WEDNESDAY 17TH APRIL2024

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Wike Backs Damagum to Retain Seat as Governors Scramble for His Replacement PDP won't implode, poised to regain power come 2027Wabara, Declares Ologbondiyan: Thursday NEC is all about acting national chairman North central leaders endorse Suswam for party’s number one office

As the National Executive Committee (NEC) of the Peoples Democratic Party, PDP, meets tomorrow in Abuja, the Minister

of the Federal Capital Territory (FCT), Nyesom Wike is alleged to be pulling all the stops to help National Chairman of the Party,

Umar Damagum, retain his office. Already, governors elected on the platform of the PDP are said to be divided on the main

agenda of the meeting, which is to either retain Damagum or replace him as some members have demanded.

While some of the governors are believed to support the idea

Continued on page 10

Says production from assets fell to 120,000bpd, from 600,000bpd Insists country's output could rise to 5mbpd in 18 months

17 April, 2024 Vol 29. No 10598.
TRUTH & REASON
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lAUNCh Of RENEWEd hOPE INItIAtIVE (RhI) WOmEN AgRICUltURAl SUPPORt PROgRAmmE... L-R: Wife of Imo State governor, Mrs Chioma Uzidimma; wife of Osun State governor, Titilola Adeleke; wife of Lagos State governor, Dr. Ibijoke Sanwo-Olu; wife of Oyo State governor, Tamunominini Makinde; Ogun State Governor, Prince Dapo Abiodun; First Lady and wife of the President, Senator Oluremi Tinubu; wife of Ogun State governor, Mrs. Bamidele Abiodun; wife of the President of the Senate, Mrs. Ekaette Akpabio and wife of Ekiti State governor, Dr Olayemi Oyebanji, after a courtesy call on the governor for the launch of the Renewed Hope Initiative (RHI) Women Agricultural Support Programme and Social Investment Programme for Persons Living with Disabilities, which took place at the Cultural Centre, Kuto, Abeokuta, Ogun State... yesterday Continued on page 10 mark-up. Lokpobiri: Nigeria Has Lost $34bn in Oil Output Decline from Delayed Seplat-ExxonMobil Deal In Major Move, Dangote Crashes Diesel Price to N1,000/litre from N1,200 Emmanuel Addeh in Abuja In a move that has been described as ‘unprecedented’ , the Dangote Petroleum Refinery yesterday announced a further reduction of the price of diesel from N1,200 to N1,000 per litre. Members of the Independent Petroleum Marketers Association of Nigeria, had a few weeks ago said that local oil marketers set the price at N1,225 naira per litre for diesel after securing a bulk purchase agreement, prior to adding their
Chuks Okocha, Adedayo Akinwale in Abuja and Emmanuel Ugwu-Nwogo in Umuahia
Kaduna Assembly Sets Up 13-member C’ttee to Probe El-Rufai’s Administration ... Page 37 Otu Wants Ceding of Bakassi Revisited, Vows to Seek Compensation... Page 8 Story on page 10
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ALAKE MEETS OAU MANAGEMENT OVER MINING...

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Tinubu: Single Window Project to Generate $2.7bn Revenue Annually

Says initiative will revolutionise conduct of trade in Nigeria

Steering committee targets

Deji Elumoye in Abuja

President Bola Tinubu has inaugurated a steering committee for the Single Window (SW) Project with a disclosure that the implementation of the initiative would generate about $2.7 billion revenue to the nation's purse.

The SW Project is a crossgovernment website to facilitate trade by offering a single portal for trade actors, both Nigerian and international, to access a full range of resources and standardised services from different Nigerian agencies.

Speaking yesterday, while inaugurating the committee inside the Council Chamber of the State House, Abuja, the President said the benefits of the laudable economic initiative were immense, adding that, "the paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion US dollars".

He stated that, “the transformative project” will ginger the nation's economy to new heights as it is not just a policy but “a bold statement” of the present government's commitment to progress, prosperity, and the well-being of all Nigerians.

Stressing that the nation has immense potential having been blessed with people of resilience, creativity, and unwavering spirit of enterprise, Tinubu, however, expressed concern that, “for far too long, our economic growth has been hindered by the complexities and inefficiencies in our trade processes. Today, we say that there should be no more.”

He assured that the national single window was a game changer that would revolutionise the way trade was being conducted in the country, noting that, “by simplifying government trade compliance through a digital platform, we will unlock the doors to economic prosperity and all other opportunities.”

According to the President: “This initiative will link our ports, government agencies and key stakeholders, creating a seamless and efficient system that will facilitate trade like never before. Imagine a Nigeria where business can save time and resources, where small enterprises can reach global markets and where the informal e-commerce sector is brought into the fold increasing our tax base. This is the Nigeria we are building with the National Single window.

“Countries like Singapore, Korea,

Kenya and Saudi Arabia have already seen significant improvement in trade efficiency after implementing Single Window Systems. It is time for Nigeria to join their ranks and reap the reward of a streamlined, decentralized trade process. We cannot afford to lose an estimated four billion in US dollars annually to red tape, bureaucracy, delays and corruption at our ports.

“The National Single Window will address these issues headlong, preventing revenue leakage and facilitating effective trade. By doing so, we will create a more transparent, secure and business-friendly environment that will attract investment and spur economic growth.

“The implementation of the National Single Window will not be an overnight process, I know. It requires dedication, collaboration and a phased approach. But I assure you my fellow brothers and sisters, that we are fully committed to seeing this project through.

“We work tirelessly to ensure its success by engaging all partner agencies and stakeholders to create a system that works for every one of us.

“Moreover, the National Single window is not just about Nigeria, by linking our system with those of other African nations, we will expedite cargo movement and optimise inter-Africa trade. This initiative is a testament to our commitment to regional integration and our belief in the power of collaboration.”

The President emphasised that the inauguration of the steering committee marked the beginning of a new era, “an era of unyielding commitment to prosperity, efficiency and endless possibilities. The national single window is not just a project; it is a symbol of our determination to build a better future for ourselves and generations to come.”

He called on all citizens to embrace the initiative with open arms, adding: “Let us work together as one nation to make the National Single Window a resounding success. “Let us show the world that Nigeria is ready to take its rightful place as one of the leaders in global trade. Together we will build a Nigeria that is stronger, more prosperous and more united than ever before. The national single window is our gateway to that future. And I am honored to lead us on this transformative journey, I assure you.”

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Tinubu charged the committee to get rid of any obstacles in their way even as he expressed readiness to listen to ideas to make it a success.

His words: “Dismantle all block webs along your way. I will be ready to listen to conversations, your discoveries, to any problem solving areas that will make the single window a big success.

“You are building a legacy and a country that is yours, mine and future generations to benefit from. You have this great opportunity. It's a bold endeavor that will etch your names in gold."

Also speaking, Chairman of the

hours for ports clearance

Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, said implementation of the National Single Window Project was expected to generate an average GDP growth rate of seven per cent annually.

