WEDNESDAY 15TH MARCH 2023 by THISDAY Newspapers Ltd

Marginal Fields: NUPRC Moves to Mitigate Awardees' Funding Challenges Set to release corporate governance framework To hold financing roadshow for investors 16 firms submit field devt plans Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), yesterday, disclosed that it was aware

of current funding issues faced by the recent winners of marginal oil fields in the country. NUPRC explained

that it was working to mitigate the challenges. In a statement by Chief Executive

of the commission, Mr. Gbenga Komolafe, the oil and gas industry regulator noted that in recognition of

the financing hurdle faced by many Continued on page 10

Banks Begin Dispensing of Old N500, N1,000 Notes via ATMs, Over-the-Counter... Page 8 Wednesday 15 March, 2023 Vol 28. No 10199. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

Delta Governorship Candidates Debate on ARISE News Channel Today Five leading contestants for the seat of Governor of Delta State will today lock horns in a debate being organised by ARISE News Channel at 7.00 pm. The programme that will run for 2 hours 30 minutes and will feature Senator Ovie Omo-Agege of the All Progressives Congress

Sen. Ovie Omo-Agege

Chief Great Ogboru

Deacon Ken Pela

Rt. Hon. Sheriff Obarevwori

Chief Kenneth Gbagi

Continued on page 10

INEC to Political Parties: See March 18 Elections as Contest, Not War Pledges to set up legal team to handle cases of electoral offences expeditiously Permits PDP, APC legal teams to inspect presidential election materials Call your lieutenants to order, NSA tells political gladiators

Story on page 10

LAUNCH OF INVESTMENT IN DIGITAL AND CREATIVE ENTERPRISES...

L-R: Executive Director, Small and Medium Enterprises (SME), Bank of Industry, Mallam Shekarau Omar; Minister of Science, Technology and Innovation, Senator Adeleke Mamora; Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed; Vice President Prof. Yemi Osinbajo; President, African Development Bank Group, Mr. Akinwunmi Adesina, Minister of Information and Culture Alhaji Lai Mohammed and Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, during the oﬃcial launch of the Investment in Digital and Creative Enterprises (iDICE), held at the State House Conference center, Abuja.... yesterday PHOTO: GODWIN OMOIGUI.

Amaechi: Wike a Drunk, Spends N50m Weekly on Alcohol... Page 42

WEDNESDAY MARCH 15, 2023 •T H I S D AY

WEDNESDAY MARCH 15, 2023 • T H I S D AY

WEDNESDAY MARCH 15, 2023 •T H I S D AY

WEDNESDAY, ͹ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

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

NEWS

SANWO-OLU VISITS BISHOP OYEDEPO...

Lagos State Governor, Mr Babajide Sanwo-Olu (left) and Founder, Living Faith Church Worldwide, Bishop David Oyedepo, during the Governor's courtesy visit to the Bishop... on Monday

OPEC Confirms Nigeria’s 1.3 Million bpd February Crude Oil Output Moody’s places six US banks on potential rating downgrades Emmanuel Addeh in Abuja The Organisation of Petroleum Exporting Countries (OPEC) yesterday confirmed that Nigeria produced 1.3 million barrels per day of crude oil in February, in alignment with the country’s earlier self-reported data this month. The information which the international oil cartel made public

in its Monthly Oil Market Report (MOMR), further cemented Nigeria’s leader as Africa’s topmost producer, outperforming Algeria and Angola. But this is not discounting Nigeria’s underperformance to the tune of as much as much as 500,000 bpd, given its OPEC quota of 1.8 million bpd for the period under consideration. OPEC , in the latest report also

projected that world oil demand in 2023 will rise by 2.32 million bpd, or 2.3 per cent, unchanged from last month's forecast. Although faster Chinese demand could support the oil market this year, according to OPEC, but crude prices have fallen this week as the collapse of Silicon Valley Bank sparked fears of a fresh financial crisis. China, one of the biggest hydro-

carbons consumers, will help oil demand to grow by 710,000 bpd in 2023, up from last month's forecast of 590,000 bpd and a contraction in 2022, OPEC added. However, oil weakened after the report was released, extending an earlier decline. Brent crude, Nigeria’s benchmark, was down over $1 to below $80 a barrel. Overall, OPEC's oil production

Alleged Pension Disparity: Court Fixes May 19 for Judgment in Retirees' Suit against FG Alex Enumah in Abuja The National Industrial Court in Abuja, has adjourned till May 19, for judgment in the suit filed by aggrieved retirees challenging the federal government's alleged discriminatory pension policy. Justice Osatohanmwen ObasekiOsaghae, yesterday, announced the date for judgment shortly after lawyers to parties in the suit adopted their processes and arguments in the matter. The retirees are challenging the alleged refusal of the federal government to review their pensions upward in line with the provisions of Section 173 of the 1999 Constitution. In the suit marked: NICN/ABJ/ CS/1310/2022, instituted on their behalf by Chief Chiezonu Okpoko, the retirees are asking the court to determine the legality and applicability of Section 173 of the 1999 Constitution, Pension Acts of 2004 and 2014 and circulars issued by the federal government agencies relating to pension implementations. The claimants who are from the six geo-political zones are Chike Ogbechie, Hajiya Fatima Ahmad, Olarewaju Ale, Vitas Ajaegbu, Alhaji Abubakar Giza, Samuel Oladosu Ajayi, Dama Peter Douglas and Alhaji Muhammed Maccido. The six defendants in the suit are the Attorney General of the Federation (AGF), the Minister of Labour and Employment, the Minister of Finance, Budget and National Planning,

the Head of Civil Service of the Federation, the Director General, National Pension Commission and the Chairman, National Salaries, Incomes and Wages Commission. Upon determination of the legality and applicability of Section 173 of the 1999 Constitution, Pension Acts of 2004 and 2014 and circulars issued by the federal government agencies relating to pension implementations, the plaintiffs sought ten declaratory reliefs. They are seeking a declaration that by the provisions of Section 1 of the Pension Reform Act 2004, re-enacted by the provisions of Section 3 of the Pension Reform Act 2014, the federal government introduced and established the Contributory Pension Scheme (CPS) to apply to all employees in the Federal Ministries, Departments and Agencies (MDAs) and the private sector. They are also asking the court to declare that the Pension Reform Act, 2014 Act does not have a retrospective effect of taking away the rights that had accrued before the coming into effect of the 2014 Pension Reform Act. The retirees further sought a declaration that having put into the service the minimum mandatory period for gratuity before the 2014 Act came into being, they are entitled to their gratuities notwithstanding the coming into effect of the 2014 Pension Act and applied for an order of perpetual injunction restraining the defendants and their agents from further denying them and other retired

officers of the Contributory Pension Scheme who had put into service the minimum years for gratuity before the effect of the 2014 Pension Act their earned entitlements. The retirees also sought an order of mandamus compelling the defendants to compute, with immediate effect, all their financial entitlements and those

of officers on Contributory Pension and their gratuity to put an end to the continuous injury being inflicted on them by the refusal to review their pension upward. At the end of yesterday’s proceedings, Justice Obaseki-Osaghae announced that she would deliver the Court's decision on May 19.

rose in February despite output cuts by the wider OPEC+ group. OPEC stated that its crude oil output in February rose by 117,000 bpd to 28.92 million bpd, helped by a further recovery in Nigeria. But despite the rise, OPEC is still pumping much less than called for by the OPEC+ agreement, as Nigeria, Angola and other members still struggle to reach their targets. While there was marked improvement in output from Nigeria, Saudi Arabia and Congo, Angola and Iraq mostly underperformed in February, creating a drag on the cartel’s supply for the month. On OPEC’s forecast for the Nigerian economy, the oil producers group stated that the rising trend in inflation, ongoing external and fiscal pressures, and deteriorating global macroeconomic conditions are expected to lead towards decelerating economic activity in 2023. Meanwhile, Moody’s Investors Service has placed six US banks on review for potential credit rating downgrades in the wake of last

week’s collapse of Silicon Valley Bank. The credit ratings firm also downgraded Signature Bank deep into junk territory following that bank’s failure. Ratings downgrades can make it more expensive for companies to borrow money, CNN reported. Moody’s warned it could similarly downgrade First Republic Bank (FRC), Zions (ZION), Western Alliance (WAL), Comerica (CMA), UMB Financial (UMBF) and Intrust Financial. The firm cited the “extremely volatile funding conditions for some US banks exposed to the risk of uninsured deposit outflows.” Silicon Valley Bank was shut down last Friday morning by California regulators and was put in control of the United States Federal Deposit Insurance Corporation (FDIC) The collapse of the bank has impacted the price of Nigeria’s oil benchmark, Brent, which fell nearly 2 per cent in volatile trading on Monday as the event roiled equities markets and raised fears of a fresh financial crisis.

Nigeria Missing as Vice President Kamala Harris Visits Africa This Month Emmanuel Addeh in Abuja Nigeria will be missing on her itinerary as the United States Vice President Kamala Harris, is expected to travel to Africa later this month, her office announced, becoming the most senior Joe Biden administration official to visit the continent. Her trip comes as the administration seeks to bolster its relationships with African countries, as competitors like Russia and China have made inroads in the region, CNN reported. Harris is scheduled to visit Ghana, Tanzania and Zambia in a historic trip, her first visit to the continent since becoming vice president, but will ignore Africa’s most populated nation and one of America’s most important allies on the continent, THISDAY learnt. And it will be the first time a Black US vice president is visiting the region, amplifying Harris’ historic role and high-profile trip. Second

gentleman Doug Emhoff will join her on the trip. In a statement, Harris’ press secretary Kirsten Allen said the vice president’s trip will “strengthen the United States’ partnerships throughout Africa and advance our shared effort on security and economic prosperity.” Harris’ trip is the latest of several US officials who plan on visiting, or have visited, Africa. First lady Jill Biden returned from her trip to Africa earlier this month. Treasury Secretary Janet Yellen and US Ambassador to the United Nations Linda Thomas-Greenfield visited earlier this year Also, Secretary of State Antony Blinken will travel to Ethiopia and Niger this week, and President Joe Biden is expected to visit the continent later this year. For now , they have all side-stepped Nigeria. “Throughout the trip, in partnership with African governments and the private sector, the vice president

will advance efforts to expand access to the digital economy, support climate adaptation and resilience, and strengthen business ties and investment, including through innovation, entrepreneurship, and the economic empowerment of women,” Allen wrote. Harris will first visit Ghana, then Tanzania and then end the weeklong trip in Zambia before returning to Washington. The vice president will hold bilateral meetings with presidents from the three countries to discuss “regional and global priorities, including our shared commitment to democracy, inclusive and sustainable economic growth, food security, and the effects of Russia’s unprovoked war in Ukraine, among other issues.” According to the CNN report, she also plans to build on the commitments made during the US-Africa Leaders Summit in December, when the president hosted nearly 50 African leaders

in Washington. In her remarks at the time, Harris framed the US as the preferable choice over Beijing and Moscow. “Our administration will invest our time and our energy to fortify partnerships across the continent. Partnerships grounded in candour, openness, inclusiveness, shared interests and mutual benefits,” she said at the summit. “And overall, our administration will be guided not by what we can do for Africa but what we can do with Africa,” she added. Allen said Harris will focus on strengthening that message while engaging on the ground with the African Diaspora. The vice president’s trip may also feel like a sort of homecoming after she spent time there as a young girl in the 1960’s, according to The Los Angeles Times, when visiting her maternal grandfather who was on assignment in his role as an Indian civil servant.

WEDNESDAY MARCH 15, 2023 •T H I S D AY

WEDNESDAY MARCH 15, 2023 • T H I S D AY

WEDNESDAY, ͹ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

UMAHI AT THE VILLA... President Muhammadu Buhari receives in audience Ebonyi State Governor, Engr Dave Umahi at the State House Abuja ... yesterday

PHOTO: SUNDAY AGHAEZE.

Banks Begin Dispensing of Old N500, N1, 000 Notes via ATMs, Over-the-Counter Business still reluctant to collect currencies CUPP spokesman commends Emefiele Nume Ekeghe in Lagos and Udora Orizu in Abuja Following a Central Bank of Nigeria (CBN) directive on Monday that the old N500 and N1, 000 remain legal tender in line with a Supreme Court ruling, banks have started dispensing the currencies over-thecounter (OTC) and via Automated Teller Machines (ATMs). However, investigation by THISDAY showed that business operators were still reluctant to collect and transact with the old notes. THISDAY visited some branches of banks in Lagos, and most ATMs were dispensing the old notes, just as the banknotes were being dispensed over-the-counter. But it was discovered that banks were still requesting customers to fill deposit forms via the CBN portal, which was what some of their customers expressed concern about. Findings also showed that queues have subsided at banks’ ATMs. But all the supermarkets visited and petrol stations were still insisting on being paid with the new banknotes or via electronic

channels. The central bank had released a statement on Monday night assuring that the old N200, N500 and N1,000 remained legal tender till December 2023 in line with the ruling of the Supreme Court. The statement by the apex bank had given confidence to more Nigerians who had been reluctant to accept the old notes. Meanwhile, the House of Representatives member-elect for Ideato North/South federal constituency, Ikenga Ugochinyere, has commended the CBN governor, Godwin Emefiele, for complying with the Supreme Court ruling and directing commercial banks and other financial institutions in the country to continue to accept and pay out the old N200, N500, and N1,000 notes till December 31, 2023. Ugochinyere, who is also the spokesman of Coalition of United Political Parties (CUPP), while commending the CBN, accused some bank chief executives and managers of hoarding the new notes for political reasons. He described as saddening the long queues at the banks, as people helplessly

waited to withdraw money, while managers of banks were allegedly helping moneybag politicians to get the new notes. Ugochinyere said, "It's commendable that the CBN, in compliance with the rule of law,

directed deposit money banks operating in Nigeria to comply with the Supreme Court ruling of March 3, 2023, by accepting and paying out the old N200, N500, and N1,000 notes till December 31, 2023.

"Nigerian citizens are yearning for the best and should not be made to suffer more hardship, hence, managers of banks who are found to hoard the new naira notes to create artificial scarcity, but are behind the public arena

Nova Merchant Bank Pledges Support for Women Embracing Technology in Nigeria NOVA Merchant Bank has pledged to promote gender equality by supporting women who embrace technology skills, especially in our ever-evolving world. This commitment was made during the 2023 NOVA International Women’s Day (IWD) conference held recently, at the bank’s headquarters in Lagos, according to a statement yesterday. The IWD conference was part of the bank’s women empowerment initiative which began in 2020, where women in NOVA converge to discuss gender equality issues and proffer solutions.

This year’s event featured prominent women who have distinguished themselves in their industries by leveraging technology and innovative solutions to drive value in Nigeria and Africa in line with the global theme, DigitALL: Innovation and Technology for gender equality. The Chief-Host and Executive Director of NOVA Merchant Bank, Mrs. Funke Okoya, who welcomed participants at the conference, said, “Given the country’s transition to cashless policy, NOVA believes that women can play a significant role in providing innovative ideas to

capitalise on the benefits of this disruption by leveraging innovation and technology.” She added that NOVA will continue to push for the capacity development of women in Nigeria in tech and drive initiatives that advance women’s cause.” The Chief Information Officer, NOVA Merchant Bank, Mrs. Mabel Irona-Nduka, reiterated the bank’s stance on female empowerment, adding, “NOVA will continue to lead the many voices committed to women empowerment by making deliberate efforts to close the gender gap in traditionally male dominated roles like information Technology

Alleged N9.4bn Fraud: Court Dismisses Lebanese Citizens' Request to Quash Charge, Extradition Order Wale Igbintade A Federal High Court, in Lagos has dismissed an application filed by two Lebanese - Nabil Maukarzel and Halawi Fidaa - asking the court to quash a criminal charge and extradition order made against them over alleged N9. 441 billion. The two Lebanese, who are currently residing in Spain, were accused of conspiracy, obtaining by false pretence and fraud of N9, 441, 824, 102. 14 billion by men of Force Criminal Investigation Department (ForceCID) Annex Alagbon-Ikoyi Lagos, in a charge marked FHC/L/260c/2021.

During the pendency of the charge, the two defendants became elusive and failed to appear in court to take their plea. Following their failure to appear in court for the matter, Police prosecutor S. O. Ayodele, applied to court for an extradition order against them, which was granted by the court. However, lawyer to the defendants, Mesuabari Josiah, approached the court with an application seeking to quash the charge and to strike out the extradition order. Josiah also filed before the court a notice of appeal against the extradition order and a motion for stay of the extradition order.

helping moneybag politicians to get the new notes, set the public up against the CBN’s new policy, such banks and bankers should be investigated, and if found culpable, be made to face the wrath of the law."

Opposing the application, Police lawyer, S. O. Ayodele, argued that the court could only grant the defendants' reliefs, after they have submitted themselves to the court and take their plea on the charges against them. Ruling on the applications and arguments canvassed by counsel, Justice Daniel Osiagor held that, "fugitive defendants, who refuse to submit themselves to court, have no right of audience". Justice Osiagor thereafter dismissed the two applications for lacking in merit. The police had accused the two Lebanese, Nabil Maukarzel

and Halawi Fidaa, of defrauding Ecobank Plc of the sum of N9, 441, 824, 102. 14. The two Lebanese and others now at large, were alleged to have disappeared into thin air, after defrauding the bank on the pretence of using the money to import goods into Nigeria. They were alleged to have committed the offences at Apapa, sometimes in the year 2014 at Apapa Lagos, in Lagos State of Nigeria. Part of the charges against the defendants read: "That you Nabil Maukarzel ‘M’, Halawi Fidaa ‘M' and others now large sometimes in the year 2014 at Apapa Lagos, in Lagos State of Nigeria within the Jurisdic-

tion of the Federal High Court of Nigeria conspired among yourselves to commit felony to with obtaining the sum of N9, 441, 824, 102. 14 (Nine Billion Four hundred and forty-one million, eight hundred and twentyfour thousand, one hundred and two naira and fourteen Kobo Only) from Ecobank of Nigeria Limited under the pretense that you are using the sac sum to import goods into Nigeria, a representation you knew to be false and thereby committed an offence contrary to Section 8 (a) of the Advance Fee fraud and other Fraud related Offences Act, 2006 and punishable under Section (3) of the same Act.”

and most especially, at leadership levels.” Guest Speaker at the event, Dr. Ola Brown who is the Founding Partner, Health Cap Africa said, “Having tech savvy women in leadership roles means making more profits especially in a hyper-competitive industry such as banking where we must leverage and utilize all legitimate and innovative alternatives to optimize profit irrespective of gender, and this is where embracing equity is important.” Brown emphasised the need for women to believe in themselves as competent enough to advocate for quotas in all areas, including technology, politics, and their careers. In her own submission, the Managing Director/CEO, Digital Jewels Africa, Mrs. Adedoyin Odunfa who spoke on protecting the rights of women and girls in the digital space, said, "50 percent of women online have suffered some form of online violence and harassment from the responses and nuances.” She noted that it is critical to teach women and girls digital skills and how to deal with online violence, and also put policies in place to protect women's rights in the digital space." NOVA Merchant Bank Limited is an investment grade rated bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Corporate and Investment Banking, Asset, and Securities Management, Trade Services, Cash Management, Transaction, and Digital Banking.

WEDNESDAY, ͹ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

2023 NOVA INTERNATIONAL WOMEN’S DAY CONFERENCE... L-R: Managing Director/CEO NOVA Merchant Bank, Mr. Nath Ude; Managing Director/CEO, Digital Jewels Africa, Mrs. Adedoyin Odunfa; Founding partner, Healthcare Capital Africa (Healthcap), Dr Ola Brown; Executive Director, NOVA Merchant Bank, Mrs. Funke Okoya, during the 2023 NOVA International Women’s Day (IWD) conference held at the Bank’s headquarters in Lagos…recently

Osinbajo Launches $600m Programme for Young Nigerians in Technology, Creative Sectors Calls on African govts, private sector to invest more in innovation, targeting job creation Deji Elumoye in Abuja The Vice President, Prof. Yemi Osinbajo, yesterday, launched a $600 million programme for young Nigerians in the technology and creative sectors with a call on African governments and the private sector to do more to support the growth of innovation in the continent. Osinbajo spoke at the State House, Abuja, at the presidential launch of the Investment in Digital and Creative Enterprises (i-DICE) Programme which would support young Nigerians ranging from ages 15 to 35, who are entrepreneurs and involved in early stages in creative, innovative and technology-enabled ventures. Delivering a keynote address at the event, the vice president declared: “I think it is now impera-

tive to commence a coordinated approach towards innovation on the continent, bringing together all stakeholders to coordinate efforts at scaling up investments and building programmes that provide the right enabling environment and produce talent pipelines that support the growth of innovation on the continent." Under i-DICE, constraints such as access to capital, and capacity limitation of Start-ups would be effectively addressed. But according to Osinbajo, more needed to be done to scale up such programmes. His words, “the government must provide more support for startups and small businesses, and investors must provide more funding. This is why the Investment in Digital and Creative Enterprises Programme is important.”

i-DICE is supported by funding from the African Development Bank (AfDB) -$170 million, the Islamic Development Bank (IsDB)- N70 million and the Agence Française de Développement - $116 million. There is also Federal Government of Nigeria counterpart contribution of $45 million through the Bank of Industry loans for qualifying start-ups. Speaking on behalf of the Nigerian government, the Vice President thanked the development partners for their collaboration. Also commending the efforts of the development partners, Osinbajo noted that the programme’s design “supports innovation across very critical pillars including policy, infrastructure, access to finance and talent. These pillars have been identified as very critical

Mobile Money Transactions Volume Rose by 70% in Feb Nume Ekeghe Data released by the Nigeria InterBank Settlement System (NIBSS) has shown that the volume of mobile money transactions for the month of February, rose by 70 per cent to 183.69 million compared to 108.13 million recorded in the month of January. The latest data released by NIBSS showed that while the volume of transactions rose by 70 percent value of transactions rose by 7.8 percent. Volume had risen from 108.13 million transactions with a value of N2.37 trillion in January, to 183.69 million transactions with a value of N2.55 trillion. The data suggested that more Nigerians used electronic channels such as bank applications and USSD to pay for items that normally would have been cash-based. The data showed that while the volume of NIBSS Instant Payment (NIP) rose by 45.5 per cent last month, the value of transactions consummated via the channel declined by 5.12 per cent. The February NIP data showed that as against 541.65 million transactions that were done via NIP in

January, valued at N38.77 trillion, the February NIP channel recorded 787.93 million transactions with a value of N36.78 trillion. When compared to the data recorded in the comparable period of 2022, the NIP recorded a significant increase in volume, which was up by 121 per cent, while value rose by 35.32 per cent. In February last year, NIP transactions stood at 355.61 million transactions valued at N27.18 billion. Similarly, transactions consummated via point of sale (PoS) terminals rose last month. According to the NIBSS statistics, the volume of PoS transactions rose by 17.8 per cent while value of transactions on the channel rose by 9.4 per cent. At the end of February, a total of 113.53 million valued at N883.45 billion was recorded, as against the 96.35 million transactions valued at 807.16 billion that was recorded in January this year. Also, the PoS channels’ figure for February this year, showed a 27.7 and 53.6 per cent increase in the value and value of transactions compared to the comparable period of 2022. In February last year, the channel had recorded 88.9 million

transactions valued at N575.96 billion. The increased volume in transactions was not unconnected to the scarcity of cash in the economy which forced many citizens to resort to using electronic payment channels to pay for their daily transactions.

to the growth and sustenance of innovation on the continent.” He disclosed that the total fund is $618 million, out of which the AFDB provides $170million, the Agence Francaise de development $116m and the Islamic Development Bank will provide $70 million in co-financing adding that another $271m is expected from private sector and institutional investors. Osinbajo similarly observed that the launch of the (i-DICE) Programme was a significant milestone by the Nigerian government in its continued efforts in harnessing the potential of its youth population and creating more jobs. Beyond job creation, he said the programme was a government initiative to promote innovation and entrepreneurship in the digital tech and creative industries and especially targeted at job creation. Speaking about the present administration’s efforts in supporting the growth in the tech and innovation sectors, the Vice President noted that, “as a government, we have consistently provided support to the innovation ecosystem over the last 8 years. In 2018, we established the Technology and Creativity Advisory Group. The Advisory Group brings together stakeholders in the technology and creative industries, to contribute directly to policy formulation, articulation and

the design of the technology and creative sectors of our economy. “The Group has influenced various government policies for the growth of the economy. For instance, the Ministry of Communications and Digital Economy, working with NITDA has established a Center for Artificial Intelligence and Robotics, the Ministry has also led the coordination of our partnership with Microsoft to increase Nigeria’s technology talent pipeline by training five million Nigerians in various technology skills". Osinbajo also recalled how President Muhammadu Buhari signed Nigeria’s Startup Bill into law, making it the Nigeria Startup Act and also highlighted the essence of collaboration between the private sector and government in scaling up such programmes. He stated that there had been an influx of private capital which has enabled startups to expand operations and create new jobs while contributing significantly towards overall GDP growth of the country. There are of course thousands of startups that have used private funds or debt that goes unrecorded.” The Vice President referenced Disrupt Africa’s 2022 Tech Funding Report which indicated that Nigeria was the best-funded country in Africa for the second year running, with a minimum of 180 startups, making up ap-

proximately 30% of Africa’s funded ventures, raising approximately $1billion - substantially ahead of all other countries on the continent on both counts. He commended development partners for their support, and also thanked the AfDB President, Dr. Akinwunmi Adesina, for his role in bringing the idea to fruition. Also speaking, the President of the African Development Bank, Dr. Akinwunmi Adesina, commended the federal government’s commitment to the actualisation of the initiative, particularly the leadership of the VP in creating the enabling environment for the development of start-ups, as well as position Nigeria as Africa’s leading digital technology centre. "Today, I will thank you, my brother, the Vice President. You have been an amazing leader in our nation, you are a very focused and very determined person, as your time ends, may God continue to be with you and guide you in whatever lies ahead of you,” he added. He explained that the i-DICE Programme was “timely, strategic, and transformative as it will build the ecosystems to support more competitive entrepreneurs powered by digital technologies. “That is why we like i-DICE: it is visionary, sees the future and prepares Nigeria for it. That future is here. Every aspect of life is being transformed digitally.”

Nigeria's Politics Fascinating, Has Bright Future, Says British High Commissioner Sunday Aborisade in Abuja The outgoing British High Commissioner to Nigeria, Catriona Laing, has described Nigeria's politics as fascinating, saying it offered a better future for democratic governance in the country. She stated this amid litigations trailing the Presidential and National Assembly elections conducted by the Independent National Electoral Commission (INEC) on February 25. The British envoy stated this while speaking with journalists after she paid a courtesy visit to the President of the Senate, Ahmad Lawan, yesterday.

She said despite controversies that greeted the process of the election by some political actors, the nation's politics was fascinating and portended bright future for the country. "I made very good friends. I love Nigerian music a lot. The culture here is so rich. Secondly, the politics in Nigeria is so fascinating. I was here till the last election and I finished with this election and I'm impressed with Nigeria's democratic journey. Yes, a bit set backs, but in over all, I see this as positive and Nigeria should be proud but with a remarkable difference, when I came in 2019. "Nigeria is the biggest democracy

in Africa. The world watches your progress to democracy. Though there were some disappointments in the last election, overall, every Nigerian should be proud because since 1999, Nigeria has been on the right track as far as participatory democracy is concerned. "The election here is very different and fascinating as you are moving to three party system or may be even four. I think Nigerians as well should realise that their votes count," she said, even as she saluted Nigerians for being resilient at all times of difficulties. According to her, "There had been some tough times. We had

COVID-19, insecurity has got a lot more since I was here. Nigerian people are incredibly resilient. I remain very optimistic to Nigeria's future. So, it's been very wonderful tour and very sad to be going," she added. Earlier, Lawan commended the British envoy on her positive disposition to the country, and tasked her to help in strengthening bilateral relations between Nigeria and Britain. Lawan said, "Nigeria and Britain have come a long way very cordial and diplomatic relations over the years. The tradition we believe high rated diplomat like you can help to foster and strengthening," he said.

WEDNESDAY, ͹ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

TEN

I Will Build Lagos That Works for All, Says Rhodes-Vivour Collapse your structure, join me to save Lagos, LP guber candidate tells PDP Peter Uzoho The governorship candidate of the Labour Party (LP) in Lagos State, Mr. Gbadebo Rhodes-Vivour, has promised to liberate the state from the stranglehold of those that had held it captive for over two decades and to also make it work for the residents. Also, yesterday, Rhodes-Vivour also said he was expecting the Peoples Democratic Party (PDP) in the state to collapse its structure and join him to save Lagos. Speaking to journalists during his campaign tour of some parts of the state, Rhodes-Vivour urged the voters in the state to ignore the antics of those feeding fat on the commonwealth of the people of the state, who he said had levelled all kinds of frivolous accusations against him in their desperate bid to maintain their tight grip on the economic and political powers in the state. He argued that some mischievous politicians who claimed to be more Yoruba than him only remember that they are of Yoruba ethnic group during every election season. "When the South-west was invaded and our people were being killed, they did not speak out because they did not remember that they were Yoruba. It is ridiculous that somebody who is not an indigenous Lagosian is questioning my pedigree and my Lagos origin. “How can somebody we did not know what his grandfather was doing question my origin? Lagos is not a no-man's land. The indigenous people of Lagos have been crying over marginalisation for over 20 years.

