Ahmed: FG to Abolish Petrol Subsidy Before May 29, Attributes Delay to 2023 Elections, Census Urges incoming administration to raise VAT to 10% Ghana phases out petrol subsidy FG: We are yet to harmonise position on palliatives after subsidy removal Approves Nigeria Agenda 2050 Population census now to hold in May Deji Elumoye, Emmanuel Addeh in Abuja and Peter Uzoho in Lagos Minister of Finance, Budget and
National Planning, Mrs. Zainab Ahmed, has said the federal government would remove the controversial petrol subsidy before the end of
President Muhammadu Buhari's tenure on May 29, 2023. Ahmed attributed the delay in removal of the subsidy, as provided
for in the Petroleum Industry Act (PIA) 2021, to the 2023 general election and the forthcoming national population census.
The minister, according to the Voice of Nigeria (VON), spoke during a courtesy visit to the headquarters of VON in Abuja.
But the federal government, yesterday, disclosed that no concluContinued on page 10
Thursday 16 March, 2023 Vol 28. No 10200. Price: N250
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Emefiele Urges More Vigilance in Banking Supervision after Collapse of Two US Institutions... Page 5
Delta Decides: Four Guber Candidates Debate L-R: Managing Director Stanbic IBTC, Mr. Yinka Sani; Chief Executive Officer, Standard Bank Group, Mr. Sim Tshabslala; Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, and Chief Executive Officer, Standard Bank of South Africa, Mr. Lungisa Fuzile, at the African Central Bank Conference 2023 holding at the Global Leadership Center, Johannesburg, South Africa ... yesterday
Ogboru, Gbagi, Pela, Ofehe promise good governance, quality education, employment, security See story on page 10
Concerns Mount over Govs’ Moves to Rig Saturday’s Polls By All Means Tension high in Rivers, Edo, Enugu, Kano, Katsina, Cross River Adibe Emenyonu in Benin City, Bassey Inyang in Calabar, George Okoh in Makurdi, Ibrahim Oyewale in Lokoja, James Sowole in Abeokuta, Blessing Ibunge in Port Harcourt, Yinka Kolawole in Osogbo, Wole Ayodele in Jalingo, Gideon Arinze in Enugu and Okon Bassey in Uyo With 48 hours to the Governorship and state Houses of Assembly elections, concerns have heightened over alleged moves by governors to rig the elections by all means possible, including resorting to extra-judicial
means to compromise the process. Aside allegedly recruiting thugs to help them disrupt the process to garner more votes, THISDAY findings have revealed that one of the means through which the governors intend to rig the exercise is by working with the Resident Electoral Commissioners (RECs) in their respective states. In addition to this is another alleged plan to further compromise the electoral officers, thus making the falsification of results much easier than it was in the previous exercise. Continued on page 10
Akere Market Fire: Sanwo-Olu Compensates Traders With N100m ...
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AT THE COMMONWEALTH DINNER HOSTED BY KING CHARLES... His Majesty Olu of Warri Kingdom, Ogiame Atuwatse III; with Olori Atuwatse III at Commonwealth dinner hosted by King Charles in London... yesterday
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Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322, 0807 401 0580
NEWS
CLOSING CEREMONY OF AIG PUBLIC LEADERS PROGRAMME,... L-R: Segun Adeniyi Former Editor, Thisday; Ofovwe Aig-Imoukhuede, Executive Vice-Chair Aig-Imoukhuede Foundation; Aigboje Aig-Imoukhuede, Chairman, Aig-Imoukhuede Foundation, Zukiswa Mqolomba, Participant AIG Public Leaders Programme, Thami Mseleku, High Commissioner of South Africa to the Federal Republic of Nigeria, Professor Chris Stone Co-chair Blavatnik School of Government at the closing ceremony of the AIG Public Leaders Program class of 2022.
Emefiele Urges More Vigilance in Banking Supervision after Collapse of Two US Institutions Seeks improved regulatory measures against bank failure Hints at expected $400m inflows for Nigeria from Standard Bank Obinna Chima The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has advised central bankers and regulators across the world to be vigilant and guard against failures of financial institutions in their jurisdictions. The advised followed the closure of New York-based Signature Bank on Sunday by regulators, two days after they shut down Silicon Valley Bank in a collapse that stranded billions in deposits. Owing to this, Emefiele who spoke at the opening of the 2023 African Central Bank Conference held at the Global Leadership Center, Johannesburg, South Africa, yesterday, also advised governors of central banks and other African financial sector regulators to improve their supervisory roles to forestall any run on financial institutions in their countries. Speaking further, he hinted that Nigeria was expected to receive a $400 million inflow from Standard Bank by the end of this week, which according to Emefiele, would “help boost our funding and financing needs in Nigeria.” Commenting further on the
current global dynamics and specific policy developments in Nigeria to address emerging shocks, he advised central banks on the continent to draw lessons from the recent failure of Silicon Valley Bank and Signature Bank in the United States of America, by putting in place regulations that will prevent any run on banks in their countries. “A major reason that contribute to bank failures is when the bank is unable to meet depositors’ demands for their money. This usually results to a run. There is need for regulators to insulate the banking system from collapse,” he added. He noted the “devastation to lives and livelihoods that was caused by the Covid-19 globally.” “And after Covid-19, we started seeing economies develop again, the numbers were good and financial market conditions were better and suddenly in 2022, another crisis came, the war between Russia and Ukraine that has unfortunately created for the global economy. “All the forecasts made by the IMF and World Bank have begun to go south and inflationary pressure began to climb,” Emefiele added. He highlighted measures the CBN
took after the subprime mortgage crisis that led to the collapse of global financial institutions in order to avoid contagion effects on banks in the country. Emefiele, while sharing Nigeria’s experience in regulating banks, noted that the threats posed to the financial system necessitated the release of new guidelines and regulations to tackle potential infringements and, in the process, protect depositors’ funds as well as promote greater transparency in the sector. According to him, regulators must be alive to their responsibilities by ensuring that banks under their regulatory watch are financially
healthy and do not suffer a similar fate as the Silicon Valley Bank, which, until its collapse recently, catered to many of the world's most powerful tech investors. Emefiele told his audience that, “regulators must be prepared for what I call the rainy day. What umbrella have you built to ensure that depositors don’t face the risk of losing their deposits? That should be a lesson to regulators globally. “People have always said that the Nigerian banking system is one of the most regulated. We are not saying there are no cases where banks have crisis in Nigeria, but we try as much as possible to ensure
Nigerian energy and infrastructure conglomerate, Sahara Group, has called for an enabling policies and effective regulatory frameworks in addition to increased investments and collaboration to meet the soaring energy needs in Nigeria and other African countries. The Executive Director, Sahara Group, Mr. Wale Ajibade, made the call while addressing top energy operators, regulators and government functionaries at the 2023 African Refiners and Distributors Association (ARDA) Week in Cape Town, South Africa. According to a statement issued yesterday, by Sahara's corporate communications department, Ajibade said the current level of global investments on renewable energy was inadequate to enable Africa embrace more alternative energy sources. In a paper he delivered at the
session, entitled, "Meeting Africa’s Growing Energy Requirements in the Evolving Global Landscape," he said adequate policies were vital for African countries to address foreign investors' concerns and limit investment risks exposures. "Over the past two decades, global investment in renewable energy has grown rapidly. Yet less than three per cent of these investments come to Africa. Africa continues to receive only a small portion of the total global investment in renewable energy," Ajibade said. He noted that the continent needs to work together to transform inherent risks and inefficiencies in the system into opportunities for ramping up energy supply from multiple sources. According to him, "Our individual differences as countries within this continent only serve to strengthen the brilliant and colorful fabric of our cultures. With boots on ground, in over 24
a young bank, after declaring profit, we insist that 25 per cent must be held in a statutory reserve fund to boost your retained earnings and capital adequacy ratio. These are the kind of things regulators need to begin to look at increasingly. So, as a regulator, you need to begin to think of how to insulate your banking industry. Regulators must begin to begin to be much more responsible. “We have often said it that in Nigeria, we believe that when there is a crisis, we make sure that depositors are protected and we make sure no depositor loss their money.”
Higher Food, Commodity Prices Drive Inflation to 21.91% Severe in Bauchi, Rivers, Kwara, others James Emejo in Abuja The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities increased to 21.91 per cent in February 2023, compared to 21.82
per cent in January, the National Bureau of Statistics (NBS), said yesterday. The NBS, in its CPI report for February, which was released yesterday, attributed the 0.09 per cent increase in the headline index
Sahara Group Advocates Increased Investments, Collaboration to Drive Energy Sustainability in Nigeria, Others Peter Uzoho
that we insulate the banking system from serious occurrences. “It is only in Nigeria and very few countries in the world that you would hear that if a bank collects for instance, $100 from a customer as deposit, today, $32.5 of that must be kept at the CBN. “It is to keep that fund to make sure in this kind of situation where they are crisis; we also maintain that bank would maintain a specified liquidity ratio and it is only in Nigeria that we insist that banks must have a minimum level of capital adequacy ratio. “It is Nigeria and some few countries in the world that if you are
African countries, we as Sahara Group know more than most that what works in one location may not necessarily be what works in the other. We have always had to overcome our challenges and propel ourselves forward by ourselves and for ourselves as Africans." He further noted that despite the dearth of investments, Africa could still strive towards meeting the continent’s energy needs through collaboration and prioritising the African narrative for Africans by Africans. Ajibade maintained, "Africa will meet its growing energy requirement in the evolving global landscape, but we will do it the African way. This will be done drawing on collaborations and best business practices, embracing our diversities in cultures but always steadfast in moving forward and bringing energy to life responsibly. "As we gradually transition to renewable energy, the conditions
for solar power literally shine as bright as the sun on this continent. The potential for wind energy blows through our continent ceaselessly. Africa has amongst the largest untapped potential for hydropower development and as we all know we have just begun to scratch the surface of natural gas." He stated that some countries on the continent were already promoting several policies and regulations to ramp up capacity for renewables in Africa. Using solar power as a case in point, he said Nigeria's photovoltaic power potential makes solar energy very feasible for both investors and consumers, revealing that Sahara Group was currently harnessing this potential through the implementation of large-scale and mini-grid solar projects. On the growing importance of gas as a transition fuel, Ajibade said Africa was already witnessing remarkable progress in this regard.
to an increase in the prices of food and other commodities during the review period. Year-on-year, headline inflation 6.21 per cent higher than the 15.70per cent recorded in February 2022. Food inflation year on year increased to 24.35 per cent in February, representing 7.24 per cent increase compared to 17.11 per cent in the corresponding month in 2022. The rise in the food index was attributed to increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruits, meat, vegetable, and food products. Month-on-month, however, food inflation slowed to 1.90 per cent, which was 0.18 per cent lower compared to 2.08 per cent in January. On the other hand, core inflation which excludes the prices of volatile agricultural produce stood at 18.84 per cent year on year in February up by 4.83 per cent when compared to 14.01 per cent recorded in February 2022. The rise in the core index was blamed on highest increases in prices of gas, passenger transport by air, liquid fuel, fuels, and lubricants for personal transport equipment, vehicles spare parts, and solid fuel among others. However, on a month-on-month basis, core inflation was 1.06 per cent, down by 0.76 per cent when compared to 1.82 per cent in January.
According to the statistical agency, year-on-year, urban inflation rose to 22.78 per cent or 6.53 per cent compared to 16.25 per cent in February 2022 while month-on-month, the index dropped to 1.85 per cent in February lower than 1.98 per cent in January. Similarly, rural inflation stood at 21.10 per cent year-on-year which was 5.92 per cent higher than the 15.18 per cent in February 2022 while month on month, the rural stood at 1.58 per cent, down by 0.19 per cent compared to 1.77 per cent in January. At the states level, general inflation year-on-year was highest in Bauchi (24.59 per cent), Rivers (24.40 per cent), and Ondo (24.27 per cent), while Sokoto (18.90 per cent), Borno (18.94 per cent) and Cross River (19.62 per cent) recorded the slowest rise in the headline index. Month-on-month, however, inflation was highest in Edo (2.76 per cent), Ogun (2.64 per cent), and Yobe (2.36 per cent), while Bayelsa (0.74 per cent), Borno (0.95 per cent) and Taraba (1.03 per cent) recorded the slowest rise on month-on-month inflation. Also, year on year, food inflation was highest in Kwara (29.51 per cent), Imo (27.47 per cent), and Lagos (27.42 per cent), while Sokoto (18.54 per cent), Jigawa (19.67 per cent) and Yobe (21.89 per cent) recorded the slowest rise on year-on-year food inflation.
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SANWO-OLU COMMENCES REBUILDING OF AKERE AUTO SPARE PARTS MARKET... Lagos State Governor, Mr Babajide Sanwo-Olu addressing traders, residents and other stakeholders, flanked by APC House of Reps-elect, Ajeromi Ifelodun constituency, Hon Paul Kalejaiye (left) and Chairman of Ajeromi Ifelodun Local Government, Hon Fatai Ayoola, during the presentation of cheque and launching to rebuild Akere Auto Spare Parts Market at Olodi-Apapa, ...yesterday
Akere Market Fire: Sanwo-Olu Compensates Traders With N100m Lays foundation for new market building As former Ekiti governor woos Lagos airport taxi drivers for governor Segun James Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday, donated N100 million to traders in the burnt Akere Motor Parts and Allied Dealers Association (AMPADA) market in the Ajegunle area of the state. Sanwo-Olu also laid the foundation of a new market building. Speaking during his visit to the burnt site of the Akere market, Sanwo-Olu was quoted, in a statement, to have said the donation was part of efforts by the Lagos State
government to help alleviate the plight of the traders who lost goods and cash in the fire, when the market got burnt last week. The governor said, "A week or less ago we promised to come back here to give immediate support to the people who were affected by the unfortunate incident. This is not politics; it is just a coincidence that it is a political season. "I am happy to be here to lay the foundation for the new market building. Now it is a storey building and a small compensation that will
alleviate the suffering and loss of our traders here. It is for us to make a clear stand that we are not about ethnic or religious division. “We are a government that is people-centred and working to make things better for them, no matter what party or where they come from. "As long as they are law-abiding, keep to laws guiding the environment, and respect the heritage of where they do business, they will always be accommodated. "This will also send a clear mes-
sage to people who want to divide us that we won't let a small number disunite a large number of people. We won't give them a space in Lagos and our government." Sanwo-Olu also urged Lagos residents to come out and vote massively for him on Saturday, noting that the 18 per cent vote cast during the presidential election is not a good representation of the Lagos population. Speaking earlier, Chairman of Ajeromi-Ifelodun Local Government Area, Hon. Fatai Ayoola, thanked
Hope Rises for Nigeria as Shell Lifts Force Majeure on 250,000bpd Bonny Export Terminal Peter Uzoho The Shell Petroleum Development Company of Nigeria Limited (SPDC) said it has lifted the force majeure on its 250,000 barrels per day (bpd) Bonny export terminal with effect from Wednesday, 15 March, 2023. The oil major had declared the force majeure on March 3, 2022, following a significant decline in crude receipts at the Bonny Oil and Gas Terminal caused by rampant crude theft and vandalism. A spokesperson of SPDC who did not want his name in print, announced this yesterday, saying, “The Shell Petroleum Development Company of Nigeria Limited (SPDC), operator of the SPDC joint venture, has lifted the force majeure on Bonny export programme with effect from Wednesday, March 15, 2023. “The force majeure was declared on March 3, 2022 following a significant decline in crude receipts at the Bonny Oil and Gas Terminal.” In November 22, Shell had lifted force majuere declared on oil export programme from the terminal following a leak on the 150,000bpd Nembe Creek Trunk Line (NCTL), one of the two pipelines that feed crude to the Bonny Light terminal. Nigeria had suffered severe
oil losses in the last one or two years due to the activities of oil thieves and vandals. The country's oil output had dropped to an all-time low of 900,000bpd in August 2022, leading to Nigeria's knockout at some point as Africa's largest oil producer by Angola, according to the Organisation of the Petroleum Exporting Countries' (OPEC) Monthly Oil Market Report for September 2022. The oil cartel stated that Nigeria’s crude oil production dropped from one million bpd recorded in July 2022 to 900, 000bd in August. At the height of the embarrassing production underperformance, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mallam Mele Kyari, had lamented that Nigeria was losing about 95 per cent of oil production at the Bonny terminal to theft. “I can tell you, in one line, just less than 200 kilometres, we had 295 illegal connections and you see the data”, Kyari had said. He had stated that Nigeria was losing nearly all the oil output at Bonny, the town after which its premium oil grade, Bonny Light is named after and a key export point for the country “What is most difficult to manage today is the issue of crude oil theft, it is real and it
is happening", the GCEO had said. But the country is gradually recovering as production has climbed to 1.3 million bpd owing
to a rash of measures jointly taken by the NNPC, private security operatives and government agencies to tackle crude theft.
Sanwo-Olu for keeping to his promise of helping the people. Ayoola promised that the people in the council would reciprocate the good gesture by voting for Sanwo-Olu during Saturday's governorship poll. He said, "True to your word, you are here today in Ajegunle to compensate the marketers for their loss and also lay the foundation for their new market. We thank you and wish that your efforts would be rewarded in Saturday's election. "We assure you that in Ajegunle we will do all within the ambit of the law to canvass for you because you have done so much for us. You rebuilt the Obafon and Mbakadoso roads. You also helped us build Maracana Stadium for our youths. "We are grateful and we would forever remain grateful for your stewardship and leadership that you have shown to the true people of Ajegunle." AMPADA Market Chairman, Mr. Izuchukwu Uba, assured Sanwo-Olu
of the traders’ support in Saturday's gubernatorial election. Traders at the market thanked Sanwo-Olu for the good gesture, promising to come out en masse on Saturday to vote for him and all APC candidates. Meanwhile, former Ekiti State Governor, Mr. Ayo Fayose, yesterday, drummed support for Sanwo-Olu, calling on Lagos residents to re-elect the governor on Saturday. Fayose, who was joined by SanwoOlu at the local wing of the Murtala Muhammed Airport, spoke to taxi drivers at the airport and urged them to come out in large numbers and vote for the All Progressives Congress (APC) candidate in the March 18 governorship poll. "Sanwo-Olu is our candidate. Let us all come out on Saturday to re-elect him," Fayose urged the airport taxi drivers. Sanwo-Olu promised to address the issues raised by the airport taxi drivers during his meeting with them.
Firm Asks Court to Liquidate Akwa Ibom APC Candidate, Udofia’s Company over Alleged N416.8m Debt Wale Igbintade A firm, Hydrodive Nigeria Limited has asked the Federal High Court in Lagos, to wind up a company, Saidel Limited, belonging to All Progressives Congress (APC) governorship candidate in Akwa Ibom State, Akanimo Udofia, over alleged N416,809,340 debt. The petitioner in the winding up petition filed by its counsel, Nnamdi Oragwu told the court that the respondent has failed to pay the debt of N200 million and $243,606.50, weeks after the delivery of a statutory demand notice. Hydrodive Nigeria is praying for an order that Saidel Limited be wound up by the court under the relevant provisions of the Companies and Allied Act for its inability to pay the debt. The petitioner also prayed for an order appointing Mr. Tochukwu Onyiuke, an Insolvency Practitioner or any duly licensed member of the Business Rescue and Insolvency
Practitioner Association of Nigeria, as the substantive liquidator as the court may deem fit, to immediately liquidate Udofia’s company in accordance with the Companies and Allied Matters Act. The petitioner asked for an order that the cost of the petition and the cost of the liquidation proceedings shall be paid out of the assets of the respondent. “Upon a winding up, the petitioner/creditor of the respondent would derive the benefit arising from a thorough tracing, collection and gathering of the respondent's assets which will be applied by the Liquidator for the settlement of the Respondent's debt. “In the circumstances, the petitioner believes that it is just and equitable to wind up the respondent for its inability to pay its debts,” Hydrodive Nigeria prayed. The petitioner said it specialises in providing diving, vessel leasing, sub-sea and construction support, as well as maintenance and repair
of offshore facilities. The petitioner stated that Saidel Limited approached it to for offshore diving works for the Southern Swamp Sales Gas Evacuation Pipeline Project sometimes in 2018, following which an agreement was reached and executed on July 17, 2018. Parties also executed supplementary agreements in which the respondent contracted the petitioner as a subcontractor for the project, which it duly executed. The petitioner said it completed the execution of the project in February, 2019, and was issued a project completion certificate by Udofia’s company. According to the petitioner, by the terms of the Service Agreement, Saidel Limited was required to settle the petitioner's invoice within 45 days. “Upon the completion of the project and execution of the certificate of completion, the petitioner raised and sent several invoices to
the respondent totaling the sum of $2,613,953.12. “Meetings between the petitioner and respondent were held where the petitioner granted concession and issued credit notes to the respondent for the sum of $214,292.47. “Respondent paid part of some invoices leaving an outstanding sum of N200,000 million and $243,606.50. “Despite the terms of the service agreement and the addendums thereto requiring the settlement of the invoices within 45 days of the issuance and confirmation and consistent demands, the respondent has refused and neglected to pay the sums of N200 million and $243,606.50 owed to the petitioner.” The petitioner said it sent several reminders, follow-ups and demands for the payment and also informed the respondent about the huge interest already accruing on the facilities borrowed to execute the contract.
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COMMEMORATION OF WORLD CONSUMER RIGHTS DAY... L-R: Oladokun Oye, Vice President, Retail and Postpaid, Airtel Nigeria; Abdulrahman Ado, Executive Director, 9Mobile; Adeleke Adewolu, Executive Commissioner, Stakeholder Management, Nigerian Communications Commission (NCC); Dr. Chris Nwanoro, President, National Disability Empowerment Forum; Prof. Adeolu Akande, Chairman, Board of Commissioners, NCC; Abdulazeez Salman, Commissioner, NCC; Ugonwa Nwoye, Chief Customer Relations Officer, MTN Plc, at the commemoration of the World Consumer Rights Day 2023 by the Commission in Abuja... yesterday
Foreign Trade Hits N52.38tn in 2022, N11.72tn in Q4 Exports dominated by crude oil at N4.91tn, Spain is major trading partner James Emejo in Abuja Nigeria's total merchandise trade stood at N11.72 trillion in the fourth quarter of last year (Q4 2022), indicating a decline of 4.52 per cent over the value recorded in the preceding quarter, according to the National Bureau of Statistics (NBS). The NBS disclosed that total exports rose by 7.17 per cent to N6.35 trillion in Q4, compared to N5.93 trillion in the preceding quarter, and by 10.28 per cent when compared to N5.76 trillion in Q4 2021. Re-export’s value in the quarter under review stood at N199.59 billion representing 3.14 per cent of total exports. On the other hand, total imports declined by 15.46 per cent to N5.36 trillion in Q4 compared to N6.34 trillion in the preceding quarter and by 9.73 per cent compared to
N5.94 trillion in the corresponding quarter. According to the Foreign Trade in Goods Statistics (Q4 2022) which was posted on the NBS website, on an annual basis, however, total trade stood at N52.38 trillion with imports amounting to N25.59 trillion while exports totaled N26.79 trillion. Exports trade was dominated by crude oil exports valued at N4.91 trillion and accounted for 77.24 per cent of total exports while non-crude oil exports value stood at N1.44 trillion or 22.76 per cent of total exports of which non-oil products contributed N732.24 billion, representing 11.51 per cent of total exports. Spain, Netherlands, India, France and Indonesia remained the country’s top five export destinations in the quarter under review, accounting for N617.17 billion or 9.70 per cent, N574.55 billion or 9.03 per cent, N490.45 billion or
Afreximbank Makes Case for Infrastructure Investment
While the need to transition to a cleaner energy future is a global priority, Africa’s energy poverty challenges require strong and immediate solutions, of which investment in infrastructure to strengthen energy supply and access is predominant. In line with this, the Global Head and Director, Client Relations at pan-African multilateral financial institution the African ExportImport Bank (Afreximbank), Rene Awambeng, delivered a presentation during this year’s edition of the African Refiners & Distributors Association – taking place from March 14-17, in Cape Town. The presentation, under the theme, ‘Financing Infrastructure Projects to Accelerate Africa’s Energy Transition,’ tackled emerging trends across the African energy sector, with Awambeng making a strong case for increased infrastructure investment with the aim of accelerating the continent’s energy transition. Kicking off his presentation, Awambeng provided key insights into Africa’s infrastructure financing needs, stating that, “The scale of finance required by African countries to access energy for its population as per Nationally Determined Contributions is in the range of $2.5 trillion in the decade ending 2030. “This represents nearly a 10 per cent annual investment of the continent’s GDP and is over and above what countries can provide
on their own.” Despite the wealth of natural resources on the continent, Awambeng shared that currently, market trends seen across the African energy sector show “high demand for energy products with limited supply; foreign currency scarcity; lack of investment in new refineries, refineries capacity, pipeline, storage and logistics; unreasonable prices and supply chain disruptions leading to increased costs of importation; currency mismatch; withdrawal of international banks due to the current climate finance agenda which limits the financing of fossil fuel,” among others factors. Awambeng emphasised that consideration needed to be given to the wealth of natural resources, including the oil and gas that Africa possesses and how these can be used to drive economic development, just as was done in the developed world. Monetising the continent’s resources represents a critical step towards economic prosperity, the alleviation of energy poverty and the acceleration of an energy transition in Africa. “Africa currently sits on a wealth of natural resources totaling more than 130 billion barrels of providen crude oil (representing 7% of the world’s oil) and more than 15 trillion standard cubic meters of natural gas (representing 13% of the world’s natural gas) discovered to date,” he said.
7.71 per cent, N489.82 billion or 7.70 per cent and N473.27 billion or 7.44 per cent of total exports respectively. Altogether, exports to the top five countries amounted to 41.59 per cent of total exports. The commodity with the largest export values in the period under review was ‘petroleum oils and
oils obtained from bituminous minerals, crude with N4 91 trillion, representing 77.24 per cent, followed by Natural gas, liquefied with N704.88 billion accounting for 11.08 per cent, and Urea, whether or not in aqueous solution with N160.56 billion or 2.52 per cent of total exports.
Nigeria’s agricultural imports in Q4 was valued at N444.82 billion showing a decline of 13.27 per cent and 33.33 per cent compared to N512.91 billion in Q3 and N667.16 billion in Q4 2021. The country exported most products to Europe with goods valued at N2.79 trillion or 43.97
per cent of total exports; Asia N1.42 trillion or 22.47 per cent of total exports; America N1.15 trillion or 18.09 per cent of total exports while export to other African countries stood at N942.13 billion or 14.81 per cent of total exports of which N553.79 billion worth of goods were exported to ECOWAS countries.
