MONDAY 13TH MARCH 2023

As Nigeria Struggles with Crude Theft, Saudi Aramco Posts Record $161bn Profits Emmanuel Addeh in Abuja

Saudi Aramco yesterday announced record profits of $161 billion from its 2022 operations as the largely state-

owned oil company cashed in on a tumultuous year in energy markets that resulted in high oil prices.

The Saudi Arabian producer said it sold more oil than

in 2021, improved refining margins and benefited from strong crude prices, which helped net income rise 47 per cent to its highest since the company began publishing

results after listing in 2019.

But the result from Saudi Arabia was in sharp contrast to that of Nigeria, which is still struggling to meet its Organisation of Petroleum

Exporting Countries (OPEC) quota, blaming this on oil theft and vandalism of its pipeline infrastructure.

Saudi Arabia currently produces over 10 million barrels

per day (bpd) and has produced all of its OPEC allocation, with some spare capacity, while the output of Nigeria, which has Continued on page 5

57 Marginal Fields: Lack of Corporate Governance, Finance Delay Firms' Progression to Oil Production...

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Monday 13 March, 2023 Vol 28. No 10197. Price: N250

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Atiku: Wike's ‘40-year-old Whisky’ Comment Confirms He’s Under Alcohol Influence Says Rivers governor’s grouse not about southern presidency Commends moves to secure US, UK visa ban against governor Chuks Okocha and Emmanuel Addeh in Abuja

Presidential candidate of Peoples Democratic Party (PDP), Atiku Abubakar,

yesterday, said comments by Rivers State Governor Nyesom Wike that he was sipping a

40-year-old whisky while watching him, and others protest on national television

confirmed that Wike spoke under the influence of alcohol.

In a statement by his

Special Assistant on Public Communication, Mr. Phrank Continued on page 5

US Diplomats: Even Supporters of Winners in Nigeria’s Poll Disappointed with Electoral Process Say INEC failed to live up to high expectations it had created for itself Insist Nigeria, Africa must learn from mistakes Emmanuel Addeh in Abuja Two United States diplomats, Ambassador Mark Green and Johnnie Carson, have said even Nigerian citizens who supported the winners of the February 25 presidential and National Assembly elections in the country were disappointed with the electoral process.

In a joint treatise, both envoys, who monitored the elections, insisted that critical lessons must be learnt very fast from the shortcomings of the last polls

by Nigerians and Africans, with a view to forestalling such flaws in the future.

Writing for the Washingtonbased President Woodrow Wilson Centre, a United States non-partisan policy forum for tackling global issues through independent research, Green and Continued on page 5

VALEDICTORY COURT SESSION IN HONOUR OF RETIRING JUSTICE RITA PEMU...

L-R: Justice Adefope Okojie; Nosa Edo-Osagie; Justice S.C. Bola; Justice Rita Pemu and Governor Godwin Obaseki during the valedictory court session in honour of retiring Justice Pemu of the court of Appeal Benin division and a book launch held in Benin City… recently

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Naira Scarcity: Arewa Forum Cautions Buhari over Supreme Court Ruling Chuks Okocha in Abuja Amid the lingering naira scarcity and the attendant hardship on the citizens, the Arewa Consultative Forum (ACF) has faulted President Muhammadu Buhari for allegedly disobeying the Supreme Court judgment ordering the recirculation of the old naira notes till December 31, 2023.

The northern socio-political group described the president’s action as a damage to his

credentials as a democrat and a stickler for the rule of law.

In a statement issued by its Secretary General, Murtala Aliyu, yesterday, the ACF lamented that the naira redesign policy had led to runaway inflation in food and other commodities.

The group said, “Whatever the Central Bank of Nigeria or anyone else say about the benefits of the policy, which evidently are many, is of little comfort as soon as the highest court in the country has deemed

Nigeria’s First Female Senator, Franca Afegbua Dies at 81 Adibe Emenyonu in Benin City The first female Senator in Nigeria, Sen. Franca Afegbua has been confirmed dead at the age of 81.

She was reported to have died in Benin City, in a private hospital after battling an undisclosed illness in the last few months.

Her death was confirmed by Kassim Afegbua, one of her younger nephews, a journalist who served as a Commissioner for information in Adams Oshiomhole administration in Edo State and currently a member of the Tinubu’s

Presidential Campaign Council.

Kassim said her aunty died yesterday morning and that her body had deposited at the University of Benin Teaching Hospital (UBTH) mortuary.

The late Franca Afegbua who was born in 1942, was elected senator in 1983 on the platform of the defunct National Party of Nigeria (NPN) where she represented the then Bendel North Senatorial District.

She served in the upper chamber of the National Assembly from October to December 1983, before the Buhari military coup brought the second republic to an end on December 31, 1983.

that it is, or, at least the manner of its implementation, breaches the law.”

The ACF also warned that the crisis had the possibility to morphed into a serious social disorder leading to the possible breakdown of law and order throughout Nigeria.

The group said 10 days was long enough time for the government to find its way towards complying with a court order whose import it stated was central to the achievement of peace, order and good governance in the country.

The ACF noted that huge

the mandate of the Nigerian people, which in itself was a noble cause.

“For the sake of clarity, the protest occurred around 11.30 am. Wike says he was drinking whisky during the protest at 11.30am on a Monday. This reveals the sort of man he is.”

The former vice president stressed that Wike’s vituperations and wailings had nothing to do with ensuring that the south produced the next president.

He said Wike was just a sore loser, who had gone on to deceive other members of his G-5, who were now battling for political survival.

The statement said, “Wike’s grouse with Waziri Atiku Abubakar has nothing to do with zoning. He is only wailing because he lost the presidential ticket of the PDP in a fair contest. After losing, he

oath to defend the constitution of Nigeria. As his long term supporters, it will be remiss of us if we fail to warn that the much touted benefits of the naira redesign can never justify the damage to his credentials as a democrat and a stickler for the rule of law,” the ACF said.

US DIPLOMATS: EVEN SUPPORTERS OF WINNERS IN NIGERIA’S POLL DISAPPOINTED WITH ELECTORAL PROCESS Carson noted that, among other issues, many polling stations opened late while poll workers reported material shortages.

While Green was administrator of the US Agency for International Development, Executive Director of the McCain Institute, US ambassador to Tanzania and four-term House of Representatives member, Carson was ambassador to Nigeria and several other African countries.

The ambassadors recalled that on February 25, Nigeria held its presidential election with millions of Nigerians going to the polls for the opportunity to elect their new leader, but noted that the process was fraught with irregularities.

The diplomats wrote, “At a time when the world is experiencing a democratic decline, Nigerians stood in line – sometimes for hours – for the chance to have their voices heard.

“Unfortunately, the National

Democratic Institute/ International Republican Institute Election Observation Mission – for which we were both observers – declared that this election ‘fell short of Nigerian citizens’ reasonable expectations.’

“Citizens were disappointed with the electoral process, including those who supported the candidates who were declared winners. Among other issues, many polling stations opened late, and poll workers reported material shortages.

“Overall, as the IRI/NDI joint mission found, Nigeria’s Independent National Electoral Commission (INEC) failed to live up to the high expectations it had created for itself.”

They recalled that three days after Election Day, the candidate of ruling All Progressives Congress (APC), Bola Tinubu, was declared president-elect.

They stressed that the main opposition parties had now gone to court to challenge the results.

ATIKU: WIKE'S ‘40-YEAR-OLD WHISKY’ COMMENT CONFIRMS HE’S UNDER ALCOHOL INFLUENCE Shaibu, Atiku, cautioned Wike to stay off alcohol, as it had not only affected his voice and demeanour but also his thinking faculty.

Atiku claimed the governor’s grouse with him had nothing to do with southern presidency but a manifestation of his bitter loss. He commended moves to secure visa ban against Wike in the United States and United Kingdom.

Wike had said, “As they were protesting, I just sat down and took a 40-year whisky. I called some of my friends and opened the 40-year-old whisky as they were protesting.”

But Atiku advised Wike to stop speaking while drunk.

He stated, “Governor Wike has confirmed what we all know. That he is a drunkard.

The protest that was led by Waziri Atiku Abubakar on Monday, March 6, 2023, was against the stealing of

crowds and long queues form around bank offices and ATM points across the country as people struggle to get the new cash which have remained extremely scarce.

“It has triggered riots and other forms of civil unrest,” it added.

“President Buhari is under

deceived four other governors to join his futile campaign.

“Three governors of the G5 failed woefully at their senatorial elections, including Governor Okezie Ikpeazu, who, as a sitting governor, came a distant third in the Abia South senatorial election.

For Governor Seyi Makinde, his ambition is hanging by a thread after his misadventure cost the PDP to lose all three senatorial elections.

“Wike has not held a single meeting with his G-5 members, having dumped them since their defeat. He has been rejoicing over the outcome of the polls even though his men have all lost. This is the sort of man he is, and yet, he claims not to be committing anti-party infractions.”

Atiku lambasted Wike for admitting on video to have “manipulated” the outcome of the polls in his state in the

last election.

He commended the nearly 300,000 Nigerians, who have signed a petition on Change.

Org to demand that the United States, the United Kingdom, and the European Union impose a visa ban on Wike.

Atiku alleged, “At this point, I would love to commend the nearly 300,000 Nigerians, who have signed the petition for Wike’s visa sanction. This is a step in the right direction. This is a man, who in every election he has ever been involved in has been characterised by rigging and violence so much so that under his watch, the media tagged his state, ‘Rivers of Blood’.

“This is a man, who talks down on traditional rulers in his state, arrests those he doesn’t agree with, seals off the buildings of his opponents, and even revokes Cs of O of those in his bad books.”

According to the envoys, there is a lot of evidence that Africans prefer democratic systems of government to other forms. They explained that in addition, Africans also wanted accountable governance.

The diplomats contended that even with improvements over the last decade, governance overall had struggled, “flat lining” across the continent since 2019, a worrying development since it can affect African Union’s Agenda 2063 goals.

According to the duo, success for democracy in Nigeria – the biggest economy and largest democracy on the continent – has the potential to inspire democracy in neighbouring countries and across the continent, as Nigeria is one of the most influential countries in Africa – and the world.

While much of the world’s attention is “understandably” taken up by headline-grabbing events, such as the Russia/ Ukraine conflict and earthquakes in Turkey and Syria, Green and Carson argued that the world could not afford to ignore happenings in Nigeria.

They stated, “However, the international community cannot afford to overlook elections – and importantly, democracy – across Africa this year. Case in point, Nigeria: Africa’s most populous country and one of the world’s largest democracies.

“With projections to become the world’s third most populous country by 2050, it is imperative that a solidified democratic system is established in order to effectively support the people’s needs and promote progress throughout the continent.

“US foreign policy toward Nigeria should focus on proactively strengthening democracy and governance. To help reach this goal, our direct engagement with African leaders and citizens is important – not because we have it perfectly figured out but because we know that democracies build better futures.”

The ambassadors noted that US policy toward Nigeria should consistently advocate strong civil society involvement, fortify political parties, implement checks and balances on government officials, and establish strong legislative systems.

The US and other international partners, the envoys stressed, must continue to support civil society and the institutions that support democratic principles, and in turn, strengthen democracy.

Although the logistical issues associated with the elections disappointed many Nigerians, the ambassadors argued that their continued hope for their country’s democratic system should inspire all.

While elections are an important benchmark in democratic development, they said the real work of building democratic institutions happens between elections.

According to the ambassadors, “What happens over the next weeks and months in Nigeria will be vital. It is important that the president-elect prioritises forming an inclusive government that considers the voices and concerns of all Nigerians.

“On March 18, Nigerians will go back to the polls to vote for their state governors and Houses of Assembly, and there will be several important elections on the continent this year.

“The world should continue to watch the process closely, and ensure that lessons from the Nigeria presidential election are not just recorded but used to strengthen every election that lies ahead.”

The envoys stated that there was no question about the enormous potential that existed in the country and Africa, stressing that the continent can only achieve its full potential if citizens have an opportunity to participate in a democratic process that allows their votes to be cast and their voices to be heard.

the end of March.

The payment was a vital source of revenue for the Saudi Arabian government, which still directly owns 94 per cent of Saudi Aramco stock. It listed just under two per cent of the company’s shares in December 2019 and passed another four per cent to the Saudi sovereign wealth fund last year.

Aramco's results are consistent with record profits for 2022 reported by the five oil majors –- Shell, Chevron, ExxonMobil, BP and TotalEnergies -- which surpassed $150 billion and would have been closer to $200 billion without costly withdrawals from Russia.

They also fuelled Saudi Arabia's overall economic growth, which officials put at 8.7 per cent in 2022, the highest rate in the G20.

Energy prices are expected to stay elevated in 2023, in part because of production cuts approved last October by the OPEC+ cartel that Riyadh co-leads with Moscow, a move harshly criticised by Washington.

However, whether Nigeria is able to take advantage of high oil prices will depend on ramping up production and filling its roughly 500,000 bpd current deficit.

NNPC had recently struck pipelines protection deals with locals in the Niger Delta, where Nigeria gets almost all of its hydrocarbons, and also announced that it could now monitor breaches on its pipelines real-time. It has also floated a whistle-blowers policy, which rewards persons who anonymously report cases of oil theft and pipeline vandalism.

AS NIGERIA STRUGGLES WITH CRUDE THEFT, SAUDI ARAMCO POSTS RECORD $161BN PROFITS a production quota of about 1.8 million bpd, stood at 1.3 million bpd in February, after falling to a decades-long low of 900,000 bpd last year.

Although it has not released its financial results for 2022, Aramco’s Nigerian counterpart, the Nigerian National Petroleum Company Limited (NNPC) last year declared a Profit After Tax (PAT) of N674 billion for the 2021 financial year. That was about $1.4 billion by today’s official dollar rate of about N460/$.

However, last year’s NNPC profit was 134.8 per cent higher than the N287 billion announced by the company in 2020. When converted to the prevailing official forex rate, that would be a profit of $623 million for the entire 2020.

For Saudi Aramco, the

Financial Times reported that the huge profits completed a record set of earnings for the world’s biggest oil and gas companies after fossil fuel prices soared last year due to disruption from Russia’s full-scale invasion of Ukraine.

Shell reported 2022 earnings of almost $40 billion, the highest in its 115-year history, while ExxonMobil made profits of $55.7 billion, the most ever for a Western oil company.

Saudi Aramco is the world’s biggest crude producer and one of the few companies with excess production capacity that can be used by the Saudi Arabian government to increase or decrease supply in line with global demand.

It increased output through 2022 before Saudi Arabia, in partnership with other members

of OPEC cartel, defied US pressure and cut production in November in response to what it said was a weaker outlook for demand.

Last year, it produced 11.5 million barrels a day of crude oil and other liquids, representing about 10 per cent of the world’s crude supply, the FT report said.

While many rivals have slowed investment in oil supply as they seek to reduce their emissions, Saudi Aramco is one of few companies investing in increasing its maximum production capacity, from 12 million barrels per day to 13 million.

According to the Aramco results, total capital expenditure in 2022 was up 18 per cent year-on-year, at $37.6 billion, compared with $24.8 billion spent by Shell. Saudi Aramco

expects to spend $45 billion to $55 billion in 2023.

Chief Executive of Aramco, Amin Nasser, was quoted as saying that the “risks of under-investment” in oil and gas production were real and already contributing to higher prices.

“To leverage our unique advantages at scale and be part of the global solution, Aramco has embarked on the largest capital spending programme in its history,” Nasser added.

Aramco’s free cash flow from operations was $148.5 billion, compared with $107.5 billion in 2021, the financial report stated.

Also, on the back of record profits, Aramco increased its dividend, one of the biggest pay-outs in the world, by four per cent for the fourth quarter to $19.5 billion, to be paid by

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NEWS

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

5TH ANNUAL ISLAMIC ESTATE PLANNING CLINIC… L-R: Senior Vice President, FBNQuest, Mr. Abimbola Ajinibi; The Managing Partner, The Metropolitan Firm, Ummahani Amim; Head, Marketing & Business Development, FBNQuest Trustees Babajide Fetuga, at the 5th Annual Islamic Estate Planning Clinic in Abuja on Sunday

57 Marginal Fields: Lack of Corporate Governance, Finance Delay Firms' Progression to Oil Production Peter Uzoho Most of the firms that won the marginal oil fields auctioned during the 2020 marginal field bid round are currently struggling with how to translate their licences to field development and first oil production after more than one year of acquisition of assets.

THISDAY learnt that the oil firms are mainly handicapped by lack of corporate governance, which is a key requirement for them to be able to raise capital needed to progress to field development.

The 2020 marginal field bid round was originally superintended by the defunct Department of Petroleum Resources (DPR), which had in 2021 issued licenses to over 50 per cent of the winners.

However, its successor, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), concluded the award process in June 2022, with the issuance of Petroleum Prospecting Licences (PPLs) to the winners in line with the Petroleum Industry Act (PIA) 2021.

Some of the fields and their awardees included: Egbolom – Oando Energy Resources and two others; Udibe – Folstaj; Omofejo – AsherDelta and two others; Ugbo – Energia; A.A Rano – Oloye; Nkuku –Vhelbherg E&P, NIPCO and four others; Mesan –Accord Petroleum; and Kuri – Shepherd Hill and Nord Oil. Others were: Ekpat – Duport Midstream, Magnum Flo Ltd; Bita – Odu'a Investments; Atamba – Matrix Energy and Naptha Global; and Ruta – Faceato and seven others.

THISDAY learnt that most of the assets were currently in a state of inactivity, as their owners were still trying to set up proper corporate governance and move to rally funds needed to get to the next level.

Part of the constraints in making headway with the assets, according to THISDAY findings, is the issue of joint ownership, known as Special Purpose Vehicles (SPVs). This is where more than one company, in some extreme cases, about eight firms, jointly own a single asset, which delays decision taking and expected progress.

One of the awardees told

THISDAY on condition of anonymity, "You know, the problem with marginal field is that each asset has several owners. So, a lot of people are going through the corporate governance now and it’s not easy when you are dealing with several people.

"It is after the corporate governance and, then, reviewing the field development plans before you can even start looking for money. So, much progress has not been made with all these marginal fields."

The source added, "So, basically, most of the SPVs are focusing mostly on corporate governance, rules, how do we work together?

How do we raise capital? How do we appropriate costs? How do we select people to manage the affairs?

"If a field is awarded to one individual, it’s very easy to progress. Like one of my assets, we are six companies. So, for you to get an agreement through, it will take like two or three months because each company will be going back to back with their principals and asking if the terms are good for the company and if it is something they can live with in the future. It’s difficult.

But it’s a good thing and we will get there."

However, THISDAY learnt that Udibe marginal field, awarded to Folstaj International, and Omofejo field, awarded jointly to AsherDelta, Zigma Limited and GlenPetro, are currently active.

Although, Folstaj is disputing the production capacity, claiming that the actual daily output capacity as shown by its analysis is far less than the 15,000bpd contained in the NUPRC data, an issue the company said it was presently trying to resolve with the commission.

THISDAY gathered that the discrepancy had negatively impacted work progress on the field, having stalled the first oil milestone Folstaj had been aggressively racing towards achieving before the end of 2022.

Managing Director of Folstaj International, Mr. Tajudeen Yahaya, told THISDAY, "We had some arrangements already which was pushing us ahead. If what

we saw at the field eventually was what we expected, by now, we would have been able to hit first oil, because we had some financing arrangements on ground. Some people went to the US and other places to check out rigs, jack-up barges, that we were going to use for our drilling.

"We had gone very far with

our planning until the reservoir evaluation by Baker Hughes showed that the actual quantity of oil in the field was far less than the 15000 barrels per day that was in the dataset of NUPRC. So, we had to slow down. And we have set up a team of experts to go and meet with the NUPRC to renegotiate the terms.

"You know, in deploying funds, you have to look at what you are doing and the returns on investment and all of that. So, that has slowed the activity."

A former President of the Petroleum Technology Association of Nigeria (PETAN), Mr. Bank Anthony Okoroafor, whose firm, Vhelbherg Exploration

and Production Limited, is a part owner in three marginal fields, said they were making progress.

Okoroafor said, "We are going to arrive hitting first oil, but we are following it step by step. A lot of work is going on. Boards have been set up; technical committees are working."

Agba: We Don’t Want 2023 Population Census Rigged FG: Inserting data on religion, ethnicity will derail enumeration exercise Emmanuel Addeh and James Emejo in Abuja The Minister of State for Budget and National Planning, Prince Clem Agba, has said the federal government was seeking to explore extensive use of technology to ensure that the 2023 population and housing census remained credible, reliable and whose outcome would be generally acceptable.

Speaking during a high-level engagement with donors and relevant stakeholders on funding the census, he sought their support towards the acquisition of relevant capturing devices that would make the outcome unquestionable.

Agba said, “We require 885,000 personnel to handle the census but we currently lack 405,000 tablets that they should use. We already have more than half of the requirements.

“Because we want each enumerator to have a tablet and not that they would be shared; because if they begin to share, it creates room for rigging and we don’t want to rig the census.”

He said, “These tablets are going to be automatically uploading the numbers as they are worked. As they go to each household and take the information, it automatically uploads the information that has been provided.”

He explained that the census had been rescheduled from March 2023 to May, because of the general election.

The minister described the head count as a digital, green and transformative census that meets international best practices.

He said the federal government

had demonstrated a high level of financial and political commitment to the census project in spite of the election cost and activities.

He put the total requirement for the headcount including post-census activities at N869 billion (about $1.88 billion).

He said so far, the federal government had committed N291.5 billion (about $632 million) to the census, representing 46 per cent of the total funding requirement for the exercise.

Agba, however, explained that the sum of N327.2 billion (about $709.9 million) was required to complete the census.

Meanwhile, the federal government yesterday argued that it would not add information relating to religion or ethnicity of Nigerians in the proposed 2023 population census, contending that it was capable of derailing the exercise.

Speaking on Arise Television, THISDAY’s broadcast arm, the Director of Public Affairs at the National Population Commission (NPC), Dr. Isiaka Yahaya, also contended that the amount budgeted for the programme was not bogus, stating that over a million Nigerians will be engaged in the process.

According to the NPC, censuses conducted in the past were marred by the very sensitive issues of religion and ethnicity in Nigeria, noting that it was not prepared to travel the same route this time.

However, it noted that in other surveys carried out in-country, those parameters may be included.

“The commission had some very deep thoughts about these.

Of course, every religion and

ethnicity are very important, not only in censuses but in surveys because it gives you the background to understand the context in which some of that data has been generated.

“But we have a peculiar situation where these two items have been sources of conflict and they have the capacity of derailing the entire census exercise. You can imagine you come up with data tomorrow to say Christians are more than Muslims, or that even Hausa are more than Yoruba.

“We will just be embroiled in unnecessary controversy and leaving out the essential data that we need, like data on unemployment, on provision of infrastructure, on education and so on. We do not want this kind of controversies to detract from the utility of the census.

"So that's why for now, we are leaving the ethnicity or religion out. When you think of it, the data we're going to generate is not dependent on either ethnicity or religion. This data from census is used to allocate funds or resources for education and health. It doesn't matter whether you are Hausa or Yoruba or Igbo or whether you are Christian or Muslim.

“So, we should not allow this data which is unfortunately very controversial within our situation, to deny us of the immense benefits that will derive from this census and that’s why it will not be there but we still do it for other surveys that we conduct,” Yahaya stated.

Explaining why the cost of the proposed census was very humongous, Yahaya stated that it would serve several purposes

beyond the counting of Nigerians.

“About one million Nigerians will be employed and if you are paying them just N150,000 that’s a lot of money and that has almost taken you to hundreds of billions, not to even talk about the money you are going to pay during the enumeration process.

“So, the cost is not high, but one point you also need to realise is that the census itself is an economic empowerment programme, because you are talking about funds that will be given to millions of Nigerians. We will use this one to reflate the economy.

“So, it's not something out of the blue and it's also an investment that is worth it. If you look at the total budget of Nigeria, for example, in 2022 and then you compare this with the census budget, this is barely two per cent of the total budget.

"This could not have been too much for you to have sustainable development, to have data that you use to plan on how to spend not just the budget for this year, but even for the next 10 years that the census data will be used for planning purposes,” he noted.

The NPC also stressed that the census process would be paperless, describing it as ‘green’ in order not to contribute to the felling of trees and destruction of the environment.

“As regards green census, every stakeholder is concerned about the deteriorating climate situation. And the national population commission will need to also fall into this line and that's what we mean by green census.

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FOR A BETTER FUTURE… L-R: Head, alpher/Elite Banking, Union Bank, Chioma Nwokike; MD/CEO, Mudassir Amray; Minister of State, Federal Ministry of Industry, Trade, and Investment, Amb. Mariam Yalwaji Katagum, and Regional Executive/Head, Public Sector, Union Bank, Bolade Jegede, during a meeting in Abuja… recently

VPD Money Processes over $200m, Transaction Volume Grew by 2,548% in Two Years Emma Okonji VPD Money, Pan-Africa’s fintech company has revealed that it worked with partners in the industry to process $200 million worth of transaction with volume at over 2,548 per cent for its customers since it commenced operations two years ago.

The neo-bank with big dreams for the Nigerian businesses especially small and medium enterprises (SMEs), signed strategic partnership with key players in the industry, both home and abroad, which has enabled it to onboard over 50,000 customers to date.

VPD Money is a Pan-African fintech that has leveraged on partnerships to introduce unifying wallet, bank account and AIpowered savings experience at

a very affordable cost, thereby lowering barrier to entry and providing access and opportunities to over 1.7 billion unbanked people in the world, of which 350 million are in Africa, as well as giving them the capability to create a customized-banking experience.

VPD Money’s Co-founder and Senior Product/Project Manager, Mohammed Adeleke Liadi, said the fintech startup, instead of creating another typical incumbent or commercial bank, was a soothing platform for the unbanked and underserved.

"The unbanked people doesn’t necessarily mean they don’t have a job, but the cost of entry to financial service is just too high for them.

“They have uncertainty to the benefits of being in the financial realm and of course, a

rational decision, hence, they stay unbanked,” he said.

“Both individuals and businesses (SMEs) are using VPD Money services at the moment to customise their own banking experience as they deem fit. That’s why we tag it the “Bank of You,” he added.

As a fintech platform, he said, VPD Money would provide a reliable, fast and convenient way for individuals and businesses to manage their finances, regardless of the recent physical cash shortage in Nigeria.

“With VPD Money, you can access your funds anytime, anywhere and make transactions with ease. With VPD Money, individuals and businesses can

held in other states in the region, particularly, Rivers, Imo, Akwa Ibom states, among others, basically to highlight to the youths the dangers of violence in elections and the need to desist from it.

Okerefe, who was the lead resource person at the workshop revealed that, "the essence of elections is to choose a candidate from pool of candidates vying for an office to represent the people and not a battle of Supremacy."

He admitted challenges in the electioneering process in Nigeria and noted that it falls below expectations.

The legal practitioner reminded the participants of the legal, economical and emotional implications of electoral violence, stressing the need for them to avoid being used by desperate politicians to perpetrate violence against their own people at elections.

Earlier in his remarks, the State Director of NDDC in the host state, Stephen Ogheweare, urged the youths to always take decisions that would affect their future positively.

Also speaking, the spokesman of the NGO, Robinson Akpu, commended the NDDC for their supports and passion in changing the negative narrative of the region and its youths in elections.

Kayode Tokede

carry out their financial transactions without the need for physical cash,” Liadi said.

According to him, “Our platform offers instant notification of payments, reduced costs, and a better user experience; thus, making VPD Money a reliable option for cashless transactions during this cash crunch. In real sense, VPD Money is the only fintech at the moment really offering free transfers for our users.

“With the architecture of VPD Money technology, baring the current issues in the country, it is obvious that the financial institutions have not penetrated through the hinterlands of the country, especially north, as well as some parts of the south- mostly

out of Lagos and we know the incumbents can’t solve this.

“We have structured our technology stacks and deployed our solution in such a way that it addresses those in the hinterlands and aids their ability to spend without dependencies on cash.

“The market size is huge.

Over 1.7 billion unbanked people globally, over 350 million of which are in Africa and over 75 million in Nigeria- with this figure, there is a lot to do to address the unbanked,” he said, “matter of fact."

Liadi further said, “VPD Money’s relentlessness and aspirations to address the unbanked people was not just restricted to Nigeria alone.

“We have deployed our MVP

in Nigeria- being our country of origin, because we are well experienced in this terrain; then spreading our tentacles outside the shores of Nigeria. While we have our footprint in Nigeria, we have our global ambition, hence, we are registered in the UK and America.

“We are aware that expansion to other countries can’t be achieved alone and that’s why we’ve already started to develop various strategic partnerships within and outside the shores of Nigeria. We know we can achieve this with our speed, solution and security, hence, we expect to be in at least two other countries in Q4 of 2023, as part of our phase one expansion," Liadi added.

Niger Delta Youths Urged Ghana’s Sovereign Debt Default, CBN's Scrutiny to Shun Electoral Violence Delay Tier-1 Banks 2022 Audited Results Blessing Ibunge in Port Harcourt

Youths in the Niger Delta region have been advised to shun activities that would lead to electoral violence as the governorship and House of Assembly elections draw nearer.

A Delta state-based legal practitioner, Raymond Okorefe, gave the advice at a one-day workshop against electoral violence in Warri, Delta state capital.

Okorefe, who noted that elections remain an exercise to choose the best candidate from pool of many others seeking for electoral office to serve the people and not a battle for supremacy.

He encouraged youths to seek the grooming of skills that would empower them as well as chart a pathway out of idleness, reminding participants of the need to focus on developing their potential. He said life remains a journey.

The workshop with the theme, "Say no to Electoral Violence", was organised by a non-governmental organisation (NGO) in the region known as, "Pageant and events development initiative," with assistance from the Niger Delta Development Commission(NDDC), for youths of the state.

Similar workshops were earlier

Indications have emerged that Ghana’s sovereign debt default, which may have multiplying effect on some banks’ results and the Central Bank of Nigeria’s (CBN) scrutiny of some Tier-1 banks was delaying the release of audited result and accounts for period ended December 31, 2022.

