oshiomhole who has come forward with the agenda of the APC and not any of the candidates. One wonders if Oshiomhole will be a member of the Edo State House of Assembly after the polls. This, obviously, points to who and where the instructions will be issued if the party’s candidates are mistakenly elected into the House. “Edo people can see the handwriting on the wall and we are certain that they will troop out en masse to vote for the candidates of the PDP in the election to sustain the developmental strides of the Governor Obaseki-led government.” However, in his reaction, Oshiomhole, through his Media Aide, Victor Oshioke, said Obaseki was scared of the looming consequences of his reign of terror. He said, "Godwin Obaseki is a corrosive politician whose attitudes are patently leprous in nature. He

contaminates and destroys any party, place, or person that he associates with. "For almost seven years, he has governed Edo State like Herod. Totally insensitive to the aspirations, frustrations, and cries of the people who elected him. "But on February 25, 2023, Edo people unambiguously rejected him and his PDP faction in the presidential and national assembly polls. For the first time since the return to democracy in 1999, Edo State PDP failed to win any seat in the national assembly, a direct consequence of Godwin Obaseki's cantankerous, vicious and reckless use of state power to intimidate, oppress, terrorise and pauperise our people. "On March 11, Edo people will once again go to the polls to put the final nail on the coffin of impunity, hatred, insecurity, maladministration, destruction of private properties, economic retrogression, infrastructural decay and disrespect for traditional institutions which are the unfortunate hallmarks of Godwin Obaseki's two

tenures in office. "No man is God and Oshiomhole is not God. He has never pretended to have godly powers, so he cannot install or decree who becomes a member of the House of Assembly. That is for the electorates to do. But as a leader, Oshiomhole is calling on all Edo people to come out and vote for all APC candidates so that true democracy can once again be restored in Edo State," he added. Meanwhile, Edo State Governor, Mr. Godwin Obaseki, has said his government will sustain the investment in the state’s education sector, ensuring the right environment and infrastructure to support Science, Technology, Engineering and Mathematics (STEM) education so as to drive industrialization and sustainable socioeconomic development in the state. Obaseki gave the assurance in commemoration of the 2023 World Engineering Day for Sustainable Development, marked by the United Nations Educational, Scientific and Cultural Organisation (UNESCO)

and its partner agencies with the theme, “Engineering innovation for a more resilient world.” The governor said his administration had invested hugely in the education sector, focusing on STEM education to groom and equip young people in the state with the knowledge and skills required to become leaders in the 21st-century economy. Obaseki noted that this year’s celebration provides the opportunity to celebrate engineers around the world, especially female engineers who have distinguished themselves in the engineering profession, providing solutions to global problems. He said, “As we commemorate this year’s World Engineering Day for Sustainable Development, we celebrate the remarkable impact of engineering on our world and the role it plays in building a sustainable future. We also salute engineers all over the globe who are contributing to the advancement of society through their innovative work.”

Daily Mail: Runaway Aristocrat Constance Marten Was 'Groomed By Nigerian Sect Leader' After Being Sent to 'Compound Near Lagos for Six Months As Teenager' Marten was allegedly forced to stay in a sect led by Nigerian pastor TB Joshua She was starved, watched by armed guards and made to call Joshua 'daddy' Matthew Lodge Runaway aristocrat Constance Marten was allegedly 'groomed' by the leader of a Nigerian sect as a teenager, it is being reported. The 35-year-old, who has been charged with manslaughter of her baby 'Victoria' by way of gross neglect along with her lover Mark Gordon, spent six months in a compound near the country's capital of Lagos as a teen. While there it is thought she was forced to stay in a dormitory of 50 girls who were watched over by armed guards, starved, woken for biblical readings and made to call the leader 'daddy'. One ex-partner said her time there had left her traumatised, while a former member of the same cult

revealed she would have been forced to take part in 'intense' work while on the compound. Marten and Gordon currently remain in custody after a seven-week manhunt for them and their child came to an end last week, ahead of a hearing at the Old Bailey later this month about their involvement in Victoria's death. Marten, who grew up on a £100million estate in Dorset and whose grandmother was goddaughter of the late Queen Mother, is believed to have travelled to Nigeria when she was in her teens. In Lagos she joined the Synagogue, Church of All Nations (SCOAN), a Christian sect led by televangelist Temitope Balogun Joshua, more popularly known as TB Joshua.

Joe Hurst, a former British soldier who joined the group but left before Marten arrived in 2006, said she spoke to him years later to say she and other white people at the compound were humiliated by the controversial pastor. Speaking to The Independent, Mr. Hurst said she claimed she had been forced to eat Joshua's leftovers and had been placed in social exile - a punishment given to members who were not 'focused enough' on the pastor or who spoke about their lives before entering the compound. He added that when speaking about what happened in the compound, she asked: 'How could God allow this to happen to us?' Matthew McNaught, author of a book about the megachurch,

said she had contacted him several years later as she was 'trying to get her head around what happened to her', adding: 'she was confused and traumatised'. The church has been involved in a number of controversies, with fellow other Nigerian pastors calling Joshua, who died in 2021 at the age of 57, an 'imposter'. In April 2021 YouTube suspended his channel, Emmanuel TV, after he claimed homosexuality was the result of possession by demonic spirits. Marten's ex-partner Francis Agolo, 44, was quoted by The Sun as saying the experience in Nigeria seemed to have been 'traumatic' for her, adding: 'She [Marten] would clam up when talking about her time there.' Continued online

MONDAY, MARCH 6, 2023 • T H I S D AY

NEWS

COURTESY VISIT... L-R: Chairman MSME Committee, Nigerian-British Chamber of Commerce (NBCC), Joe Dada; Chairman Programmes Committee, Tajudeen Ahmed; Deputy President, Abimbola Olashore; Vice President, Seyi Adeyemi; President/Chairman of Council, Bisi Adeyemi; CEO ProAgile Consulting Services Ltd, Alberto Osuji; Deputy President NBCC, Ray Atelly, and Vice President NBCC, Akin Osuntoki, during a courtesy visit of NBCC's Executive Committee to MTN Nigeria Communications Plc, in Lagos...recently

Rivers Presidential Collation Officer Raises the Alarm over Death Threat Weeks after Results’ Announcement Olusegun Samuel in Yenagoa

More than one week after announcing the result of the just concluded presidential election in Rivers State, the Collation Officer, Prof. Charles Adias has raised the alarm over unabated threat to his life. The varsity don who is also the Vice Chancellor of the Federal University Otuoke (FUO), had during collation exercise of results addressed newsmen in Port Harcourt, Rivers State of adjournment due to threat to his life and family members. Adias, had alleged that some persons especially members of the Labour Party (LP) were after his life despite having nothing to do with conduct of elections and computation of results. He said those accusing him of rigging election in Rivers State were trending his picture and

personal information on social media and calling on their members to deal with him. In a statement issued yesterday, titled "My Stewardship, My Bond as State Collation Officer for the 2023 Presidential Election, Rivers State,” the don said though he was unaware of the challenges of being a collation officer, he decided to take up the task because of his conviction to the growth and development of the political process in the country. In the statement made available to newsmen in Yenagoa, he wrote, “On my appointment as State Collation Officer for the 2023 Presidential Elections (SCOPE), Rivers State, I had set out, as a call to duty on national assignment to fulfil an essential part of my community service as an academic and Vice-Chancellor of a federal university.

India-bound Businessman Arrested with 9.4kg of Heroin at Lagos Airport Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a businessman, Kingsley Celestino at the Murtala Muhammed International Airport, Lagos, with 9.4 kilogrammes of heroin concealed in false bottoms of his two travelling bags. A statement yesterday, by the spokesman of the NDLEA, Femi Babafemi revealed that Celestino, a business class passenger on Qatar Airline flight was arrested at Terminal 2 of the MMIA last Saturday, on his way to India. Though a Nigerian, the 49-yearold was travelling with a Guinean international passport. “Preliminary investigation revealed that the suspect has frequently traveled to India on business class tickets. Celestino, who claimed he deals in clothing business between Nigeria and India, was gathered to have obtained the Guinean international passport in Guinea Bissau, his mother’s country,” it added. Babafemi also disclosed that a 24-year-old passenger travelling to Oman, Etounu Monday, was intercepted at the Nnamdi Azikiwe International Airport, Abuja, during the outward clearance of Ethiopian Airline flight ET 950 while attempting to export 1.92 kilogrammes of skunk concealed in cream tubes. The spokesman also disclosed

that at the Tincan seaport, Lagos, NDLEA operatives last Friday recovered 244 parcels of Canadian Loud weighing 79 kilogrammes concealed in medium size wooden sound system speakers packed inside two out of four used vehicles in a container marked CRSU9258348 coming from Toronto via Montreal, Canada, adding that the imported vehicles used as cover for the drugs are a 2009 Jeep Wrangler and a 2009 Honda Ridgeline. “Similarly, NDLEA officers of the Directorate of Operations and General Investigation, DOGI, attached to courier firms in Lagos intercepted a consignment of nine parcels of methamphetamine concealed in native black soap, Dudu Osun, heading to Europe. “No fewer than 778,190 pills of pharmaceutical opioids including tramadol and a drum of 270 kilogrammes methylene chloride were recovered by operatives from a suspect, Eric Yohanna, 33, in Jalingo, Taraba state last Monday following credible intelligence. Also seized from him is a Daylong tricycle used in distributing the illicit substances,” the statement added. Babafemi pointed out that in Adamawa State, the house of a wanted notorious drug dealer, Mamudu Njobdi at Sebore, Gyalla road Dougada ward, Mubi was raided in the early hours of last Monday, where he was arrested and drug exhibits recovered.

