MONDAY 18TH MARCH 2024

EIU Report: FG to Raise VAT to 15% By 2027 to Fund Fiscal Deficit

hike in 2024 amid inflationary concerns, MPR may fall to 12.5% in 2026 Predicts further exits of FDIs in 2024 amid naira losses

Tinubu: Attack on Our Military Men is Attack on Our Nation, We Won’t Accept It

Grants full authority to go after killers Says criminals will face full wrath of law Describes death of soldiers as needless Atiku, Obi, senators, others condemn act Armed forces continue siege on Delta community, search for killers, set buildings ablaze

Deji Elumoye, Chuks Okocha, Sunday Aborisade in Abuja and Sylvester Idowu in Warri

In a tone denoting the weight of his office as Commander-in-Chief of the Armed forces, President Bola Tinubu, yesterday, warned that any attack on the armed forces or any

of their men would be considered an attack on the nation. Tinubu said such assault was unacceptable. The assertions were contained in the president’s formal reaction to Thursday’s killing of 16 soldiers in Delta State, which he personally

Continued on page 5

David-Chyddy Eleke in Awka

Anambra State Governor, Prof Chukwuma Soludo, yesterday, at the celebration of his second year in office, assured the Anambra

above the estimate for

Marketers Advocate Floating of $15bn Energy Bank to Fund Productive Ventures in Downstream Oil Sector

Parley

three foreign refiners to build new facility

in Nigeria Seek sovereign guarantee

from FG

Peter Uzoho

Oil marketers under the aegis of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have called on the federal government and other critical stakeholders to consider establishing the Energy Bank of Nigeria (EBN) to facilitate the funding of productive ventures in the downstream oil sector such as refineries.

The National President of PETROAN, Dr Billy Gillis-Harry made the call on behalf of his members during an exclusive chat with THISDAY, saying that the energy

bank should be funded to the tune of $15 billion at the minimum to be able to cater to the funding needs of players in the oil and gas industry.

This was just as he revealed that his association is currently in talks with three foreign oil refiners from the United States, Kazakhstan and Asia to partner it in building a new refinery in Nigeria, with the federal government expected to support the project with some form of sovereign guarantee.

Gillis-Harry explained that setting up the energy bank in Nigeria would enable marketers like PETROAN members to embark on projects that

are more beneficial to the country's economy by enhancing production in key sectors like the petroleum downstream and midstream sector.

He said his association had communicated their advocacy to President Bola Tinubu on the need to have the energy bank in the country, noting that that bank had become critical for the country.

He said: "It's not like marketers are not interested in making efforts in building refineries. We are willing and we need some supports. That is why we advocate that government should set up the Energy Bank of Nigeria and fund it at least to the

tune of $15 billion so that such ventures can also be funded. So, just like the Bank of Industry, Bank of Agriculture, we should have an Energy Bank of Nigeria.

"We have communicated to the president and we are hoping to have interaction with him on this issue. But everybody has seen the need for setting up that energy bank.

"We are talking to the National Assembly, we are talking to the State Assemblies, we are talking to stakeholders in the business, and PETROAN is the one championing it. So, we hope that our members can make their minimal contribution

on equity basis in Nigerian naira."

He said having that energy bank working in Nigeria would help to build confidence among foreign investors and multilateral financial institutions like the African Development Bank (AfDB) who would want to invest in the country.

He argued that the energy bank of Nigeria would act as a local institution that will warehouse and safeguard any kind of investment coming into the country.

With the bank established and functioning in the country, the PETROAN boss said it would become easier for them to start carrying out

EIU REPORT: FG TO RAISE VAT TO 15% BY 2027 TO FUND FISCAL DEFICIT

this was expected to average 4.5 per cent of GDP annually between 2025 and 2028 – more than the legal limit of three per cent of GDP and representing an unusually lax period of fiscal policy for the country.

On the foreign exchange (FX) regime, EIU predicted the naira to weaken to N2, 381 to the dollar, stating that the spread with the parallel market will be five per cent to 15 per cent.

The report added that persistently high inflation, deficit monetisation, negative short-term real interest rates, low foreign reserves, and a backlog of foreign-exchange orders would continue to sap confidence in the naira, despite a 45 per cent devaluation in February.

It said traders will continue to be concerned that controls on the

currency could be tightened at any point, adding, however, that another step devaluation is unlikely.

The report forecasted foreign borrowing to be used to rebuild foreign reserves and said the local currency would stabilise towards the end of 2024.

It pointed out that given that the naira was increasingly appearing undervalued in real terms, the rate could end up stronger if the Central Bank of Nigeria (CBN) tightened monetary policy more aggressively than expected.

EIU further predicted a fresh 100 basis points hike in Monetary Policy Rate (MPR) to 23.75 per cent from the current 22.75 per cent in 2024, should deficit monetisation continue and imported inflationary pressures remain strong.

“However, our core view is that the CBN will fail to deliver a positive real short-term interest rate, as doing so would cause unemployment at a high political cost.”

The report stated, “Accounting for further near-term losses, we expect an end-2024 rate of N1, 770: $1, compared with about N1, 600: US$1 at end-February. However, this forecast is finely balanced.

“Any number of knocks to confidence could cause a sharper weakening. Alternatively, given the naira is increasingly appearing undervalued in real terms, the rate could end up stronger, if the CBN tightens monetary policy more aggressively than we expect.”

EIU stated in the report that following a sizable real-terms correction, naira’s outlook for 2025

was relatively stable, and might close at N1, 817 to the dollar in the review year.

Nonetheless, the EIU report said, “We maintain our view that a lax monetary-fiscal policy mix will undermine the longer-term value of the naira. In line with a slide in world oil prices from a cyclical peak, we forecast that the currency will end 2028 at N2, 381: $1 and that the spread with the parallel market will be 5-15 per cent.”

The report further predicted the country’s foreign exchange reserves to gradually rise over the forecast period, aided by a more marketdriven exchange rate system and greater access to foreign borrowing.

It added, however, that this would still provide only about seven months of import cover in 2028.

TINUBU: ATTACK ON OUR MILITARY MEN IS ATTACK ON OUR NATION, WE WON’T ACCEPT IT

signed. Tinubu condemned the killing of the four senior officers and 12 soldiers during a peace mission in Okuoma community in Delta State by suspect criminal youths, saying such dastardly act will not be condoned.

The president granted the military leadership full authority to go after the criminals, who killed 16 of their men, and bring them to book.

Tinubu, in the one-page statement, further declared that those who perpetrated the act will not go unpunished, but face the full wrath of the law.

Describing the killing as needless, the president assured the Nigerian public that the military high command was making necessary moves to address the unfortunate incident. He said the military authorities had been mandated to ensure the prosecution of the masterminds of the crime.

Similarly, yesterday, former Vice President Atiku Abubakar, former governor of Anambra State, Peter Obi, some senators, and other critical stakeholders condemned the killing, describing it as barbaric and heinous.

The military continued its siege on Okuama community, Ughelli South Local Government Area of Delta State, yesterday, as they searched for killers of the soldiers, who were on a peace mission to the community.

The heavily armed soldiers, who were unrelenting in their attempt to apprehend the perpetrators from the now deserted community, set ablaze buildings, allegedly owned or occupied by the suspected criminals.

While grieving over the death of the soldiers, the president extended his condolences to the families of the fallen officers and soldiers. He said in the terse statement, "On Saturday morning, the Nigerian people and I woke up to the dreadful news of the unprovoked killing of our brave military personnel during a rescue mission to Okuoma community, Ughelli South Local Government Area of Delta State.

"The incident occurred on Thursday, 14 March, 2024, when our troops, responding to a crisis between Okuama and Okoloba communities in Delta State, were ambushed. A

Commanding Officer, two Majors, one Captain and 12 soldiers sadly lost their lives. One civilian was also killed.

"As the Commander-in-Chief, I join all well-meaning Nigerians and the men and women of our armed forces to mourn and express my profound grief over the needless death of our gallant soldiers.

"I extend my profound condolences to the families of these fallen soldiers, their colleagues and their loved ones.

“The military high command is already responding to this incident. The cowardly offenders responsible for this heinous crime will not go unpunished.

"This incident, once again, demonstrates the dangers faced by our servicemen and women in the line of duty. I salute their heroism, courage and uncommon grit and patriotism.

"As a nation, we must constantly remember and honour all those who have paid the ultimate price to keep our country safe, strong and united. The officers and men, who died in Okuama community have joined the pantheon of great men and women, who gave their all, with honour, in the service of our fatherland.

"Members of our armed forces are at the heart and the core of our nationhood. Any attack on them is a direct attack on our nation. We will not accept this wicked act.”

Tinubu stated, "The Defence Headquarters and Chief of Defence Staff have been granted full authority to bring to justice anybody found to have been responsible for this unconscionable crime against the Nigerian people.

"My government will not relent until we achieve peace and tranquillity in every part of Nigeria.

“May God continue to bless the Federal Republic of Nigeria and keep the members of our armed forces safe.”

Atiku Condemns

Killing, Seeks Restraint

Former Vice President Atiku Abubukar condemned the killing of the soldiers on a peace mission at Okuama in Delta State.

However, Atiku called for restraint

by the soldiers.

In a statement via his X account, which he signed, the former vice president said, "The brutal killing of over a dozen Nigerian soldiers in Okuama in the Ughelli South Local Government Area and Okolaba in the Bomadi Local Government Area of Delta State stands condemned.”

The presidential candidate of Peoples Democratic Party (PDP) in the last general election, added, "There can never be a justification for a premeditated killing of soldiers on a legitimate assignment."

However, he said, "Even as we grieve the loss of these soldiers, who are not only Nigerians but have families and dependents, I urge restraint by the military authorities in its response. I would recommend that the culprits be arrested and prosecuted."

Obi: It’s Barbaric, Utterly Unacceptable

The presidential candidate of Labour Party (LP) in the 2023 general election, Peter Obi, also condemned the killing of the army officers and soldiers in Delta State, describing it as barbaric and completely unacceptable.

Reacting in a post on his X handle, Obi called for immediate investigation of the incident.

He stated, “This killing is barbaric and totally unacceptable and should not be tolerated by Nigerians and any sane society.

“For a nation already combatting a high level of insecurity, the killing of our security personnel, who put their lives on the line for the security of the nation will be too much of a burden to bear.

“These sad occurrences and many cases of killings, kidnappings, and violent crimes around the country have continued to fuel very deep concerns over the security of the nation.

“These security operatives are making a lot of sacrifices in their line of duty and, in some cases, pay the supreme price. We must, therefore, appreciate and value them by showing empathy towards them and ensuring healthcare for those who are wounded.”

The former governor of Anambra

State added, “There should be adequate compensation and welfare packages for the families of those who die in active service. All of us should always show our love by commiserating with their families and even visiting them in such difficult times.

“I sincerely condole with the families of the security personnel that died and their security formations (Nigerian Army and the Nigeria Police Force respectively) over the sad loss of their personnel.”

Obi also said, “I encourage them not to be dispirited by these ugly developments but to see it as a challenge to increase their efforts in their duties.

“I urge the government and the security agencies to leave no stone unturned in investigating, arresting, and prosecuting those behind these ugly acts.”

Senators Commiserate with Military

Chairman, Senate Committee on Army, Senator Abdulaziz Yar'adua, expressed condolences with the Nigerian Army and the Chief of Defence Staff over the death of the military personnel in Delta State.

Yar'adua commiserated with the Chief of Defence Staff, Chief of Army Staff, the Nigerian Army, and officers and men of Operation Delta Safe on the loss of the gallant personnel.

The senator, who expressed his condolences in a statement, said, "The sacrifices made by the Commanding Officer, three officers, and 12 soldiers during this distressing incident shall forever be remembered.

"Their bravery and commitment exemplify the highest virtue of patriotism, courage, and sacrifice, and their legacy will forever inspire us all.

"I wish to commend the swift response of the Chief of Defence Staff in directing an immediate investigation to apprehend those responsible for this heinous crime.

"It is crucial that justice is served and those behind this criminal act are brought to account for their actions.

The Nigerian Army's unwavering

productive projects in the downstream oil sector.

He said lack of access to funding, coupled with the low capital outlay of marketers have made it difficult for them to build a refinery.

According to him, to build a refinery of about 50,000 barrels per day as of today requires building a minimum capital outlay of over $3 billion.

In addition, the report stated that an expected rise in formal borrowing would cause the public debt/GDP ratio to rise sharply in 2024-28. It predicted that a statutory 40 per cent ceiling would be breached by end of 2026, pushing public debt to GDP to 50.4 per cent by 2028, from less than 20 per cent in 2022.

The report said, “We expect relatively large budget deficits as a consequence of Mr. Tinubu's ‘fiscally active’ job creation and infrastructure spending agenda, as well as an implicit subsidy on petrol.

“The 2024 budget includes a large increase in non-debt recurrent spending as high inflation necessitates higher public-sector salaries and cash transfers to poor households.”

The report forecasted inflation to average 30.3 per cent in 2024, from 24.7 per cent in 2023, reflecting the fact that petrol price increases in June 2023 will drop out of the yearon-year calculation from mid-2024, and prevent the rate from being even higher.

It stated, “Assuming the naira stabilises, average inflation should fall to 20.7 per cent in 2025 and

11.7 per cent in 2028.

“Inflation will, thus, remain well above the 6-9 per cent target range throughout the forecast period, owing to expected VAT rate increases, insecurity in agricultural regions (raising food prices), Nigeria's infrastructure deficit, periodic monetisation of fiscal deficits, currency weakness, and a general inflation bias within economic policymaking.”

The report said following the recent hike in MPR by 400 basis points, to 22.75 per cent in February, and the cash reserve requirement by 1,200 basis points, “Another 100 basis points is likely to be added to the policy rate in 2024, assuming deficit monetisation continues and imported inflationary pressures remain strong.”

It added, “The CBN has mentioned a switch to inflation targeting, but as this would rub up against government economic policy and given the CBN's record of unorthodox policy, such a framework would have little credibility in anchoring inflation expectations.

“The MPC attaches a large

Continued on page 36

SOLUDO AT SECOND ANNIVERSARY, SAYS ANAMBRA HASN'T SEEN ANYTHING YET

people that he was set to transform the state.

The event, which held at the International Convention Center, Awka, Anambra State capital was attended by several dignitaries, including former governor of the state, captains of industries, clergy men and others, most of who hailed the governor for his achievements in the state.

Soludo, while addressing the people, said: "Today, we have come to report some aspects of what we have been able to do within these two years. Anambra people are our employers, you elected I and my deputy, and we took office exactly two years ago as your chief servants.

"Today, I tell you that Anambra is strong and getting stronger. We are intentional about doing more with less because we are facing an extraordinary times in Nigeria, but tough time is for tough leaders who are innovative.

“Banks have been offering to lend to us, but we decided that these two years, we will show that we can do more with less and we choose deliberately not to borrow.

"Having been governor of Central Bank of Nigeria and managing the finances of the entire country, I needed to demonstrate that some things are possible. Today, we are managing the finances of Anambra and we need to show what we can do. From henceforth, we are changing gear.

"Anambra has not seen anything yet. Every kobo of Anambra's resources entrusted in our hands, we will show you where we put it. When we borrow, and of course you can borrow when you have good reason to, and when we do,

we will show you what the money was used for, and we will borrow to invest in things that can pay back the investment. But you will never see the kind of borrowing we saw before."

The governor, who spoke about his achievements in office, however, decried the dwindling resources in the country.

"The resources available to the state today is a fraction of what it used to be. If you go by the purchasing power of money then, you will know that we have far less to spend. What we are doing is that we are managing what we have very well,” he said.

Meanwhile, Anambra people have commended the governor on his achievements within two years on the saddle.

Former Secretary-general of Commonwealth, Chief Emeka Anyaoku, who spoke at the event said: "I'm not surprised at what Soludo is doing in Anambra.

"Is it security, human capital development, social agenda or recognizing and reordering governance value system? What is most impressive about Soludo is that these things are not in the realm of hearsay, but projects we can see. I congratulate Soludo on his excellent performance in the last two years."

Also, the Catholic Bishop of Awka Diocese, Rt Rev Paulinus Ezeokafor, who officiated the thanks giving mass said, "He is a man who is well known.

“The last two years have seen extraordinary achievements in some areas, and acceleration in other areas, especially in the socio economic and infrastructural transformation in Anambra State."

Lokpobiri

ACCA’S COURTESY VISIT TO SANWO-OLU...

CPPE Cautions House of Reps: Stop Inciting Nigerians against Cement Manufacturers

Dike Onwuamaeze

Centre for the Promotion of Private Enterprise (CPPE) has cautioned members of the House of Representatives against comments that could give a bad name to manufacturers of cement and incite Nigerians against them.

CPPE gave the warning yesterday in a public statement titiled, “CPPE Expresses Concern over Comments by House of Reps Members on Cement Manufacturers.”

The statement, which was issued by Chief Executive Officer of CPPE, Dr. Muda Yusuf, described recent deliberations on the floor of the House of Representatives, where members alleged that the manufacturers were arbitrary and exploitative in fixing the price of cement, as a bad precedent, especially when the manufacturers had not been given the opportunity to present their own story to the House.

Muda said, “Some of the remarks by the honourable members at the session were capable of inciting the public against the cement manufacturers and putting their huge investments at risk.

“We should not give our cement manufacturers a bad name. It is a

dangerous thing to do given the huge stake they have in the Nigerian economy. We plead with the leadership of the House to ensure moderation in the use of language to avoid adverse consequences for investors in the economy.”

Yusuf added, “Cement manufacturers were disparaged, denigrated and portrayed as deliberately inflicting pains on Nigerians by arbitrarily increasing the price of cement.

“This is most unfair, in our humble opinion. Such weighty allegations should be premised on painstaking study, empirical facts and evidence. It should not just be about emotions and sentiments.”

Yusuf stated that such commentaries represented negative signalling to investors for an economy like Nigeria’s that is seeking to industrialise, attract investors and create jobs.

He stated that the comments were painful because the major players in the sector were indigenous companies, who were making giant strides amid a very difficult operating environment, including the multitudes of macroeconomic and structural headwinds.

He explained, “The business of

NJC Warns Retired Judges against Scammers

Alex Enumah in Abuja

The National Judicial Council (NJC) has urged retired judicial officers to be wary of persons contacting them on issues relating to the payment of their retirement benefits.

The advice is following incessant bids by a group of scammers who have targeted the retired judges; promising to help them fast-track payment of their monies.

According to the Council, these alleged scammers have been bombarding retired judicial officers with phone calls demanding for various sums of money to help them fast track payment of their retirement benefits.

NJC in a statement in Abuja yesterday, by its Director of Information, Mr Soji Oye, however, dissociated itself from the actions of the alleged

scammers and pleaded with retired judicial officers not to fall victims of the unscrupulous people.

"The attention of the NJC has been drawn to the incessant phone calls being made to retired judicial officers by some unscrupulous individuals demanding payments to fast track the processing of their retirement benefits.

"The NJC by this medium, informs retired judicial officers and members of the public to disregard such phone calls as NJC would never demand money from any judicial officer to fast track the payment of his retirement benefit.

"The public is hereby advised to be wary of and report such calls to the Pension Department of the Council for appropriate action," part of the statement added.

manufacturing is the most challenging enterprise in the contemporary Nigerian economy. Many foreign firms in that space have either exited the country or downsized their operations.

“We appeal to the National Assembly to always extend due courtesies to investors in the economy in the course of their legislative duties.

“The private sector plays a very critical role in the economy. They account for over 80 per cent of the nation’s GDP and 90 per cent of the employment, and over 80 per cent of the revenue to government.

“They deserve to be treated

with respect, courtesy, civility and fairness. This is without prejudice to the imperative of compliance with extant laws and regulations as well as responsible corporate citizenship by the investors.”

The CPPE leader observed that cement production was highly energyintensive with gas, which was priced in dollars for manufacturers in the country, being the major energy source.

He stated that this “is a major predicament for domestic manufacturers. The implication of that for production cost is better imagined, especially in the light of the plunge in the value of the naira.

“The logistics cost of cement distribution is humongous, given the escalating cost of diesel and the state of the roads. Exchange rate depreciation is taking a huge toll on the cost of imported components of production inputs, including spare parts and machineries. Cost of fund is mounting as the CBN continues its aggressive monetary policy tightening.

Latest headline inflation for February was 31.7 per cent.

“All these are variables that are not within the control of the manufacturers and which have profound impact on production and operating cost.”

Yusuf, however, admitted that the

risk of profiteering was possible given the oligopolistic nature of the sector.

He said, “This risk exists in the Nigeria cement industry, as there are few dominant players. But this is a regulatory issue located within the framework of the Federal Protection and Competition Act of 2018.

“The Federal Competition and Consumer Protection Commission (FCCPC) has a responsibility to ensure compliance with the Act to ensure the protection of the interests of the consumers and the public. If there are proven lapses in this respect, the FCCPC should be held to account.”

N'Assembly, NGX, SEC, Others Hail Africa's First Institute of Capital Market Studies

Senate committee chair says Nigeria should be a $1tn economy

Ndubuisi Francis in Abuja

The National Assembly, the Nigerian Exchange Group (NGX), Securities and Exchange Commission (SEC), the academia and captains of Industry, among others, at the weekend hailed the Nasarawa State University, Keffi (NSUK) for blazing the trail with the flag off of Africa's First Institute of Capital Market Studies (ICMS).

At a well-attended ceremony of the formal opening of the institute held at the Senate building of NSUK, stakeholders not only applauded the vision of the university, but the prodigious intellect, capacity and foresight of the Director of ICMS, Prof. Uche Uwaleke which led to the establishment of the institute.

In his goodwill message, the Group Chairman of NGX, Alhaji Umaru Kwairanga commended the University for pioneering an institute dedicated to capital market studies.

According to him, Nigeria as a nation and individuals more than ever before need the values of prudence, proper management of financial resources and investing for the future, given the harsh times that are currently being experienced as well as wrong paths that led to the present situation.

He recalled that NSUK was the first university in Nigeria to appoint a full professor of capital market studies in the person of Prof.

Uche Uwaleke, as well as actively partnering with the Chartered Institute of Stock Brokers and other collaborations to deepen Nigerians' knowledge of the capital market.

Kwairanga noted: "Capital market studies which cover the workings of the financial markets, ethical professional behaviour, savings and investment, financial and asset management and so many other topics is very relevant to today's Nigeria as it teaches individuals whether private individuals or public administrators the values and principles of prudence, proper management of financial resources and investing for the future.

"These are values that we need as a nation and as individuals more than ever before given the harsh times that we are experiencing and the wrong paths that led us here."

He pledged the support and collaboration of the NGX to the ICMS in particular and NSUK in general.

In his goodwill message, the Director General, Securities and Exchange Commission (SEC), Lamido Yuguda enjoined the new Institute to establish a strong working relationship not only with the SEC, but also with its very own Nigerian Capital Market Institute (NCMI).

"This collaboration will foster a comprehensive approach to financial

education, leveraging the expertise of both institutions for the benefit of Nigerian students and investors," he said.

Yuguda assured that SEC was ready to provide its support and expertise to ensure the Institute's success, adding that the Commission was committed to working collaboratively with stakeholders across the financial sector to promote financial inclusion and leverage the capital market's potential.

He said the SEC was working with the Nigerian Educational Research & Development Council (NERDC) to develop a curriculum for financial education programmes in order to enhance capital market knowledge.

The SEC, he stressed, would work with the ICMS to create a more vibrant capital market that will serve the interest of all, in line with the SEC ten-year capital masterplan.

"We are also committed to fostering market development and innovation, maintaining a regulatory framework that ensures stability and fairness.

"I commend the leadership of Nasarawa State University for taking this initiative. I have high hopes that the Institute of Capital Market Studies will become a leading centre for financial education in Nigeria," he said.

On his part, the Chairman, Senate

Committee on Banking, Insurance and Other Financial Institutions, Senator Tokunbo Abiru stated that part of what the National Assembly was doing was to correct the nation’s macroeconomic fundamentals.

According to him, the removal of fuel subsidy was aimed at correcting the distortions in the market while the foreign exchange unification seeks to abolish the inherent rent-seeking system it threw up.

Noting that it was better to pass through the initial pains of the reform policies at the moment and reap the benefits later, Abiru noted that the Nigerian should be a $1 trillion economy as opposed to the current level of about $400 billion.

He applauded Uwaleke' s strides and vision as well as NSUK's pioneering role in setting up the ICMS, assuring of the support of the National Assembly.

In his remarks, Also,, the Vice Chancellor, NSUK, Prof. Suleiman Bala Mohammed stated that the founding fathers of the university established it as an institution with a universal approach to learning.

He noted that though it is a state-owned University, NSUK is more cosmopolitan than many federal universities, and assured that the university would work with all stakeholders to develop the country.

L-R: Country Head, ACCA Nigeria, Thomas Isibor; Chief Client Officer, AXA Mansard Insurance, Rashidat Adebisi; Chief Executive Officer ACCA, Helen Brand OBE; Managing Partner, Elm Park Advisors Limited, Seyi Willoughby; Commissioner of Budget and Economic Planning, Anambra State, Chiamaka Nnake and Chief Executive Officer, TVC Communications, Victoria Abiola Ajayi, during ACCA’s courtesy visit to the Lagos State Governor, Babajide Sanwo-Olu, in Lagos...recently

L-R: Founder, Aruwa Capital Management, Adesuwa Okunbo Rhodes; Director, ImpactHER, Clementina Uzogor; MD/CEO Emerging Africa Asset Management Ltd, Adaku Ijara; Director of Finance-Entrepreneurship, Mastercard Foundation, Oluwatoyin Aralepo; and Founder, Completely Lucid, Ayishat Olanrewaju at the 2024 IWD training and celebration organised by ImpactHER held at the Zone, Gbagada, Lagos where over 400 women were in attendance… recently

Bakrin: Second Phase of Sugar Master Plan to Target $3.5bn Investments, Ready for Launch

James Emejo in Abuja

Executive Secretary/Chief Executive, National Sugar Development Council (NSDC), Mr. Kamar Bakrin, said the second phase of the Nigeria Sugar Master Plan (NSMP) would soon be formally unveiled. He said the plan will require investments worth about $3.5 billion on 200,000 to 250,000 hectares of suitable land.