Access Holdings Plc, Zenith Bank Plc, United Bank for Africa Plc (UBA), Guaranty Trust Holding Company Plc (GTCO), Ecoban Transnational Incorporate (ETI) and FBN Holdings Plc, have not submitted audited financial statement for period ended December 31, 2022, to the Nigerian Exchange Limited (NGX).

Post-listing rules at the NGX require quoted companies to submit their audited results, not later than 90 calendar days, or three months, after the expiration of the period.

The rules also require quoted companies to submit an interim report not later than 30 calendar days after the end of the relevant period.

Access Holdings in a report on the Exchange signed by its company secretary, Sunday Ekwochi, explained that the delay

in the Holdings 2022 audited results was occasioned by the need to ascertain the impact of Ghana’s sovereign debt default on the financial statements of Access Bank Ghana.

He added that the Corporation had obtained the approval of the Securities and Exchange Commission for an extension of time till March 31, 2023 for it to file the audited financial statements.

“We hope to resolve the issue soon to enable us to submit the results to the Central Bank of Nigeria and obtain its approval to public same,” he stated.

Zenith Bank also in a report signed by its company secretary, Michael Otu, explained that in the view of the need for the bank to finalise all outstanding issues relating to the component audit of the subsidiary companies, its results would be submitted to the Exchange on or before March 31, 2023 after receipt of the approval of the CBN. In addition, the Group Company Secretary/Legal Counsel, UBA, Bili Odum in a signed notice stated that, “following the approval of UBA’s FY2022 Audited Financial Statements (AFS) by the Board of Directors, the AFS has been

submitted to our primary regulators - CBN and is still undergoing the review and approval process of the CBN. “Consequently, the bank is yet to submit the Audited Financial Statements to the NGX. Please be informed that the AFS will be published once we have received approval from the CBN, which we anticipate receiving on or before Friday, March 31, 2023.”

So far only six Tier-2 banks have released unaudited result and accounts to investing public with Unity bank Plc posting decline in profit before tax.

The six banks generated a total of N225.9 billion profit before tax in 2022, representing an increase of 44 per cent from N156.97billion in 2021.

Unity Bank reported drop in profit before tax to N1.47billion in 2022 from N3.33billion reported in 2022. The bank’s 56 per cent drop in profit before tax caused 28 per cent increase in interest and similar expenses, among others.

FCMB Group announced 63.3per cent increase in profit before tax to N37.11billion in 2022 from N22.72billion in 2022, while Stanbic IBTC Holdings announced N100.6billion profit before tax in

2022 unaudited financial statement from N66billion in 2021.

In addition, Sterling Bank reported 38.6 per cent increase in profit before tax to N20.07 billion and Fidelity bank announced N52.06 billion in 2022, a growth of 37 per cent from N38.07billion in 2021, and Wema bank announced N14.59billion profit before tax in 2022, an increase of 18 per cent from N12.38billion in 2021.

Other key sectors on the Exchange such as the cement manufacturing, petroleum marketing company and Fastmoving consumer goods (FMCG) have reported audited statement and have announced dividend payout to shareholders.

Dangote Cement, MTN Nigeria Communication Plc, Nestle Nigeria Plc, Nigerian Breweries Plc, BUA Cement Plc, Lafarge Africa Plc are few capitalised companies on the NGX that have declared 2022 audited result and proposed dividend payout to shareholders.

Commenting, the vice president, Highcap Securities Limited, Mr. David Adnori said the delayed in Tier-1 filing of 2022 audited results called for concern, stressing that the prolong scrutiny by CBN was worrisome to investing public.

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OBASEKI AT ST. JOHN CATHEDRAL ANGLICAN COMMUNION...

L-R: Edo State Governor, Mr. Godwin Obaseki; his Chief of Staff, Hon. Osaigbovo Iyoha; Commissioner for Public Security, Omololu Ojehomon; Special Adviser to the Governor, Political Matters (Edo North), Hon Jimfred Obaidiku, and the Peoples Democratic Party (PDP) State House of Assembly candidate for Owan West, Hon. Blessing Agbebaku, during a church service, at the St. John Cathedral, Anglican Communion, Diocese of Sabongida-Ora, Owan West LGA ... yesterday

NECA Urges in-coming President to Outline Plans for Economy Identifies overseas education, health tourism as highest consumer of forex

Dike Onwuamaeze The Nigeria Employers’ Consultative Association (NECA) has tasked the incoming administration and the President-elect, Bola Tinubu, to have a clear vision and plan for the Nigerian economy.

NECA also enjoined him to go beyond ethnicity and religion to select capable men and women that have insight on how to turn around the Nigerian economy within the shortest possible time, in order to serve as his ministers and head of governmental agencies and departments.

These views were expressed by

the Director General of NECA, Mr. Adewale-Smatt Oyerinde, in an interview with select journalists, where he stated that education and health, rather than manufacturing, were the highest consumers of foreign exchange in the country.

Oyerinde also stated that an empirical research was required to identify the real sources of the challenges hobbling the country’s power sector in order to proffer effective solutions to them rather than the current episodic and emotional interventions that depend on the personal interests of the powers that be.

He said: “The president is the one

All Women in IDPs Should Have Access to Technology, Says Federal Commissioner Kuni Tyessi in Abuja A federal commissioner and former Director-General of NAPTIP, Imaan Sulaiman Ibrahim has advocated for the availability of technology to all Nigerian women, particularly women in Internally Displaced Persons’ (IDP) camp.

Sulaiman who made the call at the weekend in Abuja, in furtherance of the commemoration of the International Women's Day, which was organised by NEXIM Bank, said with exposure to technology, women in the camps who have fled troubled communities and whose privacies have been violated, would be more flexible in making informed choices about their lives and those that affects their families, cum society.

Emphasising that there are limitless possibilities for women, she encouraged women to desist from listening to negative remarks which she said sometimes come from women themselves.

She also noted the importance of mental health, which according to her should be above all things.

"Digital world should be embraced by everyone. Let key people who have access make it possible for more women to have access because once a woman has access to knowledge and she learns, she can empower her family, the society and hopefully generations will be better than what she didn't

get.

"Women need to know that they don't need anybody's permission to feel small or deem their light.

The power that lies in our hands with the woman that knows her target, stays focus and is she is able to move mountain. Don't listen to negativity. Sometimes it comes from us.

"Regardless of gender, there is conscious effort to bridge the gap because women value their independence and flexibility.

When things are visualised, they are easily accessible and they can do better. So flexibility is key to women. Looking at the developed countries," she added.

In his remarks, the Managing Director of NEXIM Bank, Abubakar Bello, said due to the enormous contributions of women in the society, the female gender should be celebrated on daily basis.

"We shouldn't just celebrate women only on women's day or month; women should be celebrated every day, this year's theme in embracing equity shouldn't be celebrated only on women's day, we are talking about moving forward to the future.

"As women get educated and become more aware, they are equipped and sometimes have to take decisions and prioritise. We need to think outside the box to accommodate more women so that they can give in their best."

that is elected to fix the economy and he is the person that will share his trajectory on where he wants to take the economy. In that line, it rest on the president to ensure that he understands where he is taking the economy. He must have a firm perspective of what he wants to do concerning the economy.”

The director general explained that such a clear vision of the economy by the incoming president would enable the fiscal and monetary authorities understand their respective roles and work in synergy to achieve the president’s overall economic objectives rather than working at cross purposes, which often sent the wrong signals about Nigerian economy to existing and prospective investors.

“Now the fiscal and the monetary authorities are to help him (president) to achieve these objectives. The actions of the CBN and the Ministry of Finance and all the agencies and departments under the ministry should be to complement each other so that

the president’s vision can be achieved because the buck stops on the president’s table,” he said.

Oyerinde, also pointed out that it was fundamental that the incoming government should make sure that round pegs are put in round holes in its allocation of political appointments.

He said: “The ministers and those that will head agencies must be people that understand the issues at stake. The incoming president will have to play the role of a statesman by looking beyond politics, ethnicity and every other issue that has bugged us down as a country to actually pick individuals that can make definitive difference in the context of turning the economy around and turning it around as quickly as possible.”

He also noted that it was imperative for the incoming administration to convene an educational summit that would rethink the country’s educational system.

“We need to carry out curriculum review. Is our curriculum preparing

our students for the workplace that is changing rapidly?” he asked, noting that no notion could grow beyond the level of its educational system and available manpower.

He added: “It will surprise you that one of the two major foreign exchange leakages in Nigeria are education and health. These two are the highest consumers of foreign exchange, not even the manufacturing sector.

“So, we need a true summit of all stakeholders in the educational summit to know what exactly is wrong and deal with the issue of low educational standard in this country to reduce the propensity of Nigerian students to study abroad.”

The director general also called on government to take a dispassionate and holistic view in addressing the multidimensional challenges besetting the power sector.

“We need empirical evidence to identify what went wrong before we can provide adequate solutions.

Otherwise solutions will be based on perceptions or emotions depending on where one’s interest lies,” he said.

Oyerinde also noted that NECA was collaborating with the Industrial Training Fund (ITF) under the ITF/ NECA Skill Development Project to provide technical and vocational trainings.

“It is the direction that we think we should go to deal maximally with the issue of unemployment.

We are actually sitting on the keg of the gun powder with a large population of youths out there without employment.

“Therefore, government should give more support to projects like the ITF/NECA Technical Skill Development as a pathway to remove the youths from unemployment.

“Those that will be trained could become either employers of labour or have learnt the skills that the industries needed that will make it easier for them to secure job placements.

“As employers we are concerned and we doing everything within our limit to continue to contribute our quota to reducing the challenges of unemployment,” he said.

Edo Refinery Orders 150,000 Barrels of Crude to Meet Rising Demand for Products in Downstream Oil Sector Obaseki visits Sobe, Sabongida-Ora communities, assures indigenes of improved security, more infrastructure, others Adibe Emenyonu in Benin The Edo Refinery has placed an order for the supply of 150,000 barrels of crude from Decklar Resources Inc. and Millennium Oil and Gas Company to meet the demand of its growing clientele base, as demand for its products spike in the downstream sector of Nigeria’s oil industry.

The refinery was developed by the Edo Refinery and Petrochemical Company Limited (ERPC) with support from the Governor Godwin Obaseki-led state government through a Memorandum of Understanding (MoU).

The crude is sourced from Oza Oil Field, which is operated by Decklar Resources Inc and Millenium Oil and Gas Company Limited.

The Edo Refinery is a 6,000bpd capacity plant, which is being expanded to 21,000bpd. The facility with its feedstock can produce 50

per cent of diesel (500,000 litres), 25 percent of naphtha (300,000 litres) and 20 percent of Low Pour Fuel Oil (LPFO) (200,000) litres.

Chief Executive Officer (CEO) of Decklar Resources Inc., Sanmi Famuyide, in a statement, said “Decklar and Millenium are at an advanced stage of executing a new 150,000 bbls crude oil sale and purchase agreement with ERPC, which is expected to include terms for invoicing and payment after the delivery of each cargo of 10,000 bbls of crude oil.”

He added: “We are very pleased that payments for the sale of crude oil from the Oza field continue to be received. Deliveries to ERPC in Edo State are ongoing on a consistent basis, and the anticipated doubling of the contracted truck fleet is expected to enable the Company and our co-venturer Millenium to increase the volume and consistency of deliveries of oil to market.

“The additional trucking capacity is also expected to create opportunities for additional delivery of crude oil to other potential customers in the near term.”

Meanwhile, Edo State Governor, Mr. Godwin Obaseki, yesterday, visited Sobe and Sabongida-Ora communities, both in Owan West Local Government Area (LGA) of the State to canvass votes for the candidates of the Peoples Democratic Party (PDP) in Saturday’s House of Assembly elections.

Obaseki, while addressing the people of the communities, assured them of improved security and more infrastructural projects to better the lives of residents in the areas.

Speaking to worshippers at St. John Cathedral, Anglican Communion, Diocese of SabongidaOra, the governor said the state government was collaborating with security agencies in the state to ensure security in Edo forests,

adding, “I will not be governor and leave you unprotected. Security is our focus as we will ensure your safety. We began an operation yesterday, combing out all herdsmen from our forest.

“In Edo State, we have prohibited open grazing and will implement that law to the fullest. Our people must go to their farm and do their farm work.”

He continued: “As a government, we will continue to do more for our people. We are here to use the opportunity to see the construction of the Sobe-Sabongida-Ora Road, as well as the Edo University Campus, to be sited here, among other projects.

“In all our challenges as a country, we must continue to have hope, as things are very difficult. We battle inflation, high food prices, scarcity of currency, and lots more. As a country, we must be prayerful to come out from these many challenges.

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RCCG SPECIAL SERVICE...

L-R: Secretary to the State Government, Tokunbo Talabi; First Lady of Ogun State, Bamidele Abiodun and Governor Dapo Abiodun in a warm handshake during the special service held at the Redeemed Christian church of God, Reigning King Sanctuary, Sabo, Sagamu on Sunday

INEC Urged to Ensure Free, Fair, Guber, State Assembly Polls Bode George calls for removal of commission’s ICT director Okon Bassey in Uyo and Segun James in Lagos The Independent National Electoral Commission (INEC), has been told to use the governorship and states’ houses of assembly elections in ensuring free and fair elections in order to correct the negative impressions against it during the conduct of the presidential and National Assembly elections last

month.

The Akwa Ibom State Director, Centre for Human Rights and Accountability Network (CHRAN), made the call while briefing journalists in Uyo, on the observations of the group while monitoring the conduct of the presidential and National Assembly elections in the state.

He argued that INEC has to ensure neutrality and non-

partisanship in the conduct of the forthcoming governorship and states house of assembly elections scheduled for March 18, 2023, in Akwa Ibom State.

"INEC should return to the drawing board and re-strategise with a view to addressing the lapses which came to the fore during the conduct of the 2023 presidential and National Assembly elections in the country in order

Political Parties Endorse Emenike Ahead of Guber Poll governorship candidate.

Emmanuel Ugwu-Nwogo in Umuahia

The 2023 political weather has continued to look good for the governorship candidate of the All Progressives Congress (APC), Ikechi Emenike, as political parties and interest groups are realigning for the March 18 governorship poll in Abia.

To this end, the main opposition party has made inroads into no fewer than seven political parties drawing hundreds of defectors, including party chieftains into its fold.

The Director-General of the Ikechi Emenike Campaign Council, Uche Ogboso attributed the development to the growing popularity of the governorship flag bearer of APC, saying the party has the best candidate among the rest.

The new defectors were attracted into Emenike’s field within the one week extension period of the governorship poll after successful outing of APC in the February 25, 2023 presidential poll, he said. he listed parties that have lost members to APC include the party in power, the Peoples Democratic Party (PDP), Action Peoples Party (APP), African Democratic Congress (ADC), National Rescue Movement (NRM), Labour Party (LP) and the Youth Party.

"Members of other parties are giving their endorsements and support for the election of High Chief Ikechi Emenike asgovernor or Abia State having found him as the most credible and capable among all the governorship candidates in Abia," Ogboso said.

He revealed that talks were ongoing with nine other political parties to join the rescue and develop Abia(RADA) moving train and adopt the APC

The Campaign DG named the parties, "we're still discussing with" for possible absorption to include Accord Party, Action Alliance(AA), Allied Peoples Movement(APM), Boot Party(BP), Zenith Labour Party(ZLP), New Nigeria Peoples Party (NNPP), and Social Democratic Party (SDP).

On March 8, 2023 stakeholders and ward executives of APP numbering over 50 openly declared to join the RADA team of Emenike during a meeting at Amurie Nkporo Hall in Ohafia local government.

At another event, over 80 members of NRM in Ohafia and Arochukwu Local governments as well their PDP counterparts in Ohafia declared for the APC. The group was led by the NRM House of Representatives candidate for the Ohafia/ Arochukwu federal constituency, Rev Boris Olugu The main opposition party also on the same day received into its fold a major PDP stakeholder from Ohafia, Prince Kalu Eze Okarazu, who is a former special adviser to Abia governor.

Okarazu, a member of the ruling family of Elu Ohafia Udumeze led seven other PDP stakeholders to defect to APC, vowing, "to do everything possible to support the APC governorship candidate win the forthcoming governorship poll.

The retirees weighed down by sufferings and hardships thrown at them by unpaid pensions and gratuities have latched on to Emenike as their hope of survival.

In a statement jointly signed by the leaders of the Senior Citizens Forum, Abia State, Chief Joe Onuoha(Abia North), Mr. Peter Anyim (Abia Central) and

Chief James Ikedi (Abia South), the senior citizens endorsed Emenike’s candidacy.

"We therefore urge all senior citizens in Abia State and their family members to massively vote for High Chief Ikechi Emenike and APC in the forthcoming governorship election, as "he is the only candidate in this race who can be trusted to keep promises".

“He(Emenike) is the only candidate with verifiable policy of prompt payment of pensions, arrears of pensions, gratuities and monthly allowances to all senior citizens in the state," the senior citizens said in justifying their choice of candidate.

A chunk of the membership of Abia Rejoice, the political structure of the former minister of state for mines and steel development, Mr. Uche Ogah also pledged allegiance to Emenike.

The group led by Jerry Chimechefulam apparently broke ranks as Ogah had reportedly handed over his structure to the governorship candidate of Labour Party, Mr. Alex Otti.

to deliver free, fair and credible elections in the forthcoming governorship and State House of Assembly elections," he stressed.

He expressed worry that some politicians in Akwa Ibom State were perfecting plots to import political thugs, as well as real and fake security personnel from neighbouring states to subvert the governorship and House of Assembly elections.

He called on law enforcement agencies to be on alert, and rise to the occasion of ensuring that the state remains peaceful during and after the governorship and State House of Assembly elections.

"We appeal to the political class, particularly, the governorship candidates and their supporters not to approach the forthcoming elections with the 'do-or-die" spirit, but with the spirit of sportsmanship.", he added.

Otuekong Isong called for a reform in the country's electoral system to address observations and shortcomings in the electoral system.

Meanwhile, former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Olabode George, has demanded that the Chairman of Independent National Electoral Commission (INEC), Prof. Mahmoud Yakubu, should immediately remove the commission's Director of ICT, Mr. Femi Odubiyi, for being close to the presidential candidate of the All Progressives Congress (APC) and president-elect, Bola Tinubu.

George, stressed that unless that was done, the credibility of the March 18th election would be suspect.

He declared that the first thing Yakubu must do was to explain to Nigerians how Odubiyi, a former Commissioner for Science and Technology in Lagos State, found his way into INEC as head of ICT, adding that, "a critical department before, during and after elections," should ordinarily not be in the hands of someone who is known to have a political affiliation with any of the party.

"Today, millions of Nigerians are disputing the outcome of the February 25 presidential elections and some candidates are already in court. BVAS and IReV are very critical in the legal process that is going on.

"Nigerians are already asking Prof. Mahmood Yakubu: How did this man, a former Commissioner in Lagos State, find his way into INEC, not just any department, but a critical one like ICT? "That department is very sensitive. Why should a follower of a presidential candidate be deployed to man a sensitive department like ICT in an election year?

"How did he even get his way into INEC? Do we have acolytes of Atiku Abubakar, Peter Obi and other candidates heading other departments in INEC? Nigerians need to know.

"Was there no background check by security agents before this man was chosen to head ICT? How do we want the world to look at us when somebody close to a presidential candidate decides what goes on in the ICT department?

"Now that other candidates are in court, is this not the time for this fellow to be redeployed?

Who appointed him and when was he appointed? Nigerians need to know," he insisted.

George lamented that Odubiyi appeared to be a mole deliberately planted in INEC, to subvert the will of the Nigerian electorate, saying if not, the commission, through Yakubu, “must come clean, to explain to Nigerians how a former commissioner in the employment of Lagos State became a Director of ICT Department in INEC.” "How did he get in there? Was Yakubu sleeping? How come Atiku, Obi, Kwankwaso and others did not put their contacts there? These are posers the INEC Chairman must unravel."

He called for a comprehensive investigation, that should involve all government security apparatus, "to get to the bottom of this intriguing matter of national interest," stating that no culpable hand, no matter how highly placed, should be spared of appropriate punishment.

“It is stated clearly in the electoral bill that election results from the polling units must be transmitted into INEC Server, and there must not be any interloper.

"I call on all security apparatus of government to quickly wade into this matter by inviting Odubiyi, to explain whatever role he has played, as well as tell Nigerians how he got into INEC ICT unit, from being a Commissioner in Lagos State.

'The masquerade must be unveiled. This unholy alliance that has pushed our country towards precipice must be thoroughly checked and nipped in the bud," he said.

Elections: SERAP Tells FG to Withdraw Threat to Shutdown Broadcast Stations

Udora Orizu in Abuja

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to instruct the Minister of Information and Culture, Lai Mohammed and the National Broadcasting Commission (NBC) to withdraw the ‘last warning’ and threat to revoke the licences of broadcast stations and shut them down over their coverage of elections and post-election matters.

The NBC had last week threatened to revoke licences of

broadcast stations and shut them down if they continue to allow unpatriotic individuals on their platforms to make utterances that were subversive, hateful, and inciting, and negative conversations particularly post-2023 presidential election.

But in a letter dated March 11, 2023, which was signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said, the ‘last warning’ and threat by the NBC if not immediately withdrawn would limit freedom of expression

and the ability of broadcast stations to cover important issues around the 2023 general elections.

According to SERAP, threatening to shut down and revoke the licences of broadcast stations simply for carrying out their ‘watchdog role’ was clearly incompatible with Nigeria’s constitutional and international human rights obligations.

The letter read in part: “Political expression is a fundamental right.

The threat by the NBC creates a significant risk that legitimate

expression may be prohibited.

“Such unlawful prohibition may prevent transparency and dissemination of information on legitimate issues of public interest around the 2023 general elections.

“We would be grateful if the requested action is taken within 48 hours of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel your government to comply with our request in the public interest.”

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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 Is INEC Ready for Saturday’s Governorship Poll?

Ahead of March 18, 2023 Governorship and State Assembly elections, Adedayo Akinwale writes on the preparations of the Independent National Electoral Commission and its plan to address the identified challenges during the presidential and National Assembly poll

T

he Independent National Electoral Commission (INEC) last Wednesday announced that it has shifted the governorship and State Houses of Assembly elections from Saturday, March 11 to March 18, 2023.

The Presidential Election Petition Tribunal had on March 3, 2023 stopped the commission from tampering with the Bi-modal Voter Accreditation System (BVAS) deployed in February 25 Presidential and National Assembly Elections in a motion on notice brought by the Labour Party (LP) and its presidential candidate, Peter Obi and the Peoples Democratic Party (PDP).

However, this request was opposed by INEC, which claimed that the said BVAS machines which the plaintiffs sought a restraining order are to be deployed for the governorship and state Houses of Assembly’s election slated for March 11.

The commission had submitted that in order to deploy the BVAS for the March 11 polls, it would require their reconfiguration, praying the court against granting of the order so as not to stall the March 11 elections.

It was against this background that the Court of Appeal sitting in Abuja gave permission to INEC to reconfigure the BVAS used for the conduct of the February 25 presidential and National Assembly elections.

Following the judgement, the electoral body, after meeting for several hours, decided to postpone the governorship and state Assembly elections by one week.

INEC National Commissioner and Chairman Voter Education and Publicity, Festus Okoye, in a statement said, the decision has not been taken lightly, but it was necessary to ensure that there was adequate time to back up the

Yakubu

data stored on the over 176,000 BVAS machines from the Presidential and National Assembly elections held on 25th February 2023 and then to reconfigure them for the Governorship and State Assembly elections.

According to him, BVAS could only be activated on the specific date and time of an election adding that having been used for the Presidential and National Assembly elections on 25th February 2023, it was necessary to reconfigure the BVAS for activation on the date of the Governorship and State Assembly elections.

Moreso, the National Commissioner added that while the ruling of the Tribunal makes it possible for the Commission to commence the preparation of the BVAS for the

Governorship and State Assembly elections, it has come far too late for the reconfiguration to be concluded.

“Consequently, the Commission has taken the difficult but necessary decision to reschedule the Governorship and State Assembly elections which will now take place on Saturday 18th March 2023. By this decision, campaigns will continue until midnight of Thursday 16th March 2023 i.e. 24 hours before the new date for the election,” Okoye noted.

The electoral umpire clarified that it was not against litigants inspecting election materials.

It promised to continue to grant all litigants access to the materials they require to pursue their cases in court.

“We wish to reassure all political parties and candidates that the data from the Presidential and National Assembly elections will be backed up and available in INEC cloud facilities, includ-

ing the INEC Results Viewing Portal (IReV).

Political parties can apply for Certified True Copies of the backend data of the BVAS. Also, the results on the BVAS will continue to be available on the IReV for interested parties to access.”

Prior to the postponement, INEC admitted that issues of logistics, election technology, behaviour of some election personnel at different levels, attitude of some party agents and supporters marred the conduct of the presidential and National Assembly elections.

Since the February 25 election, the commission had come under fire from election observers – both national and international, Chatham House, the United States and United Kingdom, political parties, as well as political commentators who observed that the conduct of the election fell short, especially with the inability of INEC to transmit results from polling units to the INEC Results Viewing (IReV) portal.

However, during a recent meeting with the Resident Electoral Commissioners (RECs) held at the commission’s headquarters in Abuja, INEC Chairman, Prof. Mahmood Yakubu, said the immediate concern of the Commission was how the identified challenges could be addressed as it approaches the concluding phase of the general election involving the largest number of constituencies –28 State Governorship elections and 993 State Houses of Assembly seats.

He admitted that the presidential and the National Assembly elections raised a number of issues that require immediate, medium, and long-term solutions.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

As Appeal Court Hears Osun Governorship Case Today...

Israel Omipidan writes that the Appeal Court sitting in Abuja will on Monday begin the hearing of the Osun state 2022 governorship election appeal case.

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he battle to further determine the authentic winner of the July 16 Governorship election in Osun state has shifted to the Court of Appeal, sitting in Abuja.

Barring any die-minute change, the Court of Appeal, will on Monday, March 13, hear all the parties in the matter and then proceed to communicate to them at a later time, the date for hearing the results of their critical examination of the decision of the Tribunal.

At the appeal, the parties are bound by their pleadings at the Tribunal, while the learned Justices do a holistic review of the judgement vis-a-vis the position of the law and make their own pronouncement. They will either upheld or set aside the decision of the Tribunal.

Ironically, at the Tribunal, there were two contentious issues over the issue of over-voting.

Incidentally, both issues became the fulcrum upon which the minority judgement rests.

The first issue has to do with whether it was right for the Tribunal to rely on the Certified True Copy (CTC) of the BVAS report generated from the back end server of the Independent National Electoral Commissioner (INEC).

The second issue has to do with the erroneous claim that to prove over-voting, the petitioners (Adegboyega Oyetola and theAPC) must produce the Voter Register.

However, in deciding the first issue, the majority judgement at the Tribunal held that since the issuing authority, which is INEC, did not at any time say the BVAS report which was generated from the back end server was an “interim one, inchoate or unsynchronised” at the time it was issued to the petitioners, the one that was issued during the pendency of the case after the petition had been filed was an afterthought, and as such

Oyetola

Adeleke

it was set aside.

Hear the Tribunal: “Moreover, exhibit BVR (given to Oyetola and APC) has not been withdrawn by the first respondent (INEC), who made and issued it.

The petitioners relied on exhibit BVR in maintaining this petition.

“Similarly, the exhibit tendered by the respondents after the exhibit BVR submitted by learned counsel to the petitioners were thought of after the declaration of results on the 17th day of July, 2022.

“The said conduct of the respondents, especially, the first (INEC) respondent amounts to tampering with official records. The conduct of the first respondent in the said election under consideration has produced multiple accusation reports, contrary to votes declaration, to conduct of free, fair and

credible elections on the basis of one man or woman with one vote.”

The Tribunal further said: “In other words, the defenses of the respondents are tainted with fundamental flaws, irreconcilable and unreliable, incapable of defeating the credible evidence tendered by the petitioners in respect of the 744 polling units where over voting has been established.”

And for me, the position of INEC in its latest affidavit to the Court of Appeal as it relates to the fact that the accreditation data contained in the BVAS could not be tampered with or lost, as they would be stored and easily retrieved from its accredited back-end server, is a vindication of the Tribunal’s judgement which relied on the BVAS report obtained from the back end server.

For the purposes of reminder and education, here was what happened: Senator Ademola Adeleke was declared winner of the July 16, 2022 election by INEC on July 17 based on the

accreditation and the result figures the BVAS transmitted, which were in the back end server.

It was these figures that the APC and Oyetola applied for and got from INEC about 10 days after the result was announced.

After filing their petitions, the PDP rushed to INEC and obtained what was later referred to as a “synchronised” BVAS report. Assuming without conceding that there should be a synchronised BVAS report, the next question to ask, which I had raised in September last year, is: on what basis then was Adeleke declared winner on July 17?

If we go by the claim of synchronisation, it means Adeleke was declared winner before “synchronisation.”

At the Tribunal, Adeleke’s counsel also argued that the Tribunal should disregard the BVAS report generated from the back end server and in its place accept the one prepared by their expert, which was generated after opening the BVAS machine. But since Adeleke was never declared winner by opening the BVAS machine, how on earth will the Tribunal be swayed to accept that?

At any rate, even in that one too, the expert hired

by Adeleke, Samuel Oduntan, to analyse the BVAS machine also admitted before the Tribunal that there was over-voting. The only difference is that he said it was discovered in only six polling units.

But during cross-examination, APC and Oyetola’s counsel were able to prove to him that, apart from the six he claimed over voting occurred, there were others.