"Hence, I worked within the scope of my briefs as statutorily demanded, and as clearly enunciated in the electoral guidelines and other enabling instruments. “By the nature of my assignment, as it is with every other job in this sphere, I knew it was going to be challenging, but I braved it being assured that I would surmount whatever challenge by the grace of God. "As statutorily designated, my job as the SCOPE, Rivers State, and as expected of all vicechancellor of federal universities, who were also deployed to other States of the Federation too, I received the report of collated and announced results from Local Government Area Council Collation Officers (EC8C). “Collated the votes scored by each Political Party from Forms EC8C into Form EC8D and entered the votes scored in the spaces provided; added up the LGA collated results to obtain the State’s summary; cross-checked the totals and entries in Form EC8D with the Collation Support and Result Verification System (CSRVS) secretariat for computational accuracy; announced loudly the votes scored by each Political

Party; signed, dated and stamped the Form EC8D and requested the Polling Agents to countersign; Then other formalities followed up the ladder to the final Collation Centre in Abuja. “The above procedures were dutifully followed under public viewing and in presence of all the officials, from the designated regular INEC Staff, INEC Ad-hoc Staff, Party Agents and Officers, Security Personnel to local and Foreign Observers, and the Press, with no adverse and untoward behaviours noted or recorded, all the way." He explained further: "Also, as explained above, my job, as it is with other 36 federal universities’ vice-chancellors, was simply to dutifully collate results that had been recorded at the units, wards and local government levels up to the state's collation centre where all the scores were summed up in the presence of all concerned persons and groups, including but not limited to party agents. “By this arrangement it is quite impossible for a State Collation Officer for the presidential election to manipulate scores that had already been counted, recorded, confirmed, signed, and stamped by Officers at the lower levels of Collation (Unit, Ward,

and LGA). “Looking at the scope and modalities of my job as well as my neutrality as a vice-chancellor, how could anyone have imagined to the extent of alleging that I was out to favour any candidate or political party in the Presidential Elections? "To put the records straight, I began to receive several phone calls and text messages threatening, abusing and insulting my person and family on February 26, 2023 while I was on my way to Port Harcourt to report to duty not knowing that my photograph and phone number had already been circulated on the social media, especially Facebook and Twitter alleging that I had been detailed to influence votes and scores for Candidate(s) in the elections by manipulating the BVAS machines in Rivers State among others. “On getting to Port Harcourt, I had to inform the Resident Electoral Commissioner (REC) about my experiences which he roundly condemned and promised that my safety was assured and pledged that the Commission would do something about it.” Narrating further, Adias said

after collating results for three local government areas on February 26, 2023, he retired to his hotel room. But while he tried to rest to prepare for the following day, the threat calls and messages still continued. “I managed to bear it all till the following day when I set out to collate results for 18 more local government areas making it 21 LGAs as at February 27, 2023. “At the end of the hectic process of Collation for that day, the results for Obio/Akpor and Degema Local Government Areas were not ready. "Considering all what had happened, the following day, on February 28, 2023, I decided to adjourn the Collation of results and insisted on a press conference to let everyone know about the several threats to my life and as they may affect the collation exercise. “Thereafter, the collation was adjourned, and I insisted that until INEC addressed the issues of misinformation, blackmail; and defined the roles of SCOPE as distinct from that of other Officers whose duty it is to receive results as collated at the Units to the Wards, all through to the local governments, I would not go on with the exercise,” he added.

Nigerians in Diaspora Decry INEC's Poor Conduct of Presidential Election

Seriki Adinoyi in Jos

The Nigerians in Diaspora Organisation (NIDO) has expressed disappointment over the failure of the Independent National Electoral Commission (INEC) to transmit electronically the presidential election results into its server from the polling units as promised. It noted that, "the inability of INEC to fulfill the anticipated electronic transmission of the results of the elections to the INEC server was very disappointing, and this greatly punctured the trust of the voters in the sanctity and transparency of the electoral process.” Chairman of NIDO, America, Dr. Ezekiel Macham, and his Europe's counterparts, Dr. Bashir Obasekola, disclosed this at the weekend in Jos, during a press conference while presenting the 2023 election observers mission

of NIDO on the Presidential and National Assembly elections. Members who joined the press conference via zoom urged INEC to improve on the electoral process before the Saturday, March 11 2023 governorship election and ensure Diaspora voting in the subsequent elections. NIDO said, "INEC should urgently reverse this trend for the sake of sustainability of our democracy. INEC should maximise the potential for transparency that BVAS and IReV provide." Macham acknowledged INEC's determination to bring on board new innovations with a view to improving the electoral process, but said NIDO was displeased with the systematic failure of the Commission to ensure instantaneous transmission of results to IReV at the conclusion of voting at the polling units as earlier planned.

He said, "It is very important that as we move into the future, INEC must seek an amendment to the Electoral Act to allow electronic transmission and automated collation through direct submission of results in numerical format from the polling units into the INEC server. "The submitted results must be free of human intervention, which occurs by way of the manual addition of numbers. The automated tallied results should be alive and accessible to the nation as the voting progresses. “The scanned hard copy evidence of Form EC8A transmitted via BVAS will be used only to back-up the raw data submitted from the polling units." Macham also decried late arrival of election materials in some polling units across the country and said voting period was grossly inadequate, observing

that six hours was not enough for citizens to exercise their franchise. He also observed that the proficiency of INEC ad-hoc staff in some polling units across the country fell short of the expectations of Nigerians and called for the usage of more experienced personnel in the subsequent elections. He described the introduction of Bimodal Voter Accreditation System (BVAS) into the electoral process as noble, adding that it helped in reducing cases of manual manipulation of figures and the problem of over-voting. "We advise that INEC and all pertinent stakeholders take urgent action to address the lapses identified in this report with a view to improving the conduct of the subsequent elections, including the upcoming March 11, 2023 Governorship and States Assembly elections," he added.

MONDAY, MARCH 6, 2023 • T H I S D AY

NEWS

ABIODUN ENGAGES THE MUSLIM COMMUNITY… L-R: Chief Imam of Yewaland, Alhaji Sikirulai Babalola; President General, League of Imams and Alfas, Alhaji Jamiu Kewulere, Governor Dapo Abiodun, his Deputy; Engr. Noimot Salako-Oyedele and former Speaker, Federal House of Representative; Rt. Hon Dimeji Bankole, during an engagement with the League of Imams and Alfas and the Muslim community at the Presidential Lodge, Abeokuta, on Sunday

I Won't Disappoint Nigerians, President-elect Tinubu Assures All Adedayo Akinwale in Abuja The President-elect, Asíwájú Bola Tinubu, has assured the Nigerian people that he would work assiduously from his first day in office and would not disappoint them. Tinubu, who stated this while addressing supporters in Lagos, yesterday, likened the primaries and the election he

went through to a World Cup tournament. The former Lagos State governor, in a statement, yesterday, by his Media Office thanked God and the people for his eventual victory. Tinubu, who arrived at the Presidential wing of the Murtala Muhammed Airport, Ikeja, was received among others by Lagos State Governor,

Babajide Sanwo-Olu, his Chief of Staff,Tayo Ayinde, Senator Musiliu Obanikoro and other top functionaries in Lagos. The train then proceeded to the Iga-Iduganran Palace, where the Oba of Lagos, Rilwanu Akiolu, some other traditional rulers in the state

and White Cap chiefs were already waiting. Speaking in Yoruba at the palace, Tinubu said, his message was one of gratitude and specifically thanked Oba Akiolu and traditional rulers in the state for their prayers and support.

Oba Akiolu described the president-elect as a special breed "who is destined for leadership at the very top." Other traditional rulers gathered at the palace included Elegushi of Ikate-Elegushi Kingdom, Oba Saheed Elegushi, and Oniru of Iruland, Oba

Omogbolahan Lawal. Also at the palace were former Deputy Governor, Femi Pedro; former Commissioner for Environment in Lagos, Muiz Banire, and the All Progressives Congress Woman Leader in the state, Hon. Jumoke OkoyaThomas.

Group Tasks INEC to Sustain Nigeria's Group Demands Tinubu's Blueprint for Tackling Insecurity Democracy By Upholding Rule of Law in Six Northern States

Francis Sardauna in Katsina A pro-democracy group, the Katsina Youths Enlightenment Crusade on Peace and Development has challenged the president-elect, Bola Ahmed Tinubu to present his blueprint on how he intends to tackle insecurity in Katsina, Zamfara, Kaduna, Sokoto, Kebbi and Niger states. The Vice Chairman, Board of Trustees of the group, Muhammad Danjuma, who disclosed this yesterday, at a press conference in Katsina, said residents of the six states had been decimated by the menace of banditry and terrorism. "We hope to see your clear blueprint on how to bring it to an immediate and definite end," Danjuma said while urging the president-elect to appoint economic experts that would end the current economic challenges faced by Nigerians. He admonished the president-elect to run an all-inclusive government for

national unity and listen to the voices of building a new Nigeria, including those from well-meaning individuals from other political parties. Furthermore, he called on the president-elect to complete the rail project from Kano to Maradi, Kano to Katsina federal highway, construction of 75MW solar plant at Lambar Rimi, KEDCO booster station in Katsina, school of nursing and midwifery Malumfashi and the proposed Funtua Agricultural university. Danjuma, however, appealed to politicians to shun violence and guide their utterances to avoid instigating the populace to violence, and urged the masses not to compromise the nation's peaceful coexistence at the behest of any politician. While noting that Nigerians have no country other than Nigeria, the vice-chairman, board of trustees of the Katsina Youths Enlightenment Crusade on Peace and Development, called on them to strive to make the country peaceful.