The plan also targets the production of a minimum of two million metric tons of sugar, 400 megawatts of electricity, and the creation of 110,000 jobs across the value-chain, nationwide.

Bakrin said the the proposed unveiling of the plan was in line with President Bola Tinubu's commitment to the NSMP goals of self-sufficiency in sugar production, job creation, and industrialisation.

Nigeria Condoles with Ghana over Death of High Commissioner

Michael Olugbode in Abuja

The federal government has condoled with the government and people of Ghana over the death of the country’s High Commissioner to Nigeria, Rashid Bawa, who died last week in Abuja and has since been buried in Accra according to Muslim rites.

The Nigerian government in a statement yesterday by the spokesperson of the Ministry of Foreign Affairs, Francisca Omayuli said the federal government with a deep sense of sadness extended its condolences to the government and people of the Republic of Ghana over Bawa’s demise after a brief

illness.

“The late High Commissioner was a fine Diplomat who contributed immensely to furthering the longstanding and strategic relations between Nigeria and Ghana.

“His diplomatic prowess and genuine commitment to promoting friendly relations and mutual understanding between the two sister countries, throughout his tenure as Ghana’s principal representative in Nigeria, will forever be appreciated. He will be greatly missed.

“May his soul rest in peace and may God grant the bereaved family, the Government and good people of Ghana the fortitude to bear the irreparable loss,” it said.

Speaking at the Sugar Industry Monitoring Group (SIMOG) meeting in Abuja, the NSDC boss evaluated the performance of the first phase of the plan as well as the implementation roadmap for Phase II.

He stressed the need for the operators, who are members of the group, to keep to their commitments while assuring that the council will play its sector development role to take the industry to the desired heights.

In addition, he said collaborative efforts will focus

on empowering host communities of sugar projects. The NSDC boss further stated that a robust framework had been devised to monitor the performance of NSMP II, establishing clear targets and milestones over the period.

He said the monitoring mechanism would ensure accountability and facilitate timely adjustments to optimise outcomes.

According to him, other key aspect which the council is working on was the amendment

of the NSDC Act to be able to appropriately support the growth of the sector and boost investors’ confidence in the sector.

In 2012, the federal government approved and launched the NSMP which is a strategic road map for sugar sector development and the enactment of a conducive policy environment for its implementation.

The policy positions the industry to attract investments in domestic production through backward integration programmes, offering tax incentives to investors.

SIMOG is made up of chief executives of all local sugar manufacturing companies as well as a peer review group that promotes the credibility of outcomes by validating performance data and providing a platform for sharing good practices and measures taken to overcome implementation challenges.

Participants at the SIMOG meeting included representatives from Dangote Sugar Refinery, BUA Foods, Flour Mills, and KIA Africa.

UTM Floating Liquefied Natural Gas Project Moves to EPCIC Stage

Emmanuel Addeh in Abuja

UTM Offshore Floating Liquefied Natural Gas (FLNG), the first such indigenous company in Nigeria announced at the weekend that it is set to move to the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) stage of the project.

UTM Managing Director and Chief Executive Officer, Dr. Julius Rone made this known during a working visit to the Executive

Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Felix Ogbe, at the board’s corporate office in Yenagoa, Bayelsa State.

Rone stated that his company has obtained all the necessary approvals needed for the EPCIC stage, adding that the required international standard was being adhered to at all levels of the project.

He also commended the NCDMB for providing all needed

NIMC, NCC Collaborate to Enhance NIN-SIM Linkage Processes

Emma Okonji

The National Identity Management Commission (NIMC) and the Nigerian Communications Commission (NCC) have announced a collaboration aimed at enhancing processes related to the National Identification Number (NIN) and Subscriber Identity Module (SIM) linkage.

In a joint statement signed by the Director, Public Affairs at NCC, Mr. Reuben Muoka and the Technical Adviser, Media and Communications to the Director General of the NIMC, Ayodele Babalola, both government agencies said in recent times, the NIN-SIM

linkage exercise had become subject of national discourse, underscoring the importance of the process.

Recognising the significance of the initiative in enhancing security and improving service delivery, both NIMC and NCC said they were committed to improving processes and enhancing efficiency, hence the strategic collaboration.

Under the collaboration, NIMC and NCC will work closely to explore synergies and leverage each other's expertise and resources in key areas such as streamlining NIM-SIM linkage process; capacity building and public awareness; data verification and validation; and policy harmonisation and

regulatory framework.

In the area of streamlining the NIN-SIM linkage process, NIMC and NCC said they would collaborate to ensure a seamless experience for Nigerian telecommunication subscribers, which include exploring innovative approaches to facilitate the swift verification and authentication of NINs during SIM registration and activation processes.

In the area of capacity building and public awareness, both agencies said they would collaborate on initiatives aimed at enhancing public awareness and understanding of the NIN-SIM linkage requirements.

They said that these include

educational campaigns, training sessions for stakeholders, and the dissemination of accurate information to the public to encourage compliance with the linkage directives.

In the area of Data Verification and Validation, NIMC said it would continue to extend its support to NCC by providing assistance in verifying NINs associated with SIM registrations. It added that leveraging NIMC's robust database and authentication infrastructure, telecommunication operators will validate submitted NINs while ensuring the accuracy and integrity of subscriber data.

technical support in its field operation.

“Today, we are pleased to present to you Nigeria’s first floating LNG. It will please you to know this is the first indigenous company in Africa to develop a floating LNG. We are building the project in line with the international standard. I am happy to announce that we are moving to the EPCIC stage of the project.

“This project has received tremendous support from the NCDMB. They have been piloting and guiding us in all our processes. We have been working with your team all the way on this project and we've gotten all the approvals needed to conduct a prefill that supported us into the field.

“So, we deemed it fit to come and intimate you of the progress of the project; where we are and when we believe that this project will come on stream,” Rone said.

The UTM boss congratulated and commended the NCDMB executive secretary for his efforts in effectively piloting the content development of the oil and gas industry particularly in the area of research and development framework which continues to provide necessary support for home-grown innovations initiated by UTM.

Speaking at the event, the Ogbe

applauded UTM for its courage in taking up the project, adding that the board will continue to support the project until completion

He said that in line with President Bola Tinubu’s directive, NCDMB under his leadership will continue to create enabling environment for companies like UTM FLNG to thrive in the general interest of the country.

“We are pleased with the results and level of work done so far. I know that it has not been easy as a local content group. Seeing a Nigerian with this type of ambition is an amazing thought and it gladdens my heart.

“I commend your company for taking the bull by the horn and you can rest assured of the support of this board to bring this project to completion. And that is what the president wants us to do - to create an enabling environment for companies like yours to thrive; to create jobs and to be able to deliver", he said.

When completed the UTM FLNG is expected to leapfrog the national economy by producing an annual 1.5 million tons of Liquefied Natural Gas (LNG) for export as well as 300,000 metric tonnes for domestic market aimed to lower and stabilise prices of gas, while creating thousands of jobs and investment opportunities in Nigeria.

UNDP Report: Multinationals Moved About $1tn Profits to Tax Havens in 2022

Global losses in corporate tax revenue grow

Ndubuisi Francis in Abuja

Multinational companies may have shifted as much as $1 trillion of profits to tax havens in 2022, the latest Human Development Report (HDR) just released by the United Nations Development Programme (UNDP), has said.

The 2023/2024 HDR, titled 'Breaking the Gridlock: Reimagining Cooperation in a Polarised World', revealed the rebound in the global Human Development Index (HDI).

The HDI which is a summary measure reflecting a country’s Gross National Income (GNI) per capita, education, and life expectancy – has been partial, incomplete, and unequal, the report said.

Rich countries, the report stated, are also experiencing record-high levels of human development while half of the world’s poorest countries remain below their pre- COVID-19 crisis level of progress.

It explained that global

inequalities are compounded by substantial economic concentration.

Global losses in corporate tax revenue have also skyrocketed since the mid-1990s as a result of profit shifting. Profit shifting occurs when multinational companies reduce their tax burden by moving the location of their profits from high-tax countries to low-tax jurisdictions and tax havens.

As referenced in the report, almost 40 per cent of global trade in goods is concentrated in three or fewer countries; and in 2021 the market capitalisation of each of the three largest tech companies in the world surpassed the Gross Domestic Product (GDP) of more than 90 per cent of countries that year.

“The widening human development gap revealed by the report shows that the two-decade trend of steadily reducing inequalities between wealthy and poor nations is now in reverse. Despite our deeply interconnected global societies,

we are falling short.

"We must leverage our interdependence as well as our capacities to address our shared and existential challenges and ensure people’s aspirations are met,” said Achim Steiner, head of the UN Development Programme.

“This gridlock carries a significant human toll. The failure of collective action to advance action on climate change, digitalization or poverty and inequality not only hinders human development but also worsens polarization and further erodes trust in people and institutions worldwide.”

The report argued that advancing international collective action is hindered by an emerging ‘democracy paradox’: while 9 in 10 people worldwide endorse democracy, over half of global survey respondents express support for leaders that may undermine it by bypassing fundamental rules of the democratic process, as per data analysed in the report.

Half of people surveyed worldwide report having no or limited control over their lives, and over two-thirds believe they have little influence on their government’s decisions.

Key findings in the report are that in 2023, all 38 countries that are members of the Organisation for Economic Co-operation and Development (OECD) achieved higher Human Development Index (HDI) scores compared to their levels in 2019.

Among the 35 least developed countries (LDCs) that experienced a decline in their HDI in 2020 and/or 2021, more than half (18 countries) have not yet recovered to their human development levels of 2019.

All developing regions have not met their anticipated HDI levels based on the trend before 2019.

According to the report, it appears they have shifted to a lower HDI trajectory, indicating potential permanent setbacks in future human development

FG Urged to Release Detained Binance Executives

Emma Okonji

A Lagos-based tech analyst who has interest in cryptocurrency growth, Mr. Bright Johnson has advised the federal government to release two Binance executives, detained while trying to negotiate recent restricted access to several crypto platforms including Binance, in Nigeria.

The two Binance executives, American citizen, Tigran Gambaryan and Nadeem

Anjarwalla, a UK/Kenyan national, came to negotiate with the government and eventually were detained and have remained in detention without formal charges against them.

According to Johnson, the action is not only counterproductive but could eventually undermine the government's efforts to bring about economic change and growth.

Johnson who spoke at a press

conference in Lagos on Friday, said the Nigerian authorities seem to be hounding crypto exchanges, seeking to make them the scapegoats for the naira's recent devaluation against the US dollar and the country's soaring inflation rate, which has exceeded 20 per cent.

He argued that detaining the Binance employees was a misguided move that could backfire on the government, derailing its efforts to protect Nigeria's economic interests.

The federal government recently restricted access to crypto services, including Binance as a way of steadying the naira.

But Johnson, while briefing select media, said: “The real leverage the government holds is not the detainment of two foreign nationals, but rather the immense appeal of Nigeria as Africa's largest and leading economy. The simple fact is that crypto businesses want to operate in the Nigerian

market because of its economic importance and until recently, its relatively amenable policies toward crypto adoption by both individuals and businesses.

“Crypto exchanges are not the cause of Nigeria's economic and inflation woes; this stems from more deeply entrenched policy challenges, global headwinds impacting commodity prices, and other macroeconomic factors beyond the control of any single company. Blaming Binance and seeking to penalise it with dramatic actions like the detention creates an adversarial climate that will deter investment rather than encourage productive engagement”.

Speaking further, Johnson said: “The wiser path forward for Nigerian policymakers would be to recognise the inherent leverage the country possesses as a major African economic force. In the past, Binance expressed its willingness to comply with

appropriate regulations to ensure the sustainability of its operations in this key market. Other major crypto players have indicated the same.

“Doubling down on an adversarial, enforcement-led approach is counterproductive and short-sighted. The detention of the two Binance employees is unlikely to speed up any sort of resolution to whatever legitimate concerns the Nigerian authorities may have. If anything, it slows down, or completely halts the critical conversation around how crypto exchanges can properly register as regulated businesses, meet robust standards and disclosures, and ultimately help Nigeria realise crypto's economic development potential."

Nigeria is right to want a well-regulated crypto market and accountability for any illicit activity, but alienating some of the leading players is selfdefeating, Johnson further said.

progress.

The impact of human development losses is in sharp focus in Afghanistan and Ukraine.

Afghanistan’s HDI has been knocked back by a staggering ten years, while Ukraine’s HDI dropped to its lowest level since 2004.

The report cited research indicating that countries with populist governments have lower GDP-growth rates.

Fifteen years after a populist government assumes office, the GDP per capita is found to be 10 per cent lower than it might under a non-populist government scenario.

Lagos Canvasses Special Status for State, Listing of LCDA as LGs

Segun James

Lagos State Government has called for the creation of a special status for the state in view of its strategic position as the economic hub of the country, even as it resolved to explore all avenues to reintroduce the issue of the 37 Local Council Development Areas (LCDAs) in the ongoing Constitutional Review process, with a view to legalising the council development areas.

The state government's position was contained in a communiqué issued at the end of the 18th edition of the Executive/Legislative parley organised by the Office of Political, Legislative and Civic Engagement, with the theme, "Engaging All for Inclusive Governance : Hands On for a Greater Lagos Rising."

The government also stressed the need for greater collaboration between the Executive, National Assembly members representing the State and members of the State Legislature in advocating a “Special Status” for Lagos in the ongoing Constitution Review.

The participants at the twoday parley held at Eko Hotel and Suites, Lagos, agreed to enhance the existing harmonious relationship between all various arms of government through recognition and mutual respect for their constitutional roles.The government in the communiqué signed by the Special Adviser, Office of Political, Legislative and Civic Engagement, Dr. Afolabi Abiodun Tajudeen, stressed the need to create awareness and educate the citizenry on the importance and roles of each arm of government.

The communiqué read in part:

“There is a need for the political office holders to prioritise citizens' welfare above personal interest and ambition in the discharge of their constitutional roles and responsibilities.

“Due consideration should be accorded the Party, its philosophy and manifesto in governance and the tripartite relationship among the Executive, Legislature and the people as it is the only platform for elective office.”

Participants suggested the possibility of suspension of some taxes, levies, charges, and rates for a few months, as well as introduction of rebates where necessary for the most vulnerable in order to alleviate the pains of the current economic challenges.

A proposal was also made that there should be regular meetings of Mr. Governor, members of the National Assembly representing Lagos State and members of the Lagos State House of Assembly to foster robust relationship.

Other recommendations highlighted in the communiqué include the following:

“The State Government should reactivate the school feeding programme for primary schools in the State.

“The State Government and other stakeholders to work in harmonious relationship by meeting with Small and Medium Enterprises (SMEs) through Senatorial Districts’ Town Hall meetings for empowerment.

“The State Government should continue to enhance the Public Works Corporation (PWC) to adequately address the issue of bad/inner roads to reduce gridlocks.”

L-R: Deputy Speaker, Lagos State House of Assembly, Hon. Mojisola Meranda; Special Adviser to the Governor - Political, Legislative & Civic Engagement, Dr. Tajudeen Afolabi; Governor of Lagos State, Mr. Babajide Sanwo-Olu; Permanent Secretary, Office of Civic Engagement, Engr. Abiola Kosegbe and Leader of the Governance Advisory Council (GAC), Prince Tajudeeen Olusi during the closing of the 18th Executive and Legislative parley, at the Eko Hotels and Suites, Victoria Island,

APC STATE CHAIRIMEN MEET THE PARTY'S NATIONAL EXECUTIVES...

FG Moves to Avert Strike by Varsity Staff, Fixes Talks with Unions for Wednesday

SSANU, NASU direct members to withdraw services

Onyebuchi Ezigbo in Abuja

The federal government has urged the non-teaching staff of federal universities not to embark on the warning strike scheduled to commence today (Monday).

The government said that it has fixed meeting with the leaders of the Senior Staff Association of Nigerian Universities (SSANU) and Non Academic Staff Union of Educational and Associated Institutions (NASU) to be held on or before Wednesday this week to iron out issues.

According to the Special Adviser on Media to the Minister of State for Labour and Employment, Emameh Gabriel, the minister has sent letters

to the affected unions inviting to a meeting this week to try to resolve their grievances.

Emameh who spoke with THISDAY yesterday said that government was not formally notified by the unions before declaring strike.

"Talks are underway and there will be no strike. While SSANU and NASU threatened to strike without formally notifying the government, communication channels remain open.

"The minister has also emphasised the importance of following established procedures. She reminded the unions last week that adhering to these guidelines is essential for resolving issues.

"Strike is averted, for now. A

strike has also been avoided for the immediate future. The union leaders are scheduled to meet with the minister in the middle of the week, Wednesday tentatively, to discuss their concerns," he said.

But even as the federal government seeks to halt the strike, the unions have directed its members to commence the one-week warning strike nationwide beginning from Monday.

The warning strike is to protest non-payment of the four months withheld salaries as approved by President Bola Tinubu.

A circular by the Joint Action Committee (JAC) of the two university-based unions dated March

18, 2024 and signed by General Secretary, NASU, Peters Adeyemi, and President, SSANU Mohammed lbrahim said the directive became imperative following the failure of government to listen to their demands.

In the circular, the unions stated: “The Joint Action Committee of SSANU and NASU has inundated the federal government with the need to pay the withheld four months’ salaries of our members in the federal universities and inter-university centres as done for our academic counterpart to no avail.

"Having waited patiently for the ultimatum to expire without positive response to our demand by government, this is to direct

FG, UN, EU Launch New Reconciliation, Reintegration Programme in Northeast

Michael Olugbode in Abuja

The Government of Nigeria, with funding from the European Union and with the support of a consortium of United Nations agencies as key implementing partners have launched a new joint initiative supporting the government's efforts for reconciliation and reintegration within communities affected by non-state armed groups (NSAGs) in the northeast of the country.

The joint initiative aims to foster social cohesion, reduce stigmatization, promote tolerance, and create space for acceptance and belonging within targeted communities in Adamawa, Borno, and Yobe States.

According to a statement on Sunday by the EU, the initiative was officially launched on March 14 by Nuhu Ribadu, the National Security Advisor, the EU Ambassador, Samuela Isopi, Mr. Mohamed M. Malick Fall, UN Nigeria Resident Coordinator, and representatives from the consortium of UN agencies implementing the programme.

Also present were the International Organisation for Migration (IOM) which is the lead agency, the United Nations Development Programme (UNDP), the United Nations Children's Fund (UNICEF) and the United Nations Office on Drugs and Crime (UNODC).

“The project strives to support authorities in effectively investigating

and prosecuting individuals accused of terrorism offences in the northeast, ensuring meaningful accountability and redress for serious crimes”, said Nuhu Ribadu, National Security Advisor during the launch event.

This programme builds on the outcomes of previous efforts to promote peace and social inclusion in Northeastern Nigeria. It is expected to significantly reinforce community-based approaches by enhancing the capacity of existing community-led frameworks to go through essential healing processes, promote reconciliation and accompany gradual reintegration of former associates of non-state armed groups.

The programme implementation plan recognises the critical importance of community outreach and sensitization, effective administration of survivor-centred transitional justice, psychosocial support, and trauma healing.

Moreover, community resilience and livelihood opportunities shall constitute an integral part of the programme and shall take the form of vocational training, micro-grants, and infrastructure rehabilitation.

Inclusive is also capacity building for local authorities in collaboration with civil society organisations with emphasis on the amelioration of access to basic services including joint monitoring and evaluation with the local communities.

“Healing, reconciliation and

reintegration in the North-east of Nigeria are possible. However, to achieve it, we must work together with all local stakeholders and leverage our collective expertise in close consultation and the necessary respect for the affected communities.” said Ms. Samuela Isopi, Ambassador of the European Union to Nigeria and to the

Economic Community of West African States (ECOWAS), during the event held at the Office of the National Security Advisor.

Isopi added that: “This is why we are happy to continue supporting this process in the hope that it will help rebuild broken bridges within families and communities and open pathways of hope.”

our members in the universities and inter-university centres throughout the country to commence a seven-day warning strike effective Monday, March 18, 2024 in the first instance".

The unions had earlier issued an ultimatum to federal government demanding the implementation of the agreement on 25 per cent and 35 per cent pay rise reached in 2023 before the commencement of new minimum wage negotiations.

They described the withholding of the members salaries as a breach of the post-strike agreement with government on non-victimisation of its members who participated in the six-month strike.

In the communique signed by SSANU president, Ibrahim, the unions listed 26 federal and state universities that are still owing their members arrears of the national minimum wage adjustment.

They demanded that federal government should urgently pay four months withheld salaries to members, failing which they will no longer guarantee industrial peace in the institutions.

In the communique released at the end of its 47th National Executive Council meeting (NEC) held at the Federal University of Technology Akure in Ondo state, SSANU said it viewed the delay in the implementation of the approved

wage award and payment of withheld salaries as the handiwork of saboteurs.

"NEC in session therefore calls on the relevant authorities of government to immediately implement the directive of Mr. President by paying our members the four months withheld salaries, failing which NEC has approved a one-week warning strike in conjunction with our sister union, NASU," he stated.

SSANU said that federal government had in 2023 awarded a wage increase of 25 per cent and 35 per cent to its members for which a corresponding salary structure had even been circulated via a letter from the National Salaries, Income and Wages Commission in September last year.

However, the union expressed sadness that over six months after, the wage award has not been implemented in the monthly salaries of members even though the sum of N100 billion was provided for in the budget for that purpose.

SSANU said it would want the federal government to implement the 25 per cent and 35 per cent wage increase by factoring it into the monthly salaries of members It lamented that the value of the salary increase had already been eroded, adding that any further delay will drastically reduce the purchasing power and value of the money.

Alex Enumah in Abuja

Justice Olukayode Adeniyi of a High Court of the Federal Capital Territory FCT), has declared that the Abuja Environmental Protection Board (AEPB) does not have the legal powers to impose any levy or fine for sewage and refuse disposal on any corporate body within Abuja Municipal Area Council (AMAC).

Adeniyi, who made the declaration in a judgment he delivered, subsequently voided a total sum of N19 million the AEPB imposed on NIPCO Plc as levy on sewage and refuse disposal in the FCT.

The court premised its decision on the grounds that the AEPB Act conflicts with the duties and

functions of AMAC in respect of sewage and refuse disposal levies and collections, adding that AMAC being a creation of the constitution is superior to AEPB, created by an Act of Parliament.

The claimant had dragged the Abuja agency to court, challenging the powers of the AEPB to demand payment for sewage and refuse disposal, from 2015 to 2021, which the claimant said had been "dutifully paid" to AMAC.

The claimant in the suit marked: CV/3493/2022, had asked the court to determine amongst others whether the defendant as a body created by an Act of the National Assembly, can validly perform the exact functions and exercise the powers conferred on the Abuja Municipal Area Council

(AMAC) by Section (7) of the 1999 Constitution.

The claimant in arguing the suit had through its lawyer, Chief Paul Obi, raised two issues for determination.

The claimant’s counsel had submitted that AMAC, is the bona fide body empowered by the constitution for the collection of refuse and waste disposal levies, within the Abuja Municipal Area Council and not AEPB . It said that as such, all the “demand notices” issued by AEPB to the claimant were invalid since the defendant lacked the legal competence to issue them ab initio. He therefore urged the court to resolve the two issues in favour of the claimant and grant the reliefs

sought. On its part, the AEPB, represented by C.O Okoro, who raised a sole issue for determination, submitted that by virtue of paragraph 7, Part Ill of the Schedule to the Taxes and Levies (Approved List of Collection) Act, Laws of the Federation of Nigeria, 2004, Area Councils in the FCT) were statutorily imbued with the right to the collection of sewage and refuse disposal fees.

Okoro further contended that the Court of Appeal, Calabar Division, had nullified paragraph 7, Part Ill of the Schedule to the Taxes and Levies (Approved List of Collection) Act, Laws of the Federation of Nigeria, 2004, thereby, abrogating the rights of the Area Councils to collect sewage and refuse levies.

L-R: Cross Rivers State APC Chairman/ Secretary, APC State Chairmen Forum, Alphonsus Oga-Eba; APC National Secretary; Ajibola Bashiru and APC National Chairman, Dr. Abdullahi Ganduje, during the APC State Chairmen's meeting with the party's executives at APC National Secretariat in Abuja at the weekend

ENOCK REUBEN

POLITICS MONDAY DISCOURSE

Parties Search for Running Mates Ahead of Edo 2024 Guber Race

With the emergence of candidates for the Edo state governorship election slated for September 21, 2024, the battle has now shifted to selection of deputy gubernatorial candidates by the three

political parties, writes

Adibe Emenyonu

Penultimate weekend, most of the political parties concluded their primary election to choose candidates that will fly the parties’ flag for the September 21 governorship election.

Although there are no fewer than 25 political parties eyeing Edo State seat of government located on Dennis Osadebey Avenue in Benincity, only three of them succeeded in creating awareness among the electorate in the heartbeat of the nation. They are the ruling party in the state, the Peoples Democratic Party (PDP), the All Progressives Congress (APC), and the Obidient group, officially known as Labour Party (LP).

After the election of Asuelimen Ighodalo as PDP gubernatorial candidate, Senator Monday Okpebholo for APC, and Olumide Akpata as the standard bearer of the LP, attention has now shifted to who become their running mates to complete the process in compliance with the 2022 Electoral Act which stipulates that a candidate for a governorship election must have a running mate.