-Omipidan writes from Ila Orangun in Osun State NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY MARCH 13, 2023 • T H I S D AY

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T H I S D AY ˾ DAY ͯͱ˜ ͰͮͰͱ

FEATURES

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

Repositioning the Defence and Security Sector to Strengthen Democracy in Nigeria As part of measures to reposition the defence and security sector to strengthen democracy in Nigeria, the Civil Society Legislative Advocacy Centre in collaboration with Transparency International Nigeria, recently engaged civil society organisations, media and academia. Chiemelie Ezeobi reports that it was designed to expand understanding of the ongoing systematic corrupt practices in the aforementioned sectors in relation to politics and how it affects democracy in Nigeria

Source: https://securitysectorintegrity.com/building-integrity/corruption/

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or democracy to thrive in Nigeria, its defence and security sector must always be seen as carrying out its mandate in an objective manner. Essentially, they must not be politicised or used for targeted, biased, and selfish goals.

These and many more were the thrust of the recently held one-day dialogue organised

by Civil Society Legislative Advocacy Centre (CISLAC)/Transparency International in Nigeria (TI-Nigeria), in collaboration with Transparency International – Defence and Security Program with support from Ministry of Foreign Affairs of the Netherlands, for civil society organisations (CSOs), the media and academia in repositioning the defence and security sector to strengthen democracy in Nigeria.

Key Derivatives Themed "Repositioning the Defence and Security Sector to be more Responsible and Accountable in Nigeria’s Democracy”, the dialogue was aimed at strengthening the capacity of CSOs and the media to advocate and conduct state and national engagements towards an accountable, responsive and efficient management of the Nigeria defence and security sector.

Also, it was designed to expand the understanding of participants on past and ongoing systematic corrupt practices in the defence and security sector, in relation to politics and how it affects democracy in Nigeria.

It also scrutinised existing defence and security laws on civilian oversight of the sector in other to

identify gaps and recommend ways by which to review those gaps to improve civilian oversight of the sector.

Particularly with the ongoing general elections, the dialogue set an agenda for incoming political office holders, towards repositioning the defence and security sector for a more responsible and accountable service that will further entrench democracy in Nigeria.

Technical Sessions The dialogue had two technical sessions with the first being from a lecturer from the University of Nigeria, Nsukka, (UNN), Prof. Freedom Onuoha.

He tackled "A Case Study of Past and Current Defence and Security Corruption in Connection with Politics – The Gaps and Effect on Human Security".

The second technical session was by a resource person from the Nigerian Defence Academy, Sunday Adejoh, who addressed Strengthening Civilian Oversight of the Defence and Security Sector – A Gap Analysis of Existing Defence and Security Laws.

Need for Objectivity in Defence, Security Sector In his welcome address, the Executive Director, Civil Society Legislative Advocacy Centre (CISLAC), Auwal Ibrahim Musa (Rafsanjani), canvassed the need for objectivity in the defence and security sector.

According to him, Nigeria’s defence and security sector must always be seen as carrying out its mandate in an objective manner.

"They must not be politicised and used for targeted, biased, and selfish goals. In times past, we saw how corrupt cases such as that of the

Over the years, election exercises have been characterised with militarisation, this is because politicians, as usual, would want to insist on enforcing themselves on the people... This is the right time to demand commitments, objective and unbiased representation both from the defence and security sector and from politicians seeking various political offices

Dasuki Gate fizzled away. We also saw how the case with the former chairman of the EFCC was handled. In recent times, there has also been many other corrupt cases that made the media headlines but somehow, they just disappeared, and nothing was heard of them again.

"Although these corrupt activities happened, their perpetrators still go about their daily activities freely with so much impunity because certain political interest must be protected.

"As we prepare to go to the polls again, we must be mindful of the fact that corruption cannot thrive in the defence and security sector only if we get it right in our choice of a democratic leadership.

"This is because it takes political will to entrench effective civilian oversight of the sector. Over the years, election exercises have been characterised with militarisation, this is because politicians, as usual, would want to insist on enforcing themselves on the people.

"They influence the roles of the defence and security agents through heavy funding and with this, compromise their professional credibility.

This is the right time to demand commitments, objective and unbiased representation both from the defence and security sector and from politicians seeking various political offices.

"The Chief of Army Staff, Lt. Gen. Faruk Yahaya has directed his men to be apolitical in their conduct during the exercise. In the same vein, the Inspector General of Police, Alkali Usman, Continued on page 21

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T H I S D AY ˾ DAY ͯͱ˜ ͰͮͰͱ

FEATURES

Repositioning the Defence and Security Sector to Strengthen Democracy in Nigeria

CISLAC ED, Auwal Musa (Rafsanjani) has tasked his men likewise. We are watching, we hope to see their words come to play during the exercise.

"No defence or security personnel should be compromised or seen exhibiting unprofessionalism during the elections just because of what they feel they stand to gain after these politicians assume office. If they are caught, they must be seen to be punished commensurately. Democracy is centred around the people, anything short of this is a NO!" Pledging that CISLAC and its partners will continue to push for greater accountability and integrity "in our defence and security sector through multi-stakeholder engagements of this sought, in line with the principles of democratic and participatory governance, to achieve the level of reform we desire. We will not relent".

Observations In the communique agreed on by participants and signed by the trio of Auwa Ibrahim Musa (Rafsanjani); Dr. Dayo Kusa, Independent Consultant/ Security Strategist; and Dr. Prince Charles Dickson, Tattaaunawa Roundtable Initiative, they noted that continued militarisation and securitisation of elections have paved way for corruption and undemocratic tendencies and practices by security officials in Nigeria.

According to them, with the ongoing general elections, it has become imperative to set agenda for incoming politicians while repositioning the nation’s Defence and security sector for accountable services that advance democratic governance.

They said: "Recurring political interference in the Nigerian Defence and security sector has been reported as part of the potential effort by unscrupulous politicians in upturning outcome of the elections.

"The illegal small arms and light weapons in the hands of militias necessitated by porous borders and insecurity have become a growing concern in Nigeria with resultant counter-productive investment in Defence and security sector.

"Delayed review of laws and processes in defence procurement process has contributed to the lapses that encourage corruption in Nigerian Defence and security sector."

In the second session, the observations made was that the criticality of defence and security sector has positioned it as the centre of sustainable democracy and governance process in Nigeria.

They noted that the "Manipulation of payroll, abused selections in career progression, and other unaccountable payment systems across non-military engagements and commercial ventures constitute unattended but serious threats to Defence and Security integrity and accountability.

Prof. Freedom Onuoha "As human security is key in complementing effort and resources geared towards sustainable national security, security vote has been institutionalised to enable uninterrupted and prolonged diversion of funds.

"While Nigeria suffers a high-risk incidence of corruption in defence and security sector, susceptible areas in the sector are procurement, personnel administration, operational, finance and political engagement.

"Uninterrupted and unchecked diversion of defence and security funds into private pockets have continued to exacerbate precarious effects passed from one administration to another.

"Discouraging and unsupported whistleblowing mechanisms in defence and security sector hamper defence spending and procurement accountability in Nigeria.

"Despite the growing allocations hitherto to the defence sector, unchecked corruption in the sector has contributed to funds mismanagement, prolonged violence threats, high casualty rate, personnel mental/health disorder, grave security risk, weak response to crisis, and repeated weapons diversion.

"Huge annual budgetary appropriation to the defence and security sector has not translated into sustainable security of lives and security due to pervasive corruption in the society which is a major factor undermining the military’s ability to curb security challenges confronting the country.

"Defence corruption are enabled by opacity and secrecy, procurement complexity, vested interests, weak oversight and inadequate knowledge among Civil Society."

In the third session, they observed "Defence and security sector cannot be understood without adequate attention to civilian oversight, which

Dr. Sunday Adejoh constitutes a key component of Defence and Security accountability.

"While Nigeria grapples with different forms of insecurity, Defence and security budget has continued to rise astronomically with little impact on national security.

"In various civilian oversight of Defence and security sector, other corruption-susceptible services like Nigeria Police, paramilitary institutions, nonstatutory organisations are not given adequate and prioritised attention.

"Civilian oversight of Defence and security sector remains critical to sanction misconduct, misappropriation and mismanagement within the sector.

"The fear of military coup, corruption, poor technical competence, capacity gaps, mainstreamed secrecy and lack of trust, excessive control are among the limitations backpedaling efficient civilian oversight of the Defence and security sector.

"Ambiguity, outdated and needless complexity of key provisions in the existing laws like Freedom of Information (FOI) Act 2011 hamper deeper engagement and successful civilian oversight."

Recommendations In its recommendations, from the first session, participants demanded for adequate oversight of the defence sector to ensure total accountability, proper checks and balances in defence budget; and immediate priority for committed and unbiased representations from upcoming administration by the citizens to ensure objectivity and quality public service delivery to the country.

They also called for adequate reform of Defence and Security sector for more accountable, efficient, responsive service delivery in Nigeria; denormalising the unprofessional use of security personnel for personal engagements to uphold objectivity, transparency and accountability in securing lives and property of the citizens, adding that adequate sanctions against electoral offenders to demonstrate support for electoral credibility and sincerity in electoral reform.

In the second session, they opined that human security provision in Nigeria is paramount to complement and enhance the overall national security, thus there is need to uphold total integrity

Huge annual budgetary appropriation to the defence and security sector has not translated into sustainable security of lives and security due to pervasive corruption in the society which is a major factor undermining the military’s ability to curb security challenges confronting the country

in Defence sector through transparent and accountable procurement process, payroll systems, and credible selections in career progression.

They also called for centralised procurement systems across Defence spectrum to enhance oversight activities for more accountability in funds allocation and spending; and also institutionalising whistleblowing mechanisms in the Defence sector for anonymous reporting of suspected mismanagement leveraging the latest technology and other independent reporting systems.

Others include revisiting the defence welfare and deployment systems to mitigate reported high incidence of personnel mental and health disorder; having an independent review of various military operations and missions to ascertain their relevance to the current needs and reality.

They also recommended the application of adequate sanction for mismanagement of security and operational votes through appropriate legal framework to enable declassification and strict adherence to accountability in procurement and spending.

Also mentioned was support for investigative journalism into Defence sector to enhance qualitative and quantitative reportage that raise citizens’ consciousness on security and funding accountability.

The communique also tasked on Institutionalising adequate mechanisms to supervise the oversight bodies across Defence spectrum to ensure uncompromised accountability in procurement and spending.

In the third session, they posited that adequate civilian oversight of Defence and security sector is paramount to uphold professionalism, operational efficiency and efficient management of funds.

Thus, there is need to strengthen capacity of the executive, legislature, judiciary, civil society for enhanced curiosity and collective oversight on defence and security sector.

They further noted that proactive identification of systemic limitations to oversight activities to effectively engage and prevent positioned complications associated with the process is needed while amendment to the existing lawsuit to address gaps and resolve ambiguous provisions disrupting civilian oversight thrives.

They also called for adequate attention to technical capacity in appointment of the members of various Committees/Agencies through comprehensive Constitutional provisions to ensure competence in oversight activities, as well as appointment to the Office of the National Security Adviser (NSA) should be opened to all Nigerian with the requisite qualification expertise to deliver, while adding that periodic audit of arms procurement is essential for greater accountability.

T H I S D AY • MONDAY, MARCH 13, 2023

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This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Tech Top 5 News NIGERIAN FINTECHS TO COLLABORATE IN TACKLING FRAUDULENT TRANSACTIONS ollowing recent reports that Flutterwave was allegedly hacked, Nigeria’s fintech startups are jointly working on a strategy to tackle fraudulent transactions within their networks.

The registry tagged ‘Project Radar’ would enable companies to pool details, including banking and government identity data of individuals and groups that have attempted or made fraudulent transactions.

The plan is to start working on a blacklist of suspected criminals.

The list is created to counter rising fraud cases within the ecosystem.

The group is reportedly working with the Nigeria Inter-Bank Settlement System (NIBSS), which operates a central switch for instant payments and is co-owned by Nigeria’s central bank and commercial banks, on how best to integrate with its existing fraud reporting system.

There are representatives of over a dozen companies, including payments processor Flutterwave, digital bank Kuda and savings app Cowrywise.

The executives complained that fraudsters were getting more successful at taking advantage of weaknesses in the financial system, but companies were not sharing data among themselves to identify such actors.

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NITDA UNVEILS GENDER DIGITAL INCLUSION STRATEGY The Director General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, has said that NITDA is prioritising the development of a Gender Digital Inclusion Strategy (DGIS) in a bid to unlock the full potential of Nigeria’s digital economy and promote greater social and economic development for all Nigerians.

Inuwa, represented by his Special Assistant on Strategy and Innovation Iklima Musa Salihu, stated this at the United Nations International Women’s Day celebration organised by FGN Women Ambassadors Network (FWAN-NET) recently.

According to him, the strategy is to address the barriers preventing women from fully participating in the IT sector and reaping the benefits of digital inclusion.

He said through the DGIS, NITDA plans to outline specific steps that will be taken to bridge this gap and ensure greater gender parity in Nigeria’s digital economy by creating a more inclusive and diverse tech industry.

He noted that the agency had identified innovation as a critical tool for implementing the National Digital Economy Policy and Strategy (NDEPS), adding that it has the advantageous objective of bridging the digital gender gap by ensuring that the digital literacy and skills pillar incorporates children, women, internally displaced persons, and the physically challenged and aligns with the agency’s mandate of empowering all Nigerian citizens with digital skills.

“In fulfilment of this strategy, we have taken many steps to drive our nation’s prosperity by boosting digital innovation for women, creating an enabling environment that maximises the potential of all Nigerian women, promoting their ability to contribute to the economy, and ensuring their improved quality of life and well-being,” he said.

He said women were still significantly underrepresented in digital spaces, despite their undeniable competence and potential to contribute immensely to the field.

GOOGLE ANNOUNCES INITIATIVES TO EMPOWER WOMEN ENTREPRENEURS IN AFRICA As part of celebrating International Women’s Day, Google announced three new initiatives to empower women entrepreneurs in Africa and provide them with the resources they need to succeed.

The initiatives include the Google for Startups Accelerator Africa: Women Founders Cohort,

Tech Personality of The Week FOLAKE EDUN

T

his week’s tech personality is Folake Edun.

Edun is the CEO and cofounder of Towntalk Solutions, a data intelligence company that gathers and analyses data using real-time data and Artificial Intelligence to enable businesses operating in Africa to make better-informed decisions.

They also provide individuals with operational and financial security.

The company’s flagship product, Area! is an assets protection platform designed to provide greater value to stakeholders in the logistics and FMCG value chains in Africa with real-time analytics, vehicle tracking, and access to insurance providers.

Towntalk has been in operations since 2020 and is a member of the 2022 cohort of the ARM Labs Lagos Techstars Accelerator Program, which provides early-stage companies with mentorship, funding, and access to Techstars’ extensive network of over 7,000 mentors, 20,000 investors, 10,000 founders, alumni, and corporate partners.

According to Edun, co-founding Towntalk was driven by her passion for creating sustainable solutions that address the impact of the lack of data on businesses on the continent. Before Towntalk, Folake worked in risk management consulting for six years at Deloitte UK before moving to Nigeria. In Nigeria, she worked at two leading financial institutions - Africa Finance Corporation and Chapel Hill Denham.

In the 2022 International Women’s Day celebration, she was recognised by Google as one of the five African women entrepreneurs creating an impact in Africa. the Hustle Academy for Women-Led SMEs, and a Social Media Series celebrating inspiring women in Africa’s technology sector.

Head of Startup Ecosystem, Africa, Folarin Aiayegbusi, said, “We are thrilled to announce the selected startups for the inaugural class of our Google for Startups Accelerator Africa: Women Founders Cohort. These women are tackling some of Africa’s most pressing challenges, and we’re excited to support them as they build the future.”

The 15 startups selected for the program are from eight African countries and are creating innovative solutions that improve livelihoods in their communities.

Google’s Hustle Academy is a boot camp-style training program designed to help entrepreneurs increase revenue, position themselves for investment, and build sustainable businesses for the future.

As part of its International Women’s Day celebrations, Google plans to host six women-focused cohorts of the Hustle Academy program in Nigeria, Kenya, and South Africa throughout March.

Finally, Google is celebrating inspiring women in Africa’s technology sector through its #WomeninIT Social media series. The series features the stories of six inspiring women who are breaking barriers and making an impact in technology, business, entrepreneurship, innovation, and startups on the continent.

Head of Communications, Google Africa, Dorothy Ooko, said, “At Google, we are committed to providing women entrepreneurs in Africa with access to funding, mentorship, and networking opportunities. Through our programs, we aim to bridge the gap and empower women to succeed

in their respective fields.”

The Google for Startups Accelerator Africa Women Founders Cohort includes Afriwell Health (Congo), Alajo App (Nigeria), eWaka (Kenya), Farmer Lifeline (Kenya), Maxibuy (Nigeria), MosMos (Kenya), Gobeba (Kenya), Hepta Pay (Rwanda), Jem HR (South Africa), Kola Market (Ghana), Mipango (Tanzania), Smart Ikigega (Rwanda), Suitch (Cameroon), Tyms Africa (Nigeria), Zydii (Kenya).

ULESSON BUILDING ONLINE OPEN UNIVERSITY Nigerian edtech company, uLesson has expanded its operations to tertiary education in Africa.

According to reports, Miva Open University is a Pan-African Open Distance e-Learning institution.

In a video on Twitter, cofounder and CEO of uLesson & Miva University, Sim Shagaya, said they are bringing Miva University on board because he has a strong interest in education.

“Over the last four years, my team and I at uLesson have carried out transformative work on K-12 education across Africa. Yearly, over one million students are denied entry into our nation’s universities due to limited spaces and other reasons. I believe that education should be widely available, effective, and enjoyable. This is why we are building Miva Open University,” he said.

Senior Vice President (Academics) at Miva University, Iheanyi Akwitti, explained that the university would be a fully licensed degree-awarding digital institution.

The university will be offering undergraduate courses in computing, computer science, cyber security, data

science and software engineering. It also has a school of management and social science featuring degrees in business management, economics, accounting and public policy and administration.

GRAMMARLY INTRODUCES AI TOOL FOR WRITING AND EDITING

Come April, Grammarly will be taking a step further with the introduction of its new generative AI tool, GrammarlyGo. The AI tool will be used as a writing assistant, help people edit, as well improve communication.

Grammarly which offers a real time spelling and grammar checking tool already uses AI in several ways. It also recommends ways to better structure your sentences and can even tell you the tone your writing portrays (with adjectives like Formal, Confident, Accusatory, and Egocentric).

Grammarly Go also includes customised voice options to read text aloud and uses AI technology to facilitate idea brainstorming sessions with users.

In a blog post, Grammarly said, “It will uniquely offer relevant, contextually aware suggestions that account for personal voice and brand style while staying true to our augmented intelligence philosophy to keep customers in control of their experience. GrammarlyGo will enable customers to save time, enhance their creativity, and get more done.”

Built on OpenAI’s GPT-3 large language models, the tool will be able to perform distinct functions. If a document that has already been written, GrammarlyGo will be able to edit it to portray a different tone or change the length to make your writing clearer or more succinct. Alternatively, if you are experiencing a writing block, its ideation tools will help unlock your creativity by creating brainstorms and outlines based on prompts you provide.

GrammarlyGo is designed to function seamlessly with Grammarly-compatible email threads and long-form documents. The new feature will be capable of generating quick replies based on the context of received emails and producing content based on short prompts.

MONDAY MARCH 13, 2023 • T H I S D AY

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24 T H I S D AY MONDAY MARCH 13, 2023 TR

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BASHIR HASSAN presents the Presidential enabling business environment council

See page 25

OLUYEMI OLULEKE OSINBAJO CHIDI ANSELM ODINKALU pays tribute to the vice-president, Yemi Osinbajo

See page 25 EDITORIAL

UNMASKING THE ‘GHOST’ WORKERS

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opinion@thisdaylive.com

www.thisdaylive.com

THE EXECUTIVE ORDER COMPLIANCE REPORT 2022

Monday March 13, 2023 Vol 27. No 10194

Without good judges, the aspiration of advancing electoral justice and political legitimacy may be thwarted, argues SAMSON ITODO

INSIDE THE COURTS AND CHALLENGING ELECTION OUTCOMES Litigating election disputes is contentious, complex, and excessively technical. This accounts for the reason election tribunals DQG FRXUWV PDNH HͿRUWV WR UHVROYH HOHFWLRQ disputes but often fail to address the grievances of litigants. As expected, political attention is shifting to the courts as aggrieved candidates and political parties that contested in Nigeria’s 2023 general elections are approaching the courts to challenge the outcome of the polls and seeking legal remedies. The polling unit was the arena of electoral competition a few weeks ago, but the courts have displaced the polling units as the new arena for electoral contests. As it stands, WKH FRXUWV ZLOO GHWHUPLQH WKH ÀQDO YRWH LQ DOO election disputes it entertains.

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The Constitution and Electoral Act makes explicit provisions on the timeframe within which an aggrieved person can institute a legal case challenging the result of an election.

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HOHFWLRQ SHWLWLRQ LI WKH SHWLWLRQ LV ÀOHG within the timeframe prescribed by the law.

The Petitioner intending to challenge an HOHFWLRQ UHVXOW PXVW ÀOH WKHLU SHWLWLRQ ZLWKLQ GD\V DIWHU WKH GHFODUDWLRQ RI WKH HOHFWLRQ results. )LOLQJ D SHWLWLRQ RXWVLGH WKH À[HG SHULRG renders it incompetent and strips the Tribunal of the jurisdiction to hear and determine the petition. $Q HOHFWLRQ WULEXQDO KDV GD\V IURP WKH ÀOLQJ GDWH WR KHDU DQG GHWHUPLQH DQ HOHFWLRQ petition. Any petition determined outside GD\V LV LQYDOLG $Q\ SHUVRQ GLVSOHDVHG ZLWK WKH GHFLVLRQ RI WKH 1DWLRQDO 6WDWH Assembly or Governorship election tribunal PXVW ÀOH D QRWLFH RI DSSHDO LQ WKH UHJLVWU\ RI WKH 7ULEXQDO RU &RXUW ZLWKLQ GD\V IURP the decision date. An appeal against the decision of the Tribunal must be disposed of by the appellate courts (Court of Appeal DQG 6XSUHPH &RXUW ZLWKLQ GD\V IURP the date of the delivery of judgment by the 7ULEXQDO RU &RXUW ,Q DGGLWLRQ DSSHDOV IURP the decision of the Court of Appeal to the 6XSUHPH &RXUW VKDOO EH ÀOHG ZLWKLQ GD\V from the date the decision appealed against ZDV GHOLYHUHG ,W WDNHV DSSUR[LPDWHO\ HLJKW months to resolve a dispute on National/ 6WDWH $VVHPEO\ HOHFWLRQV WHQ PRQWKV LQ WKH case of a governorship election petition, and eight months to determine a presidential election petition. No matter the exigencies, or HPHUJHQFLHV WKH WLPH À[HG E\ WKH FRQVWLWXWLRQ to hear and determine election cases cannot be extended.

Four, Grounds for challenging an election must be recognized by law.

Any individual or political party that LQWHQGV WR FKDOOHQJH RU TXHVWLRQ WKH UHVXOW of an election must ensure the petition is established on a valid ground or reason recognized by law. An election petition can only succeed with valid grounds recognized E\ WKH &RQVWLWXWLRQ RU (OHFWRUDO $FW 6HFWLRQ RI WKH (OHFWRUDO $FW OD\V out three grounds. They include; 1RQ TXDOLÀFDWLRQ $Q HOHFWLRQ FDQ EH TXHVWLRQHG LI WKH SHUVRQ GHFODUHG DV D ZLQQHU ZDV QRW TXDOLÀHG WR contest the election at the time of the election.

Where a candidate fails to meet the criteria enshrined in the constitution, such a person is ineligible to contest an election. The UHTXLUHPHQWV RI FLWL]HQVKLS DJH 3UHVLGHQW \UV 6HQDWH DQG *RYHUQRUV \UV +RXVH RI 5HSV DQG 6WDWH DVVHPEO\ \UV PHPEHUVKLS and sponsorship by a political party, and HGXFDWLRQ TXDOLÀFDWLRQ DUH WKH IRXQGDWLRQDO FULWHULD IRU UXQQLQJ IRU R΀FH Itodo is an election, democracy, and public policy enthusiast. Itodo serves as the Executive Director of Yiaga Africa. He is also a Board member of WKH .RÀ $QQDQ )RXQGDWLRQ DQG WKH %RDUG RI Advisers of International IDEA

T H I S D AY

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MONDAY MARCH 13, 2023

BASHIR HASSAN presents the Presidential enabling business environment council

THE EXECUTIVE ORDER COMPLIANCE REPORT 2022 For a long time, it was international development agencies, such as The World Bank, UNDP, Transparency International, and the likes that took the lead in setting criteria for assessing and tracking the empirical performance of government agencies in Nigeria.

That order has changed. Recently, the Presidential Enabling Business Environment &RXQFLO 3(%(& UHOHDVHG LWV ODWHVW LQ D ORQJ line of periodic reports since its inception in 2016. The Presidential Executive Order 001 (2 RQ WKH 3URPRWLRQ RI 7UDQVSDUHQF\ DQG (΀FLHQF\ LQ WKH %XVLQHVV (QYLURQPHQW which was issued on May 18, 2017, and this

report is in line with the PEBEC’s promise to continuously track and keep the business community updated on compliance with the Executive Order on Transparency DQG (΀FLHQF\ LQ WKH 1LJHULDQ %XVLQHVV Environment. $FFRUGLQJ WR WKH UHSRUW WKH WRS ÀYH SHUIRUPLQJ 0'$V DUH One, the Nigerian Content Development DQG 0RQLWRULQJ %RDUG 1&'0% ZKLFK HPHUJHG ÀUVW DW WZR 6WDQGDUGV 2UJDQLVDWLRQ RI 1LJHULD 621 third, Federal Competition and Consumer 3URWHFWLRQ &RXQFLO )&&3& IRXUWK 1LJHULDQ ([SRUW ,PSRUW %DQN 1(;,0 WK DQG &RUSRUDWH $ͿDLUV &RPPLVVLRQ &$& WK In releasing the report, Dr Jumoke 2GXZROH WKH 6SHFLDO $GYLVHU WR WKH 3UHVLGHQW on Ease of Doing Business, stated that “the FRGLÀFDWLRQ RI (2 GLUHFWLYHV LQ WKH %XVLQHVV )DFLOLWDWLRQ $FW LV D PDMRU GHYHORSPHQW LQ WKH HͿRUWV WR HQWUHQFK (2 LQ WKH SV\FKH RI WKH FLYLO VHUYLFH IRU WKH EHQHÀW RI WKH HFRQRP\ It is expected that the legal provisions will serve as a stimulus for a more transparent and H΀FLHQW SXEOLF VHUYLFH GHOLYHU\ LQ 1LJHULD µ Dr. Oduwole is already widely recognised DV RQH RI WKH KLJK ÁLHUV LQ WKH %XKDUL administration for her work as the pioneer ([HFXWLYH 6HFUHWDU\ RI WKH 3UHVLGHQWLDO Enabling Business Environment Council 3(%(& &KDLUHG E\ WKH 9LFH 3UHVLGHQW where policies aimed at supporting small and medium-sized enterprises are facilitated. PEBEC generates policies aimed at supporting small and medium-sized enterprises, facilitated to make Nigeria a progressively easier place to do business in collaboration with all arms and levels of government as well as the private sector.

The Executive Order was issued in WKH ÀUVW RQH RI WKLV DGPLQLVWUDWLRQ WR DGGUHVV WUDQVSDUHQF\ DQG H΀FLHQF\ RI SXEOLF service delivery as antidotes to bureaucracy and corruption. It focused on Customs, ,PPLJUDWLRQ &RUSRUDWH $ͿDLUV &RPPLVVLRQ &$& 1DWLRQDO $JHQF\ IRU )RRG DQG 'UXJ $GPLQLVWUDWLRQ DQG &RQWURO 1$)'$& DQG 6WDQGDUGV 2UJDQL]DWLRQ RI 1LJHULD 621 and other core agencies which interface daily with the business public.

On the progress that has been made since

2016, she says: “We have moved up 39 places in the World Bank’s Ease of Doing Business ranking. We were recognised twice in the top 10 leaders in the world reform in a threeyear period. In those three years, we passed an unprecedented amount of legislations WKURXJK WKH 1DWLRQDO $VVHPEO\ LQFOXGLQJ WKH 6HFXUHG 7UDQVDFWLRQV LQ 0RYDEOH 3URSHUW\ $FW DQG WKH &UHGLW 5HSRUWLQJ $FW both of which facilitate access to credit for 060(V “We also coordinated the Companies and $OOLHG 0DWWHUV $FW &$0$ UH HQDFWPHQW There was a 30-years hiatus during which agencies tried to collaborate and they needed a coordinator to bring all the stakeholders WRJHWKHU 6R ZH ZRUNHG ZLWK &$& ZKLFK is the anchor agency, and with a number of SULYDWH VHFWRU RUJDQL]DWLRQV 6(& WKH 6WRFN Exchange and other stakeholders, including OHDGLQJ ODZ ÀUPV DQG WKH 0LQLVWU\ RI -XVWLFH·V legal drafting team. We also worked on the 2PQLEXV %XVLQHVV )DFLOLWDWLRQ %LOO VLQFH 2018. I’m on the committee that produces the annual Finance Bills, with my team also sitting on its subcommittees.”

EO1 gives full executive support for reforms intended to foster an environment that is conducive for business by entrenching policies and practices that encourage WUDQVSDUHQF\ DQG H΀FLHQF\ LQ SXEOLF VHUYLFH delivery.

6LQFH -XQH WKH 3(%(& 6HFUHWDULDW LQ FROODERUDWLRQ ZLWK WKH 2΀FH RI WKH +HDG RI &LYLO 6HUYLFH RI WKH )HGHUDWLRQ WKH 6HFUHWDU\ to the Government of the Federation and 6HUYLFH &RPSDFW 6(9,&20 2΀FH KDV trained, tracked and evaluated ministries, GHSDUWPHQWV DQG DJHQFLHV 0'$V RQ WKHLU compliance with EO1 to date. The underlining key objectives of the Order are to: • Deepen the impact of completed UHIRUPV LQ WKH IURQWOLQH R΀FHV WKDW HQJDJH with the public; foster collaboration EHWZHHQ 0'$V LQ WKHLU VHUYLFH GHOLYHU\ institutionalize systemic change sustainably.