Jega Laments Dearth of Quality, Competent Leadership in Public Service Strong public sector key to economic growth, says Aig-Imoukhuede James Emejo in Abuja Former Chairman of the Independent National Electoral Commission (INEC), Professor Attahiru Jega, yesterday, bemoaned the dearth of quality leadership in the country’s public service. Jega said the quality of leadership at the heart of government was a critical determinant of success or failure of national development aspirations. Jega made the assertions while speaking on, “Public Sector Leadership in Times of Crises”, at the closing ceremony of AIG - Imoukhuede Public Leaders
Programme in Abuja. The former INEC chairman said, “In most developing countries, and certainly in Nigeria, the quality of public sector leadership lags behind what obtains in other sectors, especially the private sectors, although there is now also increasing concern about the declining values of integrity, as well as professionalism and efficiency in the delivery of services in the Nigerian private sectors.” He said in spite of many attempted reform measures in the country since the mid-1980s, the public sector had experienced”decomposition”,
reflected in the nature and character of the state structures, institutions, and processes, as well as the orientation, character, and disposition of those leading it. Jega said, “Substantively, this means that the Nigerian public sector has, for long, been in dire need of ‘re-composition’, for it to efficiently and effectively deliver public goods and services, in order to re-establish the capacity of the Nigerian state to play one of its key roles, which is the deployment of state resources for the satisfaction of citizens’ needs and aspirations, through the delivery of public goods
Court Permits Buhari, AGF to Reply Suit against Holding Elections, Exams on Saturdays Fixes May 22 for hearing Alex Enumah in Abuja Justice James Omotosho of a Federal High Court in Abuja, has permitted President Muhammadu Buhari and the Attorney General of the Federation (AGF), to regularise their processes in a suit seeking to stop the conduct of elections and examination on Saturdays. The court's nod was sequel to an application by their lawyers, Mr. Osasogie Uwaifo. Justice Omotosho also granted same application by the plaintiff’s counsel, Benjamin Amaefule and deemed their processes as duly filled and served. Having granted the application for the regularisation of processes of the parties, Justice Omotosho subsequently fixed May 22, for hearing. The plaintiff, Ugochukwu Uchenwa, had dragged the federal
government to court over the holding of elections and examinations on Saturdays, on grounds that it violates his fundamental rights to freedom of worship as a citizen and a member of the Seventh-day Adventist Church. He is specifically asking the court to declare that fixing of elections and examinations on Saturdays is unconstitutional. Uchenwa urged the court to in the alternative, order the defendants to allow him and other members of his church to vote or take examinations on any other day of the week including Sundays. Listed as defendants in the suit were Buhari, the Attorney-General of the Federation, the Independent National Electoral Commission, (INEC), Minister of Internal Affairs, Joint Admission and Matriculation Examinations (JAMB), National Examination Council (NECO), West African Examination Council,
(WAEC) and the National Business and Technical Examination Board. In the originating summons, the plaintiff is asking the court to declare that the schedule of elections in Nigeria on Saturdays, the “Sabbath day” as observed by members of the Seventh-day Adventist Church, is a violation of his fundamental rights to freedom of worship. “It is also a violation of conscience, profession and free practice of faith and right to participate freely in the government of the applicant and that of entire members of the Seventh-day Adventist Church, Nigeria. “A declaration that the actions of the 5th to 8th respondents fixing examinations on Saturdays, a “Sabbath day of the Lord” is a violation of the fundamental rights of freedom of conscience, profession and free practice of faith of the members of the Seventh-day Adventist Church Nigeria.
and services that promote, protect and defend human security.” The former INEC chairman said the quality of leadership- provided by the range of leaders who managed, directed, and controlled public sector institutions, structures, and processes was fundamental to progress and development in any sector of a modern nation state, be it public or private, or even the civil society sphere. He noted that how to recruit, train, and mentor capable executive cadre employees to become good leaders, with remarkable experience and formidable leadership skill sets had been a perennial challenge that needed to be constantly addressed. Regrettably, he said governments in countries, such as Nigeria, had paid inadequate attention to the challenge. He, however, expressed hope that the activities of organisations like the AIG-Imoukhuede Foundation, might serve to sensitise governments at various levels to be alive to their responsibilities. Jega said African countries needed to pay considerable attention to increasing the capacity, competence, and effectiveness of leadership in the public sector, so as to reposition it for greater roles and impact beneficial for economic growth and socioeconomic development. According to him, nurturing and sustaining high quality public sector leadership remains both a panacea for stable societal development, as well as a proactive strategic preparation for the successful resolution of crises that may arise. He said, “Indeed, providing public sector leaders with skill sets to anticipate, strategically plan, and effectively mitigate crises in our kinds of environments, is a task that must be done. Our governments should spare no energy, effort, and investment in this regard.
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CONCERNS MOUNT OVER GOVS’ MOVES TO RIG SATURDAY’S POLLS BY ALL MEANS But if these moves were to be thwarted, observers hinted, the authorities and the people might have to observe the chemistry between the governors, their RECs and the electoral officers, closely before they close in on them. The third idea being allegedly considered as part of the rigging plan is to frustrate the Bimodal Voter Accreditation System (BVAS) from working, a situation that would enable them handle the collation of results manually through their proxies for desired outcome. To give force of effect to some of their other plans, the governors, allegedly in cahoots with security agencies, have started to arrest some prominent opposition members, especially in northern Nigeria, and forcing people to vote for them against their wish. Expectedly, however, the opposition has not been finding any of the moves funny and had started reacting, a development close observers of the polity reckon could stoke violence before, during and after the elections. Unfortunately, these allegations have continued to escalate across the states of the federation that governors of the ruling parties in their respective states, had been raising army of thugs to disrupt and rig the polls. Most of the 28 states that are contesting in the elections that would hold in 1,021 constituencies across the country and also involving 993 state assembly candidates, apparently afraid of losing, are said to be devising these schemes to ensure they or their preferred candidates emerge victorious. The allegations started to gain currency owing largely to how some of the governors helped to manipulate the last presidential election to favour their preferred presidential candidates. In other instances, those whose candidates lost in the February 25 Presidential and National Assembly elections, are said to be girding their loins for the titanic battle to make sure that they prevail in the March 18 governorship and State Houses of Assembly elections. Some of the results of the February 25 presidential and national assembly elections are believed to have sent shivers down the spines of some governors, a few of who also lost their bid to go to the senate in furtherance of their political career. For instance, Governors Okezie Ikpeazu (Abia), Samuel Ortom (Benue), Simon Lalong (Plateau) and Ben Ayade (Cross River) – all lost their bid to move on to the senate, as they either lost to the OBIdient Movement through the Labour Party (LP) or the opposition Peoples Democratic Party (PDP). Consequently, this has shifted the balance of power in many of the states, and in many respects, with the result of the presidential election sending a frightening signal to the governors, who now consider the need to brace up for their own elections before more surprises come their ways. Not surprising, concerns by the governors have been exacerbated by the strengths of the OBIdient Movement, an idea patterned after the now failed presidential bid of a former Anambra State governor, Peter Obi, but which has undone many political structures and potential dynasties in the country. It is against the backdrop of the recent political Tsunami, which eventually produced the All Progressives Congress (APC) presidential candidate, Bola Tinubu, as the president-elect, that the governors are now being accused of taking extrajudicial steps to either retain power or ensure their choice candidates coast home to victory this Saturday. INEC Chairman, Prof. Mahmood Yakubu, had Tuesday, advised the candidates, their political parties and supporters not to see the polls as a war, but as a contest. "It is 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 elections or compromise the security of our personnel, observers, the media and service providers," the INEC chairman had said. Yakubu had also said the Commission was expecting a coordinated deployment of security, intelligence, law enforcement and safety agencies to quell violence that may arise.
At the same time, the National Security Adviser, Maj-Gen. Babagana Monguno (rtd), had said Saturday's elections were going to be much more complicated. According to him, “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.” He, therefore, urged political gladiators and individuals to demonstrate maturity and discipline by calling their supporters to conduct themselves in manners that are in sync with the expectation of a larger Nigerian society. “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 itching 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,” he added. Although some of the accused governors and their political parties have been refuting the allegations of planning to unleash thugs and other violent act, and in turn, accusing the opposition as stoking potential crisis ahead of the elections this weekend, the alarm raised have yet to subside, nonetheless. Some of the developments across a few of the concerned states are captured below:
EDO STATE
The Edo State chapter of the APC alleged that Governor Godwin Obaseki, had procured military and police uniforms, arms and ammunitions, for both the Edo State Security Network (Vigilante) 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, to disrupt the House of Assembly elections slated for Saturday March 18. But Special Adviser to Obaseki on Media Projects, Crusoe Osagie, has dismissed 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 to prevent the state government from using thugs to make the state ungovernable and avoid a backlash from these criminals. “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 people,” adding that the governor, aware of his rejection and the PDP, has now embarked on clandestine moves to truncate and cause mayhem before, during and after the elections, particularly in Edo South and Edo Central Senatorial. But Osagie in his reaction, said the governor was committed to free, fair and credible elections, just as Olaye too has said the governor has never called him for such an assignment, but that the APC had been the one moving from one community to the other,asking them to vote for them with the aim of impeaching the governor.
CROSS RIVER
The governorship candidate of PDP in Cross River State, Professor Sandy Onor, alleged that the ruling APC in the state was preparing to use armed thugs, and fake policemen to rig the governorship, and State House of Assembly elections. Director General, DG, of Sandy Onor Campaign Organisation, Joe Obi Bisong, who spoke to THISADAY yesterday, said credible information at their disposal indicated that the state government, which was bent on imposing his stooge on the state intended to use thugs and fake policemen to intimidate PDP members and their supporters before and during the election. Bisong said from available information, the APC in the state under Governor Ben Ayade's watch had been preparing fake police uniforms, which they would adorn the thugs they planned to use to rig both elections in local government areas that are traditional strongholds of the PDP. Reacting to the allegations Special Adviser Media and Chief Press Secretary to governor, Christian Ita, said the PDP knew they would lose the governorship and House of Assembly elections, so "they are shopping for excuses in advance," saying rather, it was the PDP candidate that was assembling allied forces to save them him obvious failure. He said the PDP was scared because the APC paraded Prince Bassey Otu, a more popular and credible candidate, loved across
the state, saying "It is a season of sweetness in Cross River State,” stressing that the state led by Ayade was not known for political violence, a fact he said was acknowledged by Senator Jarigbe, who described Ayade as a man of honour.
BENUE STATE
The All Progressives Congress and Peoples Democratic Party in Benue, have accused each other of plots to rig the forthcoming governorship election in the State. The APC, in a statement by its Publicity Secretary, Daniel Ihomun, accused the PDP of plans to boycott BVAS by influencing the reposting of staff of the Independent National Electoral Commission (INEC) and instigating violence in APC stronghold through the use of members of Community Volunteers Guards. “A secret meeting was held recently, in Government House where a plan was hatched to rig the Governorship and State Houses of Assembly election that is slated for Saturday, 11/3/2023. The plan is to totally boycott BVAS, influence the reposting of INEC Staff (Polling Officers, Collation Officers and returning Officers), create violence in APC strongholds.” The plan, he added, included vote buying and the use of members of the recently established Community Volunteer Guards to instigated crisis in border communities to whip up anti-Fulani and religious sentiments amongst the people for political gain. But the PDP, in its statement by the Publicity Secretary, Bemgba Iortyom, said the governorship election was about the home affairs, stated that the party and its supporters needed extra vigilance to ensure strict compliance with the Electoral Act. “They (APC) have all reasons to be gripped by the fear they are exhibiting as for sure PDP in Benue under the leadership of Governor Samuel Ortom will not blindly trust in the electoral system put in place and run by APC as we did on February 25th. We will maintain extra-vigilance at the polling units and collation centres and insist at every point on strict compliance with provisions of the electoral act for conduct of the elections.”
KOGI STATE
In Kogi, the State Security Adviser, Commodore Jerry Omodara, has said contrary to insinuations that some governors were planning to use thugs to disrupt both the governorship and the House of Assembly elections on Saturday, there was no such plan the state. Continues online
Emma Okonji and Alex Enumah Four governorship candidates in Delta State, representing the All Progressives Grand Alliance (APGA), the Social Democratic Party (SDP), Labour Party (LP) and Young Progressives Party (YPP) have promised good governance, quality education, youth employment, adequate security and free healthcare, among others, if elected governor. They made the promise during a debate organised by ARISE NEWS Channel yesterday. However, two governorship candidates - Ovie Omo-Agege of the All Progressives Congress (APC) and that of the Peoples Democratic Party (PDP), Sheriff Oborevwori - were absent and their letters of apology were read out during the debate. After reading the letters which explained that the debate time clashed with their other engagements, the moderators offered both candidates another opportunity to make themselves available for another debate today. The other four candidates who were present however took offense with that and the development angered the APGA governorship candidate, Great Ogboru, who decided to stage a walkout at the middle of the debate. He however returned to the debate after some minutes. While speaking about their investment plans, Ogboru said he would invest in critical sector of the econony such as agriculture and oil refinery. On his part, the governorship candidate of Labour Party, Ken Pela, said he would create private sector investment in 10 new cities of the state. The governorship candidate for SDP, Kenneth Gbagi, said he would invest in infrastructure and develop all the 25 local government areas of the state. Also, the governorship candidate of the YPP, Sunny Ofehe, said he would invest in oil and gas sector of the economy, industry and revive the moribund Asaba Textile Mills and attract money to the state through corporate and income tax. When asked how they intend to develop Delta State seaports, Ogboru said he would make idle seaports in the state to become active and generate revenue for the state through the seaports. On his part, Pela also said he would revive seaports in the state and make them money spinning ventures. Gbagi said he would ensure he makes Delta seaports to be functional
like Lagos seaports and ensure that the President of Nigeria implements all seaports agreement in the state. Ofehe said he would create a liaison office that would create and manage seaports in the state. Addressing unemployment in the state, Pela said he would set up social investment plan that will address the unemployment in the state and create jobs, while Gbagi said he would remove unemployed youths from the street, and pay each unemployed youth the sum of N30, 000 monthly. Ofehe said he would consult with international players to create 20,000 jobs within few years of his administration, if elected as governor of the state. In area of pension and security, all four candidates said they would ensure prompt payment of pension to retirees and also ensure security of high standard across the state. Gbagi said he would ensure that all herdsmen were taken away from the streets of Delta State, to avoid herdsmen clash with farmers in any community, while Ofehe said he would use technology to address the issue of insecurity across the state. The four candidates while blaming insecurity in Delta on poor governance, unemployment, poverty among others were however divergent in their solutions as to how to handle the issue if elected as governor. Similarly, the contestants also held varying opinions on the issue of state police as solution to insecurity in the state. In his own response, Ogboru, was opposed to having state's police as at today on the conviction that Nigeria is not yet ripe for such. According to him, the issue of state police is a long term project that must be done gradually. He observed that having state police in the country today would be too dangerous and risky because, "A lot of governors are not matured enough" to handle state's. Ogboru while expressing confidence in the ability of federal police advocated for re-organisation of the Nigeria Police Force, in a way that will make the police more home or communal base, stressing that the police cannot be effective when some police officers are "alien" to the state they are serving in. He said if elected governor, he would work with the police towards ensuring that police officers serve within their own locality where they understand the people as well as the terrain they are working in. Continues online
AHMED: FG TO ABOLISH PETROL SUBSIDY BEFORE MAY 29, ATTRIBUTES DELAY TO 2023 ELECTIONS, CENSUS sion had been reached on how to mitigate the effect of the proposed fuel subsidy removal on the citizens. Relatedly, it emerged yesterday that the Ghana National Petroleum Authority (NPA) had removed fuel subsidy in the country. The Nigerian government, yesterday, postponed the 2023 population and housing census, earlier scheduled for end of this month, to May, and approved Nigeria’s Agenda 2050, which aims to make the country a high income economy. Ahmed urged the incoming administration to increase the Value Added Tax (VAT) from the current 7.5 per cent to 10 per cent. She said subsidy removal was a difficult political and economic decision for the government to take. But the minister said almost everyone had now agreed that subsidy was not serving the people it was supposed to serve and its high cost was adding to government's deficit. She added that the subsidy cost per litre of petrol ranged between N350 to N400, maintaining that Nigeria spends about N250 billion monthly on subsidy. The PIA signed into law on August 16, 2021 by Buhari provides for total deregulation of the downstream sector, which implies the removal of subsidy and enthronement of a free market regime for the sector. But in January 2022, the federal government kicked that section of the PIA aside and postponed subsidy removal to end of June 2023. The government cited the pains subsidy removal would bring on the poor and vulnerable masses. But speaking during the visit
to VON, Ahmed said, “The fuel subsidy is one of those political, economic decisions that you don’t want to have, but you’re stuck with it anyway. But we’ve come to the point when almost everybody has agreed that this is really not serving the people that it is supposed to serve and the cost of it has become so high that it’s adding to our deficit. “And right now, we have an approval within the Appropriation Act to exit subsidy by June 2023. Or at least, I can say, the Appropriation Act made provision that only allows subsidies up to June 2023. “So, we have to find ways in which we have to remove the subsidy and allow the market to flourish. When you remove the subsidy, then you have marketers that would be able to invest and bring this fuel product and sell it at market prices right now. And NNPC is the sole importer, it is imported and it is limited to an official price. "So the subsidy per litre now ranges anything from N350, sometimes up to N400 per litre. The subsidy that government is carrying, just imagine what you can do with N250 billion per month, because that’s the average cost per month to the nation. That is even the cost to NNPC, there’s an implicit subsidy of forex.” The minister said such amount could be invested in building more hospitals, schools, improving infrastructure and other critical sectors that would have visible positive impacts on Nigerians. She stated, "You can build more hospitals, more schools, provide more
social services, improve infrastructure that will enhance the quality of life of the people, instead of just using it on a consumption item. You put gas in your car and in a couple of days it is gone and then you have to put again. “So we do hope that this time around, that the whole country will work with the government to get rid of this subsidy to save us from continuously expending limited resources on a consumption item.” Ahmed advised the next administration to increase VAT to 10 per cent, saying this would stimulate the country's economic growth. She noted that the government had used the finance bills to block leakages, strengthen the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service, adding that the government has also done automation of the two institutions through the process. Ahmed stated, "So, tax compliance has increased. As a result, we have also been able to adjust our VAT rate from five per cent to 7.5, even though our target was to 10 per cent. But you know how it is in Nigeria, we’re targeting 10 per cent by the second year, but we did so to increase revenue. "VAT was one of the ways to increase revenue and we still have to increase VAT because at 7.5 per cent, Nigeria has the lowest VAT rate in the world, not in Africa, in the world. In Sub-Saharan Africa, the Africa average is 18 per cent, when you increase your VAT, your Gross Domestic Product (GDP) will grow. "It will further grow because it will generate more revenue and,
therefore, more economic activities. But that is something that the next administration has to look at to incrementally adjust and increase our VAT rate because it’s too low at the level in which it is.” Meanwhile, the federal government disclosed that no conclusion had been reached on how to mitigate the effect of the proposed fuel subsidy removal on the citizens. Minister of State for Budget and National Planning, Clement Agba, revealed this yesterday while speaking with newsmen, at the end of the Federal Executive Council (FEC) meeting presided by President Muhammadu Buhari at State House, Abuja. Agba said even though a committee headed by the vice president, Professor Yemi Osinbajo, had been working for about a year, nothing definite has been agreed upon. The minister was responding to questions on the consequences of the subsidy removal without necessary palliatives to lessen the effect. He was hopeful that the committee, which had been working with the National Economic Council (NEC), a body made up of governors of the 36 states and the Federal Capital Territory (FCT) and relevant ministries, on palliatives that will help to cushion the effect of the subsidy removal, for over a year, would harmonise their decisions. He explained that the situation required time because it would affect the entire country, adding that they want to ensure that everyone is carried along. Agba also stated that the Ministry of Petroleum Resources and relevant agencies had been working on the
issue. According to him, there is no timeline for the Osinbajo committee to conclude the on-going discussion on the matter. He recalled that under the federal government’s 2022 to 2023 MediumTerm Expenditure Framework, a proposal of N3.3 trillion was made for fuel subsidy between January and June 2023. “For over a year plus now, the Vice President, Yemi Osinbajo has been leading a committee working on this and the National Economic Council also has a committee that has also been working on this. Agba stated, “So the stage that we are in now is how to finalise the suggestions that have come out from both the federal government and the governors side. "Like you know, it is something that is going to affect the entire nation. They will just have to ensure that everyone is carried along, that is both the federal and subnational governments." The minister, however, added, “The Minister of State, Petroleum Resources, will be in a position to provide more updates.” FEC also approved Nigeria Agenda 2050, which aims to make Nigeria a high-income economy. Nigeria Agenda 2050 is a perspective plan designed to transform the country into an “Upper-Middle Income Country”, with a significant improvement in per capita income. The plan aims to fully engage all resources, reduce poverty, and achieve social and economic stability. Continued on page 36
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COURTESY VISIT BY MANAGEMENT OF PREMIUMTRUST BANK TO GOVERNOR AKEREDOLU... L-R: Chief Business Officer, Lagos & South-West, PremiumTrust Bank, Ademola Adeyemi; Managing Director/CEO, PremiumTrust Bank, Emmanuel Emefienim; Executive Governor of Ondo State, Rotimi Akeredolu; Commissioner for Finance, Ondo State, Adewale Olumuyiwa; and Regional Head, South-West, PremiumTrust Bank, Abiodun Jegede, during a courtesy visit by Management of PremiumTrust Bank to Ondo State Governor at the State House in Akure... recently.
Atiku: All Hope Not Lost, Expresses Optimism to Recover His Mandate Says presidential poll was breach of electoral act, INEC guidelines Withdraws motion against electoral body over election materials Chuks Okocha and Alex Enumah in Abuja As Nigerians go to the polls to elect their governors on Saturday, former vice president and the Peoples Democratic Party’s (PDP) presidential candidate, Atiku Abubakar has called on his supporters not to despair, saying all hope was not lost. In a message to his supporters, also urged them to vote for all PDP candidates in this weekend’s polls.
Also yesterday, Atiku withdrew the application he had filed seeking to compel INEC allow their agents participate in the process of sorting out materials (ballot papers) used in the conduct of the February 25 presidential election. However, the former vice president expressed confidence that he would recover his mandate that was stolen. The former vice president insisted that INEC conduct of the Presidential election was against the
electoral laws and the guidelines issued by INEC. Atiku added: "Indeed, what INEC did in announcing the manipulated result was a clear breach of not only the 2022 Electoral Act, but also its own guidelines which the electoral commission had repeatedly claimed would uphold the standards we had seen in the Osun and Ekiti elections." According to Atiku in a statement he signed, "As attested to by both local and international observers, the
result of the February 25 presidential election as announced by INEC was grossly tainted and did not reflect the will of the electorates. "You all have demonstrated against this blatant injustice through different mediums. And for that, I thank you again for your non-violent conduct despite the provocations. "The INEC Chairnan further ignored calls for a review of the process in line with the amended law"
INEC: 4940 BVAS Machines Configured for Polls in Niger State Begins distribution of sensitive materials February 25 elections: Commission failed, deserves sanction, says ex-army provost marshall Laleye Dipo in Minna, Fidelis David in Akure and Adibe Emenyonu in Benin City The Independent National Electoral Commission (INEC) said it has completed the configuration of 4940 Biomodal Voters Accreditation System (BVAS) machines for use in Saturdays governorship and houses of assembly elections in Niger state. The State Resident Electoral Commissioner Alhaji Yushau Ahmed Garki, who disclosed this in Minna yesterday, at the commencement of the distribution of sensitive materials to be used for the elections, said the configuration was successfully completed on Tuesday. He said the BVAS machines also went through, "quality assurance tests." Assuring that everything had been put in place to ensure that the elections were hitch free, Garki said the Commission had met with the Agency Consultative Committee to ensure early delivery of materials at all the polling units on Saturday. He disclosed that election would not hold in 10 units which he did not disclose. Garki, confirmed that two ad hoc staff that participated in the presidential and National Assembly elections have been arrested by the Police for alleged theft of one BVAS machine promising that once investigation was completed, they would be charged to court.
The Branch Controller of the CBN in Minna, Mr. Ademola Saheed Mohammed, in an interview, said materials for the election in the 25 local government areas of the state " Were received intact and handed over to INEC intact." The Peoples Democratic Party (PDP) collation agent, Alhaji Sani Kutigi applauded the distribution process saying, "so far we don't have any problem." Kutigi, who was also the collation agent at the presidential and national assembly election results where he declined to sign the results sheet insisted that INEC "wrote" results for APC in bandits infested areas where voting did not take place. Asked if he was not aware that IDPs were taken to safer grounds where they cast their ballots, Kutigi said the results showed they voted in their original polling units. The State Chairman of the Inter Party Advisory Committee IPAC Alhaji Mohammed Bello commended the distribution exercise but said INEC should improve on its last performance. Mohammed said a comprehensive report on the last election had been written by IPAC and submitted to INEC. Meanwhile, in Ondo State, INEC yesterday, commenced the distribution of the sensitive and non-sensitive materials in Ondo State, ahead of Saturday's House of Assembly election. Ondo is one of the eight states
where governorship election would not hold on Saturday, because the incumbent Governor, Mr. Oluwarotimi Akeredolu, would complete his second term in office in 2024. However, the electorates in the state are already warming up to storm the 3,933 polling units and 203 political wards across the 18 local government areas of the state, where they will cast their votes for the candidates of their choice. Addressing journalists during the distribution, the Acting Resident Electoral Commissioner (REC), in the State, Oyekola Oyelami, said the materials being distributed by INEC at the premises of the CBN, included ballot papers and results sheet. Oyelami, who was flanked by other officers of the electoral commission, said it would deploy the BVAS machines for the exercise in Ondo state, stressing that the electronic machines had been re-configured after its usage for the February 25 presidential and National Assembly election, noting that it would not be used for the March 18 - State's parliament election. He noted that the materials would be transported to all 18 Local Government Areas of the State where they would be moved to the commission's Registration Area Centres (RACs) before the polling units on Saturday. "By Thursday, these materials would be batched from there while
on Friday, the materials would arrive at the RAC centers where they would pass the night and as early as 6 am on Saturday, they would be moved to the various polling units for the election. Aside from these, we would also be deploying the BVAS which has been reconfigured for the Saturday exercise. So, all of them are working perfectly now and would be used in the polling units," the REC said. Continues online
Notwithstanding, the former vice president said, "My fellow citizens, all hope is not lost. You must never give in to apathy. I assure you that the electoral fraud perpetrated by INEC will be reversed in due course as I champion the cause to reclaim our mandate." According to him. "We, as citizens, must continue to show resilience in the defence of our democracy and in the exercise of our rights to vote. "As the March 18 Governorship and State Houses of Assembly elections beckon, I urge you as patriotic citizens of our dear country to come out in your numbers to cast your votes. "That is one of the ways you can use to demonstrate against the sham of an election of February 25. "As you cast your votes peacefully this Saturday and in observance of the Electoral Act and INEC guidelines, be sure to do so for the candidates of the PDP, the only truly national party, for a greater and prosperous Nigeria," he stated. Atiku commended his supporters immensely for their high sense of patriotism in bracing the myriads of odds to, “perform your civic duty during the February 25 presidential election.” He added: "I truly appreciate your resilience, tenacity, and courage. It is indeed heart-warming that you have faith in rescuing and rebuilding our great country, as envisioned by our great party, the PDP."
Atiku Withdraws Motion against INEC over Election Materials
Meanwhile, Atiku has withdrawn his application seeking to compel INEC allow his party’s agents participate in the process of sorting out materials (ballot papers) used in the conduct of the February 25 presidential election. Atiku and the PDP in a Notice of Discontinuance told the Presidential Election Petition Court, (PEPC), sitting at the Court of Appeal in Abuja, that they were no longer interested in the application. Lead counsel to Atiku and PDP, Mr. Joe Gadzama, stated this yesterday, when the motion ex-parte, marked: CA/PEC/10M/2023, was called up for hearing. Besides the motion to compel INEC allow their agents participate in the sorting out of election materials, Atiku and PDP had also filed a motion ex parte praying for an order to serve court documents on the All Progressives Congress (APC) and winner of the presidential election, Asiwaju Bola Tinubu by substituted means, namely by serving the papers on their staff or posting same on their premises. The PEPC had on March 3, permitted the Atiku and the PDP as well as his counterpart from the Labour Party (LP), Peter Obi, to inspect election materials used in the February 25 presidential election. Continues online
Gbajabiamila: Presidential, N'Assembly Elections about Ethnicity, Religion Than Performance Hints at amendment to electoral act Udora Orizu in Abuja The Speaker of the House of Representatives, Hon. Femi Gbajabiamila has said the just concluded elections were mainly about ethnicity and religion rather than performance. The Speaker who made the assertion when the House of Representatives Press Corps led by its Chairman, Grace Ike, visited him in his office, lamented that the last National Assembly elections in particular was determined by factors other than the performance of the lawmakers. He said though at the elections, a lot of members actually lost at the primaries, where their acceptance
by the constituents was not put to test, rather what was put to test was one or two leaders in their constituencies who determined whether they were returning or not. He also said the high turnout of lawmakers would not help the country's democracy, hinting that more amendment would be made to Electoral Act, 2022. While lauding the press corps for being supportive and playing a critical role in nation-building, Gbajabiamila said the contribution of the press corps to the development of the country could not be quantified. He said, "It was a hard won battle not just for me, but for many of
our colleagues on the floor there. All 360 of us. Many were unlucky. Some were lucky. “I used the word 'lucky' deliberately because this election was not as it should be, not so much about the performance of members whether on the floor or in their constituencies. It was about a lot of other things. It was about religion. It was about ethnicity. “It was about so many other things which I hope that as we develop as a nation, one's election would be based solely, or at least mostly on his or her performance on the floor and in the constituency. Continues online
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Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com (08033025611 SMS ONLY)
Rhodes-Vivour Leverages His Affinity with Lagos Youth Ahead of Saturday’s Poll Peter Uzoho writes that as the race for Lagos Governorship seat hots up, the gubernatorial candidate of the Labour Party in the state, Gbadebo Rhodes-Vivour, is leveraging his affinity with the youth over the years to gain massive acceptability in the Centre of Excellence.