The Atiku Alliance for Good Governance (TAAGG) has called on the Independent National Electoral Commission (INEC) to save Nigeria’s democracy by upholding extant laws that affect the conduct of the country’s presidential and National Assembly elections and invalidating discredited polls where necessary, as recommended by law. This was sequel to the admission by the INEC Chairman, Prof. Mahmoud Yakubu, that the election through which Bola Ahmed Tinubu of the All Progressives Congress (APC), was declared winner, suffered discounts and did not fully comply with the laws guiding its conduct. In a statement yesterday, he laid the blame at the doorsteps of some erring officers. Yakubu, had during a meeting with INEC Commissioners in Abuja on Saturday, admitted that the election suffered major challenges including, “implementation failures” and “behaviour of some election personnel at different levels”. Commenting on the development, TAAGG said in

a statement in Lagos, signed by its leader, Obiora Okonkwo that INEC ought now to use available legal windows to review the elections and invalidate those that were grossly challenged. Listing available constitutional provisions available to the Commission, Okonkwo said INEC is lawfully empowered to review the conduct of the election and withhold the issuance of certificate of return to persons whose victory were marred by “implementation failures” and “behaviour of election personnel”. The TAAGG leader cited Sections 134 (1)9b) of the Electoral Act as empowering INEC to review the elections and suspend issuance of certificates to contested elections. Specifically, Section 134(1)(b) (c) of the Electoral Act reads: An election may be questioned on any of these grounds; (b) the election was invalid by reason of corrupt practices and non-compliance with the provisions of this Act, or, (c) the respondent was not duly elected by majority of lawful votes cast at the election. Okonkwo argued by

the admission of the INEC chairman and his decision to penalise officials who aided and abetted the flaws recorded in the presidential election, the Commission was now morally and legally bound to withhold the issuance of certificate of return to persons whose elections are disputed on account of the irregularities pointed out by the chairman. Okonkwo explained: “By the admission of the INEC chairman, Prof. Mahmoud Yakubu, it is obvious that the Presidential and National Assembly election in Nigeria did not satisfy the law as spelt out by the Electoral Act. “For this reason, therefore, it is expected that the Chairman should, standing on extant lawful provisions, review the conduct of his officials in the performance of their duty on election day and where found to have compromised, not only should they be penalized, but the specific results affected by heir compromise should be isolated and discounted from the total votes cast and threated as invalid votes. “This is the surest way of sanitising the electoral system

because it will make no sense to penalise INEC officers found to have compromised the election and yet retain the compromised result. Allowing such compromised results to stand makes nonsense of any effort to strengthen the electoral system in Nigeria and further jeopardises Nigeria’s march to steady democracy.” He added: “For us in TAAGG, we believe that the success of Nigeria in sanitising its electoral system by ensuring that people did not benefit from compromised results, and that the rule of law prevails at all times, will be a major boost to the growth of democracy in Africa, especially in West Africa where we have seen a gradual return of military rule owing to flawed elections and lack of respect for the rule of law. “So, we urge Prof. Yakubu and INEC management to show courage by ensuring that a legal review of the presidential election in Nigeria is followed up with sanctions on erring electoral officers as well as voiding compromised election results where applicable and in accordance with.”

Confusion in Rivers APC over Leadership Position, Amaechi Accused of Anti-party

Blessing Ibunge in Port Harcourt

There is pall of confusion in the Rivers State chapter of the All Progressives Congress (APC), over claims by a chieftain of the party, Tony Okocha that he was the new leader of the party in the state. Okocha, who was the Chairman, Local Organising Committee, of the APC for

the recent presidential election campaign in the state, alleged that the former governor, Chibuike Rotimi Amaechi, was involved in anti-party activities, and therefore, lost the position to him. The APC chieftain made the claim while reacting on a comment by a faction of the Tinubu/Shettima supporter's group, distancing themselves from Okocha's assurance that they would reciprocate Governor

Nyesom Wike's support to the victory of Tinubu, in the March 11 governorship election in the state. Speaking on reason for dethroning Amaechi from a position he has manned in the state for many years, Okocha claimed that, the immediate past Minister of Transportation was allegedly involved in anti-party activities during the February 25, presidential election in Rivers.

He alleged that Amaechi never supported the emergence of the president-elect, Bola Tinubu,but advised his supporters to vote for the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar. "It is certain that our former leader, Rt Hon. Rotimi Amaechi, a day to the presidential election, ordered his supporters to go and vote for the candidate of the PDP. We have it on record from good

authority that he also voted for the candidate of the PDP who is Alhaji Atiku Abubakar. "That necessarily by nature, disqualifies him as a leader and that I Chief Tony Okocha, who won election with my own faction for our presidential candidate is now the leader of APC in Rivers State. Don't forget that he also become the leader of the party on ground of him being a serving Minister of the

Federal Republic of Nigeria. We are saying that a new leadership has emerged, we are not divided," he said. Okocha, who dismissed allegation that he was a member of the Social Democratic Party (SDP), working against the growth of APC in the state, advised his APC members to avoid any form of influence to commit violence during the gubernatorial election in the state.

MONDAY, MARCH 6, 2023 • T H I S D AY

NEWS

AWARD TO WINNERS OF KELLOGG’S SUPER STARS SCHOLARSHIP 4.0 EDITION... L-R; Executive Director, Media Reach OMD, Mr. Adeyinka Adebayo; Director Basic Education Services, Lagos State Ministry of Education, Mr. Adeyemi Adebayo; a winner of Kellogg’s Super Star Scholarship Award, David Ogiata; Marketing Manager, Kellogg’s Tolaram, Mr. Darlington Ighabali; and Senior Assistant Education Oﬃcer, Lagos State Universal Education Board (SUBEB), Mr. Popoola Ayodeji; during the presentation of award to the winners of Kellogg’s Super Stars Scholarship 4.0 Edition in Lagos… yesterday SUNDAY ADIGUN

Vote Out APC, End Bad Governance, Impunity in Kaduna, PDP Tells Residents John Shiklam in Kaduna The opposition Peoples Democratic Party (PDP) in Kaduna State, has asked residents of the state to end bad governance and impunity by voting out the ruling All Progressives Congress (APC) in the March 11, governorship and state assembly elections.

In a statement yesterday, the party called on the people to not be discouraged by the challenges and the outcome of the February 25, Presidential and National Assembly elections. In the statement by Reuben Buhari, Deputy Director, Media and Publicity, PDP State Campaign Directorate, the party commended the people of the

Implement 35% Women Affirmation, Group Urges Incoming Administration

Alex Enumah in Abuja

The National Chairperson of the Women's World Day of Prayer (WWDP), Florence Uche, has called on the incoming administration to ensure the implementation of the National Gender Policy (NDP), so as to bring on board a greater number of women in the process of governance. Uche, specifically appealed to the incoming government not to segregate but to ensure that female get 35 per cent and the youth 25 per cent representations in government, in order to eliminate gender discrimination and ensure equality for all men and women. Although the Affirmative Action (AA) policy has been recognised in Nigeria since 2006, successive administrations have however failed to implement it. The policy demands that 35 per cent of women be involved in all governance processes, whether by election or appointment. Speaking with journalists over the weekend, shortly at the end of the Women's World Day of Prayer annual Programme in Abuja, the Chairperson charged the government to end both the untold hardship affecting the citizens and the incessant killings going on in some parts of the country. She prayed that, "Our young people shall not be wasted and the rod of the wicked shall not rest on their heads", adding that, "peace, progress, love, understanding, and

harmonious living will be our portion in Nigeria." Uche disclosed that the World Day of Prayer, was one of the oldest women movement in the world and it was formed following the killings, destructions, sufferings and pains of the first and second world wars. She explained that the essence of the program was to keep the body of Christ together and pray for peace, stability of the nation and the entire World. It was her prayers that Nigeria would not disintegrate and that the existence and movement of Christianity in Nigeria would not be terminated by anyone. She thanked God almighty who made all things possible and appreciated the efforts of members of the North-Central planning committee lead by Pastor Mrs Deborah Adaji, the Choir, Security, CAN representatives, the preacher, Archbishops, Bishops, wives of Heads of Churches and leadership of different church units for gracing the occasion. Also speaking with journalists, the Chaplain of National Christian Center, Abuja, Ini Ukpoho, said the WWDP held annually brings Christian faithful, particularly women fold together in unity, with a united voice to pray for the challenges in the world. He also noted that when the women gather they pray against issues that affect them in their different nations and intercede for God's intervention.

state for voting massively for the PDP in the Presidential and National Assembly elections. Buhari said the support for the PDP led to the defeat of the APC in the state during the February 25 polls in which the PDP secured the highest votes in the presidential election in the state as well as won the three senatorial seats and 10 out of the 16 House of Representatives seats.