Adedeji, who described the project as more than just a technological advancement, said it was a gateway to a more connected, efficient, and transparent system that links our ports, government agencies, and key stakeholders. According to him, “the current international trade environment is complex involving disparate system and requiring an average

of 40 documents per transaction. Nigeria’s lack of a comprehensive trade facilitation system has led to bottlenecks, corruption, poor delay, decreased revenue and negative business environment.

“The National Single Window is a decisive response to these challenges. By improving trade facilitation, revenue generation economic growth, transparency, security and streamline process, we will transform Nigeria into a global trade powerhouse.

“Data harmonisation is crucial component of this initiative, enabling us to capture, define, analyse and

reconcile regulatory trade document efficiently. Through the National Single Window, we will reduce clearance, times improve economic metrics, increase transparency, reduce trade costs and boost revenue.

“We will create a seamless ecosystem that will facilitate, saves time for business and open up a world of opportunity from providing access to education and healthcare, to enabling small business, to reach global market, digital connectivity is the key to unlocking Nigeria's true potential," he said.

FG, States to Leverage on $750m World Bank-assisted SABER Programme for Land Reforms, Others

Ndubuisi Francis in Abuja

The federal government and the Nigerian Governors' Forum (NGF) have embarked on a collaborative approach to leverage on the World Bank-assisted $750 million State Action on Business Enabling Reforms (SABER) Programme for critical reforms at the subnational level. The nascent programme is designed to improve efficiency in land reforms, and regulatory framework for private investment in fiber optic deployment, among others.

SABER is the successor programme to the States Fiscal Transparency, Accountability and Sustainability (SFTAS) Programmefor-Results (PforR) designed to enthrone fiscal discipline, transparency and accountability at the sub-national level which was introduced in 2018.

It is a three-year (2023-2025) $750 million programme which seeks to incentivise states to implement critical reforms aimed at improving efficiency in land administration, the regulatory framework for private investment in fiber optic deployment, services provided by investment promotion agencies and public private partnership units, and the efficiency and transparency of government to business services in participating states.

To effectively achieve the reforms agenda of the programme, the federal government has engaged the Nigerian Governors’ Forum (NGF) to assist in providing a cocktail of technical assistance services, including advisory, guidelines, peer learning sessions and technical workshops.

The financing from the programme seeks to reward states with over $4.5 million each for successfully setting up the requisite "Governance Systems, Guidelines and Piloting Investment(s) in line with Established Principles."

The National Programme Coordinator, SABER Programme, Dr. Ali Mohammed, who spoke in Abuja at the commencement of a workshop on the Framework for Responsible and Inclusive LandIntensive Agriculture (FRILIA) jointly organised for sub-nationals by the Federal Ministry of Finance and the NGF, expressed government's commitment to adopting responsible and inclusive land-based investment principles in the agricultural sector.

According to him, this is in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu's administration to improve the ease of doing business, deliver on food security, as well as ensure social and environmental sustainability.

FRILIA is one of the many reforms advocated by the SABER

programme.

He noted that, among others, the SABER Programme was designed to ensure the efficiency and transparency of government to business services in participating states, adding that disbursements from the $750 million will be on-lent to the states upon annual verification by an independent verification agent (IVA) that a state has successfully implemented the associated reforms.

The Communication Specialist SABER Programme, Ibrahim Mohammed in a statement quoted Dr. Mohammed Ali as lamenting that although food production has been increasing steadily, attaining food security remains a major challenge,

Ali noted that while the government had intervened in terms of making financing and input available, more systemic issues around land administration and compliance with best practice standards remain an issue.

“As we seek out increased investment in the sector, we must ensure that impediments to doing business are removed and that investors adhere to principles and guidelines that safeguard the rights of host communities.

"They should also employ operating models that have the least impact on livelihood and the environment. It is our belief that the Framework for Responsible and

Inclusive Land-Intensive Agriculture (FRILIA) provides the roadmap for attaining these objectives,” he said. He added that in order to provide the right enabling environment, the Federal Ministry of Finance (FMF) through the World Bank-assisted SABER Programme, has engaged the Nigeria Governors’ Forum (NGF) to assist in providing a variety of technical assistance services, including advisory, guidelines, peer learning sessions and technical workshops.

According to him, the financing from the programme seeks to reward states with over US$4.5 million each for successfully setting up the requisite Governance Systems, Guidelines and Piloting Investment(s) in line with Established Principles.

“This reform will also strategically position your states for local and foreign investment, hence, creating more jobs and eventually, propel the much desired economic growth,” he said.

In his remarks at the workshop, the NGF Director General, Mr. Asishana Bayo Okauru Esq. disclosed that under the SABER) Programme, NGF was working collaboratively with the Federal Ministry of Finance and the World Bank to deliver advisory and capacity-building support to states.

THISDAY • WEDNESDAY, APRIL 17, 2024 5 NEWS Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322, 0807 401 0580
Director, Physical Planning, Obafemi Awolowo University (OAU), Dr. Anthony Adebayo Owolabi; Director, Maintenance Service, OAU, Eng. Olawuyi Isaac Olasupo; Minister of Solid Minerals Development, Dr. Dele Alake; Vice Chancellor, OAU, Prof. Adebayo Simeon Bamire; Registrar OAU, Mr. Kamarudeen Adetunji Bakare; and Head, Dept. of Geology & Geophysics, Prof. Olatokunbo Adebayo Alao, after a meeting with the Hon. Minister in his office in Abuja ... yesterday
Each state to get $4.5m for successfully setting up requisite governance systems Continues online Continues online

50th AnniversAry of fAe Ltd/Business roundtABLe...

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Nigerian Breweries to Temporarily Shut Down Two Plants

Following the recent announcement of its business recovery plan, Nigerian Breweries Plc, yesterday, officially announced on the Nigerian Exchange Limited (NGX) plan to temporarily shut down two of its plants as part of reorganisation.

This move came after the company recorded a net loss of approximately N106 billion in its 2023 full year results.

The loss followed a combination of challenging economic factors ranging from heightened operational costs, continued pressure

on consumer disposable income, escalating inflation rates, FX volatility, amongst others.

In letters signed by the Company’s Human Resources 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.

The company recently notified the market of its plan to raise capital of up to N600 billion by way of a rights issue, as a means of restoring its company’s balance sheet to a healthy position following the net finance expenses of N189 billion

recorded in 2023, driven mainly by a foreign exchange loss of N153 billion resulting from the devaluation of the naira.

Speaking on the development, Managing Director/CEO Nigerian Breweries, Hans Essaadi, in a statement described the business recovery plan as strategic and vital in the face of a persistently challenging operating environment.

“The tough business landscape characterised by double digits inflation rates, naira devaluation, FX challenges and diminished

consumer spend has taken its toll on many businesses, including ours.

“This is why we have taken the decision to further consolidate our business operations for efficient cost management.