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t 40, the governorship candidate of the Labour Party (LP) in Lagos State, Mr. Gbadebo Rhodes-Vivour, is no doubt a vibrant youth with a lot of energy. Before he indicated interest in the politics of the state, Rhodes-Vivour had deployed this energy to champion the cause of the youth in Nigeria. The LP governorship candidate has over the years lent his voice to fight injustice and oppression in the country. Having conducted himself as a role model to others, it is not surprising that the youth of the state and the country at large look up to him. Even after he had shown interest in politics, he still emerged as a strong voice against impunity by his active involvement in the October, 2020 #EndSARS protest before it was hijacked by hoodlums who went on rampage nationwide. Being one of their own, the Nigerian youth, particularly those resident in Lagos have shown him tremendous support since he threw his hat in the ring for the Lagos State governorship race. With a Yoruba father and Igbo mother, Rhodes-Vivour is a pan Nigerian who is expected to play significant role in the effort to unify Nigerians under this new dispensation. His pan Nigerian parentage has also earned him huge support among the residents of Lagos State, irrespective of ethnic or religious affiliation. With the youth constituting about 60 per cent of the voting public, many residents of the state consider Rhodes-Vivour as the man to beat in the March 18 governorship election in the state, given the fact that he is also being backed by the popular “OBIdients” movement, the political structure of the presidential candidate of the LP, Mr. Peter Obi. As a true indigenous Lagosian, he has promised to build a state that works for everyone if elected as governor. He has also promised to liberate the state from
Rhode-Vivour
the stranglehold of those that have held it captive for over two decades. Speaking to newsmen during one of his campaign tours 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, who he said have 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 claim 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. The LP governorship candidate said he is an original Lagosian and true son of his father, a lawyer, Mr. Olawale Rhodes-Vivour. Said he: “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”. Rhodes-Vivour explained that he would not be distracted by the antics of those who are 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 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.
Fintiri Launches Empowerment Grants for Youths, Women Adamawa State government has launched an empowerment programme aimed at improving the living standard of youths and women in the state.
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overnor Ahmadu Fintiri of Adamawa State has launched an empowerment grant, known as (the Fintiri Business Wallet) for women and youths in the state. The governor who spoke at the launch in Yola said the Fintiri Business Wallet is one in the series of many social investment efforts innovated by his administration to roll back poverty, unleash prosperity and promote the growth of Micro, Small and Medium Enterprises (MSMEs) among Womenfolk and Youth in Adamawa State. According to him, his government will continue to do the best to empower the women and make them financially stable. He explained that a grant of N50,000 will be given to each of the 10,000 women beneficiaries across the 21 Local Government Areas of the State, and the corridor is expected to empower at least 20,000 women petty traders and another 30,000 Youths annually with the cash to either support or start up trading. The governor noted that the Ministry of entrepreneurship would also follow up on each beneficiary to provide the necessary entrepreneurial support and run a “trader clinic” to guarantee the health and wellbeing of the traders. He said, “This is a point where Youths and Women development meets poverty alleviation and commerce (at the micro, small and medium scale). It is equally a point where our women are empowered to conquer their fears, float a trade and cater for their households. The significance of today’s event is a further reinforcement of our ingenious belief that the instrument for poverty alleviation must be institutional in both concept and operation. While avoiding
Fintiri
the unsustainable route of dishing out handouts to a politicized minority, this administration created the Ministry of Entrepreneurship with the mandate to engender innovation, provide skills and hatch-out business owners at every level. “We also created the agency for Poverty Alleviation and Wealth Creation (PAWECA), to not only combat poverty and its associated ingredients
but build an institutional framework to support entrepreneurship and restore the human dignity to a large segment of our population. In the last four years, we have not only been carefully strategic in our poverty alleviation and wealth creation drive but methodically deliberate and purposeful. Through our Skill Development corridor, we have trained over 25,000 youths in various trades and given most of them starterpacks to set up their own businesses. “We have equally reopened the Skills Acquisi-
tion Centers across the State and training in various skills is ongoing. As I speak to you, fresh admissions into the centers are ongoing. For the past three years, there are over 23,000 beneficiaries who are on a monthly stipends ranging from N10,000 to N50,000 through our Adamawa State Social Support Programme. Notwithstanding these efforts we realized there is still a gap of funding the business take-off which have dampened the inertia of the willing and those committed to earning a living from what they have been trained. “We also realized that the bulk of our women who run small businesses would have been better with a little support to boost their capital base. Today, with this launch, we are opening a new corridor in our commitment to wrestle poverty and signal the triumph of prosperity. This is the commerce corridor which is tagged: the Fintiri Business Wallet. What makes this corridor a unique product is its deliberate focus on women and youth. We shall continue to build the capacity of our market women in key areas of trade and book keeping. Globally, micro and small businesses have been recognized as the engine of economic development and growth. Access to finance to power such engine has been a huge challenge especially for the operators at this level.” Meanwhile, ahead of the gubernatorial and states houses of assembly elections scheduled to hold on Saturday, the governor has urged the citizens to vote wisely. “The hour of decision is around the corner; Saturday 18th – March is the day! Go out, vote and vote wisely. This isn’t just about me. It is about you too. It is about your future and the future of Adamawa State,” Fintiri said.
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Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, Tel: 07010510430
A Third Look at Corruption: An Innovator's Perspective
Mayowa Okegbenle As President-Elect, Bola Ahmed Tinubu, prepares to take his seat come May 2023, one question on everyone’s mind is: “Will he tackle the deep-rooted corruption that has shackled our economy for decades?”. For too long, we have viewed corruption as an insurmountable problem that requires a war to be fought against it. We see corruption as being perpetuated by bad people in power, and as such, our solution revolves around getting rid of these people. So we crave an honest government. But is there an honest government anywhere in the world? I believe we need to rethink how we approach corruption in Nigeria. Our approach over the last few decades has clearly not worked. It is time to adopt a different perspective. The corruption we have in Nigeria is not caused by bad people, it is designed by leaders at every level of government, and we are all partakers in it. Corruption in Nigeria is not a bug, it is a feature. Let’s begin by recognizing that corruption is simply an alternative to getting things done. When there is no clear legal means to get what you want, you hire corruption to do the job. If we see corruption as something hired to do a job, a potential solution becomes more obvious. Rather than fight against corruption, it becomes clear we need to provide better alternatives. I am not recommending that we fix the government, because “fixing the government” has the same drawback as “fighting corruption”; you are simply looking at the problem the wrong way. I will illustrate how to provide a better alternative using the Nigerian Immigration Service as an example, specifically the process that deals with passport application and collection. Today, if you want to apply for your Nigerian passport and you have the means, you will find an “agent” who will collect a fee from you. This fee is shared with parties within the system to make the process easier for you. This is corruption. If you are going to fight this corruption, you will spend time and valuable resources, but still achieve nothing. Instead, we should take a different perspective. We should say, “I see people are paying to make this process easier for them, why don’t we set up a different process for these people”. The immigration service could set up a fast-track process, invite bids from private companies to handle that process, and sit back as the selected company remits revenue earned from the process. The money that once went into the pockets of officials and agents, will now go into the
Okegbenle immigration service. The immigration service now has the money to invest in improving the standard application process. Overtime, this improvement in the standard process shortens the time it takes, and reduces the cost of getting a passport, for everyone. This is not a genius idea. The UK government has a standard process that takes 6 weeks to get your passport, and a fast-track process that takes 1 week to get your passport, but costs about double. Same fast-track job is accomplished. The difference is that the UK process is not corrupt. In 2016, as the United Kingdom (UK) began the process for leaving the European Union (EU), it was clear the country would need a huge wave of new talent, to make up for the shortage that will be caused by no longer having access to talents from the EU.
On May 3, 2018, the UK government commissioned an organisation called Tech Nation, to handle endorsements for exceptional talent in technology and business, this endorsement is the primary requirement for immigrating into the UK as an exceptional talent in technology or business. Tech Nation was founded in 2011, but from 2018, immediately rebranded to focus on this new business. Yes, it is a business. You pay to have your endorsement application reviewed in 8 weeks, and you pay more to have it reviewed in 3 weeks. Everyone (Tech Nation and the Government) got paid, and you got what you wanted - a simple, straightforward application process. We all know about the “japa movement”, Tech Nation has reviewed
thousands of endorsement application from Nigeria alone. If the UK government had tried to handle this endorsement process, it would have put a lot of pressure on their existing process, and made the process chaotic. Guess what would then happen? People will find a way, and someone will know someone that can take a few hundred British pounds to put your application at the top of the pile. And, that ladies and gentlemen, is how corruption is birthed. Some people say this is exactly what happened when the Nigerian custom services needed to do a new batch of recruitment and there were thousands of applicants. We need to stop seeing corruption as something evil. So that we can stop fighting against it, or praying against it. But instead see corruption as an alternative to getting things done. Because once we see corruption as an alternative to getting things done, then the solution is immediately apparent - provide better alternatives. I may have focused on one or two government agencies, but the truth is from the time you are born, up till the day you die, you must take part in this corruption. Your parents gave someone “change” to fast-track your birth certificate; you “sorted” someone to get a driver’s licence; you did the same to get the necessary permits to acquire land and build your house; and it goes on and on, until your children finally pay someone to fast track your death certificate. You could read all these and be angry about the whole thing, or, you could see the massive opportunity we have in our hands to provide good governance. The process and perspective I described in this article is applicable to every parastatal. It is a process of identifying the corruption opportunity, defining the existing process so that it is well understood, documenting a process for selecting the right private contractor, putting together a standard operating procedure for this contractor, and making sure they perform to an agreed service level. This is the hard work of governance. There is nothing to fight. I do a lot around product and business model innovation, but I cannot claim to know it all. This opinion piece was influenced by the book “The Prosperity Paradox”, written by Clay Christensen, our very own Efosa Ojomo, and Karen Dillon. I would recommend it to everyone putting in the work, to bring millions of Nigerians out of poverty. t0LFHCFOMF JT UIF $&0 $P'PVOEFS 1SFTT0OF "GSJDB
Partnership to Improve Sustainability of Agric Sector To improve sustainability in the Agriculture sector, Olam Agri recently partnered Asian Research College, Precious Ugwuzor reports
I
n a bid to strengthen and improve Nigeria’s agriculture sector, Olam Agri, a leading agribusiness in food, feed and fibre, has partnered Nanyang Technological University, a leading global research college in Singapore. The agribusiness sponsored the recently-concluded Singapore Business Case Competition X African Challenge 2023 organised by the institution to craft innovative, sustainable strategies targeted at raising the resilience level of the local food value chain. The Singapore Business Case Competition is an innovative competition that is centred on Africa. It featured 34 teams comprising 135 undergraduates from over 11 universities which made presentations on climate-smart strategies to Olam Agri with a focus on how to improve Nigeria’s agriculture sector, tackle climate threats, and address the topographic and systemic challenges impeding the achievement of food security. The contest was launched on February 25th, 2023, and concluded with team TPG Consulting emerging as the overall winner on March 11. The team TPG Consulting presented solutions that seek to optimise fish farming, meet rising local demands for aquatic foods, mitigate challenges in the poultry segment, reduce cattle herd migration, utilize tech
Ashish Pande
to raise efficiency in handling seed-toharvest circles in key crop areas, reduce agriculture waste, raise the employment potential of agriculture amongst others. The team won a $1,500 prize in addition to an all-expense paid trip to Nigeria to implement their solutions.
Speaking on the contest, Ashish Pande, the Country Head for Olam Agri Nigeria, said, “We are glad to have allowed the smart, young minds to come up with idea case studies that are capable of improving the resilience of our food supply chain. Especially, the ideas represent a huge lever for unlocking the potential of the aqua and poultry segments, and raising protein consumption on the continent.” “The latest investment actions are parts of our signature value chain development drive through the Seeds for the Future project. The actions demonstrate our commitment to helping Nigeria achieve its agriculture development and economic growth agenda,” he added. Saki Kobayashi, the Co-founder of EnerScale, who served as a judge at the contest, was captivated by the impressive performance of the contestants. In her words, “The participating teams demonstrated outstanding performance during the SBCC X AC 2023. I was especially impressed to see their use of technology and creativity to solve crucial challenges in Nigeria’s agricultural sector.” In the same vein, Amit Jain, the
Director of NTU-SBF Centre for African Studies, explained, “The participants at this year’s SBCC contest had the opportunity to test their knowledge, analytical thinking, and communication skills by solving real-life business problems. The teams presented climate-smart solutions targeted at solving agricultural challenges in Nigeria.” He thanked Olam Agri for sponsoring the competition adding, “I believe this competition will provide the participants a foretaste of the economic transformation taking place in Africa today.” Olam Agri is a market leading, differentiated food, feed and fibre agri-business with a global origination footprint, processing capabilities and deep understanding of market needs built over 33 years. With a strong presence in high-growth emerging markets and products across grains & oilseeds, animal feed & protein, rice, edible oils, specialty grains & seeds, cotton, wood products, rubber and commodity financial services, Olam Agri is at the heart of global food and agri-trade flows with more than 40 million MT in volume traded annually. Focused on transforming food, feed and fibre for a more sustainable future, it aims at creating value for customers, enable farming communities to prosper sustainably and strive for a food-secure future. Olam Agri is a fully owned subsidiary of Olam Group.
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Bassey Otu: Towards Healthier Diversity Management in Cross River I By Anthony Andem
t was Nelson Mandela who once said, “It is not our diversity which divides us; it is not our ethnicity, or religion or culture that divides us. Since we have achieved our freedom, there can only be one division amongst us: between those who cherish democracy and those who do not.” The significance of those great words of the sage freedom icon resonates down the political history of Nigeria. And lately, in Cross River, a state that bears a striking resemblance to the wider Nigerian diversity, we are reminded of the import of those words as we embark on another exercise to choose a new governor for the state. That division in society is a function of poor management of diversity is not in doubt, as has been starkly highlighted by happenings on the eve of the governorship election. What is in doubt, it seems, is whether those jostling to govern this ethnically and culturally diverse state have learned the appropriate strategies to manage diversity. Unfortunately, the actions and statements of some of those aspiring to lead the state portray them as having learnt nothing on how to manage the issues that tend to divide us. The utterances of some of our political leaders have tended to promote destructive orientations and tendencies. But in sharp contrast to the ways of many in the political arena, the governorship candidate of All Progressives Congress (APC) in Cross River State, Prince Bassey Otu, has demonstrated a desire to focus on the issues that bother the state. Otu has focused on issue-based campaigns devoid of ethnic pigmentation. This is unlike many of his rivals, whose messages have centred on ethnicity, pride, arrogance, and egotism. The APC governorship candidate has in his campaigns prioritised harnessing the state’s rich economic potential to improve lives and livelihoods in The People’s Paradise. He has pledged to free the state from the shackles of federal allocation dependence, if elected governor. Otu told the people during a thank-you tour of the Northern Senatorial District of the state, shortly after his nomination as the APC governorship candidate, last year, “We would build on the legacies of Governor Ben Ayade, who has done extremely well in the areas of industrialisation and human capital development. We will sustain, expand and develop the industries, getting our people involved and liberate the state from over dependence on federal allocation.” He added, “We will build a Cross River that we all would be proud of.” Otu says he would take the state to the next level if elected governor in the March 18 poll. Praising the industrialisation policy of the Ayade government recently, during a campaign rally at Okpoma, Otu stated, “When somebody does well we need to celebrate his efforts. It is not everything that should be politicised. “This government has done much in establishing industries across the state and all that is needed is to build on what has been done so far.” Among the contenders for the top job in Cross River State, Otu stands out. A man with rare leadership qualities, his enviable antecedents are respected and celebrated across ethnic boundaries. He is a product of the times, the product of ideological and social reawakening among Cross Riverians, a rebirth not tainted with the wiles of tribe and tongue. Otu is a dogged, experienced, and far-sighted leader with the capacity and willingness to advance the rich political and socio-economic history of Cross River State. He is a man with unquenchable commitment to due process and rule of law, who is determined to build strong institutions and ideals that will
Bassey Otu engender confidence among the people and promote patriotism. He made unprecedented impact in the public institutions he has been previledged to serve. At the federal legislature, he unwaveringly pushed advocacy for human empowerment and societal development. In line with his passion for development, Otu sponsored the following bills in the senate: Deep Offshore and Inland Basin Production Sharing Contract Act (Amendment) Bill, 2019; Petroleum Production and Distribution (Anti-Sabotage) Act (Amendment) Bill, 2019; Gas Flaring Bill, 2019; 1999 Constitution Alteration Bill, 2020; Nigeria Sovereign Investment Authority Act (Amendment) Bill, 2020; Allocation of Revenue (Federation Account) Act (Amendment) Bill, 2020; Public Complaints Commission Act (Amendment) Bill, 2021; and Federal University of Technology Akwa-Ibom (Est) Bill, 2021. In an era when the country is facing an existential threat, men like Otu are needed to pilot state affairs, especially at the sub-national level. Unsurprisingly, politicians with parochial predispositions and propensity to promote divisive agendas perceive Otu as a threat. He has come to the scene with a people-centred agenda that is exploding the parochial messages on which many of his opponents have anchored their campaigns.
Fortunately, however, the people are with Otu. He carries their hopes and aspirations. Born on October 18, 1959, Otu grew up in his home city of Calabar and Jos, the Plateau State capital. He holds a degree in Social Sciences from the University of Calabar. He represented the Calabar Municipal/ Odukpani constituency of Cross River State in the House of Representatives from 2003 to 2011. He was elected Senator for Cross River South in 2011. Otu defected to APC, from Peoples Democratic Party (PDP), in in 2016 and emerged the Cross River South senatorial flag bearer of the party in the 2019 general election. In the House of Representatives, Otu served as Chairman, House Committee on Petroleum (Upstream); Vice Chairman, House Committee on National Population; and member of committees on Power, Ministry of Niger Delta, Inter-Parliamentary Relations, Inter-Intra Party Relations, Environment, Water Resources and Defense. As Chairman, House Committee on Petroleum (Upstream), he led work on a draft amendment bill that would reposition the Petroleum Technology Development Fund as a more effective vehicle to develop local content in the oil and gas industry. In the senate, Otu was Chairman, Senate Committee on Finance, and later Chairman, Senate Committee on Banking and other
Financial Institutions; he was also member of the committees on Navy, Power, Petroleum and Water Resources. Otu maintains a humble mien, choosing to stay glued to the issues that bother the people – rather than the things that promote his own aggrandisement. The advice for politicians in the state, therefore, is to emulate Otu’s style in trying to solicit support for their political aspirations during these elections. Like Otu, leaders should always align their communication models with Mahatma Gandhi’s disposition that, “Our ability to reach unity in diversity will be the beauty and the test of our civilisation.” Furthermore, it is imperative for our political leaders to design and structure their political messages on the basis of good moral principles. Campaign messages should be made to appeal to society’s diversity and dynamism, while promoting cohesion and unity. Messages that take into cognizance the fact that there will always be life after political tenures, as society transcends office. In this light, issue-based political campaigns are and advocated. The people of Cross River State must discourage the seed of tribalism from growing and geminating among them. Cross River State is diverse by nature, and this diversity comes with its attendant blessings and strengths. For good governance to be achieved, the people must be given hope. Hope galvanised by desire to build a state where the citizens will be defined by a common humanity, rather than tribe, culture or geographical configuration. The arguments and campaigns of our potential political office-holders should engender hope rich in substance and content. Otherwise, they would portray themselves as people who have nothing to offer, save blackmail and primordial sentiments that divide the people. Effective leadership and management of resources is synonymous with good governance. And the prerequisite for the discovery and achievement of good governance is the discovery of self, and advancement of ideas and ideals capable of promoting and fostering wholeness and oneness of a people. It is a process and conscious desire activated through actions and constructive visions of leaders to censor their minds against all forms of negativism and dividing trends. Leaders, who must pilot the affairs of Cross River State and, by extension, Nigeria, are challenged to find paths that make sense and guarantee hope. This calls for selflessness and alignment of personal interest with the interest of the larger society. It entails an open heart and mind. It requires readiness and preparedness to harness our diversity for the common benefit of the people. Instead of dissipating energy on destructive and unappealing ventures and ideas, Otu’s opponents are invited to be more constructive in their messages and create political norms that will promote and encourage transparency, accountability, integrity, lawfulness, sound policy, participation, and corruption-free political space. In Saturday’s governorship poll, therefore, the electorate should eschew sentiments, and vote competence and what the candidates represent. The unity and prosperity of Cross River State, which Otu symbolises in this race, should be paramount and sacrosanct. There is need to choose statesmen over mere politicians. As James Freeman Clarke put it, “The difference between a politician and a statesman is that a politician thinks about the next election while the statesman thinks about the next generation.” Otu parades the antecedents of a statesman. Let the people of Cross River State go out peacefully on Saturday to elect him as the next governor. A vote for Otu is certainly a vote for today’s prosperity, and hope for the next generation. r "OEFN JT GSPN $SPTT 3JWFS 4UBUF
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DAPO ABIODUN’S MIDAS TOUCH The Ogun State governor deserves a second term, reckons KUNLE SOMORIN
See page 21
THE CENTRE HOLDS UCHE NNADOZIE argues that the Sanwo-olu administration has proved its mettle
See page 21 EDITORIAL
RESTORING ABUJA GREEN AREAS
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MONDAY PHILIPS EKPE writes that this weekend’s balloting can reignite confidence in the system if properly managed
AS ATTENTION SHIFTS TO STATE ELECTIONS All things being equal, the rescheduled governorship and state houses of assembly polls will hold across Nigeria in 48 hours’ time. In fairly normal times, one would have been more certain about electoral timelines. Not anymore. You don’t need to be a skeptic or cynic to doubt the capacity of this Independent National Electoral Commission (INEC) to put its house in order and keep to the time-table it has designed for itself. I agree that in projects of this nature, just like most other activities, rooms should be made for emergencies. But Nigerians have watched helplessly the manner in which matters that shouldn’t be left to conjectures are quickly midwifed into crises. If opinion polls were to be administered today on INEC’s capability and preparedness, the À QGLQJV ZRXOG PRVW OLNHO\ EH XQIDYRXUDEOH to it. While the commission may in fact not be guilty of some of the accusations being thrown at it, in our current charged political atmosphere, perceptions, especially when DPSOLÀ HG E\ WKH PHGLD FDQ DVVXPH WKH VWDWXV of truth until they’re debunked with hard evidence. Overwhelming public sentiments can be that powerful. Whatever the probity of INEC’s actions and inactions, the mishandling of some critical aspects of the presidential election is too fresh to be waived aside. The electoral body had repeatedly assured the people that the introduction of relevant technology, especially Bimodal Voter Accreditation System (BVAS) and the INEC Result Viewing (IReV) portal, would put this year’s elections in a class of their own and mark them as distinct from the nation’s other inglorious attempts. Expectations were, therefore, at their peak. Unknown to most Nigerians, however, the appreciable successes in the last set of governorship elections were never going to be adequate signposts for equal or improved replications on the national turf. As it turned out, the commission slept on its achievements too early. Designed to identify and accredit eligible voters through IDFLDO UHFRJQLWLRQ DQG À QJHUSULQWV VRPH RI the BVAS machines became duty-shy when they were most needed. With their entry, the nation had hoped that the nightmare produced by the card readers that couldn’t read many Permanent Voter Cards (PVCs) during previous elections, would be put EHKLQG SHUPDQHQWO\ $QG WKH ,5H9 FRQÀ JXUHG to directly upload results from polling units throughout the federation and transmit same to enable public monitoring, suddenly became shy of the presidential beat, in particular. So it was that the devices which were employed to enhance the transparency and credibility of the electoral process created deep wounds of their own, instead. Some of the outcomes of the employment of BVAS and IReV, on which hundreds of billions of naira have been spent, are, by rational standards, mediocre, if not scandalous. Contrary to the INEC-inspired hopes of Nigerians, as at 7pm on election date, no results had been sent from
any of the country’s 176,606 polling booths. Even one whole day after the results were announced, less than 150,000 had found their way onto the IReV platform. Not surprisingly, most issues raised by the opposition parties contesting the emergence of Senator Bola Ahmed Tinubu as president-elect, revolve around the application of the much-hyped WHFKQRORJLHV ,W·V GL FXOW QRW WR DVN ,1(& LI it ever subjected them to load-test and stresstest before their February 25, 2023 outing. It has since tendered apologies to Nigerians and blamed the malfunctioning on some glitches but failed to give the yawning details, a situation that hasn’t helped its own embattled image and the mood on a troubled nation. 1RZ WKDW ,1(& KDV UHFRQÀ JXUHG %9$6 hoping that the exercise hasn’t tampered with WKH À GHOLW\ RI WKH PDWHULDOV VRXJKW E\ WKH Peoples Democratic Party (PDP), Labour Party (LP) and even the victorious All Progressives Congress (APC) to support their positions in the legal battles ahead, can we be truly FRQÀ GHQW RI LWV RSHUDWLRQV WKLV ZHHNHQG" Let’s hope that the one-week extension of the governorship and houses of assembly polls has repositioned the umpire to perform much better than it did during the last polls. One major reason for that wish is, the next elections are potentially more combustible than last February’s. The statistics support WKLV FRQFHUQ 7KRVH SROOV DLPHG WR À OO RQO\ positions, namely president - one; senate - 109 and house of representatives - 360. But this ZHHNHQG KDV SRVWV RQ RͿ HU LQFOXGLQJ governors - 28 and houses of assembly - 993. Interpretation: more candidates, more collation centres, more security challenges, more locallygenerated interests, and more likelihood of loopholes. It’s equally noteworthy that the RͿ F\FOH JRYHUQRUVKLS YRWLQJ LQ 2QGR 2VXQ Ekiti, Edo, Kogi, Anambra, Bayelsa and Imo VWDWHV KDVQ·W VLJQLÀ FDQWO\ UHGXFHG WKH LQWHQVLW\ of these looming challenges. On a good day, what the National Security Adviser, Maj. Gen. Babagana Monguno, said on Tuesday to the Inter-Agency Consultative Committee on Election Security in Abuja should soothe the frayed nerves of the people as they look forward to choosing their leaders at the second tier of government. According to him, “For the security agencies, I know a lot has been done. I have been talking with
Voters’ enthusiasm may have ruptured substantially, but let’s hope that they’ll still come out in sizable numbers to choose their state leaders. Nigeria has come a long way in its democratic journey to mess up spectacularly. INEC should rise to the occasion and salvage whatever is left of its integrity
