MONDAY 15TH APRIL 2024

Power Theft, Destruction of Electricity Facilities Now Carry 3 Years Imprisonment

Israel: By Launching 300 Ballistic Missiles, Drones, Rockets, Iran Has Declared War

Says it’s mulling options, discussing with allies

G7 meets, restates commitment to security of Israel, US distances self from counter-attack Russia warns against further escalation in Middle East Nigeria calls for restraint

The Israeli president, Isaac Herzog, weekend, said the latest attacks from Iran constituted a “declaration of war” against the State of Israel. Israel, which said it was

The G7 also met in the light of the development and to review

OBA OF LAGOS VISITS TINUBU...

L-R: Oba of Lagos, Oba Rilwan Akiolu and President

to the president at his Lagos residence... yesterday already mulling the options before it, since it understood the repercussion of what had happened, also disclosed it was discussing with its partners across the world.

during Sallah

Bola Ahmed Tinubu,

homage

Kingsley Nwezeh and Michael Olugbode in Abuja with agency reports

Recapitalisation: UBA Unveils Strategies to Comply with Regulatory Changes, Considers Rights Issue

The United Bank for Africa (UBA) Plc has outlined its strategies aimed at navigating the dynamic and everevolving banking landscape and consolidating growth prospects for the 2024 financial year.

The bank, in a statement, said it aims to focus on regulatory compliance and sustainable value creation as it seeks to sustain its current growth momentum and enhance shareholder confidence.

the release of the bank’s financial result for the year ended December 31, 2023.

Group Managing Director/Chief Executive Officer, UBA, Oliver Alawuba, it said , disclosed this to the banks’ local and international investors during its 2023 Full Year Investors’ Conference Call, following

At the end of the 2023 financial year, UBA said it recorded an impressive leap in gross earnings, growing from N853.2 billion recorded in 2022 to close at N2.08 trillion; representing a strong 143 percent growth.

According to the bank, total assets also rose remarkably by 90.22 per cent, to close at N20.7 trillion up from N10.9 trillion in 2022.

Besides, UBA stated that Profit Before Tax (PBT) soared by 277 per cent to close at N757.7billion, up from N200.9 billion recorded in 2022; while Profit After Tax (PAT) increased by 257 per cent from N170.2 billion in 2022, to N607.7 billion.

The GMD expressed confidence that based on the bank’s strategic business investments in the last year, UBA remains on the trajectory of achieving and even surpassing its targets for the current financial year.

Alawuba added that the bank’s strong diversity across Africa and beyond, gives it the needed edge to serve its teeming customers. Alawuba

POWER THEFT, DESTRUCTION OF ELECTRICITY FACILITIES NOW CARRY 3 YEARS IMPRISONMENT

or both.

The law came as the Nigerian Electricity Regulatory Commission (NERC) at the weekend reiterated the timelines for fixing customers’ complaints by the power Distribution Companies (Discos).

Nigerians had in the last two weeks demanded top-notch service from electricity distributors following the about 230 per cent hike in electricity tariff for premium power consumers.

Section 208, subsection (1a, b, c) of the new Electricity Act, in attempting to end the power theft issue, listed the offences as tapping of power, tampering or bypassing a meter, damaging or destroying an electricity meter, among others.

Industry operators believe that Nigeria could be losing as much as 40 per cent of electricity generation to theft, especially by unmetered customers who justify the illegality on the basis of “crazy” estimated billing.

It is estimated that in December last year, about N36.2 billion was lost out of the N134.53 billion worth of electricity billed by the Discos.

Group Managing Director, Sahara Power Group, Kola Adesina, holds the view that about 40 per cent of energy is lost to theft on a daily basis.

However, the new law, which has been amended at least twice since it was assented by President Bola Tinubu last year, states that the punishment will hold, provided the infraction does not exceed 10 kilowatts.

The law says, “The fine imposed on first conviction shall not be less than three times the financial gain on

account of such theft of electricity and in the event of second or subsequent conviction the fine imposed shall not be less than six times the financial gain on account of such theft of electricity or exceeds 10 kilowatts.

“The fine imposed on first conviction shall not be less than three times the financial gain on account of such theft of electricity and in the event of second or subsequent conviction, the penalty shall be for a fine of at least six times the financial gain on account of such theft of electricity or imprisonment for a term of at least six months and a maximum of up to three years.”

According to the law, a person who cuts, removes, takes away or transfers any electric line, material or meter from a tower, pole, ...without the consent of the licensee or its owner...commits an offence of stealing of electric lines and materials is liable on conviction to a fine of at least N500,000 or imprisonment for a term of at least three years and a maximum of up to five years or both.

It stresses that where a person or corporate body previously convicted of an offence under subsection (1), commits an offence under that subsection, the person or corporate body is, on conviction liable for the second or subsequent offence to a fine of at least 1,000,000 of imprisonment for a term of five years.

The new Electricity Act adds, “Any person who receives any stolen electric line or material knowing or having reasons to believe it to be stolen property, commits an offence and is liable

on conviction to a fine not more than three times the value of the stolen property received or imprisonment for a term of 14 years or both.”

It states that a person who maliciously extinguishes any public streetlights commits an offence liable on conviction to a fine up to N200,000.

On issues surrounding access of inspection, it says where a consumer refuses to allow a licensee, franchisee or permit holder to perform any act which he is authorised to, the licensee may, after the expiry of 24 hours from the service of a notice in writing on the consumer, cut off the supply to the consumer for so long as such refusal or failure continues, but for no longer.

It says, “Anyone who physically attacks a staff of a licensee or permit holder in the course of discharging his lawful duties under the provisions of this Act, commits an offence and is liable on conviction to a fine which may extend up to N1,000,000 or imprisonment for a term which may extend up to six months or both.”

Where the physical attack in subsection (4) results in permanent disability or death of the victim, the offender, the law says, shall be accordingly prosecuted under the Penal Code or the Criminal Code, as the case may be.

Relatedly, NERC reiterated the timelines for rectifying complaints by electricity customers in the country.

In the case of provision of a new or additional power connection, NERC, in a note, said it must not go beyond 10 days, while meter repositioning should not exceed five days.

It said in cases of planned power outages, it must be announced between three to five days before the blackout is effected.

According to the sector regulator, replacement of faulty prepaid meters or any equipment fault must be effected within two days.

It stated that transformer fuse replacement, reconnection after payment, minor equipment fault, voltage fluctuation and safety hazards must be fixed in 24 hours.

Meanwhile, the National Union of Electricity Employees (NUEE) stated that the recent hike in electricity tariff from N68/kwh to N225/kwh was absurd in a country where the majority of citizens grappled with basic survival and an electricity access rate of about 55 per cent.

In a statement signed and made available to THISDAY by Acting General Secretary of NUEE, Dominic Igwebike, the union argued that there had not been any meaningful improvement since the privatisation of the power sector.

The statement said the country had an installed capacity of about 14,000mw, but generated only about 4,803mw, whereas Nigeria needed at least 30,000mw to reach sufficiency.

It said the additional costs were transferred to the common man, explaining that they are indirectly being exploited, notwithstanding their dwindling purchasing power and increasing impoverishment.

The NUEE further explained that the increased cost of goods would make Nigerian-produced goods unattractive, as imported and smuggled items would be far cheaper.

ISRAEL: BY LAUNCHING 300 BALLISTIC MISSILES, DRONES, ROCKETS, IRAN HAS DECLARED WAR

the situation, but immediately committed to the security of Israel.

But the United States president, Joe Biden told the Israeli prime minister, Benjamin Netanyahu, that since the attacks appeared to have caused minimal casualties and damage, the US would not help in any counter-attacks against Iran, a senior administration official said.

At the same time, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian warned that an escalation of the situation and "provocative acts" could increase tension in the Middle East, the Russian Foreign Ministry said.

Nevertheless, the Nigerian government called on both Israel and Iran to exercise restraint in the ongoing face-off between the two countries.

Herzog, speaking yesterday, said, “This is real war. I mean, this is a declaration of war. Now, because we are restrained and because we know the repercussions, and because we have deliberations with our partners, we are considering all options and I’m quite confident that we will take the necessary steps that are necessary to protect and defend our people."

This came as Israeli war cabinet, weekend, vowed to exact a price from Iran at a time suitable to it following the launch of 300 ballistic missiles and drones at the country by Iran on Saturday.

Israeli defence forces said 99 percent of the projectiles were intercepted.

A total of 170 drones, 30 cruise

missiles and 120 ballistic missiles were fired at Israel on Saturday, the Israeli military said.

US officials said more than 70 drones were intercepted by US Navy ships and military aircraft.

"Iran met the strength of the Israeli security system,” Israel War Cabinet Minister, Benny Gantz, said, a reference to the minimal damage caused by the assault involving hundreds of projectiles.

Gantz spoke at a meeting of the war cabinet yesterday.

Out of 30 cruise missiles fired by Iran, 25 were intercepted by Israeli Air Force fighter jets outside the country’s borders. None of the 30 missiles crossed into Israeli territory.

Of the 120 ballistic missiles fired, only a few crossed into Israeli territory and the rest were intercepted.

The ones that did make landfall fell at the Nevatim Air Force Base, which caused minor damage. The base continued to be operational.

Also, dozens of rockets were launched from Iraq, Yemen and Lebanese territory, according to the IDF.

None of them crossed into Israeli territory and they caused zero casualties.

Biden, in phone conversation with Netanyahu, said the attack "constituted" a win for Israel since no target of value was hit.

The US president also held a meeting with G7 member nations to review the situation, where they committed to the security of Israel.

Biden said the meeting was held “to coordinate a united diplomatic response” to the

“brazen attack,” and added that the US and other allies helped Israel to intercept most of the drones and missiles.

The attack followed an air strike by Israeli forces on Iranian consulate in Syria that killed three army commanders, an offshoot of an earlier attack on Israel by Iran-backed Hamas terror group that led to the death of 1,300 citizens of Israel.

Tens of thousands of Palestinians have been killed in retaliatory air strikes by Israel. The Israeli war cabinet is composed of Netanyahu and Defense minister, Yoav Gallant.

Others in attendance at yesterday’s meeting were Defence Forces Chief of Staff, Lt. Gen. Herzi Halevi; Mossad Director, David Barnea; observer members, Gadi Eisenkot and Aryeh Deri; National Security Adviser, Tzachi Hanegbi and Cabinet Secretary, Yossi Fuchs.

As of yesterday morning, it wasn’t clear how much damage was caused by the attack.

Biden, however, told Netanyahu that since the attacks appeared to have caused minimal casualties and damage, the US would not help in any counter-attacks against Iran, a senior administration said.

Officials were reportedly worried Israel would retaliate anyway.

But Israeli president said Israel wanted peace.

"We are seeking peace. We are peace seekers. We went to peace with our neighbours time and time again,” Herzog explained before acknowledging the advice his government had received

from world leaders like Biden to “take the win” and not retaliate against Iran.

“We always listen to our partners and allies. We respect their view,” he said. “We are also always reviewing all our options, and as I said, we will take whatever it takes to protect and defend our people.”

Meanwhile, Lavrov and Amir-Abdollahian warned that escalation of the situation and "provocative acts" could heighten tension in the Middle East, the Russian Foreign Ministry said.

"It was noted that a further escalation of tensions in the region and new, dangerous provocative actions could lead to a boost in tensions in the Middle East," the ministry said of a telephone call between the two ministers.

“Preventing such scenarios and removing their primary reasons must be a priority matter for the U.N. Security Council,” it added.

Nigeria, in a press statement on by the spokesperson of the Ministry of Foreign Affairs, Mrs. Francisca Omayuli, called for restraint.

The statement read, “The Federal Government of Nigeria joins other members of the international community to call on Iran and Israel to exercise restraint, as diplomatic efforts are ongoing to ease tension and avoid a wider conflict in the Middle East.

“In this critical period, it behoves the two countries to reflect on the universal commitment to peaceful resolution of conflicts, for the advancement of global peace and security.”

The organisation stated that people would resort to those imported goods, thereby fuelling the unemployment situation in Nigeria.

NUEE said, “The hike in the electricity tariff is grossly detrimental to the economic diversification, growth, and wellbeing of Nigerians. This is why the US, UK, France, Germany, and all developed economies support their factories with billions invested in power subsidies.

“Why is Nigeria different?

Electricity in Egypt is an average of N21.68 per kwh, and in South Africa, it is N226 per kwh. The minimum wage in Egypt is N78,360 while in South Africa it is N328,395.

“The minimum wage in Nigeria is N30,000 while the new electricity tariff is N255 per kwh. A country that genuinely has the interest of

its people at heart and wants to grow will ensure that the real sector is given the most support it can get, not putting a nail in its coffin.

“Furthermore, the safety of our members is at stake, as they are at risk of being attacked by people in the community when they visit for disconnections of light.

“The Minister of Power and NERC did not consult with the stakeholders in the sector before the increase. The minister of power has relegated himself as the spokesperson for the Discos where he is justifying cost-reflective tariffs. What of service-reflective tariffs as it relates to consumers?”

As stakeholders, NUEE stated that it was unaware of the energy policy of the present administration, describing the hike in the electricity tariff as not beneficial to Nigerians and should, therefore, be withdrawn.

FRAUD INVESTIGATION INTO HUMANITARIAN MINISTRY, EFCC RECOVERS N32.7BN, $447,000

ordered an investigation into the allegations and subsequently suspended Edu from office.

She was later invited for questioning by EFCC, detained and subsequently released on bail.

But she had also denied any wrongdoing.

The agency was also investigating Edu's predecessor in office, Sadiya Umar-Farouk, over an alleged N37.1 billion fraud, as well as National Coordinator of the National Social Investment Programme (NSIPA), an agency under the humanitarian affairs ministry, Ms Halima Shehu, over alleged financial misappropriation.

Shehu was arrested and questioned by EFCC in connection with the movement of N44 billion from the NSIPA account to some suspicious private and corporate accounts within the last four days in December 2023.

A statement at the weekend by the anti-graft agency said investigation into the alleged fraud had "yielded the recovery of N32.7billion and $445,000 so far”.

It said, "The Economic and Financial Crimes Commission (EFCC) has noticed the rising tide of commentaries, opinions, assumptions and insinuations concerning its progressive investigations into the alleged financial misappropriation in the Ministry of Humanitarian Affairs, Disaster Management and Social Development.

"At the outset of investigations, past and suspended officials of the humanitarian ministry were invited by the commission and investigations into the alleged fraud involving them have yielded the recovery of N32.7billion and $445,000 so far."

EFCC stated that the discreet investigations by the agency opened other fraudulent dealings involving "Covid-19 funds, the World Bank loan, Abacha recovered loot released to the ministry by the federal government to execute its poverty alleviation mandate.

"Investigations have also linked several interdicted and suspended officials of the ministry to the alleged financial malfeasance.

"It is instructive to stress that the commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices."

The statement signed by the spokesman of the commission, Dele Oyewale, said, "Banks involved in the alleged fraud are being investigated. Managing directors of the indicted banks have made useful statements to investigators digging into the infractions.

"Those found wanting will be prosecuted accordingly. Additionally, the EFCC has not cleared anyone allegedly involved in the fraud. Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary."

On the issue of the works of the commission against naira abuse, dollarisation of the economy, and enforcement of extant laws relating to them, EFCC said it appreciated the avalanche of public awakening, support and involvement demonstrated so far.

It stated, "Increasingly, members of the public are drawing the attention of the commission to video recording of abuse of the naira by Nigerians from all walks of life.

"These gestures amply demonstrate rising consciousness of the public to the sanctity of our national currency and the need for collaborative engagement to sustain the tempo.

"To this end, the commission will always investigate and prosecute anyone involved in the abuse of the naira.

“Old videos being exhumed and flying around for the attention of the commission are noted as the commission is sensitive to the fact that its Special Task Force against Naira Abuse and Dollarisation of the economy commenced operations on February 7, 2024.

"However, going forward, new videos of such infractions will be investigated and prosecuted."

The agency said at the moment, the commission was investigating several celebrities involved in naira abuse.

EFCC stated, "Many of them have made useful statements to the commission and many more have been invited by investigators working on the matter.

“The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime."

Emmanuel Addeh in Abuja

AXXELA'S N16.4BN OVERSUBSCRIBED BOND SIGNING CEREMONY...

With 4 Drill Ships Arriving Nigeria in 2025, Oil Service Firms Expect Rebound in Upstream Activities

Begin tendering for project contracts to IOCs Plan to meet govt. on new model to speed up projects execution at reduced cost

Nigeria's upstream oil and gas industry is set to experience a rebound in projects with potential for crude production growth and other associated values as four drill ships are expected to arrive the country by 2025, THISDAY has learnt.

Many exploration and production projects in the deepwater environment have been lined up for commencement next year, which are being promoted by the International Oil Companies (IOCs) operating in Nigeria.

Currently, oil service companies under the aegis of Petroleum Technology Association of Nigeria (PETAN) are tendering for those projects as requested by the multinationals, Chairman of the group and Chief Executive Officer

of Geoplex Drillteq Limited, Mr. Wole Ogunsanya, told THISDAY. Ogunsanya, who spoke against the backdrop of falling oil production and the lack of projects to guarantee an increase in production in the near-term, stated that a lot of projects are in the pipeline that could lead to production growth. He said the projects are in the deepwater and have a lifespan of between four to five years. He , however did not mention the specific projects.

The PETAN chair, who had lamented the falling oil production, with about 500,000 barrels per day underproduction, said that the upcoming projects are signs that the oil industry will be recording a rebound by next year. While the multinational companies are divesting from

the onshore side of the upstream sector, where the barrier of entry has come down, Ogunsanya noted that the IOCs are increasing their activities in the deepwater where they find the fiscal terms more favourable for them.

He explained: "Project is one thing, increasing production, sustaining production from existing oil fields that were already discovered is another. On the projects, there are a lot of projects coming. We are aware of it because they (IOCs) are coming to us. We are tendering.

"Next year, we are going to have about four drill ships coming in. These are deepwater projects that will start next year by a number of the multinational companies. "The truth is that the multinational companies, as they are divesting from the onshore

Axxela Raises N16.4bn in Bond Issuance to Fund Long-term Gas Infrastructure Projects

Peter Uzoho

Axxela Limited, a major subSaharan African gas and power portfolio company, has announced the completion of its N15 billion Series 1 Bond Issuance where it raised N16.4 billion to be deployed towards funding its existing and future gas distribution infrastructure projects.

The bond, according to Axxela, was issued under its newly established N50 billion MultiInstrument Issuance Programme, and was well received and achieved an oversubscription at 109 per cent to close at N16.4 billion.

The midstream gas company explained that it accomplished the financial milestone despite issuing the bond during challenging economic conditions in the country, with rising interest rates and limited market liquidity.

side (land, swamp, shallow waters) where the barrier of entry has come down, they are increasing their activities in the deepwater because the terms are more favourable for them.

"We have Production Sharing Contracts (PSCs) where for every dollar they spend, they are going to take that dollar from the oil. So, a lot of them are coming next year. We have projects that will last four to five years coming up from 2025".

However, on the side which borders on increasing oil and gas production from the discovered and existing reserves, the Geoplex CEO said a lot of activities were happening around that.

He admitted that there is currently a scarcity of rigs in the swamp and land as well as in the offshore environment.

He maintained that sometimes, there is inadequate rig assets incountry to execute some of the projects.

According to him: "On both increasing production from existing

reserves, we are seeing uptick, and on the deepwater end, we see a lot of activities in 2025."

With the multinational producing companies divesting out of the onshore environment and the multinational service companies also reducing their footprints in Nigeria because of the drop in barrier of entry, Ogunsanya revealed that PETAN views that as an opportunity for the country.

He said the association is currently working out a strategic model and plan which it would discuss with the government, aimed at helping Nigeria to produce her oil independently of the IOCs.

Ogunsanya explained: "So, in that model, it's going to involve having an asset, that PETAN companies will come and use our services at very reduced cost. "So, if a job is going to cost $1 million, if they award $1 million to GPPSL for instance, it's going to do that job with its equipment and make a margin. GPPSL can

say, if it's PETAN that needs to do that job for $1 million, I can take half a million dollars, and when that production starts, you pay me the other half a million dollars.

"He will still get his $1 million, but he can do that job at half price. So, we want to create a model whereby PETAN companies come together and establish that model of producing oil and gas, even if it's 5,000 to 10,000 barrels a day you start with, you can expand that."

He added that the local service companies can deliver such projects cheaper at lower cashflow than any international company.

He reiterated that the association would be proposing that model to the government and make a case for government to partner with them. The PETAN chair assured that members would ensure the best of the local service companies that have the capacity and the know-how to deliver the jobs with the same service quality as that of the multinational service companies.

The company said that Stanbic IBTC Capital, acting as the Lead Issuing House for the Bond Issue alongside seven Joint Issuing Houses, played a pivotal role in the transaction, with Stanbic IBTC Bank serving as the transaction bank.

Commenting on the fundraising during the signing ceremony in Lagos, Axxela Limited's Chief Executive Officer, Mr. Bolaji Osunsanya, thanked the Nigerian capital market investors for their sustained confidence in the Axxela brand, the organisation's financial excellence, and its long-term strategic market aspirations.

"In 2020, our inaugural bond issuance was well oversubscribed, leading to an N11.5 billion closing against the N10 billion target. Once again, we have received an oversubscription with this issuance, raising N16.4bn against the N15bn prospectus.

The offer, it noted, attracted strong investor interest from a diverse investment group, including Pension Fund Administrators, Asset Managers, and High-Net-Worth Individuals, underscoring robust confidence in its financial prospects and market position. The bond issuance will enable Axxela to fund its long-term capital expenditures, manage its weighted average cost of capital, and diversify its funding sources while meeting the company's strategic objectives.

"This is a significant indicator of increasing investor confidence in our company's reputation, brand, and performance," Osunsanya said.

According to him, the milestone emphasises the necessary symbiosis between private entities and debt capital markets, as it enables Axxela to pursue its multi-pronged growth strategy of optimising operations and assets, expanding the company's footprint, and revolutionising the energy sector.

Osunsanya added: "The bond proceeds will support the development of our growth projects, signifying the importance of local and international capital markets in the development of critical infrastructure.

"We believe that now is the time to forge deeper collaborations to assess the right investment that would aid the much-needed infrastructure for the sector and Nigeria".

He said he was optimistic about Axxela's upward growth trajectory as global trends in the future energy mix showed a continued shift toward cleaner and more affordable energy solutions.

Minister Applauds Smart Card Firm’s Role in Nigeria's Digital Transformation

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has commended one of the nation’s leading smartcard manufacturing companies, SecureID Limited, for its contributions towards the nation’s digitization efforts.

He also praised the company for its sustainability and viability in the last two decades, lauding it for its topnotch service delivery in the critical areas of payments (banking cards), telecoms (SIM cards), and biometric identification of Nigerians.

Edun made these remarks during his visit to the company’s corporate headquarters recently, stressing that he was impressed with the capacity of the factory to produce 200 million cards annually.

He said this included voter registration cards, national identity cards, drivers’ license and other identity management cards.

The visit marked a significant milestone in Nigeria’s journey toward

digital transformation and enhanced security measures in the ever-evolving digital landscape.

His words: "You are creating a vibrant and forward-looking organisation that has not only achieved a lot but has laid the basis for doing a lot more, sustainably and in an exemplary manner. A strong brand is evolving," the minister added. The minister noted that the visit was to acquaint himself with SecureID Limited's world-class capabilities.

The company boasts of global certifications, possesses exceptional expertise, and utilises state-of-the-art machinery for smartcard production within the Nigerian territory.

The visit gave the company the opportunity to engage with the government and advocate for policies to facilitate the seamless operation of their facilities, contributing to the country’s digital and security infrastructure.

During the interactive sessions,

key discussions centred on pivotal areas of national interest, including the integration of backend services of TPS, one of its subsidiaries, for streamlined operations and enhanced efficiency.

In her remarks, the Group Managing Director of SecureID Limited, Kofo Akinkugbe, expressed optimism for the company’s future collaboration with the government and its positive implications.

In addition to the plant tour, the minister had interactive sessions with the company’s management and staff to discuss various aspects of smartcard manufacturing, digital security, and their potential impact on Nigeria’s rapidly advancing digital landscape.

Noteworthy among the discussions was SecureID Limited's contribution towards economic growth through local production as well as their export drive with clients in 21 African countries.

Peter Uzoho

L-R: Vice President, Debt Capital Markets, StanbicIBTC Capital Limited, Kazeem Raji; Chief Executive, StanbicIBTC Capital Limited, Oladele Sotubo; Chief Executive Officer, Axxela Limited, Bolaji Osunsanya and Managing Director, United Capital Plc, Dr. Gbadebo Adenrele, during the Axxela's N16.4bn oversubscribed Bond signing ceremony, held at Axxela Headquarters in Victoria Island, Lagos...weekend. ABIODUN AJALA

SALLAH HOMAGE TO BUHARI IN DAURA...

L-R: Emir of Lafia, Justice Sidi Bage Muhammad 1; Nasarawa State Governor, Abdullahi Sule; former President, Muhammadu Buhari; former National Chairman of the All Progressives Congress, Senator Abdullahi Adamu; and Attorney General and Commissioner of Justice, Nasarawa State, Labaran Shuaibu, during a Sallah homage to the former president in Daura, Katsina State…weekend

Financial Times: Currency Crisis Pushing Consumer Products' Firms from Nigeria

Despite consumer groups on the front line of the global cost of living crisis assuring shoppers that the relentless price increases of the past few years will taper, for consumers in Nigeria there is little relief in sight, FT, has said in a report.

Nigerian Breweries, which is partowned by Heineken, has increased prices three times so far this year, it said, describing the sighs as so dire is the economic distress that the brewer’s Chief Executive, Hans Essaadi, complained on an investor call that customers can no longer afford Goldberg, a cheap and well-loved lager. A long-running shortage of foreign exchange and a sharp devaluation of the naira , it said, pose a double whammy for multinationals.

“Many of them have fixed costs, such as those for raw materials, invoiced in dollars that they must now purchase using a slumping currency — and then they find it almost impossible to repatriate any earnings,” it noted , adding however that the central bank said in late March that it had cleared all “valid” foreign exchange obligations.

Consumer groups that invested heavily in the country have been left particularly exposed with the forex crunch hitting groups including Unilever, GSK and PZ Cussons as well as domestic champions such as Nigerian Breweries.

In response to the economic challenges, some of the world’s biggest consumer groups have headed for the exit, essentially giving up on a market where headline inflation, which stood at 31.7 per cent in February, has eroded consumer spending power.

Unilever stopped producing homecare and skin-cleansing products, a key plank of its Nigeria sales, a year ago. Chief executive Hein Schumacher cited the impact of the foreign exchange crisis and said the group was “not being able to fight at competitive prices”.

GSK’s Nigeria affiliate also scaled back its business last year, putting an end to its own medicines distribution and switching to third-party Nigerian companies. Germany’s Bayer and French giant Sanofi, which makes polio vaccines, have followed suit, FT added.

The deepest cut , it said. has come from American group Procter & Gamble, which in December announced that it would cease incountry production and switch to importing into the west African nation. It will undergo a restructuring as a result of the macroeconomic conditions in markets including Nigeria, the cost of which will be up to $1 billion to $1.5 billion, “including foreign currency translation losses to be recognised upon the substantial liquidation of operations in the affected markets”, the company said.

“When you think about places like Nigeria, when you think about places like Argentina, it’s very difficult for us as a US dollar-denominated company to create value”, Andre Schulten, P&G’s chief financial officer, told an industry conference in December. “It’s also difficult to operate because of the macroeconomic environment.”

FT quoted Ikemesit Effiong, partner at risk advisory firm SBM Intelligence, as saying the corporate exits represented “a vote of no confidence” in the economic strategies of Nigeria’s ruling All Progressives Congress (APC) over the past nine years.

“The experience of long-established names such as GSK and P&G indicate to newer and potential investors that decades of capital investment, building supply chains and navigating the country’s labyrinthine regulatory regime may not be sufficient preparation for the perfect storm of headwinds,” he said.

Companies are also grappling with the fallout from the country’s devaluation of the naira, hich has seen it fall to record lows against the US dollar over the past year.

South African telecoms company MTN, which makes a third of its earnings from Nigeria, suffered an almost 80 per cent drop in annual profits in 2023. Its Nigeria operations

lost N133.8 billion ($97 million) on the back of a weakening naira. PZ Cssons’ chief executive Jonathan Myers has described the devaluation of the naira as the company’s “most significant challenge”.

“Inflation ended 2023 at nearly 30 per cent in Nigeria, imposing huge pressure on consumers and our teams working to serve them,” he said during a call with analysts in February. “However, the magnitude of the devaluation means that these self-help measures can only go so far.”

Nigeria is PZ Cussons’ biggest single market. The Manchester-based company cut profit expectations after group revenue fell almost 18 per cent for the six months to December 2 while

pre-tax profits fell about a quarter to £26.1 million.