“It will also improve our operational and financial stability and help return our business back to profitability, as we work together to secure the business for today and for future sustainable growth”, he said.

“We recognise and regret the impact that the suspension of

Forex: FG Partners Mswitch to Train 5,000 Youths on Post-production Technology for Global Export

sunday Aborisade in Abuja

The Federal Ministry of Arts, Culture and Creative Economy and the Nigeria National Talent Export Programme, yesterday agreed to partner with the Mswitch Creative Academy to train 5,000 young Nigerian talents in the Film and Music industry on post production technology.

Post-production is the final stage in film and programme-making where footage is cut, music, sound and commentary are mixed and visual effects are added.

The idea is to train the young creatives in the post production aspect of filmmaking, in collaboration with foreign experts so that they could acquire global experience which would either make them take up foreign jobs here in Nigeria or travel abroad to work and earn foreign exchange.

The National Coordinator of the National Talent Export Programme (NATEP), Olufemi Adeluyi; the Special Adviser to the President on Arts , Culture and Creative Economy, Ayo Adeagbo and the Co-founder of Mswitch Creative Academy, Salami Kadir, announced the partnership in Abuja.

They spoke at a one-day workshop organised by Mswitch Creative Academy with the theme, "Positioning Nigerian Creatives for Global Post-production Demand.”

The NATEP boss, Olufemi Adeluyi, explained that his agency was ready to support the post-production project with the Investment in Digital and Creative Enterprises (I-DICE) launched about a year ago.

Adeluyi, said I-DICE is a $617.7m funds sourced from the

African Development Bank, French Development Bank and the Islamic Development Bank. He added, "The whole idea is to be able to make sure that the digital economy and the creative sectors in Nigeria are vibrant enough to support the economy.

"The National Talent Export Programe was launched at the sidelines of the United Nation's Assembly last year, it is under the Ministry of Industry Trade and Investment. The Minister took to the Federal Executive Council and it was approved.

"We are to catalyse the creation of one million jobs over a five-year period.

"We are targeting jobs that are currently outside Nigeria. We want jobs to that could be outsourced into the country.

"We also have the mandate to physically export talents outside Nigeria.

"We are currently having foreign exchange issues in Nigeria. The major way we can turn things around is by export.

"Our greatest export at the moment is our talents. We have a large youth population that we can transform into opportunities.”

"We want to create an environment whereby people can get foreign jobs and be doing them from Nigeria and earn a foreign exchange.

"When the money comes, it helps us to tackle our forex liquidity and we would have the dignity of working and earning income.

"For those that would go outside the country, we want to make sure

that they are treated with dignity.

"The outsourcing industry had blossomed on a number of countries especially in India.

"The highest amount that Nigeria has made in a single year from oil which is our biggest export is not more than $40bn. This year alone, India is expecting about $200bn from outsourcing alone.

"We are trying to make sure that Nigeria benefit from that. Those are the opportunities and we want to make sure that the Nigeria's brand is synonymous with integrity, competence efficiency.”

Similarly, the Special Adviser to the President on Arts, Culture and Creative Economy, Ayo Adeagbo, described post-production technology as a very key area in film and music production that a lot of people don't

pay attention to.

He said, "Without effective post production effort, whatever one is doing won't make sense.

"Since the current administration started, President Bola Tinubu through the Ministry of Arts, Culture and Creative Economy has been exploring measures to place Nigerian creative talents in the global scale.”

Speaking about the project, the Mswitch Creative Academy cofounder, Salami Kadir, explained that it would be a hybrid programme with a mixture of online and on site equipment.

Kadir, however, said there there would be financial implications because the programme would focus on four courses, including, Non lineal editing; sound design: motion graphics and colour breeding.

brewery operations in the two affected locations may have on our employees. We are committed to limiting the impact on people as far as possible and providing strong support and severance packages to all affected.

“We are also committed to supporting our host communities in ways that ensure they continue to feel our presence.

“We remain wholly committed to having a positive impact on our host communities and our consumers; leveraging our strong supply chain footprints; excellent execution of our route to market strategy; and our rich portfolio of brands across the Lager, Stout, Malt, Soft drinks, and Energy drinks categories; and more recently, Wines and Spirits with the acquisition of Distell,” he added.

Nigerian Breweries recently added to its broad portfolio with the acquisition of an 80per cent business stake in Distell Wines and Spirits Limited, a local business in the wines and spirits category, as a demonstration of its resilient and forward-thinking strategy to deliver long-term value creation for its shareholders and other stakeholders.

The Nigerian Breweries’ Business Recovery Plan includes a rights issue; a review of the company’s current organisational structure and size as agreed with the industry union; the temporary suspension of operations in two of its nine breweries and an optimisation of production capacity in the other seven breweries, some of which have received significant capital investment in recent years.

NCAA Suspends Three Private Jets Engaged in Commercial Operations

Aviation minister orders re-evaluation of permit for non-commercial flights

Chinedu eze

The Nigeria Civil Aviation Authority (NCAA) yesterday, confirmed that it has suspended three private jets allegedly engaged in commercial activities against the stipulations of their operating permit.

This was just as the Minister of Aviation and Aerospace Development, Festus Keyamo, ordered the re-evaluation of Permit for Non Commercial Flights (PNCF) to stop the abuse of such approval. This was disclosed in a statement signed by the acting Director General of NCAA, Captain Chris Najomo.

NCAA recalled that last year, the Minister's attention was drawn to the use of private jets for commercial purposes and he issued marching orders for the cessation of such acts.

Subsequently, in March 2024, the NCAA issued a stern warning to holders of the permit for non- commercial flights (PNCF) against engaging in the carriage of passenger, cargo or mail for hire and reward.

"The Authority had also deployed its officials to monitor activities of private jets at terminals across the airports in Nigeria. As a consequence of this heightened surveillance, no

fewer than three private operators have been found to be involved in violation of the annexure provision of their PNCF and Part 9114 of the Nigeria Civil Aviation Regulations 2023.

"In line with our zero tolerance for violation of regulations, the Authority has suspended the PNCF of these operators. To further sanitise the general aviation sector, I have directed that a re-evaluation of all holders of PNCF be carried out on or before the 19th of April 2024 to ascertain compliance with regulatory requirements.

All PNCF holder will be required

to submit relevant documents to the authority within the next 72 hours, " Najomo said in the statement.

The regulator stressed that this riot act was also directed at existing Air Operator Certificate (AOC) holders, who utilise aircraft listed on their PNCF for commercial charter operations. "It must be emphasised that only aircraft listed in the Operation Specifications of the AOC are authorised to be used in the provision of such charter services. Any of those AOC holders who wish to use the aircraft for charter operations must apply to the NCAA to delist the

affected aircraft from the PNCF and include it into the AOC operations specification.

"NCAA wishes to reiterate to the travelling public not to patronise any airline charter operator who does not hold a valid Air Operators Certificate issued by the NCAA, when they wish to procure charter operations services", the Authority said.