The statement urged residents to come out enmass on Saturday and repeat the same feat. Buhari noted that although many people may be demoralised following INEC's declaration of Bola Tinubu as winner of the presidential election and may not want to vote in the governorship election, he emphasised that refusing to vote on Saturday was not the best option. “If our dream is to have a secure,

prosperous Kaduna State, then, we owe it a duty to ourselves and our families to come out and vote for the PDP on Saturday," the statement said. Not going voting would ensure that more of our people in Kaduna State get sacked with impunity, or forcefully retired without getting their benefits. "Not voting might ensure the continuation of school fees increment in Kaduna’s tertiary

institutions without regard to the common man. Abstaining from voting would continue to see our traditional institutions bastardised without recourse to what the people genuinely desire. "We would continue to witness more demolitions of houses and shops that the common man is using for sustenance; we will continue to see the forceful seizure of people’s land," he said.

ATIKU: YAKUBU’S PROMISE OF CREDIBLE GUBER POLL MEDICINE AFTER DEATH of INEC in the February 25 presidential poll. Atiku, however, commended the United States Ambassador to Nigeria, Mary Leonard, for admitting that the elections were far below the expectations of Nigerians. The statement said, “The INEC chairman is nothing but a hypocrite. After promising to upload the results from polling units in real time, he allowed himself to be used, or he used himself in subverting the will of Nigerians. It will shock you to note that seven days since the election ended, the full results have still not been uploaded on INEC’s result viewing portal. “The election was so bad that it failed to meet the expectations of Nigerians as restated by several foreign media outlets and observers as well as Ambassador Mary Beth Leonard of the US. Rather than apologise, the INEC chairman is trying to shift blame. “After INEC’s abysmal performance at the scam election of February 25, he is now trying to save face, insisting that errant staff would be punished and would not be deployed in the March 11 governorship poll. “This is arrant nonsense. Is INEC planning on training new staff within five days that will replace the so-called errant ones? Is he going to recruit new staff or deploy some from outer space?” Atiku added that Yakubu should be man enough to admit his “failure”.

Atiku also said in the statement, “A fish rots from the head down, and that is what has happened at INEC. Rather than suspend any staff, the INEC chairman is the one that needs to step aside as his first act of contrition. “Already, over 300,000 Nigerians have signed a petition on Change.Org to demand that the US, UK and Europe place a visa ban on the INEC chairman. This shows you the general feeling of Nigerians. Yakubu should hide his face in shame." Another spokesperson of the Atiku/Okowa campaign, Charles Ashiedu, told THISDAY that the party and its campaign organisation were still searching for a competent legal team that would handle the petition of Atiku and his running mate, Ifeanyi Okowa, at the presidential election tribunal. Ashiedu said the Court of Appeal had granted PDP permission to inspect the election materials. "It is after this that Atiku/Okowa can formulate their petition,” he said. INEC declared Tinubu winner of the presidential poll with 8,794,726 votes. But the PDP and Labour Party (LP) presidential candidates, Atiku, and Peter Obi, respectively, immediately filed separate ex-parte applications in court last Friday, accusing INEC of reneging on its promise to deliver transparent, free, fair and credible elections. Meanwhile, the Court of Appeal sitting in Abuja on

Friday ordered INEC to allow the PDP and LP presidential candidates access to inspect the sensitive materials the commission deployed for the conduct of the presidential election of February 25. The appellate court will serve as the Presidential Election Petition Tribunal. The panel of the appellate court, led by Justice Joseph Ikyegh, gave the orders when it heard two separate ex-parte applications the two aggrieved presidential candidates filed alongside their political parties. The respondents in the matter were INEC, the acclaimed winner of the presidential election, Tinubu, and his party, APC. The presidential candidates relied on Section146 (1) of the Electoral Act 2022, Paragraph 47 (1, 2 &3) of the First Schedule of the Electoral Act of 2022, as well as the inherent jurisdiction of the Court as referenced by Section 6 (6) A & B of the 1999 Constitution, as amended, to file their applications. The team of lawyers representing Obi and his running mate, Datti Baba-Ahmed, is led by Mr Alex Ejesieme, SAN. The LP candidate is asking for six principal reliefs in his petition, while Atiku’s lawyer, Mr Adedamola Faloku, is seeking seven prayers from the tribunal. The applicants are appealing to the court to compel INEC to allow them obtain documents in its custody that were used

for the presidential election. According to them, the requested documents would assist them in their petitions against the outcome of the presidential contest that was declared in favour of the candidate of APC. In another statement by PDP’s Presidential Campaign Director, Administration, Ibrahim Bashir, the party invited all Nigerians to a protest rally today in Abuja. The statement read, “I am directed to respectfully invite Your Excellencies: The national chairman, Dr Iyrochia Ayu, the vice presidential candidate and governor of Delta State, Dr. Ifeanyichukwu Okowa, governors of Akwa Ibom and Chairman of PCC, Mr Udom Emmanuel, Sokoto State and DG of PCC, Rt Hon. Aminu Waziri Tambuwal, and governors of Bayelsa, Edo, Adamawa, Bauchi, Taraba and Osun states; former Senate Presidents, Senator David Mark and Senator (Dr) Abubakar Bukola Saraki, BOT members, NEC members, PDP senators, and House of Representatives members, NWC members of the party, DDGs, Directors, Deputies and Assistant Directors of NCMC; members of the PCC; leadership of People Living With Disabilities and all other stakeholders, to a protest march to INEC Office.” The statement said the protest, which would start at the Legacy House, Maitama, Abuja, at 10am, would see everyone sporting black.

MONDAY, MARCH 6, 2023 • T H I S D AY

NEWS

COURTESY CALL... Managing Director/CEO, Development Bank of Nigeria Plc, Dr. Tony Okpanachi (right), during a courtesy visit to the Director General Nigeria Country Department of the African Development Bank; Lamin G. Barrow in Abuja ...recently

Wabara: Bold, Fearless Judges Can Salvage Nigeria’s Democracy Emmanuel Ugwu-Nwogo in Umuahia A former Senate President, Dr Adolphus Wabara, has called on the judiciary to be courageous enough to restore democracy back to life in Nigeria following the mortal blow it received on February 25 during the 2023 presidential and National Assembly election. He made the call in a chat with journalists in Umuahia while reacting to the outcome of the presidential election in which Bola Ahmed of the ruling All Progressive Congress (APC) was declared winner by the Independent National Electoral Commission (INEC). Although he was sceptical about challenging the outcome of the poll in court, Wabara said justice could come the way of Nigerians aggrieved over the outcome of the poll if bold and fearless judges could step out and do the needful. "Our democracy has died

(and) I don't have any hope in the judiciary unless we have a bold judge, who is prepared to lose his job the next day," he said, adding that such judges were not many in Nigeria. He expressed disappointment with the electoral umpire, which failed to stick to its own rules and

guidelines to upload the results real time from the polling units. Wabara, who is the Chairman of the Board of Trustees (BoT) of the main opposition Peoples Democratic Party (PDP), insisted that the poll could not pass any credibility test. "It's a sham! You can see from

the international observers how they condemned what we called election in the 21st century," he said, adding: "There is no hope again for the country. We have killed democracy in Nigeria." According to Wabara, there was no difference between what transpired on February 25, 2023

Godswill Akpabio

only to be proved wrong by the electoral umpire. The former Abia South Senator hit hard at INEC, saying its "shameful conduct" at the polls has made Nigeria an object of ridicule before the international community, citing the damming verdict of international observers.

Adeleke Urges Osun People to Vote PDP During Saturday’s Poll Reaffirms commitment to good governance Yinka Kolawole in Osogbo Osun State Governor, Ademola Adeleke, has urged the people of Osun State, to vote for the Peoples Democratic Party (PDP) in the Saturday, March 11 state assembly election. While thanking the residents for their full support on July 16th, 2022 and on February 25th, Adeleke, who spoke in the

Yoruba language called on the people to endorse the PDP again next Saturday to enable him to continue delivery of dividends of democracy. "My good people of Osun State. I address you today to express my heartfelt appreciation for your love and backing for me all the time. You voted for me massively last year. I am ever grateful. You voted for my party massively in

federal elections. I am thankful. "Your trust in me is not taken for granted. Since I assumed office, I have been delivering on my electoral promises despite the funding constraints. I have blocked leakages in state finance; launched Osun on tech revolution through new tech innovation policy, ICT Policy and domestication of Nigeria Start Up act; stabilised the then

RACE FOR SENATE PRESIDENT IN TENTH NATIONAL ASSEMBLY KICKS OFF Those who know Akpabio are former APC national chairman, Abdulaziz Yari

government by bringing on board political gladiators, who are members of the All Progressives Congress (AAPC), from the South-east geopolitical zone. Close associates of the Senate Chief Whip, who was a two-term governor of Abia State, say since Tinubu knows no Igbo person has been president since 1999, he would gladly welcome the idea of a south-easterner becoming the number three citizen. Investigation revealed that apart from making moves among his colleagues, Kalu has started reaching out to sitting APC governors, whose states produced APC senators in the just concluded National Assembly elections. For instance, Kalu placed full page advertisements in some national dailies to canvass votes for some APC governors seeking re-election, apparently, as a way to seek their support with regard to his ambition. Another argument by Kalu campaigners is that apart from being an Igbo, Kalu, being a ranking principal officer, should be favoured because he is a Christian. One of his supporters, who preferred anonymity, said, "APC lost the presidential election in Christian dominated areas because of its Muslim-Muslim ticket. The best way to win the confidence of the Christians and the south-easterners is to make Kalu the senate president so as to calm their nerves."

and what obtained in the days of infamy, "when people won election at all cost and asked their opponents to go to court." He said with the Electoral Law amendments and assurances from INEC, he had thought "we had passed that stage (of winning by all means), and are now responsible"

aware that the former minority leader of the senate always aims for the top wherever he finds himself. As a first timer in the eighth Senate, Akpabio displaced a ranking senator, James Manager, to become a principal officer, the position he held until he defected to APC during Bukola Saraki's tenure as Senate President.