“Other Yoruba people in Lagos have been excluded from the scheme of things by a few people who hijacked power for their selfish interest. There are also other Lagos residents who have contributed significantly to the development of the state. I will build a Lagos that works for everybody, irrespective of tribe and religion. Lagos is not a no-man's land but it is tolerant; it is cosmopolitan; that is the culture of Lagos," he explained. He said he remains an original Lagosian and true son of his father, a lawyer, Mr. Olawale Rhodes-Vivour. “I am a Lagos boy, an Omo Eko Proper, no doubt! To those doubting my Yoruba pedigree, I advise you to read Lagos history if as a Lagosian you don't know the Rhodes-Vivour family pedigree and our stellar contributions to the development of Lagos - foremost legal luminaries and judges from 1800s such as Steven Bankole Rhodes, to my uncle the Supreme Court Judge, Bode Rhodes Vivour and my father, Barrister Olawale Rhodes Vivour a lawyer. “The land upon which City Hall is built belongs to my family. My great parents owned the largest plantation in Lagos," he added. Rhodes-Vivour explained that he would not be distracted by the antics of those desperate to maintain their grip on power, stressing that this clique has impoverished Lagosians for too long. “My focus is on how to uplift Lagos, my beloved state of birth and lineage, by resolving the perennial Lagos traffic problem by building four new rail lines in four years, whose multiplier effects would

create jobs throughout our economy, resolving the massive unemployment and underemployment that is the 'Agbero' culture," he said. He described the Yoruba-Igbo tribal card as a fabrication by the enemies of Lagosians to disunite the people and distract them from ending the 24 years of economic and political subjugation of Lagos State. Rhodes-Vivour, who admitted that his mother is Igbo, while his father is Yoruba, described the Yoruba

and Igbo ethnic groups as brothers. Meanwhile, Rhodes-Vivour has said he was expecting the PDP in the state to collapse its structure and join him to save Lagos. The LP candidate, popularly known as GRV, said this in an exclusive interview with Politics Hub. He expressed hope that the Independent National Electoral Commission (INEC) would oversee a transparent electoral process, while stating that he is “prepared for the

worse.” He said: “I have a relationship with the PDP. I came from the PDP. I was in the PDP for six years. I was the senatorial candidate for the PDP in 2019. “I had the most votes in the party. I know the leaders in the party. We understand that at a practical level, we need to have as many people working together, especially because this election process is not free and fair.

“They promised us electronic transmission of votes, that did not happen. We saw the intimidation and harassment, and manipulations at the ward collation, LG collation. “So we need everybody to work together to save and rescue Lagos. We are in talks with several parties. “A few parties have collapsed their structures for us. I expect that the PDP would do the same very soon.” Continues online

Umahi: APC Must Guide Process for Electing 10th N'Assembly Leadership Says it should zone positions for balance, equity Deji Elumoye in Abuja Ebonyi State Governor, Dave Umahi, has called on the ruling All Progressives Congress (APC) to guide the process that would produce the leadership of the 10th National Assembly by zoning the positions. Umahi, who was last month elected to represent Ebonyi South Senatorial District in the 10th National Assembly, told newsmen after meeting with President Muhammadu Buhari at the State House, Abuja, yesterday, explained that the party through zoning would be able to ensure equity and balance of power

among the geo-political zones of the country. The governor spoke on the issue of zoning, when responding to a question on the chances of the ruling APC, which has already returned the highest number of senators-elect, to zone the President of the Senate office to the Southeast region of the country. He said, “I'm a party man and very committed to decent process, the party and, of course, the President-elect directed that we shouldn't talk about that yet, we should all go back and work for gubernatorial and State House of Assembly elections and I want to obey that directive not to talk

about it. “But I believe strongly that zoning must be done by the party, the party should not allow everybody to jump into the race and then in doing zoning, when the time comes, they must look at all the parameters so that we can carry all the regions along, this is very important. “But I won’t want to say further because the party directed we shouldn’t talk about it until we have done our elections. Just be assured that APC is getting very strong in the Southeast,” he said. On the chances of the APC in the forthcoming governorship elections in the Southeast, the

governor expressed optimism that the APC would do well. He also noted that while the Labour Party has no gubernatorial candidate in the forthcoming governorship election in Ebonyi State, even if there was one, the APC would still win the election, because of the quality of candidate fielded. His words: “I will, first of all, like to analyse my state and may be talk about other states. You know, we are going to have governorship election in only three states and House of Assembly election in five states.

elections or compromise the security of our personnel, observers, the media and service providers." The INEC chairman recalled that exactly three weeks ago, the committee had met to review security arrangements for the presidential and National Assembly elections. He said yesterday's meeting was to review preparations for the governorship and state Houses of Assembly elections holding on Saturday. Yakubu pointed out that the governorship elections in eight – Anambra, Bayelsa, Edo, Ekiti, Imo, Kogi, Ondo, and Osun states – were held off-cycle. However, the INEC chairman stressed that elections would be conducted for all the 993 state constituencies nationwide. He assured that the commission would immediately set up a legal team to handle cases of electoral offences expeditiously. The assurance by the electoral umpire followed a directive to Police State Commands by the Inspector General of Police (IGP), Usman Baba, to handle all cases of electoral offences expeditiously. Yakubu said the commission was encouraged by the directive to state commands by the IGP. “We look forward to receiving the case files. We will immediately set up a legal team to handle such cases in earnest,” he added. Yakubu explained that INEC state offices had made available to the Nigeria Police, being the lead agency in election security, the delimitation details for both the governorship and state assembly elections, including locations of polling units and collation centres. He said on that basis, the commission was expecting a coordinated deployment plan in synergy with other security, intelligence, law enforcement, and safety agencies. The chairman revealed that INEC held a virtual meeting with all the Resident Electoral Commissioners (RECs) on Monday to review preparations for the coming elections. He said in addition to election technology, logistics and a host of other issues, security was also discussed, adding, "We will present some of the issues at this meeting for further discussion and, most importantly, appropriate action." Speaking at the meeting, the

NSA said Saturday's elections were going to be much more complicated, adding that contextually they are going to be different. According to Monguno, “First of all, we are going to have 1,021 constituencies. Meaning, we are going to have more people interested, more people voting, more collation centres and obviously the dynamics will be much more different than the elections that we have just concluded.” Monguno commended the political parties and individuals that participated in the February 25 elections, especially those that called for peace and calm. He urged political gladiators and individuals at the state level to demonstrate the same level of maturity and discipline by calling their supporters to conduct themselves in a manner in sync with the expectations of the larger Nigerian society. Monguno stated, "For the security agencies, I know a lot has been done. I have been talking with the Chief of Defence Staff and the IGP, who is the head of the lead agency in the process of election. "So far so good, we do not envisage anything that is going to be terrible or apocalyptic in terms of the next few days. But that does not mean that we should all do away with our state of readiness. “We must comply with the rules; we must also allow everyone to exercise their fundamental rights as citizens of this country. What we do not want happening is for anybody to take the law into his or her own hands. "I want to be very clear in this, we are going to give maximum support to all entities involved in this process and we are also calling on the political bigwigs to call their lieutenants to order. Anybody who is hitching to undermine this process should, please, think again. It is not in his own interest; it is not in the interest of the nation as well." The NSA assured that the security agencies would continue to work round the clock, saying all the crisis centres, as well as the communication systems are open. He said he would be communicating with the chairman of INEC if there was anything needed to be done or added, stressing that his office is open and readily available to give necessary support.

Continues online

I N E C TO P O L I T I C A L PA RT I E S : S E E M A R C H 1 8 E L E CT I O N S AS C O N T E ST, N OT WA R Adedayo Akinwale in Abuja With exactly three days to Saturday’s governorship and Houses of Assembly elections, the Independent National Electoral Commission (INEC) has advised political parties and their supporters not to see the polls as war, but as a contest. INEC Chairman, Professor Mahmood Yakubu, disclosed this yesterday, at a meeting of the Inter-agency Consultative Committee on Election Security ahead of the elections. The commission revealed that duly

certified copies of Forms EC8D and EC8D (A) had been made available to the legal teams of the Peoples Democratic Party (PDP) and All Progressives Congress (APC). It said the teams were yesterday allowed to also inspect the original copies. National Security Adviser (NSA), Maj-Gen. Babagana Monguno (rtd), told the meeting that Saturday's elections, billed to take place in over 1,000 constituencies, would be more complicated than the February 25 polls. Monguno appealed to the political parties to call their members

and supporters to order. There were reported cases of violence, intimidation, and suppression of voters during the elections held last month. Yakubu stressed that the governorship and state assembly elections this weekend would involve more constituencies than the February 25 presidential and National Assembly elections. He noted that unlike the last elections, which involved 470 constituencies – one presidential, 109 senatorial districts, and 360

House of Representatives seats – the state elections would involve 1,021 constituencies – 28 governorship and 993 state assembly candidates. Yakubu stressed that there would also be more candidates involved and more collation centres to protect, saying they are local elections involving keen contests. He stated, "It is, therefore, important for parties and candidates to speak to their agents and supporters to see the elections as a contest and not war. They should refrain from acts of violence that may mar the

MARGINAL FIELDS: NUPRC MOVES TO MITIGATE AWARDEES' FUNDING CHALLENGES licence holders, it was planning a production-based lending engagement that will help them source needed capital. According to the organisation, the move would assist the awardees in their bid to commence full field development towards hitting “first oil”. Komolafe added that the engagement, planned to commence soon, would be between the commission and the Petroleum Production Licence (PPL) awardees, Exploration and Production (E&P) service providers, and Nigerian banks. The 2020 marginal field bid round was originally overseen by the defunct Department of Petroleum Resources (DPR) before the process was taken over by the successor commission, NUPRC. However, work on the fields has not progressed as fast as expected, especially for Nigeria, which desperately needs to meet its Organisation of Petroleum Exporting Countries (OPEC) quota. THISDAY had also exclusively reported on Monday that most of the oil firms awarded fields in the

57 fields auctioned during the 2020 marginal field bid round had not been able to progress their licences to field development and first oil production due to the dual challenge of lack of capital and existing corporate governance. According to the list of awards seen by THISDAY, some of the fields and their awardees included: Egbolom - Oando Energy Resources and two others; Udibe - Folstaj; Omofejo - AsherDelta and two others; Ugbo - Energia; Oloye -A.A Rano; 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 had also reported that apart from Udibe marginal field, awarded to Folstaj International, and Omofejo field, awarded jointly to AsherDelta, Zigma Limited and GlenPetro, other assets were currently in a state of inactivity, as their owners

DELTA GOVERNORSHIP CANDIDATES DEBATE ON ARISE NEWS CHANNEL TODAY (APC); Chief Great Ogboru of All Progressives Grand Alliance (APGA); Deacon Ken Pela of the Labour Party; Rt. Hon. Sherrif Oborewvori of the Peoples Democratic Party (PDP) and Chief Kenneht Gbagi of Social Democratic Party (SDP). The candidates are expected to tell Deltans their various plans regarding Delta’s economy, security, education,

healthcare among others. The Delta Governorship debate is expected to help the electorate make the right choice of w ho to lead them in the next four years ARISE News is reputed for organizing world-class political debates for political office seekers. It successful did that for presidential leading candidates before the election that held on February 25, 2023.

were still trying to set up proper corporate governance and move to rally for funds needed to get to the next level. Out of the current 1.8 million barrels per day (bpd) OPEC production allocation to Nigeria, the country is only able to drill 1.3 million bpd, the highest production level in over a year, according to February 2023 data from the commission. But Komolafe noted that the new set of engagements with stakeholders was meant to provide platforms for strategic partnership and alliance between the awardees and the service providers for well re-entry and drilling services. The arrangement, he said, was to be offered on service fee recoverable by the service providers from production to be attached. The NUPRC chief executive said the commission had already concluded plans to organise an E&P international financing roadshow in Abuja in the coming weeks for financiers, investment bankers, private equities, and multi-lateral institutional investors. The initiative, Komolafe added, was to showcase the high value quick-win opportunities available to investors in the recent PPL awards, the ongoing National Gas Flare Commercialisation Programme (NGEP), as well as the ongoing mini-bid awards. Besides, to ease the challenges thrown up by the initial corporate governance issues that arose before the inauguration of the Petroleum Industry Act (2021), Komolafe stated that the commission had developed a corporate governance framework for upstream petroleum operations. According to him, the framework is currently at an advanced stage

of internal review and stakeholder engagements required for its finalisation. He stated, “This is to enhance sustainability, environmental and corporate governance requirements and to facilitate capital attraction by investors for the optimal and efficient development of the PPLs and other assets. “To facilitate dynamic data gathering and accelerate the achievement of ‘first oil’, the commission initiated the revision of the subsisting Extended Well Test (EWT) guideline to enhance early cash flow and speed up the journey to first oil. “The strategy has already yielded positive results with 16 companies submitting Field Development Plan (FDP), two already commencing unitisation processes, six re-entries and two having gone through the EWT.” Komolafe pointed out that the commission was not unmindful of the protracted dispute among some of the awardees triggered by shareholder disagreements and misunderstanding. He disclosed that NUPRC was collaboratively engaging the parties and mediating to facilitate early closure and diligent progression towards achieving the expected regulatory milestones, including value creation and hitting first oil. Since the award of 47 PPLs to solely Nigerian entities in June 2022, Komolafe said the commission had made concerted efforts within the stipulations of the law to provide statutory guidance and support towards the progression of the assets to field development. Continues online

WEDNESDAY MARCH 15, 2023 • T H I S D AY

WEDNESDAY MARCH 15, 2023 •T H I S D AY

WEDNESDAY MARCH 15, 2023 • T H I S D AY

WEDNESDAY MARCH 15, 2023 •T H I S D AY

WEDNESDAY MARCH 15, 2023 • T H I S D AY

T H I S D AY ˾ WEDNESDAY MARCH 15, 2023

MIDWEEKPOLITICS

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com

08033025611 SMS ONLY

Now That Nigeria Has a President-elect... The emergence of the presidential ﬂag bearer of All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, as Nigeria’s President-elect did not only raise fundamental questions about its political future, but largely signals a new era for the nation, Gboyega Akinsanmi writes.

mid deep-seated discontent in the ranks of the leading opposition parties, the Independent National Electoral Commission (INEC) penultimate Wednesday pronounced the presidential candidate of APC, Senator Bola Tinubu the winner of the 2023 presidential poll. The contest is purely a four-horse race, though 18 political parties participated in it. Apart from the flagbearer of APC, prominent among the contestants are former Vice President, Alhaji Atiku Abubakar of Peoples Democratic Party (PDP); former Anambra State Governor, Mr. Peter Obi of the Labour Party (LP) and his Kano State counterpart, Dr. Rabiu Kwankwaso of New Nigeria Peoples Party (NNPP). Each of the contestants earnestly fought tooth and nail to win the race to the Presidential Villa. The election is perhaps the most keenly contested election in the history of Nigeria, though voters’ participation significantly dropped when compared to previous elections held between 1999 and 2015. As indicated in the official results of the INEC, only 25,286,616 registered voters were accredited to participate in the process. Of the figure, INEC declared 939, 277 votes invalid for alleged non-compliance with the provisions of the Electoral Act, 2022. The rejected votes further brought the total valid ballots down to 24,025,940. In the contest, Tinubu comfortably polled 8,794,726, which represented about 36.6 percent of the total valid votes. He secured the votes in addition to 25 percent in the two-thirds of the country’s 36 states and Federal Capital Territory as required under Section 131(1) of the Constitution of the Federal Republic of Nigeria, 1999. Trailing Tinubu behind is the flagbearer of PDP with 6,984,520 votes, which earned him

Tinubu

the place of first runner-up. Compared to the votes he secured, the flagbearer of APC polled 1,810,206 higher than the first runner-up, who garnered about 29.07 percent share of the overall valid votes. Of the total valid votes, also, Peter Obi secured 25.4 percent with 6,101,533 ballots; Kwankwaso too garnered 6.23 percent with 1,496,687 votes and 14 other presidential candidates shared the remaining 8.93 percent, which analysts claimed, attested to the competitiveness of the contest. However, the outcome of the presidential election stoked more critical questions about Nigeria’s electoral culture than previous election results. The process recorded the lowest voters’ turnout since the coming of the Fourth Republic in

1999, which according to election experts, was a disturbing trend to the country’s budding democracy. Of 93,469,008 voters that registered to participate in the 2023 elections, only 25,286,616 turned out to exercise their suffrage. The turnout only translated to 27.05 percent of the total registered voters. This was a sharp contrast to the level of voters’ participation recorded in the previous election years as analysed from INEC’s records, In 1999, for instance, 52 percent voters’ participation was recorded; 69 percent in 2003; 58 percent in 2007; 54 percent in 2011; 43 percent in 2015 and 35 percent in 2019. But the pertinent questions remain: where were the registered voters who refused to partake in the process? Why did they abstain from the process that would largely define their future? Some election experts identified diverse reasons that triggered the gnawing trend, ranging from diverse intra-party intrigues to inter-party dynamics that ensued during the electioneering campaign. The experts, first, linked the trend with a tense political environment, which Senior Fellow, Centre for Democracy and Development (CDD), Prof. Jibrin Ibrahim argued, apparently bred fear of violence nationwide. This fear, as Ibrahim pointed out, formed part of voters’ suppression strategies that the leading political parties adopted to discourage massive voters’ participation. In its 11-page preliminary report, the EU Election Observation Mission (EU EOM) alluded to the fear of violence as a critical factor that negatively impacted the country’s electoral environment that spawned the country’s lowest voters’ participation in its recent history. On election day, specifically, this fear was further confirmed across the federation as shown in diverse viral videos. But it was more pronounced in Lagos, Kano, Kaduna

and Rivers than other states of the federation, a situation most analysts attributed to their highly diffused demographics. In his recent intervention, also, Douglas Dillon Senior Fellow, Council on Foreign Relations, Prof. Ebenezer Obadare, attested to how fear of violence affected voters’ turnout across the country. He presented diverse empirical evidence to justify the outbreak of violence in some parts of the federation. For him, the presidential election recorded scattered incidents of violence with numerous cases of voter intimidation by party agents and miscreants. Second, election specialists identified a prevalent crisis of confidence as another trigger that put off millions of registered voters from participating in the process. Ibrahim explained the crisis on the premise that the registered voters were either poorly mobilised or inadequately motivated to participate in the process. He also attributed their refusal to exercise their suffrage to the limited choices of candidates that pertook in the contest, which they believed, had already been skewed to subvert the popular will. In their joint report, the International Republican Institute (IRI) and National Democratic Institute (NDI) also subscribed to this challenge, which they argued, explained why the process fell well short of citizens’ legitimate and reasonable expectations. The report further identified failures of logistics, voter registration hitches, voter card distribution constraints, inadequate communication by INEC, lack of transparency in the publication of election data and unchecked political violence before and during the elections as basic cogs that undermined the credibility of the process. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Sanwo-Olu: Running on Experience and Track Record Gboyega Akosile writes that the track record of Governor Babajide Sanwo-Olu of Lagos state in close to four years is enough proof to earn him another term in the Centre of Excellence.

he decision of Lagos State Governor Babajide Sanwo-Olu to seek a second term in office, came as no surprise to millions of Lagosians, in that the constitution of the land permits him

to do so. But the move, no doubt, was greeted by spontaneous excitement among the residents, given the quality of leadership, people-oriented policies and clear governance direction brought to State by Sanwo-olu and his brother, Deputy Governor Obafemi Hamzat. Little wonder Mobolaji Johnson Arena in Onikan literally became a beehive on Saturday, December 3, 2022, when All Progressives Congress (APC) flagged off the Governor’s re-election campaign. Sanwo-Olu, an exemplary public sector reformer and astute politician, known for his love and passion for the public service, has shown leadership in Lagos by giving the electorate a great deal in steering the ship of the nation’s commercial city in the right direction. As the 15th Lagos Governor, and having worked closely with three previous governors – Asiwaju Bola Tinubu, Babatunde Raji Fashola, and Akinwunmi Ambode in different capacities, Sanwo-Olu understands the State and the various challenges facing the mega city. His knowledge of challenges confronting residents made his administration to adopt a six pillars policy programme tagged T.H.E.M.E.S in solving the identified problems through good governance. The six pillars are; Traffic Management and Transportation; Health and Environment; Education and Technology; Making Lagos a 21st Century state; Entertainment and Tourism; Security and Governance. Each of these six pillars is carefully thought-out as

Sanwo-Olu

the Government’s priorities in delivering solution across sectors. Sanwo-Olu, in his speech at the swearing-in on May 29, 2019, spoke passionately about his plans for the State, especially his dream of building a Greater Lagos. This passion seemed to have motivated his quest for good governance. The Governor, without any iota of doubt, has delivered significantly on his campaign promises during his first term in office. His achievements are visible in different sectors and have been commended by people within and outside the state. A little above seven months when the Sanwo-Olu administration had barely settled down, COVID-19 pandemic ravaged the

entire world and Lagos became an epicentre of the airborne disease. The Governor showed leadership in rising up to the occasion and responding to the pandemic. As Incident Commander, he protected the citizens of the state by ensuring that the ravaging infection was well managed. Sanwo-Olu, with the assistance of his Commissioner for Health, Prof. Akin Abayomi, and other stakeholders controlled the spread and ensured that those who contracted the virus were well attended to. He was the first governor to come up with a clearly defined containment strategy and response, which was later adopted by the presidency for the national response plan. This intervention by the Sanwo-Olu administration made Nigeria the fourth best country in the world which impressively curbed the spread of the COVID-19 virus according to the World Health Organisation (WHO). Sanwo-Olu also displayed great leadership during the #EndSARS demonstration, a youthmotivated civil action against police brutality, which was later hijacked by hoodlums. The campaign, which started peacefully turned violent after it was hijacked, leading to violence and destruction of many private and public properties in Lagos State. Rather than allowing Lagos to be brought to its knees by the ugly incident, Sanwo-Olu rose up to the challenge by championing “Rebuild Lagos” plan. The administration’s traffic management and transportation blueprint has significantly brought the dream of Lagos to have efficient and reliable intermodal system of transportation to a reality. Sanwo-Olu’s government has invested hugely in waterways and a light rail system as alternatives to road transportation. The Governor’s administration started the 37-km Red Line rail project from the scratch

and the project is at completion stage. At full operation, the Red Line will move about a million passengers daily. The administration also injected huge resources into the 13-km Blue Line rail, commissioned in January by President Muhammadu Buhari, to ensure mass mobility from Mile 2 axis into the Island. To ease traffic gridlock in the metropolis, Sanwo-Olu’s administration built and completed Agege-Pen Cinema dual carriage flyover with adjoining roads in Agege, and also inaugurated the Lagos-Ogun network of roads with bridge in Agbado-Oke Odo LCDA. He also carried out Junction Improvements and Reconfiguration at the 18 traffic spots, including first and second Lekki Roundabouts, Allen Avenue, Ajah and Igando. All these are done to reduce traffic gridlock in the State. In the last three and half years, Governor Sanwo-Olu has constructed and rehabilitated over 1,000 roads while others are at various stages of completion. The plan for construction of the Fourth Mainland Bridge is also on course. The incumbent administration also started the Opebi-Ojota Link Bridge, which is expected to be completed this year. The First phase of the six-lane rigid-pavement 18.75km Lekki-Epe Expressway, stretching from Eleko Junction all the way to Epe T-junction, is completed and delivered to the good people of Lagos residing in the Lekki-Epe axis. The Sanwo-Olu administration has also provided thousands of LAGRIDE cars, First and Last Mile buses, and Large Capacity buses and boats for waterways to ease transportation in Lagos. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

WEDNESDAY MARCH 15, 2023 • T H I S D AY

T H I S D AY ˾ ͯͳ˜ 2023

FEATURES

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

2023 IWD: Honouring Nigerian Women Making Outstanding Contributions to Society The recognition of 11 exceptional Nigerian women for their outstanding contributions to society by the media at an event organised by Business Vanguard, Daily Focus, The National Day, and InsterLetters, is designed to be an annual celebration, with plans to extend the inspiration to secondary schools in the coming years. The event chronicled a few Nigerian women making significant contributions to society. Writes Mary Nnah

Dr. Olufunke Olubukola Samuel

Anne Ekperi Eke

Adaobi Sandra Ijoma

Andrea Ekpenyong

Bishop Glory Ndidi Umerah

Mrs. Ngozi Mercy Onuoha

o commemorate the 2023 International Women's Day (IWD), Business Vanguard, Daily Focus, The National Day, and InsterLetters came together to honour 11 women who have been outstanding in different endeavours. According to them, tese women have made significant contributions to their respective fields and deserve to be recognised for their achievements. The event featured a webinar where the women shared their experiences and offered strategies for success with OAP Precious Omoruyi anchoring the event. Topics on leadership development, confidence building, and navigating workplace challenges were discussed in detail. The interactive components such as breakout sessions and Q&A sessions allowed attendees to network and connect with the panelists. Speaking at the event, Ediale Kingsley, journalist and CEO of Sabistation Media, said the webinar was planned to inspire and empower the next generation of female leaders, and it was an exciting and informative occasion. He said: "We are honored to celebrate

these exceptional women who have broken barriers, challenged stereotypes, and paved the way for future generations.”

Wellness Coach, Sesi Toyin; Beads Entrepreneur, Anne Ekperi Eke; Marriage Nurturer's, Andrea Ekpenyong; and Founder of Delphi Foods and Lux Organic Farms, Millicent Oare.

The Amazons The 11 Nigerian women who were recognised for their outstanding contributions are BizGrant's Stella Adebayo; TheMrsOnline's Dr. Olufunke Olubukola Samuel; Founder of Nutrifix Naturals, Adaobi Sandra Ijoma; PRP Deputy Governor Candidate, Bishop Glory Ndidi Umerah; Mrs. Avimiation Nigeria Founder, Ololade Adenekan; GM of Zee Media Services, Uyouyou A. Bamgbelu; Entrepreneur/ Development Coach, Ngozi Mercy Onuoha; The Emotional

Stella Adebayo: BizGrant CEO Stella Adebayo’s achievement in the past year was centered on using technology to connect and enlighten over 5000 entrepreneurs and business owners in Nigeria and Ghana. She provided them with valuable insights on how to access grant opportunities and grow their businesses at a faster pace. Adebayo emphasised the importance of preparation in achieving success and guided the entrepreneurs on how to develop a vision board, write a business plan, structure their businesses, and keep track of their numbers. Through her efforts, she realised that

We are honored to celebrate these exceptional women who have broken barriers, challenged stereotypes, and paved the way for future generations

many of the entrepreneurs were using their personal savings accounts, which hindered their ability to grow their businesses. Adebayo's company, Bizgrant Global Limited, helped over 500 entrepreneurs to legally register their businesses, open business bank accounts, separate their personal and business finances, and achieve audacious sales targets. She is driven by her passion for economic growth and development, and her ultimate goal is to be recognized as a phenomenal woman who raises wealthy and healthy entrepreneurs. Dr. Olufunke Olubukola Samuel: TheMrsOnline Dr. Olufunke Olubukola Samuel has made significant contributions towards empowering women through her work with TheMrsOnline Brand and Project Success Scoops. She has inspired and mentored women to achieve their goals and dreams, regardless of their status, challenges, or responsibilities. Dr. Samuel's greatest achievement to date has been her involvement in the Project Success Scoops initiative, Continued on page 19

T H I S D AY ˾ MARCH 15, 2023

FEATURES

2023 IWD: Honouring Nigerian Women Making Outstanding Contributions to Society

Millicent Oare

Ololade Adenekan

Stella Adebayo

which aims to gift one million Nigerian women with a communal high-powered gift for International Women's Day celebrations. Through her efforts, she has provided women with a sense of community and support that has helped them to achieve success in their personal and professional lives. Adaobi Sandra Ijoma: Nutrifix Naturals Adaobi Sandra Ijoma founded Nutrifix Naturals Advanced Product Range, providing affordable products that help to restore and renew the body systems of men and women across Nigeria. She also provides empowerment training to help people start their businesses and has made corporate social responsibility a part of her mission. Ijoma's passion for people and desire to help them live their best lives fuels her business and her goal is to provide ready-made products that help people achieve optimal health and wellness. Bishop Glory Ndidi Umerah: PRP's Deputy Governorship Candidate Bishop Glory Ndidi Umerah is the Deputy Governorship candidate for the Peoples Redemption Party in Delta State for the 2023 general election. She is a Bishop of the Living Word Faith Fellowship Centre in Abuja and the founder of Radiant Women Foundation and Zarephaths Foundation. She has also received an Ambassadorial award from Miss Football Nigeria for her 25 years of active women’s ministry. The bishop was honored for her numerous deeds for the widows and the girl child project. Ololade Adenekan: Miss Aviation Nigeria Platform Ololade Adenekan was also recognized as one of the 11 outstanding women who have made a remarkable impact on society this International Women's Day. Her commitment to empowering young women in the aviation industry through the Miss Aviation Nigeria platform is commendable. Under her leadership, the platform has provided opportunities for young women to learn and grow while promoting the aviation industry and boosting the economy. Adenekan's dedication to promoting excellence and good service culture through her company, The Bankable Ollar, is also noteworthy. Her efforts have not gone unnoticed, and her work is a testament to the power of dedication and perseverance in creating positive change. Ngozi Mercy Onuoha: Entrepreneur/ Development Coach Ngozi Mercy Onuoha is a successful entrepreneur and resource person. In 2009, after giving birth to her third son, Onuoha gained admission to the

Toyin Sesi

Uyouyou Bamgbelu

University of Ibadan, where she studied Russian and French languages, graduating with a BA in Russian/ French combined honors. She then proceeded to Alliance Française language school in Ebutemetta, where she graduated as an executive bilingual secretarial administrator. Today, Mrs. Ngozi Mercy Onuoha is a successful entrepreneur with a passion for teaching and empowering youths. She enjoys reading, traveling, and farming four species of mushrooms, including Milky, Ganoderma lucidum, pleurotus tuber-regium, and Pleurotus ostreatus. Additionally, she runs a skill acquisition center for youths, where she teaches them self-empowerment, how to become self-employed, and how to survive hard times by being hustlers. Her target audience is ages 15 and above. Andrea Ekpenyong: Founder, Marriage Nurturer Andrea Ekpenyong, the founder of Marriage Nurturer, emphasizes the importance of dependence

in relationships, as a way for couples to thrive in love. According to her, people recognize that relationships require mutual dependence to achieve the main goal of being together. As a certified coach, she offers various professional courses such as Premarital Counselling, Marriage Checklist, and Unlearning and Relearning Love. Toyin Sesi: Emotional Well Coach Toyin Sesi, an emotional wellness coach, is being recognized for her outstanding contributions to mental health in Nigeria. With a background in Integrative Attachment Theory and Cognitive Behavioural Therapy, Sesi helps high-achieving individuals attain their peak state of emotional wellness through unique methods that combine recreational activities such as art therapy, music, dancing, singing, and more with therapeutic practices. Her approach has proven effective in helping individuals achieve emotional resilience and bliss. Most recently, she organized a 'Paint and Sip' therapy session that provided participants with guided meditation, peace, and calmness. Uyouyou A.Bamgbelu: Zee Media Services Uyouyou A.Bamgbelu is a highly successful career woman and General Manager of Zee Media Services Limited. She is leading the company

By recognising the achievements of these exceptional women, Sabistation Media and its partners aim to inspire future generations of Nigerian women to break barriers and make signiﬁcant contributions to society

to great success and recognition in the industry. With years of experience in the Media industry, Uyouyou Bamgbelu has a proven track record of driving growth and profitability while ensuring exceptional customer satisfaction. Born and raised in Lagos, Bamgbelu developed a passion for business at a young age. After completing her Masters degree from Liverpool University, United Kingdom, Uyouyou Bamgbelu began her career at Zee Media Services Limited where she quickly climbed the ranks and gained valuable experience in all aspects of the business. Bamgbelu’s commitment to quality, innovation, and community involvement has earned her numerous accolades. Outside of work, Uyouyou Bamgbelu is an avid reader and a devoted wife to Mr. Olumide Bamgbelu. Millicent Oare: Dephi Foods Millicent Oare is a public admin and mushroom farmer who has made a groundbreaking discovery with her team, uncovering the medicinal properties of a mushroom called Pleurotus tuber-regium. The mushroom has potential in the healthcare and food industries and can be easily cultivated by farmers. Oare, the founder of Dephi Foods and lux organic farms, is promoting the mushroom on social media and hopes to receive government support for farmers to purchase seedlings. She plans to patent the mushroom or the process of growing it, highlighting the potential of utilizing local resources and entrepreneurship to create sustainable livelihoods. Anne Ekperi Eke: Dinsomniac Beads Anne Ekperi Eke is the founder of Dinsomniac Beads and Jaka By Agu1, a beaded craft business that focuses on creating fashion accessories for men and women. The Dinsomniac Beads brand specializes in beaded bracelets and necklaces, while the Jaka By Agu1 brand is dedicated to creating beaded bags. Anne began beading as a form of therapy and has since been able to inspire many others to do the same. Her unique approach to beading has made her stand out in the industry, and she is committed to helping people find their therapeutic solution through beading. With her creative skills and attention to detail, Anne has created a successful business that is not only beautiful but also promotes emotional and mental wellness. By recognising the achievements of these exceptional women, Sabistation Media and its partners aim to inspire future generations of Nigerian women to break barriers and make significant contributions to society.