“Our payables denominated in foreign currencies have increased significantly in recent years, primarily as a result of our inability to source foreign currency to repay our suppliers and other providers of credit,” it said. It has reduced its interim dividend and made an offer to take its listed subsidiary in Nigeria private.

Yet for all the concerns being raised about doing business in Nigeria, some non-western consumer brands see an opportunity to provide Nigerians with cheaper alternatives as their bigger rivals pull back.

Singapore-listed Olam is one of those still investing in Nigeria.

The company, which runs an agriprocessing business and manufactures products such as biscuits and noodles, launched a new pasta brand in 2023 and is building a soya crushing facility in western Nigeria which it expects to complete later this year.

Executives met Nigeria’s Vice President in March and pledged to assist the country in attaining its food security goals. Anil Nair, Olam’s country head in Nigeria, said that although the business had also been affected by the economic headwinds, the company remained bullish because “Nigeria’s large and growing population presents significant opportunities for food and agricultural businesses”.

NB to Seek Shareholders’ Approval to Raise N600bn via Rights Issue

Kayode Tokede

The management of Nigerian Breweries (NB) Plc has said it is set to seek shareholders’ approval to raise N600 billion fresh capital via rights issue at its forthcoming Annual General Meeting (AGM) in Lagos.

The acting Chairman, Nigerian Breweries Plc, Mr. Sijbe “Siep” Hiemstra in a document, stated that the objective to raise fresh capital up to N600 billion was targeted at settling the outstanding foreign exchange payables and part of the local bank facilities.

The multinational company in 2023 financial year result and accounts declared a net loss of

N106 billion, primarily due to the impact of the devaluation of the Naira which resulted in a foreign exchange loss of N153 billion, and higher interest costs on loans and borrowings for capacity expansion.

He stated that despite the company’s best efforts and diligent management, it ended 2023 financial year with operating profit of N45 billion, and ended the year with a net loss of N106 billion, driven mainly by the devaluation of the Naira and higher cost of funds.

“Our retained earnings were equally negatively impacted by the net loss. The board was therefore unable to propose any dividend payment for the 2023 financial year, breaking from the age long

SERAP Demands Nigeria’s Loan Agreements Under Obasanjo, Yar’Adua, Others

A civil society group, the SocioEconomic Rights and Accountability Project (SERAP) yesterday urged President Bola Tinubu to mandate relevant Ministries, Departments and Agencies (MDAs) to provide it with copies of the loan agreements obtained by the previous governments of former presidents.

It listed the former presidents as Olusegun Obasanjo, Umaru Yar’Adua, Goodluck Jonathan and Muhammadu Buhari.

The group is also seeking the spending details of any such loans as well as the interests and other payments so far made on the loans.

SERAP urged Tinubu to establish an independent audit on the

spending of the loans obtained by the governments of the former presidents, and to make public the findings of any such audit. SERAP said that its demand was in line with Freedom of Information (FoI) act.

In a request dated April 13, 2024 and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said publishing copies of the agreements would prevent and combat waste, corruption, mismanagement, and abuse in the spending of public funds.

“No one should be able to pull curtains of secrecy around decisions on the spending of public funds which can be revealed without injury to the public interest. Democracy requires accountability and accountability requires transparency.”

“Nigerians are entitled to information about what their government is doing in their name. This is part of their right to information.

“Your government should make it possible for citizens to have access to the agreements and spending details to judge whether their government is working for them or not,” the group stated.

It said that publishing the agreements would demonstrate the government’s oft-expressed commitment to openness in government and to promote accountability.

" It would also improve public accountability in ministries, departments and agencies (MDAs). Publishing the agreements and

spending details would allow the public to see how and on what these governments spent the loans and foster transparency and accountability.

“The information may help to explain why, despite several billions of dollars in loans obtained by successive governments, millions of Nigerians continue to face extreme poverty and lack access to basic public goods and services.

“Providing us with copies of the loan agreements signed by the governments of former presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, Goodluck Jonathan and Muhammadu Buhari, and widely publishing the agreements would allow Nigerians to scrutinise it and to demand accountability for the spending of the loans.

tradition of consistent dividend payment,” he said.

Hiemstra noted that the outcome of the rights issue would be the elimination of the naira devaluation risk/huge foreign exchange losses as well as the reduction of the huge interest burden on the company.

He said the board and management of Nigerian Breweries was convinced that the N600 billion rights issue was the best option at this point in time, urging shareholders of the company to authorise the board to undertake a capital restructuring by way of a rights issue.

“The board is convinced that this is the best option at this point in time and therefore strongly recommends that you authorise the board to undertake a capital restructuring by way of a rights issue so that all shareholders will have the opportunity to acquire more shares in the company in proportion to their holding, at a price to be determined by the Board taking market conditions into consideration.

“The majority shareholder, Heineken N.V. has indicated its readiness to support the recapitalisation proposal and to take up and pay for its portion of the shares that would be allotted to it. This again shows the long-term commitment of Heineken N.V. to our company even after more than 77 years.

“The board counts on your support, as always, to enable us jointly take the necessary step that would lead us back to profitability in the not-too-distant future,” he explained. He noted that consumers and

businesses are expected to grapple with the turbulent economic climate for a while, stressing that Nigerian Breweries was committed to maintaining resilience in the face of adversity.

“The board is confident that our company remains in a good position to weather the storm. We will sustain a strong cost management culture and further optimise our operational footprint, keep winning in the market by leveraging our strong portfolio, exciting innovations, and route to consumer. We will keep our people engaged and motivated,” he said.

Hiemstra noted that the company in 2023 subsequently executed the transaction documents with Heineken Beverages (Holdings) Limited (Heineken Beverages) of South Africa for the acquisition of an 80 per cent equity stake in Distell Wines and Spirits Nigeria and the acquisition of 100 per cent of Heineken Beverages' import business in Nigeria.

“The final part of the transaction is being completed at the South Africa end with the expectation that the transaction would be completed in full in the second quarter of this year.

“This is a strategic acquisition that is in furtherance of our beyond beer agenda and which would provide us with a complimentary multi-category portfolio and strengthen our market share in the wider beverages market.

“More importantly, it will help us to future-fit our business and enhance our long-term profitability through the addition of new products in the wines, spirits, and flavoured beverages categories,” he stated.

Chuks Okocha in Abuja

Emmanuel Addeh in Abuja with agency report

EGOR YOUTH SUMMIT...

L-R: Former Youth Leader, Edo State Chapter of the Peoples Democratic Party (PDP), Thaddeus Irabor; Edo State Commissioner for Digital Economy, Science and Technology, Ogbeide Ifaluyi-Isibor, and Candidate of the PDP for the September 21, 2024 Edo State Governorship Election, Dr. Asue Ighodalo, during the Egor Youth Summit in Benin City, Edo State Capital, last Friday

Edo Outperforms Other Southsouth States on Key Devt Indices

Ighodalo rallies state’s youths, tasks them on nation-building

Edo State has outperformed its peers in the South South geopolitical zone in Nigeria in terms of key development indices as captured in the Nigeria Multidimensional Poverty Index (NMPI, 2022) produced by the United Nations Development Programme (UNDP).

In a breakdown by Statisense on X (formerly Twitter), the platform profiled the states in the South South according to the incidence of deprivation across four pillars namely health, education, living standards, work and shock.

According to the NMPI 2022 report, in terms of nutrition in the region, Edo performed better than the five other states, with the worst hit being Akwa Ibom, Bayelsa, Delta, Cross River and Rivers, occupying 1st, 2nd, 3rd, 4th and 5th positions

respectively.

In terms of time to healthcare, Edo also came up tops, with Akwa Ibom, Rivers, Bayelsa, Cross River and Delta coming 1st, 2nd, 3rd, 4th and 5th respectively.

On deprivation in housing materials, Edo bests the other South South states, with Cross River, Bayelsa, Akwa Ibom, Rivers and Delta coming 1st, 2nd, 3rd, 4th and 5th respectively.

In overall multidimensional poverty, Edo fared better than the five others. Multidimensional poverty was worse in Bayelsa, Cross River, Akwa Ibom, Rivers and Delta, in descending order. In terms of unemployment, Edo also performed better than the rest, with Bayelsa, Rivers, Cross River, Akwa Ibom and Delta taking the 1st, 2nd, 3rd, 4th and 5th positions respectively.

Meanwhile, the candidate of the Peoples Democratic Party (PDP) for the September 21, 2024 Edo State Governorship election, Dr. Asue Ighodalo, has urged youths to maximise their potential, channelling their skills, talents and energy towards making Nigeria a first-world nation. Ighodalo made the call during the Egor Youth Summit with the theme, “Building Leadership Skills, Confidence and Opportunities for Young People,” held at the Victor Uwaifo Creative Hub in Benin City, Edo State Capital.

He said: “The youths are not to see themselves as just leaders in the future but are leaders of the nation now. The youths are in a position to help, build, rehabilitate, and change Nigeria for the better.

“A true leader is a person that

loves the people and if you don't love your people you can't be a great leader. You need to love the people before you can lead them rightly.”

“Nigeria attained Independence in 1960 and produced great leaders but the love of the people which was absent created the gap that has pushed us to where we are today with various challenges facing the nation.

“Not loving the people made it very difficult to gather and transfer that leadership skills into transformational momentum to change the narratives of Nigeria for the better, developing it into a first-world country.

“We are blessed with more resources than any Country in the world and are free from many natural disasters and yet still remain as a third-world Country. We have made so much money from oil and yet

Mahama: Political Instability Major Challenge Facing African Countries

Ex-Botswana president says leadership continent’s key problem

Chinedu Eze

Former Ghanaian President, Mr. John Mahama, has called for a better political order in Africa, where the citizens are made to choose their leaders in a transparent and efficient democratic process and where the political leadership is accountable to the people.

Mahama said efficient and transparent electoral process will eliminate the current political instability that has left the region under-developed and majority of the citizens subjected to endless penury bereft of hope and with uncertain future.

The former Ghanaian president made this known at the 2nd African Heritage Awards 2024 held in Lagos over the weekend by the Heritage Times magazine.

Mahama who was president of Ghana between 2012 and 2017, stated that for Africa to be reckoned with, its leaders and followers needed to think outside the box, tell its own stories and make good use of various social media available.

Mahama emphasised that Africa

needed leaders with foresight, reasoning and long-term planning and not shortterm planning in order to continue to exist and be productive; create strong economy and provide jobs for teeming youths on the continent. The former Ghanaian leader also bemoaned the intra-Africa economic restriction unlike in Europe and other continents where there is trade liberalisation and effective cooperation.

He insisted that the visa barriers placed within Africa was doing a lot of damage to the continent’s economic growth and expansion and advocated its reversal in cognisance of the African Continental Free Trade Area (AfCFTA) and Single African Air Transport Market (SAATM).

“We must believe in ourselves as Africans. There is more money leaving Africa than coming in. All these grants and loans are moving out of the continent. We need to free African movement more than we are presently doing.

“ In the European Union (EU), you don’t need visa to enter any of the countries in Europe. In Africa, we don’t need to get visa to go anywhere

within the continent. We must move two times faster than we are doing presently. We must be self-reliant as a continent,” he said.

Speaking in the same vein, former President of Botswana Dr. Seretse Khama, said that in order to groom the young that will propel the future of Africa and to provide opportunities amongst Africans, it was necessary to have good leadership and political stability on the continent.

He explained that as a politician, he knew that a lot of the continent’s challenges and instability were caused by some selfish politicians, insisting that those politicians who failed to put the interests and needs of their people first were a cause for backwardness on the continent.

He lamented that the absence of selflessness and quality leadership has resulted in power hungry and self-serving individuals taking control of leadership on the continent, reiterating that Africa required leaders who understood their roles was simply service to the people.

“While we will continue to preach peace, stability and good governance on

the continent, the story of the ghetto kids should remind us that our circumstances should not deter us from the positive impact one can make.

“ I’m very much aware that some of the brilliant people we have in here have not had it easy as well, but have persevered to make a mark in their undertakings.

“Therefore, let me urge all of you to use your stories to inspire others and to ignite positive change. Social media has enabled many of us to be able to reach millions of people worldwide and therefore we have no excuse, but to spread our impactful stories. The media has for the longest time peddled only a negative narrative about the African continent and we all have a responsibility to change that.

“Last but not the least, let me thank the convener of these awards, Mr. Moses Siasia, his board and team for this wonderful initiative of recognising and awarding exceptional Africans. I believe your dream is to promote and recognise excellence amongst our people and to showcase this and the exceptional work they do in their respective fields,” he said.

still in the part we find ourselves with numerous challenges facing us as a nation.

“Nigeria can become a first world Country in 8 years if only the youths can focus on doing things differently and take over from our present leadership that has put us in the challenges we face as a nation.”

He called on the youths to change their mindset to have a country where the citizens are not molested, stressing that it was time to start the transformation of Nigeria from Edo State.

He added: “The Victor Uwaifo Creative Hub was built by the Governor Godwin Obaseki-led government for the youth, to enhance creativity and transform the State and Nation.

“A true leader is a person that used his leadership skills to transform the lives of those she is leading. I urged the youths to be determined to create a better Edo State using their power of the ballot to ensure that qualified and competent people are in leadership positions in Nigeria.

“I call on the youths to go back to the value system we cherish as

a people as it helps to bring out the best in the youth. Edo State is going to save Nigeria and the youths of Edo State will lead the front as they lead the Country away from where it is now to where it ought to be paving the way to becoming a first world nation.”

Earlier, the Edo State Commissioner for Digital Economy, Science and Technology, Ogbeide Ifaluyi-Isibor said the youth have the energy and capacity to re-engineer the society as the future lies in their hands.

“This programme is the very first of its kind in Egor Local Government Area. I hold a very strong view that the youth have the energy to re-engineer and develop the society, State, nation and world at large.

“The future of any economy is embedded in the youth population and that is why the mind of the young people needs to be energized for a productive society. The essence of this Summit is to gather young people across the State to have an honest conversation, brainstorming sessions and interaction that will change the way the youths think.

REDAN Condemns Alleged Unauthorised Representation of Onalaja as Chair of Lagos Chapter

Bennett Oghifo

The Real Estate Developers Association of Nigeria (REDAN) has alleged that Mr. Bamidele Onalaja, Managing Director of RevolutionPlus Property Development Company Ltd, falsely presented himself recently as the chairman of its Lagos State chapter, stating that Onalaja’s tenure expired in February this year.

According to the President of REDAN, Akintoye Adeoye, who addressed a press conference in Lagos yesterday, Onalaja was past chairman of Lagos state.

“The attention of the Real Estate Developers Association of Nigeria (REDAN) has been drawn to the unauthorised representation of Mr. Bamidele Onalaja, Managing Director/CEO of RevolutionPlus Property Development Company Ltd, parading himself as the

chairman of the Lagos State chapter of REDAN.

“For record purposes, the national body can confirm that Mr. Onalaja's tenure expired on 22nd February 2024 in line with the constitution of the Real Estate Developers Association of Nigeria.

“ According to the REDAN Constitution, Section 20.2(i) states that ‘Elected officers of the Association shall be permitted to hold the same office for a single term of four years for the current EXCO, effective from February 2020 and subsequent councils.

“The 6th REDAN EXCO that Mr. Bamidele Onalaja served was dissolved upon expiration of tenure. Bamidele Onalaja was past chairman of Lagos state REDAN chapter, his tenure of four years of single term lapsed on the 22nd of February 2024,”

FOCUS

Ebenezer Onyeagwu: Legacy of Achievements

Donatus Eleko

With less than six weeks for the Group Managing Director/ Chief Executive of Zenith Bank, Dr. Ebenezer Onyeagwu to hand over the baton of leadership at Zenith Bank to his successor, the financial institution has continued to gain global recognition due to the efforts of the outgoing chief executive and his team.

Dr. Adaora Umeoji is expected to succeed Onyeagwu as from June 3, 2024.

In line with what has become a tradition since Onyeagwu assumed the leadership of the bank, Zenith Bank recently emerged as the Best Bank in Nigeria in the Global Finance Best Banks Awards 2024, winning the award for the fourth time since 2019.

The Bank was among other banks from 36 countries in Africa recognised as the prestigious Global Finance announced its 31st Annual Best Bank Awards Winners.

The editors of Global Finance made the selections after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts worldwide. Factors considered in selecting the top banks ranged from the quantitative objective to the informed subjective.

Objective criteria considered included: growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.

Commenting on the award, Onyeagwu said: “This award serves as a powerful affirmation of our resilience and tenacity despite headwinds and a very challenging macroeconomic environment. Indeed, it is a testament to our status as the leading financial institution in Nigeria, dedicated unwaveringly to delivering exceptional value to our stakeholders.”

He expressed profound gratitude to the founder and chairman, Jim Ovia, CFR, for his exceptional vision and foundational role in establishing a resilient and enduring financial institution. He also lauded the board for their astute insights and exemplary leadership, the staff for their steadfast commitment and unwavering dedication, and the customers for their staunch loyalty to the Zenith brand.

Publisher and Editorial Director of Global Finance, Joseph D. Giarraputo said: “Banking has reached another watershed moment with the debut of generative artificial intelligence, which promises to rewrite the industry playbook.”

He added that: “In this ever-changing environment, the Best Bank Awards recognize the financial institutions that offer the broadest range of services, long-term reliability, and technological innovation.”

Zenith Bank’s track record of excellent performance has earned the brand numerous awards, under the leadership of Onyeagwu. Under his leadership, Zenith Bank as an institution won a total of 51 awards in the last five years. A breakdown of the awards showed that in 2019 alone, Zenith Bank was adjudged Best Commercial Bank, Nigeria by the World Finance; Biggest Bank in Nigeria by Tier-1 capital by the The Banker; Most Valuable Banking Brand in Nigeria by the The Banker; Best Digital Bank in Nigeria 2019, by Augusto & Co.; Best Company in Promotion of Good Health and Well-Being by SERAS Awards; Bank of the Year by BusinessDay Newspaper; Retail Bank of the Year by BusinessDay Newspaper, and Most Innovative Bank of the Year by Tribune Newspaper

This continued in 2020, where the financial institution was named Bank of the Year, Nigeria by The Banker; Best Bank in Nigeria by Global Finance; Biggest Bank in Nigeria by Tier-1 capital by The Banker; Most Valuable Banking Brand in Nigeria, by The Banker; Best Corporate Governance ‘Financial Services’ Africa by Ethical Boardroom; Best Company in Promotion of Good Health and Well-Being by SERAS Awards; Best Company in Promotion of Gender Equality and Women Empowerment by SERAS Awards;

Onyeagwu

Bank of the Decade (People’s Choice) by Thisday Newspaper; Bank of the Year by Independent Newspaper, and Retail Bank of the Year by BusinessDay Newspaper.

Furthermore, in 2021, Zenith Bank was also named Best Bank in Nigeria by Global Finance; Best Commercial Bank, Nigeria by World Finance; Biggest Bank in Nigeria by Tier-1 Capital from The Banker; Most Valuable Banking Brand in Nigeria by The Banker; Best Corporate Governance ‘Financial Services’ Africa by Ethical Boardroom; Most Responsible Organisation in Africa by SERAS Awards; Best Company in Infrastructure Development- SERAS Awards; Best Company in Reporting and Transparency-SERAS Awards; Best Company in Gender Equality and Women Empowerment- SERAS Awards; Bank of the Year- Champion Newspaper, and Retail Bank of the Year- BusinessDay Newspaper

In 2022, it was named Bank of the Year, Nigeria- The Banker; Best Bank in Nigeria -Global Finance; Biggest Bank in Nigeria by Tier-1 Capital -The Banker; Best Commercial Bank, Nigeria -World Finance; Best Corporate Governance, Nigeria- World Finance; Best Commercial Bank, Nigeria -International Banker; Best Innovation in Retail Banking, Nigeria -International Banker; Best Corporate Governance ‘Financial Services’ Africa - Ethical Boardroom; Bank of the YearNew Telegraph Newspaper; Retail Bank of the Year- BusinessDay Newspaper; Best Company in Technology for Development - SERAS Awards, and Best Company in Work Place Practice- SERAS Awards. This continued in 2023, in which it was adjudged the Biggest Bank in Nigeria by Tier-1 Capital -The Banker; World Finance 100- World Finance; Best Commercial Bank, Nigeria -World Finance; Best Corporate Governance, Nigeria - World Finance; Best Corporate Governance ‘Financial Services’ Africa- Ethical Boardroom; Most Sustainable Bank, Nigeria - International Banker; Best Bank for Digital Solutions,

Nigeria – Euromoney; Bank of the Year- BusinessDay Newspaper, and Most Sustainable Bank of the Year -New Telegraph Newspaper. Also, in the five-year period, Onyeagwu was severally rewarded for being consistently humble, disciplined, ethical, hardworking, an outstanding professional and inspirational corporate leader with impeccable track records of excellence.

In 2019, he was named Bank CEO of the Year by Champion Newspaper; in 2020, again he was recognised as Bank CEO of the Year by BusinessDay Newspaper and SERAS Awards respectively. Also, in 2021, BusinessDay and SERAS Awards awarded him Bank CEO of the Year respectively; In 2022, he was adjudged as Bank CEO of the Year by BusinessDay Newspaper and Leadership Newspaper respectively and in 2023, he emerged as Best Banking CEO of the Year, Africa, an award bestowed on him by International Banker, Bank CEO of the Year by BusinessDay Newspaper, and Bank CEO of the Year by New Telegraph Newspaper.

Onyeagwu, the Chairman of the Body of Banks’ Chief Executive Officers in Nigeria, is a graduate of Accounting from Auchi Polytechnic where he obtained the Ordinary National diploma in 1984 and Higher National Diploma in 1987, he qualified as a Chartered Accountant in 1989 while he was still undergoing the compulsory National Youth Service Corp (NYSC) post-graduation and was named a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) in 2003.

He is an alumnus of the prestigious University of Oxford, England, from where he obtained a Postgraduate Diploma in Financial Strategy, and certificate in Macroeconomics. He also undertook extensive executive level business education in Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, the Harvard Business School of

“Beyond a shadow of a doubt, Onyeagwu had a successful fiveyear tenure as all the major metrics used to measure the health of a financial institution maintained a positive trajectory throughout his tenure. This has seen Zenith Bank surpass its peers in all metrics.”

Harvard University (all in the United States) and Lagos Business School of the Pan African University, Nigeria.

Onyeagwu, joined Zenith Bank Plc in 2002, as a Senior Manager, in the Internal Control and Audit Group of the bank. His professionalism, competence, integrity and commitment to the set objectives of the bank saw him rise swiftly between 2003 and 2005, first, as Assistant General Manager, then Deputy General Manager, and eventually as General Manager of the bank. In these capacities, he handled strategies for new business and branch development, management of risk assets portfolios, treasury functions, strategic top level corporate, multinationals and public institutional relationships, among others.

As Deputy Managing Director, Onyeagwu had oversight over the bank’s Financial Control and Strategic Planning, Risk Management, Retail Banking, Institutional and Corporate banking business portfolios, IT Group, Credit Administration, Treasury and Foreign Exchange Trading, as well as general administration of the bank, among others.

He was named Executive Director of the bank in 2013, and put in charge of Lagos and South-South Zones as well as strategic groups/ business units of the bank including Financial Control & Strategic Planning, Treasury and Correspondent Groups, Human Resources Group, Oil and Gas Group, and Credit Risk Management Group, etc. He was named Deputy Managing Director of the bank in 2016.

On March 25, 2023, he was conferred with a Doctorate Degree in Business Administration by the University of Nigeria, Nsukka, Nigeria’s first indigenous University, in recognition of his immense achievements as Group Managing Director/CEO of Zenith Bank as well as his contributions to the growth of the financial services sector in Nigeria and across the African continent. The award was given during the 50th convocation ceremony of the University.

In line with efforts to ensure customer satisfaction, the bank under Onyeagwu has been recognised for introducing several cuttingedge offerings. These innovations include the deployment of the first offsite automated teller machine (establishing an ATM in a location outside the bank’s premises in 2003), real-time online banking across its entire branch network, transaction notifications via SMS (Short Message Service) and email, an online payment gateway and QR (quick-response) code payment system.

Today, some of its internet banking solutions include the *966# Banking, which is a convenient, fast, and secure way for its customers to access their bank account and perform banking transactions via non-smartphone without internet connectivity. This service is available to all individual account holders with any feature phones that run on the GSM platform.

Beyond a shadow of a doubt, Onyeagwu had a successful five-year tenure as all the major metrics used to measure the health of a financial institution maintained a positive trajectory throughout his tenure. This has seen Zenith Bank surpass its peers in all metrics.

Intriques as 16 Aspirants Get APC’s Nod for Ondo Guber Primary

Fidelis David reports that the race to the November 16, 2024 governorship election in Ondo state has commenced in earnest with the clearance of 16 guber aspirants by the All Progressives Congress for its party primary holding in Akure, the state capital on Saturday.

Next Saturday, the All Progressives Congress (APC) in Ondo State would produced its candidate for the November 16, 2024 governorship election through a direct primary election.

Basically, out of over 20 gladiators throwing their hats into the ring as gubernatorial aspirants, 16 of them picked the expression of interest and nomination forms while the party’s National Gubernatorial Aspirants Screening Committee, commenced their screening on Friday, April 12.

By Saturday, the committee had given all the 16 aspirants a clean bill of health.

The aspirants in no particular order include the incumbent governor, Lucky Aiyedatiwa; former Commissioner for Finance, Wale Akinterinwa; Olusola Oke; Mayowa Akinfolarin; Senator Jimoh Ibrahim; former APC National Vice Chairman (Southwest), Isaacs Kekemeke and Gbenga Edema.

Others are Major General Ohunyeye Olamide Felix (rtd), Jimi Odimayo, Olusoji Adewale Ehinlanwo, Morayo Lebi, Diran Iyantan, Prof. Francis Faduyile and Engr. Ifeoluwa Oyedele while the two female aspirants among them are Funmilayo Adekojo, and Mrs. Funke Omogoroye Judith.

The seven-man Screening Committee led by Senator Joshua Lidani gave all the aspirants the nod to contest the primary after a thorough screening which took place on Friday in Abuja after the inauguration of the Committee and the Screening Appeal Committees by the party’s Deputy National Organising Secretary, Nze Duru.

After over eight hours of interaction and scrutiny of documents submitted by the aspirants, the committee declared that all the 16 aspirants met the requirements to contest the election.

The clearance of all the aspirants was contained in a report submitted to the party by the chairman of the Committee on Saturday to the Directorate of Organisation of the party. The committee revealed in its report that all aspirants demonstrated a willingness to support any aspirant that emerges as the party’s standard bearer for the November 2024 gubernatorial election in Ondo State.

Meanwhile, the Chairman of Independent National Electoral Commission (INEC), Prof. Mahmood Yakubu, has revealed that 16 out of 19 registered political parties have indicated interest in contesting the election.

INEC Resident Electoral Commissioner, (REC) in Ondo State, Mrs. Oluwatoyin Babalola, also at a meeting with the representatives of political parties at the Commission’s office in Akure listed the parties to include the ruling All Progressives Congress, (APC), Peoples Democratic Party (PDP),

Accord Party, Action Alliance, African Action Congress, African Democratic Congress, (ADC), African Democratic Party (ADP) and All Progressives Grand Alliance (APGA).

“Others are Allied Peoples Movement (APM), Action Peoples Party, Boot Party, Labour Party (LP), New Nigeria Peoples Party (NNPP), National Rescue Movement, Peoples Redemption Party (PRP), Social Democratic Party (SDP), Youth Party, Young Progressives Party (YPP) and Zenith Labour Party (ZLP).”

She re-echoed that the Governorship election will hold on Saturday, 16th November 2024 as party primaries are expected to hold between 6th to 27th April 2024 as provided in Section 178 (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

However, considering the number of aspirants who obtain the form, the question has been whether the primary will be rancour free or not?

Currently, members of the APC in the state appeared to be disunited but the Chairman, Ade Adetimehin said there is no cause for alarm, noting that his efforts are geared towards fostering unity in the party.

Divisive Utterances

The APC chairman warned political supporters of aspirants against divisive utterances and actions, ahead of the party primary slated for April 20.

This came two days after party elders, under the aegis of Ondo APC Aborigines, endorsed Governor Lucky Aiyedatiwa as their preferred aspirant, a move which was rejected by the campaign organisations of two other frontline APC governorship aspirants, Wale Akinterinwa and Olusola Oke.

The APC Aborigines

Basically, the ‘APC Aborigines’ at their meeting held in Akure, said they settled for Aiyedatiwa because he is rated highest among the aspirants.

The group had earlier announced that it had screened the over 10 APC governorship aspirants down to three, saying it would finally narrow down to one, based on set criteria.

Its Chairman and former Ambassador to Togo, Sola Iji, announced their choice of Aiyedatiwa, saying, “We resolved in our first meeting to commit ourselves to a unanimous goal in the forthcoming governorship primary of the APC in the state. We consider this as a necessary step towards asserting our true worth in the party.