Barau Jibrin

The current Chairman of the Senate Committee on Appropriation, Senator Barau Jibrin, whose committee is usually considered a very juicy placement in the parliament, is also believed to be in the race for Senate Presidency. The soft spoken and easy-going politician displayed his influence and strength in Kano politics, when he won his election on the platform of the APC in the Kano Central Senatorial District. He is the only APC candidate, who was able to weather the political tsunami of Musa Kwankwaso's New Nigeria Peoples Party (NNPP), which won both the Kano South and Kano North Senatorial Districts. Jibrin had initially wanted to be Kano State governor but lost the ticket to Governor Abdullahi Ganduje's preferred candidate. He, however, showed that he was strong enough politically to weather the Kwankwasiya storm by emerging the only APC senator-elect in Kano State.

Adams Oshiomhole

The entrance of Oshiomhole, a

former two-term governor of Edo State, and erstwhile National President of the Nigeria Labour Congress (NLC), into the race was surprising to keen watchers of the political game playing out in the National Assembly. Observers of the development wonder how easy it would be for the first timer to emerge Senate President. However, those canvassing for his emergence insist anything is possible. They maintain that since the rule of the red chamber does not specifically state that only ranking senators can be Senate President, Oshiomhole is eminently qualified for the position. Some Oshiomhole campaigners believe Asiwaju Tinubu would be more comfortable working with him than anyone else among the current frontrunners because of their age-long relationship and partnership. They think Oshiomhole would not rock Tinubu's presidential boat. Tinubu is very good at using his clout to get his way. Since the issue of preference for ranking senators in relation to principal offices is a matter of tradition, rather than law, the president-elect may double down on having Oshiomhole as Senate President. He may insist on the former Edo State governor, if only to vent his oft-iterated feeling that he won despite unimaginable obstacles put on his way, even by some of his own party men.

Another aspiring candidate for the office of the Senate President in the 10th National Assembly is a former governor of Zamfara State, Abdulaziz Yari. Yari lost the opportunity of becoming Senator in the 9th National Assembly, because of a landmark Supreme Court verdict, which sacked all elected politicians on the platform of the APC following a face-off between his faction and that of Senator Kabiru Marafa. Yari and Marafa, who are now, both senators-elect, were recently singled out for commendation by the president-elect, Tinubu, during his acceptance speech after he was handed his Certificate of Return by INEC, for their contributions to the success of the APC in the presidential election in the country. Yet, as a first time senator, albeit not in the Senate rules, it may not be as easy for Yari to get the ticket, when other ranking senators with cognate experience abound.

David Umahi

The outgoing governor of Ebonyi State, David Umahi, is one of the first term senator-electjostling to be Senate President from the South East geopolitical zone, banking on the possibility the office would be taken to the East. Umahi, against all odds, defected to the APC in his bid to contest the presidential ticket of the party. He later stood down

heavily politicised public service; introduced farmers intervention initiative. “Launched the payment of a log of half salaries and several staff emoluments issues; commenced payment of arrears of contributory pensions; approved almost a billion naira for Osun rural project development; implemented mass water projects across 332 wards; launched rehabilitation of

schools/health centres; restarted the reconstruction of Osogbo -Kwaran- Kwara border road; launched mass road reconstruction across Osun state; restored sanity to traditional institutions; renovated Abere Bola Ige house from its decrepit conditions; started action on abandoned Osun house in Abuja.

for Tinubu and decided to try his luck in the National Assembly for the sole purpose of contesting the Senate President seat. He stands a good chance of becoming the Senate President but would have to convince his colleagues and the ranking senators that he has the capacity and requisite legislative skills to lead the red chamber. However, none of the aspirants has formally signified intention to vie for the number one position in the senate, but the weeks ahead will be interesting in the federal legislature. No fewer than 13 former governors have been cleared by INEC as members of the forthcoming Senate whenever the 10th National Assembly is inaugurated. About 93 senatorial seats out of the 109 contested for by various candidates across the political parties have so far been announced by INEC. Before the February 25 National Assembly elections, at least 55 of the current 109 senators in the ninth Senate either failed to secure return tickets from their various political parties or aspired to contest governorship elections in their respective states. Five senators contested the APC presidential primary. They included President of the Senate, Senator Ahmad Lawan, (APC, Yobe North); Rochas Okorocha, (APC, Imo West); Ibikunle Amosun (APC, Ogun Central); Ajayi Robert Borrofice (APC, Ondo North), and Akpabio. Three others who resigned

included Senators Abdullahi Adamu, (APC, Nasarawa West), who is now National Chairman of APC; Abubakar Kyari (APC, Borno North), who is the current Deputy National Chairman of the party; and Hassan Mohammed (APC, Zamfara Central), who became Deputy Governor of Zamfara State. From the list of winners, APC has won 54 seats so far, while the Peoples Democratic Party has 27 seats. Others are Labour Party with six seats, New Nigeria Peoples Party (NNPP) two seats, Social Democratic Party (SDP) two seats, while the Young Progressives Party (YPP) and the All Progressives Grand Alliance (APGA) have one seat each. Based on the results declared so far by INEC, about 30 sitting senators would retain their seats. Senators who are re-elected include Senate President Ahmad Lawan (APC, Yobe North), Chief Whip of the Senate Orji Uzor Kalu (APC, Abia North); Enyinnaya Abaribe (APGA, Abia South); Elisha Abbo (APC, Adamawa North); and Binos Dauda Yaroe (PDP, Adamawa South). They also include Patrick Ifeanyi Ubah (YPP, Anambra South); Seriake Dickson (PDP, Bayelsa West); Abba Moro (PDP, Benue South); Ali Ndume (APC, Borno South), Jarigbe Agom Jarigbe (PDP, Cross River North); Michael Opeyemi Bamidele (APC, Ekiti Central); and Francis Fadahunsi (PDP, Osun East).

Continued online

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T H I S D AY • MONDAY, MARCH 6, 2023

BACKPAGE CONTINUATION RIGGING CLAIMS DON’T ADD UP Muhammadu Goni stood beside him? Even the party primaries of last year lacked drama, because we saw nothing like the Babalawo who tried to enter the UPN state congress in Ibadan in 1983 with a live tortoise strapped to his waist. Another youngster wrote on social media that “this generation of Nigerian politicians do not know how to concede, unlike the older generation.” Sorry sir, they actually copied it from the older generation. In 1979, as soon as election results started trickling in, we saw GNPP leader Waziri Ibrahim dashing around to see UPN leader Chief Awolowo and NPP leader Dr. Azikiwe. The three of them, minus PRP leader Aminu Kano who refused to join, appeared together before pressmen, rejected the election results and alleged rigging, even though it was an election conducted by a military government, not like now when APC controls the Federal Government [at least, it used to]. The scene was re-enacted last week when PDP and LP running mates held a joint press conference and tried to present a common front, a case of locking the stables after the horses have bolted. Anyone who trusts such emergency political alliances has another thing coming. In 1979 the opposition parties presented us with a common front up until the Supreme Court upheld the election result. To our utmost surprise, just before Inauguration on October 1, 1979, NPN and NPP announced an accord where they shared legislative and executive posts between them. NPP got Deputy Senate President, House Speaker and several Cabinet posts, including Zik’s running mate Prof Ishaya Audu who became Foreign Minister, Mrs. Janet Akinrinade of Oyo and Paul Unongo of Benue. Who knows now if someone is negotiating under the table? Our local and social media activists who are trying very hard to impress foreign election observers and the Western press by citing scattered incidents of election

day problems knowing that White people are sticklers for procedure. They insist on correct procedure even if it produces an undesirable outcome. We Africans, who are wiser, usually walk back from the answer to the question. Our politicians’ measure of the credibility of an election is if they win, not whether or not the procedure was followed. If they don’t win, then the election is not credible. The general African attitude to elections is that the outcome justifies the process. The credible outcome, in African eyes, is usually when the incumbent ruler or party is defeated. Hence, to most Africans, the best elections ever held in Africa were when Morgan Tsvangirai’s party defeated Robert Mugabe’s; when Adama Barrow defeated Yahaya Jammeh in Gambia; when Mohammed Morsi triumphed in Egypt against Hosni Mubarak’s premier; when Jerry Rawlings’ party was defeated in Ghana; when Macky Sall defeated Abdoulaye Wade in Senegal; when Wade himself earlier defeated Abdou Diouf; when Alassane Ouattara defeated Laurent Gbagbo in Ivory Coast; and more recently, when William Ruto triumphed in Kenya despite outgoing President Uhuru Kenyatta’s support for Raila Odinga. African style, let us walk backwards from the result to the credibility question. First, the voter turnout. There were 87 million voters with PVCs in 2023 election but only 24 million voted, or 27%. Now, the starting point of rigging elections is to take advantage of the number of registered voters. Why leave 63 million blank names on the register if you really desire to rig up results? There is no doubt that the technological innovations adopted over the years greatly helped to clean up our elections. Up until 2007, those absent voters will simply have their votes cast for them by a coalition of party agents, election officials and security officers. The winner of this election, Asiwaju Bola Tinubu, got only 37% of the vote, down from the 56% that Buhari got in 2019. Now, while 2019 was a two-horse race