WEDNESDAY MARCH 15, 2023 •T H I S D AY

WEDNESDAY MARCH 15, 2023 • T H I S D AY

WEDNESDAY MARCH 15, 2023 •T H I S D AY

WEDNESDAY MARCH 15, 2023 • T H I S D AY

24 T H I S D AY WEDNESDAY MARCH 15, 2023 TR

UT H

& RE A S O

Wednesday March 15, 2023 Vol 27. No 10196

opinion@thisdaylive.com

www.thisdaylive.com

BATTLE FOR DENNIS OSADEBAY HOUSE Ken Pela, an economist and investment banker, will make a huge difference, reckons ONYEKA DIKE

See page 25

TECHNOLOGY, BVAS AND THE 2023 ELECTIONS Did technology fail us or did INEC fail technology? asks SONNY ARAGBAAKPORE

See page 25 EDITORIAL

THE SCARCITY OF DRINKING WATER

A credible election is the hallmark of democracy, writes CHEKWUBE NZOMIWU

US, NIGERIA’S FAULTY ELECTION AND AFRICA’S PROGRESS The United States of America often prides itself as the bastion of democracy in the world. A few days ago, President Joe Biden stressed the importance of the right to vote in his remarks at the 58th Anniversary of “Bloody Sunday” at Edmund Pettus Bridge Selma, Alabama. In his words, “The right to vote - the right to vote and to have your vote counted- is the threshold of democracy and liberty. With it, anything is possible…without that right, nothing is possible. And this fundamental right remains under assault.” Biden, a democrat, was at Alabama to mark the anniversary of the March 7, 1965 Selma march by hundreds of demonstrators, demanding for voting rights for Black Americans who faced barriers to vote across much of the south of the United States. $OWKRXJK ODZ HQIRUFHPHQW R΀FHUV EUXWDOO\ FODPSHG GRZQ RQ WKH SURWHVWHUV ÀYH PRQWKV later, the Congress passed the “Voting Rights of 1965”, prohibiting racial discrimination in voting in the United States. This year’s commemoration of the Selma demonstration coincided with widespread contestations over the outcome of the February 25 presidential election in Nigeria, which the Financial Times, one of the leading business news organisations in the world, described DV EDGO\ ÁDZHG 5HO\LQJ RQ WHVWLPRQLHV RI both local and international observers and its own observation of the election, the British news organisation, in an editorial, chronicled numerous irregularities that marred the election, including snatching of ballot materials, violence, voter suppression and intimidation, GHOD\ LQ DUULYDO RI HOHFWRUDO R΀FLDOV DW WKH polling units and late commencement of accreditation and voting. In the opinion of the Financial Times, these irregularities contributed in depriving millions of Nigerians the right to vote. According to the results announced by the Independent National Electoral Commission (INEC), the body saddled with the responsibility of conducting elections in Nigeria, the February 25 Presidential and National Assembly elections witnessed a drop in voter turnout to 27 percent from 35 percent recorded in 2019. To add salt to injury, the result could not be uploaded real time from polling units to INEC’s result viewing portal (IReV), as prescribed by the commission in its guidelines for the election. Section 148 of the Electoral Act, gives the electoral body the power to make guidelines and regulations to ensure the IXOO HͿHFW RI WKH ODZ 6HFWLRQ RI WKH $FW VWDWHV WKDW WKH SUHVLGLQJ R΀FHU VKDOO WUDQVIHU the results including the total number of accredited voters and the results of the ballot in a manner as prescribed by the commission. The prescribed manner in this case, is the Bimodal Voter Accreditation System (BVAS), introduced by INEC to boost the credibility of Nigerian elections. But, rather than use the BVAS to upload the results real time from the polling units as prescribed in the election guidelines, INEC resorted to manual collation

for the presidential election. Amid protest by other political parties over these obvious irregularities in the election, the electoral body hurriedly declared the presidential candidate of the ruling All Progressive Congress (APC), Asiwaju Ahmed Bola Tinubu as the winner of the election. According to the Chairman of INEC, Prof. Mahmood Yakubu who doubled as the UHWXUQLQJ R΀FHU IRU WKH HOHFWLRQ 7LQXEX SROOHG 8.8 million votes to defeat other top contenders, the Peoples Democratic Party (PDP) candidate, Atiku Abubakar and Peter Obi of Labour Party (LP), who polled 6.9 million and 6.1 million respectively. Both Atiku and Obi have since approached the Court of Appeal, the court of ÀUVW LQVWDQFH RQ SUHVLGHQWLDO HOHFWLRQ PDWWHUV to challenge the outcome of the election. While Tinubu was basking on the euphoria of torrents of congratulatory messages he received from world leaders, the United States Ambassador to Nigeria, Mary Beth Leonard declared that the electoral process as a whole on February 25 failed to meet the expectations of Nigerians. Atiku Abubakar and his party, PDP, staged a protest to the headquarters of INEC in Abuja, to express their dissatisfaction with the election. Regardless, the ruling APC maintained that its candidate won the election DQG DVNHG WKRVH QRW VDWLVÀHG ZLWK WKH RXWFRPH of the election to go to court. For now, all eyes are on the judiciary, as it appears there was very little that INEC could do now, having issued Tinubu with D &HUWLÀFDWH RI 5HWXUQ DV WKH ZLQQHU RI WKH controversial election. Besides the irregularities that marred the election, one issue Nigerians expect the court to resolve is the argument that the winner did not meet the legal threshold in Section 134 (2) of the constitution, for one to be declared winner of a presidential election. As we wait for the election tribunal to decide the case one way or the order, I fear that Nigeria may have missed another golden opportunity to rediscover herself as the Giant of Africa. Recall that in 2013, Barrack Obama, WKH ÀUVW $PHULFDQ 3UHVLGHQW RI $IULFDQ GHVFHQW described Nigeria as critical to the rest of the African continent. Obama argued that “if Nigeria does not get it right, Africa will really not make more progress.” Regrettably, Africa is today a theatre of the absurd and bizarre, LQFOXGLQJ DUPHG FRQÁLFWV LQVXUJHQF\ FRXS d’états and other forms of political instability. The continent is also plagued by economic

crisis and environmental degradation. Ironically, Nigeria, which the world expects to champion the advancement of the continent, is not spared. Instead of rule of law, lawlessness rules, even within the corridors of power. The entire political system is dogged by corruption, ethnic and religious tensions. The political gladiators are more concerned with self survival and their Machiavellian actions are driven by individual, rather than national interest. Most worrisome is that the country lacks the capacity to conduct credible elections, hence depriving the citizens of leadership at all strata and arms of government. Indeed, can anyone quantify the consequences of these maladies on the country? In spite of the humongous oil revenue that accrued to Nigeria over the \HDUV DQG WKH QXPHURXV HͿRUWV E\ VXFFHVVLYH governments to address the infrastructure GHÀFLW LQ WKH FRXQWU\ ZLGH JDSV VWLOO H[LVW in the country’s power, transportation, communication, aviation, health and education infrastructure. The economy is in doldrums. Citizens spend donkey time on very long queues to fuel their cars and electricity generators, in order to improvise for the acute shortage of electricity from the national grid in their KRPHV DQG R΀FHV 3UHVHQWO\ 1LJHULD IDFHV D severe cash crunch, occasioned by a shoddy and “inexpertly” implemented cashless policy of the Central Bank of Nigeria (CBN), which resulted in long queues of hapless citizens standing for hours at Automated Teller Machine (ATM) points and inside banking halls, searching for cash to meet their basic daily needs. Unemployment rate is almost 40 percent, according to the National Bureau of Statistics (NBS). Although Nigeria moved up four places in the latest 2022 Corruption Perception Index (CPI), it maintained its previous score of 24 out of 100 points in the 2021 assessment, showing that nothing has changed. 7KH VWRU\ LV QRW GLͿHUHQW LQ WKH HGXFDWLRQDO and health systems of the country. While, there is global consensus that education is the bedrock of development, about 20 million children are out of school in Nigeria, as of the last quarter of 2022, according to the 8QLWHG 1DWLRQV (GXFDWLRQDO 6FLHQWLÀF DQG Cultural Organisation (UNESCO). The annual budgetary allocation at the federal level for education is a far cry from the 26 percent benchmark recommended by UNESCO for member countries. The sub-nationals are faring worse. Primary and secondary schools in Nigeria experience lack of instructional materials. 7KH\ ODFN TXDOLÀHG DQG WUDLQHG SHUVRQQHO At the tertiary level, prolonged strikes by DFDGHPLF DQG QRQ DFDGHPLF VWDͿ RIWHQ paralyze academic activities in our citadels of learning, impacting negatively on standards. Nzomiwu writes from Awka, Anambra State

T H I S D AY

3 25

WEDNESDAY MARCH 15, 2023

Ken Pela, an economist and investment banker, will make a huge difference, reckons ONYEKA DIKE

BATTLE FOR DENNIS OSADEBAY HOUSE In 2002, Ken contested for the local government chairman of Ughelli South under PDP and won the ticket, but the ticket was eventually handed over to someone else. Afterwards, he decided to focus on building his career and businesses. Before starting his companies in the 90s, he had risen in his career as an investment banker at New Nigerian Bank and Federal Interstate Bank. In the public service, he served as Chairman of the Board, Delta Trust Mortgage Bank Limited between 2007 and 2009; member, Governing Council of Delta School of Marine Technology between 2011 and 2014; and member, Integrated Institute for Professional Managers. A Real Estate Developer and Wealth Creator, he is the Chairman/CEO, Etoken Ventures Worldwide Ltd; the Managing Director/ CEO of ACRC Ltd; Chairman/CEO of Exusia Energy Ltd; and Vice Chairman/ CEO of Citiprops Ltd. Ken is an ordained Deacon, and is looking to entrench righteousness, prosperity, and harmony in Delta State. If there is one thing Ken desires to see, it is a Delta that works for all, with Deltans IXOO\ HQMR\LQJ WKH EHQHÀWV RI EHLQJ DQ RLO SURGXFLQJ VWDWH +H SODQV WR SD\ RͿ producing states, Delta is too backward in RXWVWDQGLQJ SHQVLRQV ZLWKLQ KLV ÀUVW terms of development compared to these 100 days, while also ensuring that civil servants earn a living wage, which he has other states. Voting PDP back into Dennis Osadebay benchmarked at N100,000. This will attract House will spell doom for Delta State. a young and productive workforce in the Similarly, anyone who has followed the state. In addition, he is determined to build APC governorship candidate, Ovie Omo- WHQ QHZ VPDUW FLWLHV LQ WKH GLͿHUHQW IHGHUDO Agege’s political trajectory must have constituencies of the State. I saw the proof noticed a desperation for power beyond of concept for the ten new cities, and I what can be considered normal. This is the was completely blown away. For someone reason why we must look elsewhere for the who has seen and experienced the level of development in other parts of the globe, it is kind of leadership Delta State needs. Any close observer of the political safe to say that Ken’s plan is to make Delta trajectory in Delta State would have easily State the Qatar of Nigeria, driven by public concluded around this time last year that and private partnerships. And indeed, who the governorship election was going to be says we cannot achieve that, seeing that the a two-horse race between Oborevwori and city was also built with the same oil money Omo-Agege. But the Peter Obi phenomenon that we have? Ken plans to make these new is sweeping across Delta State, just like in FLWLHV DͿRUGDEOH DQG DFFHVVLEOH WR 'HOWDQV many other states across the federation. For by providing them mortgages which they WKH ÀUVW WLPH VLQFH DQ RSSRVLWLRQ SDUW\ can repay over time, just like what obtains won the presidential election in the state in civilized countries. Some of the corollary E\ D ZLGH PDUJLQ 3ROLWLFDO ÀJXUHV KDYH EHQHÀWV RI WKH VPDUW FLWLHV LQFOXGH WRXULVP since started aligning with the Obidient attraction of investments to the state, job Movement, trying to gain electoral goodwill creation, an improved life for all Deltans by association. Sadly, none of them has the and so many other possibilities. One last thing that cannot be ignored character, competence and capacity of Peter Obi; only political desperadoes who have LV .HQ·V EHOLHI LQ D΀UPDWLYH DFWLRQ $$ come to agree that their cheese has been for women, and a deliberate inclusion of women in his plans. Since 1999, he is moved. A graduate of Economics and Statistics WKH ÀUVW JRYHUQRUVKLS FDQGLGDWH LQ 'HOWD from the University of Benin, Kennedy State to choose a woman, Professor Julie Kawarhiebie Pela was born to the family Nwabogo Umukoro, as his running mate. of Mr and Mrs. Solomon Pela in Oginibo, A professor of Semiotics at the University Ughelli South Local Government Area of of Port Harcourt, Professor Umukoro is Delta State. His father, Solomon Pela, was the current President of the Association of WKH ÀUVW SHUVRQ LQ WKH HQWLUH 8JKHOOL 6RXWK Ndokwa Professionals in Academia, and region to go to the university, and ended up the President of the Fulbright Association of attending reputable schools in the United Nigeria, Rivers State Chapter, having been States, sponsored by the Baptist Mission. a visiting Fulbright fellow herself. One of When he returned to Nigeria, he was key the leading lights of the Ndokwa people, WR WKH HVWDEOLVKPHQW RI GLͿHUHQW %DSWLVW she hails from Ase in Ndokwa East Local High Schools in the old Bendel region, and Government Area of Delta State Nigeria was a very popular principal in Aghalokpe and has been married for the last 42 years and Benin. He later became the Secretary of to Professor Matthew Umukoro, a retired the old Bendel State and was elected to the Professor of Media and Communication 0LGZHVW +RXVH RI $VVHPEO\ +LV ÀUVW VRQ Studies. who happens to be Ken’s elder brother, was Dike elected as a member of the Bendel House writes from Ottawa, Canada. He can be of Assembly, a clear demonstration that reached via onyekadyke@gmail.com politics was running in the family. In Delta State, the glasses are no longer clinking; at least, not in the camp of the ruling Peoples Democratic Party (PDP). Since 1999, the state has experienced the misfortune of being governed by the party who dispersed the state’s resources with reckless abandon. Pensioners have not been paid since 2015, insecurity in the state is alarming, the roads are terrible, no jobs for the youth except the cosmetic ‘empowerment programmes’ that are usually heavily advertised on major TV channels without any corresponding HFRQRPLF EHQHÀW WR WKH VWDWH )RU D VWDWH that earns more federal allocation than Rivers State, Akwa Ibom and all other oil-

Did technology fail us or did INEC fail technology? asks SONNY ARAGBA-AKPORE

TECHNOLOGY, BVAS AND THE 2023 ELECTIONS Even though the Independent National Electoral Commission (INEC) has not admitted it openly, there are strong indications that the Bimodal Voter Accreditation System (BVAS) and the INEC Results Viewing Portal (Irev) may have failed the required stress tests. The inability to manage or implement Data in Motion (DIM) may have accounted for the many queries on the technology. Data in transit is a normal process for data transmission from a primary source, like polling unit, to a secured network created by the user through a Local Area Network (LAN) and or through a more secured network created for that purpose. This technology is supposed to be precise and direct when not manipulated, but in situations where such technologies have become subjects of inquest and by extension litigation, then it means that some people may have lost faith in that technology because of suspicions of being compromised.

by data breaches in Q3 2022 were Russia, France, Indonesia, U.S., and Spain. Russia took the lead for the most breached users in Q3 — 22.3M France had the highest breach density, with an average of 212 leaked accounts per 1,000 people. The 2022 Securonix Threat Report reveals that insiders were involved in 57 percent of data breaches globally. And so whether the Electoral Act 2022 empowers the INEC to transmit results from polling units digitally online real time or not, if three days after, such results were still being awaited uploading, then there are legitimate questions to ask especially when results being announced led to frenzied agitation by political actors and ordinary folks. The minimum expected from INEC is a VFLHQWLÀF UHVSRQVH WR GRXVH WHQVLRQV LQ DQG around the country. If there were data breaches, INEC should be charitable enough to let us know in order to be properly guided accordingly but in a situation where there are believed to be manifest breaches as agitators claim, we must interrogate these breaches if indeed there are and situate them instead of INEC carrying on as if everyone saying anything contrary to its position is taking personal risks. What can be deduced so far is that INEC and it’s protagonists are telling those ZKR DUH GLVVDWLVÀHG ZLWK WKH SURFHVV DQG results to seek redress. Yes, they could be right in this regard but do Nigerians really have faith in the judiciary more so after INEC has not admitted any incursions by the events of not too distant past where a hackers but left several loose gaps. candidate who came fourth in an election At the launch of Yiaga Africa Election EHFDPH WKH ÀUVW DQG VZRUQ LQ DV JRYHUQRU Result Analysis Dashboard (ERAD) Report of a state and those who never participated on Electronic Transmission of Results in the in primary elections were cleared to 2022 Ekiti and Osun Governorship Election in participate in the general elections? Abuja, the INEC Chairman told the gathering But the judiciary still remains the hope of that there were hackers attempts from Asia the “common man.” on the Ekiti and Osun Elections but were There are too many questions begging contained by INEC engineers. Similar attempts for answers. on the Anambra elections also failed and that Can we raise questions about technology WKH FRPPLVVLRQ KDV IRUWLÀHG WKH %9$6 DQG and the possibility of getting redress in IReV, saying they were impregnable to hackers. court to know what may have transpired “And so far I am glad to note that all the on February 25, 2023? attempts to hack our system failed. Anybody Information Technology expert, Tim operating web portal understands the risk of Akano of New Horizon saw the future of attacks so we have to be a step ahead of them,” the 2023 elections when he advised early Mahmood Yakubu said. in February 2023 suggesting to INEC to The INEC boss said the Commission was subject the BVAS and Irev to stress tests FRQÀGHQW RI WKH VHFXULW\ LW KDV GHSOR\HG IRU before the February 25, 2023 elections. INEC IReV portal web presence, and will In advising for the conduct of stress test continue to remain vigilant and strengthening on Data-in-Motion or in Transit on Bimodal its defences. Voter Accreditation System, before the So what happened to the Presidential election proper, Akano possibly foresaw election results transmission especially and the what is happening now. He spoke on delay in uploading the results from the polling “Understanding privacy and online risk units nationwide while those of the Senate and in the digital world today,” to mark 2023 House Representatives were uploaded? World Data Privacy Day, hosted by the There are curious questions about this. Data Data and Knowledge Privacy Protection breaches are not new anywhere despite the Initiative. ÀUHZDOOV SXW LQ SODFH IRU V\VWHPV RI FRUSRUDWH He said, “February 25, 2023 general organizations HOHFWLRQ ZLOO EH WKH ÀUVW WLPH LQ WKH KLVWRU\ Data breaches can destroy an organization’s of the country that live data will be used to reputation in the blink of an eye, causing determine who will be the next president of LUUHSDUDEOH ÀQDQFLDO GDPDJH ORVV RI LQWHOOHFWXDO the country “and so BVAS and Irev should property, among others. be subjected to stress tests to determine SurfShark reported in October 2022 that whether the technology could stand the a total of 108.9M accounts were breached in test of time.” the third quarter of 2022 - over-quarter breach rates were 70% higher in Q3 than in Q2. The Aragba-Akpore WRS ÀYH FRXQWULHV DQG UHJLRQV PRVW DͿHFWHG is a member of THISDAY Editorial Board

26 4

T H I S D AY

WEDNESDAY MARCH 15, 2023

EDITORIAL

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

THE SCARCITY OF DRINKING WATER Potable water and improved sanitation services are measures for ﬁghting poverty

or residents of Tinuoye, a small community in the Akinyele local government area of Oyo State, access to potable water is a struggle. About 20 houses in the community depend on two wells for drinking, cooking, and other things. “During the dry season, there’s a reduction in the water quantity and the water quality is often poor, even muddy sometimes,” said Kenneth Anietimfon, a resident. “The water sometimes looks like tea, yet people have no choice but to fetch it like that and allow it to settle down.” Their experience is shared by millions of Nigerians who depend on surface water, unimproved sources of water, or water that can take more than one hour to fetch. The United Nations General Assembly has long recognised drinking water and sanitation as human rights. But majority of Nigerians still do not have access to either. Indeed, potable water and improved sanitation services are YHULÀDEOH PHDVXUHV IRU ÀJKWLQJ SRYHUW\ DQG GLVHDVHV But available statistics reveal that over 70 million Nigerians still cannot get clean water while 110 million lack access to adequate sanitation. As a result of this shortage, about 150,000 children under the age RI ÀYH GLH DQQXDOO\ IURP 'LDUUKHD UHODWHG GLVHDVHV that are mostly traceable to unsafe drinking water. ´7KH ZRUOG·V ZDWHU FULVLV LV QRW FRPLQJ LW LV KHUH DQG children are its biggest victims,” said Peter Hawkins, UNICEF Representative in Nigeria. “When wells dry up, children are the ones missing school to fetch water. When droughts diminish food supplies, children VXͿHU IURP PDOQXWULWLRQ DQG VWXQWLQJ :KHQ ÁRRGV hit, children fall ill from waterborne illnesses. And when water is not available in Nigerian communities, FKLOGUHQ FDQQRW ZDVK WKHLU KDQGV WR ÀJKW RͿ GLVHDVHV µ For several years, there has been a steady decline in budgetary allocations to water and sanitation in the country. In 2010, for instance, the federal government allocated N112 billion to the sector. This was slashed

by almost 50 per cent in the 2011 budget to N62 billion and further slashed to a mere N39 billion in 2012. Sadly, that has been the trend even when water is a vital tool for improving the lives of millions of the poorest people. Indeed, the ministry intends to spend a mere N13m on implementation of water resources master plan out of its 2023 budget. Instructively, Nigeria did not achieve the targets of the millennium development goals for water and sanitation. Some of the reasons adduced for these are SULPDULO\ WKH ODFN RI HͿHFWLYH FRRUGLQDWLRQ DPRQJ WKH stakeholders and the inability to harness the required funds, claimed Vice President Yemi Osinbajo. Yet ZLWKRXW ZDWHU VDQLWDWLRQ DQG K\JLHQH LW LV GL΀FXOW if not impossible, to have sustainable development. But the question remains: What do we do, beyond lamentation, to remedy the situation? Unfortunately, in the absence of water from piped supplies and protected wells, millions of Nigerians consume what is available. In many rural communities, the challenge is critical as women and children trek long distances to fetch water from streams and ponds, some of which DUH FRQWDPLQDWHG (YHQ LQ WKH VR FDOOHG PRGHUQ FLWLHV like Lagos and Abuja, the federal capital, a large proportion of people have no access to drinking water and as a recent joint WHO/UNICEF observed, many often resort to using any available space as FRQYHQLHQFH )RU WKRVH ZKR FDQ DͿRUG LW ERUHKROHV are indiscriminately dug. But that too constitutes its own problems as it undermines the water table and threatens future supply of the commodity. The federal government and UNICEF not long ago released a Wash Norm study which showed some SURJUHVV WKDQNV WR HͿRUWV E\ WKH 0LQLVWU\ RI :DWHU Resources and its partners to strengthen the sector’s planning and monitoring. But if there is any progress, LW LV QRW UHÁHFWLQJ RQ 1LJHULDQV PDQ\ RI ZKRP KDYH no access to adequate and quality water and hygiene services.

When floods hit, children fall ill from waterborne illnesses. And when water is not available in Nigerian communities, children cannot wash their hands to fight off diseases T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

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 SANWO-OLU AND SATURDAY’S ELECTIONS Since 1999, Lagos State residents have consistently elected governors of the progressive extraction and baring any upset on account of a bandwagon movement ravaging the political landscapes, it is expected that the political nomenclature of La gos would remain intact. However the election promises to be the most competitive in the checkered history of electoral democracy in Lagos State. The successive switch of baton from one governor to the other proselytizing the same ideological credence, professing a congruence of developmental objectives and running on anal ogous party manifesto have combined to place Lagos ahead of other states in economic metrics and cosmopolitan barometer of a mega city. Lagos has been able to forge a master plan which has made infrastructure development seamless and made it easier to ap praise the stewardship of every governor against the preced ing administration without the usual rivalry of who does what and on whose Imprimatur of initiatives. The absence of this type of wholesome developmental structure in other states have slowed down growth oftentimes leading to imprudent policy options that foster many aban

doned multi billion Naira projects initiated by preceding ad ministrations. This Saturday elections in Lagos are elections that bear no comparative stakes with any other state of the federation as it could trigger a transition that can make or mar the develop mental trajectory of the nation’s commercial capital. Weighing on the best among the three front liners in the Saturday’s election and with a bipartisan barometer that takes cognizance of tectonic experience, administrative profundity, institutional memories and the dispassionate grasp of what QHHGV WR EH GRQH *RYHUQRU %DEDMLGH 6DQZR 2OX WRZHUV IDU above GRV and Jandor. This amiable governor has no air of superciliousness and has displayed unrivaled ability to listen, introspect and multi task. These attributes are rare among men with executive pow ers and must be considered by Lagosians in exercising their franchise on Saturday. 5HFUXLWLQJ D ÁHGJOLQJ KDQG WKURXJK WKH EDOORW WR PDQDJH WKH KXJH WHFWRQLF SURMHFW OLNH /DJRV ZRXOG GHÀQLWHO\ EH FRXQ terproductive as the new inexperienced hand would need time to learn the intricate loop of executive nuances, these may

FRQVXPH WKH ÀUVW WZR \HDUV RI WKDW DGPLQLVWUDWLRQ WKHUHE\ VHW ting developmental agenda irretrievably backwards. The hallmark of democracy is freedom of choice and the fe cundity of that freedom is an outcome that produces the best candidate. A freedom of choice that produces a mediocre outcome though recognizes the supremacy of the majority over the debility of the minority even when the minority is better in formed and ingeniously guided, makes the overall majority, including those who will not come out to vote the ultimate victim. Fellow Lagosians are therefore implored to exercise their franchise with utmost perspicacity and elect the best among the three frontline candidates. Not coming out to vote this Sat urday would be crass negligence of our civil duties which may lead to unintended mediocre outcome. Using our votes to procure another term for Babajide San ZR 2OX ZRXOG WUDQVODWH LQWR D JUHDWHU /DJRV RI RXU GUHDP Bukola Ajisola, bukymany@yahoo.com

T H I S D AY ˾ WEDNESDAY, MARCH 15, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

M A R C H

S & P INDEX

1 4 , 2 0 2 3

S & P INDEX

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%

1-DAY

0.30%

YEAR TO DATE

0.22%

*AS AT LAST FRIDAY

3-MONTH

11.65%

MONTH-TO-DATE

1.44%

Cheque Transactions Tumble to N482.5bn in Two Months Amid Naira Scarcity

Kayode Tokede Following the scarcity of naira triggered by the Central Bank of Nigeria (CBN) currency redesign policy, the total value of cheque transactions in the first two months of 2023 dropped to N482.5billion, a decline of 2.9 per cent Year-on-Year (YoY) from N497.1billion reported by the Nigeria Inter-Bank Settlement Systems (NIBSS) in the first two months of 2022. The data released by NIBSS showed that values of cheque transactions in January 2023 stod at N244.02 billion, a 2.83 per cent YoY increase when compared to N237.29 billion in January 2022. In February, it dropped to N238.49

billion, a 8.2 per cent YoY decline from N259.81billion in February 2022 as commercial banks in the period under review closed some of their branches following disruption of business activities by rioters who were protesting scarcity of new N500 and N1, 000 banknotes. According to the NIBSS data, the value of cheque transactions reached record low in February 2023 following the CBN’s policy. The data also revealed that volume of cheque transactions between January and February 2023 dropped to 653.33million, representing a decline of 2.37 per dent YoY from 669.22 million in prior period of 2022. THISDAY investigation revealed

that trend in cheque transactions between 2018 and 2021 continued to show contraction as most commercial bank customers embraced the cashless policy of the CBN. Specifically, the total value of cheque transactions dropped by 11.45 per cent to N4.13 trillion in 2019 from N4.66 trillion reported by NIBSS in 2018. It further dropped to N2.99 trillion in 2020 and closed 2021 at N2.95 trillion. The CBN in December 2001, introduced the cashless policy in a move to reduce the amount of physical cash in circulation thereby encouraging the use of electronic platforms for settlement or payment for goods and services. The apex had introduced cash-

based transactions which stipulates a cash handling charge on daily cash withdrawals that exceed N500,000 for individuals and N3,000,000 for corporate bodies. The policy on cash-based transactions (withdrawals) in banks, aims at reducing the amount of physical cash (coins and notes) circulating in the economy, and encouraging more electronic-based transactions (payments for goods, services, transfers, etc.) The pilot was run in Lagos State from January 2012 while the policy took effect in Rivers, Anambra, Abia, Kano, Ogun and the Federal Capital Territory (FCT) on the July 1st, 2013. The policy was implemented nationwide on July 1st, 2014.