“We are determined to deploy our numerical

Adetimehin appealed to political gladiators to exhibit regards for the party’s governorship aspirants, and other stakeholders to avoid unnecessary friction in the political space. He noted that Ondo State is known for organisation and enviable political history that should be demonstrated at critical moments saying the party owes it a duty to showcase the rare ability to go into any contest without rancor. Also, Wale Akinterinwa and Olusola Oke through spokespersons of their campaign organisations, Mr Segun Ajiboye and Mr Ojo Oyewamide respectively, described the decision of the APC elders as warped. Akinterinwa specifically said, if the discussion for endorsement of an aspirant were a matter in the court of law, these set of elders would have been asked to recuse themselves. Both Ambassador Sola Iji and Senator Ajayi Boroffice (members of the Aborigine) were conspicuously present when Governor Lucky Aiyedatiwa declared his intention to contest the election.

strength and resources to ensure the victory of Governor Lucky Aiyedatiwa at the primary. It is our fervent belief that Governor Aiyedatiwa’s candidature will position our party for a resounding victory at the general election and engender good governance in the state,” Iji said.

Pillars of Equal Opportunities

However, the State Chairman of the party described as unnecessary the idea of some people constituting themselves into “the aborigines of APC” of the State chapter.

The party contended that the unity of the party is erected on the pillars of equal opportunities, irrespective of whatever considerations.

“The chapter would not condone acts that are aimed at making some members inferior to others, on account of when they joined the party. The chapter is for all, and would continue to encourage equal opportunities for all the members. New members should entertain no fears in this regards”, Adetimehin assured. The party urged aspirants to be weary of desperate supporters, who fan embers of disunity for personal gains, saying such action was not healthy for the vibrant state chapter of the party. Adetimehin appealed to political gladiators to exhibit regards for the party’s governorship aspirants, and other stakeholders to avoid unnecessary friction in the political space.

He noted that Ondo State is known for organisation and enviable political history that should be demonstrated at critical moments saying the party owes it a duty to showcase the rare ability to go into any contest without rancor.

Also, Wale Akinterinwa and Olusola Oke through spokespersons of their campaign organisations, Mr Segun Ajiboye and Mr Ojo Oyewamide respectively, described the decision of the APC elders as warped.

Akinterinwa specifically said, “If the discussion for endorsement of an aspirant were a matter in the court of law, these set of elders would have been asked to recuse themselves. Both Ambassador Sola Iji and Senator Ajayi Boroffice (members of the Aborigine) were conspicuously present when Governor Lucky Aiyedatiwa declared his intention to contest the election”.

For Governor Aiyedatiwa who was swornin on December 27 2023 after the death of his principal, Oluwarotimi Akeredolu, he believed that there is nothing to fear about his chances of picking the ticket.

Aiyedatiwa

Akinterinwa

Oke

SEDC: Bold Step Towards National Unity and Cohesion

Don Ubani writes on the bold steps being taken to ensure that the South East Development Commission Bill before the National Assembly is passed before long.

Following the end of Nigerian Civil War, otherwise known as Nigeria/Biafra War, on 15th January, 1970, the Federal Government under General Yakubu Gowon as Head of State, declared there was ‘No Victor, No Vanquished’.

Sequel to the said Declaration, General Gowon announced what became known as the three Rs, Reconciliation, Reconstruction and Rehabilitation. As the three Rs implied, they were aimed at a seamless reintegration of the war-battered Igbo into the Nigerian State.

However, as time went on, it became obvious that apart from the only £20 each adult Igbo was given by the Federal Government, not minding how much such a person had in his or her bank account before the outbreak of the

Civil War, and the emergence of late Dr Alex Ifeanyichukwu Ekwueme as Vice President of Nigeria to late President Shehu Shagari in 1979, no other facility or opportunity was created for the Igbo for meaningful reintegration into the new Nigerian State.

Though, through exceptional entrepreneurial ingenuity, the Igbo in Nigeria live almost like a people who have never heard, much more witnessed a war, the feeling of marginalisation has been very high in them. This feeling got to its climax during the eight-year tenure of Major-General Muhammadu Buhari as Nigeria’s President and Commanderin-Chief of the Armed Forces of Nigeria,

2015-2023. He did not, at any time, hide his hatred for the Igbo whom he publicly derogatorily described as ‘a dot in a circle’.

Due to very destructive ravages of the NorthEast Region by Islamist Boko Haram insurgents, the Federal Government under General Buhari established the North-East Development Commission in 2017 to rehabilitate the Boko Haram infested Region.

But an attempt by the South-East Caucus in the National Assembly to have what had been established for the People of North-East replicated in the South-East was frustrated and thrown out in the same 2017. The same effort was repeated in 2018 but was, again, thrown out.

It is, therefore, a very big delight and assurance that in 2024, following his strategic relentless

pursuit for the overall welfare and collective interest of the people of South-East of Nigeria, the unassuming assiduously team-playing Deputy Speaker of the 10th House of Representatives, Hon. Benjamin Kalu, has, without any iota of effrontery or orchestrated publicity, systematically galvanized concerted efforts of both the House of Representatives and the Senate to pass the Bill for the establishment of the much-needed and long canvassed but earlier abandoned South-East Development Commission (SEDC).

-Sir Ubani writes from Aba, Abia state. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

As Elebute-Halle Defects from ADP to APC in Ekiti...

Gbenga Sodeinde writes that the political net of the All Progressives Congress in Ekiti state recently caught a ‘big fish’ in the person of the Action Democratic Party’s governorship candidate during the 2022 gubernatorial election in the state, Erelu Kemisola Elebute-Halle.

Without mincing words, Erelu Kemisola Elebute-Halle ’s defection is a major achievement for the APC in Ekiti state as her strange emergence on the political scene of the state has drastically changed the political narrative. Her sudden arrival has signaled a new era for the female gender in Ekiti politics because the trailblazing politician emerged as the first female governorship candidate in the history of the state.

Elebute-Halle had like a colossus bestrode the political landscape of the state and made significant impact as a governorship candidate in the 2022 gubernatorial polls. She has been the sole financier of the Action Democratic Party (ADP), under which she ran for governorship during the last gubernatorial poll in the state.

She made spirited efforts to win by leaving no stone unturned with all her formidable structure before she finally made history by coming fourth at the polls, gathering more votes than some other contestants who were not even first timers like her.

At the end of the gubernatorial poll, APC’s Biodun Abayomi Oyebanji emerged victorious with a landslide with Engr. Segun Oni of the Social Democratic Party (SDP) coming second and Otunba Bisi Kolawole of the PDP coming third. Erelu Elebute came fourth in the keenly contested poll.

As a result of several factors, Erelu Elebute became a force to be reckon with. As the sole financial of ADP, she had no godfather. She had also single-handedly coordinated her political campaigns in the state from ward levels, across the 16 local governments to the state.

She singlehandedly financed all other aspirants and candidates to contest various political positions in ADP in the state. Her philanthropic gestures knows no bounds as she had assisted many individuals and groups through her NGO which she founded to assist people with genuine cases of needs and empowerment. Such humongous empowerment she had done to many people irrespective of

their political parties and tribes within the state and outside.

Elebute-Halle, equally parades intimidating credentials politically and otherwise. She had served as both the Director-General, ADP 2023 Presidential Campaign and the party’s National Deputy Chairman, South.

She has an excellent track records of supporting her former party financially and contributing immensely towards the growth snd development of the party at the national level.

Governor Oyebanji’s dragnet couldn’t have missed this ‘big fish’ because he had really worked hard for it as his efforts and unique system of governance actually brought all the opposing camps to rally round him rather than distracting and giving him a hard time as opposition parties.

Oyebanji’s style of leadership in Ekiti has been highly accommodating hence

he has endeared himself to the opposition.

On assuming office, the Ekiti governor promised an all-inclusive government for the sake of impacting on Ekiti people positively. He had actually worked the talk by making sure that he visited virtually all the leaders of thought as well as opposition political leaders and stakeholders both within and outside the state to urge them to rally round him and participate in the development of the state with assurances that he will not fail them.

He followed his declaration and promises with action plans by ensuring that he considered the opposition party members in his cabinet and offered them appointments. News also had it that Oyebanji did not stop at that but went ahead to pay all their outstanding allowances and entitlements.

Another thing that Governor Oyebanji did that seems to have made him win the hearts of oppositions in the state was his outstanding performance, particularly in the area of physical developments and his commitment to infrastructural transformations since he became the governor.

Giving one of the reasons that endeared her to the governor, Erelu Elebute-Halle said, “Governor Oyebanji is a very humble man. We share some attributes particularly in the areas of humanitarian gesture. Look at how far he has affected lives of some individuals positively in Ekiti in such a short period of time.

“Apart from this, Oyebanji is service-driven. If you look at what he has been able to do in the last few months, he should be commended. Politics apart, let’s be sincere!

“Before now, Ekiti State seemed to have been completely cut off from the rest of Nigeria, but under him, most of our federal roads that were hitherto in deplorable condition are being fixed and reconstructed. For example, Iluomoba-Ijesa Isu-Ilawe roads are getting attention.

“Now, one can link and connect any part of the country within a short time. I felt if God has given us a leader who is doing well like this, one should say thank you to him for

taking good care of the Ekiti people. But that is a service he has sworn to give us and he is doing it well.”

Now that the ADP’s governorship candidate has dumped the party for ruling party in the state. According to her, she took the decision to leave ADP after consulting widely with stakeholders, pointing out that she noticed that most parties that invited her to join them were only after her money.

Elebute-Halle, who said that there had been entreaties to her by different political parties to join them after the 2022 Ekiti governorship poll, said that after considerations, she saw the APC as the best bet “since that is where I have a lot of friends”.

A cording to her, she opted for APC “because of the love I have for the Renewed Hope Agenda of President Bola Tinubu’s administration and the love I have for the Ekiti State Governor, Mr Biodun Oyebanji. The governor and the APC family appreciate and celebrate me. I have made up my mind, I will be leaving ADP”.

APC, she stressed, is a party that cares and Governor Oyebanji showed her love and respect beyond her expectation. The former gubernatorial candidate said she was particularly happy that APC celebrated her and supported her during her father’s burial and that she was prompted to join the party because of the love she received from Governor Oyebanji.

The politician, who said she would miss her former party where she had grown politically, told members, “I will not leave you empty, I will not forget you. Though I am leaving, I will be with you in spirit”.

Elebute-Halle told the party members that she would be leaving them in the hands of a trustworthy ADP State Chairman, Hon. Ayodeji Ojo, who she said would restructure and pilot the party well in Ekiti State for the benefit of members.

Akpabio Abass Kalu

Elebute-Halle

Fabric of Courage: Highlighting the Role of CBAAC in Propagating, Promoting Black and African Art

Salon Africana, in collaboration with prominent African cultural organisations including the Centre for Black and African Art and Civilisation, CBAAC, recently hosted “The Fabric of Courage,” a groundbreaking multidisciplinary arts exhibition celebrating the historic Festival of Arts and Culture, commonly known as FESTAC ’77. Chiemelie Ezeobi writes that it brought to the fore the all important role CBAAC plays in documenting and preserving such valuable history

L-R: Renowned Arts Journalist, Jahman Anikulapo; Brooklyn-based photographer with documented 1,500 pictures of FESTAC'77, Marilyn Nance; Founder Salon Africana and Curator, The Fabric of Courage, Somi Kakoma; Director General Centre for Black and African Arts and Civilisation, Hon. Aisha Adams Augie; and former CBAAC DG, Prof. Duro Oni, after the panel discussion in Lagos dissecting the gains of FESTAC'77... recently

The weight of the all important duty the Centre for Black and African Art and Civilisation (CBAAC) plays in preserving and promoting history and culture of Black and African Art, especially when it comes to the 1977 World Black and African Festival of Arts and Culture, commonly known as FESTAC ’77, recently came to bear at "The Fabric of Courage,” a groundbreaking multidisciplinary arts exhibition by Salon Africana.

What has CBAAC got to do with FESTAC'77?

Everything! Established by Decree 69 of 1979, the centre came into existence after the hosting of the historic FESTAC ’77. As an agency, CBAAC is expectedly saddled with the statutory responsibility of promoting and propagating Black and African Art and cultural heritage in its totality.

This is because after its establishment, its statutory responsibility was to be a storehouse of all the materials, which constitute the core collections and those artefacts and rare cultural items that were exhibited during FESTAC'77.

The decision to handover these materials to Nigeria was to reinforce and build on the gains of the historic festival, hence the centre was established in fulfillment of Nigeria's pledge to keep the materials in trust for the 59 black and African countries and communities that participated in the festival.

Thus, to effectively discharge this mandate, CBAAC holds arts exhibitions, cultural festivals, performances, conferences, public lectures, workshops, youth programmes and other activities that promote Black and African Culture in its totality both locally and internationally.

Beyond this, it also has a library, archival collections and audio/visual library, an art gallery, a studio, and a Hall of Fame with varied collections of significance to Black and African Peoples all over the world.

The centre also engages in other activities, which project the overall image of Black and African Peoples and enable their cultures to be appreciated globally. Statutorily, the centre is charged with the responsibility of preserving, promoting and propagating Black and African Cultural Heritage in its totality.

Through its numerous programmes, the centre has continued to contribute to the pool of universal knowledge on Black and African Peoples. The centre has a strategic mandate and plays a key role in making Nigeria the arrowhead in the preservation, promotion and propagation of African Cultural Heritage.

The Fabric of Courage as Tribute to FESTAC'77

Therefore for Salon Africana, it was pertinent to partner CBAAC seeing that the centre was interwoven with its quest to celebrate FESTAC'77.

So on a certain Sunday, Salon African in partnership with prominent African cultural

organisations including CBAAC, African Artists Foundation, Chimurenga Magazine and The Africa Centre with generous support from the Mellon Foundation, hosted “The Fabric of Courage" at the Old Printing Press on Broad Street, Lagos, Nigeria.

In its tribute to FESTAC ’77 exhibition, the outing featured works by renowned artists such as Marilyn Nance, Tam Fiofori, Somi Kakoma and treasures from the CBAAC Archive. It was afterwards opened to the public for free viewing of the curated works.

Esteemed guests at the event ranged from Art Aficionados, writers, Jazz lovers, Nollywood stars, documentarists, art collectors and even federal and government representatives. For CBAAC, its current Director General, Hon. Aisha Adams Augie, showed off her passion for all things FESTAC'77.

Also present were Ayo Adeagbo, Special Assistant to the President on Arts, Culture and Creative Economy and Special Adviser for Tourism, Arts and Culture, in Lagos, Idris Aregbe.

Curated by East African Grammy nominated vocalist, composer, and writer, Somi Kakoma, the evening kicked off with a poem by Nigeria's Najite Dede, who read Audre Lorde's Poetry is not a Luxury.

Soon afterwards, Somi mounted the podium to belt out thrilling live musical performances with her international band comprising Otis Brown III, Toro Dodo, Philip Uzo and Ben Williams.

According to the award winning vocalist, her "ongoing and deep dive into the archive of FESTAC 77 is the accidental happenstance of tracing the life and legacy of the great Miriam Makeba. I was particularly curious about why, on the long list of world-class artists and dignitaries who attended, she was often the only woman named.

"After looking through thousands of images of named and nameless women who also participated, I discovered the true gravitas of FESTAC 77 along with the staggering archive housed in Centre for Black and African Arts and Civilisation right here in Lagos Island. No matter how much I tried, I could not look away.

"The Fabric of Courage aims to reconstitute a small part of the fragmented but vastly local, transcontinental, and diasporic archive of FESTAC 77 while exploring the ways in which the seminal event continues to reverberate in Africa's cultural imaginary and historic sites of cultural production.

"I am deeply grateful to the work of featured photographers like Marilyn Nance and Tam Fiofori for maintaining and sharing their archives so that we might journey to

that history more closely. This exhibition is about honouring Black cultural labor and the courage we find in the making of ourselves when we willingly choose to witness ourselves.

"The archive of FESTAC 77- both the tangible and the ephemeral is a testament to that. It teaches us that the work is not about the ways we have forgotten it is about the ways we need to remember. it is for the past and the future. It is for the now. Let us continue to find ways to be a witness."

Headlining the event, renowned American FESTAC photographer, Marilyn Nance, who was on her first visit back to Nigeria since 1977, also showcased her work from the acclaimed book “Last Day in Lagos" which was edited by a Nigerian lady, Remi Onabanjo, who is the Curator of Photography at Museum of Modern Art Museum New York.

While serving as the photographer for the US contingent of the North American delegation, Nance documented more than 1,500 images, which has become one of the most comprehensive photographic accounts of FESTAC 77.

Also, Nigerian photographer Tam Fiofori’s imagery selections from the archives of CBAAC were also exhibited.

To wrap up the evening, a panel discussion anchored by arts journalist Jahman Anikulapo, saw Marilyn Nance, Hon. Aisha Adams Augie; and former CBAAC DG, Prof. Duro Oni, dissecting the gains of FESTAC'77 and ways to ensure the momentum never fades.

Afterwards in an interview with THISDAY, Special Adviser for Tourism, Arts and Culture, in Lagos, Idris Aregbe, who commended the organisers of the event, noted that we must understand our culture and tell our stories.

Stressing that Lagos is always open to ideas and to partner with stakeholders to promote culture and tourism, he however said to carry the youths along, government and institutions must present arts and culture in an educative and entertaining format so they can compete with what they love to see either on their phones or on TV screens.

Hon. Aisha Adamu Augie's Dreams for CBAAC

During the panel discussion, the DG of CBAAC engaged all with the passion of what she is set to achieve at the centre. Although she would often appreciate the staff of the centre, it was also obvious she not just had figures and facts at her fingertips, but also workable plans that would double on what has been done so far, one of which was the partnership with Salon Africana.

In an exclusive interview afterwards with THISDAY, she said contrary to opinion that the CBAAC archives were laying fallow, a lot of researchers access it including from the international community. She however added that they are currently digitising the archives and are now at 30 per cent with plans to complete

the remaining 70 per cent.

But even with the huge task and the numerous challenges it portends, she acknowledged that this is a digital era and "the plan is to ensure that the whole of the world can have access to our archives. We are taking the thousands of tapes, over a thousand vinyl records, sound, photography, everything that came to FESTAC that was tangible, non tangible can be seen at CBAAC or at least you get the information on it and there are books and publications. We will definitely be doing more to ensure that the world has access to them".

On the need for collaborations as well as catching them young, she said for the latter, they are targeting the social media aspect as well as making it a not just a part of the university system, but also nursery and primary "because this history is important. The CBAAC history is not only concerned about the FESTAC story (we are talking countries like Cuba, Brazil, Trinidad, Madagascar), but you have items from every state in Nigeria in our archive.

"These stories are so important to our history. It reminds us of who we were, where we are today and where we need to be and you can see, we are standing behind the photo of the National Theatre photo, which is even being renovated today and that aspect alone is going to increase and put value on our GDP.

"We are looking at the Ministry of Art, Culture and Creative Economy. We are all working together as a unit. It's not just individual digits doing their own thing. We are actually connecting with each other to see how we can strengthen each other's mandate and also collaborate multinationals with the internationals. So we have a lot of work to do".

Addressing the issue of funding to power her vision for the centre, she said as a creative, they always find a way. "As you can see, we have already started partnerships and collaborations as having events like this would bring out our work to the limelight. We are also going to work with donor agency and developmental agencies and partners.

"We have a lot in store for Nigeria. For someone who has been a part of the creative and cultural sector, I've always been an advocate for the creative a d cultural sector in Nigeria. I think we would try as much as possible to tap into all these networks that we have to make things easier so it's not just limited to funding. Because you can have all the funding in the world, if you don't have the best of ideas, nothing will happen".

Chiefly for the DG, beyond her initial short term dream to have FESTAC at 50, she wants a world class museum; for some of these items to be showcased in other countries, moving around and having a travelling exhibition for other people to experience; and a training centre that would support young people that would want to do a lot of research.

Somi Kakoma with her band flanked by Special Adviser for Tourism, Arts and Culture, in Lagos, Idris Aregbe (second right); and Ayo Adeagbo, Special Assistant to the President on Arts, Culture and Creative Economy (fourth left)

World Art Day 2024: Spotlighting Musawa's Art Ministry

Oluwafemi Popoola

April 15th is World Art Day. World Art Day is an international celebration of the fine arts which was declared by the International Association of Arts (IAA) in order to promote awareness of creative activity worldwide.

This day has been observed since 2012 to recognise the impact that art has on our lives. While it originated in Italy, it is now celebrated around the world as a way to bring people together through creativity and appreciation of art. In 2019, the World Art Day reached a global phenomenon and was celebrated in over 120 countries, with numerous events, exhibitions, and workshops organised across the world.

World Art Day is a celebration of creativity, diversity and the universal language of art that transcends borders and cultures. Art is a universal language. Regardless of cultural differences or language barriers, art is a global unifier. It conveys emotions, ideas, and narratives that can be understood by any viewer. So, each year on April 15th, legions of artists and art enthusiasts around the globe come together to honour the profound impact of art on society.

In a rapidly changing and growing world, characterised by globalisation and technological advancement, art still fills a large void in our lives. It plays a pivotal role in preserving our cultural identity and heritage. It serves as a reminder of our shared humanity, connecting us to our past, grounding us in the present and inspiring us to envision a better future.

Whether through paintings, sculptures, music, literature or dance, art provides a platform for individuals or artists to share their stories, celebrate their heritage and voice their concerns. It serves as a mirror reflecting the essence of humanity. It encapsulates the joys, struggles, dreams and aspirations of individuals and communities, strengthening our social fabric, forging bonds that transcend geographical boundaries and ideological differences.

The World Art Day is a great reminder to help people notice the beauty around them. It reminds people to express themselves fully. Humans are full of emotions and thus should be allowed to show them without fear. The goal is to facilitate the sustainable development of art. With enough support, artists can continue to portray beauty.

This year's theme: A Garden of Expression: Cultivating Community through Art', takes on a deeper significance, emphasising the role of art not only as a unifying force in building or healing communities, but art as catalyst of social change and unity. The phrase in the theme, 'A Garden of Expression' symbolises the diversity and richness of artistic expression found in communities worldwide. So, just as a garden nurtures a variety of plants and flowers, each with its unique beauty and contribution, so does art flourish in diverse forms, styles and traditions.

More so, to cultivate community through art would mean to expend serious energy on art initiatives. This goes beyond just creating and appreciating artworks; it requires active engagement, collaboration and dialogue among artists, audiences and stakeholders. This is because art initiatives such as public murals, community theatres, arts exhibitions and cultural festivals serve as catalysts for social cohesion, promoting a sense of pride and identity among citizens.

As the world celebrates the World Art Day, for Nigeria, this is the moment to shine the spotlight on the newly created Ministry of Art, Culture and Creative Economy under the leadership of Barrister Hannatu Musa Musawa and the nation's artistic landscape. It also affords us the opportunity to dissect the overall performance of the minister ever since she assumed the novel office.

As an art enthusiast and keen observer of the minister's activities, it's not extravagant to conclude that the country's art space has blossomed into 'a garden of expression' where creativity flourish. Musawa's innovation and rare profundity has helped in providing a fertile ground for artists to thrive, resulting in a renaissance of creativity that has captured the imagination of the

nation.

For many years, Nigeria's rich cultural heritage has always been a source of inspiration for artists, but it is under Musawa's new leadership that this heritage has been much more celebrated and innovatively reimagined. With over 250 ethnic groups, Nigeria's art scene has become a melting pot of various artistic expressions, capturing the essence of the nation's multicultural identity. The success of the +234 Art Fair event, a-first-of its-kind international art exhibition, that took place in Lagos last month lend credence to Musawa's outstanding performance.

The art event only lasted for 10 days but the city of Lagos and Nigeria was held spellbound as the fair brought together over two hundred artists and massive legions of arts lovers under one roof. Also, over hundreds of arts works were on magnificent display, over the course of the days of the event.

The art exhibition offered every artistic experience available, from paintings to sculpted works to photography, handcrafted materials and objects, a children's art section, art-related activities like sip and paint and so on. This was no small event. It was one of such events that promoted the best of the best in Nigeria's contemporary

art ecosystem.

Let me also mention the resounding success of the first edition of the Omniverse Summit held on February 27 to March 1 at the Landmark Event Centre, Lagos. It was an event that brought together technology enthusiasts, investors, funders, academia, industry leaders, creatives, innovators, public policy and development sector leaders in one physical space.

But it was Musawa who emerged as a central figure in the dynamic landscape, championing the role of art, culture and creativity in shaping societies and driving economic growth. Musawa's passionate advocacy for the creative industries resonated loudly, inspiring participants to harness their creative potential for social impact and economic empowerment.

From technological innovations to artistic expressions, the four-day maiden summit showcased the diverse facets of the creative economy and its potential to drive positive change on a global scale.

Just the same way that the recent initiative by the Ministry of Art, Culture, and Creative Economy to organise the National Undergraduate Art Fair and honour the exceptional creativity of students in Nigerian universities has garnered widespread acclaim and enthusiastic support from the Nigerian public.

Many Nigerian art lovers especially student artists have expressed their excitement and appreciation for the ministry's efforts to showcase the immense creativity flourishing within the country's universities. They have

For many years, Nigeria's rich cultural heritage has always been a source of inspiration for artists, but it is under Musawa's new leadership that this heritage has been much more celebrated and innovatively reimagined... Musawa's passionate advocacy for the creative industries resonated loudly, inspiring participants to harness their creative potential for social impact and economic empowerment

lauded the Fair as a long-overdue recognition of the artistic prowess of Nigerian youths, emphasising the importance of nurturing and promoting talent from a young age.

One of the most prevalent reactions has been a sense of pride and validation among students and artists whose work has been selected for display at the Fair.

Showcasing over 100 carefully selected artworks from diverse student artists across the nation, it was a vibrant celebration of talent and innovation. Moreover, the National Undergraduate Art Fair promises to have a ripple effect that will extend beyond the confines of the event itself, influencing the broader cultural ecosystem of Nigeria.

Thanks to Musawa's transformative approach, Nigeria's traditional art forms have tasted a resurgence, captivating audiences with their beauty and authenticity.

A Call to Action for Minister Musawa

While informed minds would agree with me that the 49-year-old lawyer has made commendable strides in promoting art and culture in the country, there is still much more work to be done to fully harness the potential of Nigeria's rich artistic heritage.

I am not oblivious of the fine vision of the ministry especially Destination Nigeria 2030. It is a national strategy with the vision of positioning Nigeria as a leading influence of creative expression and cultural exchange. The vision is not only realistic, it is a well thought-out plan to propel Nigeria towards economic prosperity and cultural enrichment.

The vision may still be alive but there is an urgent need to quickly fix the infrastructural deficit in the Nigerian art sector. The lack of adequate exhibition spaces, art studios, and cultural centres have continually hindered the growth and visibility of Nigerian artists. I know a number of talented artists with excellent art works but are still struggling to find exhibition spaces to showcase their works. The number of art galleries available in the country are surprisingly limited.

Art galleries serve as educational hubs where people can explore different artistic styles, movements and perspectives. Shortage of these galleries would no doubt limit the opportunities for art enthusiasts and the general public to engage with and appreciate art. It also restricts the visibility and accessibility of artists' works. This insufficient exhibition spaces will only create an atmosphere where artists would struggle to showcase their creations to a wider audience. It also hinders their ability to gain recognition and establish themselves in the art world. This lack of exposure not only affects individual artists but also diminishes the diversity and richness of our cultural landscape.

The minister must know that investing in art galleries is not just a matter of supporting the arts; it is an investment in our collective future. Addressing this issue by embarking on a mission to collaborate with relevant stakeholders means she has the opportunity to unleash the full potential of Nigeria's artistic space, stimulate economic growth and preserve our cultural heritage.

In addition, Nigeria boasts a wealth of artists and creatives. Many aspiring artists lack access to proper training and resources. Musawa must prioritise initiatives that provide scholarships, grants, workshops and mentorship to nurture young artists and equip them with the skills necessary to thrive in the art industry. These initiatives are paramount in empowering the present generation of Nigerian creatives to unlock innovative new approaches to solving challenges, drive economic growth and be the leading influence of creative expression and cultural exchange.

Having said this, one can find solace in the fact that Musawa's commitment to service delivery transcends short-term fixes; it encompasses a long-term vision for the holistic development of Nigeria's art scene. Moreso, reflecting on her deliverables so far coupled with her understanding of the nature of the job at hand offers a glimmer of hope.

-Popoola, is a journalist and political analyst

Musawa

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Sobo: S triking a Balance Between Technology, Human Authenticity, and the Church

Pastor Lanre Sobo is the pastor-in-charge of Glory House Colleyville, TX, a parish of the Redeemed Christian Church of God. He is also the continental administrator for RCCG The Americas Continent -1, managing the parishes in North America, Central America, and the Caribbean. He has a degree and a master’s in business administration (MBA) with a specialisation in information technology. His IT management career has spanned over two and half decades, and he has had leadership roles in Fortune 500 companies. Excerpts:

How has technology changed how churches communicate with their congregations compared to traditional methods?