between the APC and PDP candidates, 2023 was at least a four-horse race between APC, PDP, LP and NNPP candidates. It was the first time since 2007 that we had more than two major candidates in a presidential election and the first time since 1983 that we had up to four major candidates in such a race. The top four candidates in this election got 37%, 29%, 25% and 6% respectively. This compares closely with 1979 when Shagari got 34%, Awo got 29%, Zik got 16%, Aminu Kano got 10.28 and Waziri Ibrahim got 10%. The top three runners up in this race got a combined 60% of the vote. That is impressive, but then, they only have themselves to blame that they did not present a united front before the election. They only tried to present a united front to contest the results. It is a case of locking the stables after the horses have bolted. Would they have made 60% of the vote if they had united behind a single candidate? Nobody will ever know the answer for certain. Tinubu’s party went into this election controlling the Federal and 21 state governments. In the event, he won only 12 states outright. PDP’s Atiku Abubakar also won 12 states, LP’s Peter Obi won 12 states outright [FCT included] while NNPP’s Kwankwaso won outright in one state. So how did Tinubu win the race? Simple. The number of states that a candidate wins outright is important. Equally important is the number of states in which he came second. Also very important is, if he came second with only a narrow margin in most of them. Tinubu won 12 states outright [Zamfara, Jigawa, Borno, Niger, Kwara, Kogi, Benue, Ekiti, Oyo, Ogun, Ondo and Rivers]. He came second in 19 states [Kebbi, Sokoto, Kaduna, Katsina, Kano, Gombe, Bauchi, Yobe, Taraba, Nasarawa, Plateau, Adamawa, Osun, Lagos, Cross River, Akwa Ibom, Edo, Imo and Ebonyi]. In many cases the margins of loss were very small, only 3,000 votes in Sokoto, 12,000 in Katsina and equally narrow margins in Osun and Lagos. Very important, Tinubu

CONTAINING THE INEVITABLE HEART BREAKS OF DEMOCRACY is to remember how we feel when the Super Eagles lose important matches—a heartbreak that every Nigerian knows all too well. The same feeling gnaws at heart of every Nigerian if the election return certificate is presented to the candidate (s)he did not support. It is an inevitable feeling of disappointment that we must learn to live with. Nigerians must not allow those feelings to control our actions and our lives. Life will, otherwise, be much more difficult for us individually and for the country we love. I know, more than most, how that can be so. As a senior functionary at the International Criminal Court, I saw how some of the leading lights of Kenya and Cote d’Ivoire ended up on the docks of the ICC, when the post-election passion had cooled off, simply because they could not manage the negative emotions that is constant in every election. That is not a story that any politician would want for himself or herself. I urge all those who did not win to accept the result and to channel the same pre-election energy into the post-election demands of nation-building that Nigeria needs to become the nation of our hopes of dreams. •Chile Eboe-Osuji, LLB, LLM, PhD HLF was President of the International Criminal Court from 2018 to 2021. He is now the Distinguished International Jurist at the Toronto Metropolitan University, and the recipient of the Emeka Anyaoku Life-Time Achievement Award for Outstanding Contribution to the International Community.

Atiku and Obi

came second to Kwankwaso in Kano, second to Atiku in most of the states the latter won and second to Obi in Lagos, Ebonyi, Imo and Edo. This was exactly how Alhaji Shehu Shagari won the presidency in 1979. He won outright in nine states out of 19 [Sokoto, Kaduna, Niger, Bauchi, Gongola, Benue, Kwara, Rivers and Cross River.] He won in Kaduna and Gongola even though his party lost the governorship elections there two weeks earlier, what in those days was called “the bandwagon effect.” Of the remaining ten states in Nigeria at the time, Shagari came second in 9 [Oyo, Ogun, Ondo, Bendel, Anambra, Imo, Borno, Plateau and Kano]. Shagari came third only in Lagos, after Awo and Zik. Like Shagari, like Tinubu; you are victorious if your party is either first or second in almost every state. Allegations that APC rigged the election also falls flat because it lost the biggest states, namely Lagos, Kaduna, Kano and Katsina, even though all of them have APC state governors, all of whom are staunchly loyal to Tinubu. In terms of vote banks, what is Imo, Edo or Adamawa to these states? Why should anyone go rigging elections in some small states when he could rig up figures in the biggest ones and win by a large margin? If they could help it, why should ten APC governors, APC National Chairman and Director General of the APC campaign suffer the embarrassment of failing to deliver their states? Why should Tinubu himself suffer the embarrassment of failing to win outright in Lagos, long alleged to be his political fiefdom? Allegations that APC rigged these polls do not hold the water of logic. But those making them still have the chance to prove them at the election tribunals. Onabanjo managed to prove rigging even in the olden days of analogue collation. It is easier to do so in this age of electronic collation, if indeed rigging took place.

MONDAY MARCH 6, 2023 • T H I S D AY

MONDAY MARCH 6, 2023˾ T H I S D AY

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L-R:President,BalogunBusinessAssociation,OscarPaulIkechukwu;eNairaProjectGrantTeamMember,CentralBankofNigeria(CBN),Mr.OtaruAbudulkadir;Founder/CEO,BulletinandEnquiresNetworkingServices(BULLNET), Mr. Bayo Akintoye, and Co-founder, BULLNET, Mr. Deji West, during a media parley on eNaira Enhanced Services in Lagos...recently Photo: Abiodun Ajala

Death of 200 Terrorists Forces 1,250 Boko Haram Members, Families to Surrender to Troops Kingsley NwezehinAbuja At least 1,250 fleeing Boko Haram fighters and families surrendered to troops in the North-east in the last seven days following deadly clashes with rival terror group, the Islamic State for the West African Province (ISWAP) that claimed

over 200 lives. ISWAP terrorists had carried out reprisal attacks on Boko Haram fighters on February 26 and 27, 2023 in Gaizuwa, Mantari, Gabchari, Kashimiri and Maimusari in Bama in Borno State. The ISWAP group successfully

Edeoga Pledges to Boost Economy, Restore Unity in Enugu Ahead of the March 11 governorship election in Enugu State, candidate of the Labour Party, (LP) Chijioke Edeoga, has pledged that his administration would restore the economic fortunes of the state should he be elected governor. Edeoga, who spoke shortly after appearances on two radio programmess broadcast on Solid FM and Family Love FM, said that he was best suited to tackle the disunity which had kept the state backwards for years. The LP candidate also

lamented what he described as attempts by desperate political actors to destroy his reputation and dissuade the people of the State from supporting his candidacy. While decrying the efforts to put the people of Enugu East Zone against their brothers in the Enugu North Zone of the state, Edeoga urged the people to cast their votes for him, because he was in the best position to heal the state of the imaginary divisions orchestrated by people whose only intention is political profits.

dislodged Boko Haram, killing scores of fighters and forced survivors to flee their camps with their families. A top military source said the fleeing terrorists in Yale in Konduga

and Choliye in Gudumbali LGA and neutrialised more than 200 of the insurgents. Terror group, ISWAP, had stormed other hideouts in Asinari, Ashanari and Masarmari area in

Konduga on March 1, 2023 and killed scores of other fighters. The source explained that the sustained clash of the groups triggered massive surrendering of the militants in Mafa, Konduga and

Bama Local Government Areas. “The militants surrendered because of the fear that they will be neutrialised by either the super tukanos (fighter jets) of the military or ISWAP rival faction.

APC, PDP Bicker over Arms Build-up Allegation in Osun Yinka Kolawole in Osogbo

Worried by the proliferation of illegal arms and ammunitions in Osun State, the Osun State chapter of the All Progressives Congress (APC) has appealed to the National Security Adviser (NSA), Major-General Babagana Monguno(rtd) and the Inspector-

General of Police (IG), Mr. Usman Alkali Baba, to give an immediate and urgent attention to the demilitarisation of the state. However, in a counter allegation, Osun State chapter of the Peoples Democratic Party (PDP) has raised the alarm on the dangerous arms build-up by APC ahead of the House of Assembly

election on Saturday, calling on the IG to urgently deploy resources to remove dangerous weapons in possession of thugs in service of the main opposition party in the state. The Osun State Acting Chairman of the APC, Sooko Tajudeen Lawal, in a statement,in Osogbo, the state capital yesterday

said that it was disheartening, worrisome and scary that the whole state had become a garrison for the political hoodlums who are loyal to Governor Ademola Adeleke and his party, the Peoples Democratic Party (PDP) who openly flaunt sophisticated arms and ammunitions in all the towns and villages across the state.

Do Not Repeat Lapses of Presidential Election on March 11, INEC Advised SylvesterIdowuinWarri

Achieftain of the Peoples Democratic Party (PDP) and former gubernatorial aspirant, Chief Sunny Onuesoke, has advised the Independent National Electoral Commission (INEC) not to repeat lapses that occurred in the concluded presidential and national assembly elections across the country.

He recalled that during the presidential and national assembly election many lapses ranging from non or late transmission of results from polling units to INEC server, INEC staff arriving at polling units without sensitive voting materials, late voting in some polling units to irreversible errors and omissions in the sorting, and counting processes.

Addressing journalists in Warri, Delta State after reviewing last election, Onuesoke said in order for INEC to regain the confidence of Nigerians, the commission should critically examine the challenges and make an immediate amend to avoid a repeat of same at the state level elections. “Observers deployed across the country on presidential and

NASS election day reported that the elections had so many hitches ranging from late arrival of INEC staff and election materials in many polling units, INEC staff arriving at some polling units with sensitive materials without security personnel and most disappointing is the failure of INEC server to transmit votes from polling units to INEC server,” he said.