On the flipside, the data showed whopping N238.7 trillion NIBSS Instant Payments (NIP) transactions carried electronically in the last 8 months, representing an increase of 42.15 per cent YoY from N167.893 trillion in eight months of 2021. The surge in electronic transactions shows that more Nigerians bank customers are embracing the cashless policy and dumping cheque transactions. The NIBSS NIP is an accountnumber-based, online-real-time Inter-Bank payment solution developed in the year 2011 by NIBSS. It is the Nigerian financial industry’s preferred funds transfer platform that guarantees instant value to the beneficiary.

Analysts attributed the steady decline in cheque transactions to individuals and Corporate bodies adopting Instant Payment platform (NIP) championed by the apex banking regulating body, The President, Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka in a chat with THISDAY attributed the decline in cheque transactions to scarcity of naira, stressing that bank customers were impacted by the CBN policy. He added that with the latest development that N500 and N1,000 banknotes remained legal tender till December, 31 2023, more bank customers would fall back to their Continued on page 28

NDIC: Banks Lost N7.19bn to Fraud, N4.97bn to Digital Banking in 2021 James Emejo in Abuja The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that the value of fraud and forgery perpetrated in Deposit Money Banks (DMBs) rose by 34.9 per cent to N7.19 billion in 2021 compared to N5.33 billion in 2020. This was contained in the NDIC 2021 Annual Report, which was

seen by THISDAY. According to the NDIC, the number of fraud cases in the banking sector also increased by 44.8 per cent to 211,713 incidences in 2021 compared to 146,183 cases recorded in the preceding year. The corporation noted that during the review year, a total of 365 bank staff were involved

in fraud and forgery cases, compared with 474 in 2020, indicating a 4-year gradual decline. According to the report, temporary staff constituted the largest perpetrators of insider-related frauds and forgeries, representing 57.53 per cent of the total reported cases while permanent staff

accounted for the balance of 42.47 per cent in the review year. While observing that the DMBs continue to engage temporary staff as a cost-saving measure in conducting their business, the NDIC said it had continued to direct the banks’ management to prioritize security measures, including comprehensive background

checks, to minimize the incidences of fraud and forgeries committed by dishonest staff within that cadre. The NDIC said the first quarter of 2021 recorded the highest number of reported fraud cases with 73,578 incidences, while the biggest actual loss of N2.32 billion was recorded in the third quarter of 2021.

According to the NDIC, in the review period, fraud perpetrated across the counter stood at N1.13 billion while internet banking fraud amounted to N1.83 billion as well as mobile banking fraud stood at N1.26 billion. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

M A R K E T D ATA A S AT T U E S D AY, M A R C H 1 4 , 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

10.362, 00 10.459, 00 10.287, 00 11.168, 00 10.386, 00

Change Updated Time (%) 10.82 -0.01 January 6, 2023 11.11 -0.71 January 6, 2023 0.00 January 11.35 6, 2023 12.60 0.00 January 6, 2023 12.92 0.00 January 6, 2023

Yield

BILLS MATURITY

Discount

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

3.01

NTB 11May-23

3.23

3.01 2.21 3.20

3.27

OTC F X F U T U R E S

CPS

Change Updated Time (%) 3.01 -0.01 January 6, 2023 6, 0.00 January 3.02 2023 6, 2.22 -1.71 January 2023 6, 3.23 0.00 January 2023

Yield

6, 0.00 January 2023

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

Change Updated Time (%) 6, 9.26 9.43 0.00 January 2023 6, 14.15 14.64 0.00 January 2023 6, 10.52 10.81 -0.01 January 2023

Discount Yield

. .

CONTRACT Current TENOR Contract Rate Updated Time ($/₦) (MONTH) NGUS JAN 25 469.87 January 6, 1 2023 2023 January 6, NGUS FEB 22 2 472.05 2023 2023 NGUS MAR 29 474.23 January 6, 3 2023 2023 NGUS APR 26 476.42 January 6, 4 2023 2023 NGUS MAY 31 478.60 January 6, 5 2023 2023

WEDNESDAY, MARCH 15, 2023 ˾ T H I S D AY

BUSINESSWORLD

BANKING

Supreme Court: Debtor Must Pay All Debts under Loan Contract The recent judgment of the Supreme Court, which ordered Honeywell Flour Mills Plc and two of its subsidiary companies to pay N5.5 billion unsettled debt to Ecobank Plc, has again re-echoed the need to protect Nigerian banks from the negative effects of non-performing loans, writes Wale Igbintade

on-performing loans are largely responsible for the crisis in the banking sector. When a borrower fails to make payments within the period specified in the loan agreement, it creates problems for the bank and depositors. After eight years of legal battle, the Supreme Court finally resolved the dispute between Honeywell Flour Mills Plc and two of its subsidiaries with Ecobank Plc over a non-performing loan granted by the bank. In its lead judgment, Justice Emmanuel Akomaye Agim ordered Honeywell Group to pay Ecobank N5.5 billion debt. The court also awarded N3 million in costs in favour of Ecobank. The suit commenced in 2015 when Ecobank sought to recover N5.5 billion debt from Honeywell and its sister firms – Anchorage Leisures Limited and Siloam Global Limited. But the three companies initiated a suit before the Federal High Court in Lagos, claiming that having paid N3.5 billion in final settlement of their indebtedness, they owed no further debt obligation to the bank. They also urged the court to hold that Ecobank was obliged to issue letters of discharge to release collaterals by which the prior indebtedness was secured. The three firms prayed the court to compel Ecobank to “update” their status on the “Credit Risk Management System Portal of the Central Bank of Nigeria.” During the trial before Justice Mohammed Idris, who was later elevated to the Court of Appeal, Honeywell Group chairman Dr. Oba Otudeko testified. In his testimony, he informed the court that his companies owed Ecobank individually but that the debt had been repaid. He said the firms jointly negotiated with the bank on the repayment terms. Also, in her evidence, Honeywell Group’s Head of Treasury and Finance stated that by an agreement reached at a meeting on July 22, 2013, the bank agreed to merge the collective indebtedness of Honeywell’s three subsidiaries which amounted to N3.5 billion. She added that part of the agreement was that N500 million must be paid immediately, while the balance of a N3 billion would be paid before the exit of the Central Bank of Nigeria (CBN) examiners from the bank. She said Honeywell complied with the terms of the agreement and wrote to inform the bank of its compliance and the need for the bank to discharge the company of any further obligation formally. She said Honeywell was surprised when the bank proceeded to demand further payments regarding the debt, which had been fully liquidated for over a year.

REPAYMENT AGREEMENT PERIOD But Ecobank, through its lawyer, Mr. Kunle Ogunba SAN, insisted that the repayment agreement period was for six months, submitting that it rejected Honeywell and its sister companies’ request to “pay the balance over a one-and-half-year period in three equal half-yearly installments. Ecobank insisted that in paying the N3.5 billion, the firms did not comply with the terms of the agreement. It further contended that the firms breached the agreement that the money would be paid before the end of August 2013, when CBN examiners in the bank to examine its books would leave. On May 31, 2019, Justice Ayokunle Faji, who took over the case, held that Honeywell Group was not indebted to Ecobank. Dissatisfied, Ecobank appealed through its lawyer, Kunle Ogunba SAN, and urged the court to set aside the judgment of the lower court. However, pending the outcome of the appeal, Ecobank, in December 2015, secured an ex-parte

application restraining Dr. Otukedo, the company’s directors, and others from withdrawing from any bank or financial institution. Honeywell later initiated contempt proceedings against Ecobank. It accused the bank of disobeying an earlier directive by Justice Idris that all parties should maintain the status quo. On February 15, 2016, Justice Idris struck out Honeywell’s contempt charge against Ecobank, holding that Form 48 and Form 49 (with which contempt proceedings are initiated) were not properly served on the alleged contemnors. The judge held that a party seeking to jail another for disobeying a court order was duty-bound to ensure that processes in contempt proceedings were duly served. In a related case before Justice Okon Abang of the same court, Ecobank, on October 16, 2015, filed a motion ex-parte for an order restraining Siloam Global Services Limited and Dr. Otudeko from operating or dealing with funds in any bank or financial institution pending the determination of the motion on notice for the appointment of a provisional liquidator or interim receiver. The bank also sought an order directing and compelling all the banks and financial institutions in which Siloam Global Services and Otudeko have accounts to furnish Ecobank with their details. RAGGING LEGAL BATTLE As the legal battle raged on, Ecobank, in an application, asked the then Chief Judge of the Federal High Court, Justice Ibrahim Auta, to withdraw the main case from Justice Idris and re-assign it to another judge. The bank asked the judge to recuse himself as it no longer had confidence in him. But the judge refused. Ruling on the application to recuse himself, Justice Idris said: “These issues are either for the appellate court or appealable issues, and the defendant can exercise the right of appeal if it so desires. The application for the judge to recuse himself from this matter is most frivolous, and it is refused.” Consequently, Ecobank filed a notice of appeal against the ruling and an application for a stay of proceedings pending the appeal’s determination. However, this took a dramatic turn when on January 11, 2018, the Legal Practitioners’ Privileges Committee (LPPC) announced the withdrawal of the Senior Advocate of

Nigeria (SAN) rank from Ogunba. The committee stated that the award of the rank of Senior Advocate of Nigeria was withdrawn based on a petition by Honeywell Group alleging professional misconduct against him. The company accused Ogunba of filing multiple suits against its subsidiaries before different judges of the Federal High Court on the same subject “with the deliberate aim of abusing the process of the court.” Nonetheless, the Nigerian Bar Association (NBA), in its August 5, 2016, response to Honeywell Group’s petition, cleared Ogunba of any wrongdoing. In the letter signed by its then General Secretary, Mazi Afam Osigwe, the NBA stated that after a careful reading of the petition, it was found not to disclose any alleged infraction of the Rules of Professional Conduct 2007 by Ogunba. The association said it was satisfied that the suits Ogunba filed for Ecobank did not amount to an abuse of court process, adding that the companies were separate entities and that the cases were not in respect of the same facts, nor did they seek the same reliefs. “A careful examination of the court processes filed by parties at the various suits indicated differences in either parties or reliefs sought, which defeats your (Honeywell’s) allegation of abuse of court process,” NBA stated. On September 20, 2018, the LPPC restored Ogunba’s rank of Senior Advocate of Nigeria. “The committee hereby allows the restoration of the rank of Senior Advocate of Nigeria on your person and the privileges of a Senior Advocate of Nigeria,” the LPPC stated. SUPREME COURT VERDICT In its final resolution of the dispute, a five-member panel of the Supreme Court on January 27, 2023, upheld the submissions of Ecobank’s lawyer, Ogunba, and affirmed the judgment of the Appeal Court, Lagos, which set aside the May 21, 2019, decision of the Federal High Court in Lagos. Delivering the lead judgment, Justice Emmanuel Agim held that Honeywell and its sister companies were indebted to Ecobank and must pay, thereby vindicating Ogunba. Justice Agim held: “It is clear from all the foregoing correspondences that the appellants (Honeywell and subsidiary companies) opted out of the mutual understanding of payment of the 3 billion naira in lump sum as a condition for the respondent’s waiver of some of their debts

and rather triggered a new negotiation by a proposal to pay it three equal half yearly installments. ‘’It is glaring that the parties were unable to reach a consensus ad idem (meeting of minds) on this proposal. The appellants’ assumption in exhibit A4 that in their meeting of 12/ 12/ 2013, some understanding was reached on the payment of the unpaid balance of the N3 billion by further installments was deflated by the respondent’s insistence in exhibits A5 and A8 that the appellants’ debts remain undischarged even after they pay N3.5 billion and that the concession to waive some of the debts lapsed in August 2013 when they failed to pay the N3 billion naira in a lump sum. Therefore, their protracted negotiations did not yield any consensus. “The negotiations did not create any legal relations between the appellants and the respondent different from the one existing under their respective loan contracts with the respondent. The respondent obviously did not accept the offer or proposal that the appellants pay the N3billion naira in installments and still enjoy the waiver of some of their debts. Therefore, no enforceable contract resulted from the negotiations, as a contract cannot exist without an offer and acceptance of the terms of the offer. ‘’In any case, being a negotiation of the respondent’s waiver of some of the debts owed by the appellants under their loan contracts with the respondent and the conditions for the waiver, the appellants were not in a position to furnish consideration for the waiver because they have the contractual obligation to pay their respective debts and the respondent has no contractual obligation to waive their obligation to pay their debts under their respective loan contracts. The contention that having paid N3.5 billion following the negotiations of 22/ 7/ 2013, the respondent must waive their accrued debts above the paid N3.5 billion has no contractual foundation,’’ Justice Agim held. The apex court further held that “Negotiation is Negotiation and, in any form, it is governed by the principles in the law of contract. In other words, to be a valid contract, there must be an offer, acceptance, and consideration. So, in my respectful view, negotiation cannot and does not, on its own, constitute a contract. “The respondent is the owner of the money due as debts from the appellants can decide to waive its right to recover all the debts from each appellant. But it cannot be compelled to waive its said contractual right. If it refuses to waive the right or go ahead with the negotiation to secure its waiver of some of the debts, the debtor must pay all the debts that have accrued under the loan contract. A waiver must be clear, unequivocal, and voluntary. Where negotiations have resulted in an agreement by a person to receive a sum of money lesser than what is due to him under a written contract, the agreement must be in writing’’. Conclusively the apex court stated: “In the light of the preceding issue no. Three is resolved in favour of the respondent. On the whole, this appeal succeeds in part in respect of issues numbers 1&2 and fails in part in respect of issue number 3. Accordingly, I hold that the appellants had the locus standi to sue and that the trial court had the jurisdiction to determine the suit. I affirm the judgment of the Court of Appeal in Appeal No. CA//LAG/CV/975/2019, setting aside the trial court’s decision in suit No. FHC/L/ CS/1219/2015 granting the reliefs claimed for by the appellants. I hold that the appellants’ claim at the trial court failed and is hereby dismissed. “The appellants shall pay costs of N3 million to the respondent.”

CHEQUE TRANSACTIONS TUMBLE TO N482.5BN IN TWO MONTHS AMID NAIRA SCARCITY normal cheque transactions in March, and going forward. He added that, “Cheque transactions will never go out completely from the banking sector. In advanced economies, people are still using cheques and there are certain transactions bank customers will want to do that required cheques. “The law on cheque in Nigeria is very strong. We have the Bill

Exchange /Cheque Acts and both are fundamental laws that can never be repel from the banking sector. “The old generation still cherish their cheque books and transact businesses with it as long as banks are offering them. We await a day bank will totally suspend cheque transactions and I do not see that happening very soon. Cheque transactions will gradually be

phasing out in the system but not completely until the generation familiar with cheque transactions are out of the system.” He added, “It is not a surprise that cheque transaction between 2018 and 2021 has dropped amid the CBN policy of cashless policy. There has been shift in ways bank customers transact business and the decline in cheque transactions is another

change everyone must embrace.” On his part, the Vice President, Highcap Securities Limited, Mr. David Adnori stated that business activities were disrupted in Lagos, Ogun states where most bank customers use cheques to transact business. “The decline was expected in February 2023 and it is a reflection of the CBN currency swap, ”he added.

He expressed further that “cheque transactions is an obsolete transfer of funds in the banking sector and electronic transfer expands, of course, we will have the phase out of cheque transactions in the banking sector. “There is cap on electronic transfer and that is why cheque transactions is still much relevant in the banking sector. By the time Nigeria’s economy extends beyond

that cap, especially with digital currency, cheque transactions will witness massive phasing out in the banking sector. “As you likely know, the digital transactions does not required thirdperson transactions. It is a traditional practise that cheque transactions will exceed to exist due the technological advancements in digital transactions, ”he added.

T H I S D AY ˾ WEDNESDAY, MARCH 15, 2023

BUSINESSWORLD

ECONOMY

Addressing Security Concerns in Digital Payments Amid increasing vulnerabilities, James Emejo tasks regulatory authorities to make electronic payment agents more accountable for security breaches on their platforms

f anything, the emergence of digital and electronic payment systems is supposed to reduce the dangers and challenges hitherto associated with cash handling. Before now, the argument had been that carrying a huge amounts of cash around exposes individuals to risks of physical attacks by criminal elements including armed robbery among others. However, despite the historic evolution of the payment landscape especially card services in the country, the inherent risks associated with new technology have called for concerns around safety in particular. In its 2021 Annual report, the Nigeria Deposit Insurance Corporation (NDIC) lamented that the “increasing use of digital channels, which spiked due to the lockdown measures that were introduced to counteract the spread of the COVID-19 pandemic has aptly been noted. “The increasing reliance on electronic platforms for carrying out transactions may have contributed immensely to the rise in frauds and forgeries cases via these channels,” NDIC said. The corporation disclosed that the value of fraud and forgery perpetrated in Deposit Money Banks (DMBs) rose by 34.9 per cent to N7.19 billion in 2021 compared to N5.33 billion in 2020. The number of fraud cases in the banking sector also increased by 44.8 per cent to 211,713 incidences in 2021 compared to 146,183 cases recorded in the preceding year. The NDIC noted that during the review year, a total of 365 bank staff were involved in fraud and forgery cases, compared with 474 in 2020, indicating a 4-year gradual decline. According to the report, temporary staff constituted the largest perpetrators of insider-related frauds and forgeries, representing 57.53 per cent of the total reported cases while permanent staff accounted for the balance of 42.47 per cent in the review year. While observing that the DMBs continue to engage temporary staff as a cost-saving measure in conducting their business, the NDIC said it had continued to direct the banks’ management to prioritize security measures, including comprehensive background checks, to minimise the incidences of fraud and forgeries committed by dishonest staff within that cadre. The first quarter of 2021 recorded the highest number of reported fraud cases with 73,578 incidences, while the biggest actual loss of N2.32

funds.

QUEST TO FORTIFY DEFENCES

billion was recorded in the third quarter of 2021. According to the NDIC, in the review period, fraud perpetrated across the counter stood at N1.13 billion while internet banking fraud amounted to N1.83 billion as well as mobile banking fraud stood at N1.26 billion.

POS, INTERNET, MOBILE BANKING VULNERABILITIES

The NDIC report further noted that the channels and instruments through which frauds and forgeries are perpetrated have gradually evolved to include digital and web-based platforms, such as e-commerce, PoS, and mobile banking. Electronic (or digital banking) channels accounted for 187,870 cases or 88.74 per cent of total fraud cases, with an actual loss of N4.97 billion representing 69.10 per cent of total industry losses for 2021, compared with all other channels, which accounted for 23,843 cases with an actual loss of N2.23 billion or 31.02 per cent of the total industry losses while ATM/card-related fraud had the highest frequency, accounting for 25.43 per cent of total fraud cases, followed by mobile banking and web-based fraud cases with 22.75 per cent and 16.56 per cent, respectively. Across-the-counter frauds contributed the least with 0.38 per cent, while other non-electronic channels accounted for 1.70 per cent in 2021. However, amid the cashless policy of the CBN, which has gained some popularity in recent times, fraudsters have further evolved

other plans to rob unsuspecting bank customers of their hard-earned money. The miscreants now go about with Point of Sale (POS) devices and rob their victims at gunpoint. One of the victims, who identified herself as Aghata, narrated her ordeal in the hands of robbers/fraudsters who held her at gunpoint. According to her, they withdrew over N75, 000 from her account right inside a moving private commercial vehicle in Abuja. The hoodlums now go about with POS devices to circumvent the cashless policy initiative.

RESPONSES FROM FINANCIAL INSTITUTIONS

Yet one of the ironies of theft via POS is that even when the cases are reported, the financial institutions or payment agents appeared not to have any proactive response in place to help the poor customers. According to Aghata, her Access Bank ATM card was used to withdraw all her savings on that fateful day of the attack. But when she later filed her complaint with her bank’s branch, she was shocked to be told there was nothing that could be done as the card was used on the Opay Digital network. And this is just one case in hundreds of occurrences – some unreported because they’ve lost confidence in the ability of the institutions to assist in recovery. However, observers believed the regulator is needed to further tighten the noose on payment services providers in the areas of security and recovery of customers’ stolen

The CBN on August 18, 2022, moved to strengthen the cyber resilience of Other Financial Institutions (OFIs) to ensure that they remain safe and sound amidst the increase in the number and sophistication of cyber security threats and attacks against them. The move was contained in a circular titled, “Exposure Draft of the Rise-Based Cyber security Framework and Guidelines for Other Financial Institutions,” which was addressed to all OFIs in the country. The CBN correspondence dated August 13, 2021, and signed by the Director, OFIs Department, Nkiru Asiegbu, stipulated the minimum requirements for enhancing cyber security. The apex bank explained that the purpose of the guidelines which provide a risk-based approach to managing cyber security risk was to among other things create a safer and more secure cyber environment that supports information system security and promotes stability of the OFI sub-sector. It noted that the safety and soundness of the sub-sector particularly required that they operate in a safe and secure environment. Hence, it stated that the platform on which information is processed and transmitted should be managed in a way that ensures the confidentiality, integrity and availability of information as well as the avoidance of financial loss and reputational risk among others. Essentially, the document provided for cyber security governance and oversight; cyber security risk management system; cyber resilience assessment; cyber operational resilience; cyber threat intelligence and metrics monitoring and reporting. The guidelines also spelt out the responsibilities of the board of directors, senior management and chief information security officer (CISO). The CBN stated that the board of directors shall ensure that cyber security is completely integrated with business functions and is well managed across the OFI. The board is also to have oversight and overall responsibility for cyber security programmes. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Enhancing Access to Credit Nume Ekeghe writes on the recent guidelines by the Central Bank of Nigeria ‘open banking,’ which is set to foster financial inclusion and boost access to credit.

he Central Bank of Nigeria (CBN) last week released operational guidelines for Open banking in the country, making it the first African country to adopt open banking, which allows third-party institutions such as financial technology companies and mobile money operators to access customers data from other institutions. The operational guideline released by the apex bank outlined the procedures that govern how banks and other financial institutions are permitted to access and manage customer data. McKinsey had in a report noted that by 2030, open data ecosystems could boost Gross Domestic Product (GDP) in Europe by one to 1.5 per cent and India by four to 5 per cent. The CBN in a circular signed by the Director of Payment Services Management department at the CBN, Musa Jimoh, said the guidelines were in furtherance of its mandate to ensure stability in the nation’s financial system. It noted that the introduction of open banking in Nigeria is part of efforts to create an atmosphere that allows for innovative and customer-centric financial services through the safe utilisation and exchange data and services. According to the guidelines, the CBN is required to establish and manage an Open Banking Registry that will serve as a regulatory oversight tool for participants in the open banking ecosystem. This registry is also designed to enhance transparency and provide a means for regulating operators within the system. The guidelines also outline a Consent

Management framework, which mandates that customers must provide explicit consent before their data can be accessed for open banking products and services, among other uses. Jimoh in the circular noted, “The adoption of open banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services. It is also aimed at enhancing efficiency, competition, and access to financial services.”

WHAT IS OPEN BANKING?

Open banking which is also known as open bank data, is a banking practice that gives third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs). Open banking, according to experts, allows the networking of accounts and data across institutions for use by consumers, financial institutions, and third-party service providers and it is becoming a major source of innovation that is poised to reshape the banking industry. “For bank customers, open banking means faster approvals on loan applications based on the customers’ credit or financial history. For startups building amazing savings, payments, or investment solutions, fewer resources are required to develop a personalised product for consumers. Aside these, banks can earn revenue as they charge third parties for access

to data, “said a financial expert. Customers’ data are however protected with CBN’s monitoring and the support of the 2019 Nigeria Data Protection Regulation (NOPR), as the guidelines released by the apex bank calls for strict adherence to established data privacy guidelines in keeping their data safe from bad actors. The Guideline stated: “The Regulatory Framework for Open Banking in Nigeria established principles for data sharing across the banking and payments system to promote innovations and broaden the range of financial products and services available to bank customers. As a result, open banking recognises the ownership and control of data by customers of financial and non-financial services and their right to grant authorisations to service providers for the purpose of accessing innovative financial products and services. “Open Banking applicability includes Agency Banking, Financial Inclusion; know your customer (KYC), credit scoring/ rating etc. These guidelines are anticipated to drive competition and improve accessibility to financial and payments services. Participants in open banking shall adhere strictly to security standards when accessing and storing data, and shall be subject to minimum privacy, operational, customer experience and risk management standards as prescribed by the bank.” It added that the objectives of the guideline are to provide clear responsibilities and expectations for the various participant categories, ensure consistency and security

across the open banking system, stipulate safeguards for financial system stability under an open banking regime, promote competition and enhance access to banking and other financial services and outline minimum requirements for participants.

OPEN BANKING BENEFITS

PwC in a report highlighting the benefits of open banking said as regards data sharing, it allows for the removal of manual data entry with data sharing only undertaken with regulatorapproved third parties, although there is the risk of an increased number of data breaches, fraud, and phishing. As regards financial accessibility, PwC said there will be a wider choice of providers with improved financial planning and insight tools, although with the unintended consequence of increased exclusion as low credit quality customers are more easily identified and some customers are technically excluded. Open banking, PWC added, is also expected to drive competitive pricing and value for money given a larger number of providers, although there is also the potential of reduced ability to price for bundle products and price wars due to commoditized products and providers. “In terms of product innovation, open banking is expected to bring development of new propositions given the availability of customer data to approved FinTechs, but then, there is the risk of increased capital/funding issues due to deposits moving rapidly between different banks, “it stated. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

WEDNESDAY, MARCH 15, 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 13Mar-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 202.98 204.13 7.58% Afrinvest Plutus Fund 100.00 100.00 10.57% Nigeria International Debt Fund 330.22 330.22 6.70% Afrinvest Dollar Fund 107.01 108.11 1.45% 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 8.35% Anchoria Equity Fund 157.13 158.81 8.40% Anchoria Fixed Income Fund 1.25 1.25 1.79% 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 23.69 24.40 7.95% ARM Discovery Balanced Fund 552.41 569.06 5.98% ARM Ethical Fund 47.60 49.03 5.50% ARM Eurobond Fund ($) 1.14 1.14 1.03% ARM Fixed Income Fund 1.12 1.12 1.44% ARM Money Market Fund 1.00 1.00 10.23% ARM Short Term Bond Fund 1.05 1.05 1.24% 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 96.06 96.06 1.01% AVA GAM Fixed Income Naira Fund 1,124.23 1,124.23 -0.28% 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 4.06% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.41 2.47 8.55% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.02 1.02 1.69% 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 20.01 20.38 6.53% Women's Investment Fund 156.21 158.50 5.99% CHD Nigeria Bond Fund 101.84 101.84 10.72% CHD Nigeria Dollar Income Fund 1.00 1.00 10.48% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.88% Cordros Milestone Fund 145.26 146.21 5.51% Cordros Fixed Income Fund 107.39 107.39 9.71% Cordros Halal Fixed Income Fund 104.47 104.47 5.79% Cordros Dollar Fund ($) 114.38 114.38 5.66% 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 11.12% Coronation Money Market Fund 1.24 1.25 3.46% Coronation Balanced Fund 1.39 1.39 -1.16% 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 100.00 100.00 9.14% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 10.97% EDC Nigeria Fixed Income Fund 1,123.47 1,128.95 1.55% 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 13.71% Emerging Africa Bond Fund 1.09 1.09 10.26% Emerging Africa Balanced Diversity Fund 1.15 1.15 35.53% Emerging Africa Eurobond Fund 105.93 105.93 4.58% 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 1505.99 1505.99 12.12% FBN Balanced Fund 210.93 212.48 5.62% FBN Halal Fund 125.95 125.95 12.35% FBN Money Market Fund 100.00 100.00 11.19% FBN Dollar Fund 121.89 121.89 6.93% FBN Smart Beta Equity Fund 177.95 180.34 7.45% FBN Specialized Dollar Fund 106.04 106.04 9.46% 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 7.55% Legacy Debt Fund 3.52 3.52 -12.08% Legacy Equity Fund 2.14 2.18 22.99% 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 N/A N/A N/A

Offer Price N/A N/A N/A

Yield / T-Rtn N/A N/A N/A

FSDH Dollar Fund N/A N/A N/A GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 8.78% Vantage Balanced Fund 3.23 3.29 8.31% Vantage Guaranteed Income Fund 1.00 1.00 7.19% Kedari Investment Fund (KIF) 0.00 0.00 0.00% Vantage Equity Income Fund (VEIF) - June Year End 1.32 1.36 7.12% Vantage Dollar Fund (VDF) - June Year End 1.08 1.08 8.05% 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 N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 102.44 102.44 9.75% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.68% 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 3,847.54 3,876.09 13.47% Stanbic IBTC Bond Fund 247.12 247.12 4.90% Stanbic IBTC Ethical Fund 1.52 1.54 21.43% Stanbic IBTC Guaranteed Investment Fund 336.53 336.53 7.47% Stanbic IBTC Iman Fund 281.87 284.91 20.60% Stanbic IBTC Money Market Fund 1.00 1.00 9.18% Stanbic IBTC Nigerian Equity Fund 13,084.72 13,242.74 19.84% Stanbic IBTC Dollar Fund (USD) 1.38 1.38 7.05% Stanbic IBTC Shariah Fixed Income Fund 122.46 122.46 4.75% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 116.97 116.97 9.96% Stanbic IBTC Absolute Fund 4,650.38 4,650.38 9.31% Stanbic IBTC Aggressive Fund 3,461.32 3,504.92 24.50% Stanbic IBTC Conservative Fund 4,393.94 4,410.68 15.42% 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 12.45% United Capital Balanced Fund 1.59 1.62 15.94% United Capital Wealth for Women Fund 1.29 1.31 10.62% United Capital Sukuk Fund 1.12 1.12 9.98% United Capital Fixed Income Fund 1.98 1.98 7.25% United Capital Eurobond Fund 126.69 126.69 5.47% United Capital Money Market Fund 1.00 1.00 9.37% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund N/A N/A N/A Zenith ESG Impact Fund N/A N/A N/A Zenith Income Fund N/A N/A N/A Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 4.41 4.51 9.90% Vetiva Consumer Goods Exchange Traded Fund 7.01 7.11 19.86% Vetiva Grifﬁn 30 Exchange Traded Fund 20.16 20.36 13.92% Vetiva Money Market Fund 1.00 1.00 10.78% Vetiva Industrial Goods Exchange Traded Fund 25.47 25.67 27.31% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 142.09 144.09 -9.88% 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

17.09 141.01 112.67 17.40 16.40

17.19 143.48 114.63 17.50 16.50

10.39% 10.51% 12.69% -2.59% 1.93%

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.