The drive for increased economic development needed to be championed at the highest political level. This led to the establishment of PEBEC in July of 2016. “It is put at the presidential level because you need a high level so that there can be proper synergy,” she explained. “The Minister of ,QGXVWU\ 7UDGH DQG ,QYHVWPHQW LV WKH 9LFH &KDLU RI WKH &RXQFLO ,W KDV WKH 6HFUHWDU\ WR the Government of the Federation and Head RI WKH &LYLO 6HUYLFH RI WKH )HGHUDWLRQ DV ZHOO as a number of relevant ministers on it. It is a convening power to pull together all the GHFLVLRQ PDNHUV DQG DOO WKH LQÁXHQFHUV WR work hand in hand to deliver an enabling environment for the private sector, because no ministry can deliver it alone, they need each other. The agencies and parastatals under the ministries need to be coordinated as their mandates sometimes overlap, causing strain on small businesses to meet burdensome regulatory compliance.”

7KH 3(%(& OHG HͿRUWV WR HQWUHQFK (2 LQ WKH SV\FKH RI WKH &LYLO 6HUYLFH RI WKH )HGHUDWLRQ IRU WKH EHQHÀW RI 060(V UHFHLYHG a major boost with the signing into law of WKH %XVLQHVV )DFLOLWDWLRQ 0LVFHOODQHRXV 3URYLVLRQ $FW E\ 3UHVLGHQW Muhammadu Buhari on February 8, 2023.

7KH $FW LV D OHJLVODWLYH LQWHUYHQWLRQ E\ WKH 3(%(& ZKLFK FRGLÀHV ( DQG DPHQGV business related laws, to remove bureaucratic constraints to doing business in Nigeria.

Hassan is a business and economy analyst based in Abuja.

CHIDI ANSELM ODINKALU pays tribute to the vice-president, Yemi Osinbajo

OLUYEMI OLULEKE OSINBAJO On World Teachers Day, 5 October, 2021, a top prize in commercial law. In the year FROOHFWLYH RI IRUPHU VWXGHQWV IURP GLͿHUHQW that Nigeria returned to civil rule in 1979, parts of the world congregated to pay homage Osinbajo became a lawyer. He was 21. to a former teacher. They included professors, 2Q DVVXPSWLRQ RI R΀FH LQ $XJXVW DUP\ JHQHUDOV VHQLRU MXGJHV VHYHUDO 6HQLRU 1985, General Babangida claimed rather $GYRFDWHV RI 1LJHULD 6$1V D 4XHHQV impressively for a soldier that even a &RXQVHO 4& 4XHHQ (OL]DEHWK ZDV VWLOO DOLYH government of men in military fatigues WKHQ DQG VHQLRU SXEOLF VHUYDQWV $OO RI WKHP needed the consent of the people and that had one thing in common: they were full of he did “not intend to lead a country where gratitude for the inspiration, motivation, and individuals are under the fear of expressing mentorship provided by the teacher. themselves.” To lead the country’s deThat teacher was Oluyemi Oluleke Osinbajo, compression from the authoritarianism WKH ODZ SURIHVVRU DQG 6$1 ZKR EHFDPH of the Buhari era, Babangida asked Bola 1LJHULD·V ÀIWK HOHFWHG 9LFH 3UHVLGHQW RQ $MLEROD DW WKDW WLPH WKH SUHVLGHQW RI May 2015. That occasion in 2021 marked 40 WKH 1LJHULDQ %DU $VVRFLDWLRQ 1%$ years since he joined the faculty of University which was severely estranged from RI /DJRV DV D \HDU ROG ODZ OHFWXUHU DW WKH his predecessor, to become his federal beginning of a life-long commitment to ideas, $WWRUQH\ *HQHUDO teaching, and mentorship. He was armed with 7ZR \HDUV LQWR KLV WHQXUH $MLEROD D JUDGXDWH GHJUHH LQ ODZ IURP WKH /RQGRQ requested Osinbajo, then in his seventh 6FKRRO RI (FRQRPLFV DQG 3ROLWLFDO 6FLHQFH year as a university lecturer, to join his team /6( as one of a remarkable duo of advisers. :KHQ 0XKDPPDGX %XKDUL ÀUVW KDSSHQHG 7KH RWKHU PHPEHU RI WKDW WHDP ZDV $ZD RQ 1LJHULD DV PLOLWDU\ +HDG RI 6WDWH RQ WKH Kalu, himself also another outstanding last day of 1983, Oluyemi Oluleke Osinbajo, practitioner-academic who graduated at was a 26-year-old, who was into the third the top of his class from the University of \HDU RI OLIH DV D XQLYHUVLW\ OHFWXUHU 6RPH Ife in 1977. Between them, Yemi Osinbajo DQG $ZD .DOX ZKR ZRXOG RQH JHQHUDWLRQ ODWHU SDUDOOHO RQH DQRWKHU LQ WKH $WWRUQH\ *HQHUDO·V R΀FH LQ /DJRV DQG $ELD 6WDWHV UHVSHFWLYHO\ HQYLVLRQHG DQG LPSOHPHQWHG arguably the most ambitious programme of legal reform ever evinced from the R΀FH RI WKH $WWRUQH\ *HQHUDO RI WKH Federation. From criminal law to family law; evidence to procedure; international treaties to institutions, no area of law was left untouched. :KHQ $MLEROD OHIW LQ WR VXFFHHG Taslim Elias as a judge of the International Court of Justice at The Hague, Osinbajo worked with his successor, Clement months later, Ibrahim Babangida, Buhari’s $NSDPJER KLPVHOI DOVR D IRUPHU OHFWXUHU JDS WRRWKHG $UP\ &KLHI RYHUWKUHZ KLV ERVV DQG SUHVLGHQW RI WKH 1%$ :KHQ 2VLQEDMR FLWLQJ FDXVHV VXPPDUL]HG E\ )RUHLJQ $ͿDLUV returned to the University system at the contemporaneously then as “due primarily end of that sojourn in public service, it was to his anti-democratic behavior; regionalism, DV D 3URIHVVRU RI 3XEOLF /DZ DW WKH /DJRV factionalism and economic woes.”

6WDWH 8QLYHUVLW\ IURP ZKHUH KH ZRXOG ODWHU Over the next 32 years preceding his UHWXUQ WR WKH 8QLYHUVLW\ RI /DJRV somewhat improbable emergence as the By this time, his unobtrusive skill and running mate to Buhari on their winning interest in activist lawyering had begun to presidential ticket in 2015, Osinbajo would blossom. In this enterprise, his experience compile a quiet record of outstanding in public service would prove to be an accomplishments in the academia, civic invaluable asset in crafting resistance to the activism, public service, and legal practice, worst excesses of military rule. Through accompanied by a peerless understanding of this work, he built common cause with the intricacies of successful policy advocacy a small coalition willing to ask awkward DQG SXEOLF VHUYLFH UHIRUP LQ WKH FRXQWU\ $V questions of the military when most of the a marriage, a more unlikely pair would have country had lost the will to do so. Parlaying EHHQ GL΀FXOW WR FRQMXUH XS that experience into later civic life, Osinbajo He was always among the brightest of his signalled his priorities in founding the generation. Ikenne, his natal origins in Ogun 2UGHUO\ 6RFLHW\ 7UXVW DQG WKH &RQYHQWLRQ 6WDWH VRXWK ZHVW 1LJHULD LV IDPRXV DV WKH on Business Integrity.

KRPH RI &KLHI -HUHPLDK 2EDIHPL $ZRORZR When the military traded their fatigues - whose grand-daughter, Dolapo, would for civilian clothes in 1999 without become his life-long partner – the lawyer and necessarily giving up power, Osinbajo political leader who, more than any other in returned to public service, this time as Nigeria’s history, cast the longest shadow of $WWRUQH\ *HQHUDO RI /DJRV 6WDWH 2YHU achievement. It is also known for the humanist eight tumultuous years, he transformed the DFWLYLVP RI 7DL 6RODULQ ZKRVH YLVLRQ RI FR R΀FH DV ZHOO DV SHUFHSWLRQV RI WKH UROH RI WKH operative education pioneered a model in the $WWRUQH\ *HQHUDO HQJUDIWLQJ D PXVFXODU 0D\ÁRZHU 6FKRRO HVWDEOLVKHG LQ WKH pastoral component to the capacities of the year before Osinbajo’s birth. Between them, 0LQLVWU\ RI -XVWLFH FUHDWLQJ WKH R΀FH RI WKH both men set high standards of attainment for 3XEOLF 'HIHQGHU 23' D 'LUHFWRUDWH IRU children from the community.

Citizens’ Rights, and a Citizens Mediation Osinbajo’s primary education at the Corona &HQWUH &0& DQG PHQWRULQJ VWDͿ RI WKH 6FKRROV 7UXVW LQ /DJRV ZDV IROORZHG E\ $WWRUQH\ *HQHUDO·V &KDPEHUV LQWR UROHV LQ high school at Igbobi College, where early ministering to the public that most of them intimations of his later forensic and oratorical QHYHU DVVRFLDWHG ZLWK WKH R΀FH +H DOVR skills were evident in his rich collection of UHIRUPHG 0DJLVWUDWHV &RXUWV LQ /DJRV VWDWH an assortment of prizes in English language, as well as the Coroners. literature, and history, among many. Upon JUDGXDWLRQ IURP WKH /DZ )DFXOW\ RI WKH A Lawyer and a teacher, Odinkalu can be 8QLYHUVLW\ RI /DJRV LQ KH DGGHG WKH reached at chidi.odinkalu@tufts.edu

26 4

T H I S D AY

MONDAY MARCH 13, 2023

EDITORIAL

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

UNMASKING THE ‘GHOST’ WORKERS Those who are behind the racket should be exposed and brought to justice

I

while no visible attempts are made to get to the t is regrettable that nothing has been heard bottom of such fraud and bring the wrath of the about the federal government investigation law to bear on perpetrators. into a report by the Independent Corrupt The use of biometric capture data machine and Practices Commission (ICPC) indicting the Integrated Payroll and Personnel Information some Ministries, Departments and Agencies System, (IPPIS) should be able to resolve this (MDAs) of harbouring thousands of ghost DQFLHQW SUREOHP VLQFH JKRVWV KDYH QR ÀQJHUSULQWV workers. In the report, the ICPC disclosed that it But there has been a strong resistance from some uncovered N49.9 billion paid as salaries to ghost critical stakeholders, including the Academic workers between January and June 2022. For now, 6WDͿ 8QLRQ RI 8QLYHUVLWLHV $688 7KH OHYHO there is no sign that anything is being done to stop of collusion here is really the issue and queries this blatant fraud and the next administration must should be raised about auditing irregularities.

EHJLQ WR SODQ WKH VWUDWHJ\ WR HͿHFWLYHO\ GHDO ZLWK Many labour unions that should be proactive in this vexatious malaise. championing procedural and tactical transparency For decades Nigerians have been regaled in the management of workers’ data have remained with tales about how curiously opposed to the government, at the use of biometrics for the federal and states, have It is unacceptable that Nigerians should be periodically regaled with YHULÀFDWLRQ RI ZRUNHUV ,Q been able to ‘eliminate’ several ministries today, certain numbers of tales of discovery of ghost workers while no visible attempts are made \RX ÀQG ÀFWLWLRXV QDPHV ‘ghost workers’ from on the payroll. to get to the bottom of such fraud and bring the wrath of the law to the public payroll.

Ordinarily, it is the But the issue here is bear on perpetrators duty of labour unions not discovering ghost to protect the interest workers as the regular T H I S D AY of workers and such announcements have become rather boring. It EDITOR SHAKA MOMODU protection includes ensuring that the nation is VKRXOG QRW EH GL΀FXOW IRU WKH VHFXULW\ DJHQFLHV DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA not swindled in their name. But union leaders to locate the accounts the monies so fraudulently MANAGING DIRECTOR ENIOLA BELLO are almost always opposed to policies that would drawn have been paid over the years; and the total DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU expose these fraudulent actors. Not long ago the CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI sum the nation has lost so far to this organised EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN Federal Civil Service Commission declared that crime. Therefore, what Nigerians would like MANAGING EDITOR BOLAJI ADEBIYI over 30 per cent of the workers on its payroll are to know are the steps being taken to deal with THE OMBUDSMAN KAYODE KOMOLAFE SKDQWRP VWDͿ ,QGHHG YHULÀFDWLRQ H[HUFLVHV FDUULHG FRQÀUPHG FDVHV DQG SUHYHQWLQJ QHZ RQHV RXW E\ DJHQFLHV RI JRYHUQPHQW KDYH DW GLͿHUHQW Unless there is a structured and serious times thrown up thousands of fake workers on the institutional response to the ever-recurring T H I S D AY N E W S PA P E R S L I M I T E D payroll. problem of ghost workers in most government EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA We ought to know how and when some of these establishments, the syndicate that thrives on GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, “ghost” names got on the payroll and for how ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI LQÁDWLQJ WKH QXPEHU RI ZRUNHUV DQG ÁHHFLQJ WKH DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, long they have been there. Not only should the nation will keep smiling to the banks. Beyond ANTHONY OGEDENGBE authorities, at all levels, take the issue of ghost this, there is the matter of the criminal collusion DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI workers more seriously, those who are behind the RI SULQFLSDO R΀FHUV RI VWDWH ZKR FDUU\ RXW WKHLU SNR. ASSOCIATE DIRECTOR ERIC OJEH racket should be exposed and brought to book. policing and monitoring roles in the breach. It is ASSOCIATE DIRECTOR PATRICK EIMIUHI This mindless plunder of scarce resources has CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI unacceptable that Nigerians should be periodically DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO lasted long enough. It must be stopped forthwith. regaled with tales of discovery of ghost workers 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 AS INDEPENDENT NATIONAL ELECTORAL COMMISSION DITHERS The Independent National Electoral Commission (INEC) has postponed the Governorship State Assembly elections from 0DUFK WR 0DUFK WR JLYH LW WLPH WR UHFRQÀJXUH WKH %LPRGal Voter Accreditation System(BVAS) after the Court of Appeal granted it permission. But the commission has lost touch and credit with Nigerians. For INEC, conducting elections in Nigeria must be a nightmare. The size of the country, the number of voters and the quantity and quality of materials needed for credible elections always presage a near impossible task.

6LQFH 2OXVHJXQ 2EDVDQMR WRRN R΀FH LQ ,1(&·V FRQGXFW of elections has left much to be desired. Elections in the country continue to be marred by violence, over-voting, voter intimidation, underage voting, rigging and other forms of electoral malpractice, all under the nose of the Independent National Electoral Commission.

Indeed, how to conduct free and fair elections has remained one of Nigeria’s most urgent questions since democracy returned in 1999.The Independent National Electoral Commission continues to seek and fail to answer that question.

Nigeria’s presidential and National Assembly election on February 25, 2023, won by Bola Ahmed Tinubu was wildly considered to be rigged. Peter Obi of the Labour Party is believed to have won

the election. The outcome of the election is already being contested in court while the Independent National Electoral Commission remains as Nigeria’s main electoral empire. But for how long?

Is the Independent National Electoral Commission capable of free, fair and credible elections? Can the Independent National Electoral Commission conduct elections that would pass the Nigerians’ test of transparency and accountability? The Independent National Electoral Commission, just like the Judiciary has to contend with a perception problem. Nigerians think the Commission is corrupt and unable to conduct credible elections.

Nigerians consider the Independent National Electoral ComPLVVLRQ WR EH VWDͿHG ZLWK VWDͿ WKDW DUH SOLDEOH DQG HDVLO\ FRPpromised.

The resulting credibility crisis is crippling for the commission.

0RVW WLPHV HYHQ EHIRUH WKH ÀUVW EDOORW LV FDVW DW DQ HOHFWLRQ QRW D few Nigerians conclude that the commission has already predetermined the winner.

Battle lines have been drawn in many states for the Governorship elections. The All Progressives Congress in many states is threatened by a wave of resurgent opposition political parties threatening to uproot their structures. The panic is real. As the ruling party has acquired a reputation for ruthlessness, many expect

mountains to be moved to maintain party and power structures.

Can the Independent National Electoral Commission handle the pressure of giving Nigerians credible elections in many of the 36 states? Having performed so poorly in the presidential election of February 25,2023, can it cover itself in glory this time around? &DQ WKH VWDͿ RI WKH FRPPLVVLRQ OLNH &DHVDU·V ZLIH FOLPE DERYH suspicion for once and give Nigerians cause to cheer? Can the commission insist for once that those who manipulate elections in Nigeria will no longer have their way?

Having lost so much face with the conduct and outcome of the elections on February 25, can the commission redeem itself?

Nigerians should also play their part in making INEC’s work easy. It is Nigerians that sabotage elections in Nigeria. The Nigerians who sabotage elections are not unknown. Their criminal enterprise should be brought to an end.

Nigerians need to strongly feel that their criminal enterprise should be brought to an end. If Nigerians could freely feel this way, it would fuel the sense of injustice and righteous indignation needed to bring down the empire of fraudulent elections in Nigeria.

Kene Obiezu, okeneobizu@gmail.com

T H I S D AY ˾ MONDAY, MARCH 13, 2023

27

BUSINESSWORLD R A T E S MONEY MARKET

A S

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REPO

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

08056356325

M A R C H

S & P INDEX

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EXCHANGE RATE

OPR

11.25%

CALL

10.55%

INDEX LEVEL

612.93%

1/4 TO DATE

-0.22%

N461.46/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

10.80%

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0.30%

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*AS AT LAST FRIDAY

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11.65%

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MTN, Dangote Cement, 12 Others Pay Revenue Agencies N461.2bn Amid Multiple Taxations

Kayode Tokede Amid multiple taxations, the audited results released so far by 14 companies listed on the Nigerian Exchange Limited (NGX) revealed that MTN Nigeria Communication Plc, Dangote Cement and 12 others paid a total of N461.2 billion as tax in 2022 to the Federal Inland Revenue Service (FIRS), other tax authorities in Nigeria and African countries where they operate.

The amount paid last year represents an increase of 10.7 per cent over the N416.64 billion reported by these 14 companies in the 2021

financial year.

The sectors covered by THISDAY are companies in the cement manufacturing, petroleum marketing, telecommunication, Fast-moving consumer goods (FMCG), among others are top players in other African countries.

The 14 firms reported a whopping sum of N1.09 trillion in profit after tax in the period under review, an increase of 12.6 per cent from N965.4 billion reported in 2021.

Their companies’ tax expenses contributed to N2.83 trillion company income tax paid in 2022 financial year, according to the National

Bureau of Statistics (NBS) in its latest company income tax report provided by the Federal Inland Revenue Service (FIRS).

Companies operating in Nigeria are required by law to remit tax income to state, federal government agencies, among other agencies where they operate.

Aside from paying the statutory rate of 30 per cent of total profit as the company’s income tax, companies operating in Nigeria are meant to pay Tertiary Education Tax, National Information Technology Development Agency (NITDA) Tax and Nigeria Police Trust Fund Levy.

The tertiary education tax is imposed on every Nigerian company at the rate of 2.5 per cent of the assessable profit for each year of assessment, while the Act that established the Nigeria Police Trust Fund was meant to receive funds from a levy of 0.005 per cent of the net profit of companies operating a business in Nigeria and other various sources, which will be utilized for the training and welfare of personnel of the Nigeria Police Force.

THISDAY analysis of the results showed that MTN Nigeria Communication, followed by Dangote Cement paid the highest

tax to revenue-generating agencies where they operate in 2022.

As MTN Nigeria Communication reported N175.1 billion tax expenses in 2022, an increase of 27 per cent from N138.03 billion in 2021, Dangote Cement declared N141.69 billion tax expenses in 2022 from N173.93 billion in 2021.

The combination of Dangote Cement, Dangote Sugar Refinery and Nascon Allied Industries where Aliko Dangote has a major stake as Chairman and investors paid a total sum of N172.16 billion as tax expenses in 2022 from N187.16billion in 2021.

Commenting, the CEO, MTN Nigeria, Mr. Karl Toriola in a statement stated that, “Compliance remains at the heart of our business and embedded in the strategic priorities that underpin our Ambition 2025 strategy.

“Accordingly, we are pleased to have been recognised by the NGX as the listed company with the highest level of compliance with the Rules of the Exchange and other applicable laws and regulations.

“This follows our recognition

by FIRS as one of the most taxContinued on page 29

Pension Assets Up N568.33 Billion inThree Months, Now N14.99Trillion Ebere Nwoji The National Pension Commission (PenCom), has said that pension assets now stand at N14.99 trillion thus witnessing N568.33 billion growth within the space of three months from September 2022 when it stood at N14.42 trillion to N14.99 trillion as at 31 December 2022.

The commission stated this in its last quarter 2022 report of Pension sector published in its official website.

Presenting the report, the Director General of PenCom, Aisha Dahir-Umar

applauded the growth in the Assets Under Management of the sector adding that it pointed to the fact that the pension industry would continue to deliver value and benefit to its stakeholders and the nation’s economy.

“During the reporting period, the Commission stepped up its efforts to ensure sustainable investment by pension funds in alternative asset classes and structured infrastructure projects that meet the strict requirements of the Pension Fund Investments Regulation. We

continued our efforts to ensure further diversification of investments in pension fund portfolio assets. While rising inflation continues to challenge the Nigerian economy, it should be noted that efforts are being made to ensure average annual pension fund returns for RSA and legacy funds exceed headline inflation, ”she said.

She said total pension contributions remitted to individual RSAs in Q4 2022 stood at N237.24 billion adding that out of this total, the public sector accounted for N129.06 billion or 54.40 per cent while the private sector contributed

N108.18 billion or 45.60 per cent.

She said the cumulative pension contributions from inception to the end of the fourth quarter of 2022 amounted to N8.47 trillion, which is an increase from N8.23 trillion as at the end of Q3 2022.

According to her, the aggregate pension contributions of the public sector increased from N4.27 trillion in Q3 2022 to N4.40 trillion as at the end of Q4 2022, “Similarly, the aggregate pension contributions of the private sector also increased from N3.96 trillion

in Q3.”

She said this total value of Pension fund, which was N14.99 trillion, comprised of N10.72 trillion: RSA ‘Active’ Funds (i.e.

RSA Funds I, II III and V); N1.19 trillion: RSA Retiree Fund IV; N1.57 trillion: CPFAs; and N1.48 trillion.

She however said Approved Existing Schemes. Fund VI Active and Retiree Fund amounted to N36.20 billion On structure of investments, the PenCom boss said Pension Fund Assets were mainly invested in

federal government securities, which accounted for 64.33 per cent of total assets. The composition of investments in FGN Securities she said were as follows: FGN Bonds: 95.60 per cent, Treasury Bills: 2.06 per cent and Agency Bonds, Sukuk and Green Bonds accounting for 2.34 per cent.

She further said the industry’s Net Asset Value (NAV) as at reporting date increased by 3.94 (N568.33 billion) to N14.99 trillion compared Continued on page 29

M A R K E T D ATA A S AT F R I D AY, M A R C H 1 0 , 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

28

MONDAY, MARCH 13, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

BoI, NCDMB Sign MoU to Build In-country Capacity for Manufacturing of Oil, Gas Components Gilbert Ekugbe The Bank of Industry (BoI) and the Nigerian Content Development Monitoring Board (NCDMB) have signed a Memorandum of Understanding (MoU) to develop local capacity for the manufacturing of oil and gas components and equipment in the country.

The move according to them is expected to increase Nigeria’s 10 per cent capacity in manufacturing oil and gas components, equipment and machinery.

The Executive Secretary, NCDMB, Simbi Wabote, at the BoI/ NCDMB signing of the NOGaPs Memorandum of Understanding (MoU) in Lagos, said the partnership has made available a pool of funds to encourage in-country manufacturing, pointing out that the NCDMB and BoI are putting up funds to encourage people to manufacture in Nigeria with an attractive interest rate of 8 per cent.

“The other fund is to support businesses that wants to establish themselves within the industrial

parks that has been built by the NCDMB. We have two of those parks that are almost ready to be commissioned this year. We are in the process of getting tenants into those parks to manufacture oil and gas equipment in the country, so it is highly incentivised in terms of encouraging them to establish themselves, “he said.

He noted that the fund is to encourage in-country manufacturing, maintaining that according data and statistics, over 98 per cent of oil and gas contracts have been awarded to Nigerians.

In his words: “Today, we pride ourselves that almost 98 per cent of the contracts in the sector is given to Nigerians, but when you drill deep into the components and equipment that are used in the industry, the manufacturing capabilities is extremely limited that we cannot even boast of 10 per cent. So, we want to up the game in manufacturing and all it requires is that the business would be domiciled within the park and manufacture within the park.”

According to him, the loan scheme is incentivised with an 8 per cent interest, a one-year moratorium and a 5 year pay back period.

Also speaking, the Managing Director, Bank of Industry, Oluwakayode Pitan, said so far, over 62 companies have benefitted from the Nigerian Content Intervention Fund (NCIF) $300 million facility disbursed to eligible companies to solve the funding challenge of the local supply chain in the oil and gas industry.

According to him, the beneficiaries went through a risk assessment of the bank and of the Board before the funds were disbursed, saying that the repayment ratio of the fund is close to 100 per cent with all the loans performing.

“All we are looking for are Nigerians who want to manufacture in Nigeria. The industrial parks are of high quality that meets global standards. I want to encourage manufacturers who are looking at the oil and gas sector in particular to go the parks and take space, “he urged.

SAP Identifies Digital Skills Gap in Africa, Proffers Solution Emma Okonji SAP Africa has released a new report titled ‘Africa’s Tech Skills Scarcity Revealed’, which seeks to unveil the specific challenges and opportunities for African organisations seeking greater tech skills availability.

According to the Managing Director at SAP Africa, Cathy Smith, there is an urgent need to invest in skills development and training to ensure Africa can capitalise on its youth dividend.

According to the report which was released at a webinar conference organised for African journalists, “More than half of the world’s population growth between now and 2050 will take place in Africa, where 1.3 billion people are expected to be born by mid-century. With the correct investment in skills development, Africa’s economy could transition away from its reliance on natural resources to build the world’s future

tech workforce, bringing untold economic and social benefit to the continent and its citizens.

However, as our research reveals, African organisations still face some difficulties with attracting, retaining and upskilling suitably skilled tech workers.”

The research was conducted among organisations in Kenya, Nigeria and South Africa in the fourth quarter of 2022.

The report found that a lack of skills is having a negative effect on the continent’s digital transformation efforts.

Four in five organisations surveyed reported some negative effect from a lack of tech skills, with 41 per cent reporting that employees are leaving due to the pressures they experience as a result of understaffing. Other consequences include not being able to meet client needs (reported by 46 per cent), reduced capacity

for innovation (53 per cent), and losing customers to competitors (60 per cent).

The report added that nearly all organisations expected to experience a tech skills -related challenge in 2023. More than twothirds (69 per cent) also said they expect to experience a skills gap in the year ahead. According to the data, the top skills challenge for African organisations is attracting skilled new recruits, although in South Africa the retention of skilled employees narrowly edged out attracting skills as the top challenge.

In response to the ongoing tech skills challenges, the report said organisations were taking bold steps to ensure they have access to the correct tech skills. Forty-one percent said that upskilling of existing employees would be a top priority in 2023, while 40% said the same about reskilling employees.

SON, FCCPC, Among Top 5 Most Business-efficient Agencies The Standards Organisation of Nigeria (SON) and four other government agencies have been recognised among the top five most business efficient and transparent agencies for the year 2022.

The announcement was contained in federal government’s 2022 Executive Order 001 Compliance Report released by the Presidential Enabling Business Environment Council (PEBEC).

Other government agencies that made the top five of the award are; the Nigerian Content Development Monitoring Board Export-Import (NCDMB), Federal Competition and Consumer Protection Council (FCCPC), Nigeria Export-Import

Bank (NEXIM) and Corporate Affairs Commission (CAC).

Executive Secretary of PEBEC, Jumoke Oduwole, said that the agencies have performed extremely well to meet consumer demands in the best and most efficient ways to promote businesses in their bids to achieve excellent service delivery.

“In the latest EO1 Compliance Report, NCDMB emerged first at 81.11per cent; SON second at 78.68 per cent,” said Oduwole who is also Special Adviser to the President, Ease of Doing Business.

She added, “The Federal Competition and Consumer Protection Council (3rd, 68.37 per

cent); Nigerian Export-Import Bank (4th, 64.59 per cent); and Corporate Affairs Commission (5th, 63.68 per cent).”

Oduwole said the report was released in line with PEBEC’s promise to continuously track and keep the business community updated on the compliance with the order on transparency and efficiency in the Nigerian business environment.

Recall that the Director General of SON, Mallam Farouk Salim, had always emphasised on the need for government agencies to be business facilitators rather than perceived as bottlenecks to the business community.

DataPro Assigns “A”Rating to Smart Residences Limited Ugo Aliogo Smart Residences Limited has announced that it has been assigned“A” by DataPro rating agency.

A statement by the company said it has garnered a reputation for delivering exceptional guest experience that exceeds clients’ expectations, establishing itself as a prominent and respected entity in Nigeria’s thriving real estate and

hospitality industry.

The company said it presently operates from three prime locations in the Federal Capital Territory, (FCT) Abuja-The Residence, Glass Residence, and The Destination.

The statement also noted that The Residence, comprising 30 premium apartments and commenced operations in January 2020, while Glass Residence, with upscale 30 units of apartments and occupying 4,000 SQM, opened its doors to

customers in May 2021.

The statement said in 2022, Smart Residences Limited (SRL) received a “Bbb-” rating from Rating Company, Agusto and Co, indicating the company’s sound financial health, and capacity to meet its obligations as they fall due. Remarkably, SRL has gone on to obtain an “A-” rating from DataPro, a prominent global data analytics and credit rating agency, within a year of the “Bbb-” rating.