NCAA added that it encourages the legitimate players in the aviation industry to report the activity of such unscrupulous elements to the the authority promptly for necessary action.

6 WEDNESDAY, APRIL 17, 2024 • THISDAY NEWS
President, MAN, Otunba Francis Meshioye; Publisher, The Guardian, Maiden Ibru; Director-General, LCCI, Dr Chinyere Almona; LCCI President, Gabriel Idahosa; MD/CEO, FAE Ltd, Princess Funlayo Bakare-Okeowo and Director, FAE Ltd, Otunba Richard Okeowo, during the 50th Anniversary of FAE Ltd/Business Roundtable and Inauguration of the World Envelope Day held in Lagos.... yesterday. PhOTO: DARE LBIRONkE
WEDNESDAY APRIL 17, 2024 • THISDAY 7

INAUGURATION OF NATIONAL SINGLE PROJECT...

President Bola Ahmed Tinubu [middle] in a group photograph with members of the National Single Projects and it's steering committee after the inauguration by the President at the Presidential Villa in Abuja.... yesterday PHOTO: GODWIN OMOIGUI

Governor Otu Wants Ceding of Bakassi Revisited, Vows to Seek Compensation

Says state to acquire 640mw FG’s NIPP, retrieve Tinapa from AMCON Defends payment of security votes to governors

The Governor of Cross River State, Mr Bassey Otu, yesterday vowed to ensure that the ceding of Bakassi to Cameroon was revisited by the federal government, maintaining that any decision taken by any party to the dispute must be mutually agreed upon.

Speaking on Arise Television, Otu stressed that aside the fact that some Bakassi ancestors were buried in the land in the area in dispute, Nigeria lost some soldiers who were on the frontline to ensure that Bakassi remained a Nigerian territory.

He argued that the consent of the people was not sought before the land was handed over to the new owners, explaining that as a bold and courageous leader, he had no doubt that President Bola Tinubu will take up the matter at the appropriate time.

In October 2002, the International Court of Justice (ICJ) delivered a judgment being the consequence of a suit instituted in 1995 by the Republic of Cameroun claiming sovereignty over the oil-rich Bakassi Peninsula.

But Otu maintained that it wasn’t a closed case, insisting that the complexity involved in the matter which favoured Cameroon at the time, is not something to be accepted wholesale.

“ Yes, it’s not a closed case because it’s not something that we can accept and walk away. Our ancestors are buried in those areas. We lost our soldiers who were defending the frontline in trying to make sure that

Bakassi remained a Nigerian territory.

“And if for whatever reason, it must be handed over, I believe that the consent of the people should be sought and due process should have been followed. But it was not followed. And those are issues that you cannot sweep under the carpet.

“Because if we do, what are we going to tell the next generation, that it was in this generation that our assets, our land, and everything was forcefully taken? That has impoverished us to the limit that we are struggling. And when we look at our state, it’s quite a rich state,” the governor added.

Whichever way it goes, the gov- ernor insisted that the case must end in a mutual understanding, where the grievances of the people must be assuaged. He noted that the position of the government and the legislature in the state is that Bakassi must not be ‘allowed to go like that’.

“I agree that we cannot do it alone. We are discussing with the federal government and it is not unmindful of the fact that we are suffering seriously because of the actions and decisions which were taken by the federal government.

“ They know very well the pains. And we have a president that is down to earth, a president that is courageous and strong. A president that can take decisions. And this president also believes in people first. That is why he’s trying to mitigate and ameliorate the problems of Nigeria amid the policies that he’s entrenching in the system,“ he added.

He expressed the belief that the federal government and the international community will be on the side of Bakassi people, stressing that although he wasn’t giving deadlines, it will be very difficult to sleep without the people being rightly treated.

Besides, the governor said that his government was proceeding with the acquisition of the federal government’s 640mw National Integrated Power Project to boost power supply in the state, explaining that he was also in the process of retrieving the popular Tinapa resort from the Asset Management Corporation of Nigeria (AMCON).

Otu, who also spoke on the just- concluded third international business summit and investment opportunities organised by the state government, noted that it had become clear that to move forward, the state has to build some good network, both at home and abroad.

He explained that the state was looking to make sure that agribusiness becomes number one in the state, stressing that their was therefore the need to boost power supply, energy security, food security and sufficiency enough for consumption and for exports.

“We already have a plant that can do 33.4mw and we are looking to acquire the NIPP facility in the state, which has over 640mw. The two put together will give us full energy sufficiency, and we will even export to other states and of course other territories or even countries that

FG Suspends Mining Activities within OAU, Environs over Illegal Activities

Pending the conclusion of investigations into suspected illegal mining around the Obafemi Awolowo University (OAU) and Obafemi Awolowo University Teaching Hospitals Complex, (OAUTHC) Ile-Ife, Osun State, the federal government through the Minister of Solid Minerals Development, Dr. Dele Alake has announced the indefinite suspension of mining activities within the university, its teaching hospital, and environs.

The minister disclosed this in his office yesterday after a meeting with OAU Vice-Chancellor, Prof. Adebayo Bamire and the Chief Medical Director of OAUTHC, Prof. John Okeniyi

According to Alake, the sequel to reports in certain sections of the media about the activities of illegal miners within the precincts of the university, the ministry immediately swung into action to ascertain the veracity of the allegations.

"Following the outcry generated by reports of illegal mining or suspicion of nefarious activities by mining operators within OAU, we immediately deployed officials of the Nigeria Geological Survey Agency (NGSA) and Mines Inspectorate for on-the-spot assessment.

“ Preliminary reports that reached me indicated that there were indeed some activities around the premises. The ministry then stopped all activities, whether legal or illegal, for further investigations, "the minister asserted.

Speaking further, Alake revealed that upon summoning some operators discovered to be carrying out illegal activities, they presented some licenses and letters of consent which necessitated further investigations to ascertain its authenticity, hence the imperative of inviting the university authorities for a parley.

" We have had a very fruitful meeting, and a lot of facts have come out of it. Based on the out-

come of the meeting, I announce the indefinite suspension, with immediate effect, of all mining activities within the premises of the University, the University teaching hospital and in fact around the area and boundaries of the university, until the conclusion of thorough investigations", the minister added.

In his submission, Bamire expressed gratitude to the minister for the audience, highlighting the capacity of the university to play an active role in exploration, research, and other sectors of the mining value chain.

" We have some of the best geologists and mining professionals in the country.We feel that we need to set up a sort of excellent research and training facility on mineral resources within the university.

“If we can get that in the university, it will help us, support the university community, the state, and ultimately contribute to the development of the mining sector, "he added.

will require power.

“And we are laying adequate foundations to that. The 33mw that we have, we are trying to extend the gas pipeline, which in some maybe three to five months, we should be able to get the gas there to power the plants. That's a low-hanging fruit that will come up.

“The other ones, immediately we finish negotiations with the federal government, I think that will also come online. So by that deregulation, with the new electricity law, it has given powers to states to manage their power,” he stated.