In the past, churches communicated with their congregations through physical materials like fliers and bulletins.

Nowadays, technology has revolutionised this process, enabling churches to engage with members around the clock. They use web platforms, mobile apps like MailChimp and Constant Contact, and multimedia tools to create a dynamic communication experience. Digital weekly news production, akin to professional networks like Arise News, CNN, and Fox News, has become commonplace, offering congregants an interactive and immersive way to stay connected.

These advancements not only enhance communication but also foster a stronger sense of community within religious organisations. By embracing modern media standards, churches ensure that their message reaches members effectively and keeps them engaged. This transformation highlights the crucial role technology plays in facilitating meaningful connections and information dissemination within the context of faith-based communities.

How has technology impacted the church today, both in terms of its enhancements and potential hindrances?

When discussing the advantages of technology, two key aspects stand out. Firstly, there is the aspect of accessibility. Technology has effectively created a global village, significantly altering how churches spread the gospel. Consider this: I can now preach and engage with an audience in Africa from my desk in North America within minutes through a Zoom conference setup. In the past, such outreach would have required a plane ticket, days of travel, and substantial expenses.

Secondly, technology enhances effectiveness. The post-pandemic era has solidified the concept of the hybrid church, integrating social media for member engagement and robust administrative systems for sustainable onsite and online presence. Digital giving is on the rise in many churches, and staff members have access to web tools that facilitate efficient church management both onsite and remotely.

We learnt a lot from COVID-19, particularly that social distance didn’t limit the technologically inclined church.

However, despite these benefits, there’s a concerning trend of complacency among some parishioners who identify as “online churchgoers,” leading to a decline in physical attendance. It is crucial to remember that technology cannot fully replace the human connection emphasised in Hebrews 10:25, which encourages believers not to forsake gathering together but to encourage and support one another, especially as times become more challenging.

How do you see advancements in virtual reality and augmented reality shaping the future of religious experiences and worship services?

We must see the world through the lens of the Holy Scriptures, and that must be our emphasis. Don’t get me wrong. If I need a digital image on the LED screen that will drive home my sermon and give a great worship experience, I will use it. While embracing technology can enhance worship experiences, it’s vital for the church to maintain the authenticity of the gospel.

Sobo

Virtual reality and augmented reality can create immersive environments that seem real but aren’t grounded in truth. Our perspective should always align with the teachings of the scriptures. Utilising digital tools to supplement sermons is acceptable, but we must avoid manipulating emotions artificially. True transformation comes from conviction by the spirit, not from manufactured experiences. I caution against using technology to create false hope or sensationalism, as it detracts from the genuine purpose of religious and worship experiences, which is to foster deep, meaningful connections with God and each other.

What are the ethical considerations that churches should keep in mind when using data analytics and personalisation in their outreach efforts?

The inclusion of data analytics in today’s churches represents significant progress for these organisations. Churches now understand the importance of data and how it continues to shape our modern world.

It falls upon church leadership to establish ethical standards for data gathering and analysis, regardless of the intended objectives. Ethical considerations in church data analytics involve addressing issues such as obtaining data consent, avoiding discrimination and bias, ensuring privacy and confidentiality, and preventing data misuse. By adhering to these principles, churches can carry out mission assignments with transparency, avoiding misrepresentation and potential negative outcomes while striving for positive impacts.

How can churches navigate the balance between embracing technological innovations and maintaining traditional aspects of worship and spirituality?

The incorporation of technology in

churches can enhance but not replace spirituality. While technology has reshaped religious practices and perspectives, spirituality remains a deeply personal experience that transcends digital mediums. Church leaders must strike a balance between technological advancements and preserving the profound spiritual essence. During the 2019 pandemic, technology-enabled continued outreach despite challenges, a stark contrast to the limitations faced in the 1918 pandemic. However, it is crucial to acknowledge the distinction between attending a service online and being physically present in a live gathering.

An orthodox priest during the COVID-19 pandemic aptly captured this sentiment, highlighting that experiencing spirituality firsthand in a communal setting cannot be replicated digitally. He emphasised that ‘touching fire is not the same as watching fire’, underscoring the unique and irreplaceable nature of genuine spiritual connection and fellowship, irrespective of technological innovations. The integration of technology should complement rather than overshadow spirituality, emphasising the importance of maintaining authentic spiritual experiences alongside technological advancements in modern churches.

What cybersecurity measures should churches prioritise to protect sensitive information and ensure a secure online environment for their members?

Churches have increasingly become targets for online fraud, with vulnerability varying across different congregations. Reports from fcc.org indicate that digital data theft has surpassed physical theft as the most reported fraud. The growing digital presence of churches, including online giving platforms and mobile apps, contributes to this heightened risk.

To combat these threats, churches must

prioritise cybersecurity measures to protect their members’ data, donors, and affiliates. Implementing robust cybersecurity policies and seeking professional assistance are essential steps in creating a secure online environment. Familiar tools such as firewall protection, password authentication, secure networks, and access cards are crucial in safeguarding church assets and member devices connected to the internet.

I pastor a church which manages over thirty online-connected assets and provides secure internet access to members using their devices. This proactive approach ensures that our congregation’s digital interactions remain protected and secure.

How has technology, such as live streaming services or online communities, expanded the reach of religious organisations to connect with the unchurched and individuals seeking spiritual guidance?

The influence of technology has significantly expanded the global reach of churches, as exemplified by the transformation of a traditional church X located in city Y. Originally, with a local membership of 50, church X embraced livestream technology during and after the COVID-19 pandemic, leading to exponential growth. Thousands now connect to their livestream worship services, with weekly traffic on their web platform surging due to the on-demand option. Moreover, the church’s local membership has swelled as online attendees transitioned to onsite membership.

This technological shift has not only amplified the church’s message within its walls but has also extended its impact beyond physical boundaries. Church X now receives increased website traffic, including prayer requests and inquiries about faith. As a pastor, witnessing firsthand the transition of online viewers to in-person attendees brings immense joy. One individual’s testimony of watching online for a year before committing to inperson attendance underscores the power of technology in facilitating deeper connections and fostering full-scale membership growth.

What emerging technologies or trends do you believe will have the most significant impact on reaching souls who are disconnected from traditional religious institutions?

Acknowledging the truth is crucial; although technology facilitates spiritual connections, genuine human interactions remain indispensable. Finding a balance between innovation and human authenticity is vital in engaging souls seeking meaning and connection in our digital era.

Various digital platforms such as YouTube, Facebook, Instagram, podcasts, livestreams, and live TV create avenues for spiritual discussions, worship, prayer groups, and community building. These platforms, along with online forums and religious event livestreams, enable global connections irrespective of physical distance.

Many have shared testimonies of salvation or healing through digital platforms. Emerging technologies like artificial intelligence, virtual reality, and augmented reality hold potential to enhance religious experiences and reach disconnected individuals. However, ethical considerations are paramount to maintain authenticity and empathy in these interactions. Ultimately, people’s innate desire for human connection amid challenges surpasses the benefits technology offers.

Lanre

BUSINESS WORLD

CRR: Ten Banks’ Restricted Deposits with CBN Hit N17.1tn

Kayode Tokede

As the Central Bank of Nigeria (CBN) maintained Cash Reserve Ratio (CRR) at 32.5 per cent in 2023, Zenith Bank Plc and nine other banks’ restricted deposit increased to N17.1 trillion, representing a growth of 72.7 per cent from N9.91 trillion reported in 2022.

The banks include: Access Holdings Plc, Guaranty Trust Holdings Company Plc (GTCO), United Bank for Africa (UBA) Plc, Stanbic IBTC Holdings Plc and Wema Bank Plc.

Other banks: FBN Holdings Plc, FCMB Group Plc, Sterling Financial Holdings Company Plc, and Fidelity Bank Plc,

In early 2020, the apex bank’s Monetary Policy Committee (MPC) increased CRR by five per cent from 22.5 per cent to 27.5 per cent and in September 2022, it moved it to 32.5 per cent in a move to tame inflationary pressure.

The MPC at the first meeting in 2024 increased CRR to 45.00 per cent amid double-digit inflation rate. A member of the MPC, Aku Odinkemelu in a personal statement said, “Given that most banks had CRR above the regulatory threshold of 32.50 per cent and the industry average of 39.36per cent at endJanuary 2024, I vote to raise CRR by 750 basis points. “I am also aware that tightening of money supply will lead to increased

The CRR is the minimum amount banks and merchant banks are expected to retain with the CBN from customer deposits and it carries no interest and is not available for use by the banks in their day-to-day operations. It is one of the ways CBN regulates the country’s money supply, inflation level and liquidity in the country. The higher the rate, the lower the liquidity with the banks.

borrowing costs for businesses, with consequences for both the bad debt portfolio of banks and the risks. I am, however, confident that the Bank’ supervisory tools are robust to address risks arising from monetary policy tightening.”

The Director -General, Financial System Stability, Philip Ikeazor, who is also a member of the MPC said, “Complementary tools like the CRR and the asymmetric corridor have direct impact on liquidity, thereby potent in taming inflation if applied consistently over required periods. Considering our unique circumstance where personal credit constitutes only 5.21 per cent of the banking industry total lending at end-January 2024, the CRR and the asymmetric corridor would be a most potent tools to moderate excess liquidity.”

In addition, the CBN governor, Mr. Olayemi Cardoso said, “Given the imperative to curb inflationary pressures, which could pose social

challenges and impede long-term growth prospects, I am persuaded that the MPC must adopt an assertive stance by tightening monetary policy measures, with a medium-term inflation target of 21.40per cent by the end of 2024 in mind.

“Therefore, I cast my vote in favor of increasing the Monetary Policy Rate (MPR) by 425 basis points to 23.0 percent, raising the Cash Reserve Ratio (CRR) by 1250 basis points to 45.0 percent, and adjusting the asymmetric corridor to +100 and -500 basis points around the MPR.”

The CBN by regulation forces banks to retain up to 32.5 per cent of their deposits in CRR requirement, meaning that the deposits are not accessed by the banks for loans and advances.

The policy, which started in 2019 has drawn criticisms from most of the banks and shareholders who have cited a drop in their profit as a major consequence.

A reliable source in one of the Tier-2 banks explained to THISDAY that continued debits of CRR by CBN is putting the banking sector under serious threat, stressing that the hike to 42.5 per cent has mounted more pressure.

When the policy was introduced, banks were, however, complained bitterly that the CRR policy especially as it has affected their Net Interest Income.

Extracts from 2023 audited accounts revealed that, Zenith Bank, followed by Access Holdings and UBA recorded the highest restricted deposit with CBN.

Analysis of the banks’ 2023 unaudited results submitted on the Nigerian Exchange Limited (NGX), showed that Zenith Bank declared N3.9 trillion mandatory reserve deposits with the central bank, a 133.8 per cent increase from N1.67 trillion reported in 2022.

Access Holdings declared N3.11

trillion restricted deposit in 2023, a growth of 45.4 per cent from N2.14 trillion in 2022, while UBA posted N2.69 trillion restricted deposit in 2023, an increase of 109 per cent from N1.28 trillion reported in 2022.

Access Holdings in its 2023 financial report explained that, “Restricted deposits with central banks comprise the cash reserve requirements of the Central Bank of Nigeria and other central banks of jurisdictions that the Group operates in as well as the special intervention fund with the Central Bank of Nigeria of N89.58billion introduced in January 2016 as a reduction in the cash reserve ratio with a view of channeling the reduction to financing the real sector. These balances are not available for day to day operations of the Group.

W’Bank: Fiscal Balances Improving on Consolidation Measures in Nigeria, Others

Nume Ekeghe

The World Bank has stated that fiscal balances are seeing improvement, largely due to the ongoing fiscal consolidation efforts in Nigeria and other Sub-Saharan African nations. The bank noted this in its latest Africa’s Pulse report, stressing that fiscal balances are improving but at a moderate pace.

On Nigeria, it stated: “Fiscal balances continue to improve, thanks to the fiscal consolidation

measures underway in several Sub-Saharan African countries for instance, Ghana, Kenya, and Nigeria.”

The report indicate a slight decrease in the median fiscal deficit across the region, from 3.8 per cent of gross domestic product (GDP) in 2023 to 3.5 per cent in 2024.

It stated that although most countries in the region, 31 out of 46, are expected to see an improvement in their fiscal balances, “their deficits still persist at significant levels: the median

fiscal deficit among these 31 nations is anticipated to narrow from 4.8 per cent of GDP in 2023 to 3.8 per cent in 2024.”

It said: “Debt restructuring negotiations provide an additional incentive for prudent fiscal management in Ghana and Zambia. The median fiscal deficit in the region is projected to decline modestly from 3.8 per cent of gross domestic product GDP in 2023 to 3.5 per cent of GDP in 2024. Although the fiscal balance is expected to improve in most countries in the region (31 of

46), their deficits still remain large: the median fiscal deficit of these 31 countries is projected to narrow from 4.8 per cent of GDP in 2023 to 3.8 per cent of GDP in 2024.

“Furthermore, the number of countries with large deficits exceeding 3 per cent of GDP has dropped modestly, from a peak of 34 in 2022 to 27 in 2024. The vulnerability of African governments’ fiscal positions to global shocks remains a challenge. Transformative policy actions to build fiscal buffers are essential to prevent and/or cope with future shocks.”

For the region, the World Bank said growing debt service obligations are creating liquidity problems and crowding out development spending. “Public debt in Sub-Saharan Africa is expected to decline from 61 per cent of GDP in 2023 to 57 per cent of GDP in 2024. However, the risk of debt distress remains high. More than half of the African governments grapple with external liquidity problems, face unsustainable debt burdens, or are actively seeking to restructure or reprofile their debts.

“Public debt service obligations have surged as governments in the region are exposed to market financing and non–Paris Club government loans. External borrowing is more expensive than it was prior to the pandemic despite sovereign spreads gradually declining from their peak in May 2023. For instance, the coupon of the new Eurobond issued by Kenya this February is 9.75 per cent, compared to the 6.875 per cent of the Eurobond maturing in 2024,” the World Bank said.

Firm to Build N5bn World-class Research Centre at LAUTECH

Ibadan

A firm, Supply Chain Africa, in partnership with Adebayo Adeleke LLC, is set to build a research and innovation centre at Ladoke Akintola University of Technology (LAUTECH), in Ogbomoso, Oyo State.

The project, which will cost N5 billion ($4.5 million), and established at the Department of Transport Management of the university, is aimed at revolutionising supply chain research and development not only in Nigeria but also across the world.

The visionary of the project, Adebayo Adeleke, while speaking during a visit to the Acting Vice Chancellor of the university, Prof. Rasaq Kalilu, expressed commitment towards advancing supply chain

solution within Africa.

He underscored the importance of research and innovation in tackling complex challenges and also emphasised multidisciplinary nature of the centre, which integrated fields such as engineering, robotics and art.

According to him, the project would be the first Supply Chain, Research and Innovation Center in Nigeria and second in Africa when completed, stating that one of the motives behind building of the centre is to foster relationship between government, academia and industries in proffering solution to problem of Nigeria through research and innovations.

He said, “By what we intend to build here which is a world class because we cannot shortchange anything, our rough estimate is about N5 billion. The essence of

this research facility is to foster relationship between Government, academia and industries because nobody has monopoly knowledge. All the three tiers coming together to proffer solutions to all our problems, the essence of this is to have ready made solution that can solve some of challenges facing our supply chain.”

The Vice Chancellor in his remarks, lauded the initiative of Adeleke, noting that the institution has been looking forward towards partnering with such minds and possible agencies.

He stated that the centre would go along way in assisting the University to upend its research capabilities and linkages, adding that one of his goal since he came on board was to internationalised operations of the University so as to repositioned it and make positive impact at global level.

MMA2 Records Success in Improving Security at Terminal

Nigeria’s privately operated domestic terminal, Murtala Muhammed Airport Terminal2 (MMA2), said that it has significantly improved security at the facility.

The terminal, which is operated by Bi-Courtney Aviation Services Limited (BASL) also said that it is commitment to the safety and security of all passengers, staff, and visitors within and around the facility.

CPS: RSA Transfer System Revolutionises Nigerian Pension Industry

An essential advancement in Nigeria’s Contributory Pension Scheme (CPS) came with the introduction of the Retirement Savings Account (RSA) Transfer. This innovation allows RSA holders to seamlessly move their accounts from one Pension Fund Administrator (PFA) to another using the Retirement Savings Account Transfer System (RTS) deployed by the National Pension Commission (PenCom).

significant results in addressing alleged theft incidents within and around the terminal.

It disclosed that in recent months, MMA2 has further fortified its security infrastructure with additional measures to complement “our existing surveillance system. This includes the deployment of highly trained security personnel and conducting Awareness Security Awareness Training for all tenants and concessionaires of the terminal.”

BASL explained that these enhancements, alongside its existing CCTV surveillance, have yielded

“We are proud to emphasize that MMA2 has long maintained a robust surveillance system, including CCTV cameras, which have been pivotal in addressing customer complaints and theft claims effectively, thus ensuring a safe and secure environment,” BASL said in a statement signed by Head of Communications, Ajoke Yinka-Olawuyi.

“Our comprehensive security measures have played a crucial role in identifying and apprehending individuals involved in criminal activities, thereby deterring future incidents, and fostering a safer environment for all.

“We acknowledge the importance of upholding a secure and reliable environment for our passengers and stakeholders, and we remain dedicated to continually enhancing our security protocols to effectively counter evolving threats,” BASL said.

Tripcel Launches Travel e-SIM in Nigeria, West Africa

Tripcel, led by tourism expert Aminat Akanbi, is reshaping how Nigerian travellers stay connected while exploring the world.

In today’s digital age, staying in touch is crucial, and Tripcel offers innovative solutions to simplify connectivity challenges faced by travellers globally through its website.

Aminat’s passion for empowering travellers with reliable connectivity across 200+ countries without the need to buy new SIM cards, connect to Wi-Fi, or incur roaming charges has gained international acclaim.

She introduces a simple solution through a QR code that instantly activates travellers’ internet access upon arrival in any country. Recently showcased as a standout startup at the esteemed Web Summit in Qatar, Akanbi presented Tripcel’s advanced eSIM technology alongside

top tech innovators, emphasising the company’s commitment to enhancing the travel experience for Nigerian adventurers while promoting sustainable travel.

Her mantra: ‘One QR code connects you to the global internet.’Akanbi’s impactful contributions extend beyond the Web Summit, earning her recognition as one of the Top 40 Travel Women in Africa. This honour acknowledges her dedication to revolutionising

the travel industry and bridging the gap for African travellers to access seamless global connectivity.

With over a decade of experience and a background in Political Science from Lagos State University, Akanbi continues to drive innovation in the travel tech sector. Her vision for Tripcel transcends borders, providing Nigerian travellers with unmatched connectivity solutions for confident and hassle-free exploration worldwide.

CSR: Dana Air Sponsors Cabin Crew Contest in Port Harcourt

Dana Air has announced its sponsorship of the Cabin Crew Contest in Wiiyaakara, Rivers State in partnership with the Crew Training Institute (CTI) as part of its corporate social responsibility (CRS).

“This initiative which is scheduled to hold on the 19th of April 2024 at the T-fad Hotel and Resort Wiiyaakara, Rivers State is part of Dana Air’s broad corporate social responsibility efforts aimed at enhancing human capacity development, nurturing the passion of aspiring aviation professionals, and promo++ting professionalism in the industry” said Kingsley Ezenwa, Dana Air’s Head of Corporate Communications.

According to him, this special edition of the Cabin Crew Contest serves as a platform to identify and showcase the talents of young individuals aspiring to pursue careers in the aviation sector. By sponsoring this event, Dana Air demonstrates its dedication to nurturing the next generation of aviation professionals and providing them with opportunities for training, exposure, and career advancement.

‘’Dana Air recognizes the

importance of passion and professionalism in the aviation industry. Through initiatives like the Cabin Crew Contest, our aim is to instill these values in aspiring cabin crew members, emphasizing the significance of excellent customer service, safety consciousness, and teamwork,” he added.

Dana also said that apart from the airline’s partnership with MMA2, opening its aircraft doors to students of secondary and tertiary institutions during facility tours for educational purposes, recall that Dana Air also recently recruited young licensed aviation professionals and youth corp members across various departments empowering them with necessary hands-on training and exposure to the beautiful world of aviation.

“Dana Air is one of Nigeria’s leading airlines, operating domestic flights to major cities with a focus on safety, reliability, and customer satisfaction. The airline is committed to excellence in service delivery and making a positive impact on society through its corporate social responsibility initiatives,” Ezenwa also said.

Section 13 of the Pension Reform Act 2014 (PRA 2024) allows RSA holders to transfer their accounts from one PFA to another not more than once a year. The commencement of the RSA transfers marks a significant achievement for PenCom in implementing the CPS.

PenCom undertook the inhouse development and consequent deployment of the Enhanced Contributor Registration System (ECRS) in June 2019, which made it possible to commence the RSA transfers. The ECRS enabled the unique identification of contributors registered on the Commission’s database, a critical requirement for smooth RSA transfers.

The development of the RSA Transfer System (RTS) followed the ECRS. As the Application is tagged, the RTS is a unique and robust electronic platform that enables seamless RSA transfers. The Application is used for submitting, processing, and monitoring RSA transfer requests.

Meanwhile, to facilitate RSA holders’ ability to make informed choices on service delivery, the Commission has expanded its minimum disclosure requirements by providing more statistics on pension industry performance. A special section on the Commission’s website has been created, containing relevant information on the RSA transfer for the guidance of RSA holders.

In addition, the Commission has also developed the minimum information disclosure requirements to be adopted by all PFAs to enhance the high level of transparency required for the effective operation of the RSA Transfer System.

The RSA Transfer process

To initiate an RSA transfer, the RSA holder is not required to go to their current PFA (Transferring PFA). Instead, the RSA holder should approach the PFA they intend to transfer to (Receiving PFA) and provide their RSA PIN, surname, current telephone number and email address. The Receiving PFA will validate the biodata of the RSA holder requesting a transfer. Thereafter, the RSA holder’s fingerprint will be captured to authenticate their

identity as the final step to conclude the transfer request. The Receiving PFA prints two copies of a confirmation slip, which the RSA holder should sign as proof that they initiated the transfer; finally, the PFA retains a copy of the confirmation slip while a copy is given to the RSA holder. RSA transfer requests received through the RTS are batched and processed at the end of every quarter, four times a year (March, June, September, and December). However, only requests received latest by the end of the second month of a transfer quarter (February, May, August, and November) are processed within the quarter. All transfer requests received within the third month of a quarter are processed in the next quarter. After a successful RSA transfer, the RSA holder should advise their employer of the new PFA for subsequent remittance of their monthly pension contributions. The RSA holder should also contact their new PFA to ensure that the RSA balance transferred is accurate.

Outlook of The RSA Transfer Activating the RSA transfer is expected to result in improved service delivery across the pension industry as PFAs engage in healthy competition by providing enhanced service offerings to benefit RSA holders.

The RSA Transfer process has inbuilt controls that ensure only a legitimate RSA holder can initiate and transfer their RSA. One of the ways the controls are achieved is by verifying the RSA holder’s live fingerprint on the National Identity Management Commission (NIMC) database. Furthermore, there are strict administrative sanctions for infractions committed by PFAs, while PenCom monitors the entire process to ensure compliance.

Meanwhile, since the inception of the transfers, a significant number of RSA holders have transferred their RSAs from one PFA to another. For instance, in the last quarter of 2023, a total of 21,498 RSA transfer requests were submitted to PenCom by PFAs on behalf of RSA holders. Successfully processed RSAs are transferred to their PFAs, along with their associated pension assets.

In conclusion, the Commission urges all RSA holders to continue supporting the pension industry in maintaining ethical standards by basing their decision to transfer their RSA solely on objective considerations as the Commission and PFAs continue to provide better solutions to enhance Service delivery in the Nigerian Pension Industry.

Chinedu Eze

Manufacturers Reel under Deteriorating Business Environment

Harsh business environment is having significant negative impacts on the manufacturing sector, decreasing productivity and competitiveness and foisting N1.5 trillion losses on the sector, writes Dike Onwuamaeze

This is not the best of time for industrialists in Nigeria. Macroeconomic variables such as exchange rate, inflation rate and interest rate as well as some fiscal and regulatory policies appeared to have been lined up against their fortunes since May 29, 2023.

Last week, the Managing Director/CEO Nigerian Breweries Plc, Mr. Hans Essaadi, declared that the country’s tough business landscape that is characterised by doubledigit inflation rates, Naira devaluation, foreign exchange challenges and diminished consumer spend, has taken its toll on many businesses in Nigeria.

This harsh operating environment has also constrained the Nigerian Breweries to reorganise its operation, which included shutting down two out of its nine brew plants in the country.

Essaadi said: “This is why we have taken the decision to further consolidate our business operations for efficient cost management and optimal use of our resources for future sustainable growth.

“We recognise and regret the impact that the suspension of brewery operations in the two affected locations may have on our employees.

“We are committed to limiting the impact on our people as much as possible by exhausting all options available including the relocation and redistribution of employees to our other seven breweries; and providing strong support and severance packages to all those that become unavoidably affected.”

Last year, the former Chief Executive Officer of Guinness Nigeria Plc, Mr. John Musunga, told journalists President Bola Ahmed Tinubu’s decision to unify the foreign exchange rates had significant unintended consequences on the operation of the company.

Musunga said: “When President Tinubu announced new policies that resulted in currency devaluation, we were carrying huge foreign exchange exposure that we have to revalue, which removed us from very healthy profit position which we were going to report in June. If that announcement had been made on July 1, 2023, we would have made quite a bit of profit. But because it was made in June and our year closes in June we made N19 billion loss because of that revaluation.”

A similar view was expressed by the Managing Director/Chief Executive Officer (CEO) of BUA Cement, Mr. Yusuf HaliruBinji, on March 21, 2024, when he commented on the impact of the prevailing business environment in the country on businesses. Binjiremarked that “the operating environment in 2023 was largely challenging but still affords some joyous moments.

“As you are aware, we faced quite a few headwinds ranging from currency redesign policy to its impact on currency in circulation and also the devaluation of the Naira,” he said.

A report by Meristem on “Impact of Currency Depreciation on Coverage Companies 2023FY & Q1:2024,” which was published last month stated that the depreciation of the Naira by 49.42 per cent to N907.11/Dollar in 2023FY had a diverse impact on companies’ operations and profitability.

Most of these companies, especially those in the manufacturing sector, posted underwhelming results because of the impct escalating input costs and revaluation of foreign currency debt obligations due to FX volatility had on their profitability.

The report projected that given the continued depreciation in Q1:2024, which was 43.86 per cent year to YtD to N1,615.94/ Dollar on the NAFEM window as of March 13, the financial performance of some companies in Q1:2024 would mirror that of 2023FY.

According to the report, Nestle Nigeria Plc, Cadbury Nigeria Plc, Dangote Sugar, Flourmill Nigeria PLC and BUA Foods would be negatively affected by the prevailing foreign exchange situation in the country

even into the Q1’24 while Dangote Cement and BUA Cement would be moderately impacted.

For Dangote Cement, the report stated that “the depreciation of the Naira could lead to further rise in the cost of settling foreign currency obligations” even though shareholders’ funds would “remain positive but low.”

It also said that the BUA Cement’s “re-pricing of dollar-denominated loans and foreign transactions” would lead to foreign exchange losses due to Naira devaluation but “shareholders’ funds will remain positive but low.”

The report projected that manufacturers in the healthcare sector like Fidson, May and Baker and Neimeth would experience minimal impact, reduced profitability and higher costs of raw materials, especially for active pharmaceutical ingredients.

Their declining fortunes were precipitated by President Bola Ahmed Tinubu’s unilateral declaration during his presidential inaugural address on May 29, 2023, which unified the multiple foreign exchange rates an exposed the Naira to the vagaries of the market forces and exposed the manufacturing sector to savage inflationary pressure that skyrocketed input costs, eroded consumers’ purchasing power and left manufacturers with large stock of unsold products.

Also, the Central Bank of Nigeria (CBN) unending monetary tightening through regular hiking of its Monetary Policy Rate (MPR) in a bid to stem inflation has not helped the manufacturers’ fortunes. It has kept their cost of credits going upward and hurting their competitiveness.

The Manufacturers Association of Nigeria (MAN) projected recently that its members have lost at least N1.5 trillion in the last six months to forex-related transactions. This was disclosed by the Director-General of MAN, SegunAjayi-Kadir.

AjayiKadiri said that the Nigerian economy has encountered a range of challenges in recent years, such as foreign exchange instability, escalating energy prices and food insecurity that have worsened the inflationary pressures and grossly eroded the consumers’ purchasing power.

These issues, according to him, have negative impacts on the manufacturing sector, leading to decreased productivity and reduced competitiveness.