How RSA Holders’ Best Interests Guide PFAs’ Investment Decisions Pension Fund Administrators (PFAs), as investment fiduciaries, act on behalf of Retirement Savings Account (RSA) holders to manage pension funds.

PFAs are required to put the interests of RSA holders ahead of their own, with a duty to preserve good faith and trust. As fiduciaries, PFAs are bound by the Pension Reform Act 2014 (PRA 2014) and regulations and guidelines issued by the National Pension Commission (PenCom) to act in the RSA holders’ PENCOM DG, Aisha Dahir-Umar best interests.

The Contributory r 3FBM FTUBUF EFWFMPQNFOU JOWFTUNFOUT Pension Scheme (CPS) is often described and as fully funded because individual r 4QFDJBMJTU JOWFTUNFOU GVOET BOE PUIFS RSAs are funded monthly with pension financial instruments as enshrined contributions from employers and in the Investment Regulation. employees. The pension contributions The PRA 2014, reinforced by the in the RSAs are pooled into Funds Investment Regulation, made provisions and invested by PFAs based on the to guard against conflict of interest requirements of the PRA 2014 and the in the investment of pension funds.

Regulations of Investment of Pension Specifically, Section 6.1 of the Investment Funds Assets. The overriding objectives Regulation stipulates that a PFA or its guiding pension funds investments are agents are prohibited from investing maintaining safety and fair returns. Pension Fund Assets in the shares or any These objectives are meant to ensure other securities issued through public the timely payment of benefits to or private placement arrangements by a employees upon retirement. related party/person of any shareholder The PFAs are responsible for making of the PFA. Related persons/party investment decisions and ensuring includes natural persons related by safety and fair returns for the benefit blood, adoption or marriage. They of contributors. At the same time, the may be legal entities, one of which Pension Fund Custodians (PFCs) provide has control or significant influence safe custody of the assets. Furthermore, over the other, or both of which are pension funds are segregated from the controlled by another person or entity. assets of the PFAs, and all incomes Accordingly, PFAs and PFCs take earned from pension funds investments reasonable care in the management are exclusively for the benefit of RSA and custody of the pension funds holders. in the best interest of RSA holders.

Section 86 of the PRA 2014 has Therefore, all investments made by outlined the allowable investment licensed PFAs in eligible securities and outlets for pension fund investments. corporate entities are “ring-fenced” and These include bonds, treasury bills belong to the RSA holders and other and other securities issued by the pension beneficiaries.

Federal Government and eligible State The diligent implementation of the Governments. Pension funds can also PRA 2014 by PenCom has resulted in be invested in bonds, debentures, the continuous accumulation of pension redeemable shares and other debt fund assets to over N14.99 trillion as instruments issued by corporate entities of 31 December 2022. and listed on a Stock Exchange under In line with the foregoing, PenCom the Investment and Securities Act. closely monitors the PFAs to ensure all Other allowable assets are: investments align with the Investment r 0SEJOBSZ TIBSFT PG QVCMJD MJNJUFE Regulation. The PFAs must submit companies listed on a Stock Exchange a daily valuation report on pension under the Investment and Securities fund investments through which Act; PenCom ensures strict adherence to r CBOL EFQPTJUT BOE TFDVSJUJFT the Investment Regulation.

T H I S D AY ˾ MONDAY, MARCH 13, 2023

29

BUSINESSWORLD

STATUS REPORT

Weak Revenue, Cost Plunge Tantalizers’Loss to N264.09m

Kayode Tokede

T

antalizers Plc suffered worst performance for so many years in its audited financial statement for the period ended December 31, 2022 amid slow revenue and cost pressure.

The company reported N241.79million loss before tax in 2022 as against loss before tax of N199.87million reported in 2021, while loss after tax dive to N264.09million in 2022 from N214.82million loss after tax reported in 2021.

Despite losses, Tantalizers in 2022 financial year disclosed that it paid N22.3million tax expenses from N14.95million reported in 2021.

Tantalizers, which returned to profitability in 2017 after being in the red, slipped back to loss position in the first quarter (Q1) of year 2018 ended March 31and has remained in the red till date.

While some listed companies on the trading floor of the Nigerian Exchange Limited (NGX) were able to successfully weather the storm, the company in the hospitality business remained under cost pressures on many fronts as the company struggles with high financial leverage and weaken revenue.

While the turnover witnessed low growth and the company held tightly to operating expenses, finance expenses have also continued to weaken the bottom-line as it has remained susceptible to the challenges facing the hospitality industry in Nigeria.

Made worse is infrastructure deficiency, which has inevitably transferred the high production cost to consumers and has resulted to low patronage, thereby shrinking the operators’ profit margins.

In competition with the likes of Sweet Sensation, Mega Chicken, Chicken Republic, among others, Tantalizers in 2022 reported N2.43billion revenue, a drop of 12.03per cent from N2.76billion in 2021.

The breakdown of revenue showed N1.16billion company-owned outlet sales in 2022 from N1.27nillion in 2021, while franchisees—owned outlet sales dropped to N1.26billion in 2022 from N1.49billion reported in 2021.

Tantalizers, like any other fast-food firm in Nigeria, is currently facing challenges due to the harsh operating environment. This is because the economy generally is faced with enormous socioeconomic challenges.

The company’s activities have been negatively impacted, majorly by increase in tariff, double taxation, depreciation in naira and the continued insecurity prevailing in some parts of the country, a situation that has compelled a scaling back of its expansion drive in those regions.

The effect of challenges in operating environment on the economy continued to impact adversely on its operations due to reduction in credit opportunities, increase in cost of sales and administrative expenses, which in turn affected the company’s income.

When the market closed last Friday, the company’s share price remained at N0.20 kobo.

As distribution costs stood at N38.15million in 2022 from N9.55million in 2021, administrative expenses dropped to N902.14million in 2022 from N941.9million in 2021.

The company disclosed that it spent N60.09million in advertising/promotion in 2022 from N34.99million in 2021.

In the year under review, Tantalizers reported N121.4million write backs as against N20.8million write off reported in 2021.

In all, Tantalizer reported N940.29million total operating expenses in 2022 as against N951.42million reported in 2021.

This brings its operating loss to N167.6million in 2022 from N132.77million in 2021.

Finance cost dropped to N4.2million in 2022 from N14.32million as finance costs moved from N81.42million in 2021 to N78.4million in 2021 over N72.4million interest on term loans in 2022 from N73.42million in 2021.

In all, it closed the year under review with – N0.08 Earning Per Share in 2022 from -N0.07 in 2021.

DEFICIT IN RETAINED EARNINGS OPERATING COST, WRITEBACKS Tantalizers in 2022 financial year reported CONTRIBUTING TO LOSSES a growing deficit in retained earnings on IN 2022 the backdrop of losses reported in the year Tantalizers’s cost of sales stood at N748.18 million in 2022 from N761.7 million in 2021 to positioned the company gross profit at N415.6million in 2022 from N508.58million in 2021.

The company reported N478.5million in non-core business income in 2022 from N354.97million in 2021, driven by N323.9million income from disposal of property, plant and equipment from N178.15million reported in 2021.

under review.

The company showed its deficit to N3.96billion in 2022 from N3.7billion in 2021 to eventually bring its shareholders ‘fund at N653.37million in 2022 from N199.85million in 2021. With the deficit, the company’s shareholders should not be expecting dividend payout anytime soon.

As current liabilities dropped to N1.44billion in 2022 from N1.56billion in 2021, non-current liabilities stood at

N449.7million in 2022 from N472.63million reported in 2021.

It brings Tantalizers total liabilities to N1.89billion in 2022 from N2.04billion in 2021.

Tantalizers, thus grew its total assets to N2.55billion in 2022, representing an increase of nearly 14per cent from N2.24billion in 2021.

The breakdown of total assets showed N2.06billion non-current assets in 2022 from N1.55billion in 2021, while current assets dropped to N480.32million in 2022 from N686.08million in 2021.

CONCLUSION Tantalizers towards the end of 2022 was in need of capital to enhance its business expansion and compete with other fast-food outlets in the country.

The board of Tantalizers disclosed that the company will be selling a majority stake in the company after The company resolved to sell 36 per cent of Tantalizers’ existing share capital to private investors.

The stake will be sold by way of Special Placement, with the board given permission to source funds through equity and other financing options in the future for expansion, and debt reduction amongst others.

“The Board of Directors of the Company were authorized to issue by way of Special Placement the 1,788,372,094 unissued ordinary shares of 50 kobo each in the share capital of the Company (being about 36per cent of the Company’s existing share capital) to potential investors, with the newly issued shares ranking pari-passu with the Company’s existing issued shares,” the document reads.

It added that, “The Memorandum and Articles of the Company and all necessary corporate documents be amended upon completion of the Special Placement, to reflect the Company’s share capital.

PENSION ASSETS UP N568.33 BILLION IN THREE MONTHS, NOW N14.99 TRILLION to a NAV of N14.42 trillion as at 30 September, 2022.

“The growth in Q4:2022 was significantly higher than the growth of N156.74 billion (1.09%) recorded in Q3:2022. The growth was mainly due to contributions received and positive investment performance during the period, “she said.

On the success of the commission’s efforts to get state governments key into the scheme through enactment of their various state laws, implementation and migration of their workers to the Contributory Pension scheme from the Defined Benefit scheme, the PenCom DG said the number

of states with laws on the CPS remained 25 as at Q4 2022.

She said out of these, seven states were at bill stage while five states had enacted Laws on the Contributory Defined Benefits Scheme (CDBS) with two out of these five namely Jigawa and Kano currently implementing

the scheme.

She however said Kano was yet to transfer the pension assets to a Pension Fund Custodian while the other three states namely Gombe, Zamfara and Adamawa were yet to commence implementation of the CDBS. She said Lagos State Government had consistently failed

to honour the N2 billion monthly commitment to clear the accrued rights of its retirees.

According to the PenCom boss, as at the end of the 4th Quarter of 2022, there was no record of the state fulfilling its monthly commitment of remitting N2 billion for the months of October,

November and December 2022.

“Only a total sum of N7.83 billion was so far redeemed as against the expected sum of N26 billion during the period. This therefore leaves a cumulative shortfall of N18.17 billion that was yet to be redeemed as at the end of December 2022.

MTN, DANGOTE CEMENT, 12 OTHERS PAY REVENUE AGENCIES N461.2BN AMID MULTIPLE TAXATIONS compliant organisations in Nigeria.

These demonstrate our commitment to and track record of compliance and sound governance.

“Our Road Infrastructure Tax Credit (RITC) project reached a significant milestone with the Federal Executive Council’s approval to restore and refurbish the 110-kilometre Enugu-Onitsha Expressway. This has paved the way for the commencement of the project, which, once completed, will positively impact the lives

of Nigerians and contribute to the country’s overall economic growth.”

Analysts have expressed the importance of companies remitting taxes to government agencies, stressing on the role played by listing on the Exchange that gives room for companies to be transparent in tax payment to government agencies where they operate.

Capital market analyst, Mr. Rotimi Fakeyejo said the failure

to pay tax might force the government to shut branches and truncate operations, stating that the tax system in Nigeria must be streamlined to enhance effective remittance in order not to create dispute between the company and government.

Fakeyejo, however, added that tax remittance is meant to facilitate economic growth and companies must always oblige in promoting remittance, most especially to state governments where they have

branches.

According to him, taxes paid by companies are based on laws and regulations, stressing that companies are meant to play by the rules, which has to do with full disclosure.

He explained further that, “A good number of income that companies generate are exempted from tax.

Banks are not meant to pay tax income on treasury Bills, government bonds and agriculture loans.

“If you take all of those,

sometimes you will find out that tax banks are paying effectively on their profit, maybe less compared to manufacturing companies, not that they are not deliberately not paying taxes.”

He stressed the need for banks to come together and make a total tax income contribution to the country’s Gross Domestic Product (GDP).

On his part, Vice-President, Highcap Securities Limited, Mr. David Adnori stated that listed companies over the years maintained

stronger profit, which is meant to contribute to government tax revenue.

He expressed that most companies that were reluctant to come to the stock market were hiding their financials or were scared of take-over by wealthy Nigerians.

He said: “Once the government can work together with the FIRS to enforce tax laws, there would be no hiding place for companies.

Thus, they will be forced to come to the market.”

30

MONDAY, MARCH 13, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Banks Reduce PTA, BTA Requests to $2000 Bi-annually Nume Ekeghe Deposit Money banks have reduced customers’ access to personal travel allowance (PTA) and business travel allowance (BTA) from $4000 quarterly to $2000 twice a year.

So far, only Access Bank Plc

has sent a communication to its customers, however, it was learnt that four other banks are planning do the same rationing.

Access Bank in a statement to its customers stated: “We value your relationship with us and would like to keep you informed on updates regarding

our fulfillment of Form A requests.

PTA / BTA requests are now processed a maximum of twice annually per applicant to the tune of $2,000 per application where the request is within 14 days of the travel date. International school fees and Upkeep requests are processed within 120 days

from the date of approval.

“All applications are processed and disbursed subject to FX availability, proper documentation, and provided the account to be debited is sufficiently funded to cover the Form A charge and other processing fees.”

It added that customers should

Onyia: APM Terminals Apapa Gave Me Opportunity to Thrive A female Mobile Harbour Crane operator at Nigeria’s largest container terminal, APM Terminals Apapa, Perpetua Onyia has expressed satisfaction with the work environment and opportunities given to her to thrive in her chosen career.

Speaking at an event organised by the Lagos Port Complex Apapa to mark the 2023 International Women’s Day, Onyia said her success as a crane operator has opened the doors for other women to embrace similar career in a male-dominated port environment.

The theme of the 2023 International Women’s Day was, “Embrace Equity.”

Onyia commended the management of APM Terminals for giving her the same opportunities and resources as her male counterparts.

“From day one of stepping into

APM Terminals, it has always been a fair and equal chance.

Nobody is saying you’re a female, you can’t do this,” she said.

Also speaking at the event, another female crane operator, Cynthia Chukwuneke, said APM Terminals encouraged her to be the best in her chosen career.

In her remarks, the Port Manager, Lagos Port Complex Apapa, Olufunmilayo Olotu, advised women in the maritime industry to embrace and support each other in the quest for professional advancement.

“Women need to learn how to celebrate each other’s achievement, educate and raise awareness about women equality. Women need to lobby for accelerated gender parity, work together and help each other advance in their chosen careers,” she said.

Since 2019 when the Federal

Government approved women working night shifts, APM Terminals Apapa began a concerted effort to create opportunities for women in the male-dominated port operations.

Starting with the employment of female crane operators the same year, the company has gone on to introduce more gender friendly policies.

APM Terminals also encourages women to not only aspire for leadership positions but to also undergo specific training programs designed to position them for management and leadership roles.

“In APM Terminals Nigeria, we not only give equal opportunities to both genders, but we also actually go the extra mile to encourage female participation in some of the fields and roles where you have limited participation of females. We also ensure we

have female representation in the leadership cadre of the organisation and create an enabling environment for them to succeed in whatever roles they have within the company,” Senior Human Resource Business Partner, APM Terminals Nigeria, Uzoma Ngozi Ben-Ude, said.

ensure their account is sufficiently funded to accommodate the value of the transaction and charges at the time of processing, “as any request not backed with an adequately funded account or the required documentation will be rejected and considered a new request upon re-submission.

Updates on pending, approved or rejected Form A requests are duly posted and accessible on the Trade Monitoring System portal.”

Meanwhile, commenting on the performance of the naira last week, analysts at Cowry Assets Management noted: “In the just concluded week at the open market, the local currency edged the United States dollar as it appreciated by N6.00 or 0.79% week on week to close at N752/USD from N758/USD in the previous week even as dollar demand took a calm in the face of scarcity crunch. Also, at the investors’ and exporters’ FX

window, the Naira appreciated slightly 0.05% week on week to close at N461.50/USD from N461.75/USD despite the growing FX demand pressure on the naira.

“A look at activities at the Interbank Foreign Exchange Forward Contracts market, the spot exchange rate remained unchanged and closed at N462/$.

Also, in our analysis of the Naira/USD exchange rate in the weekly Naira FX Forward Contracts Markets, it was all green for the Nigerian Naira index across all forward contracts with appreciations reported for the 1-Month, 2-Month, 3-Month, 6-Month and 12-Month tenor contracts against the greenback by +0.11 per cent, +0.48 per cent, +0.82 per cent, +0.63 per cent and +0.10 per cent week on week to close at contract offer prices of N466.68/$, N473.97/$, N482.13/$, N508.90/$ and N542.79/USD respectively.”

FirstBank Commits to Creating Enabling Environment for Women Nume Ekeghe The Chief Executive Officer, of FirstBank, Dr Adesola Adeduntan has reiterated that it remains committed to creating an enabling environment that allows women to thrive and succeed.

Adeduntan stated this during the FirstBank Women Network 2023 International Women’s Day event themed “Embrace Equity’’ in Lagos recently.

Adeduntan stated that the bank has always been deliberate in ensuring its work environment allows

women to thrive and be the best they can be which was what birthed the FirstBank Women Network in March 2019.

He said: “The single objective is and remains creating an enabling environment that allows our ladies to blossom, thrive and be the best they can be such that they can contribute their own quota to achieving the bank’s vision of being the African bank of first choice. Clearly without the women’s contribution, that vision will be unattainable.”

Delivering a keynote

address, the President, Africa Finance Corporation (AFC), Andrew Alli, said it is important for women to participate in all aspects in the development of the nation’s economy.

Whilst stressing the need for corporate executives to encourage girls and women to embrace opportunities in the Science, Technology, Engineering and Mathematics (STEM) education, Alli noted that the opportunities in the STEM education were enormous and if properly tapped would enhance Nigeria’s Gross Domestic Product (GDP).

Food Security: Coalition Seeks to Deepen Gender, Tech-inclined Farming James Emejo in Abuja A coalition of NonGovernmental Organisations (NGOs) has called for gender-friendly and technologically inclined farming practices to safeguard food security in the country.

They specifically stressed the need to deepen genderfriendly innovations in the agricultural ecosystem for female farmers, adding that those not technologically inclined and relevant would likely be relegated.

Addressing female farmers during a training programme in Abuja, the coalition including Centre

for Accountability and Inclusive Development (CAAID), Development Initiative For Community Enhancement (DICE), Senema Productions; INCLUD; and Small Women Farmers’ Organisation in Nigeria (SWOFON) warned that sidelining women in agriculture could be costly in terms of food security.

Executive Director, DICE, Bosede Akinbolusere, said the theme of the 2023 International Women’s Day, “Embrace Equity Community Dialogue; Gender-Friendly Agricultural Innovations and Technology” remained inclusive, adding that all women must be carried

along.

Executive Director, Senema Productions Limited, Senami Ohiomokhare said some of the conversations point to the fact that no one can do without technology in this 21st century.

She said, “Needless to say, even at the level of these women, they can take pictures of their products when they harvest and share them with people.

They can be taught how to use these things.”

On her part, SWOFON Financial Secretary, Zainab Mohammed, commended the facilitators for the meeting, which she described as impactful.

L-R: A Reach Stacker operator at APM Terminals Apapa, Cynthia Chukwuneke; Port Manager, Lagos Port Complex Apapa, Olufunmilayo Olotu and a Mobile Harbour Crane Operator, Perpetua Onyia, at an event to mark the 2023 International Women’s Day at the Lagos Port Complex Apapa… recently

Union Bank Celebrates Int’l Women’s Day 2023 Nume Ekeghe Union Bank of Nigeria, has reaffirmed its commitment to a just and equitable society in honour of International Women’s Day 2023 by promoting equity, justice, and the continuous inclusion of women in all fields of human endeavour, particularly in technology. This was highlighted at a virtual event recently hosted by the bank’s internal women’s network, WeHub (Women Empowerment Hub).

In line with this year’s global campaign theme, “Embrace

Equity,” the event had activities and discussions focused on topical issues. As an organisation committed to leading the charge for inclusion and parity, Union Bank has consistently leveraged International Women’s Day to promote impactful conversations and encourage positive action for gender equality. During the discussions, the bank emphasised its commitment to embedding equity in all its operations to guarantee the career advancement of female employees across all departments, especially Technology.

Speaking during her opening remarks, Olufunmilola Aluko, Chief Brand & Marketing Officer Union Bank, said, “International Women’s Day is a significant day for us at Union Bank because it provides an opportunity to recognise the contributions and progress made by women in the workplace and society at large.

This year’s message reminds us that in our push for a genderbalanced world, equality alone is not enough. It is important that everyone is treated fairly and with consideration for their needs.”

31

T H I S D AY ˾ MONDAY, MARCH 13, 2023

BUSINESS/MONEYGUIDE

Yakusak: FG Drafting Bill to Earmark 30% Procurement Contracts for Women James Emejo ÓØ ÌßÔË

Executive Director/Chief Executive, Nigerian Export Promotion Council (NEPC), Dr. Ezra Yakusak, said the council has partnered with the Federal Ministry of Women Affairs and Social Development, and other stakeholders on a policy dialogue to create a genderresponsive public procurement policy for women-led businesses in the country.

Speaking at the NEPC 2023 International Women’s Day Exhibition and Symposium themed, “Breaking Barriers: Enhancing Inclusiveness and Creating Opportunities for Women in Non-Oil Export”, he said the deliberations had further led to a proposed gender-based procurement policy document which is currently being drafted to have women account for 30 per

cent of government purchasing spend by 2026.

The NEPC boss added that a bill is being drafted to that effect. He said the council’s quest to increase the participation of women in non-oil exports led to the launch of the Women in Export Development Programme in 2017 which created a Women in Export Unit and assigned women desk officers to provide support services for the 3,610 female exporters who are currently registered with NEPC, and other women entrepreneurs who are interested in non-oil export.

He pointed out that within the last 2 years, NEPC had fully sponsored 154 SMEs to acquire international voluntary certifications including a Hazard Analysis and Critical Control Point (HACCP), Food and Drug Administration (FDA), HALAL and ISO 22000, under the “Go

Global Go Certification” project which was launched in 2021.

Yakusak said 125 of these SMEs were women-owned businesses which represented about 81 per cent of beneficiaries of the project.

He noted that the event was held to celebrate the achievements of women exporters as well as recognise their contributions to the development of the non-oil sector, in line with the federal government’s diversification agenda.

He said the theme also reflected the council’s commitment to supporting women-led businesses to build strong and sustainable export businesses, with products and services that can compete globally.

The NEPC chief executive, however, pointed out that the council had never been found wanting on gender-based issues, adding that presently, over 40 per cent of its staff are women.

Managing Director, Presco Plc, Felix Nwabuko (Middle); Joy Uyagu of Finance Department (Left); Benedicta Elvis-Ogbe of Health Safety and Environment Department (Second from left); Victoria Makinde, Relations Department(Secondfromright)andFatimaEmeri, MarketingDepartment(Right)attheendofaceremonyheld atPrescoPlcpremisesinBenin,EdoStatetomark the2023InternationalWomen’sDay

MARKET INDICATORS

Sule: I’ve Raised Nasarawa’s Annual IGR to N20bn Igbawase Ukumba ÓØ ËʨË The governor of Nasarawa State, Abdullahi Sule, at the weekend said he has raised the annual Internally Generated Revenue (IGR) of the state from N7.1 billion to over N20 billion.

The governor made the disclosure in Lafia at a media parley, adding that the development has led to the payment of workers’ salaries without allocation from the federal government.

“I have raised the annual IGR of Nasarawa State from N7.1 billion to over N20 billion and as such, we can now pay salaries of our workers for months even without allocation from federal government.”

According to Sule, “hitherto, the state had been purely a civil service state which only got resources from the federation accounts. Before I became the governor in 2019, Nasarawa State was not getting any revenue from industries because there was none.

“Today I can tell you that the significant amount of our revenue is from the various industries we have attracted, that are operating in different Local Government Areas of the state.”

Sule highlighted some of the industries to include: Olam Rice in Doma LGA, Dangote Sugar Refinery - Awe LGA, Flour Mill Nigeria PLC and Azman

Rice Farm both - Toto LGA, and the Gudi Marble Industry in Akwanga LGA. “More than 30 per cent of the Marble being sold in the Federal Capital Territory (FCT) - Abuja today is from Nasarawa State,” he added.

In the agricultural sector, the governor maintained that his administration had constructed so many rural roads that were facilitating easy transportation of people and farm produce from rural communities to urban centres.

“We have also invested hugely in security to ensure that farmers and herders go about thier economic activities without any fear of being attacked,” Sule stated.

Presco Canvasses Support for Gender Equality As part of measures to sustain development, the Managing Director of Presco Plc, Felix Nwabuko has emphasised the need to eliminate all forms of gender inequality.

Speaking at a colourful ceremony organised by Presco Plc to mark this year’s International Women’s Day, Nwabuko described the theme “DigitALL: Innovation and technology for gender equality” as apt.

He reaffirmed Presco’s commitment to a just and equitable society by promoting equality.

Nwabuko also used the opportunity to commend Presco’s gender committee, pledging to

sustain support and growth of women within the company.

The event held within the company’s premises in Benin City, Edo State had in attendance women representatives of the company’s estates such as Cowan, Sakponba, Ologbo and Obaretin.

The guest speaker, Kingsley Williams, who is also a staff of Wema Bank Plc, explained in details internet and mobile bank processes, pointing out the advantages and dangers associated with it.

The highpoint of the

ceremony was a drama presentation on the role of innovative technology in promoting gender equality.

The ceremony also dwelt on the use of mobile phones and internet connectivity to facilitate financial transactions.

In her submission, the committee’s coordinator, Mrs Fatima Emeri appreciated women for their strength and ability to multi-task.

She urged all women from the various estates to speak out on gender sensitive issues and emphasized the need to dress properly in the work environment.

BUILDMACEX Announces Golden Diamond as Major Sponsor Golden Diamond Industrial Manufacturing Company Limited, a leading manufacturer of luxury ceramic sanitary ware, has announced its sponsorship of the BUILDMACEX Exhibition, Nigeria, one of West Africa’s largest expos on the building, construction, and machinery industries. The event is set to take place at the Eko Convention Center, Eko Hotel and Suites, VI, Lagos.

Golden Diamond, founded in May 2019, is based in Lagos-Ibadan Express, Shagamu, Ogun State, Nigeria. The company uses local resources to build the largest modern sanitary ware enterprise in the region. With advanced automatic production equipment for high-

pressure forming, Golden Diamond produces luxury ceramic sanitary ware, including the Milano-set, Bath-set, Athens-set, Berne-set, squatter, and other bathroom items like water heaters, faucets, floor drainage, magic hoses, flexible hoses, and hand showers.

According to Golden Diamond’s mission, the company seeks to improve Nigerians’ living standards by providing high-quality products at an affordable cost.

To make things easier for their distributors and to serve clients 24 hours a day, seven days a week, Golden Diamond has developed its own online application, ITANRI. The sponsorship of BUILDMACEX Exhibition aligns with

Golden Diamond’s commitment to providing high-quality products to meet the demands of Nigerians and residents of neighboring countries, as well as the whole of Africa. “We are thrilled to have Golden Diamond Industrial Manufacturing Company Limited as one of our sponsors for BUILDMACEX 2023,” said Mr Ayodeji Olugbade, Chief Executive of Atlantic Exhibition, the exhibition organiser. “Their participation further underscores our commitment to bringing together industry leaders and stakeholders to discuss and explore the future of the building, construction, and machinery industries in Nigeria and West Africa.”

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

49,356,443.6

-- CBN Bills Held by Money Holding Sectors

50,601.36

Money Supply (M2)

49,305,842.3

-- Quasi Money

27,869,678.3

-- Narrow Money (M1)

21,436,164

---- Currency Outside Banks

2,680,236.81

---- Demand Deposits

18,755,927.2

Net Foreign Assets (NFA)

5,074,909.92

Net Domestic Assets(NDA)

27,869,678.3

-- Net Domestic Credit (NDC)

61,195,142.4

---- Credit to Government (Net)

21,001,401.5

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

40,193,740.9

--Other Assets Net

6,785,979.22

Reserve Money (Base Money

14,040,351.9

--Currency in Circulation

3,210,664.98

--Banks Reserves --Special Intervention Reserves

10,829,686.9 390,557.8

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2022

Inter-Bank Call Rate

13.00

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

14.00

Treasury Bill Rate

2.76

Savings Deposit Rate

1.42

1 Month Deposit Rate

3.64

3 Months Deposit Rate

4.96

6 Months Deposit Rate

5.87

12 Months Deposit Rate

5.76

Prime Lending rate

12.10

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 8 MARCH, 2023

The price of OPEC basket of thirteen crudes stood at $84.37 a barrel on Tuesday, compared with $84.59 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).