On Tinapa, Otu said it remains very important to the state, explaining that it is not just about tourism alone, but building on the achievements of his predecessors.

“But because of some issues, AMCON took it over, but I'm taking it over from AMCON, we've reached what I call the FID, that's the final investment decision in terms of paying AMCON to take back the assets. And Tinapa is going to be the second, what I would say, export processing zone that we're setting up.

“One is in Ikom, which is powered by the Afrexim Bank, and then the other one is in Calabar, which the Cross River State government is driving it. So very soon Tinapa is going to come alive. We are putting everything in place,” he assured.

The governor pointed out that aside the destruction done to the facility during the Endsars crisis, the structures there, built by a top-notch construction company, still remain largely intact.

“If we look at the facilities there and the structures, they are still alive. It's just to inject life and activities into the facility, then everything will be up and doing,” Otu explained.

On the 76 oil wells that were taken from the state, Otu stated that it had made things very tough for the state, insisting that it's an issue that the state is still working on.

“We believe that sooner or later justice will be done, because actually we have oil in Cross River State. And besides that, it doesn't mean that we'll lose our oil wells.

“And then at no time was there a referendum that Bakassi should be ceded to whatever authorities. So we believe that in terms of getting our assets back, that we will do. And then we are still talking with the federal government and even the international community to see what adequate compensation can be done.

“There was something like stabilisation which was used to augment, but for a long time, we've not seen that again. It's one of the items that we will be renewing very soon to make sure that it comes on board. But besides that, it's been very tough for us, because the earlier expenditures by my predecessors were based on the fact that we had 76 oil wells to leverage on,” he stressed.

Despite the challenges, the governor said the state has doubled its Internally Generated Revenue (IGR) and was ensuring transparency and accountability in its operations.

On the state-owned Cali Airline, the governor stated that the state was in the process of having an additional

five aircraft and will expand its routes to build strength and earn foreign exchange, noting that without a sound business plan, no airline will succeed.

He also lauded the federal government’s coastal road project from Lagos to Ogun, Ondo State, Delta, Edo, Bayelsa, Rivers, Akwa Ibom, and then Cross River State, insisting that the road is important to the state.

Speaking on the controversial security vote of governors and the alleged opacity surrounding it, he said: “It is better to buy peace at any cost than to pay for war and to pay for a society that nobody can sleep. It costs a lot to maintain peace all over the world.

“And there's no country, let nobody deceive you, that will come out with their budget for security. It's left for state governors to just be honest with their people and honest to themselves. Like my own state, we don't have much money, but we have a coastal line that is so vast.

“We have a land boundary with very rugged neighbours. I don't want to call names here so that it doesn't cause some diplomatic row. And when you look at, from Cross River, when you look at from Bakassi to Yala, it's something like almost 400 to 600 kilometres.

“It becomes a real problem to actually police these particular boundaries. ...At long last, what will allow for reduced expenses on security is where people are engaged, where there's employment and people are able to move on and where there’s hope for the future,” he added.

Adeleke Appoints Bolorunduro, Living Trust Mortgage Bank Chair

James Emejo in Abuja Osun State Governor, Senator Ademola Adeleke yesterday approved the appointment of Dr. Wale Bolorunduro as Director/Chairman-designate of Living Trust Mortgage Bank Plc.

The appointment which was conveyed via a letter dated April 8, 2024, and signed by the Secretary to the State Government, Hon. Teslim Igbalaye, takes effect from April 19, 2024, according to a separate correspondence addressed to the bank's company secretary.

The State Government expects that Bolorunduro will garner his wealth of experience as a seasoned banker and finance consultant to bear on his new role, and steer the bank to its next growth stage amid the country's hostile economic climate - coupled with the new recapitalisation hurdles recently imposed on the banking industry by the Central Bank of Nigeria (CBN).

chairman designate on the board of Living Trust Mortgage Bank Plc.

“It is believed that you will employ your wealth of experience as an experienced banker and finance consultant to steer the bank in its next growth stage.

“The current economic climate of the country and recent development in the banking sector would pose challenges to banks, hence the state government’s decision to be proactive in ensuring someone with your wealth of banking and finance experience leads the bank. "Wishing you well in your onerous assignment."

Nonetheless, Bolorunduro is a banking and finance consultant with over 35 years industry experience in the financial service sector. He obtained a PhD from the University of British Columbia, and served as commissioner for finance in the state and later as the bank’s chairman, until 2016.

8 WEDNESDAY, APRIL 17, 2024 • THISDAY NEWS
Emmanuel Addeh in Abuja Folalumi Alaran in Abuja
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WEDNESDAY APRIL 17, 2024 • THISDAY 9

Komolafe: New Crude Measurement Regulation Already in Operation, Will Curb Oil Losses

Says local security groups helping to curb sabotage Oil price steadies above $90 after Israel-Iran tensions

The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has said the recently enacted crude measurement regulation is already being implemented and will help block oil losses in the industry.

In essence, the regulation provides a legal and regulatory framework for the provision of metering services in upstream petroleum operations as well as its design, manufacturing, testing, calibration, among others.

The NUPRC estimates that 40 per cent of the over $4 billion worth of crude oil reported to have been stolen annually was attributable to inaccurate measurement of production volume.

Speaking on Arise Television, Komolafe said the move was part

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has revealed that Nigeria lost $34 billion in the last two and a half years due to the fall in production from the assets being divested by ExxonMobil to Seplat Energy, a transaction still awaiting approval by the federal government.

Lokpobiri made the disclosure in Lagos, during his keynote speech at the Second Quarter Dinner of the Petroleum Club, with the theme, "Funding Our Way out of the Crisis: Looking up to the Oil and Gas Sector."

The minister explained that output from the assets declined from 600,000 barrels per day (bpd) to current 120,000bpd, leaving a shortfall of 480,000bpd, which he said amounted to $34 billion loss at a conservative $80 per barrels, in the last two and a half years.

Lokpobiri insisted that Nigeria could ramp up oil production to five million barrels per day within the next 12 to 18 months. He said lack of required investment in the Nigerian oil and gas industry over the past 10 years contributed to the decline in production, and stressed that it was one of the major challenges he faced on assumption of office.

Lokpobiri explained that Nigeria was producing about 600,000bpd from the ExxonMobil assets that were now under divestment, pointing out that today, the production from the asset has dropped to about 120,000bpd.

He stated that if the problem hindering the divestment process was resolved and minimal investment made on the asset, the

It came after a group Executive at Dangote, Devakumar Edwin, confirmed that the company has begun distributing diesel and jet fuel to the local market.

“We have substantial quantities. Products are being evacuated both by sea and road. Ships are lining up one after another to load diesel and aviation jet fuel.

“Ships load a minimum of 26 million litres, though we try to push for 37 million litres vessels, for ease of operations,” Edwin said.