For the Labour Party, pressure is being mounted on the candidate to look for his running mate from Edo North of Akoko-Edo extraction.

For instance, a group known as Edo Vanguard for Good Governance (EVGG) immediately after Akpata was declared candidate of LP, called on him to look for a member of the party with reputation and acceptability to win the election for the party.

A statement by the Convener of the group, Osaro Eboigbodin and Secretary, Donald Oikhena, said the emergence of Akpata was like the unprecedented way Peter Obi emerged on the political scene ahead of the 2023 general election and the impact he had on the election should be completed by picking the House of Representatives candidate of the party for Akoko-Edo Federal Constituency during last year general elections in the person of High Chief Marvelous Omobayo who they described as a vibrant young man.

The argument here is that Omobayo took the local government area with two state constituencies by storm during that election and that if not for the alleged manipulation of results, he would’ve won the election.

The APC is weighing considerong three aspirants as possible running mate to Okpebholo. The first is Dennis Idahosa who lost to him in the shadow primaries after the first primary election won by Idahosa was declared inconclusive. According to information reaching THISDAY, an idea was mooted by the party leaders in the state to compensate him with deputy governorship ticket.

The second person being considered is Osaro Obaseki, a former local government chairman of Oredo Local Government Council. The last is Omoregie Ogbeide-Ihama whose reported choice is presently causing friction in the party.

However from competent party source, Idahosa and Obaseki may have been knocked out of the race. Obaze’s problem is that he is too close to one of the APC chieftains and there are fears that his allegiance would be to the man pushing for his acceptance. Idahosa’s minus is that he has taken the party to court in pursuant of his mandate. Therefore,

bringing him to work with Okpebholo will be counter productive because his loyalty to the governor won’t be total if the party eventually wins the election.

As it stands though very unusual in political circles, Ogbeide-Ihama, a former House of Representatives member for Oredo Federal Constituency, former governorship aspirant of the PDP is also being considered as running mate to Okpebholo for the APC governorship ticket. He is being considered to calm frayed nerves and political tension as a result of the party primaries.

Apart from the fact that he is being promoted by one of the South-south ministers in President Bola Tinubu’s administration, he is equally said to have been accepted by party leaders from Edo South senatorial district.

Last Wednesday, according to a party scource, about 30 APC leaders from the district at a meeting in Abuja endorsed Ogbeide-Ihama as running mate to Okpebholo. The leaders reportedly gave the endorsement at a meeting attended by top former governorship aspirants and other critical stakeholders from Edo South.

Although there are no fewer than 25 political parties eyeing Edo State seat of government located on Dennis Osadebey Avenue in Benin-city, only three of them succeeded in creating awareness among the electorate in the heartbeat of the nation. They are the ruling party in the state, the Peoples Democratic Party (PDP), the All Progressives Congress (APC), and the Obidient group, officially known as Labour Party (LP). After the election of Asuelimen Ighodalo as PDP gubernatorial candidate, Senator Monday Okpebholo for APC, and Olumide Akpata as the standard bearer of the LP, attention has now shifted to who become their running mates to complete the process in compliance with the 2022 Electoral Act which stipulates that a candidate for a governorship election must have a running mate.

Among those present at the meeting were Pastor Osagie Ize-Iyamu, Major General Charles Airhiavbere (rtd), Lucky Imasuen, and Senator Matthew Urhoghide, the party’s state secretary, Lawrence Oklahoma and many others.

According to the source, “any moment from now, Ogbeide-Ihama will be announced as the APC choice of running mate to Okpebholo.” It was also gathered that his movement to the party and his endorsement by leaders from the largest senatorial district in Edo may earn the APC the needed victory from Edo South during the polls as well as beat the March 24th dealine given by INEC for the parties to submit list of their governorship and deputy governorship candidates.

On the part of PDP, four names have been in the public domain shortly after Ighodalo’s emergence as candidate of the party.

They are the Secretary to State Government (SSG), Osarodion Ogie; former House of Representatives member for Ovia Federal Constituency, and daughter of the Esama of Benin, Chief Gabriel Igbinedion, Omosede Igbinedion; Dr. Ese Owie, son of former Senate Chief Whip, Senator Roland Owie; the present Chief of Staff (CoS) to Governor Godwin Obaseki, Osagbovo Iyoha.

The party leadership it was gathered is looking at a deputy gubernatorial candidate to pair with Asue Ighodalo, who is from the central senatorial district considered the least in voting population. That the candidate to pair with Ighodalo should come from Edo South who can get significant percentage of votes from the district with 58% voting strength. Besides, the one so chosen must have the wide reach and acceptable in other senatorial districts, and when placed side-by-side other candidates must have the ability to win votes for the party.

A prominent party chieftain who confided in THISDAY said the junior Owie possesses intimidating credentials as an Ivy Leagueeducated lawyer, and holder of a Doctorate Degree in Public International Law from the University of Oxford.

Ogbeide-Ihama

Omobayo

Ogie

www.thisdaylive.com

Monday March 18, 2024

opinion@thisdaylive.com

NDDC AND SUSTAINABLE DEVELOPMENT FINANCE

Guided by sustainable development finance, the NDDC holds the key to unlocking a future of prosperity for Niger Delta, argues

PIUS O. UGHAKPOTENI

See page 21

BUSINESSES AND RISING INFLATION

TIMI OLUBIYI writes that many businesses are struggling, but technology could be helpful

See page 21

EDITORIAL

MINNA AIRPORT: A CONTROVERSIAL CHANGE OF NAME

IN PURSUIT OF EFFECTIVE LEADERSHIP

We often judge each other. Extroverts often consider introverts as boring or uptight people because of their reserved nature, particularly in group settings where they are less inclined to initiate conversations. As the boss, your goal is to have all your employees operating at their peak level of energy, efficiency, and motivation—which can be a challenge when it comes to leading a team that includes introverts as an extrovert. How do you manage them and their work preferences?

Before delving into strategies, it's crucial to understand introverts and acknowledge their unique strengths they bring to a team. Introverts thrive in smaller settings, excel in independent work, and possess empathy, emotional intelligence, and attention to detail. Although some introverts are shy, most simply prefer to work alone. (Shyness is a form of social anxiety that results from fear of judgment or social interaction, but this doesn't apply to all introverts.)

These unique traits are invaluable assets that can significantly contribute to team success. In the pursuit of effective leadership, it is essential to recognize and celebrate the assets that each team member brings to the table.

One, introverts often have a thoughtful and measured communication style. Introverts are naturally more reserved in expressing their thoughts and feelings. They tend to carefully consider their words before speaking and are less likely to interrupt others. This also makes them better listeners, as they don't feel the need to constantly redirect the conversation back to themselves. Though they may seem detached in social settings due to their quiet demeanor, they are actually attentively listening and analyzing the conversation before offering their contributions.

members effectively.

Where might introverts struggle?

While introverts possess many strengths, there are some areas where they may need a helping hand to enable them to perform better on the team. Here are some of the weaknesses:

Being Assertive. Introverts might hesitate to assert themselves in certain situations, particularly when their opinions differ from others. This reluctance to take a strong stance can impact their ability to lead confidently. Confidence: Some introverted leaders might struggle with self-doubt or imposter syndrome, questioning their abilities and qualifications. This lack of confidence can hinder their capacity to make bold decisions. Presenting in front of large groups can be a source of anxiety for introverts, particularly when it requires being the centre of attention and engaging with an audience.

Delegating. Entrusting tasks to others can be challenging for introverted leaders who might be accustomed to handling things themselves. This can result in overburdening themselves and missing out on opportunities for team growth.

Strategies for managing introverted team members

team members feel comfortable expressing themselves and receiving guidance.

Communicate effectively. Another key strategy for managing introverted team members is to communicate effectively with them. Don't assume that they are not interested or engaged in the team's goals or projects. Ask them for their opinions, ideas, and concerns, and listen attentively to their responses. Encourage them to contribute feedback and suggestions through written formats such as emails, shared documents, or collaboration tools. Follow up with them regularly, and respect their need for space and autonomy.

Encourage collaboration. While introverts may prefer to work alone, they can also benefit from collaborating with other team members, especially those who share their values, interests, or expertise. As a team manager, you can encourage collaboration among your introverted team members by pairing them with their extroverted colleagues, assigning clear roles and responsibilities, and setting realistic deadlines and milestones. This combination can promote diverse and innovative problem-solving. You can also facilitate the exchange of feedback and support among the team members, and celebrate their achievements and contributions.

Provide opportunities for growth. Introverts are often eager to learn new skills, explore new topics, or take on new challenges. As a team manager, you can provide opportunities for growth for your introverted team members by offering them training or coaching programs, inviting them to attend webinars, workshops, or conferences, or giving them access to online courses, books, or podcasts.

Two, introverts can offer an in-depth approach to problem-solving. Introverts tend to take more time to process information than extroverts. They are inclined to thoroughly explore issues and ideas, valuing a deeper understanding over superficial or hasty solutions. They have a knack for asking thought-provoking questions and actively listening to the responses. Three, introverts often excel at written communication. They may not be as spontaneous with verbal communication as extroverts but introverts tend to be more thoughtful writers. Introverts are often more comfortable and accurate when communicating through writing. This helps them to carefully articulate their thoughts and positions. The increasing prevalence of remote and hybrid work has made written communication skills more crucial than ever before.

Respect their preferences. One of the most important things you can do as a team manager is to respect the preferences and boundaries of your introverted team members. They thrive in environments that allow for focused, thoughtful collaboration. Avoid interrupting them when they are in a state of deep concentration or need some quiet time to recharge. Susan Cain, the New York bestselling author of Quiet: The Power of Introverts in a World That Can't Stop Talking, said “solitude matters, and for some people, it's the air they breathe.”

Appreciate their diversity. Finally, one of the best strategies for managing introverted team members is to appreciate their diversity and uniqueness. Acknowledge and value their different perspectives, approaches, and styles of working. Leverage their skills and talents for the benefit of the team and the organization. In an inclusive culture, it's essential to celebrate and recognize individual contributions. Introverted team members may not seek the spotlight, so make a deliberate effort to acknowledge their achievements and share their successes with the team. This fosters a sense of appreciation and belonging

As leaders, our commitment to inclusivity is a testament to the strength of our teams. Embracing the diverse qualities of introverted team members fosters an environment where everyone can thrive. By implementing these strategies, we cultivate a culture that values and celebrates the unique contributions introverted team members.

Four, introverts are empathetic. Introverts’ reflective nature enables them to consider the emotions and concerns of others, making them naturally empathetic. This emotional intelligence allows them to build strong relationships and support their team

Create Safe Spaces. Consider implementing designated quiet zones or virtual channels where team members can contribute ideas in writing or take time for individual reflection before group discussions. They often excel when given time for thoughtful preparation. To optimize their contributions in meetings, share the agenda in advance, allowing introverted team members to reflect on the topics and come prepared with valuable insights. Utilize one-on-one meetings or written feedback sessions to create a supportive environment where introverted

Okorie MFR is a leadership development expert spanning 30 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre.

LINUS OKORIE lists strategies for getting the best out of introverted individuals

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

EDITORIAL

MINNA AIRPORT: A CONTROVERSIAL CHANGE

The renaming of the Mallam Abubakar Imam International Airport is not right

Afew days before leaving office in May last year, President Muhammadu Buhari directed that 15 of the federal airports in the country be named after some prominent Nigerians. Subsequently, the Benin Airport was named after Oba Akenzua II; Dutse Airport, Muhammad Nuhu Sanusi; Ebonyi Airport, Chuba Wilberforce Okadigbo; Gombe Airport, Zakari Maimalari; Ibadan Airport, Samuel Ladoke Akintola; Ilorin Airport, Tunde Idiagbon; Kaduna Airport, Hassan Usman Katsina; Akure Airport, Olumuyiwa Bernard Aliu; Nasarawa Airport, Usman Dan Fodio; Osubi Airport, Alfred Diete Spiff; Port Harcourt Airport, Obafemi Jeremiah Awolowo; Yola Airport, Lamido Aliyu Mustapha and Makurdi Airport, Joseph Sarwuan Tarka. Maiduguri Airport was named after Muhammadu Buhari. The last one, in the Niger State capital, was directed to be named ‘Mallam Abubakar Imam International Airport, Minna.’

OF NAME

with his book ‘Ruwan Bagaja’ while Abubakar Tafawa Balewa, who would later be the first postindependent Prime Minister of Nigeria came second.

Beyond the foregoing is the issue of legality. Aviation is on the Exclusive List in the Constitution. So, for a governor to cancel the action of a president on matters that are exclusively federal is beyond the pale. That Tinubu accepted the offer is an indication that the presidency endorsed the decision. That should never happen. Imam has borne the name for only 10 months before it was changed by a state governor who does not have the statutory power to do so. Yet, the airport is the only edifice named after him for all his professional accomplishments.

Imam has borne the name for only 10 months before it was changed by a state

governor who does not have the statutory power to do so

However, in a curious move last week, the Minna airport was renamed ‘Bola Ahmed Tinubu International Airport’ by Governor Mohammed Umar Bago. That a governor would rename a federal airport raises several questions and the acceptance of the farce by the president is unfortunate. More provocative is that Bago would treat with disdain the memory of Abubakar Imam generally regarded as the single biggest figure in Hausa literature. A respected journalist and writer, Imam and the late Dr Nnamdi Azikiwe were professional contemporaries during the pre-colonial era.

Although from Kagara, Niger State, until his death in 1981, Imam lived in Zaria, Kaduna State where he was the first Hausa editor of ‘Gaskiya Ta Fi Kwabo’, the pioneer Hausa-language Newspaper in Northern Nigeria. It is on record that Imam wrote most of the best books for teaching Hausa in schools. When in 1938 the colonial Department of Education organised a Hausa essay competition, Imam reportedly won

We concede that the Niger State government has been contributing to the improvement and sustenance of the airport. Recently, the state government resurfaced the runway and has been providing other infrastructure to ensure that the airport continues to serve the people of the state. However, these commendable efforts have not given Governor Bago the power to rename a federal government airport. There are many things the governor can name after the president in his state, but this is wrong.

The Governor was quoted to have said that the renaming of the airport in honour of the president was to ‘put a square peg in a square hole’. We fail to understand that. Tinubu was never a pilot, an aeronautical engineer, manager of airport or an air traffic controller. Therefore, one cannot explain how naming the airport after the president was putting a square peg in a square hole. Bago of course cited an approval for the state to establish the first special airport agro-processing free zone for which he credits the president. That is okay. But the governor should have waited to complete work at the planned airport after which he can then name it after Tinubu.

In the interest of public decency, we urge the president to direct FAAN to revert the name to ‘Mallam Abubakar Imam International Airport, Minna.’

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 to the Editor LETTERS

ILLEGAL MINING OPERATIONS IN OAU

The Nigerian government has been paying lip-service to unregulated and reckless mining activities. As against what government is portraying, I don't want to believe that these activities are without the knowledge and even subtle backing of the government because, it appears more like an organised criminal industry.

As it is today, reckless mining activities are going on in Obafemi Awolowo University’s land. Some parts of the staff quarters of the university are seriously affected by activities of miners. I am very careful in referring to them as "illegal miners" because, in response to this intervention, they might come out with certification which was given to them by the federal government.

I also don't want to assume that what is being witnessed in OAU today is the case that some "powerful Nigerians" as stated by Minister of Solid Minerals, Dele Alake, are the ones spearheading the mining on OAU soil. At least, the university management will not just sleep and wake up to sanction the activities of miners on

the university soil, a federal government land.

Meanwhile, it is necessary we evaluate what we are in for if this criminal act continues. One of the primary concerns associated with illegal mining is its devastating impact on the environment. Unregulated mining operations often involve the use of harmful chemicals such as mercury and cyanide, which are used to extract minerals like gold and lead. These chemicals can leach into nearby water sources, contaminating rivers and groundwater, and posing serious health risks to both humans and wildlife (students and staff in this case). The indiscriminate use of heavy machinery and explosives further exacerbates environmental degradation, deforestation, soil erosion, and habitat destruction.

Furthermore, illegal mining contributes to other environmental problems such as air and water pollution, which can have widespread repercussions on human health and livelihoods. In addition, these activities threaten biodiversity and disrupt delicate ecological

balances.

The invasion of OAU land by miners calls for urgent and serious debate on the future of education in the country. It is unimaginable that a university such as OAU with a functioning department of Geology will be caught in the web of the activities of dangerous miners. Such activity defeats and insults the purpose for which the university was created. Ordinarily, the university should be witnessing groundbreaking research on how the country can leverage our minerals to solve the challenges of national revenue shortage instead of participating in archaic and environmentally dangerous mining activities. That is pure economic sabotage!

The Bola Tinubu-led federal government and, indeed, the traditional rulers must spare our ivory towers of their neo-liberal impunities and immediately halt the cruel activities of reckless miners at OAU Staff Quarters.

Kazeem Olalekan Israel, OAU, Ile-Ife

PERSPECTIVE

Budget Padding: Salient Questions Nobody is Asking Ningi

Ola Awoniyi

What was the motive of Distinguished Senator Abdul Ahmed Ningi for raising a controversy over the 2024 federal budget?

Since the Senate at its Plenary of Tuesday 12th March, 2024 deliberated over the matter and handed a three-month suspension to the Bauchi Senator, there have been countless commentaries in the media on the issue but few of them have considered the pertinent questions that would have helped Nigerians see what Senator Ningi sought to achieve by essentially stirring up a hornests’ nest.

To start with, Ningi is not just a Senator of the Federal Republic of Nigeria. He is a ranking Senator with vast experience in legislative business. Ningi was first elected to the House of Representatives at the beginning of the Fourth Republic in 1999 and is one of the longest serving federal lawmakers in Nigeria. He was the Majority Leader in the House of Representatives between 2003 and 2007, and Deputy Majority Leader in the Senate for another four years between 2011 and 2015. Those were privileged positions that made him a Principal Officer in both chambers of the National Assembly. That also means that the Bauchi Senator has participated actively in the passage of the federal budgets at the highest level.

With his experience from all those privileged positions in his long tour of duty at the National Assembly, Ningi understands the nitty-gritty of the legislative and Appropriation processes in both Chambers of Parliament.

Also, as a Distinguished Senator, he has unfettered access to all legislative documents. So it should be disturbing when a Senator of that calibre claimed that there were two versions of the 2024 budget and that the budget, which he actively participated in its passage, was padded with projects costed at trillions of Naira and skewed against his own section of the country.

Let’s note at this point that Ningi never said in his hell-raising BBC (Hausa Service) interview or at that Tuesday Plenary or in any of his subsequent media shows that he was denied access to the budget document, whether as proposed by the Executive or as passed by the two Chambers of the National Assembly. He has the entire document, like every other Senator or Member of the House

of Representatives.

Are you not wondering then why he didn’t raise his observations when the document was being processed and during the final passage by the two Chambers?

Given his many years in parliament, it is incredible that Senator Ningi said at that Tuesday Plenary that he didn’t know the full details of the budget. Even more so the claims that he was unaware that the National Assembly jerked up the original budget proposals by N1.2 trillion, from N27.5 trillion to N28.7 trillion, and that he had no knowledge of Statutory transfers of N3.32 trillion to Government institutions and agencies on first line charge.

And curiously, Senator Ningi has not stressed in his media campaign the fact that he is a member of the Senate Appropriation Committee, which anchored the processing of the

national budget in parliament. So he is familiar with the document, its content and processing more than many other of his colleague Senators.

The 2024 Appropriation Bill was signed into law on 31st December, 2023. But Ningi waited until 7th March, 2024 to rally some members of the Northern Senators’ Forum (NSF) to complain to the President of the Senate, Godswill Obot Akpabio, about the budget. Why did it take an experienced ranking Senator and a member of the Senate Appropriation Committee two months and seven days after passage to realised that something was amiss with the Appropriation Bill, which is often the most important law passed by Parliament? Why did Ningi wait that long after the Bill had been signed into law to hire a consultant (for N30 million) to scrutinise a document that was presented to the National Assembly on 29th November, 2023?

It was commendable that Senator Ningi at least drew the attention of the Senate President to his “discoveries,” however belatedly.

The Senate President asked to see the details of the “discoveries” made by the consultant. A fellow member of the NSF, Distinguished Senator Ali Ndume, said he also asked Ningi for the same information. But rather than availing them with it, Ningi headed to BBC Hausa Service, the day after the meeting with the Senate President, to grant his explosive interview. Why? And why BBC Hausa Service? Was it to play the ethnic card?

The members of the NSF at the meeting with the Senate President agreed on the need to establish the facts before any further step was taken. So why was Senator Ningi impatient to have his claims verified, even by members of his own Forum, and exhaust internal mechanism for correction of any anomaly before escalating it to an international audience?

Senator Ningi has said repeatedly that the “discoveries” are known to him and only him alone. He has exclusive knowledge of the report of the consultant that he hired, most likely in the name of the NSF. No other member of the Forum is privy to the findings of the consultant. Isn’t that awkward?

Why is he keeping the “findings” to himself?

Why is he reluctant to share them with even Distinguished Senators in his Forum?

Some of them implored him to apologise at the Plenary after his claims had been established to be fictitious. But rather than heed their advise, Senator Ningi flew from the main issue to unrelated matters like the take home pay of the Senate President and the number of aides the Senate President and other Principal Officers have! Why?

According to the Senate Leader, Michael Opeyemi Bamidele, Ningi’s astonishing fiction was merely the opening salvo in a plot for Senate leadership change. As it turned out, that plot failed because the protagonist has no backing of any group in the Upper Chamber, not even of the Forum he chaired before the gambit forced him to step aside from the chair.

•Awoniyi, Media Aide to Senate President, writes from Abuja

Medical Experts Caution Against Excess Salt in Processed Foods

Onyebuchi Ezigbo in Abuja

Health professionals have asked the federal government to set a mandatory limit to salt content of processed foods to safeguard the health of Nigeria citizens.

Against the background of increasing cases of deaths from cardiovascular diseases, the stakeholders said that relevant regulatory agencies such as the National Agency for Food and Drug Administration and Control (NAFDAC) and Nigerian Standards Organisation should wake up to their responsibilities to check excessive input of salt in commercially processed foods.

They said the measure had become urgent since the abuse in salt intake is associated with health dangers such as sudden deaths resulting from heart attack, stroke and other health complications.

Speaking at a Media Round Table organised by the Network for Health Equity and Development (NEHD), in Abuja, a medical doctor and health policy analyst, Dr. Jerome Mafeni said that high sodium consumption (2g per day equivalent to 5 g of salt per day) contributes to high blood pressure and increases the risk of heart disease and stroke.

He said that each adult is expected to consume not more a tea-spoonful of salt daily.

According to the health expert, an estimated 17.9 million people died from cardiovascular diseases (CVDs) in 2019 representing 32 per cent of all global deaths.

He said that over three quarters of CVD deaths take place in low-and-middle income countries.

Mafeni said that high blood pressure is a major risk factor for cardiovascular diseases especially heart attack and stroke.

He said that the campaign to reduce salt content in commercially produced foods in Nigeria aimed at safeguarding the health of Nigeria citizens has become necessary if the country is to curb the health dangers.

He called for CSO collaboration with the Federal Ministry of Health to incorporate key strategies for salt reduction into the existing national policy on food safety and quality.

In addition, he said that there should be engagement with NAFDAC to plan and develop or adopt a mandatory regulation for salt limit target.

Other strategies suggested by Mafeni included, the building a coalition of CSO to sensitise, mount

pressure and support government for timely action to establish mandatory food targets, collaboration with media to create public awareness on the dangers of high salt consumption and to sensitise policy makers for enact necessary policies and regulations.

Country Director of NHED, Dr. Emmanuel Sopko said the round table event was meant to draw attention to rising danger posed by excessive salt consumption and the role the media could play towards sensitising Nigerians to eat more healthy diet.

He said that in these days of heightened economic difficulties, if Nigerians can embrace safe consumption of salt, they will be able avoid the stress of high blood pressure and other cardiovascular disease burden with the attendant financial implementation.

On her part, a civil society advocacy agent from CAPPA, Mrs Bukola Odele said there was need for action on the mandatory reduction of salt content in commercial processed foods packaged meant for public consumption in Nigeria.

She suggested the implementation of policy on mandatory placement of a sign indicating percentage of salt content on processed commercial

food products. Odele said that about 2 million persons die of excessive salt diet yearly.

She explained that reason behind the health concern is the propensity of excess salt consumption being the cause of high blood pressure amongst the people.

According to her, a situation whereby the high blood pressure persist overtime, could affect blood to heart and may lead to other complications which ultimately affects human health. She added the effect could lead to heart attack, stroke or heart failure.

She also said that the belief that heart diseases usually occur among the old and elderly people is no longer the case as persons as young as 40 and below are known to have fallen victim of stroke and heart attack.

“The action we are calling for is the implementation of mandatory limits to salt content for processed foods in Nigeria,” she said.

She said that NAFDAC as the main regulatory agency for food and drugs in the country should come up with stringent measures to control excessive salt consumption by Nigerians through patronage of processed foods and commercial food vendors.