WKH &KLHI RI 'HIHQFH 6WDͿ DQG ZLWK WKH Inspector-General of Police, who is the head of the lead agency in the process of elections. So far, so good. We do not envisage anything that is going to be terrible or apocalyptic in 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.” Well put, no doubt. The National Chairman of INEC, Prof. Mahmood Yakubu, gave a guarantee at the event of the commission’s optimal preparations to prosecute these critical DVVLJQPHQWV +H VSHFLÀ FDOO\ DVVXUHG HYHU\RQH that the electoral gadgets and software had undergone the requisite experiments and also declared them ready. But then, and, unfortunately too, for many citizens, this is a season when promises E\ JRYHUQPHQW R FLDOV RQ YLUWXDOO\ HYHU\ pressing issue have amounted to little or nothing. From availability of petroleum SURGXFWV FDVK VX FLHQW HOHFWULFLW\ WR transparent and violence-free ballot, the people’s expectations have been routinely and savagely dashed. Many people have succumbed to apathy, anger, nonchalance and nation-loathing. Yakubu, Monguno and other leaders in this weekend’s polls must realise that mere assurances, though professionally correct, will not really count after the elections. Only the faithful discharge of their responsibilities will. Lapses in the last outing PXVW EH UHFWLÀ HG 7KXJV ZKR JRW DZD\ ZLWK voter intimidation, ballot box snatching and open disturbance of the peace mustn’t smile back to their homes this time. Something must happen to them to deter those perpetuating the culture of hooliganism in Nigeria. We don’t have enough proofs yet to assume that GHVSHUDWH SROLWLFDO R FH VHHNHUV DQG WKHLU foot-soldiers, not in small quantity sadly, have changed their disgusting ways. How important are the coming polls, by WKH ZD\" 9DULRXV VWDWHV GR SRVVHVV HQHUJLHV endowments and tendencies that can catch domestic and global attention, for good or ill. 7KH SROLWLFDO À UHZRUNV FRPLQJ IURP VWDWHV OLNH Lagos, Kano, Rivers, Kaduna, Delta, Akwa Ibom and others in the race for their respective government houses are pointers to those capacities. One fact that can’t easily be denied is that the announcement of the results of the presidential poll has brought more condemnation and rejection than it has elicited worthwhile celebrations, if any. One can conclude that voters’ enthusiasm may have ruptured substantially but let’s hope that they’ll still come out in sizable numbers to choose their state leaders. Nigeria has come a long way in its democratic journey to mess up spectacularly. INEC should rise to the occasion and salvage whatever is left of its integrity. Dr Ekpe is a member of THISDAY Editorial Board
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THURSDAY MARCH 16, 2023
The Ogun State governor deserves a second term, reckons KUNLE SOMORIN
UCHE NNADOZIE argues that the Sanwoolu administration has proved its mettle
DAPO ABIODUN’S MIDAS TOUCH
THE CENTRE HOLDS
About 45 months ago, Prince Dapo $ELRGXQ FDPH WR RFH DPLGVW PDVVLYH hope and expectation from the people of Ogun State that at last a leader had come to truly guide Ogun to progress, development and the realization of her destiny. The mood all over the State, at the time he took over, was, incontestably, euphoric. Looking back now, it is even grandly euphoric as the Governor’s Midas touch can be felt in every part of the state. Come Saturday, the people of Ogun State will come out, again, to express their franchise to choose or reject his leadership. %XW WKH JDOH RI HQGRUVHPHQW DFURVV GLͿHUHQW
demographic, social and religious groups, attests to one thing: he has taken the state a notch higher. First elected governor on March 9th, 2019 it has been so far, so remarkable for the businessman turned politician and his party, the All Progressives Congress. No wonder, the party cleared all the available seats in the February 25 round of elections. In the world of performancebased rewards, no one gets cheated on. No one’s mandate is stolen. If you earn it, then you deserve it. More reason an American author, Helen Keller said, “Alone we can do so little; together we can do so much.” It is about bettering the lives of others, being part of something bigger than yourself, and PDNLQJ D SRVLWLYH GLͿHUHQFH *RYHUQRU Dapo Abiodun has contributed, in no small measure, to the growth of Ogun State and its people; and this piece intends to highlight some of the strides of his administration. As facts are known to be stubborn and good works unable to be hidden, the servant-leader has garnered recognition and conferred with numerous awards for his hard work, the most recent award is “Forbes Best of Africa’s Governor in the Industrial Revolution,” which is a testament to the giant strides that has been recorded in the state’s industrial sector. From the get-go, to curb unemployment level in the state, Gov. Abiodun launched, in August 2019, the Ogun Job Portal which dimensioned unemployment crises and linked young people with business owners. The State government utilised the online platform to get details of applicants for employment and empowerment in GLͿHUHQW VHFWRUV HVSHFLDOO\ HGXFDWLRQ security and agriculture. Consequently, over 10,000 youth have been empowered and recruited into teaching internship scheme called OgunTeach, the Ogun State Environmental Protection Agency (OGEPA), GLͿHUHQW FDGUHV LQ WKH KHDOWK VHFWRU DV )LUH 6HUYLFH RFHUV DQG LQWR $PRWHNXQ WKH security architecture designed by state government in the South Western parts of Nigeria. Within the same period, 400 youth artisans across crafts (building, electrical, and plumbing) were employed in a direct
labour initiative into the State Ministry of Housing under an ambitious programme that achieved the construction of over 1,700 DͿRUGDEOH KRXVLQJ XQLWV DFURVV WKH OHQJWK and breadth of the state. Equally, Dapo Abiodun’s administration mainstreamed 2000 ASCON entrants who had been supposedly employed by the immediate SDVW DGPLQLVWUDWLRQ EXW ZLWKRXW ÀOHV DQG records into the Ogun State Civil Service, and paid the backlog of their salaries. Security and development are intertwined. No wonder, Abiodun in KLV ÀUVW GD\V LQ RFH VDZ WR WKH UH energisation and restructuring of Security Trust Fund to receive and manage donations from the private sector. The Committee also mobilized these funds and resources for the training and retraining of security personnel. The private-sector led OGSTF has made remarkable achievements that have strengthened the security architecture of WKH 6WDWH UHFHLYHG VLJQLÀFDQW GRQDWLRQV DQG earned the trust of the federal government that released Police aircraft to monitor the State. Security has equally gone digital in Ogun with drones and technology now deployed for surveillance and monitoring as a way of preventing and detecting crimes in the tandem with the dictates of the 21st century. Unlike in the past, strategic meetings are held with security chiefs, patrol vehicles and motorcycles have been donated to all VHFXULW\ RXWÀWV LQFOXGLQJ WKRVH WR VXSSRUW local vigilante and hunters who now work with the Nigeria Police, the Nigerian Army, State Service, Civil Defence Corps, Operation So Safe and others to engender mutual collaboration. The livewire of any nation is education. Therefore, at every point in time, a nation stands between education and destruction. A nation survives and triumphs on promoting its quality education and it dies and perishes on neglecting its education. Education is life; ignorance is death. And this serves the main reason Abiodun resuscitated, in Ogun, the excellence and eminence that is attached to education in WKH GHYHORSHG SDUWV RI WKH ZRUOG ,Q HͿHFW the Ogun State government launched the Ogun State Teaching Experience Acquisition Channel (Ogun TEACh) in March 2021. This two-year, paying special intervention SURJUDPPH ZDV FUHDWHG WR ÀOO RSHQ positions in public primary and secondary schools as well as technical colleges in the State. 5000 interns are being hired during the review period across the State’s 20 local government areas, or LGAs, without discrimination. His impact on education did QRW VWRS KHUH DV KH WULJJHUHG D VLJQLÀFDQW transformation by resolving inherited crises in the tertiary education sector that resuscitated institutions like the Moshood Abiola Polytechnic that was in limbo when he was sworn in and the Tai Solari College of Education that never graduated any set of students for 11 years previously. Today, FODVVURRPV KRVWHOV UHVWURRPV RFHV stores, and computer rooms with equipment have been built in various schools. Similarly, the yellow roof revolution dot all the State schools and healthcare facilities. So far, over 100 primary healthcare centres (PHCs) have been rehabilitated, equipped and DSSURSULDWHO\ VWDͿHG Somorin is the Chief Press Secretary to Gov. Dapo Abiodun
Forget that he could not pronounce Eko e the Twitter anonymity which makes ants dide! Loosely transplanted to mean: Lagos get feel like elephants? Ironically, that’s where up. he practices his own activism. This summarises the incongruence in the Sad to learn that in trying to justify his philosophy underpinning his political sojourn. own inexperience, Mr Gbadebo RhodesIt is axiomatic to say: Lagos no dey sleep. Vivour, governorship candidate of the Sorry it’s, not an axiom, it’s a fact. Lagos does Labour Party, alluded to the legendary not sleep both metaphorically and factually. former Governor of the Lagos State, Lateef Here, everyone is on their toes. Working Jakande. day and night to get by. It is the same for those The man who likes to tout his Lagoswho run the city. Whether as government or ness is using Jakande as a mirror image. companies - this city does not go to bed. But Jakande himself, though born in Lagos Workers rise by 4am to catch a bus so to be Island, had both of his parents migrating at the grill on time. Nobody wants to be cut from Omu-Aran in Kwara State. RͿ WKH GDLO\ KXVWOH DQG EXVWOH 1R RQH LQ WKLV He claimed that Jakande did not have city wants to be left behind. We are always on experience but performed; thus paving the move. the way for him to replicate Baba Kekere’s <RX FDQ WKHQ LPDJLQH WKH HͿURQWHU\ IRU well regarded stewardship. anyone to raise a battle cry of Lagos stand up! He believes, though inexperienced, If Lagos was asleep or crawling, he won’t even EXW ÁDXQWV WKH ODWH IRUPHU JRYHUQRU DQG have the nerves to ask it to stand. minister as his own standard in felling good about his lack of real time exposure. This state is the wealthiest, safest, most Rhodes-Vivour has not done anything substantial since he left school. The LWLQHUDQW SROLWLFLDQ KDV UXQ IRU RFH WZLFH before 2023 and lost. First as LGA chairman in Ikeja under the YPP and next as the PDP senatorial candidate. He ran unsuccessfully as gubernatorial candidate of the PDP for 2023 which made him part ways with that party. The Labour Party took him in although his candidature is under question by a purported holder of the ticket - Ifagbemi Awamaridi. This was before Peter Obi happened. And because of the defeat of the ruling party in Lagos during the presidential election where Obi won by about 8,000 votes, it is apparent that Rhodes-Vivour cosmopolitan, not reliant on petrodollars in feels like a rockstar, a governor-in-waiting. the country. He also participated in EndSARS ,W LV QRW E\ VOHHSLQJ WKDW LW EHFDPH WKH ÀIWK riots. What else? He served water and is largest economy in Africa, generating at least on Twitter sharing controversial views 10% of Nigeria’s GDP. And houses the most including his allegiance to the terrorist valuable piece of real estate on the continent organisation, the Indigenous People of – Eko Atlantic. The city is a typical example Biafra (IPOB). of moving from waste to wealth or from Unlike him, Jakande was at his prime destruction to development. when he ventured to contest for governor. Today Lagos is the tech hub or capital of He had been a senior and powerful $IULFD 7RGD\ /DJRV LV KRPH WR ÀYH RI $IULFD·V PHPEHU RI WKH $FWLRQ *URXS LQ WKH ÀUVW seven unicorns. This doesn’t feel like a city Republic. He went to prison alongside his slouching around. leader...Pa Obafemi Awolowo. Whether it is Sanwo-Olu or those before He worked through the ranks to emerge KLP D FRQWLQXRXV HͿRUW WR LQQRYDWH JURZ DQG as UPN candidate for Lagos governorship. engender best practices is the new Lagos we UPN was the successor to AG. see. It came out of hard work. It’s not every Jakande was motivated by ideology day you see a sub-national constructing two and service. Gbadebo on the other hand railways with all the infrastructure to boot. is motivated by Chineduism and anarchy. 2U WKH OD\LQJ RI D NP ÀEUH RSWLFV FDEOH That’s why he’s jumped around pretty to improve internet connection for our young quickly. Migrating at every election cycle people. and searching for any available ticket Sanwo-Olu, in spite of COVID-19, two without building any real political base or recessions and EndSARS disruption, has been ideas. DQ H[FHOOHQW DGPLQLVWUDWRU DQG D SDWKÀQGHU LQ Jakande was the founding president of innovating new ways of doing things. the Newspaper Proprietors Association of The state derives its progress and Nigeria (NPAN). That’s the highest you development from its people who work hard can get in the media circle in Nigeria. every day to make the best impact. What’s Jakande was editor of editors. He had more, with a leader that’s kind, mobile, people- met the low and mighty. He had built SHUVRQ HYHU\WKLQJ MHOOHG OLNH ÀQH ZLQH allegiances. He founded the Nigerian In Lagos, all we want is for someone to Institute of Journalism. He also founded pat us on the back and that’s what Governor D SRSXODU DQG VXFFHVVIXO SXEOLVKLQJ ÀUP Sanwo-Olu has been up to. Not this political Jakande was not an activist for anarchy, neophyte who out of his own inexperience he was an activist with receipts of what has and arrogance looked the hardworking people been done. A progressive of the best hue. of Lagos in the face and kicked them to get up! Therefore, comparing his IPOB activismThe rudeness is shocking. This is not the cum inexperience with Baba Jakande is an much-touted omoluabi ethos of a true-born insult, his MIT degree notwithstanding. Yoruba. I can’t fathom where this haughtiness Nnadozie comes from. Is it the Sierra Leone ancestry or writes from Lagos
22 4
T H I S D AY
THURSDAY MARCH 16, 2023
EDITORIAL
Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com
RESTORING ABUJA GREEN AREAS The authorities must do more and halt the encroachment on the green areas
A
with his vision for the green area. gainst the background that Abuja was Abuja is our common heritage, and its land conceived with the idea of avoiding resources are to be held in trust by those in power the mistakes of Lagos, it is important on behalf of all Nigerians, big and small. Therefore, for all critical stakeholders to be protecting its environment should be important. mindful of the need for a sustainable Parks and other forms of green space, we must state, lifestyle which future generations are integral part of all modern cities and a recent can enjoy. We therefore call on the Minister of Federal UHSRUW LQGHHG FRQÀ UPHG WKDW XUEDQ JUHHQ VSDFHV Capital Territory (FCT), Muhammed Bello, to stop KDYH SRVLWLYH HͿ HFWV RQ SHRSOHV· KHDOWK 7KH UHSRUW the encroachment on green areas within the Abuja warns that with the current global situation in which metropolis which are increasingly being converted more people now inhabit urban areas and the dire into residential and commercial land to feed the expectations that by 2050 there will be a ratio of two LQVDWLDEOH DSSHWLWH RI VRPH LQÁ XHQFH SHGGOHUV to one between urban and rural dwellers, not paying :H PXVW À UVW FRPPHQG %HOOR IRU KLV DVSLUDWLRQ attention to green areas could be catastrophic. to ensure the attainment of 40 per cent threshold of According to the report, “green spaces have green areas in the city. “The whole concept of the VHYHUDO SRVLWLYH HͿ HFWV park policy is to make RQ RQH·V ZHOOEHLQJ sure that these green both physiological and areas within Abuja as a As public places that everyone can enjoy regardless of background, psychological. Hospital city and to some extent parks and green spaces play an important societal role; they make patients recover more parts of the territory quickly when they see are left green to be neighbourhoods more attractive; they contribute to the community trees from their windows, able to meet the 40 per and children living in cent threshold of green spirit and further social integration urban environment areas,” said Bello who ZLWKRXW JUHHQHU\ À QG LW highlighted that Abuja T H I S D AY harder to concentrate in school…As public places was way ahead of many cities in terms of climate EDITOR SHAKA MOMODU that everyone can enjoy regardless of background, consideration before the distortion started. “That DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA parks and green spaces play an important societal was achieved to a large extent some years back but MANAGING DIRECTOR ENIOLA BELLO UROH WKH\ PDNH QHLJKERXUKRRGV PRUH DWWUDFWLYH with population growth of the city and demand for DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU they contribute to the community spirit and further CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI housing and land, if we are not conscious about it EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN social integration.” we may derail the plan and just make it a concrete MANAGING EDITOR BOLAJI ADEBIYI The challenge of Abuja green areas is being traced city.” THE OMBUDSMAN KAYODE KOMOLAFE to the inability to maintain them and the concession Unfortunately, that is already happening given policy that has not worked out as planned. For the spate with which choice plots of land are now instance, according to Bello, almost 95 per cent of being repurposed, especially to the high and mighty T H I S D AY N E W S PA P E R S L I M I T E D those who took parks under concession converted in government and the cynical violation of the same EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA them into structures thereby abusing them and Master plan in highbrow districts of the city. What GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, the environment. “Instead of temporary structures is particularly disturbing is the total disregard for ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI using environmentally friendly materials they the environment that seems to be driving a new DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, started constructing solid concrete structures,” the ANTHONY OGEDENGBE frenzy for land racketeering in which many of DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI minister explained. the green areas are being converted to residential SNR. ASSOCIATE DIRECTOR ERIC OJEH Having highlighted the problem, we expect Bello plots. Although this did not start with the current ASSOCIATE DIRECTOR PATRICK EIMIUHI to put in place the machinery to reverse the ugly administration, the encroachment is now done with CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI trend. Á DJUDQFH :H XUJH %HOOR WR SXW DQ HQG WR WKLV LQ OLQH 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 NIGERIA: ‘FROM TOP TO BOTTOM…’ Continued from the backpage
fuel in the black market due to the way we mismanage RXU DͿ DLUV WKLQJV DUH FXUUHQWO\ VR EDG WKDW ZH DUH XVLQJ In the judgment delivered by Justice Emmanuel Agim, money to buy money (Naira notes) to enable us to queue the apex court held that Buhari breached the constitution for fuel and pay for other services,” I wrote. “Meanwhile, in the manner he issued directives to the CBN for the Naira RQOLQH SD\PHQWV DUH QRW ZRUNLQJ HͿ HFWLYHO\ DW D WLPH WKH redesign without consultation with relevant stakeholders. system is supposed to have gone cashless!” I also reportBesides, “The disobedience of orders of courts by the Pres- HG RQ KRZ 1LJHULDQV ZHUH JRLQJ ¶SDQWOHVV· DQG ¶EUDOHVV· LQ ident in a constitutional democracy as ours is a sign of the banking halls to demonstrate their desperation. “Even if we failure of the constitution and that democratic governance concede the fantasy that this whole thing was orchestrathas become a mere pretension and is now replaced by au- ed to checkmate vote buying, punishing ordinary people tocracy or dictatorship,” according to Justice Agim. This is for the sins of politicians is multiple jeopardy.” I ended the a serious indictment on any democratically elected leader piece with the admonition of Reuben Abati in his column and a permanent stain on Buhari. earlier that week: “The minimum that President Buhari is In my 9th February column, I used a Yoruba adage, obliged to do is to leave this country as he met it - a civilian ´ÓUuʫj Et R OH JEq Pt VH Pt EL R VH ED Ptµ ¶'HLW\ LI \RX FDQ democracy, even if badly wounded.” not improve my material condition, please do not worsen 7HFKQLFDOO\ WKH &%1 1DLUD FRQÀ VFDWLRQ SROLF\ KDV EHHQ P\ SOLJKW· RU PRUH DSSURSULDWHO\ ¶SOHDVH OHDYH PH DV \RX reversed by the apex court. But the cost is enormous. Not PHW PH· WR LOOXVWUDWH KRZ PDQ\ 1LJHULDQV IHHO WRGD\ DERXW only because of what has been lost but also because of oththe current administration that is on its way out. “While er consequences. In Nigeria, when you create incentives Nigerians have for decades been conditioned to buying for bad behaviour in the public arena, the problem hardly
goes away. I hope the CBN has not created a new industry for Naira cash sellers within the banking industry and WKHLU FROODERUDWRUV ZKR FRXOG VWLOO PDNH OLIH GL FXOW IRU WKH people in pursuit of illicit gains. Right now, cash is unavailable because the CBN is yet to release the N500 and N1000 notes it had mopped up. Hopefully, things will ease in the coming days and weeks as they work out modalities for the reinjection of cash to the system. But whatever happens, many Nigerians will not forget the experience of the past two months in a hurry. 7KRVH ZKR DUJXH WKDW 3UHVLGHQW %XKDUL KDV IXOÀ OOHG KLV campaign promise to take Nigeria “from top to bottom” have a point. When people who have millions of Naira in their bank accounts begin to share “testimonies” of how they were “fortunate” to buy N50,000 cash for N70,000 to resolve a life-and-death situation, the only logical conclusion to draw is that Nigeria has reached rock bottom! Olusegun Adeniyi, Abuja
T H I S D AY ˾ THURSDAY, MARCH 16, 2023
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Te l e c o m S u b s c r i b e r s : Implementation of Harmonised Short Codes will Ease Existing Burden
Emma Okonji Telecoms subscribers across networks have stated that implementation of the harmonised short codes in the telecoms sector as directed by the Nigerian Communications Commission (NCC), will ease a lot of burden, especially the challenge of remembering codes of different network operators, when trying to effect an operation with a particular network. The NCC had on Monday this week, issued a directive, compelling all telecoms operators to begin implementation of the harmonised shot codes that will
be used to effect same operations across networks. According to the NCC’s directive, all mobile network operators (MNOs) are to commence implementation of approved harmonised short codes (HSC) for providing certain services to telecom consumers in Nigeria. The commission had already set a deadline of May 17, 2023, for all mobile networks to fully migrate from hitherto diverse short codes to the harmonised codes. Under the new harmonised short codes, the commission has approved 13 common short codes. They include:
300 for harmonised code for Call Centre/Help Desk on all mobile networks; 301 for voice Mail Deposit; 302 for Voice Mail Retrieval; 303 for Borrow Services; 305 for STOP Service; 310 for Check Balance, and 311 for Credit Recharge. Also, the common code for Data Plan across networks is now 312, while 321 is for Share Services, and 323 is for Data Plan Balance. The code, 996, is now for Verification of Subscriber Identity Module (SIM) Registration/NIN-SIM Linkage. The code, 2442, is retained for Do-Not-Disturb (DND) unsolicited messaging complaint management, while
the common code, 3232, is also retained for Porting Services, otherwise called Mobile Number Portability. According to NCC, the old and new harmonised short codes will run concurrently up until the May 17, 2023, when all networks are expected to have fully migrated to full implementation of the new codes. Based on NCC’s directive, telecoms operators have commenced implementation of the harmonised short codes, a development that has elicited joy among telecoms subscribers who said the directive would ease a lot of burden in trying to
memorise different short codes that were hitherto unique to different operators. President, National Association of Telecoms Subscribers, Chief Deolu Ogunbanjo, told THISDAY that the move by NCC to begin implementation of harmonised short codes in the telecom sector was a welcomed development that would bring a lot of ease and growth in the telecom sector. Enumerating some of the difficulties experienced by telecoms subscribers while trying to use the different short codes, Ogunbanjo said most subscribers that have difficulties in memorising short codes, often mix up the short
codes and at the end they would be frustrated because they will not get the desired result, adding that the confusion becomes compounded if the subscriber has multiple SIM cards from different telecoms operators. According to Ogunganjo, “An average Nigerian has at least two mobile phones with two SIM slots in each of the mobile phones, making it possible for a single subscriber to have multiple SIM cards from different telecoms operators. The story continues online on www.thisdaylive.com
FG: Cyberattacks on Nigeria’s Cyberspace Skyrocketed on Presidential Election Day Emma Okonji The federal government has revealed an astronomical increase in cyber threats to Nigerian cyberspace. According to the federal government’s threat intelligence report, generally threats to public websites and portals average around 1,550,000 daily, but this skyrocketed to 6,997,277 on Presidential Election Day
on February 25, 2023. The Ministry of Communications and Digital Economy disclosed this in a statement signed by the spokesperson to the Minister of Communications and Digital Economy, Uwa Sulaiman. According to the statement, the Minister of Communications and Digital Economy, Dr. Isa Ibrahim Pantami, had directed all the parastatals under his
supervision to enhance their 24/7 monitoring of the networks and traffic for potential attacks from 24th February 2023 to 27th February 2023. He added, “Furthermore, on 24th February 2023, the minister inaugurated the Ministerial Standing Committee on Advisory Role for the Protection of Nigerian Cyberspace and ICT Infrastructure. The Committee, chaired by the Board Chairman
of the Nigerian Communications Commission (NCC) and with the CEOs of NCC, National Information Technology Development Agency (NITDA) and Galaxy Backbone (GBB) as members, was charged with certain responsibilities.” According to the statement, the responsibilities include: Monitoring of Telecommunication Infrastructure for the successful
conduct of credible, free, fair, and transparent elections; Developing and implementing plans to enhance the resilience of critical digital infrastructure against cyber threats; and designing procedures and using technologies to prevent, detect, and respond to cyber-attacks, as well as developing the ability to recover from any damage that is done quickly. Other responsibilities include:
Developing a comprehensive risk assessment, analysing the nation’s current cybersecurity capabilities, and identifying gaps that need to be addressed; and Providing professional advice to the government on the effective utilisation of digital technologies in the conduct of the 2023 general elections. The story continues online on www.thisdaylive.com
M A R K E T D ATA A S AT W E D N E S D AY, M A R C H 8 , 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
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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
24
THURSDAY, MARCH 16, ͰͮͰͱ ˾ T H I S D AY
BUSINESSWORLD
PERSPECTIVE
Alleged Racism: When Seplat Board Failed the Nation Law Mefor
effective 2020, he refused to hand over the London to a Nigerian, Mr. Emeka Onwuka, who succeeded him in line with the established policy and practice of Seplat, but instead hired and handed it over to his fellow Irish, Mr. Alaisdair Mackenzie? Or is it that Seplat’s assets have now become the subject of attacks and vandalisation in the Nigeria Delta due to the collapse of proactive host communities engagement for which Seplat was hitherto known? Is it also that Mr. Brown unilaterally moved the technical/subsurface department of Seplat to Aberdeen, which cost Seplat a fortune, and appointed his fellow Irish and British nationals as heads of this critical department, thereby deliberately robbing Nigerians of the career and training opportunities to grow in the industry contrary to the provisions of the Nigerian Oil and Gas Industry content development Act (NOGIC)?
I
t is no longer news that the Federal Government of Nigeria has revoked the visa, work, and residence permits of the Chief Executive Officer (CEO) of Seplat Energy Plc, Mr. Roger Brown, following his indictment by the Ministry of Interior over alleged racist practices, favouring of expatriate workers, discrimination against Nigerians, and breach of corporate good governance. In the revocation letter to the company dated March 3, 2023, the federal government said its decision was founded on a petition by aggrieved employees of the company. The Ministry equally underscored the fact that Mr. Brown snubbed investigative invitations and claimed to be unavailable even though one learned he was in Abuja for other purposes at the time. “As a result of these, the Honourable Minister has determined that Mr. Brown’s continued stay in Nigeria is contrary to the national interest. Consequently, the Ministry has withdrawn the Work Permit CERPAC, Visa, Residence Permit and all relevant documents that authorised Mr. Roger Thomson Brown’s entry or stay in Nigeria”, the letter stated. Strangely, no sooner had the letter become public than the Seplat Board of Directors went to press in a statement dated 9th March and signed by its Chairman, Mr. Basil Omiyi. Besides deprecating the reports, Seplat also claimed that the allegations “have not been brought to the attention of Mr. Roger Brown or Seplat Energy for a reaction.” The statement went further to say, “The orchestrated media reports are calculated to spread false information. Seplat Energy will be engaging with the Ministry to reject the impressions created by these allegations. The Board believes that these allegations are a spurious and vindictive reaction to the enforcement of corporate governance standards in the Company by the Board of Seplat Energy…. On 8th March 2023, the Board of Seplat Energy unanimously passed a vote of confidence in Mr. Brown, who continues to discharge his duties and responsibilities as CEO from the Seplat UK office.” Also, following a Federal High Court, Lagos, order restraining Roger Brown from parading himself as the CEO of Seplat and equally restrained the Omiyi-led Board, especially the Independent Non-Executive Directors, from “continuing to run the affairs of Seplat in an illegal, unfair, prejudicial, and oppressive manner pending the hearing and determination of the Petitioner’s Motion on Notice for an interlocutory injunction”, Seplat came out with another statement regurgitating its earlier positions, except that it added that “Mr. Brown has delegated authority to Mr. Samson Ezugworie, Chief Operating Officer, to act as CEO during the period that he is required to step back from his executive duties”. In further defense of Mr. Brown, the Board singled out for reaction, the allegations about the site visit for a number of its major shareholders to the Company’s operations, cancelled catering and landscaping contracts, and introduction of a new job performance rating, added also that “since Mr. Brown became CEO in 2020, Nigerian nationals have been appointed to the company’s most important positions, including Chairman, Senior Independent Non- Executive Director, Chief Financial Officer, and Chief Operating officer”.
IS SEPLAT TAKING SIDES WITH THE ALLEGED OPPRESSOR? Seplat’s swift rise in defence of its CEO over and above a lawful decision of the
THE LEGAL ISSUES
Brown
Federal Government of Nigeria and despite weighty allegations against him says a lot of things about the state of affairs in the company. It speaks of complicity and duplicity. It speaks of complacency also. It speaks of disdain for the Nigerian government. It speaks of incompetence. It speaks absence of emotional intelligence. It speaks to a lack of empathy for their employees. And it indeed speaks about both illegalities and the condonement of illegalities. It is so disappointing that a respected organisation like Seplat claimed that the FG did not communicate with Mr. Brown before coming out with the sanctions whereas investigative reports by some reputable Nigerian news steads have confirmed that the Ministry of Interior indeed invited him twice vide letters dated 9th and 15th February, but he ignored them. Two, the speed with which Omiyi and his Board dismissed the allegations as “spurious and vindictive” gives a clearer view of why something that should have been settled in-house got to the Ministry of Interior, and eventually into the open to the embarrassment of the company. Also, the letter conveying the sanction to Seplat was dated 3rd March, while the news broke around 8th March. Yet there was no effort to discuss this with the staff despite an internal staff survey that showed very high employee discontent. So, how did the Board conclude that the allegations were spurious?