32

MONDAY, MARCH 13, 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 09Mar-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 203.43 204.58 7.56% Afrinvest Plutus Fund 100.00 100.00 10.57% Nigeria International Debt Fund 329.85 329.85 6.67% Afrinvest Dollar Fund 106.94 108.04 1.43% 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 5.52% Anchoria Equity Fund 158.70 160.41 9.49% Anchoria Fixed Income Fund 1.25 1.25 1.85% 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 23.77 24.49 8.33% ARM Discovery Balanced Fund 553.15 569.82 6.12% ARM Ethical Fund 47.54 48.97 5.37% ARM Eurobond Fund ($) 1.14 1.14 0.98% ARM Fixed Income Fund 1.12 1.12 1.37% ARM Money Market Fund 1.00 1.00 10.22% ARM Short Term Bond Fund 1.05 1.05 1.17% 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 96.82 96.82 1.81% AVA GAM Fixed Income Naira Fund 1,122.83 1,122.83 -0.32% 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 2.15 2.15 4.01% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.41 2.47 9.22% 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 N/A N/A N/A 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 11.43% Paramount Equity Fund 20.17 20.54 7.56% Women's Investment Fund 156.67 159.66 6.75% CHD Nigeria Bond Fund 101.67 101.67 9.70% CHD Nigeria Dollar Income Fund 1.00 1.00 10.23% 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 11.16% Coronation Money Market Fund 1.24 1.26 4.07% Coronation Balanced Fund 1.39 1.39 -1.01% 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 EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 13.78% Emerging Africa Bond Fund 1.09 1.09 10.26% Emerging Africa Balanced Diversity Fund 1.16 1.16 40.86% Emerging Africa Eurobond Fund 105.87 105.87 4.53% 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 1504.3 1504.3 12.12% FBN Balanced Fund 211.49 213.06 5.91% FBN Halal Fund 125.83 125.83 12.35% FBN Money Market Fund 100.00 100.00 11.15% FBN Dollar Fund 121.80 121.80 6.92% FBN Smart Beta Equity Fund 179.07 181.48 8.13% FBN Specialized Dollar Fund 105.92 105.92 9.43% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 7.60% Legacy Debt Fund 3.52 3.52 -12.08% Legacy Equity Fund 2.14 2.19 23.27% Legacy USD Bond Fund 1.28 1.28 6.10% 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 4,438.73 3,765.77 100.00

Offer Price 4,468.57 3,765.77 100.00

Yield / T-Rtn 29.44% 7.76% 11.11%

FSDH Dollar Fund 1.14 1.14 5.67% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 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 13.05 13.10 5.90% Meristem Money Market Fund 10.00 10.00 12.10% 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) 102.33 102.33 9.77% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.96% 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 3,863.62 3,892.47 13.94% Stanbic IBTC Bond Fund 247.08 247.08 4.89% Stanbic IBTC Ethical Fund 1.53 1.54 21.83% Stanbic IBTC Guaranteed Investment Fund 336.34 336.34 7.41% Stanbic IBTC Iman Fund 282.46 285.53 20.86% Stanbic IBTC Money Market Fund 1.00 1.00 8.85% Stanbic IBTC Nigerian Equity Fund 13,040.87 13,198.80 19.44% Stanbic IBTC Dollar Fund (USD) 1.38 1.38 6.98% Stanbic IBTC Shariah Fixed Income Fund 122.42 122.42 4.71% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 116.86 116.86 9.85% Stanbic IBTC Absolute Fund 4,644.95 4,644.95 9.19% Stanbic IBTC Aggressive Fund 3,476.89 3,520.84 25.07% Stanbic IBTC Conservative Fund 4,394.19 4,411.01 15.43% 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 12.50% United Capital Balanced Fund 1.59 1.62 16.15% United Capital Wealth for Women Fund 1.29 1.31 10.64% United Capital Sukuk Fund 1.12 1.12 9.97% United Capital Fixed Income Fund 1.98 1.98 7.25% United Capital Eurobond Fund 126.62 126.62 5.47% United Capital Money Market Fund 1.00 1.00 9.97% 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 14.70 14.84 6.00% Zenith ESG Impact Fund 16.69 16.85 5.56% Zenith Income Fund 23.87 23.87 1.34% 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 N/A N/A N/A Vetiva Consumer Goods Exchange Traded Fund N/A N/A N/A Vetiva Griffin 30 Exchange Traded Fund N/A N/A N/A Vetiva Money Market Fund N/A N/A N/A Vetiva Industrial Goods Exchange Traded Fund N/A N/A N/A Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund N/A N/A N/A REITS NAV Per Share

Yield / T-Rtn

115.40 53.52 101.31 9.93

1.31% 4.74% -13.05%

Bid Price

Offer Price

Yield / T-Rtn

17.09 142.40 112.68 17.40 16.40

17.19 144.89 114.64 17.50 16.50

10.39% 11.59% 12.70% -2.85% 3.10%

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 13, 2023 • T H I S D AY

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HOMES&DESIGN

BUA Towers Points to Future of Green Workplace BUA Group, one of the largest manufacturers of quality cement across sub-Saharan Africa, also has a fine patch of real estate.

The iconic BUA Towers are rendered with a rare touch of class and a mind for a green workspace. Bennett Oghifo writes

T

he exquisite BUA Towers nestle in a choice expanse of prime land on Churchgate Street (former Afribank), where most highprofile skyscrapers congregate in Victoria Island, Lagos.

This green building was conceived with a mind for the future workplace, with all the modern facilities that encourage a stress–free work environment.

Also, to meet the growing demands for real estate in Nigeria, BUA Group, in addition to the BUA Towers, has a real estate portfolio that includes various residential, commercial and mixed–use developments in major Nigerian cities.

A few projects under BUA Estates include (but are not limited to these): BUA Hills, Abuja; BUA Court, Abuja; BUA Business Park, Abuja; Lagos; and The BUA Place, Lagos.

The 10-floor BUA Towers is a 7,000sqm Grade B headquarters of the Group. The main contractor was Cappa and D’Alberto; the architect: Ecad Architects; the quantity surveyor: Du-Franc and Partners; the structural engineer: Morgan, Omonitan & Abe Limited; MEP engineers: Lambert Electromec Ltd. Among other products, the BUA Group possesses a strong capability in

cement manufacturing with three major subsidiaries and plants in northern and southern Nigeria. The group’s plants have the capacity to provide various grades of cement as required in the local Nigerian markets and meet the highest standard of cement manufacturing.

In 2020, BUA Group consolidated all its cement operations and listed BUA Cement Plc on the Nigerian Stock Exchange with a total combined installed capacity of eight million mtpa and a market capitalisation of N1.18 trillion ($3.3 billion), making it the second largest cement producer in the

Nigerian market and the largest cement producer in the North Western region of the country.

This consolidation included the BUAowned Cement Company of northern Nigeria and the Obu Cement Company.

BUA Cement is committed to expanding its footprint into markets within and outside Nigeria. The commencement of AfCFTA provides boundless opportunities because of the potential involvement of 1.2 billion Africans, spanning 54 nations, with a combined GDP of about $2.5 trillion, thereby increasing intra-African trade by up to 52.3 per cent, according to information on its website.

T H I S D AY ˾ MONDAY, MARCH 13, 2023

39

BUSINESSSPECIAL

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

Zenith Bank’s Drive for Nigeria’s Non-oil Exports’ Growth Dike Onwuamaeze highlights efforts by the Ebenezer Onyeagwu-led Zenith Bank Plc to promote activities in the non-oil sector

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igeria’s dwindling oil revenue provides the nation a painful but indispensable opportunity to look inwards in a bid to trigger economic growth, experts have said.

They also stressed the need for Nigerians to appreciate locally manufactured goods such as fabrics, saying such would make local industries thrive and boost economy.

Nigeria has the potential to become a major player in the global economy by virtue of its human and natural resource endowments.

However, this potential has remained relatively untapped over the years.

After a shift from agriculture to oil and gas in the late 1960s, Nigeria’s growth has continued to be driven by consumption and high oil prices. Oil accounts for more than 95 per cent of exports and foreign exchange earnings while the manufacturing sector accounts for less than one percent of total exports.

However, to diversify the country’s revenue base, the Central Bank of Nigeria (CBN) and the bankers’ committee have embarked on several initiatives to promote non-oil exports.

In 2022, the RT200 FX Program, which is an initiative aimed at raising $200 billion in non-oil export earnings over the next three to five years was introduced.

Zenith Bank, whose Chief Executive Officer, Ebenezer Onyeagwu, has never hidden his desire to see a Nigeria with a diversified revenue base, is one of the institutions at the forefront of the RT200 programme.

Zenith Bank remains committed to promoting the non-oil export sector in Nigeria by identifying emerging opportunities which help stimulate non-oil exports and develop robust financial products and incentives for operators in the sector.

As part of efforts towards promoting non-oil exports in the country, the bank had introduced its annual trade seminar, where it gathers stakeholders in the sector and across sectors of the economy to brainstorm on opportunities in Nigeria’s non-oil export business. The bank launched the seminar in 2017, as an initiative to deepen the discourse on promoting the non-oil export business in Nigeria.

Onyeagwu believes that the Zenith bank’s annual trade seminar serves as a veritable platform to deepen the conversation on promoting non-oil export in Nigeria, bringing together non-oil export practitioners and relevant government agencies to interact and explore the opportunities and proffer solutions to the challenges of non-oil export in the country.

He had disclosed that the bank has trained over 100 exporters through its ‘Zero to Hero’ programmes which provides a platform for grooming and exposing beginners to become strong exporters by providing training on documentation, product sourcing, access to market and financing.

He had also promised that Zenith Bank would continue the advocacy of promoting non-oil export.

Commenting on the outcomes of the past six seminar editions, Onyeagwu noted that previous editions’ outcomes have found expression and influenced policy initiatives.

He gave an instance of the extension of the period of repatriation of non-oil export proceeds from 90 days to 180 days and the policy mandating shippers not to carry export without a Nigeria Export Proceeds (NXP) Form Number, as part of the recommendations from previous seminars.

According to him, the need to incentivise exporters to repatriate their export proceeds through the official channels and the recommendation to create export terminals across various export hubs in the country were also from past seminars, adding that previous editions recommended having export desks in commercial banks, which has now been instituted.

For 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

Onyeagwu 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 reorient 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.

On his part, the Founder/Chairman of the bank, Mr. Jim Ovia, had emphasised on the need to diversify Nigeria’s export base through the promotion of non-oil exports.

He noted that Nigeria exported cocoa and several other non-oil products for years before oil was discovered.

Citing an example of the 25-storey Cocoa house in Ibadan, which was built with proceeds from cocoa exports, he said many countries in the world, such as Japan and China have been successful because they are doing a great deal of innovation, production and manufacturing of goods and services.

Ovia advised the country to look at

promoting the nation’s non-oil export sector through technology to create technological giants like Apple, Tesla, and Google.

“We already have technology companies in this mold in Nigeria, such as Flutterwave, which has a valuation of $3 billion, making it more valuable than some banks in Nigeria,” he said.

He said the most capitalised companies in the world, such as Apple, Microsoft, Alphabet (Google), Amazon, Tesla, and Visa, among others, are not oil companies but are in the technological innovation space.

Furthermore, he highlighted the phenomenal growth of Nigeria’s emerging financial technology (Fintech) companies such as Flutherwave, OPay, Interswitch, Kuda and Paystack, with market valuations of $3 billion, $2 billion, $1 billion, $500 million, $200 million, respectively. According to him, this underscores the enormous opportunity in the Fintech space.

In his remarks at the trade finance forum organised by Zenith Bank, the CBN Governor, Godwin Emefiele, noted that the apex bank had undertaken several initiatives to promote the non-oil export sector because of its firm belief that the non-oil export sector holds enormous potential to contribute to employment generation, wealth creation and economic growth of the country.

“The global economy and structure are changing rapidly before our eyes. The previous world economic order underpinned by globalization and seamless trade possibilities seems to be suffering major disruptions lately.

We believe Nigeria has a lot of potentials, and we can harness this for the good of our people and country,” Emefiele had said.

He pointed out that the CBN had undertaken several initiatives to promote the non-oil export sector because of its firm belief that the nonoil export sector holds enormous potential to contribute to employment generation, wealth creation and economic growth of the country.

Under the leadership of Onyeagwu, Zenith Bank Plc has consistently been honoured, both at home and abroad.

For instance, the bank recently emerged as ‘Bank of the Year in Nigeria’ in The Banker’s Bank of the year awards 2022. The award, which was announced by The Banker Magazine, Financial Times Group, United Kingdom, during an awards ceremony held in London, on December 1, 2022, was in recognition of Zenith Bank’s strong management, sound business model and strategy, support for small businesses and efforts to cut energy consumption.

According to the Banker, Nigeria’s Bank of the Year award was among the continent’s most hotly contested this year, befitting the country’s status as Africa’s largest economy. This came on the heels of the award as Number One Bank in Nigeria by Tier-1 Capital by The Banker won

by Zenith Bank earlier in the year.

Commenting on the award, Onyeagwu had said, “winning the Bank of the Year attests to our tenacity as an institution despite a very challenging operating environment exacerbated by persistent macroeconomic headwinds.

“Indeed, being recognised by The Banker – the world’s longest running international banking title, is an acknowledgement of the resilience of the Zenith brand as the leading financial institution in Nigeria and the West African sub-region.”

He had lauded Ovia, for his guidiance and pioneering role in laying the foundation and building the structures for an enduring and successful institution, the Board for their outstanding leadership, the staff for their commitment and dedication as well as the Bank’s customers for their unflinching loyalty to the Zenith brand over the years.

Regarded as the industry standard for banking excellence, The Banker’s Bank of the Year award is contested by the world’s leading financial institutions, with winners chosen across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

Zenith Bank’s track record of excellent performance has continued to earn it numerous awards, including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance’ Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.

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MONDAY, MARCH 13, 2023 ˾ T H I S D AY

BUSINESS SPECIAL

INTERVIEW

Metilelu: Private Sector Must Evolve Alternative Financing for Education Techpreneur/Chief Executive, PressPayNg, Mr. Abiola Metilelu, in this exclusive interview with James Emejo, says the private sector must develop alternative solutions to funding education in order to deepen human capital development in the country. Among other sundry issues around the economy, he expressed concerns over the country’s debt profile declaring that borrowing should fund productivity rather than mediocrity; the unfriendly business landscape for MSMEs as well as the positive impact of the company’s solutions in advancing credit to students in tertiary institutions.

How would you assess the current health of the Nigerian economy? espite the huge potentials of the Nigerian economy as the largest economy in Africa, our socio-economic conditions have deteriorated in recent times. If we narrow the parameters to the fundamental variables for measuring economic conditions, there is no question about the fact that Nigeria is not doing well – from unemployment to inflation, poverty, security, interest rate, debt, infrastructure, cost of living, exchange rate - the numbers are not looking good. It is my considered opinion that we can do better with the youth bulge advantage, the entrepreneurial spirit of the average Nigerian, the comparative advantage we have in agriculture and the rising tech innovations that are driving the digital economy. With effective political leadership – there is a strong potential for the economy to bounce back.

The current administration has given its best shot at improving infrastructure; rail and roads, tackling insecurity, terrorism, corruption and signing some strategic bills into law such as Not Too Young to Run Bill (2018), the launch of new National Digital Economy Policy and Strategy in 2019, drafting of the Nigeria Startup Bill (NSB) and submission of the draft Bill to the National Assembly for consideration and passage into law, the Petroleum Industry Act of 2021 that has set the stage for the unprecedented transformation of Nigeria’s oil and gas sector and making the new NNPC a Limited Liability Company.

But, beyond these highlights, there is a dire need to reset the economy for optimum performance and I think 2023 offers a huge opportunity, particularly by the incoming administration, to recalibrate the Nigerian economy towards productivity, improving the ease of doing business in order to foster economic prosperity.

payment. In the events that they need additional funds to makeup the balance for school fees, they can have access to a collateral free, short-term school fees loan to enable them pay in full from PressPayNg.

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As a techprenuer, how would you assess Nigeria’s business/investment landscape in terms of ease of doing business?

With a current ranking of 131 out of 190 economies in the world on ease of doing business, according to the recent World Bank annual ratings and a projection to trend around 135 in the global ranking by the end of 2023– you need no further conviction that doing business in Nigeria is not for the faint hearted. As the largest economy in Africa, this is one of the reasons why eighty percent of businesses under the Micro, Small and Medium Enterprises (MSME) in Africa fail within the first five years of their existence despite having the highest entrepreneurship rate in the world.

As entrepreneurs, we are not asking for too much – just provide an enabling environment, basic infrastructures, power, business friendly policies, security. About 61 per cent of Nigerian businesses fail at the startup stage because of the high cost of doing business, little or zero incentives for entrepreneurs, obsolete institutional designs and bureaucracies that are frustrating innovations. But personally, I draw inspiration from the fact that we cannot allow the system to neutralize our entrepreneurial spirit; its either we keep seeing the problems or we see the opportunities – sight is a choice. We have to be deliberate not to allow culture to eat strategy for breakfast – we cannot sustainably solve a problem at the thought level it was created, we shouldn’t give the environment the pleasure to condition our thinking.

In the midst of the harsh economic realities, Nigeria has become an attractive location for tech start-up investment inflows - making up twenty-eight per cent of Africa’s total funded ventures and the country receiving over twenty-nine percent of the continent’s total investments of $3.3 billion as at 2022. So, despite the daunting realities confronting entrepreneurs in the country, the economic potentials remain massive.

What is your impression about Nigeria’s public debt profile which has continued to generate fierce criticism in recent times?

When it comes to the conversations around our public debt profile, the question that comes to mind is - what are we funding with the borrowings? We should be funding productivity and not mediocrity but unfortunately the latter is our reality. With a current N44.06 trillion total debt stock as at Q3 2022, spending N3.04 trillion to service external and domestic debts in nine months of 2022 – its deeply concerning that the debt stock is not reflecting in the economy and the debt burden will continue to soar. The finance minister was quoted as saying Nigeria will spend sixty percent of revenue on debt servicing in 2023. What this means is that other critical sectors of the economy will have to jostle for the remaining 40 per cent revenue.

What policy interventions do you recommend to fix the country’s education system?

We need to declare a state of emergency in the education sector in Nigeria and bring all stakeholders to a roundtable discussion with the appropriate political will to transform the sector. As the foremost education finance technology in Nigeria - PressPayNg has been a vanguard of education loans and we are proud to say we championed the conversation on student loans through the national assembly – though we have our reservations on some of the elements of the proposed model by the national assembly in the Student Loan Bill.

For instance, asking students to apply through the tertiary institutions will breed racketeering as those who genuinely need these loans will not get them.

The PressPayNg model should be fully adopted by the federal and state governments across the country because of its transparency and filtration process. We have gone further to canvass for education interventions that could possibly come as interest free loans from the likes of CBN or international development agencies directly accessible by students or parents using the PressPayNg App - we pay directly to schools and the tenor is short to drive the performance of the loans and provide these opportunities to millions of Nigerian students and parents. This is how we are gradually and progressively changing the landscape of education financing and affordability in the country in just about a year.

Metilelu So, what are the revenue pipelines that we have left unexplored; particularly in the private sector?

How can we begin to restore investors’ confidence in the economy and attract more FDIs? With shrinking revenues and the government being the biggest spender in the economy – stimulating the economy for growth becomes the biggest challenge at hand.

In your opinion, what are the country’s biggest limitations to economic development?

Our problems in this country are complex, and it could be difficult to single out the biggest limitations. But I believe that the limitations to economic development can be narrowed down to two things; leadership (across all levels of government) and education.

Political leadership will always define the socio-economic wellbeing of the people – it is the same principle that drives the corporates and we say no organization rises beyond the level of its leadership.

Unfortunately, we have not gotten this right across all levels of government in Nigeria. Our socio-economic realities leave traces of leadership failure and that is why citizens’ participation in governance is crucial not just during election but to demand accountability from our elected leaders.

But I would like to amplify education as a catalyst for economic development. Not prioritizing our investment in education as a country has been a major disservice to our economic development.

Education is the bedrock for technology, innovation and opportunity creation. If we spend more on education, we will spend less on insecurity as educated people make informed and better decisions.

With over 20 million out of school children, and an annual dropout rate across higher institutions in Nigeria at over 18 per cent - One in every five of the world’s out-of-school children is in Nigeria, this is our sad reality. We are underfunding education as a country – an increased allocation from 7.2 per cent of the 2022 budget to 8.8 per cent of the 2023 budget is still below the UNESCO benchmark of 15 per cent-20 per cent of public expenditure and that has created a domino effect in terms of unemployment, insecurity, immigration- brain-drain or the “Jappa syndrome” and we need to start changing these narratives.

What is your impression about the state of tertiary education in the country?

I think my response to the previous question dovetails into this. Tertiary education in Nigeria is characterized by many lapses and these challenges over the years have watered down the quality of education at the tertiary level. From incessant ASUU strike (the most recent which lasted for about eight months) to rising school fees confronted with parents’

low income, infrastructural gaps and poor welfare for academics – the government’s disbursement to education is definitely not commensurate to the demand for higher education. We must settle with the naked truth that government alone cannot fund education; the private sector must get involved with alternative funding solutions for institutions, parents and students in order to deepen human capital development in the country. This is the reason why we are involved in education financing – PressPayNg is the first indigenous platform in Nigeria that focuses on education finance at primary, secondary and tertiary levels – offering parents and students alternative and creative funding solutions to education in Nigeria.

The greatest form of poverty is intellectual poverty and the antidote to that is education.

There is no doubt about the fact that the future of Africa will be birthed by entrepreneurs – but these entrepreneurs must be financially empowered to have the right education with the confidence that they can commence and complete tertiary education without having to drop out of school – This is what PressPayNg offers, the financial confidence that you can go to school and that journey will not be truncated for financial reasons.

What do you see as major obstacles to acquiring tertiary education in the country?

Funding. When we speak about funding education in Nigeria – we do justice to the issue by half; we focus more on the government side of funding education to make it accessible and qualitative. The other side of the divide is the affordability of school fees and the capacity of parents or working students to finance education; particularly at the tertiary level. What the government has done over the years is to subsidize the administrative and personnel cost of tertiary education in Nigeria through TETFUND rather than support the students who should benefit from the subsidy. There is no question about the need for government to continue to subsidize tertiary education but the subsidy needs to be repurposed.

We have moved around; we have engaged students and parents – a lot of our youths are dropping out of school for financial reasons. Most parents are no longer able to pay school fees as poor salaries coupled with rising inflation have continued to take toll on their purchasing power.

We have interreacted with parents who have resolved to “Ajo” or contributions to be able to pay school fees - there is a need for supplementary funding options. This is what we provide at PressPayNg; firstly, we are asking parents and students to periodically set something aside in their education savings account on PressPayNg and have it locked down only for school fees

What is the rationale behind PressPayNg’ s tuition loans for tertiary education and what has been your success story. What do you want to achieve?

PressPayNg is an ecosystem and every youth, students and parents in Nigeria with education dreams and ambitions should have the PressPayNg App on their phones. With the PressPayNg App – you can open an education bank account on the App with our partnering financial institution, you can save for school fees, crowdfund your school fees with your community of friends and families, enjoy scholarship, access up to 50 per cent of your school fees as a shortterm loan, get holiday jobs, parents can subscribe to education insurance, students can subscribe to health maintenance (HMO), enjoy free soft skill trainings and benefit discounted bills payment. PressPayNg is beyond tuition loans - we are funding the future of Nigeria and by extension the future of Africa. We are driven by the passion to flatten the dropout curve across all the stratum of our education, increase the enrolment rates because of the solutions we have deployed in addressing education financing and affordability in Nigeria – PressPayNg will become the catalyst for human capital development in Africa.

Barely one year on, what has been your challenges and what are your projections especially for 2023?

I think the most interesting conversation about PressPayNg is the overwhelming acceptance and encomium around this novel idea and that energy has kept us firing on all cylinders. In just about a year, we have executed partnership and technical integrations with First City Monument Bank (FCMB), we have partnership with Cornerstone Insurance, Mutual Benefit Assurance, Sunu Health and Metro Health. In 2023, we want to further strengthen the position of our brand, to remain the leading education finance App in Africa – improving the innovation by listening to our subscribers, increasing user adoption across all the verticals with the best technology backed customer service. In 2022, we did over N10 million in scholarship disbursement, we want to do more this year.

Also, with the understanding that the market for unemployment is way bigger than the market for education, we are equally creating income opportunities for students and youths who sign-up as agents on the PressPayNg App and we hope to do more of that this year. We are democratizing the space for partnership with other providers of fund to cater for the growing demand on education loans from parents and working students who are gradually cultivating a savings culture towards education funding - these are the plans we have for PressPayNg Wave 2. The greatest asset we have at PressPayNg is the team – teams are built on merit and everyone on this journey with us from the Board of Advisory to the Management Team and Operations Staff are deserving of the opportunities to contribute to this project.

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T H I S D AY ˾ DAY, MARCH 13, 2023

MARKET NEWS

Gains in Dangote Cement, MTN Boost Market Cap by N145bn Kayode Tokede The stock market of the Nigerian Exchange Limited (NGX) last week extended its positive run for the third consecutive week, primarily driven by the gains in Dangote Cement Plc and MTN Nigeria Communications stocks.

Thus, NGX All-Share Index notched a 0.48 per cent weekon-week (W-o-W) gain to close at 55,794.51 basis points as the

market capitalisation appreciated by N145 billion W-o-W to close at N30.395 trillion.

Across the sectors last week, performance was largely on a mixed trend. Thus, there were declines in the NGX Banking, NGX Consumer Goods, and NGX Oil & Gas indices of 1.82 per cent, 0.26 per cent, and 3.82 per cent from the previous week, while positive price movement was seen in the NGX Industrial Goods index

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and NGX Insurance index with a gain of 1.71 per cent and 0.70 per cent respectively through the week as investors posed their expectations for the dividend season.

However, market breadth for the week was negative as 22 equities appreciated in price, 41 equities depreciated in price, while 94 equities remained unchanged. Julius Berger Nigeria led the gainers table by 10 per cent to close at N26.95,

per share. Trans-Nationwide Express followed with a gain of 9.88 per cent to close at 89 kobo, while International Energy Insurance went up by 8.33 per cent to close to N1.30, per share.

On the other side, MRS Oil Nigeria led the decliners table by 18.99 per cent to close at N27.95, per share. Conoil followed with a loss of 18.89 per cent to close at N38.00, while FTN Cocoa Processors

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declined by 13.33 per cent to close at 26 kobo, per share.

Overall, a total turnover of 1.023 billion shares worth N20.221 billion in 18,650 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.910 billion shares valued at N18.436 billion that exchanged hands last week in 20,311 deals.

The Financial Services Industry (measured by volume) led

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the activity chart with 414.427 million shares valued at N5.646 billion traded in 8,136 deals; contributing 40.50 per cent and 27.92 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 307.868 million shares worth N479.512 million in 1,122 deals, while the Industrial Goods Industry traded a turnover of 104.234 million shares worth N10.354 billion in 1,334 deals.

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MONDAY, MARCH 13, 2023 • T H I S D AY

NEWS

RE-ELECTION OF SANWO-OLU DOOR TO DOOR CAMPAIGN… L-R: The Consultant, Association of Waste Managers of Nigeria (AWAMN), Mr. Olalekan Owojori; Executive Director Finance, LAWMA, Mr. Kunle Adebiyi; AWAMN President, Mr. David Oriyomi; MD/CEO, LAWMA, Mr. Ibrahim Odumboni and the CTO LAWMA, Dr. Olorunwa Tijani, displaying handbills in support of the re-election bid of Governor Sanwo-Olu, at the door-to-door campaign at Ikeja, Alimosho and other divisions, in the state organised by AWAMN in conjunction with LAWMA in Lagos… yesterday

Rhodes-Vivour Pledges to Increase Minimum Wage by 100% in First 100 Days Group endorses Labour Party candidate for Lagos governor Amby Uneze in Owerri The governorship candidate of Labour Party in Lagos State, Gbadebo Rhodes-Vivour has promised to increase salary of civil servants in the state by 100 per cent to N60,000 monthly in

his first 100 days in office.

Speaking during an interactive session with journalists in Lagos at the weekend, Rhodes-Vivour said the target was to ensure that minimum in Lagos got to N100,000 as soon as possible.

“This will cover everybody

Jaji Mourns Victims of Lagos Train Accident, Terrorist Attack in Borno Juliet Akoje in Abuja.

Member-elect representing Kaura Namoda/Birnin Magaji federal constituency of Zamfara state, Hon. Aminu Sani Jaji has expressed sadness over the accident involving a train and a BRT bus in Ikeja, Lagos.

He also condemned the killing of 29 fishermen by people suspected to be Boko Haram terrorist in the Lake Chad region of Borno State last Thursday.

Jaji, a former chairman of the House of Representatives committee on National Security and intelligence in the 8th Assembly, in a statement signed by him yesterday, sent his heartfelt condolences to families of victims, the people and government of Lagos State over the unfortunate accident.

He said, "It is unfortunate that the accident claimed lives, injured many and recorded large-scale destruction at a time like this. I sympathise with the victims, their families, and indeed the people and government of Lagos state.

"I commend Governor Babajide

Sanwo-Olu for the proactive steps he took after the accident.I pray that God will grant the dead eternal rest and those who sustained varying degrees of injuries quick recovery."

On the killing of 29 fishermen in Mukdolo village in GamboruNgala Local Government Area of Borno state, Jaji said it was barbaric and unacceptable, calling on the perpetrators to repent from their evil ways.

"On behalf of my constituents and family, I condemn in strong terms this unprovoked inhuman act by these elements. It is barbaric and unacceptable. I hereby call on those behind the killing to repent and desist from wasting innocent lives forthwith.

“We cannot continue like this. Life is very precious, and no human being has the right to take another life.

This has to stop, and all Nigerians must rise up and condemn this in its entirety.

"My condolences to the families of the victims and the people and government of Borno state, especially His Excellency, Prof. Babagana Umara Zulum over this despicable act"

including street sweepers,” he said.

He appealed to Lagos residents to come out on en mass on Saturday to vote for his party in the gubernatorial election this Saturday, as he highlighted his vision for a new Lagos.

He pointed out that under his administration, he would employ moral suasion to persuade the organised private sector follow government's lead by stopping casualisation and also increase their minimum wage to a living wage.

“Banks, telcos, oil companies, multinationals, large national corporates, etc will be incentivised with PAYE tax credits to stop casualisation and index their minimum wage to their capacity to pay rather than current market wage rates which are suppressed by high unemployment. A first step for a Lagos where every worker has health care, pensions and similar benefits,” he said.

He also vowed to “cancel Alpha Beta's Contract which costs the state N5 billion monthly,” and use the savings from the cancellation of Alpha Beta contract to set up a grand Loan Scheme for Micro, Small and Medium Scale Enterprises. He promised to ensure at least 10,000 beneficiaries in the scheme in his first 100 days in office.

“We expect the scheme to benefit up to one million beneficiaries in four years,” he added.

Furthermore, the Labour Party guber candidate pledged to establish a portal for publishing costs of all government projects and compare them to World Bank standards to eliminate waste and corruption and

also issue a 10-year order for 10,000 vehicles to an auto manufacturer that commits to building an auto assembly in Lagos, with a credible plan to achieve 50 per cent value added within five years.