He said: “The higher cost of doing business will be further exacerbated by the decision of MPC, thereby worsening competitiveness of Nigerian products in the global market, which is evident in the drastic reduction in global demand for these products.

“Data provided by the World Trade Organisation, revealed that South African manufacturing export value was $46 billion, while that of Nigeria was $3billion in 2022. Clearly, this is over 15 times greater than Nigeria’s manufacturing export value in that year.

“The reduction in global demand for Nigerian products was further buttressed by NBS report that confirmed that manufacturing export value of Nigeria plummeted by 166 per cent, from N2.07 trillion in 2019 to N778.44 billion in 2023.

“In addition, the exorbitant lending rate of over 30 percent has contributed largely to a drop in the share of manufacturing export to non-oil export from 82.4 per cent to 24.8 per cent in 2019 and 2023 respectively.”

It should be recalled that the Monetary Policy Committee of the CBN on March 25 decided to further tighten its monetary policy by raising the MPR by 200 basis points to 24.75 per cent from 22.75 per cent; adjust the asymmetric corridor around the MPR

to +100/-300 basis points; retain the Cash Reserve Ratio (CRR) of Deposit Money Banks at 45.0 per cent; adjust the Cash Reserve Ratio of Merchant Banks from 10.0 per cent to 14.0 percent and retain the Liquidity Ratio at 30.0 percent.

These decisions, according to MAN, would limit credit interventions, increase the cost of loans, raise production cost, and reduce access to funds as well as manufacturing investment and competitiveness.

Ajayi-Kadir said: “The resultant increase in the cost of servicing loans is a threat to the financial stability of manufacturing companies. The increase will destabilize manufacturers through the disruption of production plans, avoidable stock-out situations, and decreased capacity utilization. Clearly, all of these could lead to downsizing of workers, closure of more companies, upscaling of social vices and insecurity in Nigeria.”

As if these were not enough, the federal government last week approved 300 per cent increase in electricity tariffs. This would have a telling effect because power constitutes about 50 per cent of the cost of manufacturing in Nigeria.

Last week, the Lagos Chamber of Commerce and Industry (LCCI) issued a statement on the rising cost of doing business in Nigeria where it expressed grave concerns that the recent hikes in electricity tariff and MPR would make the cost of living and doing business in Nigeria unbearable.

The chamber said that feedback from businesses and analysts suggested that these moves would inflict severe pain on the private sector and further exacerbate the already challenging economic environment.

According to the LCCI, the private sector, which is the primary driver of growth and employment generation in Nigeria, is currently plagued with increased borrowing costs, reduced investment incentives, heightened uncertainties in our policy environment, and a pressured foreign exchange market.

The Director General of LCCI, Dr. ChinyereAlmona, said: “We acknowledge that the removal of the subsidy on electricity supply may have been in line with attracting foreign investors into the sector with a costreflective tariff.

“We have also advocated that we subsidise production instead of consumption. However, our major concern is seeing businesses pay heavily for the services that they do not enjoy optimally. It is a grave concern that with a higher cost of power, companies are still not having access to the service.”

Beyond the effects of harsh regulatory frameworks, infrastructure deficits and bureaucratic bottlenecks, the Country Representative for United Nations Office on Drugs and Crime (UNODC), Dr. Oliver Stolpe, has identified corruption, insecurity and slow judicial process as major obstacles to the ease of doing business in Nigeria. Stolpe, who spoke

recently at the LCCI’s event on ease of doing business pointed out that corruption and insecurity is creating additional expense of $500 million on shipping liners that pass through the Gulf of Guinea that has to do with Nigeria and Principe.

He said that a survey by the UNODC and the National Bureau of Statistics (NBS) in 2019 also revealed that N675 billion was recorded in 2019 as petty bribes paid by Nigerians, adding that half of this sum was collected on Nigerian roads, which was additional cost to operators in the transport and logistics sector of the economy.

According to him, “insecurity and corruption are factors that affect the ease of ease of doing business in Nigeria and foreign direct investment.

“When we look specifically at the shipping industry it is estimated that the shipping industry at the Gulf of Guinea, which is Principe and Nigeria Corridor, incurs an additional $500 million due to insecurity in the Gulf of Guinea due to increased freight rate and additional security and staff related costs that shipping companies incur in order to secure their vessels.”

The President of LCCI, Mr. Gabriel Idahosa, said that Nigeria is endowed with abundant resources and a vibrant population, and currently stands at a critical stage in its economic history.

However, while the country’s potential is undeniable, the ease of doing business has remained a crucial determinant of its ability to harness this potential fully.

Idahosa said that the journey towards enhancing the ease of doing business in Nigeria must address regulatory frameworks, infrastructure deficits, bureaucratic bottlenecks, and most importantly, offers support towards boosting entrepreneurship that drives our economy forward. He said: “We should also become more careful about uncertainties regarding the workings of our monetary and fiscal agencies in their policy interventions.

“Investors need to have clear outlook and direction about our policies and how these affect their investment decision making.”

Stakeholders Fret over Bank’s Involvement in New National ID Card

Emma Okonji

Following the recent explanation by the National Identity Management Commission (NIMC) that the proposed new national identity card will be issued through the applicants’ respective banks in line with existing protocols with the issuance of the debit/credit cards, industry stakeholders have raised concern over bank’s involvement

in national identity card and the security of the card. The federal government, through NIMC and in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), recently launched a new identity card with payment functionality for all types of social and financial services to be powered by AfriGO, a National domestic card scheme.

Business Leaders Applaud NICA’s Executive Programme

Nume Ekeghe

The National Institute of Credit Administration’s (NICA) six-month mandatory Credit Management Academic Improvement Programme (MCMAIP) receives accolades from top corporate and business leaders in the 11th executive class.

Participants express profound satisfaction with the programme, emphasising its relevance and impactful executive refresher course. Described as a blend of internationalization and corporate elitism culture, MCMAIP is lauded for instilling a superior governance attitude consistent with business management elites.

According to the comments that emanated from the class recently, the business leaders, corporate directors, and enterprise managers expressed profound satisfaction with the novelty of the MCMAIP programme, stressing that it was a relevant, and impactable executive

refresher course with midas touch.

“This is a programme that makes you feel business is a combination of internationalization and corporate elitism culture, showing superior governance attitude with behaviour consistent with business management elites, they said.

The 11th stream executive class, which ostensibly is designed to achieve sound executive grounding in credit management and general business governance, is overwhelmingly adjudged the best of it kind by the class. According to them, this is the exact of what obtains in advanced climes.

Driver of MCMAIP programme, Professor Chris Onalo said the class is a formidable, powerful instructor whose main focus has always being on the well-being of corporate organizations, the people running the organizations, and the economy of the nation. MCMAIP parades an array of distinguished credit management faculty members.

NIMC, last week, gave further explanation about the proposed new national identity card.

Head, Corporate Communications at NIMC, Mr. Kayode Adegoke, explained that the applicants for the card would have to request with their NIN through the self-service online portal, NIMC offices, or their respective banks.

He also explained that the card would be issued through the applicants’ respective banks in line with existing protocols with the issuance of the debit/credit cards.

According to Adegoke, “The new National ID Card is a

single, convenient, and General Multipurpose Card (GMPC) , eliminating the need for multiple cards—not three. The single GMPC has multiple use cases: Payments/ financial, government intervention/ services, travel etc.” Worried about the involvement of banks in the issuance of national identity card, the President, National Association of Telecoms Subscribers, Chief Deolu Ogunbanjo has questioned the rationale for a new national identity card, when there is an existing one that is still operational.

According to Ogubanjo, the

General Multipurpose Card (GMPC) is enshrined in NIMC’s Act No. 23 of 2007, which empowers NIMC to establish, own, operate, maintain and manage the National Identity Database in Nigeria, register persons covered by the Act, assign a Unique National Identification Number (NIN) and issue General Multi-Purpose Cards, insisting that GMPC is not new as presented by NIMC.

“Since 2021, NIMC has issued the first MobileID in Africa to over 15 million persons. Verification is instant and the previous administration made it possible for anyone to

verify the identity of another person whilst maintaining data privacy. With the new proposed ID card, how will they integrate with the existing MobileID for instant verification of the new documents, and how will NIMC prevent unlawful people from making copies of their ID card without their knowledge?” Ogunbanjo asked.

Other stakeholders who spoke to THISDAY are asking who takes responsibility for card blocking, replacement and delivery, if the national identity card is lost or stolen, since multiple parties are involved, including the banks.

FITC to Redefine HR with AI, Digitisation for Organisational Sustainability

The eagerly anticipated E3 Conference, hosted by FITC, is back for its fourth edition, poised to set new benchmarks in the realm of employee engagement and organizational sustainability.

Themed, “Redefining HR Through AI & Digital Transformation for Organizational Sustainability,” the conference is scheduled to take place on April 17th and 18th.

In a statement, FITC says the E3 Conference stands as a beacon of innovation, bringing together thought leaders, industry experts, policymakers, and professionals from across Africa and beyond.

Nigerian Breweries Indicates Plans for Company-wide Reorganisation

Following the recent announcement of its Business Recovery Plan, Nigerian Breweries Plc has indicated plans for a company-wide reorganisation aimed at securing a resilient and sustainable future for its stakeholders.

The move, the company said in a statement, is essential to improve the company’s operational efficiency, financial stability and enable a return of the business to profitability, in the face of the persistently challenging business environment.

It explained that in today’s fastpaced landscape, technology such as AI and automation is reshaping the dynamics of human resource management.

“The E3 Conference is dedicated to unravelling the potential of these advancements, focusing on topics ranging from talent mobility to the latest trends in managing talent. It’s a journey towards understanding and embracing these transformative shifts, ensuring that businesses are primed for the future of HR.

“With a stellar lineup of over 24 speakers, including C-suite Executives, Subject Matter Experts, and Thought Leaders from various sectors, the conference promises to deliver insights that transcend conventional boundaries. Attendees can expect deep

dives into strategies for enhancing productivity, streamlining processes, and maximizing global talent mobility through AI and automation, “it stated.

“Keynote speakers such as Evi Ifekwe, Executive Director of People & Country Services at TotalEnergies EP Nigeria Limited, and Wale-Smatt Oyerinde, Director-General of NECA, alongside a faculty lineup comprising industry stalwarts, will spearhead discussions on critical issues shaping the future of work.

The two-day hybrid event will feature four plenary sessions and two master classes, providing attendees with ample opportunities for networking, knowledge exchange, and interactive engagement. Participants will delve

into topics such as the impact of AI on the future of work, data-driven performance management, and strategic implementation of AI in HR.

The conference is expected to provide insights into cuttingedge strategies for professionals and HR leaders who will gain invaluable insights from industry pioneers on leveraging AI and digital transformation to drive organizational sustainability and employee engagement, “it stated.

“As organisations worldwide grapple with the complexities of the new normal, the E3 Conference serves as a beacon of hope and enlightenment, offering practical solutions and visionary insights to navigate the challenges ahead, ” the company said.

Speaking on these developments, Managing Director/CEO Nigerian Breweries Plc, Hans Essaadi described the business recovery plan as strategic and vital for business continuity.

“The tough business landscape characterised by double-digit inflation rates, naira devaluation, FX challenges and diminished consumer spend has taken its toll on many

In letters signed by the company’s Human Resource Director, Grace Omo-Lamai, and addressed to the leadership of the National Union of Food, Beverage & Tobacco Employees (NUFBTE) and the Food Beverage and Tobacco Senior Staff Association (FOBTOB), the company informed both Unions that its proposed plan would include operational efficiency measures and a company-wide reorganisation that includes the temporary suspension of operations in two of its nine breweries. As a result, and in accordance with labour requirements, the Company invited the Unions to discussions on the implications of the proposed measures.

businesses, including ours. This is why we have taken the decision to further consolidate our business operations for efficient cost management and optimal use of our resources for future sustainable growth.

“We recognize and regret the impact that the suspension of brewery operations in the two affected locations may have on our employees. We are committed to limiting the impact on our people as much as possible by exhausting all options available including the relocation and redistribution of employees to our other 7 breweries; and providing strong support and severance packages to all those that become unavoidably affected. We are also committed to supporting our host communities in ways that ensure they continue to feel our presence,” he added.

Bruhm Recommits to Nigeria, Unveils New Line of Products

Gilbert Ekugbe

Bruhm Global has launched its latest line in home appliances, Bruhm Black into the Nigerian market, noting that the move was aimed at meeting the ever-growing needs of Nigerian consumers in the lifestyle and luxurious sector.

In a statement, Bruhm Global said the launch was also to demonstrate its commitment and belief in the Nigerian market despite the harsh business terrain in the country.

It however, restated its commitment to introducing innovative luxury products in Nigeria and West Africa at large.

The Chief Operating Officer

of Bruhm Global, Subrat Singh, said Bruhm Black, is setting a new benchmark for luxury and performance in the industry, adding that with a keen eye for sophistication and cuttingedge technology, Bruhm Black promises to redefine the modern living experience. Singh expressed enthusiasm about Bruhm Black, highlighting the brand’s dedication to understanding and meeting the unique preferences of West African consumers.

“With Bruhm Black, we aim to offer products that resonate with the lifestyle of consumers in this region,” the Chief Operating Officer stated.

Our commitment to luxury design and premium quality

ensures that our products are not only accessible but also affordable for all,” Singh said.

On her part, the Head of Marketing at Bruhm Global, Roshanak Taheri, emphasised the brand’s focus on affordability without compromising quality.

“Our latest collection includes a range of high-end appliances, featuring an 85”-inch TV, a frontload washing machine crafted by a renowned German auto maker, and the most premium design of a four-door refrigerator,” she noted.

“Each product in the Bruhm Black range is meticulously crafted to exceed expectations, offering consumers unparalleled performance, style, and durability,” she averred.

More Opportunities as Emple Takes Over Old Mutual

Eleven years after entering the Nigerian market, Old Mutual Limited, a premium African financial services group, has made a fresh strategic move to further explore the market and reposition the brand through new ownership. Raheem Akingbolu reports

One unique thing that is common to all successful companies is a strong brand positioning strategy.

From Coca-Cola to Nike, Samsung to Starbucks, consistent brand positioning strategy has remained the winning global tool. In achieving this, many strategies may be adopted, depending on market reality, trends and reason for the exercise.

Old Mutual Limited, a premium African financial service group, with success stories across various markets in the continent recently made a strategic move to deepen its presence in Nigeria by letting go of a whole 100 percent of its stake in its General Insurance and Life businesses to Emple Group, an investment company managed by experienced Nigerian investors with a proven track record of delivering best-in-class transaction execution across Sub-Saharan Africa as well as growing its investment in the Nigerian market.

While the decision was hailed by experts as a giant move to breathe fresh air into the brand, it was misunderstood by a few Nigerians who didn’t understand the marketing dynamics and therefore concluded that perhaps the leading insurance brand was leaving the market. By taking over its Life and General Insurance businesses, pending regulatory approval, Emple Group has thus been positioned to take the brand a notch higher.

DOMESTICATION FOR EQUITY GROWTH

The promoters of Old Mutual must have been guided by market reality and relevant brand growth strategies. Acquiring new customers is crucial for any business but building and retaining strong relationships with existing customers through the brand is what will truly future-proof the business. Today, Coca-Cola with a presence in over 200 countries, is being celebrated for its success story but the fact remains that the brand is a prime example of a global brand that has successfully established itself across diverse

cultures. One of the key aspects of Coca-Cola’s strategy is localization. While maintaining a consistent brand image, its promoters tailor the brand positioning strategies and marketing campaigns to resonate with local customs and traditions.

Nigeria is currently facing multidimensional social and economic issues with millions affected by the rising cost of living, under-employment, unemployment, insecurity, and poor healthcare, amongst many others. But there remains a growing sense of national pride and patriotism driven mostly by culture, religion, art, and technological innovation.

The facts of the recent announcement allow Old Mutual to tap into this opportunity as the company is happy to be handing over a part of the business to a truly Nigerian entity that will continue the journey while making sure no Nigerian jobs are lost; and that the business continues to play a strong part in rebuilding the Nigerian economy at large and the financial services industry

in particular.

According to the company, the announcement was to emphasise new opportunities, job preservation, partnership with regulators and government, pro-customer vision, and a demonstrated commitment to Nigeria and Nigerians.

OLD MUTUAL AND NIGERIA’S MARKET

For the current status of Old Mutual, there is no gainsaying the fact that it has further re-positioned for more opportunities for stakeholders. Effective brand positioning happens when a brand is perceived favourably, as valuable, and credible to the consumer. With the new owner and their accomplishments in Nigeria, existing and potential patrons of Old Mutual will definitely carve out a place for it in their minds.

Among other things, the recent development has further reiterated the fact that OM and its promoters don’t only believe in the Nigerian market, they are committed to further explore it. Interestingly, its management has demonstrated through pragmatic actions that they have a ‘vote of confidence’ in Nigeria, thereby telling those who care to listen that the market is so precious to them to be abandoned.

This recent decision, according to the insurance Group, follows a painstaking strategic review of the businesses which weighed up the immediate-to long-term prospects for both the in-country asset and the broader Old Mutual Group.

Commenting on the transaction, Old Mutual West Africa Group CEO, Mr. Samuel Ogbu affirmed, “Since establishing a presence in Nigeria in 2013, it has been our ambition to scale and grow the business in a way that would position Old Mutual as a leading financial services provider in the market. Along the way, Old Mutual made strategic investments to ensure that the Nigerian businesses remain on the right footing and were

able to successfully compete.

“However, Old Mutual has taken the decision to sell the Nigeria General Insurance and Life businesses, with the key consideration for this transaction being the optimisation of capital management.”

With this declaration, the brand team has again affirmed that being “different” from the competition isn’t enough to win in any market. As brand positioning expert Will Barron at Salesman.org -says, “You only get the opportunity to position your brand when you’re doing something remarkable. Anything else and it’s just a comparison.” To this end, the marriage between OM and Emple is a remarkable brand positioning strategy that looks good for the future of the business in Nigeria.

A brand repositioning strategy is not a complete remake of any company’s identity — it’s a calculated adjustment. For now, the stakeholders in the OM business are aiming to update their brand’s status, associations and personality, while retaining a continuous, recognisable identity. Thus, it’s a success story and not a brand failure. Looking at it from any angle, this measure is, without mincing words, the best to have been taken to protect the brand and open new vistas for it in Nigeria.

THE JOURNEY SO FAR

Looking back at the over a decade of operation of Old Mutual in Nigeria, it’s safe to conclude that the brand and its promoters have fulfilled their dream. Following this strategic review and the fact that the business will be continuing under new ownership, the future still looks good because the new owners are also credible and tested.

Old Mutual entered the Nigerian market in 2013 and this year marks about eleven years of its operations. Right at the start, its objectives were ambitious but purposefully so. As a Pan-African brand, it aims to build the most valuable business in the industry, which is ambitious but completely aligned with its Group strategy·

HOMES & DESIGN

YALA-007’s Exquisite Rendition Designed to Regenerate Apapa, Lagos

Yala-007 is an exquisite residential building designed by Urban & Contemporary Architects Ltd (UCA) Lagos. This magnificent facility is conceived to reenact the glorious days of the Apapa lifestyle. Bennett Oghifo writes

Yala-007 is a residential building on 1595 sqm of prime land in Apapa, Lagos. It has ample space for landscaping and greenery.

Design contemplation began with the site studies, and the building’s form was developed to follow the slanted angle of the site, said UCA.

At the site level, the building’s footprint

occupies less than a quarter of the site, leaving ample area for gardens, sit-outs, and parking.

The ground floor reception area is open, with an atrium that rises through all the floors and opens to the sky. This allows natural air to flow through the reception area and the entire core of the building.

There are seven units in total

(six flats and a double-level penthouse). Each unit features generous signature curvilinear balconies that offer ample outdoor space above ground level.

These large overhang balconies also provide shade for the large glazing below and prevent direct sunlight from entering the interior.

The general composition is

transparent on one side and opacity on the other, with the use of clear glass, screens, solid walls, and timber panels or slats.

“This project hopes to bring back glory days to Apapa with a refreshing design language that aims to reflect the massive future real estate opportunities in an area that is quietly experiencing some urban regeneration,” said UCA.

Asiwaju: Indomie’s CRS is Anchored on Meeting the Needs of the Most Vulnerable

Dufil Prima Foods Limited, makers of the Indomie Instant Noodles recently started its plans to feed about two million Nigerians during its ongoing nationwide campaign to provide free lunch to school children and donate products to the less privileged in the society. Group Corporate Communications and Events Manager, Dufil Prima Foods Limited, Temitope Ashiwaju, spoke to THISDAY on this initiative. Excerpts:

We have seen how Indomie is going about giving free meals and cartons of Indomie Noodles to Nigerians, could you provide an overview of feeding initiative, vis-à-vis the company’s corporate social responsibility?

At Dufil, corporate social responsibility (CSR) has been part and parcel of the company since its inception in 1996. And we feel that any responsible company should find the way of giving back to the society. So, for us, it is something that we are used to and it is just that for this particular year, it is very peculiar because we feel that a lot of Nigerians are going through tough times, especially with the rate of inflation. As such, we felt that we needed to do something. We felt that we needed to do some kind of intervention to alleviate the sufferings of people.

As a food manufacturing company, we felt that the direct intervention that we will do at this point in time was to feed the vulnerable people; and that’s why we have been going around feeding the vulnerable and donating our products, which includes the Indomie Instant Noodles, to communities that we feel that are at the bottom of the socio-economic class. That is what we have been doing thus far, and we will continue to do this nationwide, at least for now, so that Nigerians will feel the impact of having a friendly brand like ours amongst them.

What impact has this initiative had on these communities?

Oh that is very apparent. I mean, the feedback is almost instantaneous when you give people food. You could see the transformation and you could see the smiles on their faces. I just don’t want to say that when you feed somebody who is hungry, instantly there’s a great relief, and those are things that you can’t really measure or quantify in terms of Naira and Kobo. The truth is that some people skip one, two, three meals a day. Some don’t even eat for days. So, you can now imagine if you feed a family; and not just feeding, you are giving them hope, because if you give them, for instance, a cartoon of noodles, you have given that family hope of at least eating for another week or two. So, that’s how impactful the initiative has been in the communities we have visited.

So, the impact is felt almost immediately because life itself is about hope. If not, a lot of people will give up and they will say, well, it is better to take my life if there’s no hope. So, if you find good brands, like Dufil Prima Foods Limited and Indomie Instant Noodles coming to say that I want to do this kind of intervention, I want to feed people, I want to give people hope of having meals for another week or two; you have given life to them, and that’s what we want to continue to do as a responsible brand.

How does Indomie determine the communities and select beneficiaries for the feeding programme?

As you know, essentially our core business is manufacturing of instant noodles. So, to help in the selection of the communities, we entered into partnership with several non-governmental organisations (NGOs), for instance, the food banks. These are people who go from time to time to do some of these things. They have the database. They

Asiwaju

know where these people are, and are structured in such a way that they can handle these things, no matter the size of the crowd; they have dealt with them before using other brands to meet the yearnings of the people. So, they have the experience and they know these communities.

So, it is not as if we just sat down and we decide on the communities. It was based on the feedback that we got from all these NGOs. For instance, when you mention Makoko or those riverine areas in Lagos, everybody knows, or almost everybody is aware that it is inhabited by the most vulnerable in the society, and we know that there are lots and lots of challenges there. So, those are places that we go to - Ajegunle, Makoko, Onigarri, you know, all those places, the hinterlands.

In what ways does Indomie engage with local communities to understand which areas are most in need of this CSR programme?

In situations like that, there is what we call the environmental scanning. So, the fact that I have this number of items that I want to give out does not mean I am just going to dump them on the community. So, what we do is that we engage research agencies to go around and find out what the needs of the people are, not what we have in our warehouse. For instance, you might want to help a community and you feel that you have maybe a

million exercise books and I want to give them to children of a particular community. However, in reality, what that community really need is just portable water, or classrooms, toilets, or roofs for their schools. So, you can see that if I continue in that line, there will probably just be a mismatch and we have failed to meet the needs of the people.

So, what we do is that we work side by side with research agencies, or government agencies. We go to some of these communities, and we find out what their pressing needs are vis-à-vis the resources that we have at that point.

For us at Dufil Prima Foods Limited and Indomie Instant Noodles, we have said that we are going to play active roles. We have this three-pronged approach, namely: education, primary health, and community development projects.

We have done quite a lot in terms of education. We’ve done scholarships, providing scholarship for indigent students, we are providing writing materials, writing boards for schools, and we are providing school supports for different public schools. For public health, we’ve made donations in the past to government hospitals, primary health centres, and we focus especially on the paediatric units of those hospitals, because where the children are is where we play very active roles. So, we are providing incubators, and other equipment that relates to child

medicine. We have done quite well, and we’ve done this across public hospitals in the country. And of course, when it comes to community development projects, providing portable water through boreholes, tanks, incinerators. Some of these things we have done extensively well. Those are just the three areas we are focused on. That does not mean that we don’t do other areas when the need arises. Just like what we’re doing right now is an intervention because we feel that there is a need for it and that is why we have gone that way for now.

Can you provide insight into the states and communities that this initiative has reached so far, and any future plans to expand these initiatives to reach new states or communities?

Well, the plan is to continue to work with our partners who are on ground in recognizing those who are in dire need and making provision for those items that they need. And we hope and pray that the situation in Nigeria improves economically. So, for us it is a long thing. We always have a year plan. At the beginning of every year, what we do is that we ask the management and the shareholders to give us approvals to carry out some kind of initiatives in terms of CSR, and once this is done by them we will have already worked with agencies on ground or NGOs to let us know where we feel is best to be at any point in time and that’s what we will continue to do.

It is a continuous process for us because the brand experience with the populace is very germane and is key to us.

As you aware, Nigerians are very religious people, and we just had the Ramadan season, a very significant period for many Nigerians. Do you have any specific initiatives during such times?

Well, beyond religious beliefs, we feel that we are part of the community. We are part of the space itself, Nigeria. Now it’s Ramadan and because we are also a responsible company, we have said that just like the ideals that we’ve had in the past with our Muslim brothers and sisters across the country, during this period, we believe that one of the food items that should be highly considered should be Indomie Instant Noodles. So, there is what is called Iftar, when people break their fasts. We expect that our products should be one of those that will be used in breaking the fasting. What did was that we visited quite a number of mosques across the country by providing free food for them to be able to break their fasting.

This we did successfully in Kano, Kaduna, Yobe, Lagos, Ogun, and the likes, just all over the country. We are not leaving out anyone. Like I said, it is almost impossible for us to touch all the places that we would have loved to be. But I can tell you that we are doing quite a lot and we’re going to be touching millions of Nigerians during this Ramadan period. After Ramadan, what comes next? We still have school our feeding programme, after school feeding programme, we still have feeding for the vulnerable. After that, we’ll probably be making donations to orphanages, old people’s homes, for instance. There comes maybe Christmas period or end of year period. These are ongoing interventions that the company does, and we are used to it.

CILSS: Nigeria, Ghana, Sierra Leone Worst Hit with Food Inflation

Gilbert Ekugbe

The March 2024 Cadre Harmonisé food security analysis released by the Permanent Inter-State Committee for Drought Control in the Sahel (CILSS) has listed Nigeria, Ghana, Sierra Leone and Mali as the countries worst affected by soaring inflation, stagnating production, currency devaluation and trade barriers.

According to a report obtained from the Food and Agricultural Organisation (FAO’s), website, the prices of major staple grains continue to rise across the region from 10 per cent to more than 100 per cent compared to the five-year average, driven by currency inflation, fuel and transport costs, ECOWAS sanctions, and restrictions on agropastoral product flows.

The report added, “Currency inflation is a major driver of price volatility in Ghana (23%), Nigeria (30%), Sierra Leone (54%), Liberia (10%), and The Gambia (16%).”

The report also stated that nearly 55 million people in West and Central Africa will struggle to feed themselves by June-August 2024, pointing out that the figure represents a four-million increase in the number of people who are food-insecure compared to the November 2023 forecast and highlights a fourfold increase over the last five years.

“The situation is particularly worrying in conflict-affected northern Mali, where an estimated 2,600 people are likely to experience catastrophic hunger (IPC/CH phase 5). The latest data also reveals a

significant shift in the factors driving food insecurity in the region, beyond recurring conflicts,” it said.

CILSS lamented that despite the abundant natural resources to meet its food demands,

West and Central Africa remain heav ily dependent on imports to meet the population’s food needs, bemoaning that import bills continue to rise due to currency depreciation and high inflation, even as countries struggle with major fiscal constraints and macroeconomic challenges.

On Cereal production for the 2023-2024, CILSS stated that agricultural season shows a deficit of 12 million tonnes, while the per capita availability of cereals is down by two per cent compared to the last agricultural season.

ABCON Backs Ban on FX Collateral for Naira Loans

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe has said that the Central Bank of Nigeria (CBN) directive stopping the use of Non Export Domiciliary Account Collateral for naira loans will boost dollar liquidity, support reserves accretion and strengthen the financial services sector.