08097710984

IWD 2024: Celebrating Nigeria’s Women Pioneering Tech Innovation

In observance of the 2024 International Women’s Day under the theme “Inspire Inclusion,” emphasising the vital role of women’s participation in society, Nosa Alekhuogie honours outstanding women making significant strides in the tech industry. Women are the architects of society, weaving the fabric of culture, progress, and resilience. Across history, their stories resonate with strength, perseverance, and an indomitable spirit. Women have continually shaped our world, from the courage of suffragettes demanding voting rights to the leadership of political pioneers breaking glass ceilings. To mark International Women’s Day, THISDAY spotlights the remarkable women driving innovation and shaping the tech landscape in Nigeria. From Lagos to Abuja, these trailblazers break barriers, challenge stereotypes, and transform the industry with their talent and tenacity. In a sector traditionally dominated by men, Nigerian women are carving out their space and making their mark. Their contributions are invaluable to the growth and success of the tech ecosystem in Nigeria, including various sectors such as EdTech, Fintech, HealthTech, SaaS, ClimateTech, Cloud Computing, MediaTech, software developers, data scientists, entrepreneurs, and engineers. Here are 10 remarkable women leading change in Nigeria’s diverse fields. Selected through thorough research and nominations from individuals and tech communities, these women are truly outstanding in their endeavours.

• RUBY IGWE

Ruby Igwe is an accomplished, high-powered young leader in digital technology with vibrant engagements in law, socio-cultural development, and the creative arts. Ruby is the first female and pioneer Nigeria Country General Manager at Sand Technologies (the training arm of which is tech accelerator ALX Africa). In this global technology brand, she provides direction and leadership for over 50 tech experts and strategically formulates policies that empower youths in Nigeria with future tech skills. Under her pragmatic and strategic leadership, ALX in Nigeria has positively impacted over 100,000 unskilled youths in Nigeria, of which 40 per cent is female, and bagged multiple awards in the process, including the prestigious AOT Social Innovation Award in 2023.

As a tech leader passionate about culture and infrastructure, she co-founded and continues to support Archivi.ng, a tech startup actively contributing to the critical mission of preserving Nigeria’s history through the digital documentation of newspapers.

She is a graceful storyteller who delivers masterful strategies and empirical evidence for organisational growth with creative strokes. A deep lover of arts, fashion, and culture, Ruby is an award-winning film producer and a versatile author of two books published on Amazon. She is a female force that embodies the spirit of national and continental development through creative innovations.

• OGOCHUKWU ONWUZURIKE

Ogo Onwuzurike, the country manager of Truecaller in Nigeria, is a visionary leader steering Truecaller’s go-to-market strategy, orchestrating comprehensive operational expansion in Nigeria. With a stellar record of propelling businesses to implement successful market penetration strategies and scaling SaaS products across Africa, Ogo is an industry luminary. Boasting over a decade of diverse experience in banking, payments, fintech, and SaaS, she has contributed her expertise to renowned companies, including GlaxoSmithKline, Philip Morris International, Interswitch, and MetaMap. Transitioning to the tech industry in 2020, Ogo joined Interswitch as Business Development Manager for Emerging Markets, sparking her interest in Digital Transformation, Digital Ecosystems, Platforms, and Digital Business. Among her numerous achievements, leading the Africa team at Metamap saw Ogo clinch the Region of the Quarter Award for two consecutive quarters in 2022, receiving accolades as the highest-growing region, surpassing competition from Southeast Asia, Latin America, and the Americas.

• TOBI OTOKITI

as an official content provider to The 3 Million Technical Talent Program by the Federal Ministry of Communications, Innovation & Digital Economy highlights Tobi’s commitment to shaping Nigeria’s digital workforce. She is a member of the Forbes Technology Council, an invitation-only community for world-class CIOs, CTOs, and technology executives. Tobi is a public speaker and has spoken at the UK Parliament and tech conferences in London, Manchester, Rwanda and Nigeria, with awards including the 2024 Future Female Leader Award, IESE Business School, 2023 Tech Amazon Award, 2022 TechWomen Awardee, US Department of State.

• OLAMIPOSI EKUMA

Tobi is an award-winning technology female leader with a decade-long record of success as a product management expert. Tobi has contributed to the success of three unicorn companies—Flutterwave, Andela, and Interswitch- driving tech product development. She is the visionary Founder of ProductDive, a world-class leading EduTech and consulting company for product management professionals and product-led technology companies. She’s also the convener of Africa’s foremost product leadership conference, The DIVE, a conference for product management professionals. Tobi is committed to local empowerment. The selection of ProductDive

tech, entrepreneurship, personal growth, career advancements, etc. She was an event host and panelist for onsite and online events. She is also a member of the Women Techsters Fellowship in cybersecurity, a Microsoft-certified system engineer, an EC Council-certified cybersecurity analyst, a certified transformation and productivity coach, a certified master professional in emotional intelligence, and many others.

• IWALOLA SOBOWALE

Olamiposi Ekuma is a dynamic and visionary leader at the forefront of empowering young Nigerians with digital technology skills and fostering innovation to address local challenges. With a robust background in technology and a passion for community development, Olamiposi has pioneered transformative programs to bridge the digital divide and nurture a new generation of problem-solving technologists. In her work in Genesys Tech Hub, she spearheaded efforts to equip young Africans with digital entrepreneurial skills through the Genesys Startup Boost, where she mentored budding entrepreneurs to scale their innovative solutions.

As the managing director of Genesys Foundation, she is committed to nurturing a generation of African trailblazers, equipping them with cutting-edge digital entrepreneurial skills to tackle local challenges and drive sustainable development. Throughout her career, Olamiposi has been a catalyst for change, leveraging her expertise to design and implement programs that empower young Nigerians with tech skills while fostering a culture of innovation.

At TxE Africa, she led a team of over a hundred volunteers to build and nurture a community of over 22,000 African youth pursuing careers in technology and led initiatives to provide learning and career development opportunities across various tech disciplines. Olamiposi has been recognised for her outstanding contributions, receiving awards such as the DDEA Humanitarian Award in Maryland, USA. She was also recognised at the United Nations by AFS Intercultural Programs as a young global citizen in New York. She was selected from among youth leaders from about 103 countries.

• DR AISHA BASHIR TUKUR

Dr Aishat Bashir Tukur is a cybersecurity analyst, computer scientist, and civil servant woman in Tech Advocate with about 17 years in the tech industry. She is a WomenTech Network global ambassador and founder of Space Age Tech Innovation Hub, ABT Consults, with services ranging from tech and digital innovation to tech mentoring and coaching. She is passionate about community service development and sensitisation and loves sharing knowledge about

Iwalola Sobowale is a driving force in the tech industry, leveraging her extensive background in CX, UX, and product research to implement strategies that resonate with customers and contribute to the overall success of data-driven businesses. Currently serving as the Head of CX Research at Moniepoint, she spearheads strategic initiatives to enhance user satisfaction and loyalty. As the host of The Spotlight Podcast, she shares industry insights, fostering innovation and knowledge-sharing to nurture the tech ecosystem. With previous experience at laudable organisations, including Interswitch, Transsion and Fidelity Bank, Iwalola has led efforts that have significantly elevated user experiences and product performance. Her passion for innovation and commitment to excellence makes her a standout professional.

• GBEMISOLA OJO

across FMCG, finance, health, lifestyle, and technology sectors to help bring their branded content to life and convert leads to prospective customers. She is also enthusiastic about social impact causes and initiatives, especially those relating to women. In 2019, she was headhunted by Opera News as a content specialist for their lifestyle category when they officially launched operations in Nigeria. She also worked briefly at Pulse Nigeria and United People Global, a Switzerland-based non-profit organisation, between 2021 and 2022. She was named one of the ‘Nine Top Women of Impact’ by Tawer Africa in commemoration of International Women’s Day in 2023. She is an MTN MIP 2023 fellow and a 2023 winner of Inspiring Fifty’s Africa Women in Technology Award.

• MORENIKE FAJEMISIN

Morenike is a leading figure in the world of health tech, with a passion for digital health innovation. She is the founder and CEO of Whispa Health, a startup leveraging technology to tackle healthcare challenges.

Gbemisola Ojo is a cloud advisory manager at PwC, UK with vast experience managing cloud infrastructures in AWS and automating software development process using continuous integration and continuous deployment pipelines. A certified AWS solutions architect associate, she is the founder of Cloudboosta, a cloud computing and advisory platform specialising in in-demand tech skills training, employability training and helping learners secure rewarding jobs and careers in cloud computing. Her passion for technology and an appetite for lifelong learning drove her transition from mechanical engineering to technology. She developed programming skills independently and continues gaining new skills through practical projects, constantly expanding her capacity in the IT industry. She is well-known for her excellent delivery, drive, tenacity, analytical mind and ability to work effectively in a team, leveraging people’s strengths.

• ANUOLUWAPO ODUBANJO

With a deep passion for improving women’s healthcare access and outcomes, Morenike has dedicated her career to making a tangible difference in this vital field. With her innovative mindset and expertise in digital health strategies, Morenike has emerged as a driving force in the industry. As Whispa Health founder, she has spearheaded the development of a visionary health tech company on a mission to improve women’s lives by providing them with easy access to comprehensive healthcare resources, breaking down barriers and ensuring no woman is left behind. Through her visionary leadership, Morenike is paving the way for a future where women have access to high-quality healthcare services, regardless of their location or circumstances. Her innovative solutions and commitment to inclusivity are transforming the landscape of women’s healthcare, promising a brighter and healthier future for all.

• MARIAM LAWANI

Anuoluwapo Odubanjo is a content strategist and digital media professional. She is the founder of FabWoman, a digital media platform that informs, inspires, and educates women. In her capacity, she has built FabWoman from scratch to become a leading platform for women’s lifestyle content. She has worked with brands and businesses

Mariam Lawani is the founder and CEO of Greenhill Recycling. She is an educator turned climate tech manager. She is a certified social sector manager from the prestigious Pan Atlantic University and a proud alumnus of the Cherie Blaire Foundation for Women. She started Greenhill Recycling from the garage of her house and now has over 5,000 registered households who have adopted their recycling model. Mariam gave more insights about her social enterprise and how she is winning the quest for a cleaner and climate-friendly environment. However, the journey towards gender equality in tech is far from over. Women still face barriers such as unconscious bias, lack of representation in leadership roles, and unequal access to resources and opportunities. Addressing these challenges requires a collective effort from all stakeholders – government, industry leaders, educators, and the wider community. As we celebrate the achievements of women in tech this International Women’s Day, let us also recommit ourselves to creating a more inclusive and equitable future. By championing diversity, supporting women’s leadership, and breaking down barriers, we can unlock the full potential of Nigeria’s tech industry and pave the way for a brighter tomorrow for all.

Katsina Residents Groaning in the Jaw of Bandits

In this piece, Francis Sardauna examines the new wave of banditry and other criminal activities sweeping through farming communities and villages of Katsina State

The raging wave of banditry and kidnapping in most parts of Katsina State is giving many residents of the state a cause for concern. The level of insecurity has tainted the once serene, safe and peaceful atmosphere that defined the state in the past, striking fears into the hearts of its residents.

The merchants of evil who hawk an assortment of maleficent items such as AK-47 rifles have assaulted its serenity and turned the once peaceful state into a nightmare orchestrated by persistent attacks on farming communities and villages of the state.

Of recent, the level of insecurity has become so bad that no part of the state is totally free from the grip of the hoodlums whose activities appear to be threatening to bring down the socio-economic and well-being of the people of the state despite efforts by security operatives to quench the scourge.

This situation forces inhabitants of the state, particularly those living in Kankara, Batsari, Jibia, Safana, Dandume, Faskari and Sabuwa local governments, to be denoting a deep inarticulate sound conveying pain, despair, agony and misery in communities of the affected local governments.

People are being killed, kidnapped on the road, business places, farms and in the comfort of their ancestral homes in the eight banditry-ravaged local governments.

While many victims have lost their lives, even after their loved ones had struggled to pay ransom, scores are still in captivity.

Some of the Recent Attacks by Bandits on Communities

Evidently, some armed bandits attacked Wurma community in Kurfi local government area of the state on February 26, 2024, abducted 12 residents and burnt down a newly built healthcare facility, police outpost, shops and many houses.

The motorcycle-riding bandits were said to have first set the police outpost on fire before moving to the primary healthcare centre to burn it. They also invaded Lambo village a week before the Wurma's attack forcing residents to flee the area.

Although policemen attached to the ruined police outstation make restive efforts to impede the attackers but they couldn’t due to manpower shortage and lack of adequate weapons to fight the marauding criminals.

However, no life was lost in the Wurma's attack but the 12 abductees, mostly women and children, are still wallowing in captivity of their abductors.

The criminals also strike out on February 21, 2024 in Burdugau B community of Kankara local government where they killed the local government Commander of the Katsina Community Watch Corps and two members of the vigilante group.

A fresh onslaught was also launched on Nasarawa village in Faskari local government area of the state on February 19, 2024 by the bandits. During the attack, the hoodlums killed six people and left 10 others with varying degrees of gunshots.

On February 26, no fewer than 17 women and children were kidnapped and one person killed in a fresh attack on another Burdugau village in Malumfashi local government area of the state. These abductees are yet to be released.

More perturbing, is the recent video clip released by the bandits who threatened to remarry a bride and 62 other women that were abducted in Sabuwa local government area of the state.

The women were members of a wedding procession abducted by the bandits around Gamji in Damari on February 1, 2024 while escorting the bride to her newly inaugurated matrimonial home.

The video that has gained significant attention on social media shows the group of bandits making threats, demanding ransom from the captors’ relatives, or else they will force the already-married bride to marry someone else.

In the video, the leader of the gang, dressed

in a police uniform, stated that there were 63 captives, not 50 as claimed in some quarters, and threatened to sell off the other wedding guests if their demands were not met.

These and many other bandits’ attacks forced residents of the state to wake up from their tongue-tied notion. They have now resulted in protests to register their grievances to the government and security agencies.

The victims who could no longer continue with their behaviour, have staged different protests in their communities and villages irrespective of their political inclinations for the government to tackle the blazing security challenges afflicting the state.

Recently, hundreds of residents of Kankara took to the streets of the local government headquarters to protest over what they termed prevailing bandits attacks, killings, and kidnapping in communities in the area.

The irate youths as part of their drive to get their voices heard, blocked the Marabar Kankara–Katsina highway. The protest was triggered by an attack on the Unguwar Baushe in Kankara which lasted for about "13 hours without security personnel intervention".

The protesters called on the federal and state governments as well as security agencies to, as a matter of urgency, tame the worsening insecurity bedevilling agrarian communities of the state.

Also, residents of Kurfi Local Government Area of the state have protested over incessant bandits attacks in the area. Most of the protesters were from Birchi, Wurma and other neighbouring villages of the local government.

Irked by the spate of insecurity in the state, the protesters blocked the ever-busy Dutsinma–Katsina highway

on a recent Friday morning. The villagers set up bonfires made up of dried items on the road.

The development made many road users, especially commercial vehicles, plying the area to seek alternative routes to continue their trips. Some motorists waited for hours before the road was eventually cleared by security operatives.

Meanwhile, this mounting state of insecurity, according to security experts, is a threat to the state's democracy and the existence of the once serene, safe and peaceful atmosphere that defined the state of hospitality in the past.

Arguably, the government's reaction to these nefarious activities of the bandits has always been rhetorical condemnation in the face of depressed and helpless citizens who can no longer sleep in their ancestral homes.

We've Restored Peace in 13 LGAs—Govt

But the state Deputy Governor, Faruk Lawal while briefing journalists on the security situation of the state, said the government has restored peace in 13 out of the 22 local government areas battling with the security challenges.

He highlighted Dutsin-Ma, Batagarawa, Charanchi, Ingawa, Bindawa, Kusada, Funtua, Danja, Bakori, Malumfashi, Kafur, Musawa and Matazu as the local governments where peace has been restored.

According to him, the restoration of peace in the 13 councils was as a result of fierce operations of the Community Watch Corps officers in collaboration with conventional security agencies.

He said: “I am happy to report that out of the 22 local governments that were under the frontline and some that were affected by this issue of insecurity, for now, we are able to rescue 13 out of the 22 LGAs. Peace has been restored in these places.”

In addition, he said the state government had procured 10 Armored Personnel Carrier vehicles, 61 new Hilux vehicles and 700 motorcycles and distributed them across the local government areas to aid security

Therefore, the prevailing scenario in the state suggests that the government of Katsina State has not done enough to meet its primary responsibility of safeguarding lives and property as well as considering the welfare of the citizenry

agencies’ operations.

CSOs, Residents Rejects Govt's Claim

However, Lawal's claim of restoring peace in the 13 local governments has been described by residents of the state as a mere attempt by the government to enfold the resurgence of bandits’ activities in the state.

The residents argued that the 13 local governments claimed to have been enjoying peace by the state government, are still witnessing attacks, killings and abductions by the criminals in recent times.

One of the residents from Malumfashi, Muhammed Adam, said: “The government claimed to be battle ready in addressing security challenges that we are confronted with but they are doing nothing.

“To make the matter worse, they claimed to have returned peace in 13 LGAs, including Malumfashi local government. It is not true because the bandits are still killing and kidnapping people in these LGAs.

“Even yesterday they killed one person and abducted 17 women and children in Burdugau village of Malumfashi local government. So, the government is just trying to cover the resurgence of insecurity in Katsina state.”

Similarly, the State Chairman of the Coalition of Civil Society Organisations (CSOs), Mr. AbdulRahman Abdullahi, said the nefarious activities of the bandits have not been completely disseminated in the 13 vulnerable local governments.

He said although there is remarkable security improvement in the 13 vulnerable local governments, that “does not mean the activities of bandits have been subdued completely because even last week, four people were kidnapped in Dutsin-Ma.”

The CSOs chairman called on the state government to sustain its present efforts and strengthen synergy in operation between local, state and federal security outfits for better security results.

Also, Governor Dikko Umaru Radda's recent call for self-defence and enhanced collaboration between the community and security agencies is met with scepticism, as some residents question whether their concerns are genuinely being taken into account.

Thus, residents of the state who are now groaning in the jaw of these bandits, are demanding for transparency and accountability from the government in addressing the foreseen challenges of recent killings, kidnapping and looting by the hoodlums.

The ruins of Wurma Primary Healthcare Centre

Kayode Tokede

Thirteen companies quoted on the Nigerian Exchange Limited (NGX) survived macro economic challenges in 2023 to generate N9.44 trillion revenue, representing an increase of 30.5 per cent from N7.23 trillion reported 2022.

Analysis of the companies’ results showed that MTN Nigeria Communication Plc generated the highest revenue in the period under review, followed by Dangote Cement Plc.

Companies operating in Nigeria last year were faced with low purchasing amid hike inflation that spread across Africa, foreign exchange crisis, insecurity and bad road networks that prolonged delivery of goods and services across the country.

The 13 companies investigated by THISDAY cut-across cement producing companies, Fast-Moving

Nume Ekeghe

Nigeria Treasury Bills (T-Bill) issuance witnessed a significant shift in investor appetite last week, with bids outpacing offers by a substantial margin.

During the recent T-Bills primary auction, the amount offered stood at N161.50 billion, a decrease from N337.89 billion in the previous auction.

Despite this reduction, the total subscription soared to N1.50 trillion,

Consumer Goods (FMCG), petroleum marketing companies, household companies and telecommunication company.

A breakdown showed that MTN Nigeria reported N2.47 trillion revenue in 2023, representing an increase of 23 per cent from N2.01 trillion in 2022, Dangote Cement earned N2.21 trillion revenue in 2023, a growth of 366.44 per cent from N1.62 trillion reported in 2022.

MTN Nigeria generated revenue from data, voice, Fintech, Digital, among others.

The telecommunication giant in a statement said “The demand for our services has remained resilient despite the overall challenging operating conditions. Service revenue was up by 22.4per cent, in line with our medium-term growth guidance, with pleasing growth acceleration in Q4 (up 25per cent). Data was the main driver, with voice growth remaining solid. Our mobile

far surpassing the offered amount. Consequently, only N161.50 billion was allotted. Both the subscription-tooffer and bid-to-cover ratios reached 9.27x, reflecting overwhelming demand compared to supply.

As a result of this robust demand, the stop rates for the 91-day, 182-day, and 364-day instruments experienced declines. Specifically, the stop rates dropped to 16.24 per cent 17.00 per cent, and 21.12 per cent for the respective maturities. In comparison, the

subscribers increased by 5.3per cent to 79.7 million, underpinned by increased gross connections and churn management initiatives.

“Our Voice revenue increased by 9.7per cent, benefitting from the mobile subscriber base growth and increased usage on the back of our customer value management initiatives and revamped voice propositions. However, growth in Q4 was 7.1per cent from a high base in the prior year.

“We recorded pleasing growth of 39.8 per cent (up 48.7 per cent in Q4) in data revenue supported by a revamp of our data bundle offerings – particularly in Q4 – as well as the significant investment in our network coverage and capacity. Our 4G network now covers 81.5 per cent of the population, up from 79.1 per cent in December 2022, and 5G at 11.3 per cent.

“On the back of these initiatives, smartphone penetration rose to

previous auction recorded stop rates of 17.24 per cent, 18.00 per cent, and 21.49 per cent, highlighting a downward trend in borrowing costs for investors.

A report by Meristem research noted: “The Central Bank of Nigeria (CBN) offered N161.50 billion in T-Bills at the primary auction, a decrease from the N337.89 billion offered at the previous auction.

“However, investor demand surged, with total subscriptions reaching a staggering NGN1.50

55.6 per cent (up 3.1pp YoY), underpinning data usage (GB per user) growth of 29.1 per cent to 8.6GB. As a result, we recorded a 44.9 per cent growth in data traffic, with the 4G network accounting for 81.8 per cent of the total traffic (up 0.6pp YoY) and 5G at 5.2 per cent.

“We expanded home broadband penetration to support the growing use cases for digital adoption, leveraging our 5G fixed wireless access devices, mobile broadband solutions, and fibre-to-the-home connectivity. We added over 800k subscribers in 2023, bringing our home broadband subscribers to over 2 million. Our infrastructural strength, technology mix and partnerships position us to capture a significant share of market opportunities.”

For Dangote Cement, the growth in revenue was on the backdrop of garnering more market share across the continent with pan-Africa volumes going up by 12.7 per cent

trillion. This resulted in a subscription-to-offer ratio and a bid-to-cover ratio of a remarkable 9.27x, indicating a significant oversubscription.

“Consequently, the stop rates for the 91-day, 182-day, and 364-day instruments all declined,” analysts noted. The new stop rates settled at 16.24 per cent, 17.00 per cent, and 21.12 per cent respectively, compared to 17.24 per cent, 18.00 per cent, and 21.49 per cent at the previous auction.”

to 11.3 metric tons.

BUA Foods for instance announced N728.5 billion revenue in 2023, a growth of 74 per cent from N418.35 billion in 2023, while Totalenergies Marketing Nigeria declared N635.95 billion revenue in 2023, a growth of 31.8 per cent from N482.47 billion in 2022.

Seplat Energy reported N696.87 billion revenue in 2023, an increase of 73 per cent from N403.9 billion reported in 2022.

Others are: NB Plc posted N599.64 billion revenue in 2023, an increase of nine per cent from N550.64 billion in 2022; Nestle Nigeria announced N547.12 billion revenue in 2023, a growth of 22. 45 per cent from N446.82 billion in 2022; Lafarge Africa declared N405.5 billion revenue in 2023, aa growth of 8.6 per cent from N373 billion and BUA Cement reported N459.99billion revenue in 2023, representing 27 per cent increase from N360.99

The report added, “The decrease in stop rates suggests a decline in yields for government debt instruments despite a reported “bearish sentiment” in the secondary fixed-income market. The average yield for T-Bills in the secondary market rose to 19.99% compared to 18.48 per cent last week, while the average bond yield remained unchanged at 18.40 per cent.”

Furthermore, it stated: “The Nigeria Bureau of Statistics

billion in 2022.

In addition, Geregu Power declared N82.91 billion revenue in 2023, a 74 per cent growth from N47.62 billion in 2022 while Cadbury Nigeria in 2023 posted N80.38 billion revenue in 2023, a growth of 46 per cent from N55.2 billion reported in 2022 and Nascon Allied Industries disclosed N80.83 billion revenue in 2023, a growth of 37 per cent from N58.79 billion in 2022.

However, the Central Bank of Nigeria (CBN) foreign exchange policy and operating expenses impacted negatively on some of these companies profit before tax, leading to none payment of dividend to shareholders.

Cumulatively, the 13 companies declared N485.25 billion profit before tax in n2023 from N1.54 trillion reported in 2022 financial year.

(NBS) reported a surge in the country’s total trade, which increased by 128.60 per YoY and 42.50 per cent QoQ to N26.80trn in Q4:2023, primarily attributed to the depreciation of the Naira. However, signaling a shift, the country recorded a trade deficit of N1.40trillion for the first time in five quarters, driven by a significant increase in imports (+163.10 per cent YoY to N14.11trillion) surpassing total exports (+99.56 per cent YoY to N12.69trillion.”

Gilbert Ekugbe

The Standards Organisation of Nigeria (SON) has stated Nigeria has the capacity to save over N94 billion annually if it adopts strict adherence to stipulated standards and quality requirements in its palm oil production processes.

SON also explained that palm oil products could attract increased foreign earnings for Nigeria as far as non-oil sector is concerned.

According to a press statement issued by the office of the Director General/ Chief Executive of SON, Dr. Ifeanyi Chukwunonso Okeke, the agency has been making concerted efforts to ensure the growth of Nigeria’s export trade. The statement was released after the agency’s public sensitisation workshop for palm oil operators and stakeholders held in Osogbo, Osun state capital last week.

Ebere Nwoji

The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu has assured insurers, especially members of Nigerian Council of Registered Insurance Brokers (NCRIB) of federal government’s continuous collaboration to strengthen the insurance sector.

Bagudu gave this assurance when members of the Council, led by their President and Chairman Governing Board, Babatunde Oguntade paid a courtesy visit to the ministry in Abuja.

Bagudu called on the NCRIB to take a critical review of the 2050 Agenda for the evolution of the insurance sector.