His plans also include taking away burden of taxation from residents by pulling down all toll gates in the Lekki Ajah axis and Ikoyi link bridge and “build a monument in memory of our slain sons and daughters at the old Lekki Toll Gate.”

“We shall advertise for the employment of 10,000 teachers with outstanding grades (First Class and Second Upper or Upper Credit) to start a process of repositioning teaching as a middle-class career.

“Execute a Memorandum of Understanding with all Road Transport Unions for the implementation of a rehabilitation and retraining program, and take Agberos off our roads. Invite bids for the design and construction of 100 km of rail across Lagos.

“Host an education summit with all stakeholders to get buy-in into GRV's plan for partnerships to upscale public schools to the standards of the best private school by "Making School Fun'...a plan to digitalise all schools with free tablets, computers, internet and free education from primary to secondary school.

“Host a health summit with all stakeholders to get buy-in for partnerships to upscale services at Primary Health Centres to best-in-class, laying the foundation for an effective referral system.

“A summit for various artisan

associations such as bricklayers, plumbers, mechanics, welders, carpenters, tailors and other technicians with the objective of creating a process for their certification and access to smallscale loans.

“Working with my party, the Labour Party, we shall appoint first-class caretaker Chairmen for each Local Govt, each appointee being skilled enough to be a potential governor,” he added.

Meanwhile, a pan-Igbo sociocultural and political organisation, Obigbo has endorsed RhodesVivour in the rescheduled March 18, 2023 governorship election in the State.

Just as the Afenifere last week endorsed the candidature of Rhodes-Vivour, the Obigbo comprising the Igbo, progressive Yoruba and other ethnic nationalities enjoined her members to vote massively for the governorship candidate of Labour Party and all other candidates of the party for the Lagos State House of Assembly.

In a statement signed by the National Publicity Secretary of the organisation, Gideon Oji Agwu, he advised Lagosians to vote massively for the Labour Party in the March 18 rescheduled Governorship and House of Assembly elections.

According to the group, Lagos State remains a heterogeneous society and center of excellence for all Nigerians, but regretted that it was quickly becoming a political fiefdom of a few self-acclaimed leaders who felt that without them,

Lagos State would not work.

The group alleged that the deep rooted corruption, high taxation, intimidation and anti-people policies have so impoverished Lagos residents that “it is time to vote out those people and their surrogates.”

The body also alleged out that the APC-led government in Lagos State had earmarked three major markets for demolition by September, if re-elected.

“We are, therefore, calling on the electorate, especially the Igbo nation, to be vigilant and stand against such plans to massively rig the forthcoming elections, and to vote them out and break the chains of political and economic slavery, and return Lagos to her place of pride and unity as envisioned by Macaulay, Azikiwe, Awolowo and other founding Fathers,” “Rhodes-Vivour is a detribalise Nigerian and a scion of the illustrious Rhodes-Vivour family of Lagos whose family ancestry and pivotal contribution to the affairs of Lagos dates back to five generations and would restore the cherished values of Lagos encapsulated in the promoting goodwill, dignity and nobility of spirit,” Agwu said.

The organisation while advising the incumbent to forget about his dream of being re-elected, as governance was, “not about leaking ice cream in Shopping Malls,” also admonished her members from all the market unions to adhere strictly to the scheduled meetings and at the stipulated time for obvious reasons.

15 NLC Affiliate Unions in Edo Protest State Council Election

Adibe Emenyonu in Benin City

Not less than 15 affiliate unions of the Edo Council of the Nigeria Labour Congress (NLC), have dissociated themselves from the process that produced Odion Olaye as the Chairman of the council.

The affiliate unions, in a jointly signed press release issued in Benin City, made available to newsmen yesterday, said the purported delegate conference held on March 7, 2023, was an act of illegality held

in defiant of subsisting matter at the National Industrial Court, Abuja, challenging the process and procedure of the conference which violated the congress constitution.

The unions stated, "We had protested through a petition dated February 28th, 2023 to the national secretariat through the General Secretary complaining about the overbearing, intimidating, and bullying attitude of the Olaye, who invaded a State Executive Council meeting with thugs, disrupting the

composition or setting up of the Screening Committee as well as ratifying the nomination of delegates to the state conference as provided for in Articles 11(2)(vi) and 29(4) of the NLC Constitution, as amended.

"In furtherance of our determination to check or prevent an illegality to be foisted on us, an action was filed at the National Industrial Court, Abuja, complaining about the violation of the provisions of the constitution that guides NLC State Conference/Election.

"Despite the service of the court process on the National Secretariat, President and Secretary General of the NLC who are parties to the suit, they still went ahead with the election in defiant of the pending matter."

The protesting affiliate unions also stated that, "It became too obvious that the state government interfered in the election process with its open support for the candidacy of Olaye, who is a member and leader of the Peoples Democratic Party (PDP) in

Egor Local Government Area of Edo State, by intimidating, harassing and threatening workers in the public sector of posting to rural areas or outright dismissal if they fail to withdraw their nomination or declare support for Olaye.

"At the state conference, which was supposed to be an exclusive NLC matter, the PDP candidates for the House of Assembly were brought in to campaign but for the prompt refusal of the of delegates, the conference would have been

turned to a PDP political rally."

Pandemonium had broken out at the conference when it was announced that one of the chairmanship aspirants was disqualified.

The refusal of the returning officer to entertain questions on the disqualification led to the disruption of the conference with thugs unleashing violence on delegates and everyone scampered for safety as over 90 per cent of delegates and 15 Union left the venue.

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NEWS

CELEBRATING INTERNATIONAL WOMEN'S DAY...

L-R: Chief Executive Officer, Muhammad and Roshanneh Farms Ltd, Mrs. Asma Begun; Head, Micro Small and Medium Enterprises, JAIZ Bank, Mr. Aliyu Buhari; Representative of Permanent Secretary, FCTA, Musa Kabau; Chief Executive Officer, Outsource Global Technologies, Amal Hassan and Managing Director, Abuja Enterprise Agency (AEA), Shehu Abdulkadri, during AEA program to celebrate the 2023 International Women's Day in Abuja ...recently ENOCK REUBEN

Melaye Mocks Tinubu, Obi, Says Legal Team Doesn't Represent United Nigeria In Taraba, PDP guber candidate says it’s no retreat, no surrender Chuks Okocha in Abuja One of the presidential spokesperson of the Peoples Democratic Party (PDP) in the February 25 presidential election, Senator Dino Melaye, has mocked the President-elect, Bola Tinubuand the Labour Party presidential candidate, Peter Obi

over the membership of their legal team, saying it didn't represent the unity of Nigeria.

In their various announcements

by Tinubu and Obi, Melaye said it was tainted by ethnic bias except Atiku's legal team, which has the configuration representations of a united Nigeria.

Eroton Remains Operator of OML-18, Management Insists Sunday Okobi Eroton Exploration and Production Company Limited has reiterated that it remains the operator of OML-18 in line with the provisions of the Joint Operating Agreements (JOA), adding that any dispute whatsoever between the parties had been reserved exclusively for resolution under the Dispute Resolution clause of the JOA. The management of the company, therefore, stated that actions of the other JV partners (NNPC and Sahara) remain illegal and run contrary to the rule of law and in total breach of the terms and conditions stipulated in JOA. The Nigerian National Petroleum Company (NNPC) Limited last week announced that it has replaced Eroton Exploration and Production Limited as the new operator of oil mining lease (OML) 18.

Garba Deen Muhammad, NNPC spokesperson, had disclosed this known in a statement.

The oil firm said the non-operating joint venture (JV) partners of OML 18 appointed its subsidiary — NNPC Eighteen Operating Limited — as the new operator of OML 18 to replace Eroton.

But Eroton management in a reaction in statement made available to THISDAY by its Managing Director, Dr. Emeka Onyeka, stated that the company as operator of OML-18, remains committed to transparency, integrity and due process, and urged the public and stakeholders to disregard, “any misinformation as we continue to operate in compliance with all applicable laws and regulations.”

“This statement is necessitated by the false information recently disseminated in the media on the status of operatorship of OML-18 and about Eroton Exploration and Production Company Limited.

“In complete breach of the terms of the JOA governing OML-18, and with total disregard for due process, the non-operators of OML-18; NNPC

Limited (NNPC) and Sahara Field Production Limited (Sahara) (now known as OML 18 Energy Resource Limited) appointed a company, NNPC Eighteen Operating Limited as operator of OML-18.”

He added that Eroton, which was validly appointed Operator of OML-18 via a legal and contractual process involving all the participating entities in the JOA, “has approached the relevant courts to defend its legal rights.”

“In addition to this, Eroton has issued Notice of Arbitration to NNPC and Sahara in accordance with the terms contained in the JOA. On the basis of the lack of any grounds for the purported takeover of operatorship in accordance with the terms of the JOA governing the block, lack of due process and flagrant breach of the rule of law, Eroton has taken considered legal opinion to the effect that the status quo ante continues to remain the position and same will be upheld by the courts of Nigeria.

“This is despite any contrary public statements by any entity, in the interim period. If this action taken

by NNPC and Sahara is allowed to persist, it poses a threat on all the JOA’s in Nigeria involving both multinational and indigenous oil and gas companies, because due process with regard to dispute resolution has not been followed.

“Thus, there can be no removal of an operator without following the laid down procedures and processes in Article 2.4 of the JOA. The process is designed in such a way that notices requirements cannot be waived and the removal of operatorship cannot be carried out without following the process provided in the JOA.” The management pointed out that Eroton took over operatorship of OML-18 in 2015 with a meagre production of 6,000 bbls/d and increased production to over 50,000 bbls/d of dry crude (75,000 bbls/d of gross liquids) within a period of less than 24 months.

In Atiku's legal team led by Chief Joe Gadzama (SAN), other members included Chris Uche (SAN), Paul Usoro (SAN), Tayo Jegede (SAN), Ken Mozia (SAN), Mike Ozekhome (SAN), Mahmood Magaji (SAN), Joe Abraham (SAN), Chukwuma Umeh (SAN), Garba Tetengi (SAN) and Emeka Etiaba (SAN).

Others were Goddy Uche (SAN), Prof. Maxwell Gidado (SAN), the National Legal Adviser of the PDP, A. K. Ajibade (SAN), O. M. Atoyebi, (SAN), Nella Rabana (SAN), Paul Ogbole (SAN), Nuremi Jimoh (SAN), and Abdul Ibrahim (SAN).

However, Obi’s legal team has at least twelve Senior Advocates of Nigeria, some of whom were Dr Livy Uzoukwu, SAN; Chief Awa

Kalu, SAN; Dr Onyechi Ikpeazu, SAN; P.I.N. Ikwueto, SAN; Chief Ben Anyachebe, SAN; S.T. Hon, SAN; Arthur Obi Okafor, SAN; Ik Ezechukwu, SAN; J.S. Okutepa, SAN; Dr Mrs Valerie Azinge, SAN; Emeka Okpoko, SAN; and Alex Ejesieme, SAN. On his part, Tinubu constituted a 13-man legal team to defend his mandate as the president-elect led

by Lateef Fagbemi (SAN), while others were Ahmad El-marzuq, Sam Ologunorisa, Rotimi Oguneso, Olabisi Soyebo, Gboyega Oyewole, Muritala Abdulrasheed, Aliyu Saiki, Tajudeen Oladoja, Pius Akubo, Oluseye Opasanya, Suraju Saida and Kazeem Adeniji.

In his latest tweet on Sunday,

Melaye said the legal teams of both leaders did not portray the list as representing the unity and diversity of the nation.

“Atiku Abubakar’s legal team is the only Presidential legal team that cut across the six geopolitical zones.

He is a unifier in all ramifications.

Tinubu’s legal team 80% Oduduwa and Obi’s is 100% Biafra. This is a reflection of the hearts of the candidates”, Melaye stated, stressing that Atiku was the only one with a legal team that cut across the six geopolitical zones in the country.

Meanwhile, candidate of the PDP in the rescheduled governorship election, Lt Col Agbu Kefas (rtd), has expressed optimism that the party would retain power given the

dominance of the party in the just concluded presidential and national assembly polls According to him, the PDP has done a lot and would continue to strive to take Taraba State to the promised land.

"Our great party, the PDP will continue to shine. There's no vacancy for the opposition in Taraba because we have done well and we promise to do more as we take the state to the promised land. Our determination to retain power come Saturday March 11, 2023 is a battle of no retreat, no surrender. Our theme is moving forward and as you can see, we are already surging ahead in the poll," he said.

Benue Community Raises the Alarm over Killing of 50 Persons by Herdsmen Seeks Buhari’s intervention Military: Crisis requires holistic approach Kingsley Nwezeh in Abuja Farming communities in Kwande Local Government Area of Benue State at the weekend raised the alarm over the killing of 50 farmers by marauding herdsmen.

The community had following the development, called on President Muhammadu Buhari to come to the rescue of the victims of violence in the area.

In an open letter to Buhari titled, "Terror Attacks on Farming Communities, Including Women and Children in Kwande Local Government Area of Benue State," a copy of which was made available to THISDAY in Abuja, the community leaders called on the president to deploy security forces to the area to contain the terrorist herdsmen.

The letter, which was co-signed by the trio of Festus Iorkyaa, PresidentTuran Development Association (TUDA); Eric Tyohemba Udu and Solomon Terfa Jijah on behalf of members of the organisation, said the herdsmen killed over 50 people in an attack that lasted 10 days unchallenged.

"We write to report recent, sustained terror attacks on our communities over the past 10 days which have resulted in over 50 people dead, several injured, thousands displaced and loss of property and farmlands,” it stated.

The groups said the marauding

herders with cattle numbering over 300 were said to have taken over the whole of Nyiev-ya (Mbakyor Ward, Turan) in kwande LGA, Benue state, covering a distance of not less than 100km.

Turan is the ancestral home of the Tiv ethnic group with Jato-Aka in Kwande LGA of Benue State as the headquarters.

The herders were said to have destroyed villages, markets such as Ayuluba in Ityuluv Nyiev-ya, farm produce, houses and many other property worth billions of naira.

The letter cited eyewitness accounts that showed that the attackers came in with over 300 cattle, armed with highly sophisticated weapons, terrorising the people of the area and killing unarmed civilians, women and children while destroying homes, food stores and farmlands.

"In some cases, they have taken over the lands and settled on them.

They come in good numbers with their cattle, destroying farm produce for their animals to graze, chase away the inhabitants of such areas and pitch their tents there," the letter read.

The community leaders also released the names of some of the victims killed so far in Turan and their respective districts by the invading herders.

They include, "Abande Njoor, Iornum Sonter, Abraham Terna,

Aker Shagba Achuna from Iyon Anyura Bemshima Tyurugh, Kendon Tyover, ornguga Tyodoo, Ajoh Iorhemba, Orshio Msughter, Abe Nyam, Aker Ushahembas, Ayagwa Lunen, Apav Terhile, Jirbee Amaku, Aza Bem, Ahil Wende and Iormumbes Ashi Shimave.”

It listed others to include, Terhemba Madom, Andyar Aemberga, Kundu Igba, Tarkper Adomko, Jirbee Amaku and Terlumun Swen.

"In Kendev-ya, the nmm, Terna Udam, Atighir Aondokula, Terfa Mbagbar, Terver Mbagbar, Terzungwe Chagh, Tyoazua Aondona, Kogh Aondowase, Akura Utoo, Iortsor Shaapera, Awuhe Terhemen, Lase Mbanengen.

From Barakur district (NyievTiev) we have Kuku Terngu, Kuku Mzehemen, Hangeuir Iorwuese Kuta, among others.

"These killings and destruction of lives and properties occur on a daily basis", the community said.

The community called on the government and non-governmental organisations to come to their aid.

The Tiv community appealed to government to, "secure their lives, land and properties" and urged the president to "assist in giving relief materials to the refuges of the affected crisis, create IDP camps as people are homeless.

“This is because we are approaching the rainfall in our areas

and refuges are sleeping outside, if rain resumes the dilemma will be unbearable".

The Benue communities called on the federal government to "arrest and prosecute these terrorists. Ensure investigations to fish out the masterminds of these attacks speedily. Arrest and prosecute those funding and planning these attacks.

Strengthen security for the affected communities.

“Provide urgent humanitarian support to displaced persons from affected communities who have now taken refuge in neighbouring communities most notably, in JatoAka in Kwande LGA. "We look forward to your speedy intervention as you carry out your constitutional duty as commanderin-chief of Nigerian Armed Forces and call on you to use your good office to secure Kwande and in effect, secure Nigeria. Please be assured of our highest regards", it said.

Speaking on the killings in Benue, the Director, Defence Media Operation (DMO), Maj Gen Musa Danmadami, described the security situation as a "lingering issue" which are "mostly reprisal attacks."

While calling on all stakeholders to join hands to stop what he called a "cycle of violence," Danmadami said the military alone cannot end the crisis.

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NEWS

ENDORSEMENT FOR SANWO-OLU...

L-R: SUG President, Yabatech, Majaro Temitope; Vice Chairman NANS, Obebire Quadri; Kehinde Busayo James; Chairman, NANS Lagos Axis, Tolulope Olusesi, and Assistant Secretary General, NANS, Kayode Timileyin, at a press conference to declare support for Sanwo-Olu’s reelection in Lagos… recently.

Same Faith Ticket: Coalition Hails Calls for Adamu's Resignation Backs north central for senate presidency Sunday Aborisade in Abuja A Coalition of Civil Society Organisations, under the aegis of Conference of Nigeria Civil Rights Activists (CNCRA), has urged the National Chairman of the All Progressives Congress, Senator Abdullahi Adamu, to heed the calls for his resignation in the interest of equity, fairness and justice.

The CNCRA said Adamu's exit as APC National Chairman would ensure power balancing in the incoming Bola Tinubu's All Progressives Congress-led government.

The group, in a statement by its Convener, Pastor Ifeanyi

Odili, and Secretary, Engr.

Sina Akadiri, said Adamu's resignation would also be a great opportunity for the APC to assuage the feelings of Christians towards the same faith arrangement of the party in the recently concluded presidential election.

CNCRA commended the National Vice Chairman (North-West) of the APC, Mallam Salihu Lukman, for demanding the resignation of Adamu and argued that the National Chairman should quit the stage honourably in a bid to balance the Muslim-Muslim ticket of the president-elect, and his running mate, Kashim

Gunmen Kill 17 in Kaduna Community, LP Guber Candidate Condemns Act to the attack on Saturday night.

John Shiklam in Kaduna

No fewer than 17 people have been killed in an attack by gunmen in Ungwan Wakili, Zango Kataf Local Government Area of Kaduna state.

The attack believed to be a reprisals was said to have occurred on Saturday at about 8:40pm.

Security sources said before the attack, “there had been series of complaints of cow poisoning and destruction of farm produce by both herders and locals in the area.”

He said, “We have been resolving these issues, but what escalated the problem was the killing of a Fulani herder four days ago in Ungwan Juju, apparently in retaliation for the killing of one of the locals sometime in February.”

It was learnt that the situation was further compounded on Saturday afternoon following a clash between security operatives and some herders riding on motorcycles at a check point in Ungwan Wakili.

A police man and a herder were said to have lost their lives during the clash.

Sources said the security situation, which was being managed following the clash, got out of hand as the security personnel at the checkpoint allegedly pulled out, leading

Meanwhile, the governorship candidate of the Labour Party (LP) in Kaduna State, Jonathan Asake, has condemned the incident describing it as barbaric.

In a statement yesterday, Asake called on residents of the area to remain calm and avoid taking the laws into their hands, even as he expressed condolences with families of the victims and prayed for the repose of their souls.

Asake called on Governor Nasir El- Rufai, to address the incessant killings in Zangon Kataf LGA and other parts of the state, and lamented a “situation where innocent old men and women as well as little children would be attacked and killed in their sleep.”

Stressing that “such barbaric acts should never be condone in any sane society under the rule of law,” the LP guber candidate urged the Kaduna State government to bring the perpetrators to justice so as to serve as deterrence to other criminal elements in the society.

“It is only when the long arms of the law catches up with criminality that criminals would fear commiting crimes,” he said, while appealing to communities in the area to live in peace and harmony with each other irrespective of ethnicity and religion.

Shettima.

Lukman, had a statement titled “APC Internal Dynamics and the Future of Democracy,” at the weekend, stressed that the National Chairman of the party, must resign to give way to a Christian leader.

CNCRA said, "Adamu should toe the path of honour and

statesmanship by tendering his letter of resignation after the governorship and House Assembly elections.

"His action would be welcomed and commended by the Christians and it will also pave the way for the emergence of a ranking senator from North Central, to become either the

president or deputy president of the senate in the forthcoming 10th National Assembly."

It noted that the ruling APC should compensate the region by making sure that a dependable, loyal and most ranking senator emerge as either the President or Deputy Senate President in the 10th National Assembly.

Part of the statement read, " As right activists, we have watched and observed with keen interest, the recent political developments in the country and have decided to add our voice to the raging controversies over the seemingly inbalances in the polity as it affects the structure of top political offices.

Despite Legal Issues, Buhari Administration Continues to Push for Actualisation of Nigeria Air Before End of Tenure

Chinedu Eze

The federal government has continued to push for the actualisation of the national carrier, Nigeria Air, despite the objection to its establishment by the Airline Operators of Nigeria (AON).

On November 19, 2022, AON filed an originating summons against the federal government for the establishment of a new national carrier after the liquidation of Nigeria Airways.

AON had prayed that the court should look at the extant laws and interpret such to know if the processes to start a new national carrier were not in violation of the laws of the Federal Republic of Nigeria.

The AON had urged the court to stop the national carrier deal and withdraw the Air Transport Licence (ATL) already issued to Nigeria Air by the federal government through the Nigerian Civil Aviation Authority (NCAA).

But as part of efforts to actualising the airline project, President Muhammadu Buhari on February

19, 2023, met with the executives of Ethiopian Airlines in Addis Ababa, to further cement the deal with the East African carrier, which has 49 per cent stake in the planned airline.

Since the visit to Ethiopia by the President, THISDAY learnt that there have been moves to continue to push for the establishment of the airline before the end of the Buhari administration.

Also an informed industry source told THISDAY that the Minister of Aviation, Senator Hadi Sirika, has started making moves to ensure that even if the national carrier were not realised before the current administration wind down, the next government would continue with the project.

An industry stakeholder who has been following the progress of the planned national carrier expressed confidence that the federal government would establishment the airline before it hands over to new government, which would ensure that the airline begins operation immediately.

“The new airline already has Air Transport Licence (ATL), it will

be given Air Operator Certificate (AOC) before the end of the Buhari administration. We are hopeful that the same political party will continue in office and the new administration will just continue from where Buhari stopped,” he said.

The source also said Buhari at different occasions had expressed interest to see that the project, which was one of the six projects planned by his government for the aviation industry, was realised.

“The in-coming government will continue with the project because it is already at advanced stage and the national carrier will bring the needed trajectory the industry needs to advance from the country not having strong airline that can compete with other international carriers,” he also said.

But a member of AON told THISDAY that although two persons lobbying to become the Minister of Aviation in the in-coming administration had assured that they would continue with the project, the case in court remains a logjam to the project and the airline cannot

operate until the case is concluded or vacated.

The federal government and Ministry of Aviation had sought the transfer of the case instituted against it on the planned establishment of a national carrier project, Nigeria Air to the Federal High Court – Abuja Judicial Division from Lagos, but AON insisted that the case must continue in Lagos.

However, some stakeholders have expressed reservation over the establishment of the national carrier, saying that airline when established would compete with existing airlines and obviously as an airline with government stake it would enjoy a lot of privileges that will enable it undermine existing airlines and with time put them out of existence.

Marketing and PR strategic who is also aviation analyst, Sindy Forster, said the establishment of the national carrier would jeopardise the business of Nigerian airlines because the Ministry that is supposed to protect them has established an airline that would compete with them.

Bamidele:10th Senate’ll Key into Tinubu's Youth-driven Agenda Gbenga Sodeinde in Ado Ekiti Senator representing Ekiti Central, Senator Opeyemi Bamidele, has declared that the 10th Senate to be inaugurated in June will play complementary role for the actualisation of the well-articulated youth programmes of the Presidentelect, Bola Tinubu.

Bamidele, who was reelected at the February 25 National Assembly election, expressed delight that the 25% annual budgetary proposal

by Tinubu to youth intervention programmes and the education loan, would go a long way in tackling

joblessness and poverty among Nigerian productive population.

Espousing his belief in youth development, Bamidele, said he had in the last four years invested several millions of naira to empower his constituents in vocational and entrepreneurial training to boost their contributions to economic development.

The Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, spoke in Ado Ekiti, on Saturday, during an empowerment training he organised for women and youths to expose them to entrepreneurial and money-spinning

ventures.

The programme was predominantly centred around vocational development training, capacity building for youth in agricultural value chain, capacity building training for youth and women in aquaculture as well as capacity building training in post harvest loss control.

Bamidele, represented by his Senior Legislative Aide, Hon Bunmi Oguntuase, said the spiraling and geometric increase in youth unemployment in the country, has become a snag to leaders at all levels of governance, saying the president-elect was coming to tackle

this challenge and return dignity to the Nigerian youths.

The Senator added that era when youths were being treated with scorn and disdain was over with Tinubu's victory at the presidential poll, assuring them that youth development wouldoccupy the centrestage under the incoming administration at the Federal level.

Bamidele appealed to the youths to have unshaken confidence in the ability of the incoming All Progressives Congress-led government under Tinubu to bring the long eluded succour that would launch them back to reckoning in the country.

MONDAY MARCH 13, 2023˾ T H I S D AY

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NEWS

WE APPRECIATE YOU…

L-R: Former Vice -Chancellor, Lagos State University (LASU), Prof. Olanrewaju Fagbohun; Chief Host and Chairman, Ibeji Foundation, Alhaji Rafiu Adisa Ebiti; Mrs. Aminat Sanni;Celebrant/outgoing Vice -Chancellor, Fountain University, Osogbo, Prof. Amidu Olalekan Sanni;former Director -General, Administrative Staff College of Nigeria, Badagry, Prof. Liasu Adele Jinadu ;and Founder, Misbaudeen lslamic Centre, Alhaji Misbaudeen Akinola, at a send-forth ceremony for Prof. Sanni in lkeja, Lagos… yesterday

Ex-Boko Haram Fighter, Monarch, 35 Others Arrested for Drug Trafficking Michael Olugbode in Abuja

A rehabilitated ex-fighter of Boko Haram terror group, Alayi Madu, and the traditional ruler of Kajola, a border community

between Ondo and Edo States, Baale Akinola Adebayo, are among the 37 persons arrested over 2.2 tons of illicit drugs seized by operatives of the National Drug Law Enforcement

Agency (NDLEA) at the Murtala Muhammed International Airport, Lagos, and in raids across 12 states in the past week.

A statement issued by the spokesman of the anti-narcotics agency, Femi Babafemi, yesterday

said as part of ongoing operations to mop up illicit drugs across the country ahead of the next round of elections, NDLEA officers in the early hours of last Friday stormed Kajola forest in Kajola community, a border

town between Edo and Ondo States where they destroyed three cannabis farms measuring 39.8 hectares.

He said the owner of the farms, who claimed to be the Ba’ale of Kajola, Akinola

Adebayo, 35, was arrested in the farm at 2:30a.m., while two other suspects believed to be his workers- Arikuyeri Abdulrahman, 23 and Habibu Ologun, 25-were also nabbed in a hut near the farms.

Hammed Shittu in Ilorin

the state police command.

Already, the campaign council said that no fewer than seven members of the PDP at the Ode Ishowo and Koro Sayodun axis in Alanamu ward of Ilorin West Local Government of the state have been intimidated by the men of the police command.

A statement issued in Ilorin

yesterday signed by the Director of Media, PDP Campaign Council, Mr. Lawal Sharafadeen, the party said:”The unjust intimidation and harassment of electorate sympathetic to the party at Polling Units 031 and 032, Ode Ishowo and Koro Sayodun axis in Alanamu ward of Ilorin West Local Government.

“About seven innocent accredited voters have so far been victims of this unfortunate occurrence, through calls and texts, asking them to report at the Police Headquarters, Ilorin on trumped-up allegations bordering on rumours that they disrupted the last election exercised in the said polling units.

Court Freezes Firms’ Account in 22 Banks Alleged Intimidation: Kwara PDP Campaign Council Calls for IG’s Intervention over Alleged Violation of CAMA Wale Igbintade A Lagos Federal High Court has frozen the accounts of two firms, Africa Plus Partners Nigeria Limited and Bastanchury Power Solutions Nigeria Limited in 22 Nigerian banks over alleged violations Companies & Allied Matters Act (CAMA) rules.

Justice Peter Lifu placed a PostNo-Debit Order on the accounts of the two companies, sequel to an ex parte motion filed by counsel to the companies’ shareholders,

Adetunji Adedoyin, over violations of CAMA and the way the company is being managed.

Specifically, Justice Lifu granted an order of Mareva Injunction, restraining the banks from releasing or dealing in any manner whatsoever with any of the monies or assets due to the two defendants in any accounts maintained by them, their agents, privies, subsidiaries, or servants pending the hearing and determination of the motion on notice.

NANS Declares Support for Sanwo-Olu’s Second Term Bid

Mary Nnah

The National Association of Nigerian Students (NANS), Lagos State, has called on the entire eligible voters among the student populace in Lagos State to vote for Mr. Babajide Sanwo-Olu, a man they described as one who is tested and trusted with the best plan for exducation in Lagos State.

Speaking during a press briefing at the Lagos State University Teaching Hospital, Ikeja Lagos, Comrade Olusesi Tolulope said that due to governor Sanwo-olu’s progressive thinking, Lagos now boasts of three world-class universities.

“The priority accorded to

tertiary education in Lagos by Sanwo-olu’s led administration is unrivaled, as the upgrade of former Lagos State Polytechnic and Adeniran Ogunsanya College of Education as Lagos State University of Education and University Science and Technology respectively are topnotch,” he said.