EMPLOYEES’ PETITION Meanwhile, in the petition by Seplat employees exhibited in the court processes filed by aggrieved Seplat shareholders over the matter, the workers accused Mr. Roger Brown of intimidation, bullying, and sacking of Nigerian staff of Seplat; intimidation of senior staff and members of the
senior management team; abuse of corporate governance, the relegation of host communities, relocation of Seplat technology office to Aberdeen; bullying of Nigerian staff by foreign nationals; and refusal to fully relocate to Nigeria despite collecting huge amounts for that purpose, among others. Yet the Omiyi-led Board only picked out the issues of cancellation of landscaping contracts and visit by South African investors in its statements. This, coupled with branding the allegations as spurious simply shows the levity with which Seplat Board treats serious matters and speaks about its proclivity for playing on the intelligence on right thinking Nigerians. If one may ask, what is spurious, and what is vindictive? Is it that the names of people and events mentioned in the said petition by staff and affidavits deposed by the applicants in support of the aforementioned pending suit do not exist? Is it that Busola Ogunbawo, Chuks Igelenye, Mirim Kachikwu, Alero Onosode, Afolabi Folurunsho, Samuel Orimoleye, Yetunde Taiwo, John Ebi, who were all senior staff plus 14 middle level and junior staff were not systematically sacked or forced to resign within six months of Mr. Brown’s assumption of office as CEO and without the approval of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC, formerly DPR)? Is it that while he is quick to disengage Nigerians upon the attainment of the age of 60 based on his alleged discriminatory retirement practices, he still retains the likes of Mr. Rymll Peter (67), Mr. Carl Franklin (62), Mr. Thomas Hywel (61), and Mr. Burge Peter Christopher (over 60) in the services of the company? Or is it the allegation that since he rose from the position of Chief Financial Officer (CFO) to the CEO
Meanwhile, deserving of special attention in this matter is the issue of the alleged violation of extant laws of Nigeria. The Ministry of Interior stated in their letter to Seplat that “Investigation and records in the Ministry also revealed that Mr. Roger Brown had CERPAC that was not based on validly issued Expatriate Quota approved by the Ministry of Interior resulting to the violation of relevant Immigration Laws and Regulations.” This is a very serious matter. Yet Seplat has trivialized it. Section 58 Immigration Act 2015 provides, “It is an offence for any employer of persons liable to repatriation to discharge any such persons without giving notice to the ComptrollerGeneral of Immigration, or for any such employed person to be redesigned, or change his employment, without the approval of the Comptroller-General of Immigration, and upon conviction, the employer if not a citizen of Nigeria and the employed person, as the case may be and his dependents shall if the Minister thinks fit, be deported and the business of the employer may be wound up as prescribed by this Act.” Section 105(1) also provides, “Where an offence under this Act or any other relevant law committed by a body corporate is proved to have been committed on the instigation or with the connivance of or is attributable to any neglect on the part of a director, manager, secretary of the body corporate, or any person purporting to act in any such capacity, the officer or person is liable on conviction to imprisonment for a term of three years or to a fine of Two Million Naira or both…” while Section 105 (2) clearly states that “Where a body corporate is convicted of an offence under this Act, it is liable to a fine of Five Million Naira and a court may issue an order to wind up the body.” In conclusion, while the Honourable Minister of Interior deserves commendation for revoking Mr. Brown’s documents, let it be known that Nigeria is a country governed by laws. Let the laws be applied to the letters. Importantly, one cannot also agree more with the civil rights group, Make a Difference Initiative (MADI) that Seplat CEO, Roger Brown; the Board Chairman, Mr. Basil Omiyi; and the Independent Non-Executive Directors under him should honourably resign or be shown the door. It is in both the national interest the and corporate interest of Seplat. t %S .FGPS B 'PSFOTJD 4PDJBM 1TZDIPMPHJTU JT B GFMMPX PG UIF "CVKB 4DIPPM PG 4PDJBM BOE 1PMJUJDBM 5IPVHIU
T H I S D AY ˾ THURSDAY, MARCH 16, 2023
25
BUSINESSWORLD
NEWS
TD Africa Announces N10m Seed Fund for Female Entrepreneurs Emma Okonji
L–R: Co-Founder/COO Semicolon, Ashley Immanuel; Founder, TEPS, Tobi Olanihun; Managing Director/CEO, Financial Institutions Training Centre (FITC), Chizor Malize; Deputy Director, Other Financial Institutions Department, Central Bank of Nigeria, Monsurat Vincent; Team Lead, Strategy & Governance Advisory, FITC, Ebuka Emebinah; Non-Executive Director, Stanbic IBTC Bank, Rabi Isma and CEO, Remarkable Ideas Ltd, Ade Atobatele at the FITC 2023 International Women’s Day event themed: ‘DigitALL: Innovation and Technology as Enablers for Gender Equality’ which held recently in Lagos.
Expert Harps on Digital Entrepreneurship, Financial Inclusion for African Women Emma Okonji Given the increased access to digital technology and financial services across globe, the Chief Customer Officer for Unlimint, Irene Skrynova, has said African women are beginning to use technology in overcoming barriers and developing innovative solutions to tackle societal challenges. Skrynova, in a statement, said the more access women have to digital technology and financial services, the more barriers are being broken down. She listed the digital financial services to include mobile banking, online lending, and crowdfunding platforms, while insisting that the platforms have allowed women to access financing and expand their businesses without facing the conventional obstacles of gender bias and limited networks.
She however said despite the significant progress made in recent years, women continue to face significant barriers to accessing digital entrepreneurship opportunities and financial services. “These issues are often multifaceted, cutting across several challenges including underrepresentation, limited access to finance, lack of digital skills, and discriminatory legal and cultural norms. A study by the International Finance Corporation (IFC) found that women entrepreneurs face a $1.5 trillion credit gap globally, with only 16 per cent of women entrepreneurs in developing countries, able to access the credit they need to grow their businesses,” Skrynova said. Advancing some strategies that would address the challenges faced by women in accessing digital
entrepreneurship opportunities and financial services, Skrynova stressed the need to: Close the gender divide in digital entrepreneurship and financial inclusion; Address cultural barriers that limit women’s access to digital entrepreneurship and financial services; Facilitate purposeful and results-driven partnerships and Collaborations among various stakeholders. Addressing the issue of gender divide, Skrynova said the gender divide in digital entrepreneurship and financial inclusion, remained a complex issue that would require a multifaceted approach. “The focus needs to evolve from finding generic solutions to addressing the unique requirements of specific communities. One such approach is through education. Women face greater obstacles as they progress to higher levels of education,
particularly in sub-Saharan Africa, leading many to pursue informal ambitions. As a result, women are disadvantaged in income-earning opportunities and are more likely to experience unemployment, informal employment, or lower-paying jobs than men,” she said. In the area of cultural barriers that limit women’s access to digital entrepreneurship and financial services, Skrynova said: “This ranges from challenging gender stereotypes, increasing women’s representation in leadership positions, and promoting women’s economic empowerment at the policy level. Additionally, encouraging gender-disaggregated data collection is essential for understanding the needs and experiences of women in digital entrepreneurship and financial inclusion. This can help identify gaps and barriers and inform
As part of initiatives to mark the 2023 edition of the globally celebrated International Women’s Day (IWD) event, TD Africa, sub-Saharan Africa’s leading distributor of tech and lifestyle products has rolled out plans to empower women in business with seed funding up to the tune of N10 million. The landmark initiative is being executed through ‘The HERwakening’, a Corporate Social Responsibility (CSR) vehicle pioneered by TD Africa aimed at supporting and empowering female entrepreneurs. The seed fund is open to female business owners who are retailers of mobile devices and Fast Moving Consumer Goods (FMCG) or prospective female entrepreneurs
ARTSPLIT Partners Chude & Ego Foundation to Empower Women Nosa Alekhuogie In commemoration of the International Women’s Day, ARTSPLIT, a leading investment technology Company, has partnered Chude & Ego Foundation, a non-profit organisation to further empower women and young school girls in Nigeria. Representatives of both organiaations visited the Gbaje Girls Senior High School, Lagos to inspire female students in their careers, the opportunities for them and to empower them for the future.
Upperlink, VISA Sign Partnership Deal to Launch Paygate Emma Okonji An indigenous software development company, Upperlink, licensed by the Central Bank of Nigeria (CBN) as a Payment Solution Service Provider (PSSP), has signed a partnership agreement with VISA, a global payment and financial service company, as a
Payment Facilitator. Following the partnership deal, Upperlink is set to expand its international market options for local merchants with Upperlink Paygate collection platform, which is her proprietary payment gateway. Giving details of the
partnership, the Managing Director, Upperlink, Mr Segun Akano, said: “Upperlink Paygate will address an apparent lack in the commercial sector about collections for merchants in both local and foreign currency. It will meet the needs of businesses across Africa, as these businesses
can now connect with a wider range of potential customers across the globe.” According to him, the edge is what made Upperlink Paygate platform “an invaluable tool for merchants in Sub-Saharan Africa, as it provides them with a better way of doing business and in
looking to start up a business in the identified areas. Applications, which have commenced for the seed funding, will run from March 8, 2023 (International Women’s Day) through to March 18, 2023. Interested beneficiaries are urged to visit https://tdafrica. com/herwakening-2023/ to register their interest. Coordinating Managing Director, TD Africa, Mrs. Chioma Chimere, said: “TD Africa is committed to the transformation of lives in Nigeria. In line with the focus of this year’s celebration of International Women’s Day, we understand, as a business, that equal opportunities aren’t enough. Therefore, we are going a step further to ensure true inclusion and belonging through equitable action by granting seed funds to female entrepreneurs.’’
the process improves the foreign exchange earnings of the country.” The collaboration with VISA has allowed Upperlink to leverage the benefits of VISA’s range of services and this has led to the deployment of Upperlink Paygate, which integrates with
Visa’s CyberSource, a platform that supports payment methods across different channels. “Upperlink PayGate is robust and has the capabilities to process payment across all card schemes including Visa, MasterCard, American Express, China UnionPay
Hosted by both organisations, exceptional women including the Managing Director, Cellar Central Limited, Okunwa Okpala; the Chief Financial Officer, ARTSPLIT Limited, Olaere Donmu, and Chude and Ego Foundation Coordinator, Juliana Adeseye, had the opportunity to motivate students of the High School, teachers and women alike to celebrate women’s achievements and thrive in their respective fields. The guests shared their personal experiences and journeys in business and career and encouraged women to pursue education and entrepreneurship as it will create a more inclusive future. ARTSPLIT contributes to the success stories of these Nigerian women by helping them seek opportunities within their environment that will position them better in their future careers. ARTSPLIT also hosted an insightful Twitter Spaces discussing more representation and parity for women in technology in line with this year’s IWD theme; DigitALL: Innovation and technology for gender equality.
Akwa Ibom 2023: Rewarding Success with Success Michael Akpan
J
ust like most states of the federation, Ibomites will go to the polls on March 18 2023 to elect a governor for the next dispensation to pilot the affairs of state for the next four years atleast and may be eight. Elections are seen as a referendum on a political party or a government in power, and the forthcoming gubernatorial election will not be any different. It will avail the good people of Akwa Ibom and opportunity to tell the Peoples Democratic Party, Governor Udom Emmanuel and Pastor Umo Eno if the party had served them well in the last eight years, if Governor Udom Emmanuel had delivered on his many campaign promises in the last eight years, if his policies and projects have impacted on their lives positively, and if it is successful enough to trust Pastor Umo Eno, the PDP’s flagbearer to sustain the success story and improve on it. In almost 8 years of Udom Emmanuel of the PDP at the helm of affairs of Akwa Ibom State, the success story includes increased effort towards the Ibom Deep Sea port project, which on completion it is believed will save Nigeria $70 million lost to illegal fishing, create huge economic and social benefits which includes world trade. It is also believed on completion will promote an increase in seaborne trade, serve as a hub for the South -South and trans-shipment trade with West and Central Africa sub-region, with a very positive employment impact. It will also play an important role in the decongestion of Lagos Port. It will contribute in big measure to the economic growth of Akwa Ibom and the nation as a whole. This because, any port infrastructure investment project fosters economic development.
Eno Many industries were established in the state and became partners in progress as they were quick to identify Akwa Ibom as the safest place to invest. The Jubilee Syringe Manufacturing and Kings Flour Mills at Mkpok are some of such industries. We also saw Ibom Air come into existence and made the state accessible with an ongoing expansion
of its fleet and routes, making the state just a flight away from major cities of the country. The enormous contributions to the resources and the economic development of the State are monumental. The State no longer exist as an obscure or abstract in the minds of many, it is now seen as a land filled with opportunities. Pastor Umo Eno has promised Ibomites a
sustenance of the success of the last eight years, and this he has encapsulate as “ARISE” agenda. The ARISE agenda is an acronym where “A” is Agricultural revolution, Tourism and Environmental Management, “R” is Rural Development, Women and Youth Empowerment, “I” is Infrastructural Maintenance and Advancement, “S” is Security Management, Quality Education and Health Sector Management, and “E” stands for Economic, Industrial and Social Advancement. He has promised to start from where Udom Emmanuel stops and I say to myself, what else can the people of Akwa Ibom do? What reinforced Pastor Umo Eno as a continuation of a success story is because he has been of tremendous service to Akwa Ibom as he has served as the Chairman of the Akwa Ibom Hotels and Tourism Board between 2004 and 2007, served as the executive director of Agricultural Investments, a directorate in the Akwa Ibom State Investment Corporation (AKICORP), while he is the current Commissioner for Land and Water Resources He is an astute entrepreneur with many years of experience, and widely acknowledged as the largest private employer of labour in Akwa Ibom. His resume is impressive and he is seen as the man needed to take Akwa Ibom State to a new height of glory with his promises as he possesses great attributes of a compassionate leader. So this brings me to the question; What choice do they have? What option will the go for if not to reinforce success when failure can be undeservingly rewarded. And this can only be done through massively voting for Pastor Umo Eno of the Peoples’ Democratic Party as governor come March 18 2023. God bless Ibomites. t "LQBO B QVCMJCMJD BGGBJST BOBMZTU XSPUF GSPN 6ZP
26
THURSDAY, MARCH 16, 2023 ˾ T H I S D AY
BUSINESS/MONEYGUIDE
Eroton Remains Operator of OML-18, Says Management Peter Uzoho Eroton Exploration and Production Company Limited has reiterated that it remains the Operator of OML-18 in line with the provisions of the JOA, adding that any dispute whatsoever between the parties are reserved exclusively for resolution under the Dispute Resolution clause of the JOA. The management of the company, therefore, stated that actions of the other JV partners (NNPC and Sahara) remain illegal and run contrary to the rule of law and in total breach of the terms and conditions stipulated in JOA. In a statement by the company signed by the Managing Director of Eroton, Dr. Emeka Onyeka, Eroton stated that the company as the operator of OML-18, remains committed to transparency, integrity, and due process, and urged the public and stakeholders to disregard, “any misinformation as we continue to operate in compliance with all applicable laws and regulations. This statement is necessitated by the false information recently disseminated in the media on the status of operatorship of OML-18 and about Eroton Exploration and Production Company Limited.” “In complete breach of the
terms of the Joint Operating Agreement (JOA) governing OML-18, and with total disregard for due process, the non-operators of OML18; NNPC Limited (NNPC) and Sahara Field Production Limited (Sahara) (now known as OML 18 Energy Resource Limited) appointed a company, NNPC Eighteen Operating Limited as operator of OML18,” Onyeka said. He added that Eroton, which was validly appointed Operator of OML-18 via a legal and contractual process involving all the participating entities in the JOA, “has approached the relevant courts to defend its legal rights.” According to him, “In addition to this, Eroton has issued Notice of Arbitration to NNPC and Sahara in accordance with the terms contained in the JOA. On the basis of the lack of any grounds for the purported takeover of operatorship in accordance with the terms of the JOA governing the block, lack of due process and flagrant breach of the rule of law, Eroton has taken considered legal opinion to the effect that the status quo ante continues to remain the position and same will be upheld by the courts of Nigeria. “This is despite any contrary public statements by any entity, in the interim period. If this
action taken by NNPC and Sahara is allowed to persist, it poses a threat on all the JOA’s in Nigeria involving both multinational and indigenous oil and gas companies, because due process with regard to dispute resolution has not been followed. “Thus, there can be no removal of an operator without following the laid down procedures and processes in Article 2.4 of the JOA. The process is designed in such a way that notices requirements cannot be waived and the removal of operatorship cannot be carried out without following the process provided in the JOA.” He said Eroton took over operatorship of OML-18 in 2015 with a meagre production of 6,000 bbls/d and increased production to over 50,000 bbls/d of dry crude (75,000 bbls/d of gross liquids) within a period of less than 24 months. “This was considered a spectacular achievement at the time by both the NNPC, the Department of Petroleum Resources (DPR) (now NUPRC), and the entire industry. Eroton, as operator, was also recognised by NNPC as being one of the two JV operators with the lowest technical cost per barrel in the industry over the time period, ”he said.
Okomu Oil Empowers Women on Waste to Wealth Initiatives Okomu Oil Palm Plc has empowered not less than 70 women on how to turn waste to wealth as part of activities to mark the 2023 International Women’s Day. According to Okomu Oil Palm Plc, the two day skills acquisition training for women tagged: “waste to wealth” was aimed at imparting skills on women on how they can convert waste products to wealth and earn a livelihood from it. The company explained that the participants are either working for Okomu Oil Plc or have husbands working for the company. The training was con-
ducted by an international expert, Dr. Isabelle Chevalley who also serves as Okomu Oil Board member. During the training, Chevalley demonstrated how old newspapers can be converted into bangles, and neck chains whilst empty nylon sachet water was used to produce handbags. Also, black nylon (cellophane) bags were used to produce female handbags, empty plastic bottled water cases were used to build beds, chairs, and a living house. Many other products were produced from different types of waste. The Edo State Ministry of
Commerce and Industry sent two officials to observe the training. According to Okomu Oil, the training addresses two major challenges: preserving the environment through waste recycling and improving women’s living standards through value creation, adding that collecting the waste will also lead to waste minimization and will create an alternative source of income for participants. The company said it is committed to the improvement of rural livelihoods by setting up key initiatives to address social -economic and environmental challenges that the region faces.
L-R: CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All Ms. Damilola Ogunbiyi receiving the Energy Institute (EI) President’s Award from the President of Energy Institute, Ms. Juliet Davenport during International Energy Week held in London, United Kingdom... 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)
Wema Bank Opens Entries for Hackaholics 4.0 Wema Bank Plc has opened application entries for the fourth edition of its tech talent discovery and nurturing project among university students Hackaholics 4.0. Announcing the commencement of entries for Hackaholics 4.0 at a press conference in Lagos, the bank’s Executive Director, Digital Services. Mr. Tunde Mabawonku, said just as bank is innovating it is also helping individuals and organisations to innovate to make the country better. “Just as we redefined experiential banking with ALAT, Hackaholics is at the heart of our innovative project for start ups. We are poised to host the largest campus hackahon this year. “As we plan the next eight decades of Wema Bank, we need to innovate and help encourage others on how to
innovate. We try to get the best and brightest and give the country ideas on how to transform out organisations to become world class, “he said. This year’s Hackaholics which is focusing on building finance beyond technology will be looking for entries with innovative solutions on how to solve gender violence, promote entertainment, among others. Mabawonku said the bank, through the project, would be engaging 10000 tech entrepreneurs, producing 5000 solutions, creating 6 pitch centres and having almost I million foot falls during the course of the campaign Also speaking, the bank’s Chief Digital Officer, Mr. Olusegun Adeniyi said the bank has successfully distruoted the digital banking ecosystem by producing the first digital bank and creating
a unique experiential banking with ALAT. “We have been driving with the mindset of innovation. We are looking to be an ecosystem of platforms, a hub for fintech and other players. We are moving to the next phase of digital unbundling, “Adeniyi said. The Chief Transformation Officer of the bank. Mr. Babatunde mumini, going down memory lane, said the Hackaholics programme began in 2019 and it’s scope and teach had since been expanded. The Banks’ Head of Innovation, Solomon Ayodele, said six universities would be covered this year as against three last year. “The universities are Babcock University, Lagos State University, University of Abuja, University of Benin, Federal University of Tech, Akure and University of Lagos.”
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).
27
T H I S D AY ˾ THURSDAY, MARCH 16, 2023
MARKET NEWS
Shareholders Raise Concern over Negligence of Minority Investors in Capital Market Kayode Tokede Shareholders under the aegis of the Proactive Shareholders ’Association of Nigeria (PROSAN) has raised concerns over the negligence of minority shareholders in the Nigerian capital market, and it is ready to take the bull by the horn and address it at the 2023 investors summit taking place in Ibadan, Oyo state. They stated this at a press
conference to announce the 2023 investors summit is themed: “valuable shareholders.” The summit is expected to have major capital market regulating bodies, listed companies, registrars and stockbrokers to address over 1500 shareholders on the high ethical standard of shareholders in the Nigerian capital market. Speaking the National Co-ordinator, the Proactive
P R I C E S MAIN BOARD
DEALS
F O R MARKET PRICE
Shareholders ’ Association of Nigeria (PROSAN), Mr. Oderinde Taiwo noted that the minority shareholders are being ignored by core investors, companies, and regulating bodies when the need arises. According to him, “The theme was considered based on the ways we (shareholders) comport ourselves at the Annual General Meeting (AGM) venues, among other places
we meet these companies, core-investors. “If a shareholder is about to be appointed to a board of a company, this company will beckon on shareholders to comport themselves. Mind you, these shareholders are people who have reached an apex in the core area of their profession. “Minority shareholders are agile, and professional people in the capital market with many severing in the board of some
S E C U R I T I E S
T R A D E D
QUANTITY TRADED
VALUE TRADED ( N )
MAIN BOARD
listed companies. These sets of people do not fight at AGM for food and souvenirs.” He added, “Let’s blame Corporate Affairs Commission (CAC) for registering some of these shareholders associations. However, there is a need for CAC to talk to the prompter of such an association and find out if he/she knows anything about the capital market. “We need to blame regulators for some of these unethical
AS O F
behaviour of shareholders in the capital market. So, when the Securities and Exchange Commission (SEC) directed shareholders association to register, they are expecting processualism and certain standards.” He disclosed that some companies and activist shareholders are going to be awarded at the summit, tagging the award as corporate transformation agents.
1 5 / 0 3 / 2 3 DEALS
MARKET PRICE
QUANTITY TRADED
VALUE TRADED ( N)
28
THURSDAY, ;˜ ͺͺͻ ˾ T H I S D AY
Thursday, March 16, 2023
dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ /ŶĚĞdž ŝƉƐ Ϭ͘ϰй dŚŝƐĚĂLJ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞdž ĚĞĐůŝŶĞĚ Ϭ͘ϰй ƚŽ Ϯ͕ϱϳϰ͘ϵϰ
THISDAY AFRINVEST 40 INDEX
ŝŶĚĞdž ƉŽŝŶƚƐ ĚƵĞ ƚŽ ƐĞůůŽīƐ ŝŶ 'd K ;ͲϬ͘ϴйͿ͕ E/d, ;Ͳϰ͘ϲйͿ͕ ĂŶĚ &/ >/dz ;Ͳϭ͘ϬйͿ͘ ƵŵƵůĂƟǀĞůLJ͕ ƚŚĞƐĞ
Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index
ƐƚŽĐŬƐ ĂĐĐŽƵŶƚ ĨŽƌ ϵ͘ϱй ŽĨ ƚŚĞ ŝŶĚĞdž͘
Price Previous Current Price Change Change Price Weighting YTD Index to Change Date
Ticker
Current Price
THISDAY AFRINVEST 40
2574.94
-0.40%
38.8%
ROE
157.5%
ROA
24.4%
P/E
5.3%
4.9x
P/BV
Divindend Earnings Yield Yield
0.8x
7.5%
12.5%
ĞĂƌŝƐŚ ^ƚƌĞĂŬ ŽŶƟŶƵĞƐ͙ ^/ ĚŽǁŶ Ϭ͘ϰй zĞƐƚĞƌĚĂLJ͕ ƚŚĞ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ĞdžƚĞŶĚĞĚ ŝƚƐ ďĞĂƌŝƐŚ ƌƵŶ ĚƵĞ ƚŽ ůŽƐƐĞƐ ŝŶ ' Z 'h ;Ͳϲ͘ϱйͿ͕ E/d, ;Ͳϰ͘ϲйͿ͕ ĂŶĚ h W ;Ͳϭϴ͘ϴйͿ ĐƵůŵŝŶĂƟŶŐ ŝŶƚŽ Ă Ϭ͘ϰй ĚĞĐůŝŶĞ ŝŶ
ƚŚĞ E'yͲ ^/ ƚŽ ϱϱ͕ϰϵϬ͘ϮϬ ƉŽŝŶƚƐ͘ Ɛ Ă ƌĞƐƵůƚ͕ ƚŚĞ zd ƌĞƚƵƌŶ ĚĞĐůŝŶĞĚ ƚŽ ϴ͘ϯй ;ƉƌĞǀŝŽƵƐůLJ͗ ϴ͘ϳйͿ ǁŚŝůĞ ŵĂƌͲ ŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƐŚĞĚ ʬϭϮϲ͘ϴďŶ ƚŽ ʬϯϬ͘ϯƚŶ͘ DĞĂŶͲ ǁŚŝůĞ͕ ĂĐƟǀŝƚLJ ůĞǀĞů ǁĂƐ ŵŝdžĞĚ ĂƐ ǀŽůƵŵĞ ƚƌĂĚĞĚ
ĚŝƉƉĞĚ ϵ͘ϭй ƚŽ ϭϴϭ͘Ϯŵ ƵŶŝƚƐ ǁŚŝůĞ ǀĂůƵĞ ƚƌĂĚĞĚ ƌŽƐĞ Ϯϭ͘Ϭй ƚŽ ʬϯ͘ϰďŶ͘ ĞĂƌŝƐŚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ
WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ƉƵƌǀŝĞǁ ǁĂƐ ďĞĂƌŝƐŚ ĂƐ ϯ ŝŶĚŝĐĞƐ ůŽƐƚ͕ ϭ ŐĂŝŶĞĚ ǁŚŝůĞ ƚŚĞ &ZͲ/ d ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ŇĂƚ͘ dŚĞ /ŶƐƵƌĂŶĐĞ ŝŶͲ ĚĞdž ŝŶĐŚĞĚ ŚŝŐŚĞƌ Ϭ͘ϰй ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŝĐĞ ĂƉƉƌĞĐŝͲ
ĂƟŽŶ ŝŶ WZ ^d/' ;нϳ͘ϵйͿ ĂŶĚ s Z/d ^< ;нϱ͘ϬйͿ͘ ,ŽǁĞǀĞƌ͕ ƉƌŝĐĞ ĚĞĐůŝŶĞ ŝŶ E/d, ;Ͳϰ͘ϲйͿ͕ h ;Ͳ Ϭ͘ϲйͿ͕ &>KhZD/>> ;Ͳϱ͘ϵйͿ͕ ĂŶĚ /Ed Z t ;Ͳϰ͘ϭйͿ͕ ĚƌĂŐŐĞĚ ƚŚĞ ĂŶŬŝŶŐ ĂŶĚ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ
ůŽǁĞƌ Ϯ͘Ϭй ĂŶĚ Ϭ͘ϯй ƌĞƐƉĞĐƟǀĞůLJ͘ dƌĂŝůŝŶŐ͕ ƚŚĞ /ŶĚƵƐͲ ƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞdž ĚĞĐůŝŶĞĚ ϭďƉ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ƐĞůů T ic k er
KƵƚůŽŽŬ /ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďLJ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ͕ ǁĂŶĞĚ ƚŽ ͲϬ͘ϭϭdž ĨƌŽŵ ͲϬ͘ϭϬdž ŝŶ ƚŚĞ ƉƌŝŽƌ ƐĞƐƐŝŽŶ ĂƐ ϭϭ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ͕ ϭϵ ĚĞĐůŝŶĞĚ ǁŚŝůĞ ϳϰ ĐůŽƐĞĚ ŇĂƚ͘
dŽŵŽƌƌŽǁ͕ ǁĞ ĞdžƉĞĐƚ ƚŚŝƐ ŶĞŐĂƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ƚŽ ƉĞƌƐŝƐƚ ŝŶ ƚŚĞ ĂďƐĞŶĐĞ ŽĨ ĂŶLJ ƉŽƐŝƟǀĞ ĐĂƚĂůLJƐƚ͘
P ric e
T ic k er
Vo lum e
P ric e C hg % -0.8%
0.41
7.9%
GT C O
33.9
VER IT A SKA P
0.21
5.0%
T R A N SC OR P
20.1
0.0%
18.6
-4.6%
N GXGR OUP
28.00
4.9%
Z EN IT H B A N K
UN ILEVER
14.00
3.7%
F LOUR M ILL
18.5
-5.9%
3.6%
UB A
15.1
-0.6%
2.1%
UC A P
9.8
-9.3%
1.7%
N GXGR OUP
9.4
4.9%
ST ER LN B A N K
8.1
-0.7%
CHA M S
5.8
0.0%
F ID ELIT YB K
4.0
-1.0%
J A P A ULGOLD M ULT IVER SE A F R IP R UD
0.29 3.83 6.00
C A VER T ON
1.04
1.0%
FB NH
11.00
0.9%
UA C N
9.55
0.5%
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 T ic k er
/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ /Ŷ ůŝŶĞ ǁŝƚŚ ŽƵƌ ƉƌŽũĞĐƟŽŶ͕ ƚŚĞ ŚĞĂĚůŝŶĞ ŝŶŇĂƟŽŶ ƌĂƚĞ ƌŽƐĞ ĨĂƐƚĞƌ ďLJ ϵďƉƐ ŝŶ &ĞďƌƵͲ ĂƌLJ ƚŽ ƉƌŝŶƚ Ăƚ Ϯϭ͘ϵй LJͬLJ͕ ĚƌŝǀĞŶ ŵĂŝŶůLJ ďLJ ƚŚĞ ĨŽŽĚ
UC A P
P ric e 11.70
ŝŶŇĂƟŽŶ ƐƵďͲĐŽŵƉŽŶĞŶƚ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ŵͬŵ ƌĂƚĞ
P ric e C hg % -9.3%
UP L
1.85
-7.5%
GLA XOSM IT H
6.20
-7.5%
N EIM ET H
1.46
-7.0%
OA N D O F LOUR M ILL
4.01 31.00
-6.7% -5.9%
T ic k er
Value
GT C O
841.9
P ric e C hg % -0.8%
F LOUR M ILL
573.1
-5.9%
Z EN IT H B A N K
454.7
-4.6%
N GXGR OUP
260.7
4.9%
D A N GC EM
152.5
0.0%
B UA F OOD S
129.6
0.0%
122.2
-9.3% -0.6%
CA P
19.20
-4.7%
UC A P
Z EN IT H B A N K
23.85
-4.6%
UB A
121.6
-4.1%
M TNN
113.5
0.0%
-4.1%
WA P C O
59.3
0.0%
VIT A F OA M IN T B R EW
ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ
P ric e C hg %
P R EST IGE
ĐŽŶŽŵŝĐ hƉĚĂƚĞ
ĞĂƐĞĚ ƚŽ ϭ͘ϭй Ͳ ƚŚĞ ƐůŽǁĞƐƚ ŝŶ ϱ ŵŽŶƚŚƐ͘
T o p 10 T r a d e s b y V o l u m e
T o p 10 G a i n e r s
ƉƌĞƐƐƵƌĞ ŽŶ W ;Ͳϰ͘ϳйͿ͘
18.60 4.65
ƌŽŬĞƌĂŐĞ
ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ
/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ
ĚĞĚŽLJŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
ZŽďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
ďŝŽĚƵŶ <ĞƌŝƉĞ ͮ <ĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
ĂŵŝůĂƌĞ ƐŝŵŝLJƵ ͮ ĚĂƐŝŵŝLJƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ
29
THURSDAY, MARCH 16, 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 14Mar-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 202.74 203.89 7.58% Afrinvest Plutus Fund 100.00 100.00 10.75% Nigeria International Debt Fund 330.22 330.22 6.70% Afrinvest Dollar Fund 107.03 108.13 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 N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A 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 23.66 24.38 7.83% ARM Discovery Balanced Fund 552.11 568.75 5.92% ARM Ethical Fund 47.59 49.02 5.49% ARM Eurobond Fund ($) 1.14 1.14 1.04% ARM Fixed Income Fund 1.12 1.12 1.44% ARM Money Market Fund 1.00 1.00 10.26% ARM Short Term Bond Fund 1.05 1.05 1.25% 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 95.72 95.72 0.65% AVA GAM Fixed Income Naira Fund 1,124.57 1,124.57 -0.17% 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 4.07% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.40 2.45 8.30% 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 1.71% 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 11.38% Paramount Equity Fund 20.01 20.38 6.01% Women's Investment Fund 156.21 158.50 5.59% CHD Nigeria Bond Fund 101.87 101.87 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 N/A N/A N/A Cordros Milestone Fund N/A N/A N/A Cordros Fixed Income Fund N/A N/A N/A Cordros Halal Fixed Income Fund N/A N/A N/A Cordros Dollar Fund ($) N/A N/A N/A CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn 1.00 1.00 11.25% Coronation Money Market Fund 0.00 0.00 -100.00% Coronation Balanced Fund 1.39 1.39 -1.13% Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 13.71% Emerging Africa Bond Fund 1.09 1.09 10.26% Emerging Africa Balanced Diversity Fund 1.15 1.15 32.17% Emerging Africa Eurobond Fund 105.95 105.95 4.59% 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 1506.37 1506.37 12.09% FBN Balanced Fund 210.67 212.23 5.50% FBN Halal Fund 125.98 125.98 12.35% FBN Money Market Fund 100.00 100.00 11.11% FBN Dollar Fund 121.92 121.92 6.92% FBN Smart Beta Equity Fund 177.39 179.77 7.11% FBN Specialized Dollar Fund 106.07 106.07 9.64% 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 7.54% Legacy Debt Fund 3.52 3.52 -12.08% Legacy Equity Fund 2.12 2.17 22.13% Legacy USD Bond Fund 1.28 1.28 6.10% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1
Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund
Bid Price 4,410.75 3,769.59 100.00
Offer Price 4,440.08 3,769.59 100.00
Yield / T-Rtn 24.10% 7.74% 11.29%
FSDH Dollar Fund 1.14 1.14 5.67% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 13.02 13.08 6.76% Meristem Money Market Fund 10.00 10.00 12.09% 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) N/A N/A N/A Norrenberger Money Market Fund (NMMF) N/A N/A N/A 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 3,841.56 3,869.98 13.29% Stanbic IBTC Bond Fund 247.13 247.13 4.91% Stanbic IBTC Ethical Fund 1.51 1.53 20.63% Stanbic IBTC Guaranteed Investment Fund 336.59 336.59 7.49% Stanbic IBTC Iman Fund 281.45 284.48 20.42% Stanbic IBTC Money Market Fund 1.00 1.00 8.99% Stanbic IBTC Nigerian Equity Fund 13,057.10 13,214.54 19.58% Stanbic IBTC Dollar Fund (USD) 1.38 1.38 7.07% Stanbic IBTC Shariah Fixed Income Fund 122.48 122.48 4.76% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 117.00 117.00 9.99% Stanbic IBTC Absolute Fund 4,651.40 4,651.40 9.34% Stanbic IBTC Aggressive Fund 3,453.79 3,497.22 24.23% Stanbic IBTC Conservative Fund 4,393.04 4,409.73 15.40% 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 12.46% United Capital Balanced Fund 1.59 1.61 15.77% United Capital Wealth for Women Fund 1.28 1.31 10.55% United Capital Sukuk Fund 1.13 1.13 9.98% United Capital Fixed Income Fund 1.98 1.98 7.25% United Capital Eurobond Fund 126.71 126.71 5.47% United Capital Money Market Fund 1.00 1.00 9.87% 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 4.40 4.50 9.64% Vetiva Consumer Goods Exchange Traded Fund 7.01 7.11 19.87% Vetiva Griffin 30 Exchange Traded Fund 20.13 20.33 13.77% Vetiva Money Market Fund 1.00 1.00 10.74% Vetiva Industrial Goods Exchange Traded Fund 25.44 25.64 27.18% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 142.09 144.09 -9.87% 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
17.09 140.66 112.62 17.40 16.40
17.19 143.12 114.57 17.50 16.50
10.39% 10.23% 12.64% -3.28% 0.46%
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.