CSO Raises the Alarm over Plan Oyo Labour Party Adopts Makinde for Second Term The State Working Committee Mr. Tunji Sadiq, said the party aligned with that of the LP in the Makinde stood out above others to Disrupt Peace in Nigeria of the Labour Party (LP) in Oyo had resolved to use the entire aspects of security, infrastructural in terms of character, competence, Director of the FPP, Mr. Abdulrazaq Hammed Shittu inIlorin A civil society organization (CSO), the Foundation for Peace Professionals (FPP) has raised alarm over the growing number of professional fake news syndicates that could instigate mass discontent against the nation. The foundation however called on the federal government to beef up its security networks to thwart the operations of the professional syndicates in order to sustain peace in the country. A statement that was issued in Ilorin and signed by the Executive

Hamzat, said that “the level of fake news in Nigeria is huge and it appeared that in the past few years, there’s organszed syndicate, trained to create content, impersonating legitimate bodies to perpetrate certain narrative in order to cause chaos in Nigeria.” Hamzat explained that during the just concluded presidential election in Nigeria, several fake documents and reports were ascribed to legitimate bodies, both local and international, have been circulated on the social media in an attempt to delegitimise the election.

Oyebanji Sympathises as Rainstorm Destroys 105 Buildings in Ekiti

GbengaSodeindeinAdoEkiti

The Governor of Ekiti State, Hon. Biodun Oyebanji, on Saturday, condoled with the residents of Oke-Ako, Ikole Local Government Area of the state where rainstorm destroyed over 105 buildings in the community. The Friday’s evening torrential downpour, which lasted for over two hours, also destroyed some electricity facilities across the town, thereby subjecting the residents to total blackout.

Speaking during on- the -spot assessment of the level of havoc wreaked on the town, Oyebanji, who was represented by his Deputy, Mrs. Monisade Afuye, described the occurrence as highly devastating. Afuye was conducted round the affected areas by the regent of the town, Her Royal Highness, Ogunbiyi Tinuade Adebayo; the lawmaker representing Ikole Constituency 2, Hon. Adeoye Aribasoye and the Chairman, Ajoni Local Council Development Area, Hon. Michael Ogungbemi.

State has declared support for the governorship candidate of the Peoples Democratic Party (PDP), Mr. Seyi Makinde, in Saturday’s election Addressing journalists at the party’s state office, in Ibadan, yesterday, the party chairman,

structure of the party throughout the 33 local government areas of the state to support the re-election bid of governor Seyi Makinde. Sadiq said the party decided to support the PDP candidate because Makinde’s ideology aligned with its. He said Makinde’s ideology

development, agriculture and industry, health, financial independence, economic wellbeing of the people. He added the party did a thorough assessment and evaluation of the various governorship candidates and discovered that

capacity and compassion for the people. Sadiq said the party also opined that it was logical for Makinde to be allowed to “continue the good work he has started to engender another four years of giant development in Oyo State.”

Guber Polls: Sule Alleges Plot to Unleash Religious War on Nasarawa Igbawase Ukumba in Lafia The Governor of Nasarawa State, Abdullahi Sule, has uncovered plot by some persons to unleash a religious war on the state as a build-up to the March 11, 2023 gubernatorial elections. Governor Sule disclosed this last weekend at an emergency

meeting with religious and traditional leaders held in, Lafia, following alleged inciting videos that have gone viral on social media. According to him, “there is a very unfortunate situation that is beginning to emerge in our state. We cannot afford in any way what so ever to begin a

religious war in Nasarawa State. “That is why I have invited you to plead with you as our leaders to use your God given powers to speak to your followers the way they will understand. Sule said he didn’t know how it started, explaining that from the videos he had seen on social media, they were going

wide and having people from outside the state participating in the debate of Nasarawa State. “The state cannot allow politics to divide us because winners will always come. God is the only one who will be a leader. We should play some level of respect the way we carryon in the name of politics,” he said.

Naira Redesign: Judiciary Commended for Overruling Buhari Adedayo Akinwale in Abuja A former Deputy National Publicity Secretary of the All Progressives Congress (APC), Timi Frank, has commended the Supreme Court for overriding President Muhammadu Buhari on the legality and validity of the old Naira notes of N200, N500 and N1,000. Frank in a statement issued

yesterday also called on the judiciary to leverage the same patriotic courage it demonstrated in reversing the ban on old Naira notes in dispensing justice in several election petition cases to be brought before it soon. He said Nigerians were heartbroken and frustrated because the Independent National Electoral Commission (INEC) raped and murdered democracy in the

country on February 25, 2023. He urged the judiciary to note that even the INEC National Chairman, Prof. Mahmood Yakubu, admitted that issues of logistics, election technology (BVAS), the behaviour of some election personnel at different levels, marred the presidential and national assembly elections. Frank insisted that this was a clear indication that INEC

failed abysmally in its duty to deliver credible elections or use the Bimodal Voter Accreditation System (BVAS) to conduct the elections in line with its guidelines. He said: “This is the justice that Nigerians are asking for. INEC has failed and we urge the judiciary to hold that INEC violated its own guidelines and did not comply with the Electoral Act and its guidelines.”

MONDAY, ;˜ ͺ͸ͺͻ ˾ T H I S D AY

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Bosso Unfazed as Flying Eagles Battle The Gambia Tonight Femi Solaja with agency report Flying Eagles Coach, Ladan Bosso, has said that he is not bothered by the credentials of The Gambia as both teams come face-to-face tonight in one of the semi-final clashes of the on-going Under-20 AFCON tournament in Egypt. The Gambia happen to be one of the free scoring sides in the tournament but the Nigerian coach said yesterday that he is not bothered about his opposition and would rather focus on the strength of his own team and its capacity to upturn the apple cart at the familiar Cairo International Stadium. “Previous results will not determine what happens in our semi-final match against The Gambia. They have been in great form and my boys have also recovered well and are in their elements. It will be a great match but I believe in my team and we are confident of playing in the Final on Saturday.” In their four matches so far at the tournament, the Flying Eagles

U20 AFCON SEMIS have won three matches and lost one, and have scored four goals and conceded one. On their part, the Young Scorpions have scored a total of nine goals, conceding none. The Gambia dismantled South Sudan 5-0 at the Harass El Hedood Stadium in Alexandria to pick one of Africa’s tickets to the FIFA U20 World Cup finals in Indonesia, and is one of only two teams to have won all their matches at the 17th Africa U20 Cup of Nations ongoing in Egypt. Meanwhile, the Confederation of African Football (CAF), has appointed Libyan official Abdulrazg Ahmed as referee for the match at the Cairo International Stadium. Hamza Bouzit, who is from Algeria will be the assistant referee 1, while Nigerien official Abdoul Moctar Saley and Jalal Jayed from Morocco will serve as assistant referee 2 and fourth official respectively.

AFN Confirms New March 18 Date for Postponed Cross Country Race The Athletics Federation of Nigeria (AFN), has confirmed Saturday, March 18 as the new date for the postponed National Cross Country race. Tafida Gadzama, the Federation's first Vice President who also heads the Road Race subcommittee confirmed at the weekend that the race earlier scheduled to hold last month will now hold on March 18 with Jalingo, the capital of Taraba State still the venue for the race. “The AFN National Cross Country race will hold on Saturday March 18 in Jalingo and the Federation is making arrangements for a hitch-free event,” said Gadzama, an Olympic 4x400m gold medal winner at Sydney 2000. The AFN Road Race subcommittee chairman believes the journey to start producing world-class middle and long distance runners begins with the athletes and the coaches knowing they need to include cross country training in their training regime. “I saw clips of the Cross Country race held in Jos last month and was

delighted our athletes and coaches are made to understand they need to run in competitions like that and train in a cross country course to get better. The objective is not to produce World and Olympic medalists overnight but to improve the performance of our athlete and make them competitive. “If they are competitive, achieve the standards that will get them to run in continental and international road races, they can start making money that they will use to take care of their families and contribute to the GDP of Nigeria,” added Gadzama, the 1997 African U20 400m champion. The AFN vice-president stressed that cross country running will make our athletes better and stronger runners. “According to experts, running cross- country not only builds athletes' physical strength but also their mental strength. Anyone who has ever run cross-country understands the mental toughness that is necessary to complete a work-out and a race,” Gadzama concluded.