In a statement on the apex bank policy and impact on the forex market, the Gwadabe described the move as a welcome development, expected to put the excesses of big businesses and manufacturers putting unnecessary pressure on the forex market on check.

He said: “ABCON members

are bewildered that some companies and manufacturers with billions of dollar balances in their non-oil export domiciliary accounts use it as collateral for naira loans and still source forex in the official window thereby depleting what is available for other operators.”

“The stoppage of this unprofitable practice will not only add to the dollar liquidity in the market but also help in the accretion of foreign reserves buffers,” he added.

He advised the CBN not to approve forex requests by manufacturers and other business applicants with billions of dollars holdings in Non export oil proceeds domiciliary accounts at both the NAFEM

and NAFEX window.

The ABCON boss explained that unfortunately, the BDCS are most times seen as crude but remains an effective market control mechanism with the potent transmission mechanism tool in achieving the CBN’s mandate of price stability and liquidity in the markets.

“We therefore urge the CBN to continue to drive and expand its operations to ensure that the best results now achieved in the last 15 years is maintained and also ensured exchange rate convergence, market calmness and confidence of the public and foreign investors,” he said.

Soulcomms Re-positions, Names New COO

Raheem Akingbolu

Soulcomms, a Strategic Communications and Engagement

Agency has appointed Ugochukwu Uwajeh as the Chief Operating Officer.

The agency made the declaration during the commemoration of its 20th anniversary to celebrate excellence and innovation. The company’s anniversary which was marked with the theme, “20 Years of Soulful Engagement,” saw clients, industry stakeholders, former staff of the company and other esteemed guests graced the occasion. Reflecting on the journey so far, Group Managing Director, SO&U Group and Board Member, Soulcomms,

Udeme Ufot, stated that it is amazing that 20 years have run by so quickly. He noted that Soulcomms was an idea that started as a department of SO&U and grew out of the agency.

“Soulcomms has been through leadership successions; other agencies have not been so lucky to have. There was a pioneer CEO who was succeeded by Yemi Odusote and this was followed by Mojisola Saka. This event is in a way a celebration of over 13 years of her leadership and growing confidence in the business and the people. It would be uncharitable not to mention that through these years, one man has stood by Mojisola Saka

on this journey, his name is Ugochukwu Uwajeh.”

Reflecting on her time with the company, the outgoing COO, Mojisola Saka, expressed thanks to the company, its leadership, Clients, and her colleagues for the enriching journey she had experienced during her tenure.

“I am deeply grateful for the incredible journey I have had with Soulcomms as I journey on to other interests. Over the years, I have had the privilege of working alongside some of the most talented and passionate individuals in the industry. Together, we have achieved remarkable milestones, delivered impactful campaigns, and forged lasting relationships with our clients and partners.”

Terra Cube Reaches Over 2m Lagos Households

In a flavorful journey across Nigerian households, Terra Cube embarked on a mission to unwrap joy and unleash taste sensations in over 2 million Lagos homes. Through an innovative contact program launched in 2024, the brand has been actively engaging consumers, sharing cooking experiences in reaching thousands of Lagos households.

As part of the campaign, a community cooking competition was organized in Lagos State communities, where enthusiastic home cooks displayed their culinary skills using Terra Cube products. It

was an exciting experience for both the brand and consumers, the brimming enthusiasm, and friendly competitive environment made consumers connected to the brand on a deeper level and allowed participants to explore the endless possibilities of seasoning with Terra Cube.

Ibrahim Adekunle from Lekki exclaimed, “I never imagined cooking could be this fun, Terra Cube brought our community together, and the flavours we created were simply unforgettable.”

Chika Okoye from Abule

Egba also said, “Participating in the cooking competition was an absolute joy. The aroma of spices filled the air, and I felt a sense of pride representing my community in the competition. It is amazing how a small cube can make such a big difference in flavor. Thank you, Terra Cube, for this memorable experience.”

Chief Marketing Officer, TGI Group, Probal Bhattacharya, expressed his excitement about the program, stating, “We are thrilled to see the overwhelming response from consumers who have embraced Terra Cube as their go-to seasoning choice.

L-R: Former Speaker, Lagos State House of Assembly, Adeyemi Ikuforiji; husband to the Deputy Governor of Ogun State, Bode Oyedele; Executive Governor of Zamfara State, Dauda Lawal; Senator Musiliu Obanikoro; Member House of Representatives Ekiti/ Irepodun/Isin/Oke-Ero Federal Constituency, Hon. Rahim Olawuyi; Chief Whip Ogun State House of Assembly, Hon. Omolola Bakare and Chairman Agege local government, Lagos, Ganiyu Egunjobi, Shortly before boarding Airpeace flight to Nigeria, after performing lesser hajj from Jeddah to Kano, and Lagos...recently

Stock Market Depreciates by N633bn WoW Amid Profit-taking

Kayode Tokede

The stock market wrapped up last week on investors’ profit-taking note, as the market opened for two trading days amid the federal government declaration of April 9 to 11, 2024 as public holidays to commemorate the Eid al-Fitr celebration.

Investors profit-taking to celebrate Eid al-Fitr down

the market capitalisation by N633 billion Week-on-Week (WoW), while the benchmark index posted a decline of 1.09 per cent W-o-W to close at 102,314.56 points.

On the sectoral performance, it was a market-wide bearish performance as the NGXBanking index led the laggards by 7.22 per cent week on week.

NGX Insurance index recorded a weekly decline of 2.45 per cent,

while NGX Consumer Goods index shed 1.33 per cent W-o-W.

NGX Oil & Gas index down by 0.28 per cent and NGX Industrial Goods index fell by 0.23 per cent for the week.

Market breadth for the week was negative as 19 stocks appreciated in price, 40 stocks depreciated in price, while 95 equities remained unchanged. Morison Industries led the gainers table by 20.75 per cent to close

at N2.56, per share. Oando followed with a gain of 10.57 per cent to close at N12.55, while Transnational Corporation (Transcorp) went up by 10.33 per cent to close to N14.95, per share.

On the other side, Access Holdings led the decliners table by 14.60 per cent to close at N19.30, per share. United Capital followed with a loss of 13.92 per cent to close at N20.10, while Guaranty Trust Holding Company (GTCO)

declined by 13.75 per cent to close at N41.40, per share. Overall, a total turnover of 1.132 billion shares worth N28.650 billion in 21,921 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.680 billion shares valued at N57.892 that exchanged hands prior week in 40,726 deals.

The Financial Services Industry (measured by volume) led the activity chart with 859.646 million

shares valued at N20.624 billion traded in 12,297 deals; contributing 75.94 per cent and 71.99 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 107.940 million shares worth N1.461 billion in 1,346 deals, while the Consumer Goods Industry traded a turnover of 51.443 million shares worth N1.921 billion in 2,658 deals.

PRICES FOR SECURITIES TRADED ASOF APRIL 8 /24

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 08-April-2024, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF.

Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

INSIGHT

Leemon Ikpea: Tinubu on Course to Make Nigeria Great and Prosperous

A quick-fire depreciation of the naira was followed closely by a galloping inflation that accelerated at a historic pace. Food and grocery prices became prohibitive. The cost of other things skyrocketed beyond economists’ comprehension, with prices of commodities changing almost daily. The nation tumbled into economic turmoil besides the intractable insecurity. In the saddle amidst the near-cataclysm is President Bola Ahmed Tinubu, who rode to power on the back of the slogan, ‘Renewed Hope’. For millions of Nigerians, to hope is a dangerous thing. However, many others are convinced the socalled giant of Africa, Nigeria, is on the verge of a breakthrough: Chief Leemon Ikpea, the founder and Chairman of the Lee Engineering Group and Allied Companies Limited, is foremost amongst them, writes Bayo Akinloye

Leemon Ikpea, a major player in the local content sector of the oil and gas industry is an optimist and a firm believer in the capability and capacity of President Tinubu to deliver a New Nigeria, going by the economic reforms he embarked upon from day one of his presidency. And he is not mincing words to say it. He says repeatedly that there is light at the end of the tunnel. Ikpea’s conviction that Tinubu’s government anchored on the ‘Renewed Hope Agenda’ will turn the corner is based on the trajectory that had defined the president’s life prior to taking up the responsibility of steering the nation to greater heights.

“It’s not just a cliché that Tinubu redefined the foundation of modern Lagos, which his successors built on. He made bold decisions and executed destiny-defining policies,” Ikpea passionately told THISDAY, his voice filled with conviction. Such a leader’s past can only illuminate a promising future for the people.”

The billionaire oil mogul sees in Tinubu a courageous leader, unafraid to take the bull by the horns. To the founder and chairman of the Lee Engineering Group and Allied Companies Limited, the president is deeply concerned about Nigeria’s future generations and is determined to rectify as many past mistakes as possible, such as removing the petrol subsidy. Ikpea noted that the petrol subsidy had become a burden, but past presidents lacked the political will to remove it. The President, Ikpea said, had a clear vision for Nigeria’s economic future and understood that immediate obstacles needed to be removed. And one of such obstacles is the petrol subsidy; another is the regimented foreign exchange.

“I understand. I feel the pain too. But I look beyond the immediate pain,” said Ikpea. He admitted that the immediate removal of the petrol subsidy came with its attendant hiccups. Ikpea acknowledged how the nation’s economic problems increased in the twinkling of an eye following the decision of the Central Bank of Nigeria (CBN) to float the national currency. “These are teething problems. They are bumps in the road. With Tinubu, we can’t miss our destination. He has a legacy to build on and a name to protect. More importantly, he wants the best for his compatriots.”

Amidst the groans and moans of the masses, including corporate entities, Ikpea sees things differently. He points to the current appreciation of the naira and hopes it can firm up further.

“The process is gradual. It’s understood that many of the country’s challenges accumulated over decades. Successive leaders shied away from taking bold decisions until things came to a head. So, who bells the cat?” Ikpea argued. Courage is a true sign of leadership. When the going gets tough, the tough gets going. Did we see that in the president?”

Ikpea did not mince words, pointing out that “it is always darkest before dawn” and firmly believes that Tinubu is on course to make life better for Nigerians and businesses. “In the meantime, we must believe, endure, and support the President.” To underscore his point, Ikpea explained the possibilities that the Dangote Refinery would throw up, helping to solve part of the issue of forex liquidity and regular fuel supply, along with its multiplier effect.

“There is more to Mr President’s leadership agility than meets the eye,” said Ikpea. The oil magnate stressed that Tinubu feels the pain of Nigerians, but he is not panicky. He is focused and relentless in pursuing his policies that may be unpopular under the circumstances but would bear fruit in the years to come. He cited the amended Students Loan Act, the reopening of the borders, and other policies, including the decision to trim the cost of governance as a pointer to the fact that the president means well.

Rather than protest, the oil and gas magnate preaches patience. Rather than revolt, Ikpea recommends resilience. Instead of fury, the billionaire businessman encourages a futuristic outlook while admitting that the current economic hardship exerts a toll on everyone and everything.

“I don’t see any reason for protest. The president has not spent up to a year in office. In every society, in any part of the world, if a reform is in place, some

people will suffer; most will feel the impact,” the businessman said. “However, that impact will not remain forever. After some time, light is seen at the end of the tunnel. In my mind’s eye, the greatness of Nigeria is on the horizon: Nigeria will be great again. It is not uncommon to expect opposition, and it is apparent some are taking advantage of the situation.”

The self-made, ingenious oil and gas magnate reiterates his conviction that hard choices being made by the country’s leadership today are a promissory note to a certain productive and prosperous future. Not many may share his conviction, but Ikpea says that if the federal government conscientiously implements his economic policies, there will be light at the end of the tunnel.“Successive governments were reluctant to put an end to subsidies enjoyed by certain entities which could have been deployed to fix roads and the healthcare system and provide other essential services for the masses,” Ikpea stressed. “Right now, we have a new administration in the saddle that decided that enough is enough and took a bold step to stop the fuel subsidy, promising to instead, use the monies for infrastructure development and several other things for the benefit of the people.”

Ikpea urged Nigerians to exercise more patience with the Tinubu administration.

“My advice to Nigerians is to be patient. I feel the painful pinch of the reforms. It must be endured with the hope and confidence that things will return to normal. In the interim, we should all support the president and his administration. Normalcy will return sooner rather than later,” added Ikpea.

He reiterated that no sacrifice “is too big to make for one’s country,” pointing out that in the US, the UK, and other developed countries, “several sacrifices were made by their citizens to ensure their nations were where they are today” and that “if we want Nigeria to be great and to become a developed nation, we must make some sacrifices.”

For a nationalist, patriot and philanthropist like Ikpea, realism and optimism drive him for his people’s ultimate good and prosperity as he continues to intensify his investments in the nation’s economy. “We have ongoing gas projects, several of which will also increase government

revenue,” Ikpea stated. We’re starting a new one, which will take about three years to complete. We signed that contract a couple of months ago.”

Notwithstanding the exit of some IOCs, Ikpea said the ongoing construction of his multibillionnaira fabrication yard was a “foresight that was envisioned long ago, long before the federal government signed the local content development bill into law.”

The oil and gas magnate stressed his futuristic fervour, noting that he had envisioned “there might be times when it would be difficult to get foreign exchange” and “the vision to create more job opportunities has always been there.”

“Once this project becomes fully completed and the yard becomes operational, the multiplier effect will be massive,” Ikpea explained to THISDAY. He reveals that the fabrication yard’s construction is nearing completion.

With the progress made on the project, Ikpea is looking at its completion “in the second quarter of the year” to inaugurate the fabrication factory. Once that is done, he told THISDAY, “we expect almost immediate patronage from the IOCs, other oil and gas industry players, and the government.”

The billionaire businessman stressed that “one major benefit is that it will allow the country to save a lot of foreign exchange.”

“The fabrication yard in Warri is currently undergoing a test run of all the equipment there. The factory will soon be ready for inauguration. We had informed the federal government, especially Mr President, to come and inaugurate this project. It’s a project that we will help to drive his dream through the oil and gas sector,” stated Ikpea.

A technocrat, Ikpea clearly understands the role of governance and policies and demonstrates his optimism about the Tinubu administration. He provides a basis for that optimism.

“Apart from Mr President’s track record, any human being that is highly criticised, and negatively spoken of, come what may, usually succeeds. The motivation to prove his critics wrong is very high. Those negative criticisms trailing him will serve as wind in his sails,” said.

For him, the Tinubu administration would turn out to be the “best government we would ever have.”

“Yes, it will be one of the best governments we have ever had in Nigeria because it has seen the mistakes in various sectors of past governments and the anger of Nigerians. I am sure the Tinubu government will put a smile on the faces of Nigerians,” he reasoned, pointing out that the president exudes the confidence of an astute politician and administrator. When the federal government announced the unification of the foreign exchange market, it was greeted with mixed feelings. For Ikpea, floating the naira is in the best interest of Nigeria’s monetary stability. Even though the exchange rate of the naira to the dollar has not returned to its pre-Tinubu reign, for the first time, the parallel market and the official market rates are almost the same, signalling the stability of the national currency.

The government has unfinished business in the oil and gas industry, according to Ikpea.

“But at the same time, the staff and the people in the industry are first-class personnel because they’re well trained. I could tell because I have been in the industry for 47 years,” he said. “I have been following them right from the beginning. Nobody can steal a kobo in the NNPCL because their procedures are stringent, with meticulous attention to due process. The NNPCL has become a well-structured organisation. It remains one of the best parastatals this country could ever have.”

Ikpea gives a simple suggestion to keep the wheels of oil running.

“I will suggest that the federal government should rehabilitate the over 5,000km pipeline in this country. These pipelines were laid in the late 1980s. Calculate the years: it’s more than 30 years. There must be corrosion. The same pipelines have remained,” the oil mogul pointed out. They have not been changed, resulting in oil loss and theft because criminals exploit the corroded parts of the pipelines to siphon large-scale quantities of oil. That leaves the government losing a lot of money. If the government could do the hard work, a lot could be saved for the nation’s coffers.”

If the government wants to avoid crude oil theft, the pipelines “have to be rehabilitated by fixing the badly damaged ones and “they should create a good network of pipelines and bury them deeper into the ground,” noting that “if the depth was three feet before, let them take it six feet down; that way, it becomes more difficult for potential oil thieves to reach the pipelines and steal oil.”

Ikpea recommends a high-powered surveillance of the pipelines that could nip criminal activities in the bud to make the hard work meaningful. He also believes careful consideration should be given to refineries. They need to concentrate on the pipelines and the refineries to ensure that they are functional because if the refineries do not produce, we will continue to have problems.”

Ikpea’s focus remains on deepening the country’s success stories, facing the challenges and building more enormous frontiers for national prosperity. He stresses the matchless contributions of the Nigerian Content Development and Monitoring Board (NCDMB) to strengthening the hands of local players in the oil and gas industry.

He feels the NCDMB has a lot going for it and can only get better without undue interference and politicisation of the agency. Ikpea suggests the continued strengthening of the local content board so that more successes can be recorded regarding indigenous capacity in the oil and gas sector.

As a vibrant local player in a dynamic global industry, the founder of the Lee Engineering Group and Allied Companies Limited has stepped up to the plate by acquiring marginal fields. By the time the company starts production, it will not need to import some items of equipment into the country because it will use the ones manufactured in its fabrication plant, which is cost effective. Ikpea will bring his many years’ experience in the construction industry to bear.

His leading indigenous EPCOM (engineering, procurement, construction, operation, and maintenance) company, the Lee Engineering and Construction Company, has achieved several milestones and received numerous commendations, awards, and certificates from local and international organisations.

Ikpea

COMMISERATION VISIT TO MR GOVERNOR...

L-R: Director-General, National Emergency Management Agency (NEMA), Mrs. Zubaida Umar receiving the state government's plaque from Governor of Lagos State, Mr. Babajide Sanwo-Olu, during a commiseration visit to the governor over the Dosunmu-Docemo Market fire, at the Lagos House, Marina, last Friday

Naira Abuse: Who Will Prosecute Bago?

A few days ago, Justice Abimbola Awogboro of the Federal High Court, Lagos, sentenced one of Nigeria's famous cross-dressers, Idris Okuneye, popularly known as Bobrisky, to six months in jail without the option of fine.

Although a first time offender, the sentence was sequel to the cross-dresser's conviction on charges bordering on mutilation and abuse of the country's currency.

The charges were brought against him by the Economic and Financial Crimes Commission (EFCC).

Bobrisky, upon arraignment last week, had pleaded guilty, and said he was ignorant of the offence. But the trial judge held that the jail term without an option of fine would serve as a deterrent to other abusers of the naira.

Awogboro held, in a judgement

that had since elicited controversy, “The act of mutilating the naira notes has become a menace, which has continued to damage the country’s image. “Enough of people mutilating and tampering with our currencies. It has to stop. This will serve as a deterrent to others."

Many considered the judgement harsh, particularly when the defendant was a first time offender and had also pleaded guilty to the charge.

But barely 48 hours after the judgement in the Bobrisky case, a video emerged showing the governor of Niger State, Mohammed Bago, engaging in a similar, if not worse act. Bago, in the viral video, seen over the weekend, was filmed throwing wads of naira notes to residents as he drove along the streets of Minna, the Niger State capital.

Since the emergence of the video, the question on the lips of many

Eterna Appoints Lawal Managing Director to Drive Growth

Peter Uzoho

The Board of Eterna Plc has announced the appointment of renowned oil executive and economist, Mr. Abiola Lawal as the new Managing Director/Chief Executive Officer of the company, effective today, April 15, 2024.

Lawal succeeds the outgoing CEO of Eterna, Mr. Benjamin Nwaezeigwe, who resigned his position after two years of service to the downstream oil and gas firm.

In a statement made available to THISDAY, the marketing company said the new CEO has a proven record of positive performance in executive leadership at multiple C-Suite level roles locally and internationally.

A global executive with over twenty-five years of management executive experience in private and publicly listed companies across diverse industries, Eterna stated that Lawal has expansive experience in the oil and gas sector and a proven record of value delivery in several aspects of executive management.

Lawal most recently worked with Eroton Exploration and Production Company Limited as Deputy Managing Director and Chief Financial Officer.

Prior to this, he served as Group Chief Strategy Officer of Oando Plc during its transformation from downstream to upstream and gas. While at Oando, he oversaw the successful implementation of Oracle ERP technology as a game changer to transform the operations of the company.

He also served as Executive Director of Oando Gas & Power as well as Gaslink (now known as Axxella) during the rapid growth and expansion phase of the then subsidiary.

Lawal was the Pioneer Executive Vice President & Chief Financial Officer of Camac Energy Inc in the USA (later known as Erin Energy), the first Nigerian owned energy company to be listed on the New York Stock exchange. He has served in multiple executive roles in other companies, including CAMAC International Corporation and ExeQute Partners, Inc., both in Houston, Texas USA. He served as MD/CEO of eWorldtrack Mobile Technologies USA, a Senior Manager in SAP AG America, as Management Consultant and Transformation Manager at Mr. Abiola Lukman Lawal Ernst & Young LLP and as Senior Financial Analyst at The Walt Disney Corporation in California, USA.

Nigerians has been: will EFCC display the same zeal with which they arrested and prosecuted Bobrisky?

As at press time yesterday, EFCC had yet to react to the Bago video. It had neither issued a press statement regarding the conduct of Bago, nor commenced any moves against him, as it swiftly did in the case of Bobrisky.

Though the governor enjoys immunity from prosecution while in office, people are worried if the court would have the courage to hand down similar prompt decisions in the case of a governor or high government official so as to deter other governors and government officials from misusing the naira.

Since the arrest of Bobrisky on April 3, and his sentencing on April 12, both the anti-graft agency and the court had come under heavy criticism by members of the public.

To former Chairman of the National Human Rights Commission (NHRC), Professor Chidi Odinkalu, the action of the anti-graft agency was clearly an abuse of power.

The rights activist, who described the personnel of the commission as “idle”, alleged that they weaponised their badge to hunt down citizens “they don’t like.”

Reacting in a post via X, formerly

Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted a commercial bus conveying N3.2million counterfeit cash owned by three suspects: an eight-month pregnant woman, Favour Peter, 24; Esther Adukwu, 27, and Ochigbo Michael, 39. They were later arrested at Jabi park in Abuja in a follow-up operation last Tuesday following the seizure of the fake naira notes in Lokoja, Kogi state, the agency said.

A statement yesterday by the spokesman of the anti-narcotics agency, Femi Babafemi, said NDLEA officers in collaboration with men of the Nigerian Navy Ship Lugard base, Lokoja intercepted 37-year-old Aliyu Lawal along Lokoja-Abuja road last Monday.

known as Twitter, Odinkalu wrote, “The @officialEFCC should be ashamed of themselves. The power of arrest and prosecution is a public trust that should not be weaponised for the persecution of those whom they don’t like.

“It is either @officialEFCC is evidently idle or this is clear #AbuseOfPower. Yesterday, @ NigeriaGov & @NERCNG hiked energy beyond the reach of most #Nigerians. Today, @officialEFCC orchestrates a lynching of #Bobrisky.

“People who can no longer afford electricity are hailing them because, apparently Bobby is responsible for their poverty. Bobrisky is responsible for rigging your elections; corrupting your courts; looting your treasury; sending the naira sky-high; recruiting and paying #BokoHaram and the bandits. He must be the problem with #Nigeria.”

Odinkalu further accused the EFCC of placing priority on irrelevant matters as against those that significantly impact citizens’ lives.

Reacting to the court judgement, a retired United Kingdom (UK) Judge, Dr Charles Omole, who also posted via X, argued that the sentence without an option of fine was unfair. Omole pointed to the

possibility of Bobrisky being punished for other reasons that might not be too obvious.

He wrote, "I have been observing this case for a while now. The six months’ sentence is a punitive option of the sentencing guidelines. S.21 of CBN Act states a minimum of six months in jail or 50k in fine or both.

“The option of a 50k fine would have been sufficient for a first-time offender, who struck a plea bargain. Unless, of course, someone is trying to make an example of him.

"Our elders have a saying: when a child spills expensive oil in public, the father does not smack her so that people will not say the price of the oil is what is influencing the father. However, weeks later, the child spills water in public; then, the father smacks her for both the water and the oil.

"This chap must have offended someone powerful before, and they have been looking for an opportunity to nail him. Imposing the higher end of the sentencing guideline is unusual for a first-time offender, who has plea-bargained with the prosecution.

"Plea bargains usually involve a sentencing recommendation to the judge. What was agreed upon

with his defence team? Did the judge ignore the agreed recommendation to sentence him?

“Depending on the answers to these questions and other factors, I see a solid case at the appeal court for a reduction in the sentence. His lawyers should appeal immediately."

Furthermore, the retired judge observed that the sentence was disproportional to the offence of spraying naira notes for a first-time offender.

According to him, there are no aggravating factors stated in the case to warrant a more punitive punishment "unless some other agenda is playing out here.

“For instance, were his lawyers told it would be a six-month sentence recommendation in exchange for dropping a more serious money laundry charge? We don't know. Either way, it is a steep sentence for a first-timer.

"This is purely my legal analysis of the case's outcome, and it has nothing to do with the defendant's lifestyle”.

Similarly, Deji Adeyanju, a human rights activist and lawyer, also believed the sentence without an option of fine was harsh on the grounds that Bobrisky was a first-time offender.

He said the agency recovered 620 blocks of cannabis weighing 310 kilogrammes from him, while 10 sacks of the same psychoactive substance weighing 98 kilogrammes were seized along Okene-LokojaAbuja express way by NDLEA operatives from Jama Obodo, 44, in a commercial bus coming from Ilesha, Osun state enroute Taraba state last Wednesday. Babafemi said in Cross River state, a 40-year-old widow and mother of two, Mrs. Theodora Ita was last Monday arrested at Bassey Edom, Calabar, by NDLEA operatives for producing and selling a lethal new psychoactive substance, NPS, locally called ‘Combine’.

He described it as a mixture of different strains of cannabis and opioids soaked in raw gin. As at the time of her arrest, 18 litres of the dangerous substance in used paint

drums were recovered from her. Edom, was said to have claimed in her statement to NDLEA, that she started the illicit drug production and distribution in October 2023. Another suspect, Godwin Okon, 48, was apprehended at Essit Ebum area of Calabar with 39.4 kilogrammes of cannabis sativa last Tuesday.

Two suspects: Sani Mohammed, 43, and Christopher Eze, 64, were arrested in Sabon Gari area of Kano same Tuesday with 900,000 pills of opioid recovered from them.

Also, NDLEA operatives on patrol along Owerri-Onitsha road, Imo state on Friday intercepted a logistics truck with registration number JGB 403XB and recovered 230 blocks of cannabis sativa weighing 119 kilogrammes hidden under household items after a thorough search. Babafemi disclosed that at least

252 kilogrammes of cannabis were seized during a raid at Ijesa Isu forest, Ekiti state on Saturday while four suspects: Adamu Umar, 39; Abdullahi Gimba, 27; Julius Uduakhomu, 28; and Michael Sunday, 24, were nabbed loading 40 kilogrammes of same substance to the engine compartment of a gas truck at Agho village, Owan East local government area of Edo state. He added that two motorcycles used in conveying the consignment to where the gas truck heading to the North was parked, were also recovered.

In Ogun state, a suspect, Ismaila Ogun was arrested last Friday with 79 kilogrammes cannabis at Imeko, while 18-year-old Friday Abah was nabbed with 410 kilogrammes of the same substance when NDLEA operatives raided Obatedo camp, Itaogbolu forest, Akure North local government area, Ondo state.

Alex Enumah in Abuja

YAHAYA BELLO VISITS TINUBU...

APC Must Retain Ondo, South-west States, Sanwo-Olu Admonishes Fellow Governors

Lagos gov now party coordinator for zone

Segun James

Ahead of the November 16 gubernatorial election in Ondo State, Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday, admonished his colleagues to ensure that the All Progressives Congress (APC) retained leadership in the South-West Zone.

This was as Sanwo-Olu, has been appointed the Zonal Coordinator for the party, the APC.

Speaking after a meeting of the zone in Lagos, the governor said members of the National Working Committee and Zonal Working Committee had resolved to intervene on issues and engage with critical stakeholders to ensure they were not only taken care of but also enjoyed the dividends of democracy.

The APC National Chairman, Dr Abdullahi Ganduje, had inaugurated and presented letters to six governors at the party headquarters in Abuja on Wednesday, March 26, to coordinate party activities and reconcile aggrieved members of the party in each of the six geo-political zones. The zonal coordinators were Babajide Sanwo-Olu (SouthWest), Hope Uzodinma of Imo (South-East), Bassey Otu of Cross River (South-South), AbdulRahman AbdulRazaq of Kwara (North-Central), Mai Mala Buni of Yobe (NorthEast), and Uba Sani of Kaduna (North-West).