The SON statement was apparently in reaction to a shocking disclosure by one of chief facilitators at the event, Prof. Kehinde Owolarafe of the Department of Agricultural and environmental Engineering, Obafemi Awolowo University, (OAU), Ile-Ife, who said Nigeria loses N94 billion annually to palm oil importation.

According to the don, between 1920 and 1960, Nigeria was the leading producer and exporter of palm oil in the world.

“But sadly, Indonesia and Malaysia now lead in the production of palm oil in the whole world.

“Though there has been an increase in production of oil palm in the last few years, but Nigeria at present imports palm oil to the tune of about one million metric tonnes to supplement the local production in order to meet the

He emphasised the importance of mutual understanding and harnessing the value of each sector within Nigeria’s ecosystem to stimulate economic growth and the role of insurance brokers in drawing attention to risks management mitigating factors, and facilitating project preparation, thus attracting investors.

Bagudu acknowledged the crucial role of regulators and commended the NCRIB for its commitment to credibility and urged for further collaboration to enhance regulatory frameworks.

The Minister assured members of the delegation of his commitment to addressing their concerns and exploring avenues for partnership

high demand.

“Indonesia and Malaysia produce in tens of million tonnes, while Nigeria is still struggling to reach two million tonnes.

“Currently, Nigeria, which occupied the premier position has been dropped to the fifth position,” he said.

Owolarafe listed some of the factors resulting in the low production of palm oil in the country to include declining productivity of oil palm plantations due to old age.

Other factors, he said, were lack of appropriate technologies for palm fruit processing and unfavourable government policies as regards agriculture in general, among others.

He said there was urgent need to improve the quality and quantity of palm oil production in the country to meet the international standards in order for export.

Non-Interest Fund Sustains Growth, Hits N54.27bn in Pension Assets

The Non-Interest Fund (Fund VI), launched by the National Pension Commission (PenCom) in September 2021, has demonstrated remarkable growth, soaring to N54.27 billion in pension assets. This sustained growth can be attributed primarily to its robust Operational Framework. Introduced as part of the Multi-Fund Investment Structure, Fund VI empowers pension contributors and retirees to select a fund that aligns with their investment preferences.

to ensure a conducive environment for the insurance sector to thrive.

Earlier in his speech, the President of the NCRIB, highlighted the challenges facing the insurance sector, particularly concerning regulatory levies.

He emphasised the need for support from government to sustain regulatory activities essential for maintaining credibility within the industry.

Also speaking, the Deputy President of NCRIB, Ekeoma Ezeibe, echoed the President’s statement, emphasising the critical role of regulation in reinforcing credibility within the insurance sector and the adverse effects of eroding regulatory support.

Emma Okonji

Sophos, a global leader in innovating and delivering cybersecurity as a service, has released its 2024 Sophos Threat Report, tagged ‘Cybercrime on Main Street’, with this year’s report, exposing the biggest threats facing small and medium-sized businesses (SMBs).

According to the report, while the number of ransomware attacks against SMBs stabilised a little in 2023, such targeted attacks continue to be the biggest cyberthreat to SMBs in 2024.

“In 2023, nearly 50 per cent of malware detections for SMBs were keyloggers, spyware and stealers. These are malware that attackers

used to steal data and credentials. The attackers subsequently used the stolen information to gain unauthorised remote access, extort victims, deploy ransomware, and more,” the report said.

The Sophos report also analysed initial access brokers (IABs), which has to do with criminals that specialise in breaking into computer networks. The report further said IABs were always using the dark web to advertise their ability and services to break specifically into SMB networks or sell ready-to-go-access to SMBs that they have already cracked.

Giving further analysis of the 2024 Sophos Threat Report, the Director, Sophos X-Ops Research at Sophos, Christopher Budd, said: “The value of ‘data,’ as currency

has increased exponentially among cybercriminals, and this is particularly true for SMBs, which tend to use one service or software application, per function, for their entire operation. For example, let’s say attackers deploy an infostealer on their target’s network to steal credentials and then get hold of the password for the company’s accounting software, such attackers will then gain access to the targeted company’s financials and have the ability to channel funds into their own accounts. “There’s a reason that more than 90 per cent of all cyberattacks reported to Sophos in 2023 involved data or credential theft, whether through ransomware attacks, data extortion, unauthorized remote access, or simply data theft.”

Since its inception, the Non-Interest Fund has garnered increased acceptance by pension contributors and retirees. While the Fund’s assets stood at N7.79 billion in September 2021, the Fund has grown to N54.27 billion by the end of January 2024, translating to an impressive leap of over five hundred percent or N46.48 billion over the period. This growth trajectory underscores the effectiveness and appeal of the NonInterest Fund among pension stakeholders. The Fund offers RSA holders the choice of how their pension contributions are invested. It is expected that with sustained enlightenment on Fund VI, its assets will continue to grow.

The Multi-Fund Investment Structure

Business Editor Chinedu Eze

Comms/e-Business Editor

Emma Okonji

Asst. Editor, Money Market

Nume Ekeghe

Senior Correspondent

Raheem Akingbolu (Advertising)

Correspondents

Emmanuel Addeh (Energy)

KayodeTokede(CapitalMarkets)

James Emejo (Finance)

Ebere Nwoji (Insurance)

Reporters

Peter Uzoho (Energy)

Ugo Aliogo (Development)

Emma Okonji

Given the increased reliance on cloud computing by Nigerian businesses to streamline operations, enhance collaboration, and scale their ventures, experts in cloud computing business have stressed the need for local cloud hosting, insisting it will boost Nigerian businesses.

According to them, amidst the myriad of cloud hosting options available, there’s a rising trend towards embracing local cloud hosting providers.

“This shift is not merely about patriotism; it’s a strategic move that brings forth a plethora of benefits for Nigerian businesses, ranging from data sovereignty to enhanced performance and personalised support,” the experts said in a statement released

recently.

As highlighted by Tunde Bakare, CEO of a leading e-commerce platform in Lagos, “Data sovereignty is nonnegotiable for us. Our customers entrust us with their sensitive information, and partnering with a local cloud hosting provider ensures that we maintain control over our data while complying with Nigerian data protection laws.”

CTO of Abuja-based Fintech Startup Company, Emeka Nwosu, said: “Our decision to migrate to a local cloud hosting provider was driven by the need for superior performance and reliability. Since partnering with Layer3cloud, we’ve witnessed a significant reduction in latency, enabling us to deliver real-time financial services to our users with unparalleled efficiency.”

contributors and retirees, the FRACE has certified that the Operational Framework issued by the Commission complies with non-interest finance principles.

Some of the objectives of the Operational Framework issued by PenCom include promoting financial inclusion within the Nigerian Financial System, establishing standards and procedures for managing Fund VI by licensed PFAs, and assisting in expanding the coverage of the CPS by attracting employees who are interested in non-interest funds.

Sequel to the issuance of the Operational Framework by PenCom, all PFAs were required to create and maintain the NonInterest Fund for interested RSA holders. The Fund shall be separated into two funds, for Active RSA Holders and Retirees, respectively.

At the commencement of the CPS, all active contributors’ funds were being invested solely in the RSA ‘Active’ Fund. PenCom thus conceived the Multi-Fund Investment Structure to align the age and risk profiles of contributors. Introduced in July 2018, the Multi-Fund Investment Structure separated the RSA Fund into 6 Fund types (Funds l to Vl). As a result, pension contributors and retirees are allowed to make specific choices regarding the investment of their pension funds.

The Multi-Fund Structure is consistent with allowing individuals to make their own choices under the Contributory Pension Scheme (CPS). These choices include selecting a Pension Fund Administrator (PFA) to open a Retirement Savings Account (RSA) and choosing a fund under the RSA Multi-Fund Structure, the transfer of an RSA from one PFA to another, etc.

The Non-Interest Fund

Section 7.3 of the Regulation on Investment of Pension Fund Assets issued by PenCom, established the Non-Interest Fund (Fund VI) among the Fund types to be managed by licensed PFAs. It is a Fund which complies with the provisions of Islamic Commercial Jurisprudence and any other established non-interest principles, as approved by the Financial Regulation Advisory Council of Experts (FRACE) or any other body constituted by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission. To boost confidence amongst pension

The permissible instruments for the Investment of Fund VI assets include Corporate/ Supranational Sukuks, Government Sukuk (including Islamic Treasury Bills and Euro Sukuk) issued by the Federal Government of Nigeria, CBN or FGN Agencies and Infrastructure Sukuk backed by FGN/CBN guarantee. Other instruments are compliant Money Market instruments, ordinary shares, private equity funds and real Estate funds.

How to transfer your pension savings to the Non-interest Fund

The Non-Interest Fund is optional for pension contributors and retirees. Consequently, RSA holders in Funds I, II, and III and retirees in Fund IV are eligible to transfer their RSA contributions to the Non-Interest Fund (Fund VI) by making a formal request to their PFA in line with the provisions of the RSA Multi-fund Implementation Guidelines and Section 7.6 of the Investment Regulation dealing with Transfers between Fund Types within a PFA.

Therefore, eligible RSA holders who are interested must visit their respective PFAs to request the transfer of their pension funds from their existing Fund to the Non-Interest Fund by completing and signing a Consent Form to be issued by the PFA. The personal presence of the RSA holder is required due to the need for authentication. Consequently, regardless of the Consent Form’s availability, the process cannot be concluded until the RSA holder visits the PFA and appends his/her signature to the form. After that, the PFA will move the funds from the existing Fund to the Non-Interest Fund and advise the RSA holder accordingly. As the Commission and Pension Fund Administrators intensify enlightenment efforts, it is expected that the growth of the Non-interest Fund will be sustained.

Coronation Report: Private Sector Key to Nigeria’s Infrastructure Funding

Ugo Aliogo

The maiden edition of Coronation group infrastructure report has revealed that the private sector has a critical role to play in infrastructure funding in Nigeria.

The report stated that the key to private-sector infrastructure investment is for dealmakers to structure transactions that offer attractive returns combined with an acceptable degree of risk, the risk often being eased by agreements supplied by infrastructure investment vehicles such a Infracorp.

The report said that the investor

base can play its part, providing liquidity as part of its own efforts to create long-term returns with low relationship with public markets.

The report noted that Nigeria’s future infrastructure development depends on private capital, including capital allocated to Public Private Partnership (PPP) ventures, given the huge amounts of money required and the inability of government to provide it.

The report explained that the record of the federal government in capital expenditure over several decades highlighted the need for increasing private-sector investment, adding that public expenditure on

Dun & Bradstreet Launches New Product to Empower SMEs

As part of its vision to help Small and Medium-sized enterprises (SMEs) in Nigeria, Dun & Bradstreet, a global provider of business data and analytics, has launched new variants of its flagship product called the ‘D-U-N-S RegisteredTM Seal’.

Compared to the standard version, the recently launched D-U-N-S RegisteredTM Seal VIP and Premium variants enable companies to add higher amount of information on their portals, facilitating them to stand out amid stringent global competition, according to a statement.

“Over 90 percent of the Fortune 500 companies, leading Nigerian companies, regional governments, and organizations of all shapes and sizes utilise Dun & Bradstreet’s data to find new business opportunities and manage risks. In addition to listing a company on D&B’s database, this product facilitates

enterprises of all shapes and sizes to unlock new avenues for business. Find out more about the product and other products on our,” the statement said.

Country head at Dun & Bradstreet Nigeria, Womo Diriyai, said for a long time, SMEs have taken advantage of the solution to increase domestic and global recognition.

“This motivated Dun & Bradstreet to introduce and incorporate the new extensions. The new variants permit companies to add more business information to their portals and secure targeted leads. In the ever-evolving business landscape of Nigeria, companies of all sizes require an edge over others to enhance business. I am hopeful that new variants will attract an extraordinary response from the companies in

transportation, education, hospitals, power, housing, and other essential infrastructure has not kept up with the needs of a population growing at a long-term rate. The report said Public-private

partnership differs from government capital expenditure in that it must pay for its capital, noting that it must attract private sector capital and therefore provide better returns than the risk-free returns of government

debt.

According to the report, “Inflows of petro-dollars into government coffers did not translate into proportionately more being spent on capital expenditure, surely a

missed opportunity. Still worse was to follow in the period 2011-2020 when the average level of public sector capital expenditure fell to 1.1 percent of Gross Domestic Product (GDP).”

Firm Commits $3m to Drive Renewable Energy Access in Nigeria

Gilbert Ekugbe

To increase the adoption of renewable energy access in Nigeria, a leading Nigerian impact investment company, All On, has announced a strategic $3 million bridge round investment in Arnergy, a market leader in distributed renewable energy products and solutions.

The move, according to the company, is apt as renewable energy access in the nation is a significant challenge, with the country facing major financial and technical barriers in its energy transition plans.

In a statement, All On, said the

FITC Commemorates IWD, Unveils Women Network to Drive Growth

FITC, the world-class, innovation-led, and technology-driven knowledge institution which provides learning, advisory services, and policy advocacy to the Nigerian financial service sector and other sectors of the economy, held the 4th edition of its International Women`s Day (IWD) celebration, themed Inspire Inclusion: Empowering Women in the Workplace. It was an amazing time for attendees both physical and virtual.

It was the 4th FITC International women`s day where the achievements of women are celebrated, and the issue of gender parity discussed.

In her compelling opening address, the Managing Director/CEO of FITC, Chizor Malize, underscored the profound significance of this year’s theme, “Inspire Inclusion.” A key focal point of her address was the imperative to not only celebrate the strides made in advancing gender equality and women’s empowerment but also to introspect on these achievements and actively work towards fostering gender parity in the workplace.

Emphasizing the essence of driving female inclusion, Malize articulated the commitment of FITC to intentionally cultivate a workplace that empowers women and embraces the diversity within its workforce, currently maintaining a balanced ratio of 51% women to 49% men. She passionately expressed, “we believe women are change drivers, champions of growth, and catalysts for quality and excellence.” Concluding her address with a thought-provoking challenge, Malize posed the question, “What are you doing to identify women of quality and create a space for them at the table?” She urged everyone to earnestly engage in advocacy within the realm of work, advocating for women through mentoring, coaching, and actively promoting, inspiring, and pushing women into roles and responsibilities that amplify their contributions. The call to action resonates as a powerful directive to contribute collectively to

the advancement of gender equality and inclusivity in all spheres of professional life.

The event further unfolded in three important segments: a keynote address delivered by the distinguished guest speaker Dr Toyin Sanni CEO Emerging Africa Group, a thought-provoking panel discussion and the official launch of the FITC Diamond Women Network. The panel segment featured a dynamic group of industry leaders who provided invaluable insights into the role of inspiring women in the workplace. The panel session moderated by Chizor Malize Managing Director/CEO, FITC featured Olusegun Zacchaeus Partner PwC West Africa, Dr. Janet Adetu CEO JSK Consulting Group, Malik Afegbua CEO Slick city Media. CEO of Emerging Africa Group, Dr. Toyin Sanni, in her keynote address commended FITC for its impactful work in building capacity across sectors in her keynote address.

Reflecting on International Women’s Day (IWD), she emphasized the theme, “Inspire Inclusion,” addressing challenges women face in the workforce, such as equal pay, leadership opportunities, and biases. Dr. Sanni highlighted global gender disparities in laws and the economic benefits of closing the gender gap. Stressing the need for men as advocates, she called for legal reforms, equitable policies, and supportive social structures.

CEO of JSK Consulting Group, Dr Janet Adetu, highlighted the significance of personal branding in fostering incl usion. She encouraged individuals to assess their executive presence and take charge of their professional spaces.

Olusegun Zaccheaus emphasized the importance of clarity of purpose, productivity, and building a distinct personal brand to overcome challenges and imposter syndrome.

Expert Advocates SMEs Support in Agric Sector

The Group Managing Director of Amo Group, Dr. Ayoola Oduntan, has called on the federal government to place the agricultural sector as the top priority in its quest to reverse the downturn in the economy, considering its huge contribution to employment, food security, and the nation’s development.

Oduntan insisted that the Federal Government’s spend on agriculture is inadequate to stimulate the desired turn around, compared to the 10 percent agreed in the Maputo Declaration by the African Union in 2003 and endorsed by member countries. He made this submission at the joint conference of the Bank of Industry (BOI)

and the International Finance Corporation (IFC) held on Monday, 5th February 2024, in Lagos, with the theme “Empowering Futures: A Collaborative Journey in Financing Nigeria’s Industrial Sector,” and wellattended by Chief Executive Officers of Banks, Insurance Companies and Captains of industries.

Citing an example, he said the country produces about a million tons of soyabeans annually, which is mostly exported. This is a welcome development as it brings in desired forex.

However, for the poultry Industry to survive in 2024, Oduntan said it must import soya bean meal from outside Nigeria as the price continues to rise and scarcity ensues.

infusion of capital by All On, one of Arnergy’s Series A investors, positions Arnergy to leverage the growing demand-supply gap for solar systems in Nigeria.

The statement added that with the recent removal of fuel subsidies, escalating diesel prices, and increasingly stringent macroeconomic conditions, the imperative for energy cost savings has never been more critical for sustaining businesses and enhancing the quality of life for Nigerians.

The Chief Executive Officer, All On, Caroline Eboumbou, who commended Arnergy’s unwavering

dedication to clean energy solutions said, “We are proud of our partnership with Arnergy over the past years. Our investments into Arnergy have supported our goal to empower communities and create a cleaner future for Nigeria.

Arnergy exemplifies the impact we strive to achieve at All On, innovative solutions and unwavering commitment to sustainability. This investment reaffirms our confidence in their ability to scale their operations and accelerate the adoption of clean energy in Nigeria and beyond.”

“The successful closure of

this bridge round underscores Arnergy’s unwavering commitment to providing, one-stop-shop products and services to Nigerians through Mini-Grid Developers and accelerate the launch of our channel partnerships, installer, and distributor network across Nigeria with quality products and services at market-driven price points. said Femi Adeyemo, Founder and CEO, Arnergy. “With the support of our investors, particularly All On, we are well-positioned to capitalize on the increasing demand for solar systems and drive positive impact at scale,” he said.

L-R: Regional Sales Manager of CFAO Yamaha Motor Nigeria Limited, Northern Nigeria, Ladi Doy; Permanent Secretary, Federal Ministry of Transportation/Marine and Blue Economy, Olufemi Michael Oloruntola; Minister of Marine and Blue Economy, Adegboyega Oyetola; Managing Director, CFAO Yamaha Motor Nigeria Limited, Sylvia Jones Omlenyi; Business Head, Marine, Alademodi Adeola, CFAO Yamaha Motor Nigeria Ltd; and Head of Marketing, CFAO Mobility, Funmi Abiola, when the Yamaha team paid a courtesy visit to Oyetola in Abuja… recently

HOMES & DESIGN

Pacific Lagos: Unveiling the Work-Live-Play Towers

The Pacific Lagos is a 14-storey twin tower designed as a luxurious lifestyle facility in Victoria Island, Lagos, by Global Property Partners (GPP), a commercial and residential real estate development firm. It is promoted by Cavalli Business and Investment Group, with Emmanuel Odemayowa as the Chief Executive Officer, Bennett Oghifo writes

The Pacific Lagos, a fine piece of real estate, is strategically located on Ozumba Mbadiwe Road in Victoria Island, a central business hub of the historically rich and culturally diverse city of Lagos. Its magnificent, modern, and classic architecture echoes the spirit of a vibrant urban neighbourhood with breathtaking views of the Lagos lagoon.

Ozumba Mbadiwe Road is known for hosting several architectural masterpieces in Lagos.

“Our villa will join the ranks as one of the best architectural pieces in Lagos with its top-notch aesthetical design conceived by one of Nigeria’s architectural great minds,” said the Chief Executive Officer of Cavalli Group, Emmanuel Odemayowa, at the exquisite project’s groundbreaking.

The Pacific Lagos would provide a ‘work, live and play” environment “comparable with the best internationally,” as its concept came from mixed-use developments in some of the world’s leading economies.

Odemayowa said the group had completed various real estate projects across Lagos. The Pacific Lagos was a

product of many years of research, brainstorming, and planning towards building “a vertical mixed high-rise structure” that would meet the diverse lifestyle needs of its residents in terms of convenience, access to the commercial nerve centres of Lagos, and premium facilities.

Odemayowa also mentioned that the proposed high-rise project was in line with the Cavalli Group’s vision of helping to reduce Nigeria’s severe housing deficit through the development of real estate conceived based on international standards. The Pacific Lagos is a prestigious two distinct luxury towers with a unique blend of commercial, luxury residential, and play space development, with commercial and exclusive hotel apartments and features three levels of parking space, a recreational floor, 10 suspended office space floors on the commercial block, and 12 floors of world-class one- and two-bedroom hotel apartments on the residential block.

The developer infused a recreational

floor with a gymnasium, spa, games room, shopping mart, restaurant, and bar. There is a terrace sit-out for outdoor viewings. There are 10 floors of ultra-modern open office spaces, three floors (ground floor, first and second floors) exclusively designed as car park zone.

According to the promoters, the Pacific Lagos is designed for premium, exclusive taste. It guarantees value at a unique upscale location, with generous parking spaces, breathtaking landscaping, ultra-modern elevator, and acoustical space planning for noise control. There are 10 floors of premium and functional office spaces with unique architectural designs, luxurious amenities and flexible layout with best-in-class interior designs, including ultramodern facilities designed for optimal efficiency, functionality, comfort, open-plan office design combined with structural capability, quality craftsmanship, and functional layout.

Residential space has world-class

one and two hotel apartments, classic living room and dining area, fitted designer kitchens (with appliances, cabinetry, and accessories), beautiful floor designs finished with a combination of marble and high-quality tiles, and top-grade quality bathrooms.

Recreational facilities on the third floor will delight residents. It is the floor where all the fun happens. The facilities, including large terrace space for outdoor relaxation, are guaranteed to make both office, and residential occupants feel at home. Its uniquely designed and well-positioned windows on the floor allow for optimal ventilation and panoramic views of Victoria Island, Ikoyi, and Lagos Island.

“This floor is equipped with gym, restaurants, swimming pool, and bars, shops, generous spaces for indoor games, and all you need to relax and enjoy because you truly deserve the best,” Odemayowa pointed out.

Also launched was the Pacific Mutual Investment Plan, a product GPP said it introduced to offer flexible investment options for The Pacific Lagos from as low as N10 million.

Hiking Interest Rates amid Economic Hardship

James Emejo assesses the rationale for the apex bank’s resolve to raise benchmark interest rates during a period of economic hardship

No doubt, the recent decision by the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) to raise key monetary policy instruments amid the current economic difficulties didn’t sit well with many Nigerians especially analysts who didn’t see it coming.

In one of its most audacious responses yet to the ravaging inflation in the country, the central bank raised the Monetary Policy Rate (MPR), which is the benchmark interest rate, by a whopping 400 basis points to 22.75 per cent from 18.75 per cent in one fell swoop.

The bank also adjusted the asymmetric corridor around the MPR to +100/-700 basis points from +100/-300 basis points as well as the Cash Reserve Requirement (CRR) to 45 per cent from 32.5 per cent and retained the Liquidity Ratio at 30 per cent.

It was the first under the reconstituted committee led by Yemi Cardoso, who had been voicing the bank’s concerns over the quantum of money supply in the economy which he attributed mostly to the high inflationary environment.

Even though many had read the body language and possible direction of the apex bank – to raise the MPR –the magnitude and percentage of the rate hike beat all expectations. Notable economists including the Chief Executive, Financial Derivatives Company, Mr. Bismarck Rewane, had before the MPC meeting predicted a further tightening of monetary policy tools– but in the region of between 200 and 250 basis points to tame headline inflation which stood at 29.90 per cent in January 2024.

The MPR is the rate at which commercial banks borrow from the apex bank and often determines the cost of funds in the economy and analysts worry that increasing the rate would further complicate the already difficult economic conditions for Nigerians, who have been enduring the impact of recent economic decisions by the government.

At the inception of the President Bola Tinubu-led administration, the government announced the removal of the petrol subsidy and also floated the Naira – two major policy changes that have been largely blamed for the current economic quagmire.

MONETARY TIGHTENING

FORETOLD

The CBN has the mandate to fight inflation to achieve monetary and price stability in the economy. Cardoso had repeatedly declared that the central bank under his watch would be committed to inflation -targeting which he believed was caused by too much money supply through the various interventions of the bank under the previous leadership.

LIQUIDITY SURFEIT

In his recent interview on ARISE News, the broadcast arm of THISDAY Newspapers, the CBN governor clarified that he had nothing against the central bank’s interventions in the economy, pointing out that this remained a standard practice globally, especially in times of crisis. However, he said such interventions needed to be well thought out in order not to destabilise the economy.

According to him, there is too much liquidity that had been injected into the economy in a relatively short space of time which he said was particularly detrimental to monetary policy.

Cardoso explained that loans and advances to the economy stood at about N40 trillion of which CBN interventions accounted for about 25 per cent or N10 trillion. He insisted that such liquidity injections were responsible for the current distortions including inflation in the economy because these interventions were not properly managed.

He argued that the central bank currently lacked the capacity for direct interventions and would rather focus efforts on its primary mandate to control inflation, stabilise prices, and ensure a stable economic environment.

OPTIONS FOR TIGHTENING IN PERIODS OF HARDSHIP

Generally, central banks may raise monetary policy tools during periods of economic hardship and high inflation to address various economic challenges and achieve specific policy objectives.

Cardoso

Given that high inflation erodes purchasing power, reduces consumer confidence, and leads to economic instability.

Against this backdrop, the CBN may raise interest rates to make borrowing more expensive, thereby reducing consumer spending and investment.

By tightening monetary policy, central banks aim to rein in inflationary pressures and maintain price stability.

The CBN also aims to maintain currency stability because high inflation could potentially erode the value of the Naira, leading to depreciation and potential currency crises.