ROAD TO THE SEMI-FINAL Group A Senegal 1 Nigeria 0 Nigeria 1 Egypt 0 Mozambique 0 Nigeria 2

Quarter Final Uganda 0 Nigeria 1

Group C The Gambia 1 Tunisia 0 Zambia 0 The Gambia 2 The Gambia 1 Benin Republic 0

Nigeria’s Flying Eagles are battle ready to confront The Gambia this evening at the ongoing U20 AFCON in Egypt

Quarter Final The Gambia 5 South Sudan 0

EPL: Total Annihilation of Red Devils! Seven-star Liverpool destroy Man Utd as Salah becomes Reds’ record scorer

Liverpool delivered the complete performance and Mohamed Salah became the club's record Premier League goalscorer as Manchester United were overwhelmed at a joyous Anfield. United's renaissance under manager Erik ten Hag already has the tangible reward of the Carabao Cup but Liverpool unleashed a brutal reality check on their progress with a severe thrashing. Liverpool took control of what had been a tight game, with Bruno Fernandes and Marcus Rashford missing presentable chances, when former Old Trafford target Cody Gakpo applied a smooth finish to Andy Robertson's perfect pass two minutes before the break. The second half was a tale of sheer joy for Liverpool and unrelenting misery for United, starting after 47 minutes when Darwin Nunez's header diverted Harvey Elliott's driven cross past

goalkeeper David de Gea. Salah bamboozled Lisandro Martinez to play in Gakpo for another classy finish three minutes later before the Egyptian resumed his long-time role of United tormentor by getting on the scoresheet himself. Salah ended a swift counterattack by lashing a finish high past De Gea and the rout continued as Nunez flashed another header in from Jordan Henderson's cross. Salah then scrambled in the sixth to become Liverpool's highest Premier League goalscorer with 129, passing Robbie Fowler. He is

also Liverpool's highest marksman against Manchester United with 12 - and 10 of those have come in his past five encounters. And in a fitting finish, Roberto Firmino - who has announced he is leaving Anfield at the end of the season - completed a remarkable game by making it 7-0 from close range. This is the biggest win in the history of the fixture, passing Liverpool's 7-1 victory in the 1895-96 Second Division. Liverpool are now an ominous presence in the chase for the Champions League places,

standing only three points behind Tottenham with a game in hand.

RESULTS Premier League N’Forest 2-2 Everton Liverpool 7-0 Man Utd

LaLiga Valladolid 2-1 Espanyol Barcelona 1-0 Valencia Rayo 0-0 Bilbao

Serie A Spezia 0-0 Verona Sampdoria 0-0 Salernitana Inter 2-0 Lecce

Raphinha’s Goal Gives Barca Win over Valencia Barcelona clung on with 10 men to beat Valencia 1-0 and move 10 points clear of Real Madrid at the top of LaLiga yesterday, thanks to Raphinha's early header. The Brazilian winger nodded the Catalans in front in the 16th minute. But after Ferran Torres missed a penalty and Ronald Araujo was sent off, the hosts were left fighting tooth and nail for the three points. Barca retreated in the final half hour following Araujo's 59th minute red card but survived to beat Ruben Baraja's Valencia, who are 19th and two points from safety. Barcelona's 1-0 Copa del Rey semifinal first-leg triumph over Real Madrid on Thursday followed two consecutive defeats, and this narrow victory felt like a significant step towards a first league title since 2019. Madrid can cut the gap back to seven points later on at Real Betis, but were hoping a depleted

Barcelona would stumble at Camp Nou. Without top scorer Robert Lewandowski, midfield maestros Pedri and Gavi and winger Ousmane Dembele, the Catalans were unable to play their best football, but did just enough to win. Coach Xavi Hernandez was suspended too, watching from a box, with his brother and assistant Oscar in the dugout. Valencia resisted early Barcelona pressure but came undone when Sergio Busquets lofted a pass into the area for Raphinha to meet with a cunning run and a header over Giorgi Mamardashvili. It was Raphinha's fifth league goal of the season and similar to his header against Osasuna which snatched Barcelona a vital win before the World Cup break. Although the forward has not consistently shone since his move from Leeds United last summer, his

goals in recent weeks have helped Barca cope with Dembele's absence. Raphinha fired a free-kick into the wall and curled another effort wide after a fine Alejandro Balde run as Barcelona looked to build on their strong start. Remaining at the heart of the action, the Brazilian whipped in a cross for Ansu Fati who headed into the ground and off target when he should have tested Mamardashvili. Valencia might have equalised when Samuel Lino slashed an effort wildly over the bar, with Barcelona's defence caught out for the first time. Former Barcelona youth player Ilaix Moriba stabbed an effort wide towards the end of the first half, as Los Che finally began to earn a foothold in the game. Early in the second half, Barcelona should have moved two ahead when Hugo Guillamon was penalised for handball.

Mohamed Salah became Liverpool’s highest goals scorer in the Premier League after contributing a PHOTO: Reuters brace in the Reds’ 7-0 defeat of Manchester United at Anﬁeld...last night

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MISSILE Ozekhome to INEC, Tinubu “The constitution says you must get 25 per cent in 24 states, and in FCT, Bola Ahmed Tinubu did not score 25 per cent in the FCT, and since he didn’t score 25 per cent in the FCT, he should not have been declared president as INEC wrongly did. Tinubu would continue to ‘carry a very heavy, strong burden of legitimacy and lack of it on his neck like an albatross...the issue is a moral burden on him” –Constitutional Lawyer, Mike Ozekhome, faults INEC’s declaration of Tinubu as winner of the Presidential election.

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MAHMUDJEGA VIEW FROM THE GALLERY

Rigging Claims Don’t Add Up

member of the British House of Lords, when told that money is difficult to come by these days, said he is nearly 90 years old but cannot remember any time in the past when money was easy to get. I have been watching Nigerian elections since 1979 and I cannot remember a time when those who lost the election did not allege rigging and intimidation. For a time, there was hope that President Goodluck Jonathan’s 2015 concession phone call could become the norm in Nigeria. It now looks like it was a one-off event. Instead, it was Godsday Orubebe’s 2015 attempt to storm INEC’s National Collation Centre that has endured, with Dino Melaye attempting a poor carbon copy in 2023. The young men and women who are saying on social media that the 2023 election was full of rigging and intimidation, have no personal knowledge of the golden age of rigging

Tinubu

and intimidation in Nigerian elections. In this election I saw no reports in the media of thugs snatching ballot boxes

and stuffing them. I saw no reports of security agents cordoning off whole polling stations while ballot boxes were

being stuffed. There was no story of soldiers scattering voters in any place. Where is the mother of all rigging, when Supreme Court ruled in 1983 that UPN’s Bisi Onabanjo got 1.2million votes, NPN’s Akin Omoboriowo got 500,000 votes but the returning officer added 1 behind the figure and it became N1.5million? This year, the President did not declare the election a do or die. I saw no story of armed hooded security agents descending on a state, as in Ekiti in 2014. There was no story of an opposition governor’s plane denied landing rights at any airport. In 2023, we didn’t have a Police Commissioner Mbu denying an opposition party governor entry into his own Government House. Pray, where in Nigeria in 2023 did we have Police Commissioner Tahir Jidda denying Dr. Nnamdi Azikiwe entry into Maiduguri and firing tear gas at Zik, even though Borno State Governor Continued on page 51

CHILEEBOE-OSUJI GUEST COLUMNIST

Containing the Inevitable Heart Breaks of Democracy

ince INEC’s announcement of the Nigerian presidential election results, I have sent out a tweet in my Tweeter handle @EboeOsuji. It was motivated by what must be the feelings of grave disappointment for the 14.4 million Nigerian voters who did not vote for the President-elect Asiwaju Tinubu as he and his supporters celebrate victory. In my tweeter, I recalled Robert Kennedy saying, “Democracy is messy and it’s hard. It’s never easy.” Richard Galen, another American political strategist agreed. “Democracy is messy,” Galen said. “It is messy whether you’ve been doing it since 1789 or whether you’re going to do it for the first time in 2005. The trouble with Democracy is, you hold elections. The trouble with dictatorships is … you don’t.” I added my own observation that the real trouble, of course, is that only one person will be declared the winner of any contested seat, and others who

worked just as hard or even harder must put up with depressing feelings of disappointment. I commiserated with those experiencing that feeling in the outcome of the Nigerian presidential election. I urged them to accept the declared result, for the sake of the country they love so dearly. In doing so, they would have been performing the most important public service that they could possibly perform in these delicate moments. There will be those who will argue that part of the messiness of democracy is that there are always irregularities in elections—be it in the United States or in Nigeria. It is unhelpful to dwell on a comparative analysis of frequency or scale of irregularities in the different countries. And there will be those who will argue that given the inevitability of electoral irregularities, it is impossible to envisage a scenario when the side that did not win will accept the results of an election as free and fair. That circumstance tells us

that the only people who celebrate the outcome of an election are only those who are declared winners. It does not matter the margins by which they win. INEC declared Tinubu as having garnered 8.7 million votes, Atiku Abubakar 6.9 million, Peter Obi 6.1 million and Rabiu Kwankwanso 1.4 million. Naturally, the only interested Nigerians who are happy with those results are Tinubu and his supporters. It goes without saying that if the vote distribution remains the same but only the names of the candidates are switched around in any configuration, Abubakar, Obi or Kwankwanso and his supporters will now be beaming with joy for having received 8.7 million votes—Tinubu and his supports will be complaining of electoral irregularities. It means, in every case, that any presidential election will leave millions of Nigerians unsatisfied with the outcome. That is the primary reason that democracy is messy and unsatisfactory. We may recall Winston Churchill’s observation that “democracy

is the worst form of government except for all the others that have been tried.” Perhaps, Switzerland, as they often do with things, have the best job of managing the messiness of attaining power through elections. There is no one person that is readily identified at any given time as “the” President of Switzerland. That function is served by the Swiss Federal Council, made up of seven members. The members take turns on a yearly-basis serving as the president of the Federal Council—thus serving in effect as the president of Switzerland—but only for the one year at a time. Perhaps, Nigerians (and Americans, too!) should try the Swiss approach. It diffuses the importance or concentration of political power in any one person, as it emphasises, instead, the value of sharing it. For now, however, we must make the best of the system we have. It is not the Swiss system. Perhaps, the trick Continued on page 51

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