Speaking to journalists after a meeting with the APC National and Zonal Executive members from the South-West

at the Lagos House, Marina, Sanwo-Olu pledged to live up to the responsibility by working with the entire team to reposition and strengthen the party in the South-West. The governor, who was handed a congratulatory letter on his appointment as the Zonal Coordinator for APC South-West by the officials, said the inaugural meeting with the party's national and zonal executives was to deliberate and come up with far-reaching decisions that would put the party on its feet and the right pedestal.

"We are engaging in all the issues that we have in all our states and trying to bring all of us together. We are beginning to look at areas, where we can indeed intervene as a zone, especially

with critical stakeholders. We have identified students, youths, and people living with disabilities. We all have things we can do differently.

“We all have things from the South-West that we can continue to push into our national conversation to ensure that the stakeholders in the region are very focused and ensure that people feel the real dividends of democracy. And to generally put APC as the biggest party in Africa, the biggest party in the country, and to continue to remain the biggest party in the South-West.

“We have identified the places we need to work, and the work is continuous. We are working in Oyo State. We will continue to work in Osun State. We will continue

AON: Predatory Pricing by Foreign Airlines Aims for Future Exploitation of Nigerians

Chinedu Eze

Predatory pricing introduced by foreign airlines when Nigeria’s carrier, Air Peace, joined the LagosLondon flight services, was targeted at Nigerians and aims to push out the only domestic carrier on the route, then they multiply the cost of ticket to London.

Spokesman of Airline Operators of Nigeria (AON) and Chairman of United Nigeria Airline (UNA), Prof. Obiora Okonkwo, who gave this position, explained the reason international operators crashed airfares to London from Lagos.

Speaking on Arise TV at the weekend, Okonkwo said the international operators were engaged in ‘anti trust’ practice, which he described as a criminal offence and urged the federal government to prosecute those engaged in it.

“What is happening is very clear. Nigerians should not misunderstand price war with a clear conspiracy to take Air Peace out of the market. The foreign airlines have made adjustments to their prices and I see some of them as predatory prices.

“These are prices that they have

conspired to reduce, which is lower than that of Air Peace to make sure they get back passengers. Nigeria is a huge country and even if Air Peace flies five times a day, they can’t take all the passengers to London.

“So, that would have been enough consolation for the foreign airlines to remain where they are if they meant well. But this is predatory pricing, it is not a price war.

“This is what they are doing. They would lower their prices because they have a longer staying power because British Airways can easily write off $50 million loss to keep Air Peace out of the market and they would not take a hit because they can go and get $1 billion loan at zero interest rate or even at one percent.

“What it means is that Air Peace would be flying and losing money for months. They have their obligations to the banks at 30% interest and they would be out of the market. When Air Peace goes out of the market, or United Nigeria that is definitely joining soon, then they go back to their old prices.

“So, I am calling on the Nigerian government to watch out because there is what we call ‘anti trust’, which is the process of deploying certain strategies to undermine the competitive capacity of your competitor, which is what is going on,” he said.

Okonkwo also explained that the foreign airlines should be called to question.

“How do you drop your fares from N3 million to N1.3 million?

Even though Nigerians are rejoicing over it, there is an element of economic sabotage. The Nigerian government needs to interrogate this. If you do that in the US, you would be called for questioning.

“What is going on is that they want Air Peace and any prospective Nigerian operator that would ply that route, to go out of business. This is not in good faith. The Nigerian government must have to protect our national interests.

to work in Ondo State. Ondo State has a unique issue because we have an election coming up, that affects all parties.

“There are candidates that have been thrown out; there are people who have aspired to be aspirants and will turn out to be candidates after the primary elections. We are all brothers and sisters; we will resolve all our issues in-house,

and I want to assure you that APC will continue to remain the party of choice in Ondo State.”

Speaking after the inaugural meeting, the national and zonal officers of APC in the SouthWest passed a vote of confidence in Governor Sanwo-Olu, saying the appointment of the Governor as zonal coordinator by the national leadership of the party is well deserved.

Lukman: Imposition Possible in APC Because Party Organs are Undermined

Adedayo Akinwale in Abuja

A former National Vice Chairman in North-west for the All Progressives Congress (APC), Dr. Salihu Lukman, has said imposition of candidates are made possible and stronger because organs of the party vested with the responsibility of decisions regarding party primary were undermined.

To this end, he said deliberate reforms in the ruling party would confer stronger electoral advantages ahead of the 2027 general election.

Lukman, in a statement, noted that for party organs to be made functional, the issue of party funding must be resolved beyond the current reality of dependence on elected representatives.

"The whole issue of activating all party structures and making them functional in line with provisions of the APC Constitution

must be guaranteed.

"Once APC, being the ruling party, can operate based on provisions of its constitution can be guaranteed, the campaign to reform Nigerian politics and expand democratic space will be made much easier.

"If organs of the party are meeting regularly, problems of impositions of candidates will be minimised.

"In any case, issues leading to imposition of candidates are made possible and stronger because organs of the party vested with the responsibility of decisions regarding party primary are undermined.

"Consequently, party stakeholders who should have a say in decisions that can guarantee free and fair primary are marginalised. As much as party organs are meeting as prescribed by the party Constitution, incidences of imposition will be minimised."

Alia Orders Security to Rescue Kidnapped Family of Former Chief of Staff

George Okoh in Makurdi

Benue State Governor, Rev. Fr. Hyacinth Alia, has directed security agencies in the state to rescue Mr. Terwase Orbunde, a former Chief of Staff to former governor Samuel Ortom, his wife and housemaid, who were abducted by unknown gunmen. The governor, urged the security agencies ensure that criminal elements disrupting the peace of the state were

fished out and brought to justice. He said he was ready and willing to continue to provide the necessary support needed by the security agencies to ensure the state was cleaned from nefarious activities.

The governor gave the directives on Sunday when he received a briefing concerning the attack on Mr. Terwase Orbunde, former Chief of Staff to former governor Samuel Ortom, and the subsequent

He condemned in strong terms the unfortunate incident, saying, “I am shocked and dismayed by this barbaric act.

“I have said this, and I must keep saying it. security should, and must be everyone's concern. The law enforcement agencies and the government need information.

Make it a culture that anytime you

see something, you say something.” He pointed out that while insecurity has become a global issue and was not peculiar to Benue alone, he would continue working round the clock to secure every life and property in the state. He assured all Benue residents that security was a top priority in his administration, and that matters of insecurity will soon be a thing of the pass.

abduction of his wife and housemaid by unknown gunmen.

L-R: Former Kogi State Governor, Yahaya Bello with President Bola Ahmed Tinubu during the Sallah homage to the President at his Lagos residence... yesterday

SOUTH-SOUTH APC STATE CHAIRMEN VISIT AKPABIO...

L-R

With PDP NEC Holding Thursday, Suswam Pushes to Complete Ayu's Tenure as Chair

Controversy

rages on whether constitution allows Damagum to continue in acting capacity

Senate caucus dismisses call for acting national chair's resignation Says APC doesn’t know what to do with power

Chuks Okocha and Sunday Aborisade in Abuja

Projecting ahead of Thursday’s National Executive Committee (NEC) meeting of the Peoples Democratic Party (PDP), a former governor of Benue State, Gabriel Suswam,has begun to push to complete the tenure of the suspended chairman of the party, Iyorchia Ayu.

Suswam said that he eminently qualified to step into the national chairmanship position of the PDP, having served the party in various capacities as two-term governor of Benue, senator and a member of the House of Representatives at different times.

But there is a raging controversy on whether the PDP constitution still allows the acting National Chairman, Amb. Illya Damagum, to continue in his acting capacity, or be replaced by someone from North Central.

This was as the Senate Minority Leader, Abba Moro, has described the call for the resignation of Damagum as ill-timed and inappropriate.

Suswam pointed out that since the PDP had zoned the chairmanship position to the North Central and micro zoned it to Benue State, it would make political sense to allow him as an experienced Benue political leader from the preferred zone to step in and complete Ayu’s tenure.

He maintained that it was only

by allowing him to continue from where Ayu stopped that the state and the zone would be compensated for their numerous contributions to the stability of the PDP.

The former governor said, “We, at the party level, believe that the North Central should produce the next president as stipulated by the PDP constitution to complete its tenure. The North central should not be shortchanged going by the precedent that has already been set by the party.

“I believe that it is important to hear from me. It is just for me to let you know that I have consulted with people in the zone to complete Ayu’s tenure.”

Asked if he had cleared with Ayu, who was surreptitiously removed from the post through a court order, the former governor confirmed that he had consulted with Ayu and that he was not in court to challenge his removal from office.

“Ayu is not in court and I’ve spoken with him extensively and he said he is no longer interested. He is not in court to challenge his ouster,” Suswam claimed.

He dismissed the notion that there were many camps in PDP, arguing that all well-meaning PDP members recognised that Atiku Abubakar remained the leader of the party, having emerged as the presidential candidate of the party.

“I don’t think there are camps in PDP and we have one PDP. I don’t think Wike has a camp. Atiku was our presidential candidate and automatically the leader of the party. I don’t think that G5 exists since they are no longer governors but ex-governors. It can now be referred to Ex G5,” the former governor said. Suswam said he would use his vast political experience to resolve the challenges of PDP and reposition it as a strong and feared opposition party in Nigeria to save the country from the current economic and financial crises induced by the All Progressives Congress (APC).

“We need a party to offer a better alternative to what we are facing in Nigeria today,” Suswam said. But, according to the PDP constitution, the party that deals with the resignation or removal of national chairman – Section 45 (2) –was amended in 2017, when Uche Secondus was national chairman.

"In the case of the National Chairman, he shall hand over to the Deputy National Chairman from his own region/part of the country, who shall, without prejudice to Section 47 (6) of this Constitution, act as the National Chairman pending the election of a replacement. In the case of National Secretary, he shall hand over to the Deputy National Secretary.

Also, in Section 47 (6) the same

constitution said, “Where a vacancy occurs in any of the offices of the party, the Executive Committee at the appropriate level shall appoint another person from the area or zone where the officer originated from to serve out the tenure of the officer.

Meanwhile, Moro in a statement, yesterday, in Abuja, reacted to the call for Damagum's resignation by the member representing Ideato Federal Constituency in Imo State, Hon. Ikenga Ugochinyere.

The House of Representatives member had accused Damagum of allegedly working for the APC. He also accused him of not calling a NEC meeting since he replaced Ayu.

Moro said the call for Damagun's resignation was a personal opinion of Ugochinyere as it does not reflect the opinion of PDP federal lawmakers, especially PDP senators.

He said the call, coming a few days to the long-awaited and most anticipated NEC meeting of the party, was a needless ruffling of feathers.

On the scheduled NEC meeting, Moro said it would afford members of the NEC to ventilate their opinions on the goings on in the party.

He said they were looking forward to a very robust discussion on the issues concerning the party and Nigeria in the meeting, adding that the vacant national chairmanship seat was a very crucial issue.

He said there was no basis for

Fubara: Those Fighting My Administration Lack Integrity

and character, were standing with his administration.

The governor emphasised that, in life, it was more profitable for an individual to acknowledge what was right, and refuse to yield to negative persuasions in order to remain true to it.

He stressed that people, who claim and arrogate integrity and character to themselves, actually did not have any iota of such

qualities, stressing that the former governor of the state, Dr. Peter Odili, was a prominent personality with enviable character. Fubara spoke weekend while addressing the people at Ndoni Town, Ogba/Egbema/Ndoni Local Government Area shortly after inaugurating the Comprehensive Primary Health Centre in the community, donated by PAMO Educational Foundation, founded by Dr Odili. The health center was donated by Odili to the state government for use by the people.

Governor Fubara, who expressed delight over the

invitation to be part of the event, thanked God for the gift of life, and and appreciated Ndoni people for supporting their own, who had attracted far reaching recognition to them.

"I've said it before, and I'm saying it again: it doesn't matter the number of people that stand with you. Even if you're standing alone, no matter the side you're standing, provided you are standing on the right side, maintain your stand. And we are happy to stand with him (Odili).

"We are also happy that he is standing with us. Even his person alone is giving people high blood

pressure. They are restless, granting all sorts of media interviews. Why are they doing it? It is because the people that matter, the people that have what they claimed they have; integrity, are with us. That is the truth.

"So, if we have one person who has integrity and character, is it not better than having 1,000 persons with questionable character? So, we are happy to identify with him."

Fubara restated his promise of making sure that everything needed to make the health centre function maximally would be supplied to further support the people of Ndoni.

anyone to suggest that the seat be thrown open or zoned to any other region apart from North Central stressing that, the PDP had a constitution, the grundnorm of its existence, which provided for two deputy chairmen.

"Where there is vacancy, the deputy chairman of the zone where the embattled National Chairman comes from will act. I won't subscribe to any call for the seat to be thrown open or zoned to any region aside North Central.

"If the party must regain its lost glory and remain formidable as the biggest political party in Africa, then NEC members must go into the next meeting with some level of circumspection so that the baby is not thrown away with the bath water.”

Commenting on APC government, Moro said the strange bedfellows that seized power in 2015, seemed not to know what to do with power.

He said everything had gone

haywire in the country, adding that, everything about governance in the country at the moment is wrong.

On disciplinary measures against erring members of the party, Moro said NEC would not sit in Abuja and compile names of members who acted in ways and manners that undermined the party in the last elections.

"Relevant organs of the party have relevant responsibilities to discharge to the party. NEC cannot sit in Abuja and write names of party member A or B that acted to undermine the party in the last elections, that's the duty of the various ward EXCOs," he said.

In another development, an aspirant for the position of the national chairmanship of the PDP Hon. David Ombugadu, has pledged to abide by the decision of the National Working Committee and Board of Trustees on the issue.

Otti Urges UN Habitat to Hasten Aba Master Plan Design

Emmanuel Ugwu-Nwogo in Umuahia

Abia State Governor, Alex Otti, has urged the UN Habitat to quicken its pace of work on the Aba Master Plan, which has been in the works for about three years.

He also asked the international agency to extend its work to the state capital, Umuahia, in order "to add value to what we are doing because it is the capital city(and) we want to transform that city."

According to a press release from the Governor's Office, Otti made the requests when he received the UN Habitat, West Africa Portfolio Manager, Dr Matthias Spaliviero, who came to brief him on the progress of work on redesigning the Master Plan of Aba. He said his administration was committed to the transformation of Umuahia to a status befitting of a capital city, adding that his

government has awarded contract for the construction of an ultra modern bus terminal in the capital city.

"We have given approval for the establishment of a terminal, where all types of transportation empties into. We also have deployed that to two locations in Aba," the governor said.

He noted that the development of centralised modern bus terminal in both Umuahia and Aba would enhance the esthetics of the cities and ensure a level of sanity in the transport sector.

Otti stated that, "we are advancing in our quest to develop Aba and address the environmental challenges in the city", adding, "you can see that we're already moving."

He justified his call for the UN Habitat to quicken its pace of work on Aba masterplan, so it could "fit what we're doing into the master plan" to avoid distortions later.

Blessing Ibunge in Port Harcourt Rivers State Governor, Siminalayi Fubara, has stated that those causing crisis in the state lacked integrity, and that the real people with integrity

Chief Tony Okocha( Rivers); Mr. Alphonsus Ogar (Cross River); Mr. Denis Otiotio (Bayelsa); President of the Senate, Godswill Akpabio; Elder Umeni Soboti (Delta) and Obong Stephen Ntukekpo (Akwa Ibom), when the chairmen of the All Progressives Congress (APC) from the South-south geopolitical zone, visited the Senate President on Sunday, in Abuja.

MEET AND GREET SESSION WITH MEMBERS OF AMERICAN FOOTBALL LEAGUE...

L-R: Director General, Lagos State Sports

Army Chief Orders Probe of Personnel over Death of Hotel Manager, Female in Abia, Enugu

Kingsley Nwezeh in Abuja

The Nigerian Army said weekend it launched investigation into the killing of a female in an Army Barracks in Enugu and a hotel manager in Abia State by army personnel.

It said the personnel involved were in detention pending the outcome of the probe.

A statement issued by Director Army Public Relations, Maj Gen Onyema Nwachukwu, said the Chief of Army Staff, Lt Gen Taoreed Lagbaja, ordered a comprehensive investigation to ascertain the facts and bring to book anyone found culpable.

"The Nigerian Army (NA) is deeply concerned by the alleged unprofessional conduct of some of its personnel in the tragic death of a hotel manager in Umuahia, Abia State, as reported in some online media.

"In response to this unfortunate incident, the Chief of Army Staff has promptly ordered a comprehensive investigation to

ascertain the facts and bring to book, anyone found culpable", it said.

A separate statement also responded to a report that "Repented Boko Haram Member Enlisted into Nigerian Army slits Woman's throat in Enugu Barracks, Hides Corpse."

It said "much as it is highly regrettable that a young lady lost her life in the hands of a man with whom she was in an amorous relationship, the incident should not be latched on to insinuate a laughable claim that the dastardly act was committed by a repentant Boko Haram recruited into the Nigerian Army.

The statement said the Nigerian Army "has at no point in time, either in the past or present enlisted repentant Boko Haram members to its strength. "However, considerations were given to Civilian Joint Task Force (CJTF) who in the fight against terrorism and insurgency in the North-east

distinguished themselves morally and patriotically. Such members of the CJTF must have also shown commitment, dedication and loyalty to the service and the nation".

It said "the sad incident of the gruesome murder of Miss Hauwakulu Tabra by Private Adamu Muhammad occurred on the night of Thursday 11 April 2024 and her corpse was discovered within the barracks on Friday 12 April 2024. Preliminary investigations revealed that the late Hauwakulu Tabra was actually murdered by the said soldier, who is

presently in detention for further investigation to unravel the motive behind his actions.

"The Nigerian Army extends its heartfelt condolences to the family of the deceased Miss Hauwakulu Tabra and also emphatically assert that at no time has the NA enlisted

repentant Boko Haram members into its fold as mischievously insinuated.

"The general public should be rest assured that justice will be served, as the NA will not condone any unprofessional conduct or indiscipline within its ranks".

Chibok: US Declares It Stands with Nigeria, Reaffirms Support for Survivors

Ugo Aliogo

The United States Diplomatic Mission has stated that it is committed to supporting Nigeria's efforts to combat terrorism and protect its citizens. The embassy in a statement stated that they have continued to support the Nigerian government's ongoing efforts to make Nigeria more secure, to hold perpetrators of attacks

accountable, and to ensure the safety and well-being of all its citizens.

The partnership between the United States and Nigeria, the country said, is built on a foundation of shared values and common goals. “We will continue to work together to promote peace, security, and stability in the region, and to support initiatives that foster education, economic

Shaibu’s Security Post Removed after Impeachment

Adibe Emenyonu in Benin City

The security post of former Deputy Governor of Edo State, Mr. Philip Shaibu, was yesterday removed by some persons believed to be agents of the state government. Shaibu was impeached Monday last week by the state House of Assembly following recommendation by a seven-man panel of investigation set up by the state Chief Judge, Justice Okungbowa. As deputy governor, Shaibu erected a make-shift security post close to his private residence within the GRA. The security post which shares the same fence with the golf course served as temporary shelter or first port of call for his security details before and after close of work.

It was gathered that the demolition squad was made up of members of the Edo State Network (ESSN), members of the state government owned Public Works Volunteers (PUWOV), and the conventional police. Reacting to the demolition, a senior member of one of the operatives that carried out the demolition yesterday, but did not want his name in print as he was not authorised to speak, said the removed security post was carried out since the former deputy governor is now a private citizen and may have lost the privilege of having such security post.

growth, and human rights. “As we mark one decade since this terrible act, we reaffirm our support for the survivors, their families, and all those affected by terrorism.

The United States stands with Nigeria in its fight against extremism and its commitment to creating a safer, more prosperous future for all its people,” it said.

Edo Condemns Clash Between LP Candidate, Akpata, and UNIBEN SUG

The Edo State Government has condemned the violence associated with the Labour Party candidate, Mr. Olumide Akpata's visit to the University of Benin on Friday, April 12, 2024.

The government said claims and counterclaims had been made by Mr. Akpata and the Student Union Government (SUG) of the University in statements issued by both parties on April 13, and active investigation was ongoing on the issue.

It, however, warned “in the strongest terms that it will not

tolerate violence or this sort of irresponsible behaviour which was associated with the visit of Mr. Akpata to the institution.

“Government has the primary responsibility to ensure the security of lives and property in the State and will spare no effort to ensure that anyone who breaches the peace, no matter how highly placed, will face the full weight of the law.

“We hereby call on all Edo people to go about their lawful businesses without let as relevant agencies progress with their investigation into the said matter.”

You Have Used Your Position to Fight Oil Theft, Oborevwori Tells Tompolo

Sylvester Idowu in Warri

Delta State Governor, Hon. Sheriff Oborevwori has congratulated Niger Delta activist and ex-militant leader, Chief Government Ekpemupolo as he clocked 53 years on April 12.

Oborevwori, in a statement by his Chief Press Secretary, Festus Ahon, weekend said that Ekpemupolo, popularly known as Tompolo, remains an illustrious son of Niger Delta, who has contributed immensely to the peace and development of the region and country.

Also, the apex Ijaw youth's body,

Ijaw Youth Council (IYC) worldwide described Tompolo as a harbinger of hope and development of the Niger Delta and Nigeria at large.

Oborevwori said that as Chairman of Tantita Security Services, Ekpemupolo has used his privileged position to fight oil theft in the Niger Delta, thereby contributing immensely to increased oil production with its attendant benefits on the revenue generation of the country. He further remarked that governments of the states of the Niger Delta and even the federal government appreciate the efforts

of ‘’Tompolo’’ for ensuring peace and security of the region and the country.

“On behalf of my family, the government and people of Delta, I congratulate an illustrious son of the Niger Delta, High Chief Government Oweizide Ekpemupolo on the occasion of his 53rd birth anniversary.

“A man of peace, Tompolo, as he is affectionately known, has made significant contributions to the growth and development of the oil-rich Niger Delta and has persistently partnered with regional

administrations to uphold peace. “As he celebrates his 53rd birth anniversary, it is my prayer and that of the people of Delta and Nigeria, that God will continue to bless him with good health and wisdom to continue in his services to the country and humanity,” the governor said.

Also, the apex Ijaw youths’ body, in a statement weekend by its national spokesman, Binebai Princewill, to commemorate the birth anniversary of Tompolo, said the Niger Delta and Ijaw leader had paid his dues for the economic and political survival of the people of

Ijaw nation and the region.

Princewill said the entire Ijaw nation was proud of Tompolo as their highly revered leader owing to his sacrifices in the struggle to emancipate his people.

The spokesman said through his company, Tantita Security Services, Tompolo had played a crucial role in securing crude oil pipelines, thereby preventing oil theft and sabotage.

“We are very lucky to have Tompolo in this present era of our nascent movement for resource control. Tompolo’s leadership has been marked by unwavering dedication,

resilience, and a commitment to the betterment of our communities.

“His vision for a prosperous and empowered Niger Delta has inspired countless youths to actively participate in the struggle for justice and equity.

“Furthermore, Tompolo’s exemplary leadership has been recognised and honoured by reputable organisations and citadels of learning. He has been bestowed with numerous awards and honorary doctorates in recognition of his outstanding contributions to society and his relentless pursuit of justice and equity,” he said.

Commission, Mr. Lekan Fatodu; Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem; Chief Executive Officer, Phoenix Global, Ms. Larisa Miller; and Chief Executive Officer, Post Assurance Brokers Limited, Mr. Lekan Ajisafe, at the meet and greet session with members of American Football League held in Surulere, Lagos...recently

HUMAN RESOURCES BREAKFAST DIALOGUE …

L-R: Chief Catalyst at OLCA Coaching Limited, Dr. Lanre Olusola(left) and the Managing Director/Chief Executive Officer, Pan AfricanTowers, Azeez Amida, at the third annual Human Resources Breakfast Dialogue in Lagos…recentlyria in Lagos...recently

FG Urged to Withdraw Soldiers from Yobe Town over Killing of Three Protesters

Michael Olugbode in Damaturu

Yobe State youths have called on the federal government to withdraw soldiers from their town.

The call followed alleged killing of protesters by soldiers in Gashua town in Bade Local Government Area of the state.

This was said to have annoyed the association of tricyclists in the town who went on a protest match.

While protesting the incident, the military at a checkpoint were said to have taken aim at them,

The protest was ignited when one of the vehicles of the military patrolling the town hit a tricycle injuring the tricyclists and his passengers.

Monarch Commends Bauchi Deputy Gov on Loyalty

Segun Awofadeji in Bauchi

The Emir of Katagum in Bauchi State, Alhaji Umar Farooq, yesterday applauded the state’s deputy governor, Rt. Hon. Mohammed Auwal Jatau for his total loyalty and unwavering support to his principal, Governor Bala Abdulkadir Mohammed, urging him to sustain the tempo.

The Emir, who was speaking when he received the deputy governor on a sallah homage at his palace in Azare, said Jatau’s dedication and commitment towards supporting the vision of the governor for the development

of the state has not gone unnoticed. Alhaji Farooq also said the deputy governor’s relentless efforts in supporting Governor Mohammed’s initiatives and programmes have played a significant role in the journey towards the progress and prosperity of the state.

According to the Emir, with a fervent belief in inclusive governance, the administration of Governor Mohammed, has championed policies and initiatives that prioritise the well-being of people, regardless of their social or economic standing.

Edo 2024: Iseghohi Wins AA Guber Ticket

TFormer gubernatorial aspirant on the platform of the Labour Party (LP), in Edo State, Prince Tom Iseghohi, has clinched the ticket of the Action Alliance (AA) in the upcoming state governorship primary election.

With his entry, the intriguing Edo State governorship battle is now a four-horse race that would be keenly contested by experienced candidates.

Iseghohi, an erstwhile managing director at Transnational Corp of Nigeria, had earlier withdrawn from the LP primaries, citing lack of transparency and monetisation of the process.

The frontrunner, who pitched his tent with the Action Alliance, won the party’s substitution governorship primary election which was held in Benin-city last Saturday by over 90 percent of the votes.

His closest rival, Chief Tony Omoba Ogie (D’King Mayor), a former gubernatorial aspirant on the platform of the All Progressives Congress (APC), withdrew during the primary poll, citing his belief in the agenda of Iseghohi and the party’s prospects under Iseghohi’s leadership.

‘Nigeria Currently Has over 45,000 Medical Laboratory Scientists’

Onyebuchi Ezigbo in Abuja

Nigeria currently boosts of more than 45,000 qualified medical laboratory scientists in the health sector.

The figure was given by the Registrar of the Medical Laboratory Council of Nigeria (MLCN), Dr. Tosan Erhabor, during an interactive session with the leadership of the Association of Nigerian Health Journalists in Abuja at the weekend.

He said the council would

be inducting 317 foreign-trained laboratory scientists, who has passed validation examination conducted recently. While providing update on personnel and skill availability in the science laboratory sector, Erhabor said there are presently more than 45,000 qualified medical laboratory scientists in the country.

He, however, said that some of the medical laboratory scientists have opted to seek jobs abroad due to their inability to secure a place locally.

killing three protesters and injuring several others.

One Adamu Hassan, an eye witness, told journalists that the

incident happened at the popular Garin Alkaali market via Gashua, the headquarters of the Bade LGA. He said after the initial collision

of a fast moving military patrol vehicle with the tricycle with left the tricyclist and his passengers injured, “the association of

commercial tricyclists mobilised and staged protests in some locations blocking the main road leading to Gashua.

Fatal Crash: FRSC Orders Aggressive Enforcement against Route Violation

Owing to the unfortunate fatal crash that claimed 19 lives yesterday 14 along OyoOgbomoso road due to route violation referred to in local parlance as ‘one way’, Corps Marshal, Federal Road Safety Corps, Dauda Ali Biu, has directed sector commanders to step up patrol operations to tackle the menace. Crash investigation report submitted to the Corps Marshal regarding the crash indicates that it involved a total of two vehicles, a Toyota Hiace Bus registered as NTT52ZY loaded from Ibadan en route Sokoto, and a Toyota Corolla saloon car.

all male adults. Of this number, 19 persons got killed while the only surviving victim got rescued by FRSC operatives with injuries.

The report also revealed that the crash which was caused by route violation involved 20 people

According to a statement by the Corps Public Education Officer, Assistant Corps Marshal Jonas Agwu, the FRSC rescue team that conducted the rescue operations took the injured victim to Opabode hospital for emergency

medical attention, while the dead bodies were deposited at Oyo General Hospital Morgue. The Corps Marshal has, however, called on the motoring public to avoid all incidences that could lead to road traffic crashes on our roads.

He also directed Oyo State Sector Commander to deepen investigation into the crash.

ADF to Establish Monitoring System for Effective Governance in South-east

Gideon Arinze in Enugu

A pan-Igbo group, Alaigbo Development Foundation (ADF), has announced plans to set up a monitoring system that will ensure effective governance across the South-east region of the country.

The President of the Foundation, Prof. Ukachukwu Awuzie, who made this known while addressing journalists in Enugu yesterday, said that the system would hold leaders accountable and deal with the perennial challenge of corruption in public service.