WEDNESDAY MARCH 15, 2023 • T H I S D AY

T H I S D AY ˾ WEDNESDAY MARCH 15, 2023

EDUCATION UBEC and the Marching Order of Inclusivity with Children of Special Needs

With the vision of leaving no one behind, the Universal Basic Education Commission might just be right on time in nipping the challenges of children with special needs in the bud. Kuni Tyessi writes

here is a paradigm shift in implementing special education intervention funds in basic education institutions in Nigeria, with the sole aim of having everyone on board, including children with special needs. This is coming on the heels of the Federal Government’s ensured National Policy on Education (NPE) in 2004, 2009 and 2012, explicitly emphasising that all necessary facilities that would provide easy access to inclusive education should be provided, with special classrooms in public schools under the UBE scheme coordinated by the Universal Basic Education Commission. For UBEC to speedily achieve this, the federal government enacted the Universal Basic Education Act in 2004 and has consistently donated two per cent of the country’s Consolidated Revenue Fund (CRF) every year to UBE implementation in the country since 2005. In addition, since 2008, the federal government introduced a special education programme and donates two per cent of the UBE’s two per cent Consolidated Revenue Fund (CRF) every year for special education in the county. Furthermore, in 2017 the Federal Ministry of Education developed a National Policy on Inclusive Education in Nigeria (NPIEN) and outlined the specific roles and responsibilities

Bobboyi

of the Universal Basic Education Institutions. Therefore, the Universal Basic Education Commission (UBEC) developed a document presenting the clear guidelines required to perform the assigned roles in the NPIEN. The commitment was made to utilize all avenues expected to equalize educational opportunities for all children,

irrespective of their physical, sensory, mental, psychological or emotional disabilities and socio-economic background. Recently, at a sensitization programme on the UBE Act and moving forward, the Executive Secretary of the Universal Basic Education Commission, Dr Hamid Bobboyi, stated that to close the huge margin which the basic education system has been known for, massive enrollment of children irrespective of status must be encouraged. The UBEC helmsman further commended administrations in states that have consistently seen the need to support basic education through the contribution of the 50 per cent counterpart funding for the special attention accorded to education, particularly for children with special needs, the introduction of a free education policy at primary and secondary levels and the inauguration of the enrollment drive committee, all of which have led to a huge enrollment in schools across states. This action has become critical as records have shown that while there are between 93 and 150 million children with different categories of disabilities in the world, the 2018 UBE National Personnel Audit report 0f 2018 indicates that there are 100,863 males and 88,208 females totalling 189,071 learners with different categories of

disabilities. In 2021, the commission conducted a needs assessment exercise in 397 schools and 18,338 learners with special needs were recorded for improved educational processes. With such high figures, the commission made deliberate efforts in taking systematic actions to at least provide quality basic education individually to these categories of Nigerians, particularly those within school-going age in both public and private basic education institutions. To begin the process, a situation analysis on the implementation of Special Education Intervention Funds in the last six years was conducted, and the report indicated that efforts are made to provide education for children with special needs in public and private basic education institutions, including providing support funds for new constructions, renovation of classrooms, purchase of facilities and equipment amounting to billions of naira. The information gathered was an eye-opener that the implementation procedures were not in line with the inclusive education implementation framework to justify the resources being utilised for the special education intervention funds implementation processes. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Prof. Sanni: My Legacy is Bringing Human and Infrastructural Development to Fountain University

Prof. Amidu Sanni is the immediate-past Vice-Chancellor of Fountain University, Osogbo, Osun. In an interview with Uchechukwu Nnaike, he highlighted his achievements in the institution, how incessant strikes have continued to water down Nigeria’s educational system and the way forward

ave you always wanted to be in academia? I will say yes because I have been lucky enough to be a good performer right from my primary education to the university level. I made a first class in Arabic Studies and Literature from the University of Ibadan where I graduated in 1980 and completed a PhD at the School of Oriental and African Studies (London) in 1989. God continued that favour in my life winning several awards including the British Commonwealth Scholarship, the Alexander Von Humboldt Fellowship, the Leiden-Scaliger Fellowship and Chevening Fellowship at the Oxford Centre for Islamic Studies. Prior to my appointment as vice-chancellor, I taught at the Lagos State University (LASU) from 1984-2018. With modesty, I have been able to enjoy these academic privileges by the grace of the almighty. At what stage did you embrace academics fully? Ironically, I started as a broadcaster , and destiny pushed me further. I was one of the pioneer presenters and producers with the Television Service of Oyo State when it was founded in the early eighties. But again, I had a role model and mentor in Prof Musa O. Abdul from Ijebu Ode, who advised me that as a first-class material, I would blossom as a teacher. I was doing my master’s degree at the University of Ibadan, then in Arabic and Islamic Studies. But my emphasis was more on Comparative Literature. So I quit broadcasting and moved to academics. When Lagos State University was founded in 1984, I happened to be one of the pioneer lecturers. And from there, I was the first to win the Commonwealth Scholarship of the school in the 1984/85 session. And that took me to the United Kingdom as a Commonwealth scholar. That feat enabled me to do my PhD at the University of London School for international studies. Incidentally, I was able to do some consultancy then, even as a student and became the first Nigerian member of the Royal Asiatic Society of Great Britain and Ireland. So I became a fellow then and was happy to be the first African fellow of this society, even

One of my children is now a consultant in the UK as a doctor. He finished his medical studies here in Nigeria before moving to the UK. After his programme, he was employed. So, what I am saying is that if Nigerian materials are not good, they won’t be employing them in UK and US.

Prof. Amidu Sanni

as a PhD student. So that one gave me a lot of opportunities and exposure to a number of top-rated academic libraries and fellowships. And I also finished my PhD in record time at the University of London. When I finished, I came back to LASU in 1989. Since then I have participated in international engagements and I have been involved in a lot of editorial consultancies, research, projects, publishing and so on. With your international exposure, why did you return to Nigeria? Thanks for that question. I used to tell people that unless you are given the scholarship to go and do a course in any of these European countries, it is not advisable to hang around. It is very expensive, and at a point, you will discover that you will become an unwanted material. Once they have taken the best of you, you won’t be able to come back home. You arenot wanted there, and you just have to manage and struggle to live. So, Nigeria is a very gifted country if we have the right leadership and the right environment.

Aren’t you worried about the present educational problems? Honestly I am worried because I wouldn’t imagine any reasonable, responsible and responsive government to allow the universities to be shut down for eight months as it happened last year. You know in those days, a third-class material from a Nigerian university could get automatic admission to Oxford or Cambridge but now our first class have to go through IELTS. In those days, students from other countries used to come to Nigeria for their education. People used to come to UCH for medical service. Most of the doctors over there passed from Nigeria here. So that is to tell you that if we have the right kind of leadership, the right environment, Nigerians can excel anywhere. And the greatest thing is that if all these nurses and doctors that are now being poached if they are not good, they won’t take them over there. What is the way forward? The way forward is to have a new thinking. The government should have its priority set aright by placing emphasis on education, education and education. Is to have education well-funded. Again, we have to face the fact that it is not possible for the government to fund education alone. So, this new idea of student loans should be well encouraged. It is very expensive to train a single doctor. It is a lot of money and government alone cannot have that kind of funding. There should be a new way of funding education and to make sure that a four years course does not go beyond four years. You recently concluded your tenure as vice-chancellor at Fountain University. What would you consider your greatest achievements? Let me put it this way, maybe the greatest

thing I would share is first, the university was engrossed in land dispute with the donors of the land for almost 15 years in ligation in court. And I want to thank God that I was able to settle the land dispute with the ‘Omo onile’ and we were able to do that early this year. So I am happy that the issue of land dispute have been sorted out. The second thing I would say is that the kind of rapport I am able to establish with the local community, the king, the chiefs gave me joy. I was able to accommodate them and we became friends. So, they became the guardians of the university’s properties. What does it take to be an outstanding administrator of an institution? I think the starting point would be your ability to delegate and supervise. University has a very unique way of community system. If you delegate a job, you have to supervise. Don’t just give an assignment and go to bed. Create teamwork. You can’t be in every department. You can’t be in every college or faculty. You have to delegate and insist on standard. That is what it takes. I always insist on standard. Also, having autonomy and freedom to allow the university tradition to operate by the establishment improves administrative work. How would you say your tenure has impacted the university positively? The university now has two additional colleges: the College of Management Sciences and the Colleges of Natural and Applied Sciences. When I came on board, the university had the College of Law and the College of Basic Medical and Health Sciences. Then the College of Arts is taking off this September, where you have courses in French, English, Arabic and Chinese. Then the Post Graduate programme also increased during my tenure. And within the next few weeks, seven new programmes will be accredited by the National University Commission (NUC): three undergraduate and four postgraduates. We have also tried to widen our international networks. For example, the International Law Book Facilities in the UK is donating a whole library of law books to Continued on page 33

T H I S D AY ˾ WEDNESDAY MARCH 15, 2023

EDUCATION

Federal University of Helping Children Achieve Potential in Agriculture’s New VC to First 1,000 Days Build on Predecessors’ At the media advocacy programme held by UNICEF, in collaboration with Achievements National Orientation Agency, experts opined that the ability of a child to be George Okoh in Makurdi

The newly appointed ViceChancellor of the Joseph Sarwuan Tarka University Makurdi (JOSTUM), former Federal University of Agriculture Makurdi (FUAM), Prof Isaac Itodo, has promised to work hard in the way of his predecessors to achieve success for the university of agriculture Makurdi. He made this known as he took over the reins of leadership at the institution as the 7th Vice Chancellor, promising teamwork. Shortly after receiving briefs from the university’s management team, Prof. Itodo acknowledged the enormous responsibility that comes with the position and urged the

management team, staff and students of the university to support his administration to succeed. Prof, Itodo said, “I must state that I am going to be a team player because that is what I have always been. I will not interfere in your areas of jurisdiction. My responsibility here is to make sure and give you the support you need to deliver on your various mandates. I am not here to willfully or unwittingly begin to change things. Nobody does that and gets results.” The vice-chancellor received briefs from the university’s management, who individually provided him with detailed information about the institution.

Monarch, Community Applaud Ekiti Deputy Speaker for Facilitating School Hall Gbenga Sodeinde in Ado Ekiti

The Onigbemo of Igbemo Ekiti, Oba Adewumi Daramola and other stakeholders have hailed the Deputy Speaker of the Ekiti State House of Assembly, Rt. Hon. Hakeem Jamiu, for facilitating the construction of a multipurpose hall at Oloketuyi Memorial Grammar School in the town. The monarch, the school management, the old students association, the parents-teachers association and the Ekiti State Community Development Agency (EKSCDA) authorities said the project would not have been possible without the efforts of the deputy speaker. At the inauguration of the new hall, they poured encomium on Jamiu for taking the case to EKSCDA and going further to pay the counterpart fund for the project. The rehabilitated maternity building at the health centre, which was also an EKSCDA-assisted project, was inaugurated in the community to benefit the people. Shortly after unveiling the project, Oba Daramola said Igbemo is lucky to have Jamiu and other illustrious indigenes. He also lauded the Ekiti State Government through EKSCDA for making the project a reality. Oba Daramola urged the deputy speaker and other well-placed indigenes of Igbemo to help facilitate employment for qualified young men and women from the town in the state and federal agencies to give them economic empowerment. The General Manager of EKSCDA, Mr Yemi Alatise, said the agency has more than 600 requests from villages, communities and towns and it was a privilege for Igbemo Ekiti to be considered for the school hall project. Alatise urged the school management, teachers and

students to take ownership of the project and use it very well, noting that the agency would be monitoring how the facility is being put into use. The President of the Oloketuyi Memorial Grammar School Old Students Association, Hon. Oladipupo Ige, thanked Jamiu for sacrificing to pay the counterpart fund for the new school hall project. The President of the Igbemo Development Association, Chief Bola Olowosejeje, urged the town’s people to vote massively to ensure the re-election of the deputy speaker back to the House of Assembly for him to do more. He also lauded the deputy speaker for his role in ensuring the elevation of the Onigbemo to the status of Grade ‘A’ Oba and siting the headquarters of Ifedara Local Council Development Area in the town. The principal of the school, Mrs Florence Abe, said conducting examinations was a challenge before building the hall and commended the deputy speaker for coming to the school’s rescue. In his remarks, Jamiu urged the entire people of Igbemo Ekiti to take ownership of the project and not allow the facility to deteriorate. He revealed that he discovered the need for a new school hall because he was moved by the derelict and crumbling status of the former structure, which prompted his decision to make representation to EKSCDA. “We want to appreciate EKSCDA for counting us worthy because it is not every application that is considered because they normally have several applications,” said Jamiu. “This hall cost N15 million, and the counterpart fund was paid. We will apply for more projects, but I want us to use this project very well, take ownership of it and ensure its maintenance.

productive in future and contribute positively to society depends on how well he is taken care of in his or her first 1,000 days. Funmi Ogundare reports

he National Orientation Agency, in collaboration with United Nations Children’s Fund ( UNICEF), recently held a media advocacy for COVID-19 Vaccines Global Access ( COVAX) and Routine Immunization ( RI) uptake in Lagos, designed to, among others, inspire them to shape knowledge of caregivers and advocate for policy makers to promote the practice of key behaviours in the first 1,000 days of a child, ensuring a call to action to be involved and contribute immensely to the practice of key behaviours to increase the chances of child survival in the state, provide platforms for technical experts to contribute to conversations around promoted behaviours. The two-day programme witnessed papers being presented on ‘Antenatal Care’, ‘Essential Care for every baby’, and ‘Increasing a child’s chance of survival: Focusing on the first 1000 days’, among others. A Nutritionist with UNICEF, Mrs Ada Nzeogu in an interview with THISDAY, emphasised the importance of taking care of the nourishment needs of the adolescent pregnant girl and educating her on the importance of early initiation of breastfeeding. She noted that this would go a long way in ensuring the baby’s physical and cognitive development. “Basically, there is a lot of evidence on the child’s intelligence quotient. Apart from just the physical development and there is also the cognitive development. If these are not done, then the development of that child is compromised; and if that child becomes stunted , such person will not be able to achieve his full potential,” she stated. “There is implication for schooling and there is onset of adult chronic diseases which will eventually lead to the nation losing resources to take care of the child.” She emphasised the importance of studies on nutrition in schools, so as to build awareness early in the child’s life. Nzeogu added, “I am aware that the ministry of education

Children need to be well taken care of in the ﬁrst 1,000 days to develop their intelligence quotient has reviewed their curriculum because there is a lot of nutrition input in it. A lot of our children will already know some of these and can apply this to themselves and their peers who may not have the opportunity to be in school.” She described the first 1,000 days as a golden opportunity for a child’s mental and physical development, saying that the brain is being built at that time, and lifelong healthy living is laid. “You realise that by the time the woman realises that she is pregnant, some of the critical organs of the child are formed, so there is a need for the mother to be well nourished before, during and after pregnancy as a child depends on the mother for required nutrient,” Nzeogu explained. A social and behavioural change specialist with UNICEF, Aderonke Akinola-Akinwole, also emphasised the importance of the first 1,000 days saying that it presents the first window of opportunity to invest in the child’s chance to survive, be healthy, learn and thrive. “It forms the basis for a child’s intelligence and personality as it is a sensitive period for brain and social development. This period of massive body growth prevents stunting, which can start from

the womb,” Akinola-Akinwole stressed. “The ability of a child to be productive in future, thereby contributing positively to society, is formed at this stage as his cognitive ability gets developed.” She listed some of the efforts that will promote healthy foetus development, including; regular antenatal visits to a health facility, alertness on danger signs during pregnancy, sleeping under mosquito nets to prevent malaria, routine immunization, regular hand washing with soap and water, improved hygiene practices, regular growth monitoring, birth registration, among others. “Every child stands a chance to survive and develop into a healthy and productive adult if given a great start in life. The great start for a child begins from the day the child is conceived in the womb, delivered and cared for in a clean and protected manner. The first 1,000 days is a passport to a healthy and brighter future for every child if promoted behaviour is strictly and intentionally adhered to,” she added. Mrs Clara Modupe Omojuyigbe of Lagos State Directorate of Health Education and Health Promotion Services emphasised the importance of antenatal care, family planning and

immunisation. She stressed the need for pregnant women to register for antenatal as soon as pregnancy is confirmed and attend all appointments, eat an adequate nutritional diet, be acquainted with early initiation of breastfeeding within the first hour of life of the baby and communicate freely with the health care team. “The purpose of antenatal care is to prevent or identify and treat conditions that may threaten the health of the fetus/ newborn and/ or the mother, and to help a woman approach pregnancy and birth as positive experiences,” she noted. On immunisation, Omojuyigbe said every child is expected to have completed immunization before the age of one, adding that this should be done six times during the first year. “Immunisation is not harmful to the child. It is safe to vaccinate a child that is malnourished, has a disability or is sick. Children may have a fever or pain at the site of injection after taking the vaccines. This is normal. Parents or caregivers should take the child’s health card along to the health facility to record the immunisation the child is given, and the date for the next immunisation,” she stressed.

Prof. Sanni: My Legacy is Bringing Human and Infrastructural Development to Fountain University the university. And several other countries as well are coming on board. One has been able to utilize one’s international networks to attract a lot of assistance, and technical support to the university. Can you throw more light on the proposed rehabilitation programme of the university? The project is named Academic Rehabilitation Project. It is in progress because we feel if you concentrate on taking care of only the good students, what about the bad ones or those who are having challenges? Maybe not out of their own choice, maybe out of fear, those students who are engaged in substance abuse, bad behaviour and so on. So, I was able to convince the Aragbiji of Iragbiji, the Kabiyesi, who is a very good friend of mine. He donated some parcels of land to the university. So, the United Nations Office for Drug Control is assisting us along that line. I was with the NDLEA Chairman, Gen. Buba Marwa, the other

time. I think they also tried to assist the project so that we can now engage people positively. If people are engaged positively, you are going to spend your time positively. You won’t have time to think of negative behaviours. If you don’t have access to drugs or weed, then you will engage yourself in innovative skill-building. So that is one area that I will say yes, I have been able to make some impact as well. Life after Fountain University, what is next? I went to Fountain University from Lagos State University on a leave of absence. And you know the Nigerian system allows you as a professor to be in service up to the age of 70. I still have two years more. So, I am returning to LASU now, but more important, I think I need a break. I need a break for myself, and one needs to get closer to God as well after all these marathon years of going up and down. I also need some time to do some research and mentor younger ones.

This is very dear to my heart. If you want to replace yourself, you need to create time for mentorship. That is what I want to do now. And also spend more time with family. What will you want to be remembered for? I think what I want to be remembered for is bringing both human and infrastructural development to the institution. Then raising the bar or standard of both the student and the staff. I ensured that anybody that is going to be employed as a lecturer in the university also passes through some form of ‘demonstration lecturing’. If you want to lecture in Fountain University you have to pass through the rigorous test. So, the standard of recruitment, standard of promotion was rigorous, you have to earn it, it is not a right. You have to earn for you to work, and you have to earn for you to be promoted. People normally don’t like it, but at the end of the day it improves the system.

WEDNESDAY MARCH 15, 2023 •T H I S D AY

WEDNESDAY, ͹ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

PERSPECTIVE

2023 Elections: Nigeria’s Fate in the Hands of Their Lordships F By Paul Ejime

rom all indications, the Supreme Court will likely decide the outcome of Nigeria’s tightly contested 25th February presidential election and, in some senses, the judiciary could be on trial. The main opposition parties have mounted legal challenges to the results declared by the Independent National Electoral Commission (INEC), but they are not the only ones dissatisfied with the electoral process. INEC has acknowledged that there were logistics challenges and “technical glitches” that led to the delay in uploading results from the polling units to the Commission’s Result Viewing or IReV Portal. Introduced by the Commission as part of its ongoing efforts to strengthen public confidence in the electoral process, IReV was successfully piloted in the recent off-cycle governorship elections. With the introduction of the long-delayed amended Electoral Act 2022, which provides for the electronic transmission of election results, coupled with INEC’s repeated assurances to improve on the delivery of credible elections by leveraging lessons learnt, Nigerians and the international community had expected nothing less from the Commission on 25th February 2023. However, because an election is a multistakeholder enterprise that requires every actor to play their part, it was obvious that some stakeholders dropped the ball on 25th February. Under the American-style Executive Presidential system being run by Nigeria, a presidential election is a sovereign national responsibility, which the constitution reposes on the electoral umpire, in this case, the INEC. It is, therefore, not surprising that the Commission has come under severe scrutiny and criticism over what happened on 25th February. Even so, the same constitution and other relevant legal frameworks, including the Electoral Act and guidelines, have also made provisions for how infractions or violations can be addressed. For instance, while peaceful and lawful expression of disappointment/ disagreement and peaceful protests are allowed, violent and unlawful actions or statements are prohibited under the law. The legal frameworks are also very clear on the procedures and conduct of all actors before, during and post-election period. For now, the preoccupation of many concerned Nigerians is what happened on Election Day and immediately afterwards. In their Reports, local and international observers unanimously said that the electoral process was peaceful in large parts of the country. But they also reported violence, vandalism, snatching of electoral materials, voter intimidation and suppression and alleged fraudulent practices, especially in Lagos and Rivers states, where the police reported more than a dozen arrests. INEC also noted that polling started late in some polling areas due to the late arrival of polling officials and materials. Consequently, balloting had to continue in some areas, to make up for the late start, while the Commission suspended elections in some trouble spots in at least three of the 36 states of the federation. The main bone of contention appears to be that despite the reports of disruptions in some parts of the country and particularly the delay in the upload of the results as promised by INEC, the Commission still went ahead to declare Senator Bola Tinubu, candidate of the ruling All Progressive Congress (APC), as the president-elect with 8.7 million of the estimated 25 million votes cast by among the 87 million registered voters. The Commission further announced that former Vice-President Atiku Abubakar, the flagbearer of the main opposition People Democratic Party (PDP), came second in the presidential contest with 6.9 million votes, while former State Governor Peter Obi of

INEC Chairman, Mahmood Yakubu the Labour Party (LP) was third with 6.1 million votes. The PDP and LP have rejected the INEC declared results. Obi, who put up a surprisingly impressive showing following his mass followership by Nigerian youths, has claimed that he and not Tinubu won the presidential contest. Meanwhile, INEC has postponed by one week to 18th March, the governorship and State Houses of Assembly elections which were earlier scheduled for 11th March. The Commission explained that this will enable it to reconfigure its Bimodal Voter Accreditation System (BVAS) machines, a key device for national elections. This was after the opposition and ruling political parties had obtained court orders authorising them to inspect electoral materials used for the 25th of February presidential poll. The court also ordered INEC to provide the political parties with certified digital copies of the BVAS content of the 25th of February vote before the reconfiguration. In recognition of potential legitimacy questions that could trail his presidency, Tinubu, a wealthy former governor of Lagos State, has called on all Nigerians, including his fellow contestants, to join him in building a united country. He considers himself a kingmaker in APC and has made no secret of his intention to become the “king” this time. Unlike in previous elections, Tinubu’s declaration as the winner by INEC has been greeted by a subdued celebration with Nigeria on political tenterhooks, as citizens and the international community wait and watch the post-election legal fireworks which will undoubtedly end up at the Supreme Court. It is not the first time that Nigeria’s major election will be decided by the apex

Court. However, the country has never been as divided along ethnic and religious lines as under the eight-year administration of outgoing APC President, retired army general Muhammadu Buhari. The ruling party has been immersed in internal disputes exacerbated by government’s controversial decision before the presidential poll, requiring Nigerians to swap their old local currency (Naira) bills for new ones. That decision which led to cash scarcity, coupled with heightened insecurity and petrol scarcity in the oil-producing nation, compounded the socio-economic hardships in Africa’s most populous nation and the continent’s largest democracy. The Central Bank of Nigeria had explained that the currency swap would enable it to mop up excess cash from the monetary system. Yet, there is the perception that the measure was aimed at curbing vote-buying by politicians, who use money to corrupt the electoral system. Ironically, Tinubu and some top officials of the APC have done everything to distance themselves from the government’s controversial currency swap policy, with one of the officials publicly telling supporters at a recent campaign rally that: “(President) Buhari is on his own,” on that policy. Some governors of APC-controlled states also took the matter to court, which ruled that both the old and new currencies should remain in circulation until 31st December 2023. Under the prevailing circumstance, it remains to be seen whether President Buhari’s pledge to bequeath a legacy of credible elections will be realised. Even so, the political storm and recriminations generated by the 25th of February presidential election should not be allowed to erode hard-earned

incremental improvements to the electoral process in Nigeria from 1999 when the country returned to civilian rule after prolonged spells of military dictatorships. With all the criticisms over its handling of the presidential election and the potential impact on its reputation, it should not be lost on the public that INEC meant well in introducing the BVAS machine and IReV as tools for the improvement of the electoral process in Nigeria. As stipulated under legal instruments governing elections in the country, the political parties and INEC are within their rights to approach the law courts for clarifications. It therefore, behoves all political actors, particularly politicians, their parties, and supporters, to eschew violent conducts or utterances that could undermine peace and security in the country. The 25th of February presidential election will not be the last in Nigeria. Indeed, the rescheduled governorship vote provides INEC with an opportunity to begin the work of redeeming its bruised reputation. Since there is no perfect election, an electoral umpire can be forgiven where there are unintended human or technological failures. It is expected that valuable lessons on public information and crisis communication management might have been drawn from the 25th of February experience for improved performance going forward. There were reports that INEC’s server was hacked. It is also possible that other security/ classified information on what transpired on 25th February is unavailable in the public domain. Nonetheless, the Commission cannot be absolved of its constitutional responsibility on public information. Perhaps, assuming it had proactively and effectively communicated its challenges, particularly regarding the upload of election results to the IReV in real-time, public response could have been more empathetic and reactions by the political parties might have been different. There is no doubt that the use of the BVAS machines has brought some improvements to the electoral process by preventing fraud and drastically reducing the erstwhile outrageous vote returns, which characterised Nigeria’s past elections. The fact that only BVAS-verified and accredited voters are allowed to cast their ballots is a welcome change as part of efforts to stem electoral malpractices. The opposition parties that rejected the outcome of the 25th of February presidential vote seem generally satisfied with the results of the parliamentary elections held on the same day using the same BVAS machines. Even so, more work is required for continuous improvement of the electoral process, including a thorough audit of what happened on 25th February. There is also the urgent need to roll out the overdue Electoral Offences Act with unambiguous sanctions/punishment for offenders to serve as a deterrent against impunity bedevilling the electoral process. Now that the electoral disputes have shifted to the courts, the burden rests on Their Lordships to do their job without let or hindrance. The fate of Nigeria and its more than 214 million citizens are at stake. The judges are expected to acquit themselves creditably with patriotism and a high sense of responsibility. They owe their allegiance to Nigerians, especially the youths who came out in their numbers to demand what they call transformative changes in the governance systems. Their Lordships must validate the old dictum, which describes “the court as the last hope” of the citizens, knowing that their decision on the 25th of February presidential election could have far-reaching consequences on Nigeria’s political future. *Paul Ejime is a Global Affairs Analyst and Consultant on Strategic Communications, Media, Governance Issues & Elections

WEDNESDAY, MARCH 15, 2023 ˾ T H I S D AY

BUSINESS/MONEYGUIDE

Islamic Banking: FBN Quest, Firm Launch Endowment Fund for Indigent Nigerians Oluchi Chibuzor FBNQuest Trustees, a subsidiary of FBN Holdings in partnership with the Metropolitan Law Firm has launched an endowment fund under the Islamic banking guidelines to cater to the education of indigent Nigerians from basic to tertiary institutions. The fund, called Waqf, is an instrument of Islamic Estate Planning largely designed for charitable and philanthropic activities to solve social problems. Managing Partner, The Metropolitan Firm, said N60 million seed funding has been committed to the fund and is targeted at the less privileged children,

particularly orphans in the northeast by providing scholarships and complementing efforts aimed at dousing the burgeoning number of out-of-school children in the country. Senior Vice President, FBNQuest, Abimbola Ajinibi said non-Muslims can benefit from the endowment fund. He said the role of FBNQuest would be to ensure that the interest of the beneficiaries is protected. “Waqf is called Islamic trust. It simply means that you have three parties, a set law, trustees, and the beneficiaries. Essentially, the trustees hold assets for the benefit of the named beneficiary. Today, we are launching Metropolitan Waqf which means that

we are setting up a trust for the benefit of certain people. So we (FBN Quest) are going to act as delegate trustees to ensure that the interest of the beneficiaries is protected,” he said. In the same vein, the Senator-Elect of FCT under the Labour Party and the member of the Board for the Metropolitan Waqf Fund, Ireti Kingibe, emphasized that the target is to help out-of-school children in the country, especially from the north. Kingibe also used the opportunity to assure that she will use her office when she assumes office to ameliorate the plight of the marginalized groups in the FCT, especially the youth, women, and children.