The apex bank here had the option to raise interest rates to attract foreign capital, support the currency, and maintain its stability in international markets as a stable currency remains essential for trade, investment, and overall economic confidence.

Furthermore, by tightening policy tools, the CBN seeks to reduce speculative behaviour which a high inflation environment can encourage as currently evidenced in the country – as investors seek to protect their wealth by investing in assets that offer higher returns than cash.

By raising the MPR, CBN makes speculative investments less attractive, encouraging more prudent financial behavior and reducing the risk of asset bubbles.

Essentially, raising monetary policy tools during periods of economic hardship and high inflation is aimed at restoring economic stability, preserving the value of the currency, and anchoring inflation expectations to support sustainable economic growth in the long term among others.

Cardoso, however, justifying the CBN tightening stance said: “Firstly, I hope you can see from the decision that has been announced concerning our policy stance and monetary policy rate that clearly, we are out to tighten the money supply and to ensure that we have a robust structure in place as far as monetary tools are concerned to rein in inflation.

“We expect that this would moderate in

the short to medium term, but interestingly, we also appreciate the fact that there is a structure side to inflation which we intend to work very closely with other arms of governments in particular, the fiscal side. He said it was important that the government managed the challenges of insecurity and that agricultural productivity was also improved as well as issues of the oil and gas sector.

He added: “We hope to collaborate very strongly with the fiscal side so that the other elements of inflation that are not directly within our control to be managed a lot better and a more positive outcome will come to the benefit of all Nigerians.”

ANALYSTS’ PERSPECTIVES ON TIGHTENING REGIME

In separate interviews with THISDAY, analysts have, however, reacted to the CBN’s major rates announcements.

They believed that the factors fueling inflations were more of non-monetary activities.

Reacting to the apex bank’s 400 basis points increase in MPR, and CRR adjustments, President, Association of Capital Market Academics of Nigeria, Prof. Uche Uwaleke, described the move as an “overkill”.

He told THISDAY that “jerking up the MPR by 400 basis points in one fell swoop is simply an overkill”, adding that the real sector would likely suffer from the impact.

He said: “The implication is that for every deposit in the bank, CRR takes 45 per cent of it while the Liquidity ratio takes 30 per cent. So, it is only 25 per cent of the deposit that banks can lend.

“This has negative implications for access to credit, cost of capital for firms, cost of debt service by the government, and asset quality of banks.

“Expect banks to quickly reprice their loans with negative consequences for nonperforming loans and financial soundness indicators.”

Uwaleke said: “By this overkill on the economy in a bid to crash elevated inflation which by the way has numerous

non-monetary factors driving it, output is bound to shrink.

So, expect lower GDP numbers, especially from agriculture and Industry sectors as well as a surge in unemployment levels.”

Also, Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, said the recent hike by the apex bank aims to tackle inflation in two ways - mopping up excess system liquidity, which has tended to find its way into the parallel market via speculative FX purchases, and to attract foreign portfolio investments to boost FX liquidity, adding that high interest rates on sovereign securities may be an attractive proposition for yield-seeking investors.

He pointed out that the previous administration increased the money supply to unprecedented levels through the ways and means borrowing, and that has ultimately had a large impact on inflation - hence the little or no impact on inflation despite numerous previous MPR hikes by the bank.

Shelleng, on the other hand, said: “The monetary tightening is to the detriment of growth and productivity as high interest rates increase borrowing costs for businesses.

“Due to the cost-push nature of Nigeria’s inflation, the CBN is trying to tackle the supply constraints by trying to bring down the FX rate, thereby making imports cheaper.”

On his part, Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said: “Although I expected an increase in MPR at the just concluded MPC meeting, I didn’t expect the magnitude of increase in MPR from 18.75 per cent to 22.75 per cent.

“The new rate was targeted at checking the inflation rate, which has grown to 29.9 per cent as at the end of January 2024. We expect that this rise in MPR will make every deposit money bank adjust its lending rate and reduce money in circulation.”

The former Director General, Abuja Chamber of Commerce and Industry (ACCI) said: “This will reduce pressure on foreign currency and Naira funds that would have increased demand for more foreign currency.”

According to him, “When lending rates rise, productivity will reduce as the cost of production will rise. This cost will be passed over to the ultimate consumers at high prices. “The inflation rate, which is being targeted for reduction, will increase ultimately. We will experience a vicious cycle. This is because there are other factors contributing to the rising inflation rate outside the control of monetary policy.”

Also, in his intervention, Managing Director/ Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, said the magnitude of MPR hike was a shock as he predicted a raise of between 100 to 200 basis points to monitor the economy. He said: “It is a known fact that there is a need to raise the MPR to bring down inflation but other considerations have to be looked into side by side with the increment in the MPR.

He said the CRR adjustment would limit the allowable cash for loan facilities and consumer credit would be seriously affected.

Gbolade said, “The manufacturing sector which has been suffering multiple hits from inflation, naira devaluation, and loss of revenue will now have to face higher interest rates in their loan repayment with banks.

“This could be inimical to the economy that the government is trying to rejuvenate and could bring it to its knees. It could also lead to unemployment and other dire consequences.

“In the past CBN administration, constant increase in MPR was employed but it did not yield results because of other underlying factors. In all, it is left to be seen how these measures would stem inflation in the coming months.”

Meanwhile, central banks have also used MPR hikes and other monetary tools to discourage consumer spending by making it difficult to patronage certain goods and services with the hope that low demand will force down prices.

Interestingly, the MPC will reconvene later in the month to assess the impact of the recent policy direction to take further actions as it deems necessary.

Okonjo-Iweala, Ayeni Harp on Export Trade to Boost Economy

James Emejo

Director General, World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has said that Nigeria can hardly develop without substantial export trade.

She said trade has liberated over a billion people from poverty adding that women were key to this narrative.

Speaking at an engagement with women-led businesses during a visit to the headquarters of the Nigerian Export Promotion Council (NEPC) in Abuja, the WTO boss pointed out that women who engaged in export activities earn three times more than those who don’t export their wares. Okonjo-Iweala said the WTO was prepared to further assist exporters to certain certification and export standards requirement as well as help the operators to upgrade the standards of their

WACT Commissions

APM Terminals’ West Africa Container Terminal (WACT) has achieved a significant milestone with the official commissioning of its new Container Freight Station (CFS) at Onne Port, Rivers State.

The new facility brings WACT a step closer towards its strategic vision of becoming the ‘gateway to Eastern Nigeria and beyond’, offering a comprehensive suite of logistics solutions to empower Nigerian businesses and further boost efficiency and access.

Speaking at the commissioning ceremony of the new Container Freight Station in Onne Port, Rivers State last Monday, the Managing Director of WACT, Jeethu Jose, said the facility will act as a central hub for various trade-related activities, including interaction with regulatory authorities and seamlessly connect

products to meet international regulations.

She also emphasised on the need to embrace digital trading, adding that the digital platform remained the future of trading.

He said a $50 million fund had been launched in Abu Dhabi recently to support women trading digitally and encouraged women-led businesses in the country to take advantage of the offer to grow their online ventures.

She said while credit and market access remained key challenges for women enterprises, they must stay focused and resilient to these constraints adding that the apex trade organisation was ready to offer support.

Similarly, Executive Director/ Chief Executive, NEPC, Nonye Ayeni, disclosed that the council had since 2016, registered 29, 000 exporters while about 4,000

are women-led businesses.

Speaking at WTO/ITC interactive session with the Shetrades Nigerian Hub and other key stakeholders, shed said the council in 2017, launched the Women in Export Development Programme and assigned women desk officers in all its regional and state coordinating offices to provide advisory services for women-led businesses across the country.

Ayeni disclosed that the NEPC’s collaboration with the Internation Trade Center (ITC) has continued to yield significant results, particularly in the implementation of the Women in Export Development Programme as over 4,800 Nigerian women have so far registered with ITC SheTrades.

She added that from 2018 till date, about 7,800 women entrepreneurs have been supported to enhance their export operations through the hub.

New Container Freight Station at Onne Port

businesses in Eastern Nigeria to the global marketplace and vice versa. It will also support streamlined processes for import and export operations and reduce time and cost for customers.

He said expertly crafted solutions at the CFS are designed to expedite the movement of key Nigerian commodities like agro products and solid minerals, ensuring Just-in-Time (JIT) service delivery through efficient stuffing and swift transfers to the port.

WACT Commercial Manager, Ismaila Badjie, who described the facility as the first of its kind in Onne Port, said, “The Container Freight Station has a lot of benefits to the customer. It is cost effective and also ensures that there is as little as possible in terms of waste of time. The facility will help the customers in the non-oil exports. This facility will also continue to support and

ensure that natural produce are available abroad, and will directly or indirectly aid creation of jobs.”

Also speaking, the Customs Area Controller, Port Harcourt II Area Command of the Nigeria Customs Service, Comptroller Baba Imam, congratulated WACT for the facility and for its milestone achievements at the port.

Imam said, “By constructing this edifice, we will be able to facilitate trade. It entails that WACT is transforming and trying to be consistent in the way and manner they keep adding value, which is a clear manifestation of the kind of commitment they have in trying to be consistent in the transformation agenda they have. From the perspective of Customs, one of the cardinal mandate we have is trade facilitation.”

Polaris Bank CEO Champions Women’s Empowerment at IWD Webinar

Nume Ekeghe

The Chief Executive Officer, of Polaris Bank, Kayode Lawal highlights the indispensable contributions of women to societal progress and economic development and took a stand for women’s empowerment.

He did this recently at its recent International Women’s Day (IWD) webinar titled “Empowering Voices: Women Leading Change.” in Lagos, aligned with the 2024 IWD

theme “Inspire Inclusion” by highlighting the need for greater inclusivity for women in society and the economy.

In a statement from the bank, Lawal, underscored the essential role women play in societal progress and economic development. He reaffirmed the Bank’s commitment to fostering a diverse and inclusive workplace culture that empowers women to thrive.

Reflecting on the global theme of IWD 2024, “Inspire

Inclusion,” Lawal highlighted the importance of creating a culture where everyone feels valued and respected.

He reiterated Polaris Bank’s dedication to providing a conducive work environment for its female workforce, free from biases and discrimination.

The webinar featured a distinguished panel of guest speakers, Ms. Solape Akinpelu, CEO of HerVest, and Dr. Ifeyinwa Nwakwesi, CEO of Healthy Living Services Nigeria Limited.

W’Africa Gears Up for Healthcare Innovation Boom

Following its successful debut in 2023, Medlab West Africa, the region’s leading medical laboratory platform, will return to Lagos, Nigeria as a standalone event. Co-located with the inaugural Pharmaconex West Africa, this powerful duo promises to reshape the healthcare landscape and accelerate innovation across West Africa. Scheduled to hold at the Landmark Centre, the combined event offers unparalleled opportunities for industry professionals, thought leaders, and businesses to collaborate and drive positive change within the medical laboratory and pharmaceutical manufacturing sectors. Medlab West Africa will

also feature six high-level CPD-accredited conferences, to allow attendees to deepen their knowledge through targeted sessions led by renowned experts, covering critical topics like laboratory management & quality, hematology & blood transfusion, clinical microbiology & parasitology, molecular diagnostics, clinical chemistry, anatomic pathology.

“The return of Medlab West Africa marks a significant step forward in our mission to empower the West African medical laboratory sector. By fostering collaboration, career development, and knowledge exchange, we are contributing to strengthening the region’s healthcare infrastructure, im-

proving patient outcomes, and creating a vibrant ecosystem where knowledge and expertise congregate,” said Tom Coleman, Senior Exhibition Director of Medlab Series.

Group Exhibition Director of Pharmaconex, Mostapha Khalil, commented, “We are thrilled to bring Pharmaconex West Africa to Nigeria, offering a platform for collaboration and innovation within the region’s rapidly growing pharmaceutical industry. By connecting key stakeholders across the value chain, we aim to accelerate medicine discovery, development, and manufacturing, ultimately improving access to life-saving medication for all.”

Money Market Indicators (in Percentage)

The price of OPEC basket of twelve crudes stood at $81.30 a barrel on Tuesday, compared with $79.70 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), 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).

Managing Director, West Africa Container Terminal (WACT), Jeethu Jose (2nd left); Customs Area Controller, Port Harcourt II Area Command of Nigeria Customs Service, Comptroller Baba Imam (third left) and others at the commissioning of WACT’s new Container Freight Station (CFS) at Onne Port, Rivers State... recently

VFML Partners Goudenfara on Pre-auction Market Guidance Reports for Art Industry

Kayode Tokede

Vetiva Fund Managers Limited (VFML), subsidiary of Vetiva Capital Management Limited has announced a partnership with GoundenFara, a Lagosbased advisory firm, for the release of its first Pre-Auction Advisory Note, designed to provide key insights into the individual market fundamentals of artists whose works are scheduled for sale on the

international auction market.

The GoundenFara partnership with Vetiva seeks to catalyze further growth and development within the Art industry in Nigeria and the African continent, in alignment with Vetiva’s vision of showcasing investment opportunities in the alternative assets space in Africa.

The landmark partnership will see both firms combine their expertise across the capital

market and art economy, which will enable them offer unique solutions to investors considering Art in their alternative asset portfolio.

Speaking on the partnership, the CEO of Goudenfara, Mr. Ekiko Inyang in a statement said, “We are optimistic and confident that the synergy of both individual firms will result in creating a solid entry point for financial market participation in the art market, ensuring

adequate management of asset, financing structure, and holistic wealth reporting”. This pioneering initiative also looks to bring the standard of equity market analysis into analyzing Art as an asset class and provide unparalleled market research and insight, tailored for investors and collectors keen on integrating art into their alternative investment portfolios, and wealth managers managing

the accounts of clients looking to optimize their art holdings.

The advisory note is also useful to art industry stakeholders such as gallerists, dealers, auctioneers, artists and art advisers, giving them access to crucial information about underlying factors driving the market.

The Managing Director of Vetiva Fund Managers Limited, Mrs. Oyelade Eigbe stated that this initiative places

the concerns of investors at the forefront as she believes that Art goes beyond canvas and its role as a financial instrument in portfolios must be reimagined. She indicated that in an era of evolving investment landscapes, where traditional asset classes face challenges and investors seek diversification and stability, fine art is emerging as a newcontemporary contender.

PRICES FOR SECURITIES TRADED ASOF MARCH /13/24

INAUGURATION OF THE NATIONAL HEALTH DIGITALISATION COMMITTEE...

L-R:

Welfare, Muhammad Ali Pate, presenting certificate of inauguration to Founder/Chief Executive Officer of Casava Insurance, Bode Pedro, at the inauguration of the National Health Digitalisation Committee (NHDC) in Abuja...recently

Shettima Urges Nigerians to Be Patient with Administration as Hardship Hits Harder

Says Tinubu moving in right direction Zulum shares food aid to 52,500 families ABUAD hospital hosts mental health summit Lawmaker charges states to invest in agric CLO calls on Tinubu, governors to sit up

Michael Olugbode in Maiduguri, Okon Bassey in Uyo, Blessing Ibunge in Port Harcourt and Gbenga Sodeinde in Ado Ekiti Vice-President Kassim Shettima, has appealed to Nigerians to exercise a little patience with the President Bola Tinubu administration, even as the country continues to lament hardship and starvation.

Shettima, who spoke at the 60th birthday celebration of the National Chairman of the All Progressives Congress (APC), South-south, Victor Giadom, in Port Harcourt, Rivers State, weekend, insisted that President Tinubu was moving in the right direction.

But in a move offering some ray of hope, Borno State Governor, Prof. Babagana Zulum, has supervised the distribution of food aid to over 52,500 families in seven local government areas in the Southern part of the state tohelp alleviate the hardship

caused by inflation and the current economic challenges bedeviling the country.

Also, in recognition of the hard time Nigerians are currently facing, the Afe Babalola University of Ado-Ekiti Multi-System Hospital has concluded plans to organise a 2-day Mental Health Summit. This was as a member of the House of Representatives, Hon. Fatoba Olusola Steve, has called on state governments to invest heavily in agriculture to get the youths engaged and take them off the streets as a way out of the hardship and insecurity in the country.

At the same time, the Civil Liberties Organisation (CLO), Akwa Ibom State chapter, has called on President Bola Tinubu and governors to be alive to their responsibilities in the face of mounting hardship and insecurity.

However, represented by the Senior Special Assistant to the

President on Agribusiness and Productivity Enhancement, Office of the Vice-President, Dr Kingsley Uzoma, Shettima acknowledged the hardship in the country.

He said for the first time, the country was confronting its real problems under Tinubu, insisting that Nigeria had been mismanaged for a long time.

"President Bola Ahmed Tinubu is today the President of the country. We are quite happy for the support we got from here. It is true that times are difficult everywhere. But I appeal that we have a little patience because for the first time Nigeria is actually challenging the problems.

"Nigeria has been mismanaged for quite a while. It is time to make it right. It is true that there had to be sacrifice for anything that is going to be good. Inflation that is biting the world round is not just in Nigeria.

"What is happening is a call to service. We need to raise our

productivity and the moment we do our nation will be respected. I assure you that the government of President Bola Ahmed Tinubu is going in the right direction and will deliver all his promises."

The Vice President however, commended the Minister of Federal Capital Territory (FCT), Nyesom Wike and others, who worked in Rivers to give President Tinubu victory in the last election.

In his remarks, the former governor Wike, described Giadom as a reliable friend. He bemoaned persons he said are notoriously making Guinness Book of Records as pretenders.

According to Wike, Victor was not a pretender and was not fashioned like some persons, who failed to reveal their true identities as snakes.

"Even though we were of different parties, Victor had never gone on television to abuse any of his friends. He doesn't allow politics to be a

PDP Governors Say Mbah’s Leadership in Enugu Worthy of Emulation

Chuks Okocha in Abuja

The Peoples Democratic Party Governors Forum (PDPGF) under the Chairmanship of Senator Bala Mohammed, has described the quality of leadership provided by the Governor of Enugu State, Peter Mbah, as exemplary and worthy of commendation.

The Bauchi state governor said this in a birthday message on behalf of himself and his colleagues to celebrate the 52nd birthday of Mbah.

According to the statement which was signed on behalf of the PDPGF by its Director General, C.I.D Maduabum, in Abuja yesterday, PDP governors were elated that Mbah has had such a profound impact on the lives of his people within a short period with his leadership style.

It read in part: “The forum acknowledges his pragmatic approach to purposeful leadership delivery as

witnessed through the reinforcement of law and order, safety of lives and property, as well as the provision of enabling and conducive environment for ease of doing business in the state.

“In the last nine months, it has been a Midas touch in all activities of Mbah in the delivery of good governance in Enugu State. Starting with the erection of an A-class educational infrastructure and system upgrade, water provision, urban renewal/infrastructure revamp, trade and investment driv.

“Also, repackaging of the solid mineral sector, transportation, agriculture and agro-based production, state-local government joint venture project initiatives, improved workers’ welfare and healthcare service delivery.

“Equally, much impact is being felt in flood and erosion control measures, road infrastructure networks linking several LGAs to promote his administration’s mega farming ventures against poverty and

unemployment, skills development and empowerment programmes for youths and women aside other people-friendly initiatives.

“Perhaps the greatest game changer is the conceptualisation and development of a New Enugu City. The forum assures him of our unalloyed support at all times as he oversees the affairs of state,” it said.

Meanwhile, Mbah has described Nigeria's presidential federalism, which vests too much powers and revenues in the centre as a major setback to speedy socio-economic development in the states.

Mbah likened Nigeria’s brand of federalism to a man with 36 children, but who overworked a few till they became too weak, noting that the ensuing hard times should be seen an opportunity to overhaul the nation's production strategy.

He, however, commended the

transfer of railways and power from the exclusive to concurrent list to enable the states to play a role in those sectors and lauded the ongoing discussions and predisposition of the President Bola Tinubu administration towards the devolution of more powers to the federating units.

The governor stated these in a public lecture entitled “Enugu State, Nigeria: New Political Leadership; Bold Economic Vision – Spotlight on the Health and Education Strategies” which he delivered at the London School of Economics, LSE.

Mbah said:"The choice of a presidential system might have been well-informed, shaped by the inherent benefits of federalism in other countries with population as vast and diverse as ours. But our presidential federalism has bred a system where revenue is excessively domiciled at the centre rather than in the states – or regions.

wedge between him and his friends. He plays politics and still remains with you.

"Victor is someone, who will tell you he will be with you and he will be with you. Victor is not a pretender. He is not one of those who have made the Guinness Book of Records as pretenders. There are those, who had made Guinness Book of Records by pretending. Nobody knew that they were snakes.

"Victor could tell you I will not do this and he will not do it. He will tell you I will do this and he will do it. I know his children and his wife.

“He has been my good friend and I like to associate with people who remember tomorrow. I like who will not forget when things were not good to them. Victor is not somebody who gives excuses," he said.

Zulum Shares Food Aid to 52,500 Families

Borno State Governor, Prof. Babagana Zulum,

yesterday,supervised the distribution of food aid to over 52,500 families in seven local government areas in the Southern part of the state in order to alleviate the current hardship in the country.

The distribution took place at the Biu township stadium, and the benefiting local governments included Biu, Shani, Chibok, Askira-Uba, Kwaya Kusar, Bayo and Hawul.

Zulum, in a statement, said: “This morning, we are in Biu to provide palliatives to 52,500 vulnerable families in southern Borno. This is in continuation of our efforts to provide food and non-food items to the less privileged in society.

“We have not consistently given food items to people in southern Borno because they are not deeply affected by the insurgency. However, due to the current hike in food prices, the government has decided to come in and support the people with food aid,” the governor added.

Bandits Abduct 14 in Fresh Attack on Kaduna Community

John Shiklam in Kaduna

Fourteen people have been reportedly abducted in a fresh attack on Dogon Noma community in Kajuru Local Government Area of Kaduna state.

One person was also said to be seriously injured during the attack, reported to have occurred on Saturday at about 5:45am.

A lawmaker representing Kajuru in the Kaduna State House of Assembly, Hon. Usman Danlami Stingo, confirmed the incident in a telephone interview yesterday.

He said Dogon Noma was the village where he came from, lamenting that the community had been under constant attacks by bandits since 2019.

"The bandits invaded the community on Saturday, at about 5:45am and kidnapped 14 people while one person was seriously

injured. The attacks on our community have been persistent since 2019 and there seemed to be no to end," Stingo said.

The lawmaker lamented that the attacks had been persistent because "The government seemed to have no political will to end banditry.

"If the government has the political will to end it, soldiers will clear the bandits from their hideouts in the bushes within few days."

According to him, "In 2019, the bandits killed 71 people in just one day. In 2022, they abducted 28 people in the community after killing 32 people in one day. We had to pay ransom with difficulties."

The attack on Dogon Noma occurred barely four days after the bandits invaded Buda Hausa community, also in Kajuru LGA and abducted 61 people who were still in captivity.

Coordinating Minister of Health and Social

PARALLEX BANK LANDS IN UYO...

SERAP to Akpabio: Refer Allegations of Budget Padding to EFCC, ICPC

Advises senate to recall Ningi PDP youths, stakeholders protest suspension

Chuks Okocha in Abuja and Segun Awofadeji in Bauchi

The Socio-Economic Rights and Accountability Project (SERAP), has urged the Senate President, Godswill Akpabio, to refer the allegation by Senator Abdul Ningi that the lawmakers padded the 2024 budget by N3.7 trillion to the Economic and Financial Crimes Commission (EFCC) the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for proper investigations and necessary actions.

The civil society group also called on

focus on upholding peace and security in our nation is a testament to the resilience and dedication of our Armed Forces.”

Yar'adua said, “The Senate Committee on the Nigerian Army stands resolutely alongside the Defense Headquarters and the Nigerian Army in seeking justice for the fallen heroes.

"We shall spare no effort in supporting the necessary investigations and legal processes to ensure that those responsible for this crime face the full consequences of their actions.”

On his part, Vice Chairman, Senate Committee on Defence, Senator Joel-Onowakpo Thomas, said the incident was a crisis taken too far.

While commiserating with the military and the immediate families of the slain soldiers, Joel-Onowakpo called for a holistic investigation into the remote causes of the crisis that led to the unwarranted killing of innocent soldiers.

He stressed the need for the security agencies to go after the masterminds of the heinous crime.

The senator, who also sympathised with the families of those who might have lost their loved ones as a result of the crisis, sued for immediate intervention of both the state and federal governments to avoid further escalation of the crisis.

He, however, stressed on the need for the military to tactically deploy intelligence in the pursuit of the masterminds to avoid killing of innocent children and women of Okuama community, who might

the senate President “to immediately reinstate whistleblower Abdul Ningi who was recently suspended from the Senate over his allegations that the lawmakers padded the 2024 budget by irregularly inserting projects worth N3.7 trillion.”

Also, stakeholders of the main opposition Peoples Democratic Party (PDP), weekend, embarked on a peaceful protest in Ningi Local Government Area of Bauchi State against the suspension of Ningi, and asked for his recall.

However, SERAP demanded of Akpabio “to make a public

not know anything about the act.

Mutu Condemns Act, Decries Linkage with Ijaw, Urges Arrest, Prosecution of Killers

A member of the House of Representatives, representing Bomadi/Patani Federal Constituency of Delta State, Nicholas Mutu, condemned Thursday's killing of 16 soldiers and described the act as "barbaric and inhuman."

Mutu, who is also Chairman of the Southern Nigeria Caucus in the House of Representatives, made his position known in a statement by his media office yesterday.

The federal lawmaker said the killing of the 16 solders, including a Lt. Col, two Majors and one Captain of the Nigerian Army, on a peace keeping assignment in the Urhobo community was "senseless and embarrassing."