In a note from the company, it stated that before now, it had reduced price from the market rate of N1,600 to N1,200, about 30 per cent crash, but that even that price has been further reduced.

The Dangote refinery added that the latest development is expected to significantly impact the overall economy which depends partly on diesel to power businesses.

“While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

“This significant reduction in

of the commission’s efforts to ensure improvement in the hydrocarbons accounting in the nation. He argued that the commission was doing everything within its powers to ramp up the ‘digital monitoring’ of the country’s daily production, to ensure that losses are curbed.

“Accurate metrics of production are very important. It is as important as ramping up, increasing the production. So, the commission at the moment, one of the initiatives we introduced was to ensure the fact that we put in place a regulation we call measurement regulation.

“As I speak, the implementation of the provisions of that regulation has commenced and we expect to see the nation being able to have the digital monitoring of its daily production and that is very critical,” he stated.

country would be able to restore the production to 600,000bpd with the addition of 480,000bpd.

With that, in addition to condensate, which is outside the Organisation of Petroleum Exporting Countries (OPEC) computation, the minister maintained that the country was already delivering two million barrels. Lokpobiri explained, "My own opinion is that, look, we are in short of 480,000 barrels a day from that ExxonMobil-Seplat transaction.

"For the past two and a half years, oil has been moving around $80 a barrel. Four hundred and eighty thousand barrels a day, multiply it by two and a half years, it will give you about $34 billion. "When I was on this table, I was doing rough mathematics and I guess you have your phones. So, you can do the calculation. If one asset was doing about 600,000 barrels, because of certain problems, which we're trying to resolve, production declined to 120,000 barrels, which means we've lost about 480,000 barrels a day.

"Multiply it by $80 a barrel. Every day, you'll get about $34 million. Multiply it by two and a half years, you're talking about over $30 billion. If $30 billion is injected into our economy today, I guess you guys will have to sell more of your dollars because dollar will naturally drop. This exchange rate is sometimes a question of demand and supply."

As minister, with the mandate of the president, Lokpobiri said he would ensure that all problems hampering investment in the sector were resolved, beginning with the Seplat-ExxonMobil divestment issue.

the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country,” it said in the note.

Dangote oil refinery began supplying the Nigerian domestic market with petroleum products such as diesel and aviation jet fuel Tuesday, according to sources familiar with the matter.

The Dangote refinery, positioned on a peninsula near Lagos’ commercial centre, represents Africa’s largest refinery project, completed after many postponements and financed by Aliko Dangote, Africa’s wealthiest man, with an investment of about $19 billion.

With the capacity to process up to 650,000 barrels per day, the refinery is set to be the largest in both Africa and Europe once it attains full operational capacity, expected later this year.

The Dangote refinery is expected to significantly reduce Nigeria’s dependence on imported petroleum products as the nation currently imports nearly all of its fuels due to the its insufficient refining capability.

The NUPRC boss further maintained that there had been a drastic reduction in crude oil theft since the engagement of private securities by the Nigerian National Petroleum Company Limited (NNPC).

Although Nigeria's crude oil production has risen from a low of 932,000 barrels per day, to a recent high of 1.42 million bpd, Nigeria has still been unable to meet its Organisation of Petroleum Exporting Countries (OPEC) quota, even after it was slashed from 1.74 million bpd to 1.5 million bpd in 2024. He pointed out that the joint efforts of kinetic efforts implemented by the security forces and the nonkinetic approach by the commission had impacted the sector positively.

“I will say that having private security has tremendously helped in minimising the impact of the losses the nation has recorded in

“If from only that SeplatExxonMobil transaction, we have lost about $35 billion, imagine if that money was in Nigeria. Imagine if NNPC has about 70 per cent of that money. If they have that money to expand their investment, I believe that Nigeria will be in a better place,” he added.

Lokpobiri stated that the quickest way to the redemption of the Nigerian economic problems was through the oil and gas sector, arguing that no oil and gas producing country fails to prioritise investment in the sector.

He said President Bola Tinubu

that Damagum should go and allow someone from the North Centra zone to replace him, since the suspended national chairman, Iyiorcha Ayu is from the zone, a larger chunk of them are alleged to have been won over by Wike to support the elongation of Damagum’s reign.

This, nonetheless, the Chairman, Board of Trustees (BoT) of the Peoples Democratic Party(PDP), Dr. Adolphus Wabara, has said the party would neither implode nor explode despite the challenges buffeting it.

He said the former ruling party was poised to regain power come 2027, adding that, "those expecting the party to explode would be disappointed."

But confirming what Thursday would look like, a former National Publicity Secretary of the PDP, Mr Kola Ologbondiyan, has said the PDP NEC was going to be all about whether Damagum, would continue in office or replaced.

Also, ahead of the NEC, some leaders of the party in the North Central zone, have endorsed a former governor of Benue State, Senator Gabriel Suswam, for the position of national chairman of PDP.

Unfortunately, attempt to ensure that the PDP caucus in the House of Representatives closed ranks ahead of the meeting was thwarted yesterday after it ended in a deadlock.

Interestingly, tomorrow is not looking good for the antiDamagum camp, after Wike has allegedly stepped-in in his usual manner, and ‘persuaded’ a majority of the governors, who have now allegedly consented to work with him to retain Damagum.

A section of the PDP leadership had long alleged that Damagum was under the direct influence of Wike and that through him, the FCT minister, has maintained indirect control of the party and some of its structures, the same manner he is believed to have held down the structures of the All Progressives Congress (APC) in Rivers State.

Although Wike had since maintained some curious silence since the battle to replace Damagum

terms of crude oil theft.

“And of course, without the efforts of the security forces, you can imagine without that, where we would have been as a nation. So, we’ve witnessed drastic reduction in terms of volume of crude oil losses.

“Aside those kinetic efforts that are being made and that are impacting positively in reducing the impact of crude oil, there is the fact that for us, as a commission, we are equally making efforts in terms of the non-kinetic aspect to actually complement the kinetic effort,” he added.

Meanwhile, oil prices were largely steady yesterday after the US announced plans to hit Iran with new sanctions after its weekend attack on Israel, and as Israel's war cabinet is set to meet for the third time in three days. Brent crude futures for June

had given him a mandate to ramp up production, adding that achieving that needs engagement and collaboration with all the relevant industry stakeholders.

Lokpobiri admitted that the task of ramping up oil production could not be feasible without sustainable investment and without solving the problems in the industry.

He said one of the first problems that confronted him was the ExxonMobil-Seplat transaction, and said for the past two years, they've been struggling to resolve the problem.

He revealed that some agreements

started, with the NEC billed to hold tomorrow, he is said to have rolled out his arsenal in support of the acting national chairman, a development believed to have further created more confusion nay division in the party.

Speculations that Wike has been able to influence some of the governors has begun to manifest in the disagreement amongst them. While some still believe Damagum should go, those with Wike are said to have stamped his decisions and are standing with him all the way.