T H I S D AY ˾ AY, MARCH 16, 2023
30
HEALTH & LIFESTYLE
Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, Tel: 07010510430
Nzan Ogbe: Providing Support for Children, Families Living with Autism In this interview with Sunday Ehigiator, although the Chief Executive at Levene Energy Group, Nzan Ogbe gave insight into his background and sojourn in the oil and gas industry, his passion to create awareness on autism through Zeebah Foundation has set off a chain of events that essentially supports children and families living with Autism Spectrum Disorder, ASD Who really is Nzan Ogbe? am a father of three wonderful children and the Chief Executive at Levene Energy Group and a few other affiliates. Over the past 32 or 33 years, I have had a long career in the private sector. I have also worked in an advisory capacity in the public sector for a couple of years. However, I am now fully back in my natural habitat, creating and developing businesses and people.
I
Give us insight into your educational background. I am a Cross River State University graduate, where I studied Communications Arts. Since then, I have attended several courses both locally and internationally. My focus has always been on being an entrepreneur. Additionally, I run a foundation called Zeebah Foundation, which supports children and families living with Autism Spectrum Disorder (ASD). This foundation is my retirement plan, and I plan to retire in a few years and focus on supporting people facing this challenge. It is a personal issue for me as my only son is on the spectrum, but he is doing very well, and we are thankful for God’s blessings. I realised that many people do not have access to the support we have, which is why I feel there’s a need to have a bridge. My passions include Formula One, exercising, and my early morning walks, which have been a ritual for over 25 years. I also love my early morning coffee. Tell us more about your foundation. Zeebah foundation is four years old this year. Our initial objectives were quite mundane. We set out to create awareness and share information about autism because children with autism have been wrongly branded as witches and wizards and blamed for their families’ problems. It’s incredible how pervasive this misunderstanding is, even among educated people. I remember a wealthy individual with whom I did a transaction a few years ago overheard me speaking with my children and asking why they behaved the way they were. When I explained that my son was on the autism spectrum, he asked about the symptoms and realised his child exhibited similar behaviours. I urged him to have his child evaluated. This incident showed me how widespread the lack of knowledge about autism is and how easy it is to address certain fundamentals, such as diet, exposure to certain stimuli, etc. Autism does not discriminate based on age, sex, financial background, or religion. It affects everyone equally. Imagine a village woman in Ado-Ekiti Pupa who has no education and gives birth to a child with autism. She is ostracised by her family and community, who believe she has brought a curse upon them. It’s a tragic situation that can be alleviated with just a little knowledge and support. This is where we started by trying to create awareness and support for families affected by autism. Eventually, we set up a pilot centre in Abuja, which now has about 30 children and a team of therapists who work with them daily. The impact of this centre is immeasurable. We’ve received messages from mothers whose children have spoken for the first time in years or achieved other milestones. It’s genuinely heart-warming and makes all our efforts worthwhile. I don’t take any credit for it personally, though I have contributed to the centre’s upkeep. The real heroes are the staff who works with the children day and night and who have the patience and dedication to help these kids achieve their full potential. This is the most impactful thing I’ve ever done in my life, and it gives me immense pleasure to see the progress these children are making. Our goal is to build a permanent site and replicate this model in other parts of Nigeria. I want to ensure families don’t have to separate because of a lack of support or resources. My son is currently abroad because we couldn’t find adequate support in Nigeria, but I want to change that for other families. I pray that we can achieve this dream with God’s help and the community’s support.
Nzan Ogbe To parents who have children on the autism spectrum, there isn’t anything you can teach them beyond encouraging them and letting them know that they are not alone. Every day is a new challenge for parents with autistic children, and sometimes it’s the same challenge every day. But it’s better to face a new challenge every day than to have the same challenge every day without being able to solve it. It’s a huge challenge for parents to live with, and sometimes just finding someone to speak to about it and knowing there is a place to go for help can make all the difference. I tell parents not to be ashamed; as an advocate for autistic parents in Nigeria, I am proud of my son and proud to be the parent of an autistic child. I believe God gave him to me for a reason, and I have learnt so much especially patience. Having an autistic child teaches you patience, and I thank God for it. I always encourage parents never to lose hope and to believe that change can come, but also to keep an open mind that even if it doesn’t come, keep researching and interacting with people. Don’t listen to lies that will make you feel bitter and despondent. Talk to people because you never know where help may come from. Some may have tried something that worked for their child that could work for yours. I often find myself in a room full of women doing this work, and I believe that men need to support their wives. It’s a huge responsibility, but I trust that with God’s help, we can do it. Kindly walk us through your career path and growth. I graduated in 1990 with a Bachelor of Arts degree in Communication Arts. From a young age, I knew I wanted to be an entrepreneur. After completing my youth service in Sokoto State’s Arungungun camp, I went straight into business with my friend, Archie Duke. We started selling cars because we had a passion for them and saw a gap in the market. At that time, there were no brand-new car sales, so most people were driving ‘Tokunbos’. We sourced international and local cars and secured potential clients for them, and then sold them. Our approach was unique because not many people were doing what we were doing at the time, and certainly not at the level at which we were doing it. We knew about cars and researched to recommend the best car for each client. If a client wanted a car, we would pull their profile, and assess their preferences, history with vehicles, and what they wanted out of the car. We would then recommend vehicles that would fit their profile and stay with them on their journey of owning a car. We built a huge client base, from middle to
upper class. In about 1994/1995, I visited South Africa and saw a huge potential to transfer products, services, or technology to Nigeria. As I was already in the car business, I saw a car-like outdoor garage product that was very popular in the 90s. I acquired that franchise and brought it to Nigeria, starting with selling carports in Lagos, then in Abuja, Port Harcourt, and Calabar. Later on, I became involved in the oil and gas industry through some friends who were already in the business. Initially, it was a small-scale venture, but I had access to people like Femi Otedola, who was doing diesel and kerosene business by trucks. I also had friends who were lower in the value chain and were just doing a few trucks. I found it thrilling and exciting to be involved in this industry, and we did some work in that space until about 2003/2004. However, I wanted something more solid that was not dependent on another party, so I ventured into real estate. I started buying land from my proceeds and developing and selling properties. This gave birth to my real estate business, which was operational for a while. With the establishment of Levene Energy, could you please share some of the milestones you achieved with the company? Well, that’s still an ongoing journey, but I would say that very early on, because of the contacts we had made over the years with banks, corporate organisations, and high-net-worth individuals, we were able to secure a couple of contracts that set the tone for us. We just started to build upon that, and our first significant break became operational in 2016. In 2019, we participated in Equatorial Guinea’s government bid round for oil blocks. There were about 13 companies and over 30 assets, and we secured four oil blocks in Equatorial Guinea. Back home, we also secured two bitumen blocks in Ondo State in southwest Nigeria in the same year. That, for us, was the beginning of everything else because it gave us a different view. I remember seeing some international publications referring to us as Levene Energy, the Nigerian junior securing oil blocks in Equatorial Guinea. It was great for me because, while we are a small Nigerian company, we had gone out based on our capacity. We have always been big on manning up in terms of capacity. We have always hired very professional people. In my team now, probably on the trading side of the business, we have people who have been in the business for ten to thirty-five years. On the upstream side of the business, we have people who have been in the business for thirty-five to thirty-six years, and they joined our business. So, we have always ramped up in terms of capacity. It is expensive, but for me, it was the only way to get the best out of the system. That set the tone for us, and we started to push from there. As time passed, we started exploring a few other lucrative opportunities. It has been a fantastic journey for us and the successes that we have attained. There have been a lot of challenges as well, but we keep pushing on. How has your experience been operating in the Nigerian energy sector? When people ask what our biggest challenges are, my initial instinct would be to mention finance, but I would say human resource management in Nigeria is the biggest issue for us, and we are
paying a great price for it. I have learned this lesson, but I can happily say that we now have a team I am very proud of and happy with. However, it remains a significant challenge. I speak to many entrepreneurs who cry daily about this issue. People feel like they are doing us a favour by carrying out their roles and responsibilities, even though these are stipulated. This is very frustrating. We have an office in the UK, and I can tell you for free that when I work there, the mentality is different. This is not to say that all Nigerians are bad, but this is generally what you will find. Therefore, you have to select and train your team carefully. An enabling environment includes access to finance, which has become extremely difficult, especially in the energy sector since the Western world took the ESG (Environmental, Social and Governance) position regarding fossil fuels. They have said they will not finance fossil fuels again, which is a big challenge. The war in Ukraine, as horrible as it is, has made people realise that we cannot just use fossil fuels like that. Those are the three significant challenges for us. This is not to say that there are no other challenges, but these are the three most significant. What advice would you give someone starting a similar business in Nigeria? My advice to anyone looking to enter the energy sector is to be clear that it is what you want to do, and you need to find where you want to fit in. If you ask my opinion, I will say to you, look at the renewable space, whether it is solar, hydro, or whatever you can do in the renewable space. That is the future, and there is a lot of potential for growth and innovation. Whether it’s solar, hydro, or any other type of renewable energy, these areas will likely be in high demand in the coming years. What opportunities lie ahead for Levene Energy? I think the future looks bright for Levene Energy because we have taken an early position. Although fossil fuel demand and consumption may not decrease immediately, they will reduce in the future. Levene Energy is not a company for today but for the future, and we are taking positions for 3-5 decades down the line. About 200 million people in Nigeria need access to clean and affordable energy solutions. Even in remote locations, a solar mini-grid solution could provide electricity 24/7 if correctly done. However, access to these solutions is still limited. Levene Energy is one of the first movers, and there is still a huge market to take advantage of. Aside from exercising, what other hobbies or interests do you have? My early morning walk is a ritual I have kept for more than 25 years. It’s a time to clear my head, meditate, and strategies. I used to run and play tennis, but a football challenge 12 years ago damaged my knees. I also enjoy water sports, particularly sailing and boating, when I can find the time. I’ve come to appreciate the value of solitude and being quiet. Formula One is my passion, and it’s all about strategy. If you understand the sport, you know it involves much planning, calculations, and implementation. Everything has to be efficient, and even a difference of milliseconds can significantly impact the outcome. Apart from my passions, I love spending time with my children and being around them. They bring me a lot of joy and happiness. Who is Nzan Ogbe outside of his professional work and foundation? I am easy-going and fun-loving, although I value my privacy. I enjoy going about my day and doing what I need to do, and I am a big family person. I want people to know about my foundation and what we are doing to support autism. Our foundation is called The Zeebah Foundation, and all information can be found at www.zeebahfoundation. com. We are doing our best with the resources available to us, and we are pushing to make a difference.
31
T H I S D AY ˾ AY, MARCH 16, 2023
NEWS
FERTILITY
With Dr. Kemi AILOJE drkemi@lifelinkfertility.com www.lifelinkfertility.com +2348033083580
Expert Encourages Women to Consume Balanced Diet, Hydrosalpinx And Seafood to Boost Fertility Infertility (Part 2)
Rebecca Ejifoma
The Managing Director of Nordica Fertility Centre, Dr. Abayomi Ajayi has encouraged women seeking to conceive to consume a more balanced diet including seafood to boost their fertility status. The expert listed other essential diets healthy for aiding fertility status including fruits, lots of vegetables, and a significant reduction in fatty food. Speaking at a virtual briefing on the theme, “How to Tackle Infertility in 2023 is also Good”, Ajayi insisted that women can also take folic acid even before pregnancy. Don’t smoke either tobacco or marijuana products; It can affect both the sperm and the egg production of the woman. The gynaecologist, however, cautioned against the intake of alcohol when couples are trying to get pregnant. He chipped in, “You must also take café in moderation if you must take it. “As for those who are taking
herbs and tea to lose weight, some of the weight loss herbs can affect your ovulation. If you must use herbs, please talk to your doctor.” According to Ajayi, a cofounder of Africa Endometriosis Awareness and Support Group, there is the notion that the problem of infertility lies within the woman’s physiology, as their reproductive organs can be more easily damaged than that of men. However, the Nordica boss cited that about 40 per cent of the time, infertility is due to a male factor. “It leaves 60 per cent to women and in 20 per cent, the two parties are responsible. “Also, the problem rests mostly with populations where women have contracted a sexually transmitted disease in the past, or they have delayed childbearing for reasons known to them.” The MD listed physical causes of infertility in women including scarring on the cervix, uterus, or tubes, blocked tubes, and problems with ovulation or the menstrual
cycle. In the words of Ajayi, mumps, and swelling of the testicles which can cause a lower sperm count is the physical cause of damage men experience. Therefore, the obstetrician encouraged couples desperately trying to conceive to practice a healthy lifestyle and have lots of sex, especially during the ovulation window. “A lot of women don’t know when they are ovulating. The fertile window of a woman in the 30-day cycle is five days before the day of her ovulation, and 24 hours of the last day of her ovulation. “After the five days window, the woman would need to wait for the next month, because even if her husband has the best sperm in the world, she will not be able to get pregnant,” he emphasised. For effectiveness, Ajayi enjoined women to use the calendar method to calculate their ovulation. “You are likely to ovulate 12 to 14 days before your next menstruation”, while pointing out that there are also different ovulation kits available.
IWD: Foundation Shows Love to Female Inmates in Delta State
W
e started an intriguing conversation about Hydrosalpinx and infertility last week. We discussed the mechanism of human gamete fertilization in the fallopian tubes, as well as how damages to the fallopian tubes might result in hydrosalpinx. We also discussed the causes and treatment of Hydrosalpinx. This week, we will continue with Hydrosalpinx treatment and management. Treatment of Hydrosalphix Treatment options are determined by factors such as the degree of the blockage and age. If there is a current infection, the doctor will prescribe medicines to treat it. Surgical procedures include:
r 4BMQJOHFDUPNZ 3FNPWFT POF PS both fallopian tubes (bilateral salpingectomy).
(Middle) Chinyere Kasakwe, flanked by volunteers, Orhuerakpo Rukevwe (right) and Ms. Happy Akpieyi (left) with others at the visit to the Nigerian Correctional Service, Warri Rebecca Ejifoma Even the prisoners are humans, too; hence, deserve some love, support and dignity to help break the cycle of more crimes and slash prison rates. This was the drive that propelled the Global Trailblazers Network (GTN), a non-profit organisation empowering girls and women, to show some love to female inmates at the Nigerian Correctional Service Warri Prisons in Delta State for this year’s International Women’s Day. With the theme for the year, “Accelerating Equality & Empowerment: How Women’s Leadership & Collective Action Can Make a Difference”, the organisation established a conversation with the inmates on the power of dreaming. The founder, Chinyere Kasakwe, expressed, “It was an inspiring meeting filled with so much hope. We reminded the inmates that the prison bars are not their end and do not define them.
“They matter! They can still dream; they can still become. It was obvious we left them better than we met them.” While trying to turn their dreams into reality once again, Global Trailblazers Network alleviated their sufferings with donations of toiletries/self-care kits like panties, bathing soap, sponges, toothbrushes, toothpaste, deodorants to all the female inmates and donated over 50 bags of water to them as well. Global Trailblazers Network, a platform that has been inspiring women since 2017, is resolute in its quest to help them discover their purpose and live their best life. Kasakwe highlighted how every year, her foundation reaches out to women through virtual/on-site events. Her words, “Rather than reach out to women who have the freedom they desire, we decided to go for the incarcerated women. “Though we have had
several events in commemoration of IWD, we organise business-related events for female entrepreneurs called Business Brunch.” At GTN, the goal is to leave no woman or girl behind. The foundation yearns to create a world where all women and girls have the opportunity to reach their full potential. While the foundation continues to create a world where women will have equal and healthy opportunities in life, GTN says it is committed to giving women a lease of hope. According to research, there is a need to encourage female equality in the workplace and make access to resources equal for women to thrive side-by-side with their male counterparts. The ultimate aim has been the fact that giving opportunities to women results in a positive impact on society, the nation, and the globe. According to Kasakwe, “We will continue to impact the women every year with our various programmes.”
r 4 B M Q J O H P T U P N Z (neosalpingostomy):Removes the obstruction from the tubes. Laparoscopy is typically used to perform a salpingostomy. Salpingostomy involves inserting a small incision into the fallopian tube to drain it. The damaged parts of the tube removed and reopen the ends that have sealed shut. Risk of a miscarriage and pregnancy complications may increase following this surgery. Many people and couples who are trying to have a baby are treated for hydrosalpinx and then undergo IVF, bypassing the fallopian tubes entirely. Your gynecologists / fertility specialist can advise you on the best options depending on your unique clinical case. r 4DMFSPUIFSBQZ 4DMFSPUIFSBQZ JOWPMWFT drawing fluid from the affected tube with an ultrasound-guided needle. Doctors then inject a special chemical known as a sclerosing agent, which should prevent the fluid from re-accumulating. Sclerotherapy may be an acceptable alternative to a salpingectomy, according to one study, because it may help improve fertility rates prior to IVF treatment. However, other researchers have argued that the studies on this are insufficient and fail to adequately account for the potential side effects. r *G FOEPNFUSJPTJT JT UIF DBVTF EPDUPST can remove the endometrial growths. r *O JOTUBODFT XIFSF QFMWJD JOáBNmatory disease (PID) is the cause, a doctor may prescribe a course of antibiotics to treat any remaining infections. Conception and Hydrosalpinx Technically, it is possible to conceive with only one open tube, as may be the case if one tube is healthy and the other is not.
Hydrosalpinx, on the other hand, may affect the delicate environment of the uterus, lowering pregnancy rates.The irritation and/or adhesions associated with the hydrosalpinx appear to decrease the likelihood of conception via the healthy tube. The fluid buildup inside the affected tube may also leak into the uterus, affecting embryo implantation. Pregnancy and live birth success rates are substantially lower than expected when patients undergo IVF treatment without surgically removing the diseased fallopian tube. Therefore, many fertility specialist advise surgical removal of thehydro salpinx before starting IVF. Another choice is to artificially block the afflicted tube at the uterine end, which will lessen the likelihood that it will have an impact on the uterine environment. It may appear reasonable that an IVF process would result in a successful pregnancy even with hydrosalpinx at first glance. Since IVF artificially fertilizes the egg, having a fallopian tube obstruction should not be a problem because the fertility specialist manually implants the embryo directly into the uterus. However, there is only one concern. The hydrosalpinx fluid may appear to be ordinary water, but it is harmful and can cause more than greater than 50% infertility even with IVF. In layman’s terms, simply being in the environment of hydrosalphinx may be harmful to the embryo, resulting in failed implantation in the uterus (womb). Women who are trying to conceive and have a hydrosalpinx should have the condition surgically repaired before attempting conception, especially with IVF procedure. IVF, or in-vitro fertilization, can help you get pregnant by bypassing the fallopian tubes entirely. The patient is given fertility medication to increase egg production during this treatment. The eggs are then retrieved with a needle during a surgical procedure and fertilized in a laboratory with sperm resulting in an embryo. The healthy embryos are subsequently implanted in the patient’s uterus. Conclusion Getting pregnant naturally when one or both fallopian tubes are blocked can be extremely challenging. If you are attempting to conceive, you should consult with your gynecologist /fertility specialist about your choices. A person suffering from hydrosalpinx may nevertheless be able to conceive. However, the chances of a successful pregnancy are determined by the cause and degree of the obstruction, as well as whether the person has had any treatment. Conception can occur without treatment, but the chances are slim, and the risks of complications, such as early pregnancy loss or ectopic pregnancy, are higher. Treatment for hydrosalpinx may increase the likelihood of a successful pregnancy, especially if invitro fertilization IVF is an option post minimal invasive surgeries listed above.
THURSDAY, MARCH 16, 2023 ˾ T H I S D AY
32
GAMINGWEEK
Edited by NSEOBONG OKON-EKONG | ikotibok@gmail.com | Tel: 08114495324
How Workers, Agents FOR ECAST Impact on Gaming Industry Dortmund Looks to Return to Winning Wa y s A s T h ey We l c o m e Ko l n
Davidson Abraham
One area of engagement in the Nigerian gaming industry that can be used to advance an understanding of development is the metamorphosis of workers and agents in the gaming environment, which supports over 300,000 workers in the entire value chain across public and private sectors, writes Nseobong Okon-Ekong
A
rguably, not much is known or heard of the National Union of Lottery Agents and Employees (NULAE), an affiliate of the Nigeria Labour Congress (NLC), which caters to the interest of workers in the gaming Industry. The union is set to put its years of obscurity behind. The brighter days ahead for NULAE have been skilfully painted by its current national treasurer, Comrade David Omaghomi, who will assume the leadership of the body as president in a few weeks. The Nigerian gaming industry is currently overseen by about 50 regulators (across federal and state levels). There are over 300 legal operators interfacing with almost 20 million daily stakers. At different fora there has been emphasis on the need for more aligned service delivery, trade organisation, professionalism and better working conditions for the over 300,000 workers in the entire value chain across public and private sectors. Omaghomi stated, “A better workforce will no doubt help raise the standards of service delivery, revenue generation and ultimately more good causes for society.” In readiness for the new era of unionism in the gaming industry, the congress of the union has mandated its executive to reflect a more inclusive nomenclature and this will be done by the new administration coming into office from May 1, 2023. For instance, slogans like “Gaming Workers for Social Good” and “The Trade Union for the Gaming Industry in Nigeria,” will be seen everywhere. The impending Omaghomi NULAE leadership is poised to demand better working conditions for workers, industry specific training to produce more professional workers and proper identification to prevent harassment from security agencies. All of these, he hopes, will promote stronger responsible gaming ethos across the industry; securing the future of gaming workers – with pension, health insurance and credit; and promoting better inter-relations between workers of all public or private sector regulators and
Omaghomi operators. Omaghomi exuded confidence in the capacity of the incoming NULAE executive to take the union new heights. “We had the gaming industry dialogue at Eko Hotel last year, where the National Lotteries Regulatory Commission (NLRC) featured prominently. The union has gone through a lot of challenges from the operators in the first four years since it’s registration by the federal government in 2014. We ended up in the Industrial Court. The union is now on a very strong footing as a registered trade union in the industry.
Everybody is aligning. It is a good development for the industry generally,” he explained. He added, “We will be having our next function on April 28 and 29 and at the May Day rally. These will signal my entry as the national president. We have lined up programmes for improvement of the gaming industry; which include helping the operators and stakers have a better relationship, to reduce as much as possible rivalry between regulators at the state and federal levels and to have the operators commit to responsible gaming; that is talking about under-age, use of drugs and addictive gaming.” He noted that these types of programmes help to create a new paradigm shift in society and impact “our population” as active stakeholders, stressing that workers play a crucial role in the gaming industry. “We are going to transform them into a workforce. Gaming workers globally are a work force to reference. There is paradigm around it that makes gaming workers being seen as a gambling audience. We know that a multi-stakeholder approach is the way forward.
“Initially, there was the issue of them not wanting to enumerate the actual number of agents, because most operators under-declare the actual number of their agents. Most of the issues against the union in the early days was about operators not wanting a union that can categorically allow the authorities to know the actual number of casino or sports betting agents they have. That was the major conspiracy.”