Mutu challenged all relevant security agencies to work round the clock to fish out the killers and bring them to justice.

He warned that the criminals should not escape justice in order to serve as deterrent to those who might be planning to indulge in such heinous crimes in the future.

Mutu, however, frowned on the distortion of facts of the incident in a section of the press, which linked the fate of the soldiers to Ijaw militias in Okoloba, an Ijaw community in Bomadi Local Government Area of Delta state.

commitment to discontinue the patently unlawful constituency projects in the next budget cycle.”

According to a letter dated 16 March 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said, “Referring these allegations to appropriate anticorruption agencies would be consistent with the lawmakers’ oath of office and the letter and spirit of the Nigerian Constitution 1999 [as amended].

“What Senator Ningi has done is a positive act of good citizenship. No whistleblower should ever be penalised

He stated, "This is far from truth of the incident. The Ijaw is not in any way linked or connected to this unjustifiable barbaric and inhuman and condemnable act.”

Niger Delta Oil and Gas CDC Decries Killings

The leadership of the Community Development Committees of Niger Delta Oil and Gas Producing Areas (CDC) condemned the killing of the soldiers of the 181 Amphibious Battalion of the Nigerian Army over a communal clash, describing it as unacceptable.

"There is no justification for this type of barbaric behaviour of a people against officers and men of the security forces," the organisation stated.

CDC, in a statement by its Chairman, Board of Trustees, Joseph Ambadekerimo, declared, "We cannot allow this ugly incident to continue to happen in our communities. The region should not be made to become a hot bed of insecurity.

"We have enjoyed relative peace and we enjoin all and sundry to key in to continue to provide the atmosphere of peace and tranquil togetherness in our communities. We have prided the Niger Delta region as the most peaceful of the country and we urge it remains so."

The group expressed sadness that peace keepers had now become targets while trying to maintain peace and provide security to

simply for making a public interest disclosure.

“Without inside information, corruption is hard to detect, prevent and combat. Rather than suspending Senator Ningi, the Senate ought to have used his allegations as a trigger for addressing the lingering problem of budget padding and corruption in the implementation of constituency projects.

“Referring the allegations to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC) would

lives and property. It stated that the culprits should be fished out and made to pay the highest price.

Military Continues Siege on Delta Community

The military, yesterday, continued its siege on Okuama community in their search for killers of four officers and 12 soldiers, who were on a peace mission to the community.

Security sources told THISDAY that the heavily armed soldiers were unrelenting in their attempt to apprehend the perpetrators, in spite of the fact that the community was already deserted.

It was gathered that some buildings, allegedly owned or occupied by the suspected perpetrators, were set ablaze by the angry soldiers. A security source said, "Yes, soldiers are still in the community. They are looking out for the perpetrators of that dastardly act. They will definitely get them as more arrests were made between Saturday and today (Sunday).

"Some houses were set on fire but I can't say who set them on fire and when. We came in to join the troops and noticed that they were on fire,"

It was learnt that partial peace had returned to the community, though it was deserted but elderly men and women were seen sitting down in front of their homes looking dejected.

improve public trust in the ability of the leadership of the Senate to ensure probity and accountability in the budget process. “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel you and the Senate to comply with our requests in the public interest.”

PDP Youths, Stakeholders Protest Suspension

Opposition Peoples Democratic Party (PDP) stakeholders in Bauchi State, weekend, embarked on a peaceful protest in Ningi Local Government Area of the state against the suspension of Senator Abdul Ahmed Ningi.

The protesters, who were mainly youths under the coalition of PDP Youths groups in the area, expressed

their anger over the suspension of their representative at the senate.

The peaceful protest was received by the Chairman of the party in the local government area, Alhaji Dan Lamin, who described the suspension as "Uncalled for and undemocratic."

The protesters, who carried placards with different inscriptions, however, demanded that the decision should be rescinded by the Senate because according to them, Ningi did not contravene any known law of the country as the constitution guarantees him freedom of expression.

Leader of the Youths groups, Kamilu Barau Ningi, said they received the news of the suspension with a rude shock as what happened did not warrant such an action by the Senate.

He said what the Senate should have done was to thoroughly investigate the veracity of the allegation and come out with the findings for Nigerians and others following the development to know exactly what transpired.

One Killed, as Rivers CP Declares War on Cultists

Blessing Ibunge in Port Harcourt

The Rivers State Police Commissioner, Mr Olatunji Disu, has declared war on cultists and other criminal elements terrorising the state.

This was as a native of Imo but resident in Rivers, Johnson Sopruchi, has been shot dead by suspected hoodlums in the Diobu axis of Port Harcourt metropolis.

THISDAY gathered that the victim was killed Saturday night, at Abakaliki Street, off Emenike Street Mile 1 Diobu.

It was further gathered that the hoodlums, who shot him (Sopruchi) also collected his phone.

A source from the area of incident told THISDAY that the victim died early hours of yesterday (Sunday) in an undisclosed hospital in the same area.

According the source, who pleaded anonymity, "His (victim) neighbours where he does printing jobs are still looking for a way to

connect his people."

THISDAY gathered that the killing happened barely three days (March 14, 2024) after a man was shot dead by suspected cultists at Nanka, off Lumumba street, also in the same axis of Port Harcourt city. But Disu has warned cultists and other criminals in the state to stay off crimes as the hand of the law was closer to them than they realised.

Disu in a statement signed by the state Police Public Relations Officer, SP Grace Iringe-Koko, said the command would continue to gain ground in its clamp down on cultism in the state. He disclosed the arrest of the primary suspect in the violent cult clash that rocked the Diobu axis of Port Harcourt early in 2024.

Disu, however, expressed optimism that synergy between the Police and Community-Based Security outfits could yield the desired result of addressing the menace of cultism.

L-R: Chairman Board of Directors, Parallax Bank Limited, Dr. Adeola Phillips; Deputy Governor, Akwa Ibom State, Dr. Akon Eyakenyi; Governor Akwa Ibom State, Pastor Umo Eno and Managing Director, Parallex Bank, Dr. Olufemi Bakre during the launch of Parallex Bank Uyo Branch ... recently

Niger Junta Announces End to Military Relationship with US

Emmanuel Addeh in Abuja

The military junta ruling Niger which until last year was seen as a major ally of the United States in West Africa at the weekend announced on state television that it was ending its military relationship with the country.

The announcement by a spokesman for the junta government, which overthrew Niger’s democratically elected president last year, came directly on the heels of a visit to the capital Niamey by US Assistant Secretary of State, Molly Phee, the State Department’s top official for African Affairs, and Gen. Michael Langley, who heads the US military operations in Africa.

The mission was among diplomatic efforts by the US to find ways to work with military governments in the region, where violence wrought by Islamist extremists has, in recent years, rapidly escalated, The Washington Post reported.

But in the statement read on television, Amadou Abdramane, the junta’s spokesman, said the Nigerien government “denounced with force the condescending attitude” of the head of the recent US delegation, which he said had undermined

weight to economic growth, and policy will be subject to political interference. Assuming inflation falls from 2025, we expect the CBN to begin unwinding its tight stance, with rate cuts beginning early in that year, despite inflation remaining above the ceiling of the CBN's 6-9 per cent target range.

“We expect the policy rate to fall to 12.5 per cent in 2026 and remain there throughout the remainder of the forecast period.”

The EIU report predicted real GDP growth to slide from 2.9 per cent in 2023 to 2.5 per cent in 2024. It explained, “Given population growth of about 2.4 per cent, this will mean continued stagnation in GDP per head. Sluggish growth reflects a surge in already high inflation, expected monetary tightening and balance-sheet constraints facing multinationals that earn in local currency, given the naira's collapse.

“Rising insecurity in Nigeria's agricultural heartlands also makes it improbable that a strong harvest in 2023 will be repeated in 2024.

“Net exports will be the primary growth driver in 2024, supported by the constraining impact on

the long relationship between the two countries.

The government, he said, was “denouncing with immediate effect” the accord between Niger and the US military, along with civilians working for the Defence Department.

“The American presence on Niger’s territory is illegal and violates all constitutional and democratic rules,” Abdramane said, adding that the citizens of Niger must be consulted before having a foreign army on their territory.

US’ State Department spokesman, Matthew Miller, said that officials are “aware of the statement” and that it had followed “frank discussions” this week with leaders in Niamey, relaying US concerns about the ruling junta’s trajectory.

He added that US officials are “in touch” with the junta and “will provide further updates as warranted.”

More than 1,000 US soldiers are stationed in Niger, according to the military, and the United States operates a drone base in the country’s north that officials say is vital for surveillance of extremist groups in the Sahel region, which runs across Africa just below the Sahara desert.

The State Department had

imports of the recent large currency devaluation and by higher crude output as the government gets a better handle on oil theft in the Niger Delta and as the Dangote refinery ramps up capacity.

“As inflation falls and monetary policy becomes expansionary from 2025, domestic demand will return to (low) growth. Consequently, real GDP growth will quicken to 3.5 per cent in 2025—the second highest rate in a decade, owing partly to rebound effects—and average 3.3 per cent a year in 2026-28. Factors such as power outages, rampant insecurity, a lack of land titling and a giant infrastructure gap will hold back the economy.”

On policy trends, the report pointed out that market reforms under President Bola Tinubu were intended to attract investment but did not constitute a coherent plan. It said, “His two flagship policies, the elimination of petrol subsidies and the liberalisation of the exchange rate, have an inner contradiction. As Nigeria imports virtually all its fuel, devaluations of the naira, the latest being a 45 per cent drop in February, should be reflected in the

previously said that Phee and Langley would travel to Niamey on March 12 and March 13 “to continue ongoing discussions since August with leaders of the National Council for Safeguarding the Homeland (CNSP) regarding Niger’s return to a democratic path and the future of our security and development partnership.”

Following the coup last year, the United States largely suspended military aid to Niger, with activity at the base limited to surveillance for protection of US forces.

Phee said in an interview with The Washington Post last month that she had emphasised the importance of a swift democratic transition to the Nigerien government, saying that US assistance would remain suspended until Niger sets a timeline for restoring democracy.

The Nigerien government has so far refused to set a date for presidential elections, and President Mohamed Bazoum, who had been democratically elected, remains held under house arrest.

Niger, along with neighbouring Mali and Burkina Faso — which are also led by military juntas — has grown increasingly close with Russia,

pump price.

“However, owing to the threat of industrial action there has been little movement since June, despite the naira having weakened from N461:$1 in May 2023 to N1, 600:$1 in late February 2024.

“This indicates the return of a (large) subsidy. Denying this publicly, the government has a strong incentive to turn to the Central Bank of Nigeria (CBN) for financing to cover the fiscal cost.”

EIU continued, “Deficit monetisation and high inflation will undermine the currency. A possibility is that monetary policy will be tightened to a point at which foreign investors view the naira more favourably.

“Although the CBN raised its policy rate in February, Mr. Tinubu has expressed an aversion to high interest rates as his overarching economic goal is to double GDP by 2031. As inflation has been allowed to rise to a level at which a positive real short-term interest rate would create a significant rise in unemployment—adding another policy-induced element to economic hardship—we assume that politics

which has made concerted efforts in recent years to expand its influence in the region, especially via security partnerships, The Washington Post report added.

Niger has “state-to-state” relations with Russia, Abdramane said Saturday, adding that all agreements between

the two countries had been made transparently.

In December, Russia and Niger announced that they had signed new security agreements, but it was not clear at the time what the agreements involved.

In Burkina Faso, Russia has in

recent months deployed a few hundred troops from Africa Corps — which is described by Russian officials as the successor to the Wagner mercenary group — while about 1,000 Russian military personnel are estimated to be fighting with the Malian army.

Niger Delta Group Kicks Against Excessive Politicisation of NDDC

Olusegun Samuel in Yenagoa

A group, the Niger Delta Peace Advocates (NDPA) has expressed worry over the continued antics of politicians to destabilise the Niger Delta Development Commission (NDDC) to give the impressions that the board is not focused on its primary functions.

The group warned that it will not watch as some politicians toy with the destiny of the Niger Delta people by conspiring to pull down the NDDC governing board that was appointed by President Bola Tinubu last year.

A statement signed by Comrade

will prevent this from happening.”

The report said, “The CBN's independence has been heavily eroded in recent years; because fiscal firepower is so limited, the government will continue to rely on monetary policy to achieve job-creation and development objectives.”

It said, “Our view is that it will take foreign borrowing to rebuild the CBN's buffers, fully clear a backlog of unmet foreign exchange orders and restore confidence.

“This is probably only achievable towards the end of 2024. In midJanuary Nigeria took out a $3.3 billion loan from the African Export-Import Bank, secured on oil revenue in a so-called crude oil prepayment facility.

“This follows a $1 billion loan from the African Development Bank in November, and another US$1.5bn is being sought from the World Bank. Falling risk premiums on government international bonds make tapping the international capital market another viable (albeit costly) option once US interest rates start to fall from the second half of 2024.

Timi Apere, who is the leader of the group, said the group was concerned that successive boards and managements of the NDDC had been subjected to smear campaigns, fabricated stories and absurd allegations meant to tarnish the image of the officials.

NDPA said the current NDDC board and management were doing things differently by adopting new strategies and are convinced that it is a new dawn at the commission, ending the era of underhand practices.

"It is, therefore, preposterous for any one to claim that the NDDC

“For most of this year, the naira will be highly volatile, leading to regulatory erraticism that can affect businesses, especially those holding foreign currency. The CBN lacks the liquidity to support the naira itself; out of $33 billion in foreign reserves, a large share (estimated at nearly $20 billion), is committed to various derivative deals.

“The CBN recently imposed restrictions on oil companies repatriating export earnings abroad, and there is a risk of wider convertibility limits being imposed until the currency stabilises.”

Furthermore, the report described the new 650,000-barrel/ day Dangote mega-refinery as another possible circuit breaker for the country. It said the facility was gearing up for its first fuel exports, to be followed by cargoes to the domestic market.

It said, “In theory, the facility can meet all domestic needs but petrol subsidies make it unclear whether doing so will be profitable (let alone profit maximising).

“In any case, Nigeria will continue to depend on fuel imports for most of the year as the refinery

leadership is not working for the general good of the people. It is common knowledge that the commission has invested in numerous infrastructural developments, especially on roads, electricity, healthcare, education, human capacity building, agriculture and environment.

"It is even more surprising that the NDDC Managing Director, Dr Samuel Ogbuku is being accused of serving personal interest rather than promoting the interest of the region. They go as far as accusing him of nursing the ambition of contesting in the Bayelsa state governorship election in 2027.

ramps up output. The wider business environment will remain highly challenging, undermined by corruption, cronyism, rampant insecurity and a giant infrastructure gap.

“Multinationals are increasingly deciding to quit Nigeria or reduce their presence; we estimate there was a net withdrawal of foreign direct investment in 2023, to be repeated in 2024 as naira losses exert pressure on balance sheets carrying large foreign liabilities.”

The report also stated regarding the huge exit of investors, “The exodus includes oil majors who are selling onshore assets, which are high-cost and vulnerable to insecurity, leading to indigenisation of the sector over time.

“Although in principle this is positive for foreign exchange accumulation, local companies will be unable to match the investing power of outgoing multinationals. We forecast that crude oil production will rise from 1.23m barrels/day (b/d) in 2023 to 1.48m b/d in 2028, although this remains about 250,000 b/d below the 2019 level.”

BACKPAGE CONTINUATION

ASSIGNING MUTFWANG’S 204 MEDIA AIDES

more than you can chew by appointing more than 200 media aides, in addition to the ones already in place? Is there not going to be a cacophony?”

Besides, I also stated in the interim report, “This media team will have a Herculean task before them in trying to sell Governor Mutfwang’s Time Is Now slogan. That is because many Nigerians think that for Plateau State, a more fitting slogan is Time Is Past. Plateau State is no longer famous for tin mining. Jos city itself no longer has the country’s highest concentration of White people. Up until the 1970s, a song commonly sang throughout Northern Nigeria was, “Inje Jos inga Bature [Go to Jos and see a Whiteman.]” Most of them have since run away. Plateau is no longer famous for peace, after two decades of intermittent bloody communal clashes and tit-for-tat reprisal attacks. Outside the North East, Plateau is the only state since the First Republic where a state of emergency was declared, the governor and state assembly were suspended and a Military Administrator was installed for six months. Even Jos’ famously cool weather has warmed up now. During my visit to Jos in December 1988, I found myself shivering at 3 o’clock in the afternoon. But on a more recent visit last year, I found myself sweating in the night, maybe for fear of the very steep Hawan Kibo.”

Within thirty minutes, with a speed unknown for government officials, I received a terse reply. It said, “Mr. Jega, you are going outside your Terms of Reference [TOR]. Please adhere strictly to your TOR or else the contract may have to be revoked.” So I set to work again. First, I made a list of newspapers, magazines, radio and TV stations, online publications and social media sites in Nigeria. The number came to nearly 1,000. So if one media aide is to be assigned to each media house and social media site, PLSG will have to appoint another 800 media aides. I added this recommendation in my final report because I know my clients will jump at it.

Next, I recommended portfolios to

be assigned to the 40 Principal Special Assistants, PSAs. This post is a real innovation because even the State House in Abuja has only Special Assistants [SAs] and Senior Special Assistants [SSAs]. I recommended that for maximum effectiveness, the PSAs should be deployed to specific newspaper sections. There should be a PSA Editorials. For any man in power, editorials are a big itch. A man who has never seen the reports and figures contained in official files will sit down in one corner of the newsroom and write what he calls a “punchy editorial,” saying this and that must be done, or that governor should not have done this or that. The KPI of the PSA Editorials is how many positive editorials he gets for PLSG, how many negative editorials he successfully debunked and how many editorial writers he got to eat the humble pie and apologise for their ignorant rants.

Next, I recommended a PSA Columns. There are innumerable columns in Nigerian newspapers. Nigerian columnists are very irksome to persons in power. Much as Nigerian clerics state with finality what will happen in the Hereafter, Nigerian columnists speak with certitude about what will happen the day after tomorrow unless government does this or that. So much so that, in Arthur Hailey’s old novel In High Places, the Prime Minister of Canada suggested that the country should be handed over to columnists since they have a solution to every problem.

Next, I recommended a PSA Letters to the Editor. Even though Newsrooms think little of Letters to the Editor and assign little space to them, a very brief Letter to the Editor could ruin someone’s political or public service career. Anyone can just sit down and make an allegation, that no light, no water, no this and that, that food is costly, that school roofs are blown off. A small boy will just write a letter with the title, “EFCC, welcome to our local government.” Anyone reading it will conclude that there is fraud in the LGA. Anyone who writes such a letter about

THE STATES AND THE BLACKOUT NATION

enacting a new Electricity Act, 2023, which allowed states to regulate electricity generation, transmission, and distribution businesses within their territories. The act created two electricity markets, the national and state markets. The National Electricity Regulatory Commission (NERC) from Abuja will regulate the national electricity market, while the states are expected to implement electricity market policies, legal frameworks, and institutions to regulate their respective state electricity markets.

One takeaway from the current state of the anaemic electricity supply nationwide is that states cannot continue to wait for the federal government alone to resolve the challenge. The states now have the full constitutional authority to create the frameworks for the adequate electricity supply to their citizens. They now have the power to create the right environment to attract investment into this new electricity market and ultimately raise the national power-generating capacity from the embarrassing levels at which it is currently. The current situation where the country generates less than 4,000 MW of electricity for 220 million people, but the same people own and operate over 50,000 MW of self-generation or generator capacity, makes us appear unserious. Despite this 50,000mw self-generation, we still have epileptic power nationally, producing sub-optimally and far less than our potential. The epidemic of blackouts that has enveloped the nation in the past few weeks has challenged the proposition that if power is devolved to the sub-nationals or states, most, if not all, our problems would be solved.

I will share my thoughts on why most state governments are not taking advantage of the new Electricity Act and should double their effort to get us out of this perennial descent into a permanent state of darkness. This is against the background of the abundance of gas in south-south and southeast states, massive potential for hydro in Southwest states and solar generation in the northern states. The significant reasons states fail to tackle the electricity problem and unleash economic growth in their states are fourfold: first, a lack of understanding of the need for and political will to fix the power problem from a state perspective. State governors prefer short-term infrastructure projects that give them political mileage and are transactional. The myth that electricity is

Plateau should get an instant answer from the PSA before people think what he is saying is true.

I also recommended a Principal Special Assistant, Cartoons. You may not think much of cartoons but they are very important. Almost no newspaper reader misses a cartoon, which summarises in a few sketches what it will take a story or features writer many pages to say. Cartoonists pretend to be humorous and entertaining but they actually deliver powerful BBBs [below the belt blows] to government officials. During the Buhari military era 1984-85, Boye Gbenro’s cartoons in National Concord were so punchy that at one of his monthly press conferences, Chief of Staff Supreme Headquarters Major General Tunde Idiagbon warned cartoonists to stop disparaging the government’s efforts at ridding Nigerian society of indiscipline.

I also recommended that several Senior Special Assistants [SSAs] should be assigned to each major newspaper and TV station. The big national newspapers in Nigeria today are not up to ten. In order to maximise opportunities, three SSAs should be deployed to each newspaper, with a summary of expected functions and KPI’s. For example, the three of them deployed to This Day should be allocated pages to monitor. The senior one among them should be assigned to monitor columns, editorials and letters to the editor. If there is any mention of Governor Mutfwang in any of those pages, it is his or her responsibility to draft an immediate response and submit it to His Excellency through the Secretary to the State Government, through the Commissioner of Information for clearance and approval.

Another SSA should be assigned the paper’s Front Page and Business Section. Since This Day is a highly business oriented newspaper, he must make sure that Plateau’s tin mining industry regains its pride of place on its pages. Three more SSAs should be assigned to Arise TV. One of them should be specifically assigned to monitor the talk shows, especially The Morning Show and Prime Time. If any presenter, guest or analyst on those shows says anything about the

the centre's problem has shaped state leaders' thinking for too long. The second is the lack of qualified and competent human resources to drive policy and serve as regulators. Even the national regulator, NERC, had this problem in 2006 when they started, which is still so today. The third is the problem of implementation and enforcement of policies, laws, and agreements in the long term. Most investors have had to contend with violations of the sanctity of contracts and policy inconsistencies at the state and federal levels. The fourth reason is that states need more investment in technology and network infrastructure for electrification projects and for the ecosystem to become attractive to potential investors.

Despite these challenges, there is some silver linings in this dark cloud. Recently, I had a long engagement with the governor of Enugu state around power. Enugu state has taken the

Governor, he should immediately get a video clip of it, prepare a quick reaction and submit it through the normal channel for clearance. If what he says about Governor Mutfwang is good, then there should be a phone call, text message or email to thank the person. If what he says is negative, then we must get numerous social media influencers to attack him in order to set the record straight.

I recommended Senior Special Assistants, NTA. Since this station claims that it has the deepest reach in Africa, up to five media aides should be assigned to it. They should monitor its Network News, its discussion programs, features and even its sports stories. For example, if NTA’s sports news does not mention Mighty Jets of Jos among this country’s greatest ever football clubs, SSA should immediately write a rebuttal and remind it of Yakubu Mabo, Samaila Mabo, Aloysius Atuegbu, Audu Buba, Sule Kekere and Sam Garba Okoye.

Three Senior Special Assistants each should be assigned to Channels, AIT, TVC, Silverbird, Radio Nigeria, Trust TV, Liberty, Freedom FM, Vision FM, Unity FM Jos, VON, NAN, DSTV and Star Times. The SSA NAN should sit down everyday and count how many stories it posted from Plateau State compared to those from other states. If those of Plateau compare unfavourably, he should immediately allege marginalisation, unfair treatment and violation of the federal character of media space.

The 111 Special Assistants [SAs] should be assigned 10 each to Facebook, You Tube, WhatsApp, Instagram, We Chat, Tik Tok, X, Messenger, LinkedIn, Telegram and Snapchat. Why, for example, should Murja Kunya be such a big sensation on Tik Tok? Aren’t there enough [shameless] girls in Plateau State who can give her a good run for her money by posting crude, acerbic and cantankerous short videos? Or is it the fault of Governor Mutfwang that, unlike in Kano, he did not personally intervene to spring a Tik Tok personality from prison?

environment. An economically unviable state will remain a nightmare as it cannot demand or pay for electricity. Industrial and commercial markets for power are a prerequisite for investment in the power sector. Investors will only come if the electricity market exists. In this regard, only 30% of our states can attract investors to the power sector. Nigeria has long struggled with electricity supply issues, leading to frequent blackouts nationwide. Several factors contribute to the current blackouts and power outages, the most reoccurring narratives being grid disruptions, failing distribution infrastructure and, topmost, short supply of gas due to debt and other commercial reasons.

Therefore, the federal government still has a crucial role in the power sector to drive social and economic development on a national scale. It must create the right ecosystem to spur investment in electricity infrastructure, including building new power plants, upgrading existing ones, and expanding the transmission and distribution networks. This requires both public and private sector involvement, as well as partnerships with international organizations and investors. It must champion the diversification of energy sources, especially renewable energy, such as solar, wind, and hydroelectric power, which provide a more sustainable and reliable electricity supply.

bull by the horns and has not only enacted its state policy and law but has already set up its regulatory body comprising experienced hands who have experience working in NERC, discos, or industry consulting firms. The Enugu Electricity Regulatory Commission is now on the verge of issuing its first licenses to private investors. There is no doubt that Enugu is on the path to energy self-sufficiency, which will, in turn, unleash her economic growth potential.