Apart from Damagum, party sources also claim that Wike has over half of the members of the National Working Committee (NWC) of the party on his side, who would readily do his bidding anytime, as far as the PDP politics is concerned.

But Wabara, a former President of the Senate, who expressed his feelings concerning the future of PDP during a chat with journalists, and insisted that a bright future was awaiting the party.

"Whatever people think is happening in PDP today is not strange nor peculiar to the PDP. Political parties all over the world especially the big parties will always have challenges from time to time," he said.

Wabara argued that PDP would not receive mortal blows from the party crises because according to him, the party "is richly blessed with many mature minds capable of resolving any crisis."

While acknowledging the existence of "internal issues" in his party, the BoT chairman exuded confidence that things would be sorted out peacefully.

"PDP has come a long way and has weathered bigger storms in the past. All those expecting PDP to explode will surely be disappointed. We will come out stronger and ultimately rebound as the ruling national party come 2027," he stated.

He said the NEC meeting would provide the opportunity for a peaceful resolution of all outstanding issues.

"The interesting thing is that whatever issues we have today in our party will only make us

delivery rose 5 cents, or 0.1 per cent, to $90.15 a barrel, while US crude for May gained 14 cents, or 0.2 per cent, to $85.55.

Concern that Iran would respond to the April 1 strike on its embassy compound in Damascus had sent Brent to $92.18 on Friday, its highest since October. But prices retreated on Monday after Iran's attack on Israel over the weekend proved to be less damaging than anticipated.

US Treasury Secretary, Janet Ellen, said she intends to hit Iran with new sanctions in coming days due to its unprecedented attack on Israel, and it could seek to reduce Iran's capacity to export oil, Reuters said.

"With respect to sanctions, I fully expect that we will take additional sanctions action against Iran in the coming days," Yellen said, adding that Iran's oil exports "remains in focus as a possible area that we

had been reached in the attempt to resolve the divestment bottleneck, assuring that in no distant time, the problem would be finally solved.

The minister stated, "When I came, what I did was to bring Seplat and NNPC to the table to say, ‘look, we must lock up ourselves in this room. We must find a solution to this problem.’ “What is the problem? They can attest to the fact that we are able to get some agreements. And I believe that in no distant time, we'll be able to resolve that problem."

He reiterated that his target was to ensure that production

stronger and more united.

"I'm confident that whatever grievances any member has, will be trashed at the NEC meeting on Thursday. Our party elders will use the elders' lens to look at them and have them resolved," he added.

National Chair: N’Central Endorses Suswam

Some leaders of the party in the North Central geo-political zone region, have endorsed a former governor of Benue State, Senator Gabriel Suswam for the position of national chairman of the opposition Party. The leaders on the aegis of ‘Platform of North Central PDP Stakeholders Forum’ announced the endorsement of Suswam on Monday night at the end of their meeting, which took place at Ibeto Grand Hotel, Abuja.

Suswam, however, did not attend the meeting.

The meeting attended by prominent political leaders and stakeholders, including former and serving members of the State and National Assembly, former ministers, appointees and party leaders, women, youths, and observers from the zone expressed the desire for the need for the party to allow the zone complete the tenure of the suspended National Chairman of the PDP, Dr. Iyorchia Ayu.

The position of the North Central stakeholders was confirmed by a former National Publicity Secretary of the PDP, Mr Kola Ologbondiyan, when he featured on Arise Television programme. He said the zone wanted to complete its tenure following the suspension of Ayu, adding also that the PDP did not have to wait for court litigation, stressing, too, that based on available information at his disposal, he did not think that Ayu was in court.

“I do not think the meeting on Thursday is going to be about ‘are we electing a leader or are we discussing leadership’? What the meeting is about, from what I am picking among leaders and among members, is would Damagun remain in office or will

was ramped up by guaranteeing sustainable investments and by resolving the critical problems in the sector.

Lokpobiri stressed that production growth needed to happen on sustainable basis to increase the country 's revenue and enable the president to deliver the promises he made to Nigerians.

"That is my mandate. That is the mandate given to me by Mr. President. And I can assure you that this present administration is committed to ensuring that that

he be replaced?

“There are those who have come up with the argument that the vacancy does not exist in the office of the chairmanship and they argue that Damagun is there because the constitution provides that where the chairman ceases to exist, either by resignation, by death and by all the conditions put forward by the constitution, the deputy national chairman from that zone, that is from the north south dichotomy would be the one to stand in office pending when a substantive chairman is brought forward.

“So, the north central is saying we want to bring forward a replacement which would be the substantive chairman. I think that is the major issue that the party will have to contend with on Thursday,” he stated.

Speaking at the meeting, the former senator representing Benue North West, Senator Emmanuel Yisa Orker-Jev, said, in line with the constitution of the party, it was only right to return the position of the National Chairman to Benue State.

Orker-Jev noted that the chairmanship position currently subsists in Benue after what he described as “the unfortunate suspension” of Ayu about a year ago.

Similarly, a former minister from Plateau State, Chief Damishi Sango, said the time had come for the genuine members of the PDP to correct the mistakes of the past by throwing their weight behind Suswam.

Other stakeholders that spoke along the same line from the six states and the FCT that make up the North Central zone, unanimously said the endorsement of Suswam was a wise decision.

PDP House Caucus Meeting Deadlocked

Efforts the PDP caucus in the House of Representatives to close ranks ahead of the NEC was thwarted yesterday as a meeting held held to that effect ended in deadlock.

ten 10 WEDNESDAY, APRIL 17, 2024 • THISDAY In M A jor Move, DA ngoT e Cr ASH e S D I e S el Pr IC e To n 1,000/l IT re fro M n 1,200 W I ke B AC k S D AMA gu M T o r e TAI n Se AT AS g ov S S C r AMB le for H IS r e P l AC e M en T lok P o BI r I : nI ger IA H AS lo ST $34 B n I n oI l o u TP u T De C l I ne fro M Del AY e D Se P l AT - e xxonMo BI l De A l
could address." Israel's war cabinet was set to meet for the third time in three days on Tuesday, an official said, to decide on a response to Iran's attack, amid international pressure to avoid full-scale confrontation. Komolafe
Continued on page 36
Continued on page 36

Budget 2024: Peter Obi Unearths More Insensitive, Undeserving Allocations

Chuks Okocha in Abuja

The presidential candidate of Labour Party in the 2023 general elections, Peter Obi, yesterday, disclosed that he has continued to uncover some undeserving budget allocations in the 2024 federal budget which he said was worrisome and of a great concern to him and other Nigerians Obi, who had in his previous remarks on the budget called for

a total review of the fiscal plan, has remained consistent that there were various misplacement of priorities and that they all tilted against the poor in the country.

A statement by his chief spokesman, Dr. Tanko Yunusa, noted that Obi could not understand how the National Assembly Hospital got N15 billion for one year, five times more than that of the National Hospital and six other premier Teaching

Hammed Shittu in Ilorin

The Senior Staff Association of Nigerian Universities (SSANU) has threatened to go on an indefinite strike action if the federal government fails to offset the payment of witheld salaries of its members after its one-week warning strike was called off.