Tolulope said the tertiary education programmes and policies implemented by the Lagos State governor were designed to support student’s academic aspirations, devoid of the Nigeria drama of the Academic Staff Union of Universities (ASUU) strike and other academic and non-academic strikes.

The Peoples Democratic Party (PDP) Campaign Council in Kwara State has called the Inspector General of Police (IG) Mr. Usman Alkali Baba, to intervene in the alleged intimidation and harassment of members of the party by

Kogi Forum Calls for Cancellation of Presidential, N’Assembly Elections IbrahimOyewaleinLokoja

Barely two weeks after the Independent National Electoral Commission (INEC) has declared the All Progressives Congress (APC) presidential candidate, Asiwaju Bola Ahmed Tinubu as president-elect, a group , Kogi Women Forum(KWF) comprising women across the three senatorial districts of Kogi state, has Yinka Kolawole in Osogbo

The Peoples Democratic Party (PDP), in Osun state at the weekend alleged that the All Progressives Congress (APC) was using police to intimidate and harass members of the party ahead of the State House of Assembly election.

However, the APC described

watershed in the democratic story of Nigeria. Indeed 25th of February 2023 was a date all Nigerians home and abroad waited for with baited breath, for it was date that will mark the beginning of another democratic dispensation in our country and everyone including our youth and women eagerly participated in all the activities that led to that date,” she said.

the PDP as a party that use political thugs to unleash mayhem on members of opposition to distract them from voting their preferred candidates during the last set of election and turned around to be afraid of police.

The PDP Caretaker Chairman, Dr Akindele Adekunle while addressing journalists in Osogbo called for the removal

of the Commissioner of Police deployed for election, Oladipo Abayomi for being biased against PDP members.

According to Adekunle, “We woke up to what appeared like rumours that Osun state would be invaded by armed men, both from the Nigerian police and notorious APC thugs imported from Lagos to be disguised as police operatives

to cause mayhem and unrest in Osun State.

“To the dismay of our party, these armed men were ferried into the state and were received at the private home of the National Secretary of the APC, who from good authority, handed the armed men handouts of leaders and members of the PDP to be arrested and detained for no just cause.

Saving Olubadan Chieftaincy System My Proudest Moment, Says Makinde Kemi Olaitan inIbadan

Governor of Oyo State, ‘Seyi

Mr. Ismaila Seidu, 30; Mr. Oseni Oluwasegun, 69 and Mr. Lawal Olaiya, 50.

Oyeyemi said that the men were arrested on Saturday. March 12, following an information received by the Police at Odogbolu Divisional Headquarters, that the gang responsible for series of corpse exhumation within Ososa community was planning somewhere within the town to carry out another round of human parts harvest.

group stated that the February 25 election date, which was supposed to be the beginning of another democratic dispensation in our country in which everyone including our youth and women eagerly hoped to breath air of freedom turned out to be the opposite.

“As you are all aware a significant date in the history of Nigeria just passed, a date that has become a

March 18 Polls: Osun PDP Accuses APC of Harassing Members

yesterday, explained how Police Arrest Suspected Makinde, he was able to save the Olubadan Chieftancy System from distortion Ritualists in Ogun of facts and values.

Men of Ogun State Police Command (OSPC) have arrested five suspected members of a ritualist gang that exhume corpses from their graves and remove parts of their bodies for ritual purposes.

The arrest of the suspects was disclosed in a statement that was signed by the Police Public Relations Officer (PPRO) for the OSPC, Mr. Abimbola Oyeyemi.

The suspects, according to the statement, are Mr. Oshole Fayemi, 60; Mr. Osemi Adesanya, 39;

called for the cancellation of the February 25th presidential and National Assembly elections.

KWF at a press conference in Lokoja hinged their reasons for the call on the “chaos, brigandage, wide spread violence, bloodletting and even deaths that characterised the election.

Esther Opaluwa, who addressed newsmen on behalf of the women

This action, according to the governor, remains his proudest moment in close to four years in

office as the number one citizen in the state.

He said the succession plan to the throne of Olubadan became a hard nut to crack but with his intellectual inputs laden with historical facts, he was able to arrest the situation.

Governor while receiving in audience the Mogajis, Chiefs and

the leaders of the various groups on solidarity visit, said if the succession race to the throne of the Olubadan was not intellectually managed, the ancient city would have remained without a traditional ruler.

He added that the traditional institution would have been in shambles if not for the swift response of his administration.

According to him, “My proudest moment in office was I saved the Olubadan Chieftancy System from crisis. If the crisis rocking the Olubadan in Council was not managed and resolved, Ibadanland, for many years would not have any king on the throne which would have made our traditional institution to be in shambles.

Nwobodo Urges Electorate to Vote Peter Mbah as Enugu Gov

GideonArinzeinEnugu

Ahead of the governorship election on Saturday, former Governor of old Anambra State, Mr. Jim Nwobodo, has asked the electorate, especially young people in Enugu State to ensure that they come out

en masse to vote for the candidate of the Peoples’ Democratic Party, (PDP) in Enugu State, Peter Mbah, because he would not disappoint them.

Nwobodo said that Mbah’s manifesto was not rhetoric, but “a working document, with plans of

action and timelines for delivery” for addressing the challenges of the people of Enugu State.

He made the call on Sunday at a press conference which was attended by leaders from across the three senatorial zones in the state, including the Senate Minority Whip,

Senator Chuka Utazi; Minority Leader, House of Representatives, Hon. Toby Okechukwu; House Members, Hon. Nnolim Nnaji, Hon. Ofor Chukwuegbo, former Senator Gil Nnaji and former Member of the House of Representatives, Hon. Ogbuefi Ozomgbachi.

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NEWS XTRA

NAFDAC, NDLEA, NCS Agree to Partner to Fight Narcotics, Drug Abuse among Youths

Onyebuchi Ezigbo in Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC), the National Drug Law Enforcement Agency (NDLEA) and the Nigeria Customs Service (NCS) have resolved to collaborate with other stakeholders in the health sector, in the fight against illicit drug production, trafficking, consumption as well as in curbing related organised crime.

In a statement signed by

its Media Consultant, Sanya Akintola, NAFDAC noted that according to the 2018 National Drug Use Survey, the prevalence of any drug use was 14.4 per cent or 14.3 million people between the ages of 15 and 64 years.

It also that an estimated 10.8 per cent of the population or 10.6 million people, had used cannabis in the past year with the average age of initiation of cannabis use among the general population put at 19 years.

The statement said that the

2023 Guber: Benue APC Vows to Deal with Members over Anti-party Activities George Okoh in Makurdi

The Benue State Chairman of the All Progressives Congress (APC), Austin Agada, has vowed to deal decisively with those sabotaging the party by indulging in anti-party activities in the state.

Agada was reacting to a call by an APC support group in the state, APC League of Voters, who called for the punishment of Senator Barnabas Gemade, whom they accused of anti-party activities.

Gemade is one of the governorship aspirants who contested in the primaries on the platform of the APC for the 2023 general election.

After he lost in the primaries, he went to court against the party challenging the outcome of the gubernatorial primary elections.

The group, in a statement signed by its Leaders and Secretary, Orduen Aernan

and Bem Adoor respectively, said they have reviewed the behaviour and activities of Gemade, and have come to the conclusion that he is rather a grave threat and a disaster to APC in the state.

They noted that they would be aiding mischief against their party, the APC, if they ignore and watch helplessly how he indulges in devious antics to ground the party.

The statement read in part: “To begin with, if there is anyone who has contributed nothing to building the APC in Benue State but has unjustifiably profited enormously from the party, that person is Gemade.”

The group recalled that Gemade joined the APC in 2015, on the day senatorial primaries of the party were ongoing. “This means that he is an interloper who found his way into the party fold when nomination forms had been sold and closed.

government agencies pledged joint efforts to tackle illicit drug abuse in Lagos, at the launch and dissemination of the 2022 Annual Report of the International Narcotics Control Board (INCB) and Precursors Report 2022.

The Director General, NAFDAC, Prof. Mojisola Adeyeye who spoke at the event, described narcotics and psychotropic substances as indispensable for the relief of pain and suffering.

She, however said they

were to be controlled within the framework of the three international conventions as they possess abuse liability and produce dependence in users.

“They are classified not on chemical nature but on the

potential for abuse and the need for medical use of the substance,” she said, adding that one of the control objectives was to ensure availability solely for medical and scientific uses while minimising the possibility of diversion to illicit channels and abuse.

Delta CP: How 15 Naval Ratings Invaded Police Station, Beat Up Sergeant Sylvester Idowu in Warri Delta State Commissioner of Police, Mr. Ari Mohammed Ali, yesterday narrated how 15 naval personnel invaded Enerhen Police Station at Effurun in Uvwie Local Government Area of the state and beat up a police sergeant.

He said that a naval rating

identified as Kevwe Ejaita who lodged at Oguta Lake behind Enerhen Police Station Hotel along with two others, had last Wednesday at about 2.45 p.m., drove out to the hotel and had an altercation with one of the policemen posted as station guards at the security barrier in front of the station.

The state police boss

disclosed that the said naval rating, Kevwe returned surprisingly the next day with about 15 other ratings and attacked the police sergeant with whom he had the altercation the previous day, tore his uniform and inflicted injuries on his face.

Ari, in a statement signed on his behalf by the State Police Public Relations Officer,

Edafe Bright, said: “On 08/03/2023 at about 14. 45 hours a naval rating identified as Kevwe Ejaita ‘m’ alongside two others who lodged at Oguta Lake Hotel behind Enerhen Division, while driving out of the area, had an altercation with one the policemen posted as Station Guards at the security barrier in front of the police station.

Enugu Labour Party Calls for Audit of Guns Approved for Vigilance Groups Labour Party (LP) candidate has thugs to frustrate efforts at free and to steal the Saturday, March 18, Commission (INEC) of allegedly alleged that the Peoples Democratic Party (PDP) deploying thugs, arms for gubernatorial and state houses of assemblies elections, and has called for intervention of security agencies.

The Governorship candidate of the LP in Enugu State, Chijioke Edeoga, who raised the alarm, said the PDP was planning to use armed

fair governorship and House of Assembly elections in the state.

He has therefore called on the federal government to conduct an urgent audit of the guns approved for vigilance security services in the state to avert what he describes as “a war” on the people of the state.

Edeoga, in a press statement, also accused the PDP of plans

2023 elections by violent means.

He said if urgent steps were not taken to arrest the thugs that have allegedly been imported into the state to destabilise the elections, those he accused of trying to steal the elections were determined to make the voting process a bloody one.

He accused the staff of the Independent National Electoral

conniving with the PDP and officials of the Enugu State Government to cause delays in the distribution of electoral materials and urged the federal government to mandate the electoral umpire to move all electoral materials from its storage at the Enugu branch of the Central Bank of Nigeria (CBN) to all the LGA headquarters in the state.

APC Won Presidential Election in Sokoto, Says Wamakko OnuminyaInnocentinSokoto Former Governor of Sokoto State and Senator representing Sokoto North senatorial district, Aliyu Magartakada Wamakko, yesterday said his party, All Progressive Congress (APC), won the just concluded presidential election

in the state.

Wamakko stated this during an interaction with journalists at his Gawon Nama residence in Sokoto.

He noted that the party was leading in two local government areas before the results of Tambuwal LGA came to upturned it with slim margin.

According to him, “Let me tell you that APC won presidential election in Sokoto State. As you can see, we were leading when the results of Tambuwal LGA came in, and you know BVAS was not used in Tambuwal; they deliberately did it to allow over voting.”

He maintained that 80 percent of

Sokoto people are APC members, saying he is grateful to the people for always standing by him.

When asked the secret of his winning streak, the lawmaker said he was always with his people and so he knew their problems and the people also reciprocated by supporting him.

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MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Ofili Races to NCAA Indoor Championships Silver Nigerian sprint star, Favour Chukwuka Ofili, won her second 200m indoor silver medals yesterday at the NCAA Indoor Championships, coming second in 22.20secs to get on the podium for Louisiana State University (LSU).

Ofili lost to Saint Lucian Julien Alfred who completed the double in spectacular fashion, winning with yet another College Record, running a new in women's 60m final of 22.01s.

The Nigerian sprinter’s feat came 20 minutes after she missed out from a podium finish in the women's 60m final, after she clocked 7.17secs (her 5th sub 7.2s in 2023) to finish 6th.

Alfred won the race after she stormed to yet another Personal Best and College Record, winning

the 60m title running a joint World Lead of 6.94secs.

Ofili gave Alfred a good chase, and almost caught up with her at the last bend, but the latter just changed gears to speed away to claim the victory.

Earlier on Saturday, the Nigerian sprinter set an African women’s indoor record in 200 meters after she dipped 22.36 seconds.

The Louisiana State University (LSU) undergraduate blitzed across the indoor circuit to retire the 22.48-second record she set at the Southeastern Conference Championships in February 2022.

Ofili’s latest performance makes her the second-fastest time in US collegiate history and the sixth fastest in the world.

Aruna Escapes Early Exit from WTT Singapore Smash

Afe Babalola in Flying Start as 2023 Abuja Lawyers League Kicks off Olawale Ajimotokanin Abuja Afe Babalola FC over the weekend thrashed Aluko & Oyebode FC 7- 0 to send strong warning to other teams as the 2023 edition of the Abuja Lawyers League football competition kicked off with fanfare at the D'kings Turf (Panorama), Abuja.

The opening ceremony of season 7th of the league tagged ‘Chukwuka Ikwuazom Super Cup 2023’ which coincided with the 2023 World Kidney Day, witnessed a novelty match between members of the Nigerian Bar Association, Abuja Branch and staff of Zenith Medical Kidney Centre to commemorate the 'World Kidney Day’.

The headline sponsor, Mr Chukwuka Ikwuazom (SAN) expressed satisfaction with the massive turnout of the participants and spectators.

He said he was motivated to be the headline sponsor by the health benefits of the competition to lawyers as well as opportunity to socialise in a convival environment.

"Lawyers are very hard working people, we work hard and hardly have time for any form of physical exercise and we live a very sedentary lifestyle. So, a competition of this nature provides an opportunity for us as lawyers to engage in physical activities and it is something that benefits us mentally, physically and otherwise," Ikwuazom said.

The SAN, who was the former chairman of the Nigerian Bar

Association (NBA) Lagos branch, pledged his continuous support to the competition, saying his association with the Abuja Lawyers League which he just started will endure.

The league's chief organiser, Olujimi Olujide-Poko, said the tournament which started with merely six teams has grown over the years to become something lawyers look forward to yearly with no fewer than 20 male and six female teams competing for honours in this year's edition.

"We had plans for 24 male teams but have 20 male and six female teams, 26 teams in all registered to compete this year. The uniqueness of this year's event is that for the first time in the history of female football in Nigeria, we are having female lawyers playing a competitive game.

It is a landmark achievement that we have female lawyers participating fully and not just playing ceremonial games.

"The other side attractions to the event is that we have quite a number of awards that players will be jostling for including the weekly most valuable player (MVP).

Every weekend spectators will get to vote for the most valuable player of that particular matchday. We also have 'Auta Iyanda challenge' where spectators get to participate in a challenging game where they will win prizes just to mention a few of the innovations in this year's game," Poko said.

Favour Ofili ...races to NCAA Indoor 200m silver medal yesterday

African number one, Quadri Aruna, yesterday escaped an early exit from the men’s singles of the WTT Singapore Smash taking place at the Singapore Sports Hub’s OCBC Arena.

Set up against a familiar opponent in Germany’s Ruwen Filus, that match was a classic battle between attack and defence but it was Aruna that scraped over the line, taking the match 3-2 (14-12, 6-11, 11-3, 6-11, 11-9).

Fans of both players knew this encounter was going to end in a nail biting finish. Head-to-head for both players going into the game stood at one win each.

But that was only part of the story. It was a topsyturvy fight for dominance as the duo exchanged games right to the very end.

The deciding game came with all the drama with the German veteran taking a commanding lead at the change of ends. It was then that the tides reversed and fortune went back in the way of the Nigerian superstar.

The win ensured that Aruna roared his way to the Round of 32.

"It was 5-1 (to him), and then 7-2, and suddenly I won five points in a row.

That was a very good comeback and I was focusing because six or seven years ago, I experienced almost the same situation against him and I knew it was not over until it’s over.

“I kept my cool, I kept playing and, in the end, he made a few errors and that made a big difference," Aruna admitted.

The African champion added: "It's not just that he was a tough opponent, we were together in the same team (in the German Bundesliga) for about two years and he knows me very well. I believe it was 50-50 before the game and as we have seen, it was 11-9 in the fifth game."

Arsenal Restore Five-point Lead at the Top Arsenal restored their five-point advantage at the top of the Premier League in outstanding fashion with a ruthless 3-0 victory at Fulham.

Mikel Arteta's side responded to Manchester City's narrow victory at Crystal Palace on Saturday night by

PREMIER LEAGUE wrapping up this win by half-time as they opened up a 3-0 lead with a devastating attacking display.

Gabriel Martinelli had already

had a goal narrowly ruled out for offside by the Video Assistant Referee (VAR), before defender Gabriel headed in Leandro Trossard's corner after 21 minutes - the first of a trio of assists for the Belgian.

Trossard then crossed for Mar-

TBS Cricket Oval Wears New Look Ahead of Women’s T20 Tourney The nation’s premium cricket grounds, Tafawa Balewa Cricket Oval in Lagos, is wearing new looks ahead of the forthcoming third edition of the NCF Women’s T20 Invitational Tournament scheduled for March 25th to April 3rd, 2023.

President of the Federation, Uyi Akpata, said the tournament apart from strengthening the ties between Nigeria and other top cricketing nations across the continent, will help the country to build and expose the women’s team.

He added that, “In the last two years, the Tafawa Balewa Square oval has continually been upgraded and maintained in a bid to keep it in a tournament-ready state that we now have it.”

The 10-strip turf wicket grounds would be hosting all the games of the Women’s T20 Invitational that will feature, Cameroon, Ghana, Nigeria, Rwanda and Sierra Leone, which Akpata has said is going to be a different ground from what was played last year, because of

the quality of attention given the facility.

The facility, would be hosting about 2,000 players, fans and visitors per day during the event including, students from cricket-playing schools, as a way to inspire them and bring them closer to the top talents representing the country.

“To manage the level of traffic we are envisaging during the tournament, we have had to also put all the complimentary facilities in proper shape. While we are hoping that our team will rise from the runner-up finish, last year, at the event to win, our success would need to find definition outside of the activities on the pitch,” he added.

The Nigerian Cricket Federation, he said, is deliberate about developing a sustainable event planning model, innovating, and keep re-inventing its value addition to corporate sponsors and partners.

It also hopes to be able to attract more partners in the game’s development journey.

tinelli to beat the static Antonee Robinson to head home at the far post five minutes later, before providing the delivery for captain Martin Odegaard's cool finish in first-half stoppage time.

Fulham mounted a belated threat after the break as visiting keeper Aaron Ramsdale denied Bobby de Cordova-Reid, while Tosin Adarabioyo headed against the woodwork.

Arsenal, however, were always in control and Arteta was able to re-introduce influential striker Gabriel Jesus for the first time since he required knee surgery after being injured playing for Brazil against Cameroon at the World Cup for a 13-minute cameo.

RESULTS Fulham 0-3 Arsenal Man Utd 0-0 Southampton West Ham 1-1 Aston Villa

Arsenal players celebrating the Gunners 3-0 defeat of Fulham to go five points clear...yesterday

Newcastle 2-1 Wolves

Lagos Sports Legends Throw Weights Behind Sanwo-Olu’s Re-election Lagos Legends Club (LLC), an assembly of former sports icons who represented Lagos State at the National Sports Festival or played football for any of the numerous football clubs in Lagos in the past, have thrown their weights behind the re-election of Babajide Sanwo-Olu for a second term as governor of the state.

According to Secretary of the Board of Trustees of the LLC, Monday Kanu, at the weekend, Sanwo-Olu has done a lot for sports in the state to deserve to be returned to office for a second term.

“Governor Sanwo-Olu is determined to give Sports a leg-up as part of his youth-oriented policies

that include; job creation, access to education, healthcare and youth empowerment programmes that are crucial for the development of a thriving and healthy economy,” observed the LLC BoT Scribe.

He stressed that there was no better depiction of the cosmopolitan nature of the city of Lagos than the Lagos Legends Club (LLC).

“LLC is an assemblage of retired sports legends but predominantly footballers that represented Lagos State at the National Sports Festivals or have played for any of the numerous football clubs in Lagos since the 1960s. LLC is unique in that it has the trappings that epitomises the various ethnic groups that dot

the Lagos metropolis,” observed the former ACB of Lagos player who dumped football for a degree at Howard University in Washington DC in early 1990s.

The LLC scribe expressed appreciation to the governor for the assistance given to Lagos Principal Cup legend and former Green Eagles star, Henry Nwosu when he faces debilitating health challenges.

“Without a doubt, we owe Henry Nwosu's current good health to the timely intervention of Governor Sanwo-Olu. We eternally remain grateful to him for saving Henry Nwosu from untimely death and providing him with all that he needed to get back to his feet. This

has brought the issue of Medical Insurance for retired sports men and women. We intend to pursue this vigorously with other programmes currently in the works once Governor Sanwo-Olu is re-elected for a second term in office.”

Kanu have in the LLC fold past sports men and women in Lagos State like; Haji Gafar Liameed, Zulu Anthony Adeboye, Seun Osiyemi, Fatai Amao, Otunba Bestman, Henry Nwosu, Tarila Okorowanta, Bose Kafo, Waidi Akanni, etc, insisted that irrefutably, football is one of the greatest social-cultural phenomenon in the world as demonstrated at the recently concluded 2022 Qatar World Cup.

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MISSILE Gov Oyebanji to Traders, Others

“This is an appeal to all residents of Ekiti to abide by the ruling of the Supreme Court, which has provided a reprieve for the people by extending the validity date of the old Naira notes till December 31. As honourable people, what is expected of us is to abide by the ruling of the apex court and continue to accept the old Naira notes as means of transactions and not to inflict further hardship on one another by rejecting it”– Ekiti State Governor, Biodun Oyebanji, threatens to prosecute those rejecting the old Naira notes.

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MAHMUDJEGA VIEW FROM THE GALLERY

As Attention Turns to Governors I n some quarters the dust is yet to settle from the presidential and National Assembly elections of February 25 but this week, most national attention turns to the governorship and state assembly elections due to hold on Saturday, March 16.

The polls suffered a week’s delay from last Saturday because a court initially stopped INEC from reconfiguring its BVAS machines, which must be done before they can be used for a new round of elections. By the time the Appeal Court discharged the order, there wasn’t enough time to reconfigure them, hence the postponement. A week’s delay is a small inconvenience for a voter but it is a massive cost for candidates and political parties, not to mention more anxiety, more stress, more travel and many more sleepless nights.

The National Order of Protocol may state differently but in Nigerian national politics and in the psyche of most Nigerians, the most important position after President and Vice President is state governor. There is only one president and only one vice president at a time, but there are 36 state governors, hence a politician has 36 times more chance of becoming a governor than of becoming a president. Some states are much bigger than others, some are more populous than others, some are more cosmopolitan, some are wealthier, some are ethnically and religiously more diverse while some states have a more impossible terrain than other states. In none of them, however, is it easy to become a governor.

By this time last year, thousands of politicians all over the country wanted to become state governors but the number is now down to a few hundred. There is a good reason why anyone wants to become governor, not all of them altruistic. A governor controls the Treasury and key appointments in a state.

Even though there are Financial Regulations governing state finances, these are mostly observed in the breach these days. Hence, we see some state governors looming larger than life on the national scene and splashing money all around. Only some old timers will remember this: in April 1980, the Secretary to the Federal Government [SFG, today known as Secretary to the Government of the Federation, SGF] met at the Yankari Game Reserve in Bauchi together with Secretaries to the Government of the then 19 states. They issued a communique afterwards, declaring that a governor has no private business, that every trip and every function a governor undertakes is official. What this means in practice is that every step of a governor would be financed from the Treasury. No wonder that many people want to be governors.

While it is never easy to become a governor, things become a bit easier when many incumbent governors are retiring at the end of the constitutionally stipulated two terms in office. Eight states do not now vote with the rest, and instead hold what we call

Sanwo-Olu and Rhodes-Vivour

off-season elections. These are Anambra, Imo, Bayelsa, Edo, Osun, Ondo, Ekiti and Kogi, all caused over the years by court rulings which led to a late tenure take-off and a distortion of the election cycle. Of the 28 states that are due to vote for governors this Saturday, incumbent governors are departing in 17 states but 11 others are standing for re-election in Lagos, Ogun, Oyo, Kwara, Zamfara, Gombe, Nasarawa, Yobe, Borno, Adamawa and Bauchi states.

What does that say for the chances of various contenders? The six governors that delivered their states to their parties in the presidential poll are feeling slightly at ease.

The first observable lesson in Nigerian politics is that it is not easy to defeat an incumbent governor. In the 1983 elections, only five sitting governors were defeated, namely Muhammadu Goni of Borno, Adamu Attah of Kwara, Bola Ige of Oyo, Jim Nwobodo of old Anambra and Ambrose Alli of Bendel.

The “defeat” of Ondo’s Michael Ajasin was reversed at the Supreme Court. One governor, Abba Musa Rimi of Kaduna did not contest while another governor, Clement Isong of Cross River, was edged out in NPN primaries.

Some governors, including Abubakar Rimi of Kano and Abubakar Barde of Gongola, had stepped aside before the election and handed over to their deputies because FEDECO said a governor could not run on the platform of a different party. By the time the courts struck down the rule, Rimi and Barde had quit and Goni was about to.

In 2003 too, one governor, Chinwoke Mbadinuju of Anambra, was forced out at his party’s primaries [by the overwhelming President Obasanjo]. Three opposition ANPP governors were defeated in Kwara, Kogi and

Gombe while five AD governors were swept away in Oyo, Ogun, Ondo, Osun and Ekiti. At play in all these cases was a mixture of “federal might” and serious political miscalculation

by AD, which did not field a presidential candidate against Obasanjo but thought it had a deal to re-elect its governors. In the event, only Bola Tinubu of Lagos survived.

Things are a little bit trickier for the incumbent governors who did not deliver their states to their respective parties during the presidential election. Does that portend danger to them? Yes and no. Parties that “captured” opponent-controlled states in the presidential election will naturally feel buoyed up. This is especially the case in the South East, where Labour Party defeated PDP, APC and APGA in all the states they control in the region [though Anambra’s Governor Soludo is not up for re-election], and also in Edo and Delta. LP also “captured” APC-controlled Lagos, Plateau, Nasarawa and Cross River states. PDP on the other hand is very happy that it “captured” APC-controlled Kebbi, Kaduna, Katsina, Yobe and Gombe states, while APC retaliated in Oyo, Benue and Rivers states. NNPP on the other hand is mighty delighted that it defeated APC in Kano in the presidential election. Some of its leaders therefore smell victory in the state this Saturday. Not so fast.

Flip flop is fast becoming a new norm in Nigerian politics. Voters in many parts of Nigeria have learnt that presidential election issues are very different from those in the governorship election. The fact that a party wins a state in a presidential election is no guarantee at all that it will again triumph there in the governorship election. There are several examples in the recent past to suggest

this. One of the most telling was in Kano State in 2011. Although the state joined the Northern bandwagon and massively voted for CPC candidate Muhammadu Buhari in the presidential election, it turned around and elected PDP’s Rabi’u Kwankwaso as governor. APC candidate Nasiru Gawuna must be planning for a historical repeat performance in 2023.

Probably the most interesting contest this Saturday is in Lagos. After its presidential election loss there, APC is pulling all stops to ensure the re-election of Governor Babajide Sanwo-olu. It shouldn’t be all that hard because LP won by only 10,000 votes on February 25th. The first APC card is to hold up Sanwoolu’s dynamic record of accomplishment. The second strategy is to fracture the alleged Igbo ethnic/Pentecostal alliance by whipping up Yoruba ethnic sentiments of “preventing the loss of Lagos.” A third strategy will be to deploy the enormous tool of Asiwaju Tinubu’s victory on February 25 and the power of his impending presidency.

A governor that appears to be imperiled is Oyo’s Seyi Makinde. By supporting Tinubu in the presidential poll, a repeat of 2003 could be in the offing. Three of his G-5 colleagues have already suffered badly at the polls. Benue’s Ortom, Enugu’s Ugwuanyi and Abia’s Ikpeazu all lost their senatorial races to APC and LP. Only G-5 leader Nyesom Wike managed to pull a rabbit out of the hat by delivering Rivers to Tinubu in presidential polls and yet winning legislative seats for PDP. While Borno’s Governor Babagana Zulum is a virtual shoo-in, incumbent APC governors in Yobe and Nasarawa are likely to secure re-election despite their party’s loss in the presidential election, on the strength of their personal records and their states’ electoral history.

Of the 28 states that will vote for governors this Saturday, incumbents are not on the ballot in 17 states. These are Kebbi, Sokoto, Kaduna, Katsina, Kano, Jigawa, Plateau, Niger, Taraba, Benue, Enugu, Ebonyi, Abia, Cross River, Delta, Akwa Ibom and Rivers. Every departing incumbent however had a hand in anointing his party’s governorship candidate and will fight tooth and nail to get his anointed person elected. I suspect that many of them will succeed, in spite of presidential election results, while some will not.

A lot of national attention will also be trained on Adamawa State, where the first serious female contender since Taraba’s Mrs. Aisha Alhassan in 2015 is gunning to be governor. Mrs. Aishatu Dahiru Binani is a very popular contender but has at least two big stumbling blocks in her path. Adamawa is Atiku Abubakar’s home state, which he won easily on February 25, and her PDP opponent Ahmadu Fintiri is an incumbent.

Presidential election loss may however have weakened Atiku’s hold on the state. Binani could yet become the first elected female state governor in Nigeria’s history.

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