IWD: Speakers at Polaris Bank Webinar Advocate Women Empowerment A call has gone to organizations operating across all sectors in the country to create opportunities that empower women to fulfill their full potential for the good of society. The call was made by CEO of Digital Jewels, Adedoyin Odunfa while speaking as a Guest Speaker at the Webinar organized by Polaris Bank Limited themed: “Advancing Women Empowerment through the Adoption of Technological Innovation and Digital Education,” to mark the 2023 International Women’s Day which held

in Lagos. Focusing on the IWD 2023 theme: #EmbraceEquity, Odunfa while addressing gender imbalance in the workplace, cited statistics that show that women make up only 46 percent of the workplace and less than 2 of 5 percent of them end up in leadership positions. She pointed out the need to address gender imbalance and prevailing conscious and unconscious biases against women. She also emphasized the need to intentionally empower women with technological

innovation rather than just pay lip service to it. A Panelist, Dr. Amina Sambo-Magaji, emphasized the need for collaboration and a system approach to promote gender equality in the digital space. Sambo-Magaji, a distinguished Humphrey Fellow, who doubles as a Director at National Information Technology Development Agency (NITDA) also called for measures to promote women’s participation in all aspects of digital, including technological innovation, and digital governance.

NPA Commends NWUN Support in Breaking 15-year Salary Stagnation Jinx The Management of the Nigerian Ports Authority (NPA) has cited the support of the Maritime Workers’ Union of Nigeria (MWUN) as a critical success factor to the long drawn process of securing approval for increase in the salary of its workers, which had stagnated since 2008. Commenting when he received letter referenced MWUN/MD/NPA/RFC/23 dated 6th March, 2023 signed by the Secretary General MWUN expressing appreciation to the Management of the Authority for the increment in the salary

of its members, Managing Director/CEO NPA, Mohammed Bello Koko said, “breaking the jinx of salary stagnation suffered for over a decade by the Authority’s employees was made possible with the support of the MWUN, and we remain appreciative.” He added that, “this critical support from MWUN has buoyed us to intensify our relentless drive towards continuous improvement in the welfare of our esteemed workers in ways not limited to monthly salary alone.” Bello-Koko was November

2022 been accompanied by the President General MWUN, Comrade Adewale Adeyanju to pay an advocacy visit to headquarters of the Nigerian Labour Congress (NLC) to solicit the NLC’s solidarity towards increase in NPA workers’ salaries. Speaking further Mohammed Bello Koko stated, “we are further delighted by the fact that our own Adeyanju is now the Deputy President of the NLC, this gives us the necessary solidarity and backing to push for more benefits for our highly valued human resources.”

Nova Merchant Bank Pledges Support for Women Embracing Technology NOVA Merchant Bank has pledged to promote gender equality by supporting women who embrace technology skills, especially in our ever-evolving world. This commitment was made during the 2023 NOVA International Women’s Day (IWD) conference held at the Bank’s headquarters in Lagos. The IWD conference is part of the Bank’s women empowerment initiative, which began in 2020, where women in NOVA converge to discuss gender equality issues and proffer solutions. The Chief Host and Executive Director of NOVA Merchant Bank, Mrs. Funke Okoya who welcomed participants at the

conference, said, “Given the country’s transition to cashless policy, NOVA believes that women can play a significant role in providing innovative ideas to capitalise on the benefits of this disruption by leveraging innovation and technology.” She added that NOVA will continue to push for the capacity development of women in Nigeria in tech and drive initiatives that advance women’s cause. The Chief Information Officer, NOVA Merchant Bank, Mrs Mabel Irona-Nduka, reiterated the Bank’s stance on female empowerment, adding, “NOVA will continue to lead the many voices committed to

women empowerment by making deliberate efforts to close the gender gap in traditionally male dominated roles like information Technology and most especially, at leadership levels. Guest Speaker at the event, Dr Ola Brown who is the Founding Partner, Health Cap Africa said, “Having tech savvy women in leadership roles means making more profits especially in a hyper-competitive industry such as banking where we must leverage and utilize all legitimate and innovative alternatives to optimize profit irrespective of gender, and this is where embracing equity is important.”

From Left to Right- MD.CEO, Wema Bank, Moruf Oseni; MD/CEO, FITC, Chizor Malize and the Founder/ CEO Of The Gem Stone Group, Fela Durotoye at the SARA by Wema International Women’s Day event held in Lagos… recently

MARKET INDICATORS 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).

T H I S D AY ˾ WEDNESDAY, MARCH 15, 2023

MARKET NEWS

Vetiva Expects Premiumisation to Drive Beer Growth in Nigeria, Other Countries Kayode Tokede An analyst at Vetiva Capital Management Limited has hinted at premiumization to drive beer growth in Nigeria, among other Sub- Saharan African countries. In her coverage initiation report for the South African listed entity, Chinma Ukadike, the Sub-Saharan Africa FMCG analyst at Vetiva Capital Management, shares her

expectations for Anheuser Busch InBev and the global beer industry. AB InBev was formed in 2008 and holds the position of the largest brewing company in the world. Its latest major deal, which exposed it to the growing beer market in Africa, is the acquisition of SABMiller, completed in 2017, which added SABMiller’s capacity to its name. Currently, the company

P R I C E S MAIN BOARD

DEALS

F O R MARKET PRICE

manufactures and distributes alcoholic beverages (primarily beer) and soft drinks, from over 200 breweries, selling c.500 brands including Budweiser, Bud Light, Corona and Stella Artois which are sold by its various international breweries, with operations spanning Beer, Beyond Beer and Non-Beer segments, across North America, South America, Asia-Pacific, Europe, Africa, and the Middle East.

In the report, Chinma mentions that “At $54.3 billion, AB InBev’s Revenue has grown at a CAGR of four per cent over the last 7 years. Driving this growth is the company’s superior volumes across global markets. Being the world’s largest brewer, the company has maintained market leadership in major markets, taking advantage of an increasing drinking population to expand sales

S E C U R I T I E S

T R A D E D

QUANTITY TRADED

VALUE TRADED ( N )

MAIN BOARD

volumes.” Speaking on the North American market, with specific focus on Canada and the U.S., she believes that while beer sales lean more towards the value and core segments, changing consumer tastes are more favourable to the Spirits segments, with traditional beer gradually losing market share in consumers’ minds. She, however, believes that income growth expectations

A S O F

in the region would support beer volume and value, nonetheless. Stating that the European and African markets are being driven by growth in key markets like Germany, the UK and Nigeria, she says that across the African markets, consumption remains low, and provides room for growth especially in the beer segment, which is more affordable than other alcoholic drinks.

1 4 / 0 3 / 2 3 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˜ ͹ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

Wednesday, March 15, 2023

dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ /ŶĚĞǆ ŝƉƐ Ϭ͘ϯй dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞǆ ĚĞĐůŝŶĞĚ Ϭ͘ϯй ƚŽ

THISDAY AFRINVEST 40 INDEX

Ϯ͕ϱϴϱ͘ϮϬ ŝŶĚĞǆ ƉŽŝŶƚƐ ĚƵĞ ƚŽ ƐĞůůŽīƐ ŝŶ 'd K ;Ͳ

ϯ͘ϭйͿ͕ t W K ;Ͳϭ͘ϵйͿ͕ ĂŶĚ h ;Ͳϭ͘ϮйͿ͘ ƵŵƵůĂͲ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƟǀĞůǇ͕ ƚŚĞƐĞ ƐƚŽĐŬƐ ĂĐĐŽƵŶƚ ĨŽƌ ϭϭ͘ϳй ŽĨ ƚŚĞ ŝŶͲ

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

Ticker

Current Price

THISDAY AFRINVEST 40

2585.20

ĚĞǆ͘

-0.28%

39.4%

ROE

158.5%

ROA

24.4%

P/E

5.3%

4.9x

P/BV

Divindend Earnings Yield Yield

0.8x

7.3%

12.7%

dŚĞ DĂƌŬĞƚ ǆƚĞŶĚƐ >ŽƐƐĞƐ͙ ^/ ĚŽǁŶ ϭϮďƉƐ zĞƐƚĞƌĚĂǇ͕ ƐĞůůŽīƐ ŝŶ 'd K ;Ͳϯ͘ϭйͿ͕ t W K ;Ͳ ϭ͘ϵйͿ͕ ĂŶĚ h ;Ͳϭ͘ϮйͿ ĞǆƚĞŶĚĞĚ ƚŚĞ ƉƌĞǀŝŽƵƐ ďĞĂƌŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ĂƐ ƚŚĞ E'yͲ ^/ ĚĞĐůŝŶĞĚ ϭϮďƉƐ ƚŽ ĐůŽƐĞ Ăƚ ϱϱ͕ϳϮϮ͘ϵϬ ƉŽŝŶƚƐ͘ ŽŶƐĞƋƵĞŶƚůǇ͕ ƚŚĞ zd ƌĞƚƵƌŶ ŵŽĚĞƌĂƚĞĚ ƚŽ ϴ͘ϳй ;ƉƌĞǀŝŽƵƐůǇ͗

ϴ͘ϵйͿ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƐŚĞĚ ʬϯϱ͘ϲďŶ ƚŽ ʬϯϬ͘ϰƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚǇ ŝŵƉƌŽǀĞĚ ĂƐ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ƌŽƐĞ ϭϭ͘ϯй ĂŶĚ ϭϬ͘ϱй ƚŽ ϭϵϵ͘ϯŵ ƵŶŝƚƐ ĂŶĚ ʬϮ͘ϴďŶ͕ ƌĞƐƉĞĐƟǀĞůǇ͘ ĞĂƌŝƐŚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ĐŽǀĞƌĂŐĞ ǁĂƐ ŶĞŐĂƟǀĞ ĂƐ ϯ ŝŶĚŝĐĞƐ ůŽƐƚ͕ ϭ ŐĂŝŶĞĚ ǁŚŝůĞ ƚŚĞ &ZͲ/ d ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŇĂƚ͘ dŚĞ /ŶͲ ƐƵƌĂŶĐĞ ĂŶĚ ĂŶŬŝŶŐ ŝŶĚŝĐĞƐ ůĞĚ ƚŚĞ ůĂŐŐĂƌĚƐ͕ ĚŽǁŶ ϭ͘ϵй ĂŶĚ Ϭ͘Ϯй ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ƉƌŝĐĞ

ĚĞĐůŝŶĞ ŝŶ D E^ Z ;Ͳϰ͘ϴйͿ͕ >/E< ^^hZ ;Ͳ ϲ͘ϴйͿ͕ h ;Ͳϭ͘ϮйͿ͕ ĂŶĚ t D ;Ͳϲ͘ϭйͿ͘ ůƐŽ͕ ƐĞůů ƉƌĞƐƐƵƌĞ ŽŶ t W K ;Ͳϭ͘ϵйͿ ĚƌĂŐŐĞĚ ƚŚĞ /ŶĚƵƐƚƌŝͲ

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

T o p 10 G a in e r s

Ăů 'ŽŽĚƐ ŝŶĚĞǆ ĚŽǁŶ Ϭ͘ϭй͘ KŶ ƚŚĞ ŇŝƉ ƐŝĚĞ͕ ƚŚĞ

ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞǆ ƌŽƐĞ ϭďƉ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ƉƌŝĐĞ ƵƉƟĐŬ ŝŶ ,KEz&>KhZ ;нϭ͘ϴйͿ͘ KƵƚůŽŽŬ

EN A M ELWA

17.75

9.6%

ST ER LN B A N K

31.1

3.4%

F T N C OC OA

0.28

7.7%

N EIM ET H

20.2

-0.6%

ST ER LN B A N K

1.51

3.4%

Z EN IT H B A N K

16.5

0.0%

16.1

-8.0%

UA C N

9.50

3.3%

CHA M S

N GXGR OUP

26.70

2.7%

UC A P

12.8

-2.0%

1.8%

UB A

12.7

-1.2%

1.4%

GT C O

10.9

-3.1%

T R A N SC OR P

8.2

0.0%

A C C ESSC OR P

6.9

-0.6%

FB NH

5.5

1.4%

2.24 10.90

F ID ELIT YB K

5.20

1.4%

C WG

0.99

1.0%

EKOC OR P

5.79

0.0%

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

T o p 10 L o s e r s

ƉƌŝŽƌ ƐĞƐƐŝŽŶ ĂƐ ϵ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ͕ ϭϳ ĚĞĐůŝŶĞĚ T ic k er

ǁŚŝůĞ ϴϰ ĐůŽƐĞĚ ŇĂƚ͘ dŽĚĂǇ͕ ǁĞ ĂŶƟĐŝƉĂƚĞ ĞǆƚĞŶĚͲ

CHA M S

P ric e 0.23 0.38

P ric e C hg % -8.0%

ĞĚ ƉƌŽĮƚͲƚĂŬŝŶŐ ĂƐ ŝŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ƌĞŵĂŝŶƐ

P R EST IGE LIN KA SSUR E

0.41

-6.8%

ǁĞĂŬ͘

UP D C

0.96

-6.8%

-7.3%

Value

P ric e C hg %

A IR T ELA F R I

678.0

0.0%

Z EN IT H B A N K

412.5

0.0%

M TNN

283.5

0.0%

274.1

-3.1%

UC A P

185.9

-2.0%

D A N GC EM

106.6

0.0%

-3.9%

UB A

102.8

-1.2%

N GXGR OUP

93.0

2.7%

4.04

-6.0%

M A N SA R D

2.00

-4.8%

0.98

T ic k er

GT C O

WEM A B A N K

LA SA C O GT C O

25.20

-3.1%

M B EN EF IT

0.32

-3.0%

WA P C O

78.2

-1.9%

-2.4%

A C C ESSC OR P

62.5

-0.6%

NA HCO

ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ

P ric e C hg %

FB NH

ďƌĞĂĚƚŚ͕ ŝŵƉƌŽǀĞĚ ƚŽ ͲϬ͘ϭϬǆ ĨƌŽŵ ͲϬ͘ϭϮǆ ŝŶ ƚŚĞ

Vo lum e

P ric e

H ON YF LOUR

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ

T ic k er

8.20

ƌŽŬĞƌĂŐĞ

ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ

/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ

ĚĞĚŽǇŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ZŽďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ďŝŽĚƵŶ <ĞƌŝƉĞ ͮ <ĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ĂŵŝůĂƌĞ ƐŝŵŝǇƵ ͮ ĚĂƐŝŵŝǇƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

WEDNESDAY MARCH 15, 2023 • T H I S D AY

WEDNESDAY MARCH 15, 2023 •T H I S D AY

WEDNESDAY, ͹ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

OBIDIENTS MOVEMENT ENDORSES PETER MBAH... L-R: Nollywood veteran, Mrs. Patience Ozokwor; founding member of the Obidients Movement, Kennedy Iyere; governorship candidate of the Peoples Democratic Party (PDP) in Enugu State, Dr. Peter Mbah; and former governor of old Anambra State, Senator Jim Nwobodo, during the endorsement of the PDP candidate by the Movement in Enugu ... yesterday

Obi-Datti Campaign Cautions Against Stoking Ethnic Tension in Lagos Urges supporters to remain calm in face of provocation Emmanuel Addeh in Abuja The Obi-Datti Campaign Organisation yesterday cautioned against the use of ethnicity as a weapon in coming Saturday’s governorship election in Lagos state by some politicians. In a press statement signed by the Director General of the Labour Party (LP) presidential campaign council, Akin Osuntokun, the party implored politicians promoting and hoping to profit from ‘weaponising' ethnic hatred in the state to desist, stressing that the world has moved beyond their primitive antics. Contending that the world was changing fast, the LP noted that Nigerians must learn to live in peace and celebrate their diversity and called on members to be calm even if they face provocation. Osuntokun stated that being self-restrained and calm amid provocation is not cowardice or naivety but evidence of higher emotional intelligence, urging LP members not to play into the hands of those in panic mode who want to promote violence so that elections would be manipulated. He alleged that there had been a contrived ethnic tension in Lagos state since the outcome of the last presidential election, in which its presidential candidate, Mr. Peter Obi, and his running mate, Datti Baba-Ahmed, performed above the expectations of critics and consequently set some political

parties on a panic mode. LP added that the panic mode was further accentuated by their knowledge of its real performance in the February 25, 2023 presidential and National Assembly elections, not by the results announced by the Independent National Electoral Commission (INEC). “In Lagos, the fear factor being currently stoked and weaponised is that the Igbos would take over Lagos if LP wins Saturday’s governorship and state assembly elections. “In their desperation, they are even shamelessly questioning the ‘Yoruba-ness’ of our candidate, Gbadebo Rhodes-Vivour, ( GRV) despite the fact that he is from one of the best known families in Lagos, whose ancestral tree can be traced to over 200 years. “This begs the question of how exactly this taking over of Lagos by the Igbos would occur. Would the Igbos physically carry Lagos and transfer the city and its infrastructure to the South-eastern part of the country? Will the Igbos put guns on the heads of the Yorubas in Lagos and ask them to hand over their lands to them because Gbadebo Rhodes-Vivour is the Governor? “Will Gbadebo Rhodes-Vivour as governor denounce his father, grandfather, and his entire Vivour ancestry and find another father and grandfather from Igboland if he wins?, Osuntokun queried. According to him, desperate politicians have played up the

changing demographics arising from the cosmopolitan nature of Lagos and falsely concluded that the huge population of the Igbo was responsible for the All Progressives Congress (APC) losing the state on the February 25, 2023 elections. But he argued that the truth was that more Yoruba people than Igbo voted for LP presidential candidate on that day because they want good governance and for Lagos to be freed from the stranglehold of a criminal syndicate. “In our increasingly globalised world, it is difficult to find pristine communities or primitive communal

societies in which everyone in the community is related by blood. “Given the status of Lagos as the commercial capital of the country and its history as a former political and administrative capital, it is naturally a magnet for people and businesses looking for greener pastures. “Let us bear in mind that all the state capitals in the country – from Kano to Abeokuta to Lagos and Jalingo - tend to have a high proportion of non-indigenes relative to the original owners of the place because people move to areas of better economic advantages,” the

LP stated. As people and businesses migrate, the LP said they also become part of their new societies. This , it said that for instance, it is why in the United Kingdom today several top politicians including the Prime Minister Rishi Sunak, Mayor of London, Sadiq Khan and the Secretary of State for Business, Energy and Industrial Strategy, Olukemi Olufunto "Kemi" Badenoch are all children or grandchildren of immigrants. It stated that the story is not different in the United States where several Nigerians are in President

IoD President: We Were Set Up to Attract FDIs to Nigeria Says Nigeria needs corporate governance to withstand AfCFTA competition Dike Onwuamaeze The President and Chairman of the Governing Council of the Institute of Directors Nigeria (IoD), Dr. Ije Jidenma, has stated that the institute was established 40 years ago to enable Nigeria attract foreign investments by promoting corporate governance and global best practices. Jidenma said this yesterday, in Lagos, during a world press conference that was organised by the institute to inform the corporate world, the general public and all stakeholders about the activities that

would mark its 40th anniversary. She said: “It is my great pleasure and honour to announce to you and the world that IoD Nigeria will clock 40 years in May 2023. The Institute was founded by some patriotic Nigerians, led by the late Chief Anofi Goubadia (DFIoD). “The objectives of these patriots were to promote and ensure the entrenchment of good corporate governance in Nigeria. These pantheons of progress realised that to attract the desired foreign direct investments into the Nigerian economy, there was a need to ensure

that the management and leadership of organisations in the country conformed to global standards and best practices. “They thus established the Institute as an independent, non-partisan organisation, limited by guarantee to foster the entrenchment of good corporate governance in Nigeria.” She added that, “with the coming of African Continental Free Trade Area’s agreement, Nigeria need good directors to be able to navigate the terrain at continental level.” Jidenma explained that the theme of the anniversary is "Celebrating 40

Ahead of Elections, Edo APC Accuses Obaseki of Recruiting Thugs,Vigilante, NURTW It's all lies, Obaseki committed to free fair election, governor’s aide fires back Adibe Emenyonu in Benin City Edo State chapter of the All Progressives Congress, (APC) yesterday, alleged that the state governor, Mr. Godwin Obaseki had procured military and police uniforms, arms and ammunitions, for both the Edo State Security Network (Vigilante), known party thugs, cultists, and members of the Nigeria Union of Road Transport Workers (NURTW) under the leadership of the newly elected state chairman of the union, Mr. Odion Olaye, with the plans for them to disrupt the House of Assembly elections slated for Saturday March 18, 2023. However, in a swift reaction, the Special Adviser to Governor Obaseki on Media Projects, Crusoe

Osagie, dismissed all the allegations as tissue of lies. Addressing journalists at a press conference in Benin City, the state capital, chairman of the party, Col. David Imuse (Rtd) urged the State Police Command and other security agencies to remain vigilant so as to prevent the state government from using troublemakers to make the state ungovernable and to avoid a backlash from these criminals. Part of the statement read: “In 2019, the enthusiastic people of Edo State profoundly expressed their desire to have a well regulated system of administration that shall continually endured the golden legacies of governance in the state and consequently, elected into the Edo State House of Assembly 24

Joe Biden’s cabinet, and where the Vice President, Kamala Harris, has Asian ancestry. Remarkably, the LP campaign stressed that those fanning the embers of ethnic discord in Lagos - just to avoid their party being humiliated a second time - are themselves non indigenes of Lagos. “Let us imagine what Lagos would be without the Igbos and other non-indigenes. Across the world, the role of immigrants in the development of the society is now being increasingly acknowledged despite the anti-immigration rhetoric of right-wing politicians.

members elect under the platform of APC. “The people were very expectant and indeed hoping that, with the House of Assembly populated by men with robust knowledge, governance will be moderated in a very vivid, lucid and on a pedestal of Eldorado. “No, Governor Obaseki did not only truncate these noble idea, but also unarguably denied the 14 members elect and their constituents the realisation of these democratic dividends by not inaugurating them as members of the Edo State House of Assembly. “As at date, Edo is the only state without a functional legislature. March 18, 2023 is therefore seen by many Edo citizens as a golden

opportunity to rewrite history of governance in the state and make the government accountable to Edo eople.” “In line with this noble objective, and as a party, it is within our knowledge and now in public and political space, without contestation that Governor Obaseki, having being aware of his rejection and that of his party the PDP by Edo people, has now embarked on clandestine and ill moves to truncate and cause mayhem before, during and after the elections particularly in Edo South and Edo Central Senatorial Districts of the state. “As a party, we have privileged and credible information indicating that the Edo State Governor has procured military and police

uniforms, arms and ammunitions, for both the Edo State Security Network (Vigilante), known PDP thugs, members of secret cults, and NURTW under one Mr. Odion Olaye, with plans for them to disrupt the House of Assembly elections. “Their modus operadi is as set out herein under amongst other: Those with military uniforms will be on patrol, pretending to be soldiers. Those on Mufti will queue up with voters. They will be armed by the Governor with procured and licensed pump action rifles. They are to destroy ballot boxes and other electoral materials in any unit where they are not winning especially during counting of votes.

Years of Visionary Leadership and Corporate Governance," which was deliberately chosen to bring to the limelight the various contributions of the IoD Nigeria at enhancing the quality of corporate governance. The president of the IoD said most of the achievements of the institute were largely intangibles because they were geared toward creating behavioral changes among the workforce in Nigerian private and public sectors to do the right things. She added that the institute would remain unrelenting in its quest to ensure that its impact would be felt more and more by collaborating not only with private sector organisations but with the public sector also through their permanent secretaries and directors. “I will say that our achievements have been significant in the sense that people are beginning to understand that they have to run their organisations properly, and if they do not it will have consequences in terms of long term sustainability and this is what we have been preaching. “IoD has, over the past 40 years, made significant strides. It has worked closely with government, corporate organisations, bilateral chambers and diplomatic missions to raise the standards of governance and corporate leadership in the private and public sectors of our nation's economy. “Its solid imprints and legacies are there in many board rooms across the nation; from the veterans whose advisory services are indispensable to those who are just cutting their teeth through our foundational programmes.”

WEDNESDAY, ͹ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

LABOUR PARTY PRESS CONFERENCE ON FORTHCOMING GOVERNORSHIP ELECTIONS... L-R: Chairman, Labour Party, Peter Chukwuemeka; National Coordinator, Peter Obi Mandate Group (POMAG) Innocent Chukwudi; Executive Director, POMAG, Samson Danjuma and National Political Adviser, Austin Obi, during a PHOTO: ENOCK REUBEN press conference on the outcome of the 2023 presidential election and strategies for the forthcoming governorship elections in Abuja… yesterday

Amaechi: Wike a Drunk, Spends N50m on Alcohol Weekly Denies promising to return abandoned property to Igbo in Rivers Former Rivers State governor and immediate past Minister of Transportation, Rotimi Amaechi, yesterday, said the amount of state funds that the Rivers State Governor, Nyesom Wike spent on alcohol in two weeks, was equivalent to the amount he (Amaechi) spent to build one primary school, when he served as governor. Amaechi, who claimed that Wike’s lifestyle has been shortchanging Rivers people and wasting state funds, however, denied reports that

he promised to return to the Igbo, their abandoned property during the civil war, if the governorship candidate of the All Progressives Congress (APC), Tonye Cole, was elected on Saturday. Speaking during his campaign for the All Progressives Congress (APC) governorship candidate in Rivers State, Tonye Cole, in OgbaEgbema-Ndoni Local Government Area, Amaechi said, "The person Wike buys alcohol from, said Wike spends 50 million naira every week

on alcohol. “The primary schools we built is 112 million naira, it means that in two weeks, Wike has drunk one primary school. When Wike talks, it is alcohol that is talking. And he’s so shameless about it. Wike told the whole world on live TV that he was drinking a very expensive 40 year old whiskey, in the morning. "We are asking INEC to be neutral. The people have rejected Wike and his government. Every street I went to, people were jumping on

top of me shouting. They were remembering that I built 5 flyovers, I did not dance. We employed 400 new doctors, bought cars for 600 doctors, bought ambulances for all the health centres. “We went round primary schools to see what's going on, and discovered there were no teachers, so we hired 13,200 teachers. By the time I left as governor, there was a contractor in every school to maintain the school. Where are the schools that he (Wike) built?"

IGP, AIGs, CPs, 200 Other Senior Officers to Retire after 35 Years in Service

Kingsley Nwezeh in Abuja

After serving the country for 35 years, Inspector-General of Police (IGP) Usman Baba and about 300 other senior police officers are to retire statutorily today. Baba clocked 35 years in service on March 1, 2023 and will be 60 years old today. However, Minister of Police Affairs, Mohammed Dingyadi, said in January that President Muhammadu Buhari had extended the IGP’s tenure by two years. The minister explained that the extension of Baba’s tenure was in consonant with the Police Act of 2020. The Act stipulates that any officer that would be appointed IGP should have not less than four more years in service. Dingyadi further explained that the extension of Baba's tenure was to enforce the Act. However, the Police Service Commission (PSC) had said there was no room for such extension for retiring senior personnel, including the IGP. Some senior police officers and legal luminaries, who spoke on condition of anonymity, disagreed with the police affairs minister. Some stakeholders also disputed the minister's argument. A source had said, "There is no provision of the Police Act that gives the president the power to extend the tenure of the IGP. The provision the Hon. Minister was referring to is Sect 7 (6), which states, ‘The person appointed to the office of the IGP shall

hold office for four years.’ However, this provision must be read together with the other provisions of the same Act in order to do the proper thing." The source said, “In addition to 7 (2), 7(3) reads, ‘The IG shall be appointed by the president on the advice of the Police Council from among serving members of the police force.’ Note serving members of the force. “Read this together with Sect 18(8) of the same Police Act 2020. ‘Every police officer shall on recruitment or appointment, serve in the Nigeria Police Force for a period of 35 years or until he attains the age of 60 years, whichever is earlier. "If you are affected by 18(8) you are no longer a serving officer and, therefore, cannot serve out the four years tenure as IGP. If you are also affected by 18(8), you will be in contravention of the constitutional provision as stated in Sect 215(1) (a) of the 1999 Constitution of the Federal Republic of Nigerian that the appointment of an IGP must be made from among serving members of the NPF. "Is the president going to amend the constitution to have a non- serving member of the force to head the NPF?" A retired senior security officer said, "Assuming, but not conceding, that the president can invoke his powers to grant a waiver for the continued services of a public officer, should this be extended on what basis, performance or what? What is the exemplary performance in office by the IGP, which will justify such a

dangerous precedent? "If they did not, against statutory laws and logic, extend Adamu's tenure, will Alkali Baba be dreaming of such bonanza? Where's the morality that his colleagues (DIGs, AIGs, CPs, etc.) are all going to retire in accordance with their contract of service, but only him will enjoy a waiver. "For God's sake why? On the issue of timing, coming at the time of election. Why are they turning logic upside down, that it's not proper to appoint a new IGP now? If a new IGP is appointed now, the election will be fairer and more peaceful.