States like Lagos, Oyo and Ogun, Kaduna, Kano, Anambra, Abia, Rivers, Taraba, and Plateau, where there is a significant advantage in terms of availability of commercial/industrial markets and availability of fuel sources such as natural gas, hydro and solar have no reason to be slow about following in Enugu state's footsteps. The inference from the preceding is that both political devolution and electricity devolution require political will and an enabling economic

The current state of the anaemic electricity supply in Nigeria, as experienced in the blackouts of the past few weeks, calls for a new approach. Nigeria's blackout problem is not just a technical issue but a combination of human capacity challenges and systemic inefficiencies requiring urgent and comprehensive solutions. The flickering lights of Nigeria are a stark reminder of the urgent need for visionary leadership at the federal and state levels in the energy sector. We must never forget that blackouts are not just inconvenient interruptions; they're crippling barriers to progress and development.

The current national blackout should be a wake-up call for states of the federation to wake up from their complacency and speed up the process of playing a pivotal role in energy sufficiency. State governments must avail themselves of the incredible opportunity the new Electricity Act provided them and at least provide the building blocks to electricity sufficiency and efficiency in the states.

Minister of Power, Adebayo Adelabu

INDUCTION OF AISHA ACHIMUGU...

L-R: Head of Nigeria Office, Chattered Institute of Public Resources Management and Politics, Dr. Olayinka Olateju; Group Managing Director/Chief Executive Officer, Felak Concept Group, Dr. Aisha Sulaiman Achimugu, and Executive Director, Research and Statistics, Chattered Institute of Public Resources Management and Politics, Alhaji Abdulazeez Salawu, at the induction ceremony of Mrs. Achimugu as a Senior Professional Chattered Fellow of the institute in Abuja...recently

Hair Stylist, Dispatch Rider Arrested for Selling Drug-laced Chin-Chin to Students

Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested a 20-yearold hair stylist, Josephine Odunu, and a 30-year-old dispatch rider, Edesemi Ikporo, for selling and distributing illicit drug-laced ‘chin-chin’ to school students

and at social parties in Yenagoa, Bayelsa State.

A statement issued by the spokesman of the anti-narcotics agency, Femi Babafemi, said NDLEA officers on patrol around Opolo area of Yenagoa had on March 10 intercepted the motorcycle dispatch rider, Edesemi, and recovered 200 grammes of

‘Abductors of Edo PDP Chairman Yet to

Make Contact’

Adibe EmenyonuinBenin-city

The kidnappers of the Edo State Peoples Democratic Party (PDP) Chairman, Dr. Tony Aziegbemi, are yet to contact any member of his family or political associates almost two days after he was kidnapped by gunmen close of his house.

As at press time, a family friend said: “As of now, no one has been contacted, and I just spoke to my boss who I know will also have needed information, and said they have not been contacted. The family members are as worried as every one of us because they did not also go with his phone, it is with his driver.”

Also when contacted, the state Police Public Relations Officer, Chidi Nwabuzor, said there is no development yet after the police deployed its tactical team to go into the matter.

Azeigbemi was kidnapped around 11 p.m. last Friday close to his house around the Country Home Area of Benin-city after a late meeting in the Government House.

Meanwhile, condemnations have continued to trail the kidnap with the state government saying it was on top of the issue and was “working closely with security agencies to ensure his safe release and return to his family.”

Adeleke Moves Officially into Government House

Yinka Kolawole in Osogbo

Governor Ademola Adeleke at the weekend opened the newly rehabilitated Government House in Osogbo with top officials and dignitaries joining the governor for inspection of the facilities, prayers and inauguration.

Meanwhile, the Governor has officially moved into the Government House amid prayers and heavy rain across Osogbo at the weekend.

The rehabilitation covers the main house, the completion of

an abandoned multi-bedroom Guest House, remodeling of many of the structures, re-fixing of many derelict facilities and facelift of the entire Government House.

He was accompanied by the Deputy Governor, Prince Kola Adewusi; the state Assembly Speaker, Hon Adewale Egbedun; the Secretary to the State Government (SSG), Hon Teslim Igbalaye; the Chief of Staff, Hon Kazeem Akinleye, and members of the State Executive Council.

Wike Inaugurates West Africa’s Biggest Waterpark in Abuja

Olawale Ajimotokan in Abuja

The Minister of FCT, Mr. Ezenwo Nyesom Wike, has commissioned the Sunrise Waterpark, a worldclass recreational centre that is reputed to be the biggest in West Africa.

The expansive facility is located on Asokoro Hill, overlooking Mogadishu Barracks, Abuja and other parts of city centre.

The minister said that the establishment of the Waterpark, which is also acclaimed as the most modern in the sub-region, is a testament to the vibrancy and

potentials in the tourism sector of the FCT.

He lauded Sunrise and Nadeem Group of companies for their unwavering commitment and foresight in carrying out the project and ensuring its completion in the FCT.

He said with the establishment of the Waterpark, FCT residents will no longer have to travel out of the city and indeed out of the country to relax and have some fun, adding that the foreign exchange which would be saved will also be better utilised in other sectors of the territory’s economy.

chin-chin produced with cannabis sativa, which he was on a mission to deliver to a buyer. He said a swift follow up operation led to the arrest of the hairdresser, Josephine, who

distributes the drugged chin-chin from the salon where she works in Kpansia area of Yenagoa, and the search of the salon led to the recovery of three kilogrammes bringing the total weight of the

illicit substance seized from the duo to 3.2 kilogrammes

He said investigations revealed that they distributed the chin-chin often laced with cannabis and tramadol to students and at

birthday parties, with Edesemi handling the delivery to buyers, while Josephine is a major distributor to a wanted suspect who produced the drugged chin-chin.

PDP Youths, Stakeholders Protest Suspension of Senator Ningi

Segun Awofadeji in Bauchi

Stakeholders of the main opposition Peoples’ Democratic Party (PDP) have embarked on a peaceful protest in Ningi Local Government Ares against the suspension of Senator Abdul Ahmed Ningi. The protesters, who were

mainly youths under the coalition of PDP Youths Groups in the area, expressed their anger over the suspension of their member and representative at the Senate.

Recall that the Senate last week Tuesday suspended the Senator representing Bauchi Central Senatorial District, Abdu Ahmed Ningi over his

allegations of budget padding by the Senate to the tune of N3.7 trillion.

The peaceful protest was received by the chairman of the party in the Local Government Area, Mr. Dan Lamin, who described the suspension as “uncalled for and undemocratic.”

The protesters, who carried

placards with different inscriptions are therefore demanding that the decision should be rescinded by the Senate because according to them, Abdul Ahmad Ningi did not contravene any known law of the country as the constitution guarantees him freedom of expression.

Clergyman Faults FG’s Plan to Reintroduce Students Loan Scheme

Laleye Dipo in Minna

A Nigerian clergyman based in the United States of America, Mr. Chuzzy Udenwa, has faulted the plan by the federal government to reintroduce students’ loan scheme in the country, saying the policy would create more

problems than what it is designed to solve.

Udenwa, who is the General Overseer of Glory Home City Church, Atlanta Georgia, said that the federal government should first address the huge number of unemployed people in the country before introducing

any loan scheme.

Exchanging views with newsmen after a three-day crusade the church organised for some students in Minna, Niger State, at the weekend, Udenwa queried where the students that would benefit from the loan would get the

resources to pay back the loan after graduation. He said: “Such students will be struggling to pay debt right from the beginning of their lives” or their guarantors would be running away from debt collectors because of their inability to the obligation.

University Don Advocates Five Years Tax Waiver for Drugs Manufacturing Sector

Hammed ShittuinIlorin

Worried by the rising cost of drugs in the country, a university don at the Department of Pharmaceutics and Industrial Sciences, University of Ilorin, Professor Isaac Aremu, at the weekend urged the federal government to grant a five years

tax waiver to willing investors in the drug manufacturing sector in the country in order to crash down the rising prices of drugs.

Speaking in Ilorin while delivering the 252nd inaugural lecture of the university titled “Drug Formulation as Essential Construct for Safe Delivery,” Aremu who is

from Department of Pharmaceutics and Industrial Sciences stated that “the pharmaceuticals industries in Nigeria heavily rely on imported raw materials, with estimates suggesting that over 70 per cent of raw materials used in the production of medicines are imported.

“More worrisome recently is the exit of some pharmaceutical like GSK, Sanofi, Procter and Gamble etc. from the country. “Cost of some essentials medicines like antibiotics, life-saving anti-asthmatic drugs have gone up astronomically beyond the reach of ordinary Nigerians.”

NYO President Makes Case for Youths Inclusion in Governance

Ayodeji Ake

The Nigeria Youth Organisation (NYO) has working on reforms that would ensure Nigerian youths get involved in governance and contribute positively to the growth and development of the country.

The newly installed President

of NYO, Duke Alamboye, stated this, promising that NYO as is one the oldest youth organisations in Nigeria, would drive the positive change the country desires.

“Our organisation is one of the oldest youth organisations in Nigeria. In my tenure, we have the responsibility to restructure

the state organ. We will source for capable youths who can handle state executives and form the national structure. Most importantly, to regain the confidence and peace of our organization,” he said. Alamboye, who commended the determination of the President Bola Tinubu to change the

narratives, noted that NYO would work closely with Ministry of Youths and other relevant government agencies to ensure that Nigerian youths are involved in governance so that their great potential could be harnessed and add value to the nation’s economic growth.

Cross River, Fidelity Partner to Develop Agric, Infrastructure

Fidelity Bank of Nigeria has expressed readiness and commitment to partner with Cross River State government in key areas of agriculture and Infrastructural development.

The bank stated this during

a courtesy call on Governor of the state, Bassey Out in Calabar.

The bank, led by the Chairman, Mr. Mustapha Chike-Obi and Managing Director/Chief Executive

Officer, Dr. Nneka OnyealiIkpe disclosed this during a courtesy call on Governor Bassey Otu at the temporary office of the Government House, Calabar. Describing governor Otu

as a bosom friend, the Chairman of Fidelity Bank, Mr. Mustapha Chike-Obi said the team was excited to be in the state, maintaining that the bank was willing to partner for the progress of the state.

Ododo Visits FG Power Company, Seeks Collaboration for Improved Power Supply

Ibrahim Oyewale in Lokoja

As part of efforts to ensure stable supply of electricity in Kogi State the state Governor, Usman Ododo, has visited the FGN Power Company, Abuja, to seek greater collaboration between the company and the state government to enhance

power supply. This was contained in a statement signed by the Special Adviser to Governor on Media, Ismaila Isah, a copy of which was made available to journalists in Lokoja at the weekend. The governor, who was received by the Managing Director of FGN Power, Mr.

Kenny Anuwe, thanked the management of the company for its several interventions in Kogi State. Governor Ododo said central to his administration’s drive towards industrialisation is the issue of power, saying without adequate power supply, industries will continue

to struggle.

He said: “Kogi State is central to Nigeria and has become the new industrial hub of our country. Our tax administration, excellent security network and robust economic policies have made our state a destination of choice for some industrial giants.

THISDAY 39

Team Nigeria Begins Search for Track & Field Medals Today

Duro Ikhazuagbe

Team Nigeria will begin search for track & field medals this morning as the athletics events of the ongoing 13th African Games in Accra, Ghana begin.

Leading Nigeria’s 54-man contingent in the track & field is world record holder in the 100m hurdles Tobi Amusan who will be aiming to win the gold a third time. She will also be striving to

AFRICAN GAMES

improve the Games record in the event after erasing Gloria Alozie’s at the last edition in Rabat, Morocco in 2019 with a new 12.68secs . Ofc course, Ese Brume will also be aiming to win a second back-to-back gold in the women’s Long Jump where she has made remarkable achievement since taking over from her mentor Blessing Okagbare.

FA Cup: Man United Knockout Liverpool in seven-goal thriller

Super Eagles forwards, Samuel Chukwueze and Terem Moffi were on target for their respective clubs in Italy and France yesterday.

After netting his first Serie A goal for AC Milan this season yesterday, Chukwueze promised more goals to come from him to shut out critics.

Chukwueze came off the bench late on to fire a sweetly struck goal from the edge of the box and ease the pressure on him as AC Milan beat Hellas Verona 3-1. It was a fitting response to growing criticisms that he has yet to justify his transfer from Villarreal.

“I am very happy. I just have to stay focused and keep working hard.

“Today’s goal is very important for my confidence.

“I hope to keep scoring.” The victory pushed Milan to second place on 62 points behind runner away leaders Inter Milan who are on 76 points.

Elsewhere, Terem Moffi grabbed a brace to end OGC Nice recent losing run with a 3-1 win at RC Lens in the French Ligue 1.

EURO LEAGUES

Nice had failed to win their last four Ligue 1 games. Moffi has now netted nine goals and delivered two assists this league season.

The Super Eagles striker was the most outstanding player on the night to earn an impressive personal rating of 8.6.

The win moves Nice into the Top 4. They have 43 points from 26 matches.

In the English FA Cup, Manchester United kept their trophy hopes alive for this season and ended Liverpool's quest for four trophies with a dramatic extra-time 4-3 victory in a quarter-final classic at Old Trafford.

In an incident-packed encounter, it was substitute Amad Diallo who sent Erik ten Hag's side to Wembley with a strike in the dying seconds of the additional period to send the Stretford End wild, the match-winner then being sent off after getting a second yellow card for his celebrations.

However, Brume may not find it easy. She will have to contend with her compatriot, Ruth Usoro who has hit a devastating form ahead this Games with her leading jump at 6.87m as against Brume ‘s 6.84m so far this season. In the absence of the continent’s best male sprinter, Kenya’s Ferdinand Omanyala who is also the Commonwealth Games champion, the 100m gold is likely going to a contest between the Nigerian trio

of defending champion Raymond Ekevwo, Usheoritse Itsekiri and new boy on the block, Consider Ekanem. Five other Nigerian sprinters dominated the 100m in the past. They include Chidi Imoh (1987), Davidson Ezinwa (1995), Deji Aliu (2003), Olusoji Fasuba (2007) and Ekevwo (2019).

Nigeria will no doubt dominate the 200m men and women, and other field events like shot put, discus, javelin and the hammer throw.

Can’t however vouch what may happen in the relays both sprint and quarter mile. Meanwhile, the Minister of Sports Development, Senator John Owan Enoh, who is in Ghana to support and cheer on the Nigerian contingent has expressed his confidence in the team's ability to make Nigeria proud, urging them to maintain their pursuit of excellence and dominance, particularly over rivals like Egypt.

"I am charging the entire contin-

Chukwueze Opens Serie AGoal Account, Moffi Hits Brace ‘Acropolis to Accelerate Golf Devt in South East of

The Acting Resort Manager of The Acropolis Resort, Obioma Ogakwu, has reiterated that the new golf facility to be launched on Saturday, April 6th, 2024, in Okija, Anambra State as part of the resort will accelerate golf development in the South east region.

Speaking on the interest generated so far by golfers in the South-eastern part of the country on the project, Ogakwu stressed it is a refreshing welcoming for the game. She added that the project has sparked new interest in the game in the region.

“While we have always known that apart from the Enugu, Ebonyi, and Aba Golf Clubs as the major golf facilities in the South-east, the Acropolis golf project commissioning will increase the option

Nigeria’

that golfers in the region have to recreate,” she noted with relish.

Ogakwu also added, “We plan to exert ourselves beyond the recreational value inherent in this. We plan for Acropolis to be a major hub for the game and also form a critical developmental centre for the golfing talents in the South-east.”

She said the design of the golf course has the latitude for future modification that will allow it to become a championship course “ That is why we are working with the Professional Golfers Association of Nigeria.

Mike Ubi, a professional golfer who consults on the project, affirms that the present nine-hole payout of par 36 already sets the course off as a brilliant facility that golfers would love to return to.

Lagos Area Council to Build Mini Stadia for Youths

Segun James

As part of its youth development programme, the Ojodu Local Council Development Area will be building a mini stadia in Ojodu, the Area Council Chairman, Mr. Olusegun Odumbakun has disclosed.

The stadium will house a mini football pitch, a gym and basketball court which will also serve as pitch for volleyball.

Odumbakun said that land for the facility had been acquired and work is expected to commence soon.

"We would have started construction in January, but the unexpected rise in the cost of building materials has made the initial N100 million cost unrealistic," he lamented. The Council chairman said that variations in the cost of materials notwithstanding, work will commence soon and will be completed in 10 months.

gent to keep the chase on Egypt, and steer clear of the others behind them," Senator Enoh stated. "I am sure in athletics, our athletes will bring their A-game and show their dominance,” the minister charged the athletes when he met with them at the weekend ahead of the opening round of heats today. His support underscores the nation's commitment to sports development and excellence on the continental stage. Nigeria is currently second behind Egypt on the medals table. Hopes for more medals are on the horizon as the Games hit another height starting from today.

Despite the strong link of Emmanuel Amuneke to the Super Eagles job, there are indications that the Nigeria Football Federation (NFF) may settle for another European coach to step into the position vacated by Jose Peseiro. The Technical Committee of the Nigeria Football Federation (NFF) met last Friday in Abuja to deliberate on the applications received so far from some indigenous coaches and a few foreigners.

want his name in print.

The NFF technical committee member however insisted that he has nothing against Nigerian coaches.

“The only problem we have now is that we want to hire a worldclassed coach. I have nothing against indigenous coaches. The person we need at the moment is a foreign coach with the prerequisite experience to handle the Super Eagles. He must be the type of coach who will come and support in the overall development of our football.

digenous coaches that Nigerians are clamouring for. They are not bad coaches, but they are not yet at the level that they can effectively handle the senior national team.

It was initially believed that Amuneke scored high amongst the coaches but a member of the committee who spoke with THISDAY at the weekend hinted that the federation may take the choice of who handles Super Eagles in the AFCON 2025 and 2026 World Cup qualifiers beyond the list of those who have applied for the position.

"The Super Eagles as presently constituted are too big for the in-

"If you talk to most of my colleagues in the committee, they will tell you the samething. Most of us are for a foreign coach for the Super Eagles. I believe the NFF will see reason with some of us on this matter," observed this influential member of the NFF Technical Committee. He however did not speak on how a cash-strapped NFF intends

to fund the appointment of a world- classed coach when the federation was defaulting in the monthly $70,000 obligations to Peseiro.

Amongst the Nigerian coaches on the 40-man list of those who applied for the job include: Amuneke, Finidi George, Daniel Amokachi, Sunday Oliseh, Salisu Yusuf and Sylvanus Okpala.

Others include: USA-based Michael Nsien who currently handles the USA U-17 and U-19 and a former Indomitable Lions of Cameroon Portuguese coach, Antonio Canceicao.

45 NFF Shifts Radar to Worldclass Coach for Super Eagles

“I have read reports about those people believe will step into the Super Eagles Head Coach job. Most are speculations. If you want to hear the truth from me, we are taking the search beyond all the coaches that are being speculated so far. We are looking towards hiring of another expatriate tactician,” observed the top football personality who did not

Former champions Enyimba International and Enugu Rangers won their Match-day 26 games of the Nigeria Premier Football League (NPFL) yesterday to move into the Top 3 bracket of the Nigerian topflight.

Doma United were completely dismantled by hosts Bendel Insurance 4-0 with Osaghe Jnr getting a brace.

Bayelsa United grabbed a late win over Kano Pillars, turning the tide against the Kano side after striker Mustapha Yuga gave them the lead in the 51st minute with goals from Emo James and Elvis Ori in the 79th and 90th minutes.

Kwara United are sucked into the relegation battle after they lost 2-0 at Sporting Lagos.

Aliu Salaudeen and Pascal Durugbor were the goal scorers for the Lagos club.

Kwara are 17th on the table with 29 points.

NPFL: Enyimba, Rangers Climb to Top Three, Lobi Hanging on to Top The death of the Sports Editor of PeoplesDaily newspaper, Mr Albert Akota, has been announced by the management of the media establishment. Albert, 47, died last Saturday, March 16 after an intermitent struggle with a medical condition. A statement issued by Peoples Daily newspaper, Akota’s body has been deposited at the Maitama General Hospital in Abuja while the family makes consultations and arrangements to give him a befitting burial at a date to be announced. The late Sports Editor hailed from Edo State and was a very diligent Sportswriter and editor who gave his professional best at all times. He will be remembered for his honesty, trustworthiness, uprightness, dedication and team spirit. Peoples Daily Loses Sports Editor

Samuel Chukwueze celebrating his first Serie A goal for AC Milan this season...on Sunday

Middle Belt Group to FG, Govs

“WevehementlycondemnandrejecttherecentdirectivefromtheFGaskingstate governorstomakelandavailableforgrazingbyFulaniherdsmen.Capitulatingtothese demandsandcedingmorelandsforgrazerswillonlyfantheflamesoftheethnicclashes, furtherthegenocidalmassacres...Thegrazingofcattleisaprivatebusinessenterprise. Nofarmerorlandownershouldbeforciblydispossessedoftheirproperty"-MiddleBelt PatriotsSpokesman,StevenKefas,warnsofthedangercedinglandsto Fulani herders.

MAHMUDJEGA

VIEW FROM THE GALLERY

Assigning Mutfwang’s 204 Media Aides

Acommittee set up by Plateau State Government House, Jos to assign specific job descriptions and Key Performance Indicators [KPIs] to the 204 newly appointed media aides to Governor Caleb Manasseh Mutfwang worked through the night on Saturday but was unable to finish the assignment. So on Sunday morning, it commissioned me as a consultant to complete the task. A contract appointment letter, signed by a very senior Plateau State Government official, stated, “Mr. Jega, we have no idea where to deploy these newly appointed media aides. We are confident that you will bring your decades-long

experience in six media houses to bear by advising us on how and where to deploy

VICTOR WILLIE

GUEST COLUMNIST

Dthese 204 media aides. You should submit your invoice for payment after completing the assignment.”

Attached to the contract letter was a copy of the announcement made at the weekend by the governor’s Director of Press and Public Affairs, Gyang Bere. It said, “In a bid to enhance public awareness and disseminate the policies of the ‘Time is Now’ administration to the grassroots level, the executive governor of Plateau State, Caleb Manasseh Mutfwang, has approved the appointments of some media aides.” Forty of the appointees are Principal Special Assistants (Media), 53 are Senior Special Assistants (Media) while another

111 are Special Assistants [Media]. All the appointments take immediate effect, according to Bere.

Phew. What a serious task. Even though the contract letter mentioned many terms of reference and time of completion of the assignment [24 hours], it somehow forgot to mention the amount to be paid for the task. In these hard times, whenever I look at a contract letter, my eyes immediately go to the figures, not the long grammar. Anyway, I got to work immediately. Within an hour I submitted an interim report. Its abstract stated, “Have you guys not bitten

Continued on page 37

Herbert was More

r. Herbert Wigwe was not an ordinary man; he was a force of nature, a beacon of light in a world often shrouded in darkness. He transcended the confines of banking, entrepreneurship or philanthropy, emerging as a global influencer whose impact knew no bounds.

For eight years, I had the rare privilege and honor of working closely with Herbert, and during that time, he often said, "you really don't know who I am." Now, I can confidently say that I do.

Herbert was more than a visionary, a trailblazer, an advocate for equality and fairness, and often challenging us to create our own paths if the world did not offer us a seat at the table.

He believed in controlling the narrative and was relentless in his pursuit of rooting Africa firmly on the global map. He envisioned an Africa that could stand proud above the West, not as a victim of international intermediation but as a powerful, self-sufficient continent.

Herbert was more than just being a leader; he was a creator of warriors, instilling in others

the courage to break glass ceilings, challenge the status quo, and create lasting impact in our communities.

He was more of a father figure to thousands of underserved children, ensuring they received the education they deserved.

In 2020, when COVID-19 threatened our world, Herbert rose to the occasion, galvanizing the corporate world to action and changing the trajectory of the disaster that was about to unfold. His selflessness, love for his family, and dedication to his country were unwavering.

While his passing has brought immense pain,

DAKUKU PETERSIDE BENEATH THE SURFACE

I find solace in the legacies he left behind. I pledge to honor him by joining his team with my fellows Access Warriors to pursue and achieve his dreams for Nigeria and Africa, knowing that while we can never replace Herbert, we can strive to be more and do more.

Adeus, Adieu, Herbert. Your impact will forever be felt, and your spirit will guide us as we continue to move the needle further, inspired by your extraordinary life.

•Victor Willie Chief of Staff to Herbert Wigwe

The States and the Blackout Nation

Many Nigerians believe that restructuring the country or devolving powers from the centre to the sub-nationals is the silver bullet that will solve all our problems. This belief has sustained the debate for or against restructuring for decades. As fanciful as this claim is, I disagree with this position because bad leadership is a more significant challenge than the superstructure of the country. Although the way Nigeria is structured does not make for optimal productivity and needs some form of amendment or tinkering, we

need thinking and honest leadership to make progress. This kind of leadership is required at the central and sub-national levels.

One area in which sub-nationals or states of the federation would take advantage of to show that a restructured Nigeria can be an oasis of development is electricity generation, transmission, and distribution. This is because of the multiplier effect of electricity on quality of life, productivity, employment generation, and human development. The recent epidemic of blackouts that has enveloped the nation due to the collapse of the national grid and

frequent power outages have challenged the proposition that if power is devolved to the sub-nationals or states, most, if not all, of our problems would be solved. It has also brought to the fore the need for state governments to step up their game. A quick review of how a change in the 1999 constitutional provision and a new electricity act has necessitated a change in the role of state governments in electric power sufficiency is essential for clarity. Electricity has always been on the concurrent legislative list. It was so under the 1963 and 1979 constitutions. However, the 1999

provisions on the concurrent federal and state legislative powers over electricity were drafted in a way that made it impossible for states to make laws to establish their electricity markets and play a pivotal role in addressing power shortages that have literarily crippled our economic growth. Eventually, in 2023, the National and State assemblies came together to amend the 1999 constitution and remove the constraints that challenged enacting state laws on electricity. This was followed up by

Continued on page 37

Gov Mutfwang