“Gaming workers globally are seen in the wrong light and it is not different here, but we are trying to carry out an important social re-orientation,” he stated. He revealed that this is at the centre of “my administration’s” plan to utilise the workforce gainfully. “What I have also done is to get my congress to pass a directive on our dues. Every union thrives on dues-either dues paid by workers or dues paid by affiliates. For us, the government recognizes in our constitution that we have N100 per day per agent or per worker at their point of sale and then the usual 2.5 per cent from employees pay,” he added. “What we are doing differently is that rather than have a union with that kind of amount and start looking for projects to implement, we have started from the human capacity point of view. We are taking a percentage of this contribution to get health insurance for our members,” Omaghomi stated. This is not just like the ‘agbero’ kind of union which many people thought it would be and that is why there was a lot of push back from the operators initially, saying that if this union comes up in full force, we are going to start taking levies from our members. Initially, there was the issue of them not wanting to enumerate the actual number of agents, because most operators under-declare the actual number of their agents. Most of the issues against the union in the early days was about operators not wanting a union that can categorically allow the authorities to know the actual number of casino or sports betting agents they have.” Omaghomi revealed that was the “major conspiracy,” but said “we were able to douse all that by working with the Ministry of Labour and the major operators to agree that they can pay on behalf of their agents/workers,” who are actual employees, paying the 2.5 per cent and then for agents “we are saying, since you don’t want your agents to pay the same thing as your workers, you can come up with some kind of formula.” “At the end of the day, we had a win-win situation,” Omaghomi pointed out. “There is progress.”
ADVISORY: +18 PERSONS UNDER 18 MUST NOT PARTICIPATE IN BETTING, GAMING OR LOTTERY ACTIVITY
With the UEFA Champions League quarterfinalists already confirmed, Juventus, Man United, Arsenal and Roma are all expected to book their place in the Europa League quarterfinals if there are no surprises thanks to aggregate advantages or home advantage as is the case for Arsenal. West Ham are similarly expected to advance into the quarterfinals of the Europa Conference League thanks to their two-goal advantage going into the second leg. Turkish Super League table toppers Galatasaray are likely to extend their lead at the top of the table when they visit Konyaspor on Friday. Chelsea and Manchester City are expected to beat Everton
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and Burnley in the premier League and FA Cup, respectively. In Germany, A win against Koln at the Westfallen Stadium for Borussia Dortmund (who surprisingly dropped points against Schalke 04 last time out) will see them temporarily leapfrog Bayern Munich to the top spot. Bayern’s result on Sunday when they visit Leverkusen will determine if Dortmund retain their top spot or not. Anything other than defeat for Bayern will see Borussia Dortmund back at second spot. However, should Bayern Munich lose, Dortmund will be top of the table by a single point heading into the 26th match day of what is likely to be the most competitive Bundesliga season in over a decade.
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INFLUENTIAL PERSONALITIES IN GAMING Keep a date on Thursday, March 30, 2023 as Gaming Week reveals across the gaming spectrum, the ladies and gentlemen who turn the wheel.
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THURSDAY MARCH 16, 2023 • T H I S D AY
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NEWS
DOSUNMU DECLARES TO JOIN APC... L-R: Labour Party’s Lagos Central Senatorial candidate, Chief Adesunbo Onitiri; Lagos State Deputy Governor, Dr Obafemi Hamzat; Governor Babajide Sanwo-Olu; former PDP governorship candidate in Lagos and Ex NIMASA DG, Dr Ade Dosunmu and the APC Lagos chairman, Hon Cornelius Ojelabi during Dosunmu’s official declaration to join APC, at the Lagos House, Marina,... yesterday
Atiku: Wike Deceived G-5 Govs into Committing Political Suicide Says Rivers governor a traitor, vile dictator Chuks Okocha and Emmanuel Addeh in Abuja Presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, yesterday,maintained that the Rivers State Governor, Nyesom Wike, ended up deceiving Governors Okezie Ikpeazu (Abia), Ifeanyi Ugwuanyi (Enugu) and Samuel Ortom (Benue) into committing political suicide. In a statement by his Special Assistant on Public Communication, Mr. Phrank Shaibu, Atiku also said betrayal, hypocrisy and deception were part of Wike’s ‘DNA’, stressing that it was why he lost relevance outside Rivers State and became a ‘bull in a China shop.’ Atiku, reacting to a statement by the Rivers state government warning him (Atiku) to “caution his attack dogs”, insisted Wike lacked the moral right to caution anyone about decorum. “Wike was nominated as minister by Governor Rotimi Amaechi. He got there and betrayed Amaechi and continues to insult him on a daily basis. In 2017, he tried to take over the soul of PDP by insisting that
Prince Uche Secondus should be national chairman but he soon fought with Secondus and orchestrated his removal because of his desperation to be president. “As governor, he constantly undermined his colleagues notably Governors Ben Ayade (Cross River), Dave Umahi (Ebonyi) and Godwin Obaseki (Edo). Ayade and Umahi eventually left out of frustration. Even Peter Obi left due to the constant insults from Wike,who battled with him over the structure of the PDP in Anambra State,” Atiku stressed. He added that in 2021, Wike wanted Senator Iyorchia Ayu to hand him the presidential ticket but when it didn’t work, he tried to remove Ayu as well, declaring that in Wike’s most recent act of desperation, he deceived four of his colleague governors to reject the PDP thereby pushing them into political suicide. Berating Wike for saying he opposed Atiku’s candidacy for altruistic reasons and for the unity of Nigeria, claiming Wike never does anything for anyone but himself, Atiku said, “Wike’s claim that he opposed Atiku for the sake of fairness is
like a prostitute claiming to be in business in order to feed the poor. No one believes his lies anymore including those he pays to attend his sponsored events, where he entertains them with horrible dance steps. “Wike invited Peter Obi to
Port Harcourt under the guise of commissioning projects only for him to work against the same Obi and then goes around to call Obi the hero of the election. This is obviously a shameless man, who takes Nigerians for fools. “Wike is a snake and that is
Justice K. A Lewanya of the Imo State High Court, Owerri, Imo State, on Tuesday March 14, 2022, convicted and sentenced a former Commissioner for Transport in Imo State, Prince Laseberry Anyanwu, aka Laseberry Okafor to three years imprisonment. Anyanwu was a commissioner in the administration of Rochas Okorocha administration. A statement signed by the Spokesman of EFCC, Wilson Uwujaren, said he was sentenced on a four count charge that bordered on abuse of office and fraudulent diversion of N180, 000,000. He diverted the said sum from the account of the Imo Transport Company to Oma Oil & Industries
Ltd, a company in which he has interest through phony contracts. One of the charges reads, “Prince Laseberry Okafor Anyanwu aka Laseberry Okafor between the 6th day of November, 2017 and 10th day of November, 2017, while being employed as the Chairman, Committee on Review of Imo Transport Company, used his office to confer a corrupt advantage upon himself when he caused the transfer of the N100,000,000.00 property of Imo Transport Company’s account with Imo State Microfinance bank’s Polaris bank account to the Polaris bank account No:40906668828 belonging to Oma Oil & Industries Ltd, a company in which he is a shareholder/director/chairman/chief executive and signatory to the bank accounts of the said company”.
Atiku, therefore, described Wike as a high-handed and brutal dictator who threw tantrums like a baby whenever he could not have his way, adding that, on Wike’s watch, anyone who disagreed with him in Rivers became a target for destruction.
Omisore Threatens to Sue Lukman over Allegation of Campaign Funds Mismanagement Demands N500m damages, apology, retraction, within 48hrs It's an attempt to bully me, Lukman declares Adedayo Akinwale The National Secretary of the All Progressives Congress (APC), Senator Iyiola Omisore has threatened to sue the party's National Vice Chairman, North-west, Dr. Salihu Lukman for accusing him of mismanaging Osun State governorship election campaign funds. Lukman, made the allegation during an interview on the African Independent Television (AIT) on Tuesday, where he made the
allegation. "Part of the issue with that is that I'm aware the party has given some campaign funds to Osun which was handled by the National Secretary and to some extent, he has either mismanaged it but more importantly, he's not accounting to anybody and you have to activate the process of accountability," he had said. But Omisore in a letter through his attorney dated March 15th, and addressed to Lukman titled, 'Request for a retraction, an apology,
Ex-Imo Commissioner Jailed Three Years over Diversion of N180m Kingsley Nwezeh in Abuja
why even after helping Tinubu to a dubious victory in Rivers State, even Tinubu cannot invite him to the dinner table because a snake is not the kind of animal you can invite into your home. Such animals cannot be domesticated,” he argued.
Another count reads, “Prince Laseberry Okafor Anyanwu aka Laseberry Okafor also on the 31st day of January, 2018, used his office to confer a corrupt advantage upon himself when he caused another transfer of the sum of N80,000.000.00 property of Imo State Government from the Imo State Ministry of Transport’s account with Polaris Bank to the Polaris Bank Account No:40906668828 belonging to Oma Oil & Industries Ltd, a company in which he is a Shareholder/Director/ Chairman/Chief Executive and signatory to the bank accounts of the said company”. The defendant had pleaded not guilty to the four counts, setting the stage for the matter to proceed to trial. In the course of trial, the prosecution called three witnesses
and tendered several documents which were admitted in evidence as Exhibits. At the close of the prosecution’s case, the defendant opened his defence, and testified for himself. Delivering judgment on March 14, 2023, Justice Lewanya held that the prosecution had proved the case against the defendant, convicted and sentenced him to one year imprisonment each on counts 2, 3, and 4 without option of fine. The sentence shall run concurrently. The Judge, however, discharged and acquitted him on count one. The Judge further ordered that the N180 million in the accounts of the defendant, already the subject of an interim forfeiture order, be forfeited to the Imo State Government.
and payment of damages for the libelous statement made of and concerning the person of Senator Iyiola Omisore in your press release and publication'. The letter read: "We are Solicitors to Senator lyiola Omisore, a two-term Senator of the Federal Republic of Nigeria, a former Deputy Governor of Osun State and the current National Secretary of the All Progressives Congress on whose instruction we write in relation to the above subject. “Our instruction is that during an interview on Africa Independent Television (AlT) on the 14th of March, 2023 which was published in several online news blog, social media platforms, television stations and news media outlets including on the 15 th of March, 2023 by Amiladenews.com, an online news blogs, you made a libelous and defamatory statement of and concerning our client." Omisore insisted that Lukman's allegation has caused damage to his character and integrity. The party’s scribe maintained that the allegation was not only false, misleading but without any factual basis in all respects. Omisore added that it was a deliberate attempt sponsored and designed to malign his image and his political stature as a leader of note in Osun State, the South-West geopolitical zone and Nigeria as a whole. He reiterated that the allegation
made against him was false in all ramifications, insisting that he was neither given any money to prosecute the Osun State governorship election nor did he mismanage the non-existing campaign funds. Omisore noted that It was clear beyond doubt that Lukman's statement and publication was a political ploy with the intent of to impugn his reputation, integrity and unjustifiably and unwarrantedly assassinate his character in the eyes of right-thinking members of the public. The letter added: "Our client has consequently directed us to request for a retraction of your libelous statement and publication and an apology to be published in two major newspapers and several online news outlets not later than 48 hours of the delivery of this letter and also the payment of the sum of N500 million as damages for malicious statement against our client. “Take notice that if you fail to heed the request of our Client within 48 hours of the receipt of this letter, we shall be constrained to proceed to the court of law against you for exemplary damages for injurious falsehood and malicious statement made of and concerning our client." In his response, Lukman said it was an attempt to bully, adding that he would respond properly. He said: "My immediate reaction is that this is an attempt to bully me but I will respond to him properly."
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ABIODUN DONATES BUSES TO ROYAL FATHERS... Oba Babatunde Ajayi receiving keys to new buses donated to each of the four traditional councils in the State by Governor Dapo Abiodun (right) at the palace in Sagamu... yesterday
Amaechi: Rivers People Are Tired of Wike, His Stealing A former Minister of Transportation and erstwhile Governor of Rivers State, Chibuike Rotimi Amaechi, has called on Rivers people to come out on election day, vote and stand to protect their votes, stating that it was the only way to put a stop to Governor Wike's stealing. He said, unlike the All Progressives Congress (APC) candidate, Tonye Cole, who has a mind of his own, Wike wanted to continue his stealing of Rivers resources by installing his errand boy. Amaechi spoke yesterday during his campaign visit to the popular Mile 3 Market in Port Harcourt, and electoral wards in Ikwerre and Etche Local Government Areas to canvass voters for APC's Cole. In Elele, he said, "Wike is tribalistic. Wike does not even support Ikwerre people, Wike
supports only himself and his pocket, and his garrulous mouth. We will win. You need to come out and vote and make us win. People are tired of Wike and his stealing. “And I'm not joking when I said Wike drinks N50 million worth of whiskey a week. He has no shame, he is like a mad man. If he has shame, he would not have gone on national television and say when Atiku was demonstrating at INEC office, he was drinking 40-year old whiskey. Is he well? "If he takes me to court, I will still call him a thief. Wike can never take me to court for libel. It's so easy to prove. I will show his properties, let him tell us how he got the money to build those properties. He is taking me to court for corruption, see a thief taking someone to court," Amaechi said.
Amaechi, who stated that the problem was with the people, who would rather collect money from Wike and mortgage their future, explained that, "Wike is not our problem, you are the problem. If he comes here now (with money), you start dancing.
“If Wike gives you N10 million, when you give him power, he steals N1 billion. Wike has abandoned everything, schools, health centres, just to make money. We cannot continue like that. In Rivers State, Wike is the contractor and all the money is in his pocket.
members of the PDP to work assiduously to enable them deliver their units and wards, adding that they should protect their votes at all the levels. "When l was listening to the PDP Chairman in Isoko South, he said that they will deliver massive votes for the party and to deliver such votes, everybody must work together. "I thank you all very well. Those who are aggrieved should bury the hatchet and work together because if the party goes down, every member of the party will collectively go down and if the party goes up, every member will rise collectively. "We must realise that together, we must fight this battle and therefore, everybody has to be on track with the same plan to enable us emerge victorious in the March 18 polls. "The past presidential and national assembly elections should teach us a lesson so that we can plan ahead and work together for the victory of the PDP. "We must carry everybody, including the youths and women, along in the scheme of things. It is very important that we carry everybody along. The youth must not be ignored.
“I built your primary schools and they were free of charge. I built your Health Centre. I made sure you had light. I hear for 4 years now you have no light. How will your economy grow? And your people are still queuing up and following Wike about,” he said.
ECOWAS Deploys 163 Observers to Nigeria’s Gubernatorial, State Assembly Elections Michael Olugbode in Abuja The Economic Community of West African States (ECOWAS) Commission yesterday disclosed that it was deploying 163 observers to monitor next Saturday’s gubernatorial and State Assembly elections in Nigeria.
A statement from ECOWAS read: “The President of the Commission of the ECOWAS Commission, Dr. Omar Alieu Touray is deploying an ECOWAS Election Observation Mission (ECOWAS-EOM) to monitor the gubernatorial and State Assembly
Guber Poll: Okowa Urges PDP Leaders to Work for Party's Victory Delta State Governor, Senator Ifeanyi Okowa, yesterday urged the leadership of Peoples Democratic Party (PDP) across the state to carry all members along to ensure a resounding victory for the party in the March 18 gubernatorial and House of Assembly elections. Okowa gave the advice at a stakeholders meeting with members of the party at the residence of Chief Solomon Ogba in Aviara, Isoko South Local Government Area of the state. He urged the party faithful to collaborate by putting the past behind them and work collectively to enable the PDP record overwhelming success for all its candidates in the forthcoming elections. According to him, members of the party should draw a lesson from what happened in the presidential and national assembly elections held on February 25 so as to avoid a repeat of what happened during that election. The governor appealed to aggrieved persons to bury the hatchet and work for the electoral success of the PDP gubernatorial candidate, Rt. Hon. Sheriff Oborevwori and the party's candidates for the House of Assembly. He also implored leaders and
"If there's one man, who has developed Elele, I am the one. I did the internal roads of Elele, I gave your children contracts for water, so if you don't have water, don't blame me. They put the money in their pockets. All of them are now in PDP.
"We should realise that with the BVAS technology, it is one man, one vote. So, we should learn that everyone has one vote," Okowa said, and urged members of the party to woo eligible voters in their areas to vote on Saturday. Earlier in their separate speeches,
the PDP Chairman in Isoko South Local Government Area, Chief Godspower Obaro and Chief Solomon Ogba, had assured that they would mobilise eligible voters in the area to vote massively for the party's governorship and House of Assembly candidates.
elections in Nigeria to be held on Saturday, 18 March 2023.” According to the statement, the deployment of the 163 observers was in line with the provisions of Articles 42(2) and 44(b) of the 1999 ECOWAS Protocol relating to the Mechanism for Conflict Prevention, Management, Resolution, Peacekeeping and Security: Article 12 of the 2001 Supplementary Protocol on Democracy and Good Governance, and Article 53(c) of the 2008 ECOWAS Conflict Prevention Framework. The statement further revealed that the observers would be drawn from the Community Institutions (the Commission, Parliament, and the Court of Justice); West African Ambassadors accredited to ECOWAS; Member States’ Electoral Commissions and Ministries of Foreign Affairs; and electoral experts from civil society. It would also include a 13-member Core
Team of electoral experts that has been in Nigeria prior to the presidential and national assembly elections. The statement added that the mission would be backstopped by an ECOWAS Technical Team under the overall coordination of Ambassador Abdel-Fatau Musah, the ECOWAS Commissioner for Political Affairs, Peace and Security. The statement added: “The 18 March elections will complete the current electoral cycle in Nigeria, following the 25 February presidential and national assembly elections to which ECOWAS deployed 250 observers across the six geopolitical zones of the country. “The 163-member ECOWAS EOM will be deployed from 15 to 21 March 2023 to eighteen (18) States, identified on the basis of a technical assessment and analysis of trends and hotspots, to physically and remotely monitor the elections.
Migrate to Renewable Energy to Reduce Service Cost, NCC Urges Telcos Oghenevwede Ohwovoriole in Abuja The Nigerian Communications Commission (NCC), has called on Mobile Network Operators (MNOs) to transit from fossil fuel to renewable energy in order to reduce the cost of telecom service as well as help fight climate change. The NCC Executive Vice Chairman, Prof. Umar Danbatta, stated this yesterday, at the 2023 World Consumer Rights Day in Abuja with the theme: "Empowering Consumers Through Clean Energy Transitions." Danbatta, who was represented by the Executive Commissioner, Stakeholders Management, Adeleke Adewolu, stated that a transition from fossil fuel to renewable energy would greatly reduce the impact of
climate change on the environment. He said: "To minimise the environmental impacts of climate change caused by carbon emissions, telecom network providers need to come up with a modern and more energy-efficient network. "This includes the use of solarpowered cells, wireless electricity or a hybrid system to replace higher energy-consuming equipment that will lead to a reduction in capital expenditure (CAPEX) and operational expenditure (OPEX) and by implication, a reduction in service costs to consumers. "Transitioning to renewable energy is predicted to result in a lower cost of operation as operators will be able to save on the cost of diesel, which accounts for a large chunk of the costs incurred by
these licensees. "The competition that the Commission consistently promotes among industry players has a natural consequence of the savings on the cost of diesel passed on to consumers, which would potentially result in lower prices for services. "Therefore, I want to use this opportunity to call on MNOs and Original Equipment Manufacturers (OEMs) to come up with innovations in sustainable energy in line with the International." According to him, the NCC was working on a clean energy policy that would benefit both the MNOs, consumers and the environment. He cited the "International Telecommunications Union (ITU) Recommendation ITU-T L.1380 on smart energy solutions for telecom
sites’ performance, safety, energy efficiency and environmental impact,” adding that this was vital to address the challenges of climate change and environmental degradation. "In this regard and for the industry stakeholders, especially consumers, to benefit from the advantages of renewable energy, the Commission is working on a policy to encourage the adoption of renewable energy sources by operators. "When operational, the policy will ensure that using clean energy sources for power has the potential to resolve the three key needs of the telecom industry, namely: reduction in diesel usage; expansion of telecom infrastructure to off-grid areas; and reduction in carbon emissions," he said.
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EDO APC CHIEFTAINS PRESS CONFERENCE... L-R: Member, APC Chieftains, Edo State, Momo-Jimoh Abdulsabur; Convener, APC Chieftains, Edo State, John Mayaki and Member APC Youth Stakeholder, Peter Adeshina, during a press conference on the state of the nation by Edo APC Chieftains in Abuja ... yesterday PHOTO: ENOCK REUBEN
Afenifere’s Leader, Fasoranti, Endorses Sanwo-Olu for Re-election Congratulates Tinubu on electoral victory Real estate developers support Lagos gov’s second term bid Segun James The national leader of Yoruba’s apex socio-cultural group, Afenifere, Chief Reuben Fasoranti, has endorsed the re-election bid of the Lagos State Governor, Mr. Babajide Sanwo-Olu, urging the electorate in the state to queue behind the All Progressives Congress (APC) candidate in order to consolidate on the achievements recorded in Lagos. Fasoranti also described the emergence of Bola Tinubu as winner of the 2023 presidential election as “a reflection of the electoral will of the majority of Nigerians,” congratulating the former Lagos governor for his victory. This is as a group of Real Estate Developers in the state have joined the league of groups endorsing Sanwo-Olu’s re-election.
Lagos, the Afenifere leader, in a press statement, said, was an important nation’s commercial city and the pride of the Yoruba race, saying the evolving physical and socio-economic developments of the city should not be thwarted, and that the state would gain more under the incoming Tinubu administration than when it is in the hands of the opposition. The elder statesman, however, urged Lagosians not to make the mistake of buying into the gimmick of those bent on reversing the achievement Lagos had recorded. The Yoruba leader said he aligned with impartial electoral observers to give the Independent National Electoral Commission (INEC) a pass mark for the conduct of the presidential election, which he described as “free, fair and credible”,
despite the challenges that threatened to derail the process. Fasoranti urged the electoral umpire to build on the gains of the presidential elections and improve on the feat recorded in the conduct of gubernatorial elections coming up next Saturday across the federation. “I want to use this opportunity to recognise and appreciate the achievements of the Governor of Lagos State, Babajide Sanwo-Olu who is seeking re-election for a second term on the platform of APC. Lagos as the economic nerve centre of Nigeria and by extension of Yorubaland deserves the very best. “Governor Sanwo-Olu has been through the mill and crucible of politics, business, and public administration, occupying various positions in government since 1999 and garnering requisite experience,
which he has displayed in the last four years to the admiration of all and sundry.” On their part, the group of real estate developers, at a press conference addressed by Mr. Iyke Kelvin Asogwa, said their understanding of the crucial role government plays
creating an enabling environment for business to thrive and ensure the needed economic development, was part of the decision behind our campaign for Governor Sanwo-Olu's re-election. According to Asogea, the decision to endorse the Governor was reached
Alleged N338m Fraud: Court Threatens to Revoke Ex-Speaker, Ikuforiji's Bail Wale Igbintade Justice Muhammad Lima of the Federal High Court in Lagos, has threatened to revoke the bail granted to former Speaker of Lagos State House of Assembly, Adeyemi Ikuforiji, if he fails to show up for
trial over alleged N338.8 million money laundering charged preferred against him by the Economic and Financial Crimes Commission (EFCC). Ikuforiji is standing trial alongside his former Personal Assistant, Oyebode Atoyebi on 54 counts
AHMED: FG TO ABOLISH PETROL SUBSIDY BEFORE MAY 29, ATTRIBUTES DELAY TO 2023 ELECTIONS, CENSUS Agba explained that the Nigeria Agenda 2050 projected annual average real GDP growth of seven per cent. The council also approved N15 billion for the award of contract for the construction of an access road from the existing Benin-Asaba expressway to approach the link road to Second Niger Bridge in Delta State. Minister of Information Lai Mohammed, who also briefed newsmen after the FEC meeting, spoke on behalf of his counterpart in the Works and Housing ministry, Babatunde Fashola. Mohammed said the council approved N9 billion as revised estimated total cost of contract for the Phase 1 dualisation of the Suleja- Minna road in Niger State. FEC approved the sum of N8 billion for the construction of Jatu Dam in Etsako West Local Goverment Area of Edo State to provide potable water and all year water for farming in the community. Mohammed said Edo State Government was to provide N2 billion as 25 per cent counterpart funding for the project. On his part, Minister of Power, Abubakar Aliyu, said FEC approved £3.7 million as contract variation for the construction of 33KVA substation at Nnewi and a 132kv line bay extension at Onitsha substation for the Transmission Company of Nigeria (TCN). He said the project had suffered delay since 2006 due to poor budgetary
allocation, among other challenges. FEC, also yesterday, rescheduled Nigeria's 2023 population and housing census, earlier scheduled for end of this month, to May. Mohammed, who made this known to newsmen, explained that the decision to move the date was necessitated by the rescheduling of the governorship election to March 18. The minister also disclosed that the council approved N2.8 billion for the National Population Commission (NPC) to procure software to be used for the census. According to him, “There was a memo presented by the National Population Commission, seeking for some software to allow them conduct the census in May this year. I believe because of the rescheduling of the elections, they cannot commence the census as scheduled. “They sought Council's approval for a contract to procure software for the census at the sum of N2.8 billion." Earlier, before the commencement of the FEC meeting, Buhari administered oath of office on seven reappointed board members of the Independent Corrupt Practices and Other related offences (ICPC). The members included Justice Adamu Bello (rtd) (Katsina State), Hannatu Mohammed (Jigawa State), Olubukola Balogun (Lagos State), and Obiora Igwedibia (Anambra State). Others were Dr. Abdullahi Saidu
(Niger State), Yahaya Umar Dauda (Nasarawa State), and Grace Chinda (Rivers State).
Ghana Yanks Away Fuel Subsidy
Ghana National Petroleum Authority announced the removal of fuel subsidy in the country. Ghana had in the last 10 years embarked upon subsidy reforms, completely removing it or embarking on gradual removal at different times, but had returned it due to certain exigencies. For Nigeria, the sensitive issue had been a subject of debate, although like Ghana, Nigeria, which did away with what it termed under-recovery in 2020, restored it as crude oil prices soared, affecting local pump prices of the product. But Ghana stated yesterday that removal of the subsidy was part of the country’s regulatory measures to ensure stability across its downstream sector, according to the Ghana News Agency (GNA). Chief Executive of NPA, Dr Mustapha Abdul-Hamid, spoke during a presentation at the Africa Refiners and Distributors Association (ARDA) Week 2023, currently taking place in Cape Town, South Africa. Abdul-Hamid highlighted regulatory measures NPA implemented to ensure stability across Ghana's downstream sector, following the global oil and gas market volatility attributed to
after a strategic meeting of the Real Estate Developers Association, saying, "Continuity as we all know has an important role to play in the development of any state and economy. This is the reason behind our unanimous endorsement for Governor Babajide Sanwo-olu.”
Russian-Ukraine war and energy transition-related policies. He called for increased cooperation between African countries and players within the downstream sector, and between private and public sector institutions to ensure security of energy supply and affordability. Abdul-Hamid said, “We have removed subsidies and deregulated our markets. Industries were shutting down because the government was finding it hard to find the money to provide subsidies and to this day, industry is being powered by investments in the private sector and there are no complaints of supply. “We are ensuring affordability and security for the vulnerable consumers through the removal of energy subsidies.” He disclosed that the plans were implemented in response to the global oil and gas market volatility caused by the Russian-Ukraine conflict and energy transitionrelated policies. “For the first time in 30 years, we have installed fuel caps as a measure to intervene and to control market instability,” he added. Abdul-Hamid stated that NPA had also created a special fund to assist refineries in boosting their capacity to 50 barrels of oil in order to meet the country’s growing demand, explaining that to curb profiteering, some measures to ensure stability have been introduced.
The NPA chief executive said the fuel caps had helped to control market instability. “This has helped restrict uncontrolled increases in fuel and energy prices at the height of the global market instability since the conflict between Russia and Ukraine started,” he stated. The regulator also spoke about the Gold for Oil Programme, under which Ghana leveraged its vast gold resources to buy petroleum from international markets. He said, “We exchange gold directly for petroleum products from international firms. We buy the gold directly from large and small mining firms and exchange it with petroleum. This has stabilised our industry and kept energy prices affordable.” Abdul-Hamid said Ghana had also ensured NPA was a one-stopshop for everything required for firms to participate in the country’s oil and gas industry. By so doing, he said Ghana had limited the time spent in registering and getting projects and firms up from the ground. He stressed, “There are roles of the Gas Master Plan, the Renewable Energy Plan and Trade Policy on maximising the country’s energy mix diversification and the exploitation of liquefied petroleum gas, as well as natural gas to boost electricity generation and consumer access to clean cooking, while ensuring environmental sustainability.”
of laundering about N338.8million. However due to the absence of the defendants, the court adjourned the matter to May 3rd and 4th. Justice Lama directed the defendants to ensure they are present for trial on the next date, failing which their bails may be revoked and a bench warrant issued. When the matter came up yesterday, Mr. Ekene Iheanacho, announced appearance for the prosecution and drew attention of the court to a letter for adjournment written by defence counsel. He decried the slow pace of the trial in the suit over the years. Iheanacho argued that the letter requesting adjournment was written by counsel to the Defendants, and not the Defendants themselves. He told the court that the Defendants had no reason to be absent from court. The prosecutor, consequently, made an oral application that a bench warrant be issued against the defendants and their bails be revoked. In a short ruling, the court in its wisdom, directed the defendants to ensure they are present for trial on the next date, failing which their bails may be revoked and a bench warrant issued. The court adjourned the case till May 3 and 4 for continuation of trial. Ikuforiji was charged by the EFCC alongside Atoyebi. Both of them had pleaded not guilty before Justice Mohammed Liman, and were allowed to continue on an earlier bail granted to them in 2012 when they were first arraigned. On March 17, 2021, the EFCC closed its case after calling the second witness for the prosecution, Mr. Adewale Olatunji, a former Clerk of the Lagos House of Assembly. The prosecution called only two witnesses in support of its case. The case was then adjourned for the defence to open its case and begin its defence.