"I will tell you that nothing has been more effective as changing CPs the night before the election. “Those who 'sowed seeds' with the current holders would gnash their teeth and will know that their evil deeds are automatically dead.” A security analyst, who spoke anonymously, said, "Appoint the new IGP now, the governors who 'sowed seeds’ would know that their plan to rig the election will no longer work. It's the legal opinion and that of virtually all nonpartisan senior lawyers that the president cannot legally extend the tenure of a retired IGP to enable him continue in office."

Amaechi said. He however, described Wike, as a drunk, who spends N50 million on alcohol every week and therefore, should not be allowed a third term through his stooge. On the abandoned property case, Amaechi, in a statement personally signed, said, “We have observed as unscrupulous and ill-advised, elements have twisted and misrepresented the speech made by Rt Hon. Chibuike Rotimi Amaechi during his stakeholders meeting with Igbos in Rivers State last week. “We are astonished that even the respected Rivers State Council of Traditional Rulers fell for the false story and fake news being propagated by the Rivers State Governor without making any effort to clarify what Amaechi actually said. “Yet, they went ahead to address the media, castigating and condemning the immediate past Rivers State Governor on the basis of a fake, ill-conceived story obviously concocted by the current failed Governor of Rivers State, Nyesom Wike. “We would ordinarily not respond to these kind of comments deliberately twisted by the rarely sober Governor Wike and his agents of wickedness and mischief, who Rivers people and Nigerians know trade in divisive fake news, to malign the person and character of Amaechi.

Reproducing what he said for the record, the statement stated: “That Amaechi did not and have never said anything about compensation on abandoned properties to the Igbo in Rivers State. That he only rehashed his apology to the Igbo, when he became governor of Rivers State, that he was sorry on behalf of the state on abandoned properties from the Nigerian civil war. “That if he had been in power at that time, he would never have let that happen. All of us who are here know that when I became Governor, the first thing I said to the Igbo was 'I am sorry, I am sorry on abandoned property. I said, if I were governor when they were doing abandoned property, I would not accept. So, in my speech to the Igbo (as governor), I said I am sorry on behalf of Rivers State. “That Amaechi only mentioned compensation when he spoke about people who are being intimidated, harassed and threatened with violence due to their choice of voting and support for the APC in the upcoming governorship and State Assembly election. "We need you to come out, we need you to stand, we need you not to be harassed. If they burn any of your houses or they burn any of your shop, write your name. We will replace everything they burned, everything you lost. Rivers State government will not start if we win, without paying you back."

Foreign Airlines’Trapped Funds in Nigeria Hit $734mn Chinedu Eze in Lagos and Kasim Sumaina in Abuja The International Air Transport Association (IATA) yesterday disclosed that the amount of trapped funds belonging to foreign airlines operating in Nigeria currently stands at $734,721,097, higher than the $662 million it was in January 2023. IATA disclosed this in a letter addressed to the Minister of Aviation, Hadi Sirika and signed by the Area Manager West and Central Africa, Dr. Samson Fatokun. According to the letter, IATA and the global airline community was seeking an intervention from the Minister for the resolution of airlines blocked funds issues in Nigeria. “For over a year, Nigeria has

been the country with the highest amount of airline-blocked funds in the world. Moreover, as of January 2023, airlines’ blocked funds in Nigeria have increased to $734.721.092 from $662m in January 2023 and $549m in December 2022,” the letter stated. THISDAY also confirmed from the Geneva-based IATA that the stated amount was still trapped in Nigeria as at the end of January 2023. Meanwhile, the Minister of Aviation, Senator Sirika, confirmed a meeting with IATA and foreign airline operators to discuss the salient issues affecting the organisations and the country. In a statement signed by the Deputy Director, Press and Public Affairs, Ministry of Aviation, Odutayo

Oluseyi, the Minister assured IATA and foreign airline operators that the aviation Ministry was concerned and would do its best to resolve the matter of blocked funds as soon as possible. He stated further that the issue of blocked funds sits with the Central Bank of Nigeria and not what the Ministry could handle alone; “otherwise, it would have been resolved immediately.” He urged the international airline operators to be very considerate when dealing with the issue bearing in mind the effects of Covid-19 and recession the country had experienced. Speaking earlier, Fatokun who led the delegation expressed gratitude to the Minister for his continuous sup-

port for the growth of air transport in Nigeria and for the actualization of his role as catalyst for the growth of the Nigerian economy. He said the global airline community would like to appeal to the Minister for special intervention in resolving of airline blocked funds issues in Nigeria, adding that the airlines are facing the collateral damage and the average Nigeria is bearing the brunt of this issue. President National Association of Nigerian Travel Agencies (NANTA), Susan Akporiaye, in her reaction noted, “It is a very difficult time for us as some of us are already giving up on the industry and going into other businesses. Continues online

WEDNESDAY, ͹ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

COURTESY VISIT OF NDEF TO NCC... L-R: Head, Corporate Communications, Nigerian Communications Commission (NCC), Nnena Ukoha; Director, Public Affairs, Reuben Muoka; President/Chief Executive Officer, National Disability Empowerment Forum (NDEF), Chris Nwanoro; Member, Halima Jingi, and Head, Media Relations, NCC, Dr. Omoniyi Ibietan, during a courtesy visit of NDEF to the Commission Head Office in Abuja ...yesterday

Police Recover 186 Arms, 430 Ammunition Ahead Saturday’s Polls Order mop-up, deployment of assets to contain potential threats Launch manhunt for kidnappers of Rivers Accord assembly candidate Kingsley Nwezeh in Abuja and Blessing Ibunge in Port Harcourt As part of plans to curb the proliferation of small and light weapons ahead of the March 18 governorship and state assembly elections, the police high command, yesterday, said it had recovered 182 sophisticated arms and 430 Illicit ammunition of different caliber. The recovery came after one month of handing over earlier recovered arms ammunition to the National Centre for the Control of Small Arms and Light Weapons (NCCSALW). The IG has, therefore, ordered the continuous mop-up of illicit arms and ammunition across the nation as part of efforts of the force, as the lead agency in internal security management, to curb the trafficking of illicit Small Arms and Light Weapons (SALW) within the country and to mitigate any form of insecurity or threats to the ongoing electoral processes and general safety of Nigeria. A statement issued by Force Public Relations Officer and Chief Superintendent of Police (CSP), Olumuyiwa Adejobi, said the additional support included the deployment of personnel, operational vehicles, non-lethal weapons, personal protective equipment (body armor), anti-riot equipment etcetera.

The statement said the IG equally ordered all commands and formations to intensify efforts towards containing the proliferation of illicit arms and ammunition in the country. It said force headquarters also extended additional human and logistic support to commands and formations across the country for effective election security management in the forthcoming gubernatorial and state houses of assembly elections scheduled for Saturday, March 18, 2023. It said the IG "has extended additional human and logistic support to Commands and formations across the country for effective election security management during the forthcoming gubernatorial and state houses of assembly elections scheduled for Saturday 18th March, 2023. The additional support included the deployment of personnel, operational vehicles, non-lethal weapons, personal protective equipment (body armor), anti-riot equipment etcetera Meanwhile, the Rivers State Police Command, has launched manhunt for Kidnappers of Chukwudi Ogbonna, the Accord Party candidate for the Ogba/Egbema/Ndoni Local Government Area Constituency 2 in the State House of Assembly. THISDAY gathered that the victim, Ogbonna was abducted on Monday, at Rumuigbo, Obio/Akpor Local

Government Area while driving in his car. It was also learned that the kidnappers forcefully pulled Ogbonna from his car at gunpoint and whisked him to unknown destination. A source who pleaded anonymity, revealed that the incident occurred

at about 8pm on the said date. According to the source, "We noticed some men harassing two men in a Mercedes Benz car in this area, one of the occupants of the car came down to ask why the men stopped them. The next thing we saw was a release of gun shot in

With three days to Saturday’s election, the Accord Party in Lagos State has announced the collapse of its structure for the gubernatorial candidate of the All Progressives Congress (APC), Governor Babajide Sanwo-Olu. The state chairman of the Accord Party in the state, Mr. Dele Oladeji, said the support for Sanwo-Olu, was a testament to his performance in the office which according to him, everybody could also attest to. Oladeji who spoke on behalf of the party during a media briefing held at Ikeja. Oladeji also stated that the party would also ensure the victory of all All Progressives Congress (APC) House of Assembly candidates in the state. Oladeji said, "We have been a

credible opposition in Lagos State. Any politician of note always thinks about Accord Party in the State. In previous elections, we have been of advantage to Lagosians." He cited the example of 2019, when the party won some House of Representatives seats, adding that he was the candidate of Accord for the House of Representative seat, but some discrepancies according to him occurred then during the election. He recalled that during the February 25 presidential election, Accord Party endorsed the Labour Party’s candidate, Peter Obi, adding that people could see the result in the State. He however noted that similar move was also extended to Lagos State Labour Party for Accord Party to adopt Gbadebo Rhodes-Vivour as its anointed candidate, but no serious attention was given to the

Meanwhile, the spokesperson for the state Police Command, SP Grace Iringe-Koko, who confirmed the incident, said police had launched manhunt for the suspected Kidnappers, saying, "We are aware of it, so we are investigating to ensure the victim regains his freedom."

LP Suspends Guber Candidate for Anti-party Activities in Kwara Hammed Shittu in Ilorin The Labour Party in Kwara State, yesterday, suspended its governorship candidate for Saturday’s governorship and House of Assembly elections, Comrade Basambo Abubakar, until further notice for alleged anti-party activities and disseminating misleading information to members of the public. Basambo had on Monday alligned with the Peoples Democratic Party(PDP) governorship candidate, Alhaji Shuaib Yaman Abdullahi for this Saturday's gubernatorial poll in the state. He said that the union was expected to birth a collective dream for a prosperous Kwara state.

Since then, the LP in the state has been factionalised into two groups. Addressing journalists in Ilorin, the state Labour Party chairman, Comrade Kehinde Rotimi, said the party had not aligned with any governorship candidate or political party in the state for the Saturday governorship elections. Rotimi, who said the suspended Labour Party governorship candidate acted against what the party stood for, added that he had no such authorities to have announced alignment of Labour Party with any political party in the state. The party chairman, who enjoined members of the public to disregard the statement credited to its governorship candidate, said all House of

Accord Party Endorses Sanwo-Olu, Hamzat for Second Term Segun James and Sunday Ehigiator

the air. "As everybody was scampering for their life, including the man asking them (gunmen) question, they forcefully dragged the man we later learnt is the Accord Party State Assembly candidate in Rivers away."

leadership of Accord in the State. He stressed that the endorsement of Sanwo-Olu was as a result of his performance in office and swift acknowledgment accorded the party by leadership of APC in the state. "Accord as a party stands as one of the oldest parties in Nigeria which has existed since 2006. We pride ourselves in honesty, goodwill and don't trade our conscience for money. "In all honesty, we have never met the governor one on one, even though we have all access to him before we endorsed him. "With this endorsement, it means that all our party candidates in Lagos State including our governorship candidate, or Peter Obaigbona, and other candidates for the state’s legislative have all agreed to support the APC for both in governorship aspirations and state house of assembly. "We all agreed to this endorse-

ment as a party. If you see anyone listed as Accord Candidate on the ballot for any position in Lagos State on election day, they are imposters and not from the party. "We don't want Lagos State to be blemished, we have to take it back. The Labour Party failed to acknowledge our letter and we therefore wrote letter to APC. I have never met the Governor but the party responded in minutes to our letter. "We have pledged in our letter that we are mobilizing our party members and candidates to vote and re-elect Sanwo-Olu for second term," he added. Speaking in similar vein, the gubernatorial candidate for Accord in the State, Peter Obajuana, said with the endorsement of Sanwo-Olu by his party, "it simply means that I'm stepping down for Governor Sanwo-Olu."

Assembly candidates of the party were still in the race, and urged the electorate to troop out en masse on Saturday to vote Labour Party. "We're here to set the record straight. Labour Party is a political party with ideology, based on social

justice and equality. Labour Party had not adopted candidacy of the Peoples Democratic Party (PDP) governorship candidate, Shuaib Yaman Abdulahi, as said by Basambo Abubakar. He has no such authority to issue such statement on behalf of the party.

Osun PDP: APC Justifying Arrests of Our Leaders Conﬁrms Collusion with Police

Yinka Kolawole in Osogbo

The Osun State chapter of the Peoples Democratic Party (PDP), has described the rush by the All Progressives Congress (APC) to the defence of the Nigeria Police over the indiscriminate arrests and harassment of its leaders as a vindication of its alarm on plot to use force to coerce the people against their will. PDP, in a statement by its Caretaker Chairman, Dr. Akindele Adekunle, said the APC has left no one in doubt with the misguided statement credited to Tajudeen Lawal, its acting counterpart in Osun State, that it was working with the Nigeria Police to rig the upcoming Saturday election, warning that no amount of violence would break the resolve of Osun people to vote PDP for all positions. "We are taken aback that the APC could take impunity to the point that it positions itself as the mouthpiece of the Nigeria Police in the manner it has done on the illegal and indiscriminate arrests and harassments of our leaders and members across Osun state. "It confirms all we have been saying all this while that the APC wants to rig the Saturday election and to execute it successfully, it

drafted the Police to go after our leaders and members so that it will be unchallenged in its nefarious plan to thwart the will of the people in the various House of Assembly seats up for contest next Saturday," he said. Adekunle, who observed that the APC was careless to expose its evil plot against the Osun people ahead of the Saturday election, noted that by indicating that the unexplained transfer of the CSO to Governor Ademola Adeleke was its doing is a clear indication that the Police were compromised and annexed by the APC. "If Tajudeen Lawal is saying that the unusual transfer of CSO Omoyele to Abuja is the result of its influence on the Nigeria Police, then it is safe to conclude that Osun is under siege. "The public will recall that soon after rumour of CSO Omoyele's movement to Abuja began to spread, the Police came up with an explanation that he went there for a 'Special Duty'. We were concerned at what could have warranted such action at a time like this especially given the fact that only Governor Adeleke’s CSO was affected, but we gave the Police the benefit of the doubt.

WEDNESDAY, ͹ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

APC CAMPAIGN RALLY IN OGUN... L-R: Ogun State Governor, Prince Dapo Abiodun; elder statesman and former governor, Chief Olusegun Osoba and the All Progressives Congress, House of Assembly candidate, Damilola Soneye at the campaign rally of the party at Ibafo, Obafemi-Owode Local Government Area of the state... yesterday

Folarin: No Blackmail Can Stop Makinde, PDP from Defeat Kemi Olaitan in Ibadan The governorship candidate of the All Progressives Congress (APC) in Oyo State, Senator Teslim Folarin, yesterday, vowed not to succumb to the blackmails of chieftains of the Peoples Democratic Party

(PDP) in the state, including that of its Deputy National Chairman, Ambassador Taofeek Arapaja, saying nothing could stop Governor Seyi Makinde and the PDP from defeat on Saturday. Folarin, in a statement by his Special Adviser on Media and

Publicity, Yekeen Olaniyi, said his wide acceptance by the people of the state has put Arapaja and his co-travellers under intense pressure, stating that the people of the state were fed up with the maladministration of the PDP-led government in the state.

Arapaja had while featuring on a private radio station in Ibadan, the state capital, accused Folarin and other opposition leaders of ganging-up against Makinde, describing them as people of questionable character, who were out to derail the wheel of progress

Money Laundering: Rivers Federal Lawmaker to Remain in Custody Till May 4 Blessing Ibunge in Port Harcourt A lawmaker representing Port Harcourt Federal Constituency II, River State, in the House of Representatives, Chinyere Igwe, has been remanded in police custody over alleged involvement in money laundering in the state. Justice Stephen Pam of a Federal High Court, Port Harcourt, ordered for the remand of the lawmaker, yesterday, and adjourned the matter till May 4, this year for possible bail consideration. Igwe, who is an ally of the Presidential Candidate of the Peoples

Democratic Party (PDP) in the just concluded February 25 election, Atiku Abubakar, was arraigned on one count bothering on money laundering. According to the charge, the lawmaker was allegedly arrested on February 24, 2023 in possession of $498,000 without reporting to the Central Bank of Nigeria When the matter was mentioned in court, yesterday, Principal prosecuting counsel from the State Attorney General office, Chidi Ekeh applied to take over the prosecution from the police. The defence counsel, Reuben Wanoghor, who did not opposed

the application by the prosecution counsel, moved a motion for the bail of his client. Ruling on the submissions by both parties in the matter, Justice Pam admitted the application by the prosecution counsel, and subsequently adjourned the matter till May 4, 2023, for the commencement of the substantive case and ordered that the defendant be remanded in police custody. Speaking to journalists outside the court, Mr Ekeh, prosecuting counsel

explained that, "We applied to take over the prosecution of the matter from the police which application has been granted and so have done that. The defence instituted a motion moving the bail application and the court agreed with them that the matter was ordinarily adjourned to today for bail application. On his part, counsel to the defendant, Wanoghor said, "We had filed our motion for the bail of the defendant and the motion was adjourned to today for hearing.

in the state. Reacting, Folarin maintained that he was a democrat, civil and responsible statesman, noting that he would not respond to blackmail, propaganda and irresponsible attacks from any politician. “However, I want to confirm to the people of Oyo State that Mr. Taofeek Arapaja, is under intense pressure following gale of endorsements in my favour and continuous exoduses hitting the ruling PDP and other opposition parties in the state. "No amount of blackmail, propaganda and irresponsible attacks from Mr. Arapaja, and his co-travellers can save Engr. Seyi Makinde and other PDP candidates from imminent defeat on March 18th elections. “The assurance is that the Almighty God and the downtrodden masses are behind Itesiwaju Ipinle Oyo 2023 project. With due respect to other candidates, I remain the most experienced public administrator and closest to the grassroots, having represented Oyo Central Senatorial District for three

terms with verifiable track records of achievements and toured 351 wards of Oyo State on countless occasions. "I am contesting governorship seat of Oyo State to holistically improve security, education sector, agricultural sector, health sector, empowerment and employment of our youths and women, to grow our economy, welfare of civil servants and pensioners, to ensure local government autonomy, urban renewal and rural developments, clean environment, wealth creation and lots more. I’ve capacity to do better than the current administration in the state led by the outgoing governor Seyi Makinde. “On a final note, I urge the good people of Oyo State not to give in to cheap blackmail, propaganda and irresponsible attacks. I have capacity to deliver masses-focused governance as executive governor, when elected. Besides, let us take full advantage of the Tinubu-Shettima Presidency by voting en-masse for APC this coming Saturday. A vote for APC is for Itesiwaju Ipinle Oyo," the statement stated.

Adeleke Inaugurates 10.5km Second Phase We Didn’t Visit Wike, Dualisation of Osogbo – Ikirun – Ila Odo, Kwara Roads Ohanaeze NEC Clariﬁes Contractor expresses readiness for high quality road, timely completion Gideon Arinze in Enugu

The National Executive Committee (NEC) of Ohanaeze Ndigbo Worldwide, has denied that it visited the Governor of Rivers State, Nyesom Wike, last week, following the outcome of the February 25th presidential election. In a statement, yesterday, Secretary General of the organisation, Okey Emuchay, said those who visited the governor went as private individuals not the NEC of Ohanaeze Ndigbo Worldwide. “It is important for me to make this clarification in view of what has been trending in the media since last Thursday,” he said, noting, “We had made efforts in the past to seek an audience with Wike. He explained that for over two years, the late President General of the organisation, George Obiozor and other stakeholders had to engage with prominent Nigerians, adding that the last effort was a letter he delivered via DHL to the governor on the 18 of January this

year, to among others, inform him of the death of the Deputy President General of Ohanaeze, Joel Kroham. “We also informed him that the family had fixed a date for the funeral in his village in Ahoda West LGA of Rivers State but I did not receive any response to that letter,” he regretted. Emuchay restated that Ohanaeze did not have a faction and that Okechukwu Isiguzoro, who paraded himself as secretary general of the organisation was not elected. “He goes about issuing statements that are injurious to the Igbo nation and to our nation, that are littered all over Nigeria and beyond,” Emuchay said, adding, “Isiguzoro should cease doing what he is doing and also, we call on his sponsors to understand that Ohanaeze will survive. “We have a restraining order that was issued on Friday, March 10, 2023, on him and three others. The legal department of Ohanaeze is doing the needful and in the next few days, that process will be completed.”

Osun PDP taunts APC, alleges no more usage of bullion van to carry state’s resources to Bourdillion

Yinka Kolawole in Osogbo Governor Ademola Adeleke of Osun State yesterday inaugurated the second phase of the dualisation of the Osogbo – Ikirun – Ila Odo, Kwara State boundary road which is 10.5km, from Osogbo Steel Rolling Company to Ikirun, Ifelodun local government area of the state. Also at the commissioning yesterday, the Chairman and Chief Executive officer of Sammya Nigeria Ltd, Engr. Adigun Sammy Oreoluwa, expressed readiness to always provide high quality and road infrastructure for the government and people of Osun state in record time. Early this early this year, Governor Adeleke had mobilised Sammya Construction Company back to site, for the continuation of the Osogbo/ Ikirun/Ila Odo Kwara boundary road which was started by the Rauf Aregbesola Administration in the last 12 years. Adeleke in his address at the

inauguration yesterday, said, "today signifies another landmark in the annals of history of our dear state. This government has been able to meet the yearnings and aspirations of her citizens for a good road linking Osogbo – Ikirun within her first 100days in office." According to him, "this road project commenced on 9th January, 2013, under the administration of former Governor Rauf Adesoji Aregbesola, with the First Phase from Old Garage to Osogbo Steel Rolling Company which was commissioned on 19th November, 2018." Adeleke noted that the immediate past governor, being a member of the same political party with his predecessor, paid a lip service to the project at the detriment of the entire populace of Osun State. He stressed that, "there is no gainsaying, my administration commenced about 100 days ago and I made a covenant with God and the people of Osun State

that all the meaningful on-going projects embarked upon by the previous administration would not be abandoned, but would be completed in record time." Adeleke noted that the event heralded a clear testimony of his covenant and further assured that another phase of the project will commence immediately. He opined that he used the project as a proof to assure the entire people of Osun State about his administration’s commitment to the accelerated infrastructure development across the nooks and crannies of the state. Meanwhile, the Osun Peoples Democratic Party (PDP) has said it has found it spurious and fallacious, the allegation of 90 billion allocation to the state in the past three months leveled against the Adeleke’s administration. The PDP in a statement by the Acting Chairman of the party yesterday in the state, Dr. Akindele Adekunle, described the allegation

by the opposition party in the state as “the last straw gimmicks to get back into the news due to how well they've been rejected by the good people of Osun State.” Akindele said, “the Osun APC has been bewildered, bemused and astonished by the impressive level Governor Ademola Adeleke and PDP has delivered on its promises and asuch they wish to know the mystery behind the success story so far. "We found it laughable again that those who ought to go and hide their face in shame on how they've mismanaged the resources of Osun and the level of maladministration they carried out in the state are standing in front of camera to try to serve as a moral compass for a government that has continually make good his promises to the people of Osun State "Their recent allegation that the administration of PDP should answer for an imaginary 90bn allocation is unfounded and fallacious

WEDNESDAY MARCH 15, 2023 ˾ T H I S D AY

NEWS

60TH BIRTHDAY PRAYER FOR MOSHOOD MUSTAPHA…

L- R: Former member, Federal House of Representatives, Hon. Moshood Mustapha; former Governor of Kwara State, Alhaji Abdulfatah Ahmed, and the Mutawalli of Ilorin, Dr. Alimi AbdulRazaq, at the 60th birthday prayer for Mustapha in Ilorin…recently

Guber Elections: Group Calls for Arrest of Jos Cleric over Alleged Incitement Seriki Adinoyi in Jos Movement for the Survival of Plateau People (MOSOP), a pressure group in Jos, has called for the arrest and prosecution of an Islamic cleric, Sheikh

Yahaya Jingir, over alleged inciting statements credited to him ahead of next Saturday’s governorship polls in Plateau state. In a joint statement issued in Jos, president of MOSOP,

Solomon Bako and General Secretary of the group, Ibrahim Audu, described Jingir’s utterances as a provocative, and a threat to peace of the state. The cleric, while recently canvassing for support for one of the gubernatorial candidates, Dr. Nentawe Yilwatda, had called

on Muslims in the state to vote for the All Progressives Congress (APC) candidate because a vote for him is a vote for protection and expansion of Islam on the Plateau. In another video that has gone viral on the social media, the Islamic leader was captured

describing the Berom ethnic nationality and other Plateau tribes as killers, calling on Muslims in Jos North not to vote for the PDP candidate, Barrister Caleb Mutfwang whom he alleged is a Berom candidate that will kill the Muslims in the state.

Describing such utterances as promoting religious intolerance and a threat to the peace in the state, MOSOP called on security operatives to immediately arrest and prosecute the cleric in order to nip in the bud the imminent security threat that his utterances is capable of causing.

The National Democratic Coalition (NADECO) United State (US) has said it would remain on the side of aggrieved candidates on the just concluded presidential election to get justice, asserting that the process that led to the Bola Tinubu of the All Progressives Congress (APC) becoming president-elect was

heavily flawed. NADECO has also flayed a spokesperson of the presidentelect, Mr. Dele Alake, for claiming that NADECO was disparaging and casting aspersions on the credibility of the 2023 presidential election, which according to him, was freely and fairly won by his principal.

Quoting what a Greek philosopher Heraclitus once said: “Change is the only constant in life”, NADECO said it would only advise Alake to join it and stand for the truth and the Rule of Law, and “to embrace our clamour for freedom and justice for the Republic of Nigeria. It also tasked the

Independence National Electoral Commission (INEC) to show proof that results it declared for the February 25 presidential election are in conformity with the extant laws of the Federal Republic of Nigeria and International Human Rights Article 25 norms of free, fair, transparent, and safe elections.

Zainab Marwa Unveils ‘101 Nigerian Women of Impact’ NADECO Flays Alake, Restates Stand on Presidential Poll Result The President/Founder of Aspire Women Forum, Mrs Zainab Marwa, has unveiled a book, titled “101 Nigerian Women of Impact” showcasing the inspiring stories of women who have excelled in their fields. According to the News Agency of Nigeria (NAN), the unveiling of the book was hosted by the Permanent Mission of Nigeria to the United Nation (UN) in commemoration of the International Women’s Day in New York. The unveiling of the book coincided with the ongoing 67th Session of the Commission on the Status of Women (CSW67). Speaking at the event, Deputy Permanent Representative of Nigeria to the UN, Amb. George Edokpa, said the Mission was happy to identify with the outstanding achievements and contributions women had made to the society.

“Although we recognise that women still face many obstacles in their quest for equality, and we must work together to break those barriers and create a more just and equitable world for all. “The stories of the women in this book serve as a source of inspiration and hope for all of us.” “They have demonstrated that with hard work, determination, and support, women can achieve great things and make significant impact in their communities and the world at large,” he said. Edokpa said the unveiling of the book in New York set a record that Nigerian women stood as a beam of hope and inspiration to all women globally. He said selecting New York during the women’s month accompanied with meetings for the commission on the status of women of the UN was most befitting as a global stage.

Ogun Guber: Arewa Solidarity Forum, Igbo Youths Endorse Abiodun for Second Term James Sowole in Abeokuta A former Chairman of the Peoples Democratic Party (PDP) Arewa Solidarity Forum, Shuaib Ganga and scores of supporters from Sagamu Local Government Area of the state, have dumped the party and defected to the ruling

EmmanuelUgwu-Nwogoin Umuahia

Members of the All Progressives

Edo central that he was working very hard with the APC led administration of President Mohammadu Buhari to bring succour to Esanland over the deplorable condition of roads especially the expressway which have cause the people of his area untold hardships. The Senator-elect was in Aso Rock to meet with Asiwaju Bola Ahmed Tinubu, the Presidentelect on Monday and used the occasion to remind the minister about the approach of the rainy season, which would put his people at another round of agony. Fashola disclosed that the contractors had been paid a few days ago and would soon move to site, adding that palliative works would commence immediately in Irrua, Opoji junction and Ekpoma axis.

Ganga, who disclosed that members of the forum were ready to endorse the governor for a second term in office, added that they would mobilise their kinsmen in the local government to vote massively for him He said: “We are here to decamp from the PDP to the

APC, at the same time to endorse Your Excellency for another term of four years.” Members of the forum, who all spoke in unison on their eagerness to adorn the yellow colour of the governor, displayed their loyalty with the tearing of the identity cards of their former political party.

Aggrieved Abia APC Members Pledge to Work for Emenike’s Victory

(APC) in Abia who Edo Senator-elect Excited as Work Congress were aggrieved before now have to unite behind the party’s Resumes on Benin-Auchi-Okene Road pledged governorship candidate, High Chief

After years of delay, the deplorable section of the Benin-Auchi-Okene expressway is set for repairs as the federal government has assured of its readiness to complete the road. The Senator-elect representing Edo Central, Monday Okpebholo, who stated this, the Minister of Works and Housing, Babatunde Fashola, had disclosed that funds had just been released to the contractor to commence works on the failed section between Irrua and Ehor, and also to complete the Benin-AuchiOkene expressway, which was first awarded about eight years ago. The minister, who spoke to Okpebholo in Abuja said palliatives works would also start at the IrruaEkpoma failed section as soon as possible to avert the fears of motorists ahead of the rainy season. Okpebholo popularly called Akpakominza had during the campaigns assured the people of

All Progressives Congress (APC). Ganga, while leading 15 chairmen of the forum and other members of the executives of the to the country home of the governor, disclosed that members of the forum were tired of the PDP in the state and opted to join the moving train of the governor.

Ikechi Emenike.