He noted that for far too long, the Southeast has suffered huge setback in terms of infrastructure development, and this is partly as a result of corruption on the part of political office holders who are only concerned about enriching themselves.

According to him, “The essence of the monitoring system is to compel the political and administrative leaders in Igboland to sit up and render accounts of their stewardship to the people of the region. It will ensure that governors, especially, focus on qualitative governance and lift the people away from poverty.”

Edo 2024: Factional LP Guber Candidate, Idahosa, Calls for Reconciliation, Unity

Sunday Okobi

As the countdown to Edo State governorship election billed for September 21 begins, the factional Labour Party (LP) governorship candidate in the state, Dr. Hilton Oduwa Idahosa, has called on the

party members to be united and close ranks.

Idahosa noted that if the current ‘confusion’ in the party is not quickly resolved, it would affect the electoral fortune of the party in the September election, stressing that the party is at the point of snatching victory from the jaws of defeat.

Speaking to journalists in his campaign’s headquarters in Benin-city, Idahosa, who is of Alhaji Lamidi Apapa-led faction, said: “l have the utmost assurances that the good people of Edo State will be ready to give the Labour Party their mandate in the September election, only if we come in as a united, committed and dedicated Labour Party. “Nobody attains victory on the battlefield following indecisive, disunited and disjointed preparations.

Kwara 2027: Group Rallies Youths’ Support to Sustain APC Leadership

Hammed ShittuinIlorin

A leading pro-democracy group in Kwara State, Kwara Must Change, at the weekend said plans were on top gear towards sustaining the progressives leadership in the state through youths massive mobilisation ahead of the 2027 polls in the state. The group, which also championed the popular ‘Otoge’ political revolution in 2019 elections, however, said the move would go a long way to ensure the electoral victory of the progressives during the poll.

Speaking with journalists in Ilorin, the Kwara State capital, the Coordinator of the group, Mr. Abdulrasaq Hamzat, said the mission to sustain the progressive order was a collective responsibility, noting that there’s no success without successor.

Hamzat, during a focused group

discussion involving several youths across the three senatorial districts of the state, said that the task of sustaining the gains of ‘Otoge’, which translates to ‘Enough is Enough’, should be treated with equal determination as the Otoge Revolution itself.

Engineers Suggest Ways to Address Electricity Crisis

Kasim Sumaina in Abuja

The Nigerian Institute of Electrical and Electronic Engineers (NIEEE) has expressed worry over the persistent crisis in the Nigeria Electricity Supply Industry (NESI) and has called for a redesign of market rules to address issues of reliability and market imbalance in the sector.

President of the Institute, Felix Olu, in a communique issued at the end of the institute virtual meeting, hinted that the problems in the power sector were systemic. According to him, there is no strict compliance with rulebased market design with strong penalties for defaulters.

He said: “Problems within the power sector include: transmission infrastructure capacity; inefficient quality service; ageing equipment; lack of spare parts; dearth of technical manpower; use of radial networks as against modern network topologies, the unwillingness of distribution companies (Discos) to accept loads; the private investor’s reluctance to invest in the power businesses and astronomical aggregated technical and commercial losses.

Kogi to Construct Road Networks to Improve Security Architecture

Ibrahim Oyewale in Lokoja

As part of efforts to improve security architecture in Kogi state, Governor Usman Ododo, has said his administration will soon commence the construction of road networks linking communities in different parts of the state.

Ododo made this during his Sallah homage to the people of Onyukoko-Idoji ward in the Okene Local Government area as part of his tour of communities during the Sallah break.

The governor, who addressed a gathering of supporters at Idoji, expressed concern over the condition of the IdojiEnyinare road and promised that immediate attention would be given to the road along with other roads linking local communities in different parts of the state.

He stressed that people in local communities need to be connected by road infrastructure to enhance social and economic activities in the state.

Governor Ododo noted that he was well aware of challenges in the area and promised that his administration would not relent in addressing gaps in road infrastructure across the state for the benefit of the citizens.

BACKPAGE CONTINUATION

5TH LARGEST ECONOMY BY 2075?

as they did to Russia. We will demand a name change to African Giant + 5 Whites + 2 Yellows, i.e. China and India.

You know why this Goldman Sachs projection pleases me no end? One day in the 1990s, the late ABU lecturer Dr. Sabo Bako and I were standing on a hotel balcony in Paris, watching the glitz, the bright lights, the old architectural wonders and the endless flow of traffic. I turned and asked Dr. Sabo, “When do you think our country will attain this level?” He snapped, “Why are you asking about when we will get there when we are not even going in that direction?”

Since that pessimistic assessment, it looks like we, as a country and people, have made a sharp U-turn and are not hurtling down the road in the correct direction, thanks to this discovery by Goldman Sachs. Their discovery is as momentous as Mungo Park’s “discovery” of the River Niger in 1795 AD. Maybe even more momentous than Henry the Navigator’s “discovery” of Africa, seven million years after the first humans evolved here and some of them wandered away to Asia and Europe and gave birth to his ancestors.

Anyway, I could not help but wonder: what gave rise to this great turn-around for our country, from what Dr. Sabo once said was going in the wrong direction? According to Goldman Sachs, “Nigeria’s growth is expected to be driven by its large and young population, potential in agricultural and energy sectors, and emerging technology sectors.” This explanation gave me a pause. Young population? The same one that President Buhari once described as lazy? When there was an uproar, he tired to correct it. I think

he chose the term indolent instead.

I don’t want some Nigerian parents to get the impression from this Goldman Sachs report that all it takes for a nation to become great is the number of young people that it has. Right now, too many Nigerian parents think only about the recreational aspect of child bearing. They hardly think about the housing needs, sanitation, physical safety, food bills, hospital bills, school fees, recreational facilities and the intense cultural guidance and investment that are needed to bring up a child. Too many parents just “born throway,” according to Dame Patience Jonathan. With an estimated 20 million out-of-school children, a number that has risen non-stop since 1976 when we launched the Universal, Free, Compulsory Primary Education [UPE], how is your youthful population an asset?

This youthful population needs universal, quality education and skills in order to become an asset, instead of a liability. Even after dealing with the out-of-school children, there is the small matter of poorly-trained and motivated teachers, of the type Kaduna State Government threw out some years ago and it caused an uproar. Then there is the matter of ASUU strikes. Of the three countries that experienced the greatest economic miracles in the 20th and early 21st centuries, namely Japan, Germany and China, I did not read about their universities closing for a cumulative 4 years in two decades due to lecturers’ strikes, but we may be the first.

“The potential in agricultural and energy sectors” that Goldman Sachs talked about almost made me to yawn. Which? When, after all these decades, our agriculture is

still in the hands of subsistence peasant farmers, who very industriously till the land but obtain very little produce due to lack of knowledge and modern tools?

An Agriculture Minister once said that there are more tractors in India’s Punjab State than in the whole of Nigeria. Is that the kind of agriculture that factored into Goldman’s calculation, one that cannot feed us now that we are only 200 million, and we don’t know what will happen in 2050 when our population is projected to hit 400 million?

Where did Goldman Sachs get the impression that Nigeria’s energy sector is an explosive growth area? When we are still talking about Band A tariffs?

Two years ago, someone dug up an old copy of Newswatch magazine from the late 1980s, when key government officials were talking about surpassing 3,000 MW in power generation. Thirty five years, billions of dollars, a dozen ministers, many reforms and many privatisations later, the sector is still stuck around that level. At that rate of growth, we will be lucky to have 10,000 megawatts in 2075; can that power a $13 trillion economy?

Our economy breathing down the neck of America’s in 2075? Without Silicon Valley, Great Lakes industrial region, Wall Street, the highly productive prairies and Texas cattle ranches, Kennedy Space Center, 15,000 airports, 360 seaports, 4,000 universities including five of the world’s top ten, 1,279 daily newspapers and 1,758 TV stations? Never mind; we have 51 years from now to surpass those numbers.

What Goldman Sachs said about the

AIR PEACE, CAPITALISM, AND NATIONAL INTEREST

had soared to as much as N3.5 million for the economy ticket. However, after Airpeace introduced a return economy class ticket priced at N1.2 million, foreign carriers like British Airways, Virgin Atlantic, and Qatar Airways reduced their fares significantly to remain competitive.

In a price war, there is little the government can do. In an open-market competitive situation such as this, our government must not act in a manner that suggests it is antagonistic to foreign players and competitors. There must be an appearance of a level playing field. However, the government owes Airpeace protection against foreign competitors backed by their home governments. This is in the overall interest of the Nigerian consumer of goods and services. Competition history in the airspace works where the Consumer Protection Authority in the host country is active. This is almost absent in Nigeria and it is a reason why foreign airlines have been arbitrary in pricing their tickets. Nigerian consumers are often at the mercy of these foreign firms who lack any vista of patriotism and are more inclined to protect the national interest of their governments and countries.

It would not be too much to expect Nigerian companies playing globally to benefit from the protection of the Nigerian government to limit influence peddling by foreign-owned companies. The success of Airpeace should enable a more competitive and sustainable market, allowing domestic players to grow their network and propel Nigeria to the forefront of international aviation.

The second is Proforce, a Nigerian-owned military hardware manufacturing firm active in Rwanda, Chad, Mali, Ghana, Niger, Burkina Faso, and South Sudan. Despite the growing capacity of Proforce in military hardware manufacturing, Nigeria entered two lopsided arrangements with two UAE firms to supply military equipment worth billions of dollars , respectively. Both deals are backed by the UAE government but executed by UAE firms. These deals on a more extensive web are not unconnected with UAE’s national strategic interest. In pursuit of its strategic national interest, India is pushing Indian firms to supply military equipment to Nigeria. The

Nigerian defence equipment market has seen weaker indigenous competitors driven out due to the combination of local manufacturers’ lack of competitive capacity and government patronage of Asian, European, and US firms in the defence equipment manufacturing sector. This is a misnomer and needs to be corrected. Not only should our government be the primary customer of this firm if its products meet international standards, but it should also support and protect it from the harsh competitive realities of a challenging but strategic market directly linked to our national military procurement ecosystem. The ability to produce military hardware locally is significant to our defence strategy. This firm and similar companies playing in this strategic defence area must be considered strategic and have a considerable place in

potentials of some of our rival countries appeared to me to be more realistic. With respect to Egypt, for example, it said its future growth will be powered by its “strategic location, growing service sector and government reforms in infrastructure and energy.” Something like strategic location, there is obviously nothing we can do about it now. You either have strategic location or you don’t have. We can however do something about infrastructure, hopefully beginning with the $11 billion Lagos-Calabar highway.

As for South Africa, the projection is that it will bank on its “rich natural resources, developed financial and legal systems and regional influence.” Goldman Sachs, are you saying because we have no gold and coal like South Africa, buffalo and zebra herds roaming our plains or even Great White Sharks and orcas swimming off our coast, we don’t have “rich natural resources”? You mean our financial system is not developed, even after CBN jerked up banks’ capital to half a trillion naira?

Anyway, one good thing about the Goldman Sachs projection is that few, if anyone, who read it in the newspapers today, will be around in 2075 to know if indeed it was realized. Afterall, Nigeria has missed every kind of growth target in the last 40 years, from Health for All by the Year 2000 to Vision 2010, Vision 2020, Millenium Development Goals 2015 to Sustainable Development Goals 2025. My only hope is that if, by 2075, Nigeria’s tech-savvy youths succeed in establishing an internet link between this world and the Hereafter, they should kindly send us an email and let us know if the target has been achieved.

especially in the sub-region and across Africa and support the companies in these sectors to advance and grow to dominate in the African region with a view to competing globally. Government support in the form of incentives such as competitive grants ,tax credit for consumers ,low-interest capital, patronage, G2G business, operational support, and diplomatic lobbying, amongst others, will alter the competitive landscape. Governments and key government agencies in the west retain the services of lobbying firms in pursuit of its strategic interest.

Nigeria’s foreign policy calculations. Protecting Nigeria’s interests is the primary reason for our engagement in global diplomacy. The government must deliberately balance national interest with capacity and competence in military hardware purchases. It will not be too much to ask these foreign firms to partner with local companies so we can embed the technology transfer advantages.

Increasingly, other companies, especially in the banking and fintech sectors, are making giant strides in global competitiveness. Our government must create an environment that enables our local companies to compete globally and ply their trades in various countries. It should be part of the government’s overall economic, strategic growth agenda to identify areas or sectors in which Nigerian companies have a competitive advantage,

Nigerian firms’ competitiveness on a global scale can only be enhanced by the support of the Nigerian government. Foreign policy interests should be a key driver of Nigerian trade agreements. How does the Nigerian government support private companies to grow and compete globally? Is it intentionally mapping out growth areas and creating opportunities for Nigerian firms to maximize their potential? Is the government at the domestic level removing bottlenecks and impediments to private company growth, allowing a level playing field for these companies to compete with international companies? Why is the government patronising foreign firms against local firms if their products are of similar value? What was the rationale for flight tickets from Lagos to London costing N3.5M for the economy class just a few weeks ago only to come down to N1.3M with the entrance of Airpeace to the market? Why are Nigerian consumers left to the hands of international companies in some sectors without the government actively supporting the growth of local firms to compete in those sectors? These questions merit honest answers. Nigerian national interest must be the driving factor for our foreign policies, which must cover the private sector, just as is the case with most developed countries. The new global capitalism is not a product of accident or chance; the government has choreographed and shaped it by using foreign policies to support and protect local firms competing globally. Nigeria must learn to do the same to build a strong economy with more jobs.

Allen Onyema

Boniface and Leverkusen End Bayern Munich’s 11-year Reign as Bundesliga Champions

Duro Ikhazuagbe

Nigerian international, Victor Boniface, won the German Bundesliga in his first season with Bayer Leverkusen yesterday. It was Leverkusen’s first time-ever to lift the German league title.

It was also the first time in 11 years that perennial winner, Bayern Munich were denied the title. The Super Eagles forward set the ball rolling with his first goal of the day as Leverkusen hammered Werder Bremen 5-0 to claim the title with 79 points from 29 matches.

Arsenal’s Title Hope Dealt a Blow by Aston Villa

Aston Villa produced an outstanding performance to stun Arsenal 2-0 at Emirates Stadium and leave Manchester City in pole position in the Premier League title race.

The game started with high anticipation for the Gunners after Liverpool's shock 0-1 home defeat by Crystal Palace, but Arsenal were desperately disappointing and well beaten as Villa boss Unai Emery made a winning return to his former club.

Arsenal were fortunate to remain on level terms for so long against the impressive visitors, who secured a deserved win to move three points ahead of Tottenham in fourth having played a game more.

The only surprise was that it took Villa until six minutes from the end of normal time to open the

PREMIER LEAGUE

scoring - Ollie Watkins and Youri Tielemans hit the woodwork in each half before Leon Bailey finally broke the deadlock with a low finish at the far post.

Arsenal were kept out in the first half when Villa goalkeeper Emiliano Martinez made a stunning save from Leandro Trossard, but the visitors wrapped up the win when Watkins raced clear in the 87th minute to loft a composed finish over David Raya. It completed a perfect weekend for reigning champions City, with Pep Guardiola's side now two points clear of Arsenal who are ahead of third-placed Liverpool on goal difference.

Renowned Athletics Coach, Nuhu, Salutes Okpekpe Race at 10

One of Nigeria's most respected distance running coaches, Stephen Nuhu, has said that the worldacclaimed and World Athletics Gold Label Okpekpe international 10km Road Race has been a blessing to Nigeria.

Nuhu also congratulated organisers of the race on the 10th anniversary of the historic event which he says has 'put Nigeria on the map of the world as a destination for sports'.

“I want to congratulate the organisers of the race for consistently organizing a world-class event every year. It is a testament to the organizational ability of Nigerians and I am happy World Athletics acknowledged this with the label status granted the race in 2015 and its subsequent upgrade from silver to gold,' said Nuhu.

The Plateau state-born coach who is known for producing most of today's elite long-distance runners

in Nigeria says the Okpekpe race is the only international road race in Nigeria that does not discriminate between Nigerian elite runners and their foreign counterparts.

“It is only Okpekpe race that has provided transport subsidy and accommodation for our elite athletes the same way they did for foreign elite athletes.

“Whenever we come to Okpekpe, we don't worry about where to sleep and that has helped the athletes to focus on the race.

“It has also helped the athletes to mingle with their foreign-based counterparts and has provided the platform for the exchange of ideas including training methods and other opportunities,” he remarked.

Nuhu is particularly grateful to Mike Itemuagbor, the race promoter/organizer for always insisting that Nigerian elite distance runners deserve to be treated equally like those from abroad.

Abdulrahman, Moko Headline Customs Team at Armed Forces Basketball Championship

International basketball guard, Abdulrahman Mohammed, has been recalled from retirement to lead Nigeria Customs Service men's basketball team as the second edition of the Nigerian Armed Forces and other Security Agencies is set to tip-off at the Indoor Hall of the MKO Abiola International Stadium, Abuja.

The championship will feature seven teams between April 15th through April 20th, 2024.

The teams include the Nigerian Army, Navy, Air Force, Nigeria Customs Service, the Nigeria Police, Civil Defence and the Correctional Centre (Prisons). Abdulrahman who coached the Nigeria Customs women's team to the FIBA Africa Zone 3 top spot

last December will be joined by his several teammates like Daniel Moko, and Samson Ogunsanwo among others.

Team Coach Mohammed Abbah popularly known as 'Jagu' is confident that the team will not disappoint the Bashir Adewale Adeniyi-led Customs management.

"This is the first time we will participate in the championship because our players were not available when the first edition was held but we are up to the task.

"I have huge confidence in our players as they are tested both at the local and international scene with many having represented Nigeria in the past, concluded Coach Mohammed.

Granite Xhaka added the second in the 60th while Florian Wirtz’s hat trick in the 68th, 83rd and 90th ensured that the celebration kicked off in ernest.

It was 16 points advantage over second placed Bayern Munich on 63 points.

Xabi Alonso’s runaway leaders wrapped up the title in style with five games to spare with fans trooping into the main-bowl of the Bay Arena to celebrate their first Bundesliga title in the club’s 120-year history. Leverkusen, who could yet

complete the first-ever unbeaten season in the Bundesliga, become the first team to beat Bayern to the German top flight since Jurgen Klopp led Borussia Dortmund to consecutive titles in 2011 and 2012.

Alonso’s side thrashed Bayern 3-0 in February to open up a five-point lead in the title race, a gap that grew into a chasm as the champions unravelled under Thomas Tuchelfollowing a series of shock defeats in the spring. Alonso, a World Cup-winning midfielder with Spain who lifted major titles at Liverpool, Real Madrid

and Bayern, joined Leverkusen in October 2022 with the side 17th in the table after just one win from their first eight matches of the season.

In what is his first managerial role, Alonso’s impressive work at Leverkusen made him the target of some of Europe’s biggest teams, including his former clubs Liverpool and Bayern.

Alonso has already put that speculation to rest, however, confirming last month that he had decided to stay with Leverkusen next season. The 42-year-old said he has “much more to do” before

his work at the club is complete.

As well as attempting to go the full 34-game season unbeaten, a feat never before achieved in the history of Germany’s top flight, Leverkusen could also find the treble by adding the German Cup and Europa League trophies next month.

Leverkusen will play FC Kaiserslautern, a side currently fighting relegation from the second-tier Bundesliga 2, in the German Cup final on May 25, while they will take a 2-0 lead into the second leg of their Europa League quarter-final against West Ham United.

Osimhen’s Strike Not Enough as Napoli’s Europe Dream Fades

The chances of Victor Osimhen’s Napoli to play in next season’s UEFA Champions League were dealt with a major blow yesterday after a 2-2 home draw in their Serie A match with struggling Frosinone.

Although the Super Eagles forward was on target with another superb goal, it was Walid Cheddira's first brace in Italy's top flight that earned a point for Frosinone in Naples.

It left ailing Italian champions Napoli in eighth, six points behind fifth-placed Roma, who extended their advantage in the match against

ITALIAN SERIE A

Udinese later last night.

Italian clubs' strong performances in European football mean a top-five finish in Serie A is almost certain to gain a spot in the Champions League.

Napoli are increasingly unlikely to be among that group and were booed off the pitch at a sparselypopulated Stadio Diego Armando Maradona.

Francesco Calzona's side looked set for sixth place when Osimhen

diverted home Khvicha Kvaratskhelia's mishit shot in the 63rd minute.

Instead, Cheddira, who had previously levelled Matteo Politano's stunning early opener after the away side were gifted possession by Napoli goalkeeper Alex Meret, headed home his second 10 minutes after Osimhen's strike.

Frosinone stays just inside the bottom three and level on 27 points with 17th-placed Verona, who are outside the relegation zone on goal difference and face Atalanta on Monday.

Eusebio Di Francesco's team

deserved the draw from an eventful game in which Meret initially looked to be the hero after he saved Matias Soule's penalty on the half-hour mark.

Frosinone has only won one league match since late November but successive draws with Genoa, fourth-placed Bologna and now Napoli have boosted their hopes of staying up.

Later Sunday evening, Inter Milan failed to nip the title after Cagliari held the run away leaders to a 2-2 draw at the San Siro.. A win was enough to end the season for inter.

FIA Appoints Three Nigerians into Automobile Sports Commissions

Olawale Ajimotokan

Motorsport world's governing body, the Fédération Internationale de l'Automobile, (FIA) has appointed three members of the Automobile Touring Club of Nigeria (ATCN) into its various commissions.

A statement yesterday by ATCN President, Ishaku Bamiyi listed those appointed as ATCN Vice President, Adedayo Aderugbo; appointed ASN member of the FIA's Off-Road and Hill Climb Commissions; communication manager for the FIA Motorsports Games for ATCN, Linda Dominguez; appointed ASN member of the FIA’s GT Commission; and Chairman, Board of Trustees of Drifting Motorsport Association, Richard Rittner, who was appointed into Drag Racing Commission of FIA.

Their appointments by the FIA World Motorsport Council is for two years, from 2024 - 2025.

It will be recalled that ATCN President, Bamiyi currently serves in FIA Sport Member Clubs Committee.

The Off-Road Commission will

oversee the global Off-Road racing, while the Hill Climb Commission is tasked with the oversight of global Hill Climb Racing.The GT commission is responsible for GT racing around the world and the GT3 category in particular. Rittner is a passionate motorsport enthusiast and mechanical engineer with over 20 years experience in the intricacies of car modifications. He is actively involved in Abuja’s professional precision driving initiative and adept at supervising workshops and fostering optimal vehicle performance. Bamiyi urged the appointees to bring their knowledge on board the

FIA

adding

their experiences

the

Bayer Leverkusen players celebrating ending Bayern Munich’s 11 years reign as German Bundesliga champions on Sunday night

The three Nigerian officials with FIA officials during their induction into the FIA Comission

Matawalle to Northern Elders Forum

“My attention has been drawn to the threats issued by the Northern Elders Forum (NEF)againstPresidentBolaAhmedTinubu,whichis'reprehensibleandnaive'. The so-called NEF is more or less a political paperweight trying to embark on a destructivejourneythatwillbringtheNorthtodisreputeforthegroup'spersonal andselfish gains" -MinisterofStateforDefence,BelloMatawalle,tacklestheNEFover theircommentsagainstPresident Tinubu.

VIEW FROM THE GALLERY

5th Largest Economy by 2075? MAHMUDJEGA

It was the most, possibly the only, cheering news that I could find in our national newspapers at the weekend. Amidst stories of kidnappings, bandit attacks, eighty-nine Chibok girls still unaccounted for, do-or-die battles in the two leading opposition parties and Yoruba Nation agitators storming the Oyo State Government secretariat in Ibadan with apparent secessionist aims, it was the one cheering story. Prominently displayed in This Day on Sunday was the projection by Goldman Sachs, described as “a leading global investment bank,” that Nigeria will emerge as the world’s fifth largest economy by 2075.

I did a celebratory jig for a few minutes. Nigeria, the report said, will be the world’s 15th largest economy by 2050 on its way to the 5th position a quarter of a century afterwards, with a $13 trillion Gross Domestic Production, up from $487 billion by the end of this year [which is itself a projection since the year has not ended]. By that magic year, according to Goldman Sachs, we would

have overtaken all our today’s struggling peers by far. They include Pakistan, which Goldman said would be just behind us in 6th position; Egypt [7th], Brazil [8th], Bangladesh

[16th], Ethiopia [17th], Saudi Arabia [18th], Malaysia [23rd] and South Africa [25th].

Those ones are within the realm of the possible, I think. But wonder of wonders, we would have overtaken Germany [in 9th position], United Kingdom [10th], Japan [12th], Russia [13th], France [15th], Canada [19th], Turkey [20th], Australia [21st], Italy [22nd] and South Korea [24th]. In 2075 we would only be behind China as the world’s largest economy, India as the 2nd largest, USA as 3rd and Indonesia as 4th, according to Goldman Sachs.

Oh, how very pleasing that will be, to be among the world’s top five biggest economies. We would be rubbing shoulders with the high and mighty. Nigeria’s voice will be the only one heard in ECOWAS and African Union. We will call all the shots in the African Free Trade Area. Maghreb Union, Arab League, OPEC and OIC will all come crouching here, lining up at the gates of Aso Rock and begging for an audience.

We would be granted a Permanent Seat in the UN Security Council, something we

DAKUKU PETERSIDE

BENEATH THE SURFACE

have been begging for in the last quarter of a century. BRICS will come running and offer to amend its name to BRINCS but we will keep them at arm’s length. What is our own with their common currency, when the naira is rubbing shoulders with the dollar, the Indian rupee and the Chinese renminbi?

What is African Development Bank and Islamic Development Bank or even World Bank and IMF? They will be borrowing from us. The question of “foreign debt” and “low foreign reserves” that bedevil us today will not arise. People all over Africa and beyond will struggle to change their local currencies into Naira, with a capital N, and hoard it in their homes the way Nigerians are hoarding dollars today. Oyinbos will do a reverse Japa to Nigeria. Look, the G7 group of the world’s richest and most powerful nations will come and plead with us to join. We will dictate the terms; we will not agree to a name change of G8 or G7+1,

Continued on page 46

Air Peace, Capitalism, and National Interest

Nigerian corporate influence and that of the West continue to collide. The rationale is straightforward: whereas corporate activity in Europe and America is part of their larger local and foreign policy engagement, privately owned enterprises in Nigeria or commercial interests are not part of Nigeria’s foreign policy ecosystem, neither is there a strong culture of government support for privately owned enterprises’ expansion locally and internationally. Nigerian firms’ competitiveness on a global scale can only be enhanced by the support of the Nigerian government. It is evident that relationship between Nigerian businesses and foreign policy is important to the national interest. When backing domestic Nigerian companies to compete on a worldwide scale, the government should see it as a lever to drive foreign policy, national strategic interest, promote trade, enhance national security considerations, minimize

distortion in the domestic market as the foreign airlines were doing, boost GDP, create employment opportunities, and optimize corporate returns for the firms. For example, the South Korean mega conglomerates within the chaebols corporate structure, such as Samsung, Daewoo, SK Group, LG, and others, have become globally recognizable brands thanks to the backing of the South Korean government. For Chaebol to succeed, strong collaboration with the government has been essential. Also, in telecommunications, Huawei would only be such a well-known brand worldwide with the backing of the Chinese government. The opposite is the case with Nigeria. Admitted nations do not always interfere directly in their companies’ business and commercial dealings, and there are always exceptions. I can cite two areas of exception: military sales by companies because of their strategic implications and are, therefore, part of foreign and diplomatic policy and processes. The second is where the products

or routes of a company have implications for foreign policy. Air Peace falls into the second category in the Lagos – London route.

Two events demonstrate an emerging trend that, if not checked, will disincentivize Nigerian firms from competing in the global marketplace. There are other notable examples, but I am using these two examples because they are very recent and ongoing, and they are typological representations of the need for Nigerian government backing and support for local companies that are playing in a very competitive international market dominated by big foreign companies whose governments are using all forms of foreign policies and diplomacy to support and sustain.

The first is Airpeace. It is the only Nigerian-owned aviation company playing globally and checkmating the dominance of foreign airlines. The most recent advance is the commencement of flights on the Lagos – London route. In Nigeria, foreign airlines

are well-established and accustomed to a lack of rivalry, yet a free-market economy depends on the existence of competition. Nigeria has significantly larger airline profits per passenger than other comparable African nations. Insufficient competition has resulted in high ticket costs and poor service quality. It is precisely this jinx that Airpeace is attempting to break. On March 30, 2024, Air Peace reciprocated the lopsided Bilateral Air Service Agreement (BASA) between Nigeria and the United Kingdom when the local airline began direct flight operations from Lagos to Gatwick Airport in London. This elicited several reactions from foreign airlines backed by their various sovereigns because of their strategic interest. A critical response is the commencement of a price war. Before the Airpeace entry, the price of international flight tickets on the Lagos-London route

Continued

Tinubu