THURSDAY MARCH 16, 2023 • T H I S D AY
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NEWS
THE ADRENALINA LAUNCHED…
L-R: Head, Business Excellence, The Adrenalina, Tejumade Salami; Chief Executive Officer, Chukwuerika Achum; Marketing Consultant, Ayodele Arowosegbe, and Head of Customer Service Excellence/Host of Voltzz Podcast, Hilda Edet, at the launch of The Adrenalina, a co-working space centred around entrepreneurship, in Lagos… recently ETOP UKUTT
Gunmen Kill 10 in Fresh Attack on Kaduna Community John Shiklam in Kaduna
Ten people have been reportedly killed in a fresh attack on Langson community, Zango Kataf Local Government Area of Kaduna state. Four people were also said to have been injured during the attack which occurred at about 9pm on Tuesday. The attack came three days after
17 people were killed in similar incident on Sunday in Angwan Wakili, also in Zangon Kataf LGA. The Chairman of Zango Kataf LGA, Francis Sani, who confirmed the incident in a telephone interview appealed for calm. He called on the government to deploy more security personnel to the area to arrest the persistent
attacks on innocent people. Also confirming the incident, President of the Atyap Community Development Association (ACDA), Dr. Samuel Ache, said 10 people were killed while several others were still missing. He added that four people were injured and were taken to
the hospital. Ache said the attack took place in between three military check points in the community. He said the people of the area had lost confidence in the military following the persistent attacks. “We have just discovered that the military that are sent to protect
us are not protecting us, rather they are supervising the killings of our people,” Ache alleged. He alleged further that, “Even when our boys from neighbouring communities made effort to come and repel the attackers, the military stopped them, until when the attackers
left before they were allowed into the community.” He called on the government to, “as a matter of urgency, remove the security agencies in our land because they are not protecting us, rather they are supervising the killing of our people.”
CSO Charges Judiciary Not to Pervert Justice onhinging Technicalities their arguments on the quotient towards the judicial arm the polity. OluchiChibuzor
government is low, however, Speaking at a press conference extant provisions of the Constitution Tinubu’s Victory Excites US- As political parties head to various ofnotedthethat Nigerians are condemned in Lagos yesterday, the Country of the Federal Republic of Nigeria, tribunals to seek justice over to trust in their abilities to deliver Director of EII, Chris Iyama, said the Electoral Act 2022 and INEC’s based Nigerian Entrepreneur election election matters, a civil society justice based on material evidence. Nigerians expect that the Presidential manual for the conduct of the 2023
A Nigerian American from Edo state, Mr. David Adodo has said that the victory of Bola Tinubu as the president-elect gives him fulfillment, stressing that he never for once doubted the ability and capability of the former governor of Lagos state to deliver good governance that Nigeria deserves. According to Adodo, the impressive performance of Tinubu as governor of Lagos State led to a solid foundation that the commercial business hub in Nigeria has been riding on since 1999 The entrepreneur spoke about the several institutions created by the Tinubu government, adding that the president-elect as a man
who has the ability to discover and promote talents. Adodo explained that Tinubu had made a lot of men who are equally good contributors to democratic values, stressing that he would replicate same at the federal level when he eventually takes over on May 29, 2023. Meanwhile, he has said that in Edo State where he hails from, his group, The David Adodo Political Group, has witnessed speedy growth in recent times. The David Adodo Political Group has been noted to be a movement motivated by the benevolence of the founder, Adodo.
organisation, Equity International Initiative (EII), has charged the Nigerian judiciary not to pervert justice based on technicalities. This is as they stated that the average Nigerian citizens’ trust
In view of this, they charged the youths not to give up on the electoral process of the country as the 2023 presidential and NASS elections have shown that they remain a viable force in the dynamics of
Elections Tribunal would deal justly and equitably, and must be seen to give fair hearing to all parties who have filed in their petitions. According to him, “Nigerians expect that petitions filed by parties,
polls will be dealt with on their merits, and that the decisions of the Presidential Elections Petition Tribunal will be in line with the law, and the wishes and yearnings of Nigerians.
ADC Candidate Accuses Katsina Politicians of Practising ‘Transactional Politics’ of engaging in politics of the Peoples Democratic Party the party to join the Peoples
Francis SardaunainKatsina
The only female candidate in Katsina state seeking to represent Katsina Local Government on the platform of the African Democratic Congress (ADC), in the state House of Assembly, Hauwa Lawal Jibrin, has accused politicians in the state of practising transactional politics. She explained that instead
development, most politicians in the state were practising transactional politics while ignoring the plight of the citizens they claimed to be working for in the state. Speaking at a press conference in Katsina yesterday, the ADC chieftain also distanced herself from her party’s alliance with
(PDP) ahead of the March 18 governorship and state House of Assembly elections. She said: “It was with a great shock that I received the news that the Katsina State ADC gubernatorial candidate and the State House of Assembly candidates for Saturday, March 18th elections, have dumped
Democratic Party (PDP) for the purpose of forthcoming elections. “I want to state emphatically that I, Hon. Hauwa Lawal Jibrin, the ADC House of Assembly candidate for Katsina local government, is not a party to the unholy alliance, and I want my supporters and the electorate to know that I am still in the race.
Abia Guber: APGA Faction, Northern Disregard Call for Lifting of Executive Order on Monarchs, Adeleke Told order had brought past administration caused. house represented by Prince Community, Others Adopt Emenike Yinka Kolawole in Osogbo executive sanity to the hitherto tensed Adeleke had issued an Ali Afolabi yesterday said the Emmanuel Ugwu-Nwogo in Umuahia With less than 36 hours to the 2023 governorship/state assembly election, the candidate of the All Progressives Congress (APC) in Abia State, High Chief Ikechi Emenike has continued to benefit from political alignment and endorsements. In one of such alignment a faction of the All Progressives Grand Alliance (APGA) yesterday adopted Emenike as their sole
candidate for the gubernatorial poll. In similar political move, the candidate of the African Democratic Party(ADP), for Ikwuano/Umuahia federal constituency in the February 25 poll, Hon Patrick Meregini also handed his structure to Emenike and pledged to work for his success. Leader of the APGA faction, Sir Chikwe Udensi, was a rival governorship candidate of the party before the Supreme ruling two weeks ago.
NSCDC Introduces Robust Security Arrangement for Elections MichaelOlugbodeinAbuja The Nigeria Security and Civil Defence Corps (NSCDC) said it has put in place a robust security arrangement geared towards the success of the forthcoming Gubernatorial and State Assembly Elections A statement yesterday by the spokesman of the NSCDC, Olusola Odumosu read that: “Following the review, analysis, and processing of reports and observations from the
field on the Presidential and National Assembly elections held on the 28th of February, 2023, the management of the Nigeria Security and Civil Defence Corps (NSCDC), has put in place a robust security arrangement geared towards the success of the forthcoming governorship election.” He noted that the tightened security approach is to ensure that the Independent National Electoral Commission (INEC) staff, election materials and citizens are secured during the elections.
One of the leading Ruling Houses in Iree, Boripe North Local Government Area of Osun State, Olubonku, has urged the state governor, Senator Ademola Adeleke to disregard anyone calling for the reinstatement of some dethroned monarchs in the state, saying the governor’s
communities. Olubonku ruling house of Iree commended Governor Adeleke for the proactive steps he took upon assumption of office to douse the tension that the illegal selection and enthronement of some monarchs in the state by the immediate
executive order setting aside the enthronement of the Aree of Iree, the Akirun of Ikirun, and the Owa of Igbajo. Reacting to the plea by the Iwo Traditional Council seeking a repeal of the executive order placed on some monarchs in the state, Olubonku ruling
call was unnecessary as the committee set up by Governor Adeleke to review the processes leading to the appointments of the dethroned monarchs had submitted its report and it is proper for everyone affected to wait for the state government’s white paper on it.
Haven Homes CEO Drums Support for Sanwo-Olu’s Re-election Nume Ekeghe A real estate developer has supported the re-election of the All Progressives Congress (APC) candidate and incumbent governor of Lagos, Babajide Sanwo-Olu, for a second term, saying the development achieved in the last four years needed to
be sustained. Speaking yesterday in Lagos, Managing Director/ CEO of Haven Homes, Tayo Sonuga, said the Sanwo-Olu’s administration, through innovative policies, has positioned the Lagos real estate sector on the path of sustainable development.
“Policies of the administration of His Excellency, Governor Babajide Sanwo-Olu, have opened up Lagos real estate to unprecedented development like never before,” Mr Sonuga said. He lauded Sanwo-Olu for creating an enabling environment that addresses the issue of the safety of residents from the sharp
practices of the past. “In the last four years, there has been a concerted effort by the governor and his team to tackle the challenges of quackery and fraudulent activities within the sector. An impressive initiative is the partnership between the state and the EFCC in this regard.
Olunloyo: Oyo People Should Vote Makinde for Second Term A former governor of old Oyo State, Dr, Omololu Olunloyo has described the administration of Governor Seyi Makinde as excellent and has urged residents of the State to vote the governor in for a second term come Saturday 18, 2023. Olunloyo, who made this call
while featuring on a Splash FM programme, yesterday said he had seen a lot of innovations coming from Makinde’s administration that he would want continued for another four years. He described the administration as first class that
should be allowed to continue. He, particularly, called on Muslims and Christians to vote Makinde in the interest of good governance. Speaking further, he called on Makinde’s co-contestants including Senator Teslim Folarin of the All Progressives Congress
(APC) and Chief Adebayo Adelabu of Accord to exercise patience and wait for their time. Olunloyo, particularly, charged Adelabu to team up with Makinde for Saturday’s election and bid his time to achieve his ambition to be governor.
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THURSDAY, ;˜ ͺͺͻ ˾ T H I S D AY
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Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com
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UCL: Osimhen Double Fire Napoli into Historic Q’final Poor Liverpool knocked out third time from Europe by Real Madrid Duro Ikhazuagbe with agency report
Victor Osimhen ( second right) scored his 23rd goal in 28 games for Napoli as the Italian league leaders defeated Eintract Frankfurt 3-0 (aggregate 5-0) to reach the quarter finals of the Champions League for the first time in the club’s history
Oldest Golf Course in West Africa, Kano Club, Under Threats of Revocation of its C of O Femi Solaja
This may not be the best of time for Kano Golf Club following the revocation of its Certificate of Occupancy (C of O) by Governor Abdullahi Ganduje. The golf club prides itself as the oldest in West Africa believed to have been established in 1908. The monument in the club to celebrate where the first aircraft landed in the country on November 1, 1925 is about to give way to Alpha Property Development Limited and Alif Hotels Limited, two entities the Kano State government has deemed fit to occupy the choice acres of land. THISDAY learnt that the 26-hectare club was actually established 1903 at the beginning of colonial rule, but golfing did not start until four years later in 1908. In the document sighted by THISDAY, the Kano State Bureau for Land Management wrote to the club managers that the title deed of the club, issued on April 6, 1979, for a term of 40 years had expired on April 6, 2019. The letter reads: “Kindly refer to the Land Use Act No. 6 of 1978 which specified
terms and conditions governing land allocation and issuance of Certificate of Occupancy. “In this respect, I wish to notify you that the term of your title above
has expired with effect from 6th April, 2019, having been issued on 6th April, 1979 for a term of Forty years.” The letter was signed by Ibrahim Naabba with the stamp
President of the Nigeria Golf Federation (NGF), Otunba Olusegun Runsewe (left) and Plateau State Governor Simon Lalong during the anniversary of one of the oldest golf courses at the Rayfield Club in Jos...recently
showing that the Governor’s office was duly copied. As a follow up to the letter, the Director General of Kano State Bureau for Land Management, Zainab Braji, on March 7, wrote to the club, indicating that its expanse of land had been allocated to Alpha Property Development Limited and Alif Hotels Limited. A copy of the letter of allotment was also copied the governor. “The esteemed attention of your Excellency (Governor Ganduje) is humbly invited to refer to your directive at page 1 for the Bureau to examine properties with expired titles in respect of an application for Mega Shopping Complex and Five Star Hotel from Alpha Property Development Limited and Alif Hotels Limited respectively. “Your Excellency may wish to further note that, the expired titles were examined and the Certificate of Occupancy no. LKN/COM/ RC/82/268 bearing the name of Kano Club over a piece of land measuring 25.9395 hactres situated at Murtala Muhammad Way is hereby recommended for utilization for the purpose applied for in view of the following reasons:
“The said Certificate of Occupancy is a Commercial title which is normally granted for a period of forty (40) years and it commenced from 6th April, 1979 as such it is expired even though there exist no term on the copy of their Certificate of Occupancy at the back cover bearing an open term. “The size of the piece of land is 25.9395ha as such it can be subdivided to be utilized for Mega Shopping complex and five Star Hotel,” the memo read. In his response to the government’s decision, the Vice President of the Kano Golf Club, Umar AdamKolo, said the club was taking legal action to stop the taking over of its property by the governor and his agents in the Bureau of Lands. “We are taking legal action to stop this impunity. This decision is unacceptable as we have paid all the ground rents to date. “This is the last green area in the Kano metropolis and we will do our best to save it for posterity. “The Certificate of Occupancy of the course was issued in 1979 for 99 years. So the title has 55 more years of validity,” he clarified.
Nigerian international, Victor Osimhen, scored twice as Napoli cruised into the Champions League quarter-finals for the first time with a 3-0 (5-0 aggregate) comfortable win over German Bundesliga ‘s Eintracht Frankfurt. The two goals pushed Osimhen’s goal haul to 23 from 28 games for Napoli this season. With Luciano Spalletti's side two goals up from the first leg, the Super Eagles striker's thumping header in first-half stoppage time dispelled any lingering nerves at the Stadio Diego Armando Maradona. Osimhen doubled the Italians' lead on the night with a close-range finish from Giovanni di Lorenzo's cross eight minutes after the break and, having been brought down in the box, Piotr Zielinski converted the penalty himself to make it 3-0. With a commanding 18-point lead at the top of Serie A, Napoli head into the last eight with a real chance to compete for top prize in European football. The build-up to the match had been overshadowed as Eintracht Frankfurt fans clashed with police after arriving in Naples despite being banned from attending the second leg of the last-16 tie. Napoli who enjoyed the last half hour as they completed the joint-largest aggregate win by an Italian side in the Champions League knockout stages (25 goals) joined Serie A rivals Inter and AC Milan in the quarter finals. Elsewhere on the night, Liverpool's Champions League hopes ended at the hands of Real Madrid for a third consecutive season as they failed to overcome their first-leg Anfield demolition. The Reds, who lost the first leg 5-2, lined up with four forwards at the Bernabeu as they looked to add another famous comeback to their fabled European history. But that rarely looked on the cards and legendary Real striker Karim Benzema put the tie beyond doubt when he tucked in from Vinicius Jr's cutback late on. Jurgen Klopp's side would have lost this game by more if not for Alisson. The Reds goalkeeper denied Vinicius and Eduardo Camavinga with magnificent first-half stops. If Darwin Nunez had taken a chance in the sixth minute, then it could have been a different story. Liverpool players walked off to 'You'll Never Walk Alone' on the Bernabeu speakers as they reflected on their biggest ever 6-2 aggregate Champions League defeat.
...Runsewe’s NGF Planning Big for Nigeria’s Oldest Golf Clubs Nigerian Gift Orban Five of the oldest golf clubs in the country, namely; Sapele, Jos, Kano, Kaduna and Ikoyi have been promised major facelifts going by the arrangements the Nigeria Golf Federation(NGF) has undertaken to further boost the growth of the game in the country. President of the NGF, Otunba Olusegun Runsewe, disclosed this midweek in Abuja. The NGF chieftain who is also the Director General of the National Council for Arts and Culture (NCAC) stressed that as custodian of golf in the country, this move is an addition to the World Handicap System (WHS) his federation introduced late last year. The WHS will enable Nigerian
golfers to transport their handicap index globally and compete or play casual rounds with players from other regions and clubs on a fair basis. Otunba Runsewe however insisted that because negotiations were still ongoing, it would not be fair to disclose the foreign firms willing to help develop these Nigerian golf clubs to world standards. “As you are aware, these five clubs are amongst some of the oldest courses in the country. They include; Kano, Sapele, Jos, Kaduna and Ikoyi. By the time we finish all the paper works and the consortium of firms arrive the country, the game of
golf will take a new dimension with quality world-class courses in these oldest clubs,” enthused Otunba Runsewe with so much passion. The Kano Golf Club was established in 1908. This course whose ground also was the venue the first aircraft landed in Kano is unfortunately stuck on three holes instead of the international standard 18 holes. Although sports historians have not been able to ascertain if truly Sapele is the oldest course in Nigeria as some of the club’s documents show that it was formed in 1898 by a coterie of European sailors and captains of ships who were said to have traversed the
Atlantic Ocean from the United Kingdom down to River Ethiope. Other historians however insist that the club was founded in 1908 with the first official tournament holding there in 1914. Also in the list of some of the oldest golf clubs in the country is the Rayfield Golf Course in Jos. It was established in 1913. Similarly, the Kaduna Golf Club was established in 1921. Members of the club believe that it is the first golf club in the Northern Nigeria with a number of more than 750 members. With a single golf course with a distance of 0.9km and the potting surface of 18 green holes, makes it one of the largest golf courses in Nigeria.
Scores Fastest Hat trick in Europa Conference
Another Nigerian striker is turning the Europa Conference League upside down, scoring the fastest hat trick in the history of the competition as his Belgian side KAA Gent defeated Istanbul Basaksehir 4-1 last night. Orban, 20, who switched from Norway to the Belgian Jupiter during the January transfer window scored the fastest-ever hat-trick in the UEFA Europa Conference League in the 31st, 32nd and 34 minutes respectively.
He earlier also scored Gent’s only goal in the first leg which ended in a 1-1 draw. Gent scaled through to the quarter-finals 5-2 on aggregate. Orban has now netted five goals in the competition, a goal behind leading scorer Luka Jovic. The young striker scored four times in Gent’s 6-2 win at Zulte Waregem last weekend. He has now has 12 goals in nine appearances across all competitions for Gent this season.
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Adetilewa Adebajo to the FGN “The Ukraine/Russia war provided an opportunity for a windfall for Nigeria. While other oil producers are enjoying massive surpluses, we are contending with deficits and a N23 trillion illegal ways and means debts that we need to get off the CBN balance sheet. If we do not stick to the guidelines of these laws, we can be headed towards Zimbabwe and Venezuela status”-- Chief Executive Officer, The CFG Advisory, on the ways and means debt
OLUSEGUNADENIYI Nigeria: ‘From Top to Bottom…’ D THE VERDICT
uring his campaign for a second term in January 2019, President Muhammadu Buhari chose to rouse the Ibadan, Oyo State crowd with an unusual chant that has since gone viral. The All Progressives Congress (APC) slogan is ‘Change’ so when the president raised his fist and shouted the name of his party, the crowd responded appropriately. But apparently not satisfied with the response, Buhari decided to try something new. “APC…”, he chanted but before the crowd could respond, he added, “From top to bottom!” And for emphasis, the president repeated both the chant and response: “APC… from top to bottom.” By the third time, the crowd joined him in proclaiming “from top to bottom.” Handlers later explained that the president meant his party would win all elective offices “from top to bottom”. But opposition politicians have since argued that Buhari meant he would take the country “from top to bottom”. Last September, Benue State Governor, Samuel Ortom, alluded to the video when his spokesman, Nathaniel Ikyur, said “They (APC) have kept their promise to take Nigeria from top to bottom. They have taken our country beneath the bottom.” And with barely ten weeks to the end of Buhari’s tenure, not a few Nigerians also believe that the president has indeed “fulfilled that pledge” made four years ago in Ibadan. For those who share this school of thought, nothing demonstrates the “prophetic declaration” better than the Naira confiscation policy of the Central Bank of Nigeria (CBN) that has destroyed the lives and livelihoods of millions of Nigerians. The president not only owned the policy but defended it vigorously. On reflection, I fail to understand why, even when both the National Council of State and the Supreme Court offered face-saving opportunities for the president to change course last month, they were ignored. Whatever may have been the intended benefits of the policy (and I endorse the idea behind it), systemic inadequacies that make life difficult for the ordinary people should have compelled a rethink of its implementation. Despite public outcry, both the presidency and the CBN arrogantly carried on until the intervention by the apex court. Meanwhile, it was not lost on Nigerians of a certain generation that a similar policy implemented by Buhari as military Head of State four decades ago ended in disastrous consequences. One of the charges against Buhari is that he cannot see beyond “northern interest”. But as I always argue in his defence, the president doesn’t even understand those interests. Otherwise, he would not have signed on to this policy that has almost rendered the entire northern region prostrate. Myopic (and sometimes insensitive) appointments of friends, associates, relations, and in-laws to ‘juicy’ positions without due regard for equity and diversity in a pluralistic state cannot substitute for targeted and strategic interventions that would give more meaning to the ordinary people in the north. A few weeks ago, I visited former Defence Minister, Alhaji Lawal Batagarawa (who also hails from Katsina State). He shared with me revealing anecdotes of the damage the Naira confiscation policy has done to most rural people in the North. If the president cared enough, he would have been aware of the agonies of people in most northern communities because of the policy. On Monday the president practically threw the CBN Governor, Godwin Emefiele under the bus by saying the apex bank had no reason not to comply with a recent Supreme Court order on the pretext of waiting for his directives. According to his spokesman, Garba Shehu, the president never told the Attorney General of the Federation (AGF), Abubakar Malami and the CBN Governor to disobey
olusegun.adeniyi@thisdaylive.com
President Buhari any court order. Shortly after that presidential proclamation, the CBN released a statement that in deference to the Supreme Court judgement of 3rd March (which it had ignored) the old N200, N500 and N1000 notes would remain valid till 31st December 2023. But the damage has been done. When the policy was first announced about six months ago, there were signals that the CBN ought to have picked up on, including those from unlikely quarters. Quite naturally, the World Bank endorsed the policy which ordinarily would promote transparency and accountability, especially in the management of public finances. But the Bank also warned that the short transition period may have negative impacts on economic activity for the poorest households. “International experience suggests that rapid demonetizations can generate significant short-term costs, with small-scale businesses, and poor and vulnerable households, potentially being particularly affected due to being liquidityconstrained and heavily reliant on day-to-day cash transactions,” according to the World Bank. “At present, households and firms already face elevated financial pressures from prolonged, high inflation, recently compounded by external food and fuel
price shocks, and the severe floods, and phasing out existing naira notes over a short time period may add to their challenges.” I doubt if the CBN paid attention to that warning and others by economists within the country who expressed concerns. Their voices were drowned by those who, for political reasons, hailed the president while disregarding the timing of the policy and problems associated with implementation. “People with illicit money buried under the soil will have a challenge with this but workers, businesses with legitimate incomes will face no difficulties at all,” Buhari reportedly said in a statement by his spokesman. It put paid to speculations about the ownership of the policy. From that moment, opposition politicians latched on by selling the policy as being against vote buyers in a country where the mob rules. Since nobody would like to be associated with endorsing political corruption on the eve of a crucial general election, we all waited for the ruse to unravel - as it has now done. Last week, the Centre for the Promotion of Private Enterprise (CPPE) estimated that the economy has lost about N20 trillion to the naira scarcity. “Nigerians have not been this traumatised in recent history. The economy is gradually grinding to a halt because of the collapse of payment systems across all platforms,” according to the CPPE Chief Executive, Muda Yusuf. “Digital platforms are performing sub-optimally because of congestion; physical cash is unavailable because the CBN has sucked away over 70 percent of cash in the economy; and the expected relief from the supreme court judgement has not materialised. The citizens are consequently left in a quandary.” Left in a quandary does not capture the harrowing experience of millions of Nigerians in the past two months. From schools to offices and hospitals, there is no sector that has not felt the negative impact of the policy. In one case, a pregnant woman reportedly died after her husband failed to get cash in time to pay for her admission to a health centre. There are similar fatalities in many hospitals and health facilities across the country. The situation is worse in rural communities where few have access to bank accounts or the required mobile phones and internet for such transactions. Even in urban centres, people had to resort to trekking long distances and in the process many, including a journalist in Ibadan, died. Petty traders were the worst hit in an economy driven by the informal sector. Many could not make sales because their customers didn’t have cash to pay. Market people selling perishable food items like tomatoes, pepper, fruits etc. have distressing tales to share of how those products ended up in refuse bins. In desperation, some have been forced to accept prices far below what they paid to purchase the commodities. Newspaper
Those who argue that President Buhari has fulfilled his ‘campaign promise’ to take Nigeria ‘from top to bottom’ have a point. When people who have millions of Naira in their bank accounts begin to share ‘testimonies’ of how they were ‘fortunate’ to buy N50,000 cash for N70,000 to resolve a life-and-death situation, the only logical conclusion to draw is that Nigeria has reached rock bottom
vendors, roadside sellers of maize, plantain, yam etc who barely eke out a living have been sent out of business. Mechanics, vulcanizers and other artisans have become destitute as Point of Sale (PoS) operators make a killing from the misery of others because bank transfers hardly work. That has led to people standing surety for customers in legitimate transactions while trade by barter has been reintroduced in the country. Currencies of neighbouring countries have also become legal tender in some parts of the country. With Nigerians spending hours (some, days) queuing at bank ATMs in search of Naira notes, productivity has dropped in the past two months. Foreign correspondents in Nigeria no longer look for stories as they witness the deprivation and desperation of our people. “Customers are waiting all day at banks and ATMs to withdraw only enough money — called naira — to last a day. Fights have broken out in bank halls; angry customers have attacked workers and protesters have set financial institutions on fire,” according to a report in the globally respected American not-for-profit news agency, Associated Press (AP). “Businesses unable (to) carry out transactions have been forced to close, and people are illegally selling new currency notes at higher rates.” The banking industry has also suffered collateral damage with the doors of many commercial banks closed to customers for the past few weeks. Besides, no fewer than 17 bank branches were attacked by protesters last month with an estimated loss put at about N5 billion by the Association of Senior Staff of Banks, Insurance and Financial Institutions President, Oluwole Olusoji. A former statistician general of the federation, Dr Yemi Kale who was last week appointed as partner and chief economist at KPMG Nigeria, has waded in on the cost-benefit analysis of the policy vis-a-vis implementation. He estimates a reduction in the 2023 first quarter nominal GDP of our country by between 10 to 15 trillion Naira due to the challenges of sourcing cash. “This is because about 40% of Nigeria’s N198tn GDP in 2022 is informal of which about 90% is cash based. Further 30% of formal sector GDP is cash based. This means N106.9tn of total GDP is cash based,” Kale wrote in a Twitter post on Tuesday, highlighting the damage implementing the policy has done to the economy. Unfortunately, not a few people saw this coming. In a Policy Insight paper, ‘Naira Redesign Policy: Of Faulty Assumptions, Systemic Risks and Way Out’, published last month, Agora Policy, an Abuja-based think tank highlighted salient issues, using statistics from the World Bank, International Monetary Fund (IMF) and the National Bureau of Statistics (NBS). Nigeria, according to the Waziri Adio-led Agora Policy, has one of the lowest currencies in circulation relative to the Gross Domestic Product (GDP) in the world. Whereas currency in circulation relative to GDP is 20 percent in Japan, 9 percent in China, 7.5 percent in the United States and 3.5 percent in the United Kingdom, it is 1.67 percent in Nigeria. “It can be safely assumed that the point of cash is for it to be in circulation and not sitting in bank vaults,” Adebayo Ahmed, the economist who wrote the report stated while highlighting the paradox of a largely informal economy being driven without cash. At the end, what is particularly noteworthy is that the people who fought Buhari on this ill-conceived policy are his own party men, including the APC candidate and now president-elect, Bola Ahmed Tinubu and Kaduna State Governor, Nasir El-Rufai. Not only have they prevailed, but they have also exposed the president to the charge of lawlessness that will remain on his record. Continued on page 22
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