Across several local governments in Abia South zone, leaders of the groups yesterday announced they had collapsed their parallel structures to join hands with Emenike. The local government and ward executives of the factional groups made good their intentions to return to the Abia APC family and were

received by Emenike and the state chairman of the party, Dr Kingsley Ononogbu. The governorship candidate, who made whistle stop visits to the groups at Aba North/Aba South local governments as well as Obingwa local government, commended them for coming

back to the party fold. In a communique signed by all the ward chairmen in Aba South Local Government, the aggrieved party members under the aegis of Integrity Group, comprising factional ward chairmen and other executives said that that have resolved to embrace unity.

Oyo SDP Guber Candidate, Lana, Declares Support for Makinde Kemi Olaitan in Ibadan

Ahead of the gubernatorial election on Saturday, the Governorship Candidate of the Social Democratic Party (SDP), in Oyo State, Mr. Michael Lana, yesterday, shelved his ambition and declared support for the Candidate

of the Peoples’ Democratic Party (PDP), Governor Seyi Makinde. He made this disclosure yesterday at a press conference held at Iyaganku Quarters in Ibadan, the state capital. The former Attorney General and Commissioner of Justice, said that he had consulted

widely before stepping down to support the incumbent governor and the decision was taken alongside the House of Assembly’s candidates. He alleged that some of those at the helm of affairs within the party at the state level sold out for a pittance and declared for the opposition

without the consent of other stakeholders in the party. He stated that as a result of that action, other stakeholders have decided to take a decision that would be in the best interest of the neglected, aggrieved party members, the candidates and the generality of the people of Oyo State.

Youth Forum Urges Aggrieved Political Actors to Seek Legal Justice Olawale Ajimotokan in Abuja The Nigeria Inter Religious Council (NIREC) Youth Forum has called on the aggrieved to seek justice through legitimate legal procedures warning that physical violence would only

lead to loss of innocent lives and valuable property. The forum, which is a body of Christian and Muslim youths, inaugurated by NIREC under the leadership of the President General, Nigerian Supreme Council for Islamic Affairs (NSCIA) and Sultan

of Sokoto, Alhaji Muhammad Sa’ad Abubakar, and the President, Christian Association of Nigeria (CAN), Archbishop Daniel Okoh, made the call yesterday in a statement jointly signed by Co-Chairmen, Abubakar Akande and Belusochukwu Enwere.

In the statement titled: ‘Nigeria is All That Matters’, NIREC called on those who are successful in the recent presidential election to strive for an inclusive government where everyone, irrespective of party affiliation, will be proud to be a Nigerian.

WEDNESDAY MARCH 15, 2023 ˾ T H I S D AY

NEWSXTRA

101 NIGERIAN WOMEN OF IMPACT UNVEILED…

Barrister Zainab Buba Marwa (third left); former First Lady of Ekiti state, Erelu Bisi Fayemi (third right) and other dignitaries, at the unveiling of “101 Nigerian Women of Impact “ written by Marwa in New York, United States…recently

Group Urges Police to Fish out Killers of Enugu LP Senatorial Candidate Rebecca Ejifoma

The Nsukka Professional Association (NPA), Enugu State, yesterday, called on the Inspector General of Police, Usman Alkali Baba, and other heads of security agencies to

urgently fish out those behind the gruesome murder of the Labour Party Senatorial Candidate, Mr. Oyibo Chukwu. Chukwu was murdered a day before the February 25 presidential and national assembly elections.

Anambra Women Protest Death of Septuagenarian Organ Harvest Victim David-ChyddyElekeinAwka Thousands of women yesterday staged a protest in Umunze community, Orumba South Local GovernmentArea ofAnambra State, over the death of a septuagenarian, simply known as Mrs. Charity, whose body parts were suspected to have been harvested for rituals. Charity, as she is simply known, was last week attacked in her residence in Umunze, where her nipples, other private part; lips and fingers were cut off by her attackers, presumably for money ritual. She was rushed to Chukwuemeka Odumegwu Ojukwu University Teaching

Hospital in Awka, where she was receiving treatment, but later died as a result of injuries sustained. The women of Umunze community, who trooped out to the local government headquarters in protest, identified the assailant as an indigene of Abakiliki in Ebonyi State, and called for the expulsion of all indigenes of Abakiliki residing in Umunze. The women leader in the community, Mrs. Bridget Enekwechi, told journalists that: “We have reviewed the activities of Abakiliki people living in Umunze, and we have come to the conclusion that they must leave our community.

Addressing media men in Lagos, the President of NPA, Mr. Charles Nwodo, said Enugu people in general were appalled that since the killing of Chukwu, no arrest has been made and

nobody has been interrogated. Nwodo, appealed to the IGP to deploy a special team of detectives to Enugu with a mandate to apprehend all those connected with the heinous

crime no matter the status or influence of the party. “Out of pity, we donated N1 million to the family of our slain brother. We want the murder to be thoroughly investigated,

and justice served by the law. “We don’t want him to die in vain. We also want the police to intervene in election violence and malpractices,” Nwodo added.

Police Apprehend 44 ‘Notorious’ Criminals in Minna Laleye Dipo in Minna

The police in Minna, Niger State yesterday apprehended 44 youths for alleged criminal conspiracy, armed robbery thuggery and for being in possession of dangerous weapons. It said that those arrested were picked up during a

special operations by the Police Tactical Team (PTT) in Limawa, Angwan-Daji, Paida, Gwadebe, Anguwan-Sarki, Ogbomosho Road, Kasuwan-Gwari, and its environs within Minna metropolis where the suspects have terrorised innocent members of the public. The Police Public Relations Officer, DSP. Wasiu Abiodun,

in a statement made available to newsmen in Minna alleged that some of the dangerous weapons recovered from the suspects included 11 cutlasses, four scissors, five knives, four swords, one garotte, five sticks, eight handset phones, three shisha pipes/pots, a big saw, scale, an iron bar, a bottle containing illicit

drugs, lighter, screw driver, bunch of keys, and ATM cards. Abiodun said that the suspects have been transferred to State Criminal Investigation Department (SCID) for “discreet investigations,” adding that they would be arraigned in court for prosecution with capital offense charges “without bail conditions.”

3,200 Labour Party Members Defect to PDP in Abia About 3,200 party members have dumped the Labour Party (LP) for the ruling Peoples Democratic Party (PDP) in Obingwa and Isiala-Ngwa South Local Government Areas of Abia State. In Obingwa, the defectors numbering over 3,000 and led by Hon. Maduka Akpulonu, Director General of the party’s Senatorial

candidate in the February 25th election defected They were received at Osusu Amaukwa Model School by PDP ward chairman, Elder Erondu U. Erondu Jnr among other leaders of the party yesterday. Similarly in Isiala-Ngwa South, the former LP members said they defected because of

the excessively elitist nature of their former party’s governorship candidate, Dr Alex Otti as well as his inaccessibility to common citizens. The defectors also accused Otti of claiming to have come from the Isiala-Ngwa South LGA whereas he is from Arochukwu LGA but decided to choose his running

mate from Ohafia LGA both within the Arochukwu/Ohafia Federal Constituency of the state. The Isiala-Ngwa South defectors were received by the Transition Council (TC) Chairman of Isiala-Ngwa South LGA, Chief Ike Anyatonwu at Isi Eketa Market Square in Ovuokwu Ward-9, Isiala-Ngwa South LGA.

Cautions Politicians, Urges Lagosians to Avoid Ethnic Violence NLC Suspends Strike in Imo State Group aimed at spurring ethnic violence The group appealed to The group said it had resolved Ugo Aliogo Onyebuchi Ezigbo inAbuja

The Nigeria Labour Congress (NLC) has suspended its strike in Imo state. A statement signed by the NLC President Joe Ajaero directed workers in the state return to work after two-day stand-off with the state government over nonpayment of arrears of salaries and pensions and alleged interference in the election of the state officers of the congress. In the statement, Ajaero said NLC took the decision to suspend the strike due to the interventions of several eminent personalities as well as the need avoid disruption

of the Saturday’s State Assembly election in Imo state. He said: “The suspension of the strike is expected to last two weeks during which the state government and its agencies are expected to meet the demands of the workers in the state”. Ajaero said that failure to utilise the window offered by the suspension of the strike will lead to the resumption of the suspended strike with “more ferocity.” NLC had said it embarked on the industrial action on Wednesday in Imo state to protest nonpayment 20 months’ salary arrears to its members.

NUJ Decries Outrageous Electricity Bill in Kogi

Ibrahim Oyewale in Lokoja

The Nigerian Union of Journalists (NUJ) has decried the outrageous monthly bill distributed by the Abuja Electricity and Distribution Company (AEDC) to customers, especially in Lokoja, the Kogi State capital, without a commensurate service rendered to the customers. This complaint was contained in a statement signed by the state Chairman of NUJ, Adeiza

Momohjimoh, and the Secretary, Seidu Haruna, a copy of which was made available to journalists in Lokoja yesterday. The council noted that this attitude started between August and September 2022, when there was a noticeable slight improvement on the electricity supply within Lokoja metropolis which AEDC hurriedly latched on to increase the monthly bills from the usual N3,000- N4,000 per building to N6,000 to N8,000.

Ahead of the March 18, gubernational elections, the Journalists for Democratic Rights (JODER) has called for caution on hateful, and provocative statements by political and social media actors, stating that some of those actions are fuelled by mischief, propaganda and conscious lies

and conflict across Nigeria. The group in a statement signed by the Convener, JODER, Adewale Adeoye, said the promoters of violence and extremism are few, while urging all ethnic groups not to equate the extremist opinions of fringe elements with the popular opinion of the peoples they claim to represent.

Nigerians, especially Lagosians to sheathe their sword and allow peace to reign irrespective of faith, ethnicity and creed, adding that as a group they commit themselves to preventing violence and conflict before and after the gubernatorial election while any group or persons disturbed with the election outcome should seek redress in court.

to embark on massive campaigns, through pamphleteering, advocacy visits, door-to-door engagements to stall any plot to cause disaffection, ethnic or religious strife between Igbo, Yoruba, Hausa, Ijaw, Urhobo, Ogoni, Andoni, and other ethnic groups Lagos or elsewhere before, during the after the presidential election.

Ex-LG Council Chairmen Condemn Violence that Trailed APC Campaigns in Bauchi Segun Awofadeji in Bauchi

The forum of former Executive Chairmen of Local Government Councils in Bauchi State has condemned in strong terms the violence that has characterised campaigns of the All Progressives Congress (APC) in the state. The former chairmen made this condemnation at a press briefing

held at the NUJ Secretariat, Bauchi, yesterday, and called on the people of the state to shun violence and perpetrators of evil ahead of the March 18 state legislatures and governorship elections. The former Chairman of Shira Local Government Area, Mr. Mahmud Abba Yana, who read a text on behalf of the former council chairmen, lamented that

several lives had been lost in violent campaigns in Akuyam town of Misau Local Government Area and the governor’s hometown in Duguri, Alkaleri Local Government Area. Yana, who was in the company of Illiya Habila, former Chairman of Bogoro, among others, said that the forum was concern about the violence and called for peaceful

campaigns where developmental issues are emphasized rather than violence. “The vicious acts of violence witnessed in such campaigns if not curtailed, will instil fear and apprehension in the minds of the hood people of the state in the March 18 Governorship and House of Assembly Elections in the state,” he said.

A’Ibom Guber Candidates Sign Accord on Peaceful Elections Okon BasseyinUyo

Worried by tension being generated in Akwa Ibom State due to the governorship and State House of Assembly elections, the State Police Command yesterday summoned the governorship candidates of various political parties to sign peace accord in the conduct of the March 18, 2023 elections.

The accord signing ceremony, which took place at State Police Headquarters, Ikot Akpan Abia, Uyo, tasked the governorship candidates and their party chairmen that signed for state House of Assembly candidates to ensure violence free elections on the March 18 polls. The ceremony, which was presided by the state Commissioner

òf Police, CP. Olatoye Durosinmi, also had in attendance the Independent National Electoral Commission (INEC), service chiefs, a representative of paramount rulers, civil society organisations (CSO), Nigeria Union of Journalists (NUJ) and Nigeria Labour Congress (NLC) among others. The peace accord as signed

charged all the governorship candidates to promote peace in all ramifications in the state before, during and after the 2023 polls. The governorship candidates were urged to admonish party members and followers to refrain from violence, incitements, intimidations, insult and to conduct themselves in line with the electoral process.

WEDNESDAY, ͹ͽ˜ ͺ͸ͺͻ ˾ T H I S D AY

WEDNESDAYSPORTS

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

0811 181 3083 SMS ONLY

Five-star Haaland Marches with Ruthless City into Q’final Zaidu Sanusi’s dream aborted as FC Porto surrender to Inter Femi Solajawith agency report

Erling Haaland scored five goals as Manchester City thrashed RB Leipzig 7-0 to reach the quarterfinals of the Champions League last night. Haaland completed his hat-trick in first-half stoppage time as City scored three in a blistering first half. He became the third player to score five goals in a single Champions League game after Luiz Adriano in October 2014 (Shakhtar Donetsk vs BATE Borisov) and Lionel Messi in March 2012 (Barcelona v Bayer Leverkusen). The five goals Haaland scored

C H A M P I O N S L E AG U E took his tally to 39 goals in 36 appearances for City.

Ilkay Gundogan netted after the restart before Haaland added two

more before he was substituted in the 63rd minute. Kevin de Bruyne completed the scoring in the 92nd minute as City won 8-1 on aggregate.

Elsewhere, Zaidu Sanusi’s dream of progressing with FC Porto into the quarter finals of the 2022/23 Champions League was aborted last night as Inter Milan cruised

ahead with the 1-0 advantage from the first leg. The second leg of the Last 16 tie ended goalless last night for Inter to Reach the quarter final for the first time in 12 years.

RESULTS FC Porto (Inter: Man City (City:

0-0 1-0 7-0 8-1

Inter aggregate) RB Leipzig aggregate)

Today Napoli v R’Madrid v

E’Frankfurt Liverpool

Europa Conference

...Osimhen’s Napoli Stake Two-goal Edge as Eintracht Visit Maradona Stadium As Napoli take on Eintracht Frankfurt in a UEFA Champions League Round of 16 second leg fixture tonight at the Diego Armando Maradona Stadium, midfielder Stanislav Lobotka believes that the Super Eagles striker, Victor Osimhen, is one of the best strikers in the world following the Nigerian’s exploits this season. The Italian Serie A leaders have a 2-0 advantage from the first leg in Germany with Osimhen hoping to increase his goals tally as Napoli sure-bet of grabbing the the ticket to the quarter final tonight. Osimhen is one of the highest goalscorers in Europe this campaign, as he has scored 21 goals and provided four assists in 27 matches across all competitions for the Partenopei. In an interview with Corriere dello Sport,Lobotka discussed Napoli’s chances in the Champions League and hailed Osimhen and Khvicha Kvaratskhelia for how they have helped the fortunes of the Italian topflight leaders this season. “Everyone dreams of winning the Champions League, but it’d be difficult,” Lobotka said “There are great clubs, we are not like Real Madrid. If we qualify for the quarter-finals and meet them, we know we can play on par.” “Osimhen is among the top four strikers in the world along with Haaland, Lewandowski and Benzema. Kvara is among the top three wingers in the world with Vini Jr and Mbappe.” Osimhen tops the Serie A goalscoring charts with 19 goals and four assists in 22 games. Napoli are first in the Serie A standings with 68 points from 26 matches.

Basaksehir v

Gent

NPFL Group B Rivers Utd v

Rangers

Erling Haaland (right) scored ﬁve goals in Manchester City’s 7-0 crushing defeat of RB Leipzig to progress into the quarter ﬁnals of the 2022/23 Champions League...last night

World Cup 2026: FIFA Switches Back to Four-team Group Format FIFA has switched the format for the expanded 2026 World Cup back to four-team groups. The competition in the United States, Mexico and Canada was due to feature 16 groups of three because the number of teams is increasing from 32 to 48. But the success of the four-team format at the 2022 World Cup in Qatar caused the governing body to reconsider its earlier position. The move has now expands the competition from its projected 80 matches to 104, including a new round-of-32 stage. FIFA said the top two and eight best third-placed teams would progress to the last 32. "The revised format mitigates the risk of collusion and ensures that all the teams play a minimum of three matches, while providing balanced rest time between competing teams," said world football's governing body. The move was approved at FIFA’s Council Meeting in Rwanda on Tuesday. FIFA President, Gianni Infantino, said in Decemberthat the governing body was considering

Argentina’s Albiceleste won the last World Cup in Qatar...last December. a format change after the group stages in Qatar included some exciting final games. The four-team group format, with the top two going through to the knockout stages, has been used since the men's World Cup expanded to 32 teams in 1998.

AFN Postpones Cross Country Championships for Gubernatorial Elections The Athletics Federation of Nigeria (AFN), has again postponed the maiden National Cross Country Championships scheduled to hold this Saturday in Jalingo, the capital of Taraba State. In a message to athletes, coaches and other stakeholders and signed by its Secretary General, Rita Mosindi, the federation said that it is forced to postpone the race for the third time due to the decision of the Independent National Electoral Commission (INEC), to shift the date for the Gubernatorial and State

Assembly elections. “I am directed by the Board of Athletics Federation of Nigeria to inform you that due to the change of date for the Gubernatorial Elections in the Country by the Independent Electoral Commission from 11th to 18th March 2023, it is now pertinent to inform all athletes, coaches, clubs and all athletics stakeholders that the Maiden Edition of AFN National Cross-Country Championships has now been postponed,” wrote the Secretary General in the message sent to all stakeholders.

The AFN said a new date for the race will be comminucated after due consultation with all relevant stakeholders. The AFN National Cross Country championships, when it holds will be the second to hold this year after the hugely successful Jos Cross Country championships organised by the Federal Ministry of Youth and Sports Development and supported by Premium Trust Bank and Nilayo Sports Management company, organisers of the Access Bank Lagos City marathon.

Custodian Classic Debuts on Professional Golf Development Tour The Custodian Group has announced the debut of their N10m purse Custodian Classic on the Professional Golf Developmental Tour (PGDT), scheduled to hold at the golf section of Ikoyi Club 1938 in Lagos from March 23rd to 25th, 2023. Founder and Group Managing Director of Custodian Investment Plc, Wole Oshin, said that as a group, the company hasp looked out for ways of empowering the demography represented by the professional golfers in the country and that the Professional Golfers Development Tour provided that platform for Custodian to access it. “Golf holds so much potential for the teeming youths we have in the country. Apart from helping to shape character, and helping to put their energy to productive use, it also represents a huge reservoir of untapped income for professional sportsmen in the country,” he noted.

The Custodian Group CEO stressed that his firm has been in the vanguard of promoting the game, and this serves as a new channel to invest in the country’s social structure. The Professional Golf Development Tour, promoted by Meristem, was launched in January 2023, with an opening event; The Meristem Open, that was hosted at the Lakowe Lakes Golf and Country Estate in Lagos. Group Managing Director of Meristem, Wole Abegunde, said during the launch spoke on the need to canvass development initiatives around professional golf through the PGD Tour. He said: “Like in most sports, golf has produced some brilliant talents for the country, but because of lack of adequate structure to support professional golf talents, the growth has been limited.” The Custodian Classic will be

played over 56 holes and has already attracted over 80-signed players from Nigeria, Ghana, Ivory Coast, and Togo. The entrants include the Ghanian duo of Vincent Torgah and Emos Korblah, who at different times had enjoyed successes on the Nigerian PGA Tour. Francis Ekpe, the Tour's leading player, along with Sunday Olapade, Oche Odoh, Gift Willy and Kamalu Bako have all signed-up. Oshin whose Custodian Group houses, Crusader Sterling Pension, Custodian Life Insurance, Custodian and Allied Insurance, and UPDC Real Estate said, he hopes for the event to become one of the pillars for unearthing and empowering golf talents that will end up putting the country on the world map. “We are in this for the development potential it portents for the social and economic structure of the country,” he concluded.

Wednesday, March 15, 2023

UT H

& RE A SO

Price: N250

MISSILE Mbadiwe Southeast Governors “Ohaneze is a strong socio-cultural organisation committed to the welfare of Ndigbo in a multicultural, multi-ethnic diverse country that is Nigeria. The other ethnic nationalities will only assess and rate Ohaneze based on the pedestal we place our leadership… The southeast governors owe Ndigbo an explanation and an apology for the shoddy treatment given to their late President, George Obiozor ”---Rt. Hon. Eddie Mbadiwe criticising the absence of southeast governors at the recent funeral of the late president of Ohaneze Ndigbo, Dr. George Obiozor.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Neo-Colonialism in 2023 Politics S ixty three years after independence it is distressing to observe that members of the Nigerian elite of different hues enthusiastically seek an external legitimation of the nation’s political process. This neo-colonial mentality has become manifest in the different stages of this electoral season. It probably began when some governors protesting the outcome of their party primaries elected to hold meeting in foreign capitals, touring London, Paris and Istanbul. They held meetings in foreign lands to bolster their position and plan their strategies in the crisis bedevilling their party. These governors abandoned their desks and staged spectacles in the at the expense of their respective states. On one occasion, a former president even joined the meetings. On another occasion, a leader of the governors’ party also met the leader of the protesting governors outside Nigeria in the spirit of reconciliation. At a point the whole issue could be reduced to one question: from which region of Nigeria should the chairman of the party be chosen? To these peripatetic governors, this issue could not be discussed in Port Harcourt, Enugu or Ibadan. Neither could Makurdi or Umuahia provide a convenient venue for the strategy sessions in the neo-colonial thinking of these governors. This trend drew a sharp rebuke from eminent Nigerian experts in diplomacy. The Nigerian Academy of International Affairs (NAIA) said inter alia in a statement: “Let it not be the norm or practice that Nigerian leaders have to fly to western capitals to rule the country by remote control in the same way that many nonchalant governors rule their states from Abuja. During the gravest period of our existence, our civil war, peace meetings/conferences were held only in Africa. None was held in Europe or the Americas.” This admonition was ignored by these politicians who believe that even the inspiration for solutions to whatever political problems they have could be come only from abroad. In a clime where ideas constitute a motive force in politics, the damning verdict of the Academy led by a revered former foreign minister, Professor Bolaji Akinyemi, would generate a serious debate in the public sphere. This is more so when you check the register of the fellows of the Academy in which you have respectable names such as those of Lt. Gen Martin Luther Agwai, Professor Joy Ogwu, Senior Advocate of Nigeria Odein Ajumogobia, Professor Hassan Saliu, Professor Jide Osuntokun, Professor Nuhu Yaqoob, Professor Alaba Ogunsanwo, Professor Eghosa Osagie, Professor Akin Oyebode, Professor Bola Akinterinwa, Ambassador Jaiyeola Lewu and Ambassador Kayode Shinkaiye. The Academy is doubtless an assembly of distinguished professionals and scholars of diplomacy and international affairs, some of whom are in retirement. At the peak of these campaigns, some presidential candidates took turns to appear in the London Chatham House, otherwise known as the Royal Institute of International Affairs. Nigerian politicians have suddenly elevated this British policy institution to the level of an oracle. Going by the undue ferment generated by the outings in Chatham House you might think that the success of a candidate at the poll depended on the “performance” at the policy institute. What happened or did not happen to a candidate at Chatham House became veritable campaign materials in the hands of opposing political publicists. A good portion of each candidate’s campaign budget must have gone to the appearance before this think tank. Even the chairman of the Independent National

Prof. Yakubu Electoral Commission (INEC), Professor Mahmood Yakubu, was also guest at Chatham to make some “landmark” statements which he didn’t make before then at home. Yakubu’s appearance was reminiscent of that of Colonel Sambo Dasuki, who as National Security Adviser (NSA), actually gave the first hint of the postponement of the 2015 general elections at the same Chatham House. A tinge of neo-colonial mentality became unmistakeable as you watched politicians embark on jamborees abroad to seek diplomatic blessings for their campaigns while ignoring institutions which are fit for the purpose of policy debates and discussions at home. For instance, the leading candidates never appeared at any forum of the Nigerian Academy of International Affairs (NAIA), the Nigerian Institute of International Affairs (NIIA) or the National Institute of Policy and Strategic Studies (NIPSS). Neither was intellectual interaction with most of the universities considered a priority. To be sure, these are just few of the existing centres of ideas selected to illustrate the preference of politicians for exogenous entities in preference to local solid institutions. The Lagos-based NIIA is a reputable think tank; but Nigerian politicians have failed to harvest its regularly produced ideas. Ironically, in the days of the military, the NIIA was relevant in shaping the nation’s foreign policy. Nigeria’s policies of decolonisation and support for the anti-apartheid struggle in Africa were intellectually supported by the 62-year- old NIIA. Ideas underlying Nigeria’s foreign policy in the 1970s were generated by the Institute. Young military officers attended the sessions organised by the institute. However, politicians today cannot be accused of paying attention to what goes on at the Institute. The 44-year old NIPSS based in Kuru, Plateau State, is a centre for senior technocrats in the public and private sectors to interact and develop ideas to solve problems in the various departments of the national life. As a policy think tank, NIPSS has played host to a great number of Nigeria’s best and brightest during their course. At the end the course, Members of the National Institute (mni), as they are known, leave behind dissertations as testaments to the production of ideas against the background of their field experience. Yet, it is never

a badge of honour for a candidate in an election to be advertised as having vigorous sessions with members of this eminent National Institute. What is said about the contempt that politicians have for policy think tanks could also goes for virtually all national institutions. Politicians do not have regard for the nationalist sensibilities of their fellow Nigerians who think differently on this issue at all. Besides, the general attitude of politicians (in and out of power) to these think tanks and other policy centres is a measure of how much ideas are considered as a factor in Nigerian politics. The display of neo-colonial mentality has continued since the February 25, 2023 presidential election. The Nigerian media also seem to be seeking validation of their reports of the election and its aftermath by quoting the reports and opinions of foreign media, observers and other non-governmental organisations. Nigerian editors, columnists and television anchors borrow adjectives used by foreign newspapers to describe an election held in their own country. Some of the shallow and jaundiced reports of these foreign journalists would not merit front pages in the hands of great editors of the old in Nigeria. Today they are quoted authoritatively in the Nigerian media. This level of lack of professional self-respect is astonishing. The Nigerian media would rather quote Chatham’s verdict on the election rather report the views of Nigerian policy institutes. And all this is happening in post-colonial Nigeria in the bid to secure external validation. Nigerian journalists describe these views from abroad as the opinion of the “world.” Meanwhile, this world does not include China, Russia, India, Japan, Indonesia, Brazil or Mexico, not to talk of African countries. The most populous countries with a great degree of economic relations with Nigeria are excluded in the world that is not pleased with Nigerian election. In reality, the world whose verdict is final on Nigerian elections begins in some newsrooms in Washington and ends in some editorial suites in western European capitals. In the normal run of things, foreign media organisations should be quoting the reports of Nigerian journalists from their various perspectives . It should not be the other way round. Talking about foreign observers and elections. How many Nigerian observers monitored the 2020 American presidential elections which Donald Trump and millions of his supporters still insist is “stolen mandate”? And what was their report like? Will New York Times or Washington Post ever quote the editorial opinion of a Nigerian newspaper on the primitivity exhibited as a mob invaded the Capitol on January 6, 2021 to stop the conclusion of the American electoral process? Such a terrible blemish on American liberal democracy has never happened in the last 24 years of Nigeria’s experience with conduct of elections. Before then Trump told

The neo-colonial ideology is evident in the current state of things as foreign approval is sought at every stage of the liberal democratic process.

an electoral officer Georgia, “I just want 11, 780 votes” in his desperate bid to turn the victory of Joe Biden. Imagine a news organisation in the United States quoting in its report prominently a Nigerian journalist who says the American election is “shambolic” and “messy.” No political system is perfect. Hence the American media make scathing criticisms of their elections without seeking foreign authorities to justify their positions. That is the point at issue. Similarly, the United Kingdom had three prime ministers last year. One prime minister was removed on matters of integrity including lying to the public and another was removed for poor policy articulation and sheer incoherence. Now that is not a tribute to the maturity and stability of the British political system. During the Brexit referendum, the Leave Campaign misled voters on a factual note. As a battle cry, the Brexiteers claimed: “We send the EU 350 pound a week” instead of funding the National Health Service (NHS) with the amount. Independent fact-checkers later found out that this campaign item was based on falsehood. The campaign was conducted in a post-truth context with fake news and disinformation competing with facts. Meanwhile, some voters might have been swayed to vote for Britain’s exit from the European Union (EU) based on this falsehood. In a desperate bid to strike a deal on Brexit, a prime minister misled the Queen to suspend the parliament (in what is called prorogation) so as to prevent a debate on the issue. Today, the country is grappling with the consequences of that democratic decision that was partly based on falsehood. The British media will not quote the opinions of foreign journalists to validate their criticisms of the Brexit misadventure. To be sure, the upsurge of neo-colonialism in the politics of 2023 is not a result of any imposition by foreign powers or interests. It is rather a manifestation of the neo-colonial mentality on the part of Nigerians. No one can blame external forces pointedly for what is happening. The organisers of Chatham House events did compel any of their guests to be present. Neither did any foreign medium force the Nigeria media to invoke its materials as justification for the local arguments. Instead of force, what is unfortunately on display is what the Italian Marxist, Antonio Gramsci, calls “ideological hegemony.” Many members of the Nigerian intellectual and professional elite act (perhaps unconsciously) under the sheer weight of the hegemony of neo-colonial ideology. What they regard as received wisdom (their world outlook) is actually a product of the hegemony of some neo-colonial ideologues. The control in this instance is not exercised with direct political or economic power. The control comes subtly through the superstructural elements- education, culture, religion, morals, media, public sphere etc., which all combine to shape people’s outlook. A consequence of that in Nigeria is the fixation with exogenous solutions to any problem as pointed out in the foregoing. It is no good news that this is happening in Nigeria 58 years after Kwame Nkrumah wrote Neo-Colonialism, the Last Stage of Imperialism. Nkrumah argues that apart from indirect political and economic control, neo-colonialism could also manifest in the cultural and ideological realms. The neo-colonial ideology is evident in the current state of things as foreign approval is sought at every stage of the democratic process.

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja . All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com