Vice President, SSANU Western Zone, Abdulsobur Salaam, disclosed this yesterday, during the plenary session preceding the 73rd Regular / Statutory meeting of Zonal Executive Council of Western Zone held at the Kwara State University (KWASU), Malete, Kwara state.

The meeting comprised executives from 25 universities in Oyo, Ogun, Osun, Ekiti and Kwara.

He said the federal government had failed to adhere to the agreement it entered into with the union about not taking any punitive measures about the strike the union embarked upon in 2022.

Salaam stated that it was unfortunate that the four months salaries that were withheld then have not been paid in spite of several calls and warning to the government.

The union had on March 19, 2024, embarked on a one-week warning strike following the inability of the Federal Government to pay the withheld salaries of non-academic staff in public universities in the country.

The salaries were seized during their strike in 2022, under the administration of former president Muhammadu Buhari.

The vice president said the government's lack of concern to workers' welfare was a high level of apathy which may force the union to resort to the last option of reconciliation which is strike.

''During the warning strike, it

was as if heavens were going to fall, but immediately after it was called off, they have retreated and there has been no response so far, from the government.

''What we have witnessed is high level of apathy and unconcern with respect to the issues because the strike has been concluded.

''We shall be recalibrating and engaging ourselves in various meetings at our various levels in the union.

''But, without preempting, it is only natural that where there is discontent and dissatisfaction with the state of affairs particularly regarding the welfare of our members, going on total and comprehensive strike will not be out of place," Salaam said.

He added that it was not the union that was always eager to down tools, but saying it was the only language the government understood when it comes to workers' welfare.

''We do not want this matter to degenerate into us having to go into full blown strike, because with strike, we are all casualties including workers because no one wants to sit at home idle.

''So, we are not eager to do that and that is why we have continued to use every instrument at our disposal to continue to call on Nigerians to plead with the federal government to do the needful in respect to our issues.

''But if that fails, we shall be left with no other option than to do that.

''The idea behind no work no pay is to dehumanise us and make us unable to speak when issues arise and we have defied it by going on a one week warning strike and we can defer it further,'' he said.

Chairman SSANU

Hospitals in the country.

According to Obi, "Writing on his X handle on Tuesday, the former Anambra State Governor said, 'I will remain persistent in my expressions of deep concern about the 2024 budget because of its critical importance to the lives of the citizens especially the poor in our midst.

"I will continue to do so until the end of the year as a matter of

patriotic engagement. This is because the many negatives of the budget have far-reaching implications for the development of our dear nation and the well-being of our citizens.

"It is evident that there are items in the budget that do not align with our current circumstances, and it is imperative to call for a review and appropriate virement. Allocating our scarce resources to high-priority areas of need is essential for the well-being of the nation.

Jos University Teaching Hospital and University of Ilorin Teaching Hospital. This disparity reflects a low level of care for the rest of society.

"Similarly, justifying a budgetary allocation of N15.3 billion for the National Assembly library project and procurement of books, including the e-Library, in a country without a National Library is very disappointing.

the National Assembly Recreation Centre, while allocating less to the Ministry of Science, Technology, and Innovation, is concerning.

“In an era where science, technology and innovation are crucial for the nation's future, such allocations demonstrate a lack of foresight and basic awareness of global trends and urgent national priorities.”

said the meeting was an avenue to critically review the union’s activities and challenges and commended KWASU management for prioritising workers' welfare.

Emmanuel Addeh in Abuja

The Nigerian military has appealed to the Minister of Works, David Umahi, to fix critical roads in the country, to enhance its security operations across the nation.

Chief of Defence Staff Gen.

Christopher Musa, during a visit to the minister in Abuja, specifically said it was important to rework the roads in the North-east of the country.

He stressed that there was a strong linkage between a good network of roads and military operations, acknowledging that sometimes military operations are hampered due to poor networks of roads, thereby, making personnel vulnerable to enemy targets.

The comments were made in separate statements by the spokesman to Umahi, Uchenna Orji and the Director of Information in the ministry, Ben Goong.

"I want to commend you for the efforts you are putting in. We know how determined you are to ensure that our roads are back. We all know that without roads, there can be no peace.

“ That's true for rural areas and urban areas. Roads are significant and very important to the growth of any nation. Despite all the challenges, we’ve seen how comments have been made, both professionally and unprofessionally, to your person, but you’ve been strong.

“I want to encourage you, sir,

"For instance, allocating N15 billion solely for the National Assembly Hospital is unacceptable, especially when it exceeds five times the budgetary allocation to the National Hospital or the combined capital vote of our six major teaching hospitals across the nation, namely; University College Hospital, Ibadan; University of Nigeria Teaching Hospital, Enugu; Ahmadu Bello University Teaching Hospital, Zaria; Obafemi Awolowo University Teaching Hospital, Ile-Ife;

“The National Library has been under construction for the past 20 years, and its budgetary allocation for 2024 is less than 1B Naira, which makes the National Assembly Library budget 15 times more.

"Again the National Assembly Library budget is more than the combined budget of the top national universities' libraries that desperately need the Libraries for research, teaching and learning purposes.

"Furthermore, allocating N10 billion for the Senate's and House of Representatives car parks and

According to the former Anambra Governor, "This level of insensitivity to the present situation and challenges faced by the people should not be tolerated by any developmentminded nation.

"Every scarce resource must be directed towards productive sectors of the economy. It is time for our nation to reassess its priorities, revisit the budget, eliminate frivolous expenditures and channel our resources properly for the benefit of the people.

"No great nation is built on a foundation of waste and frivolity."

it will greatly assist us in carrying out our operations. Once we have good roads, the funny thing about North-east, especially Borno state, will be resolutely tackled. Most of the distances are not that long."

of the roads in those areas.

He said: "So for us, roads are critical to our success in our operations. I want to appeal to you, whatever it is, whatever it takes, if we can fix most of these roads that we have,

Deji Elumoye in Abuja

The federal government on Tuesday disclosed that it is making progress about consultations over possibilities of reopening the nation's land borders with neighbouring countries and meeting representatives of the affected countries on ways forward.

Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, who made this known while speaking to newsmen at the State House, Abuja after the inauguration of the National Single Window Project, said he had been in touch with his

counterparts from Niger and Benin Republics. According to him, issues that led to the closure of the borders are currently being considered, along with ways to ensure that such occasions never reoccur, adding that steady progress is being made in that direction.

His words: "In terms of opening the land borders, consultations are already in progress, some of them are very high level. Over the last weekend, I had an interaction with my colleagues in Benin Republic, earlier I've gone to our borders with Niger Republic.

Responding, Umahi disclosed that his ministry will work closely with the military to identify the routes that are critical to defence operations with a view to doing the needful.

Umahi praised the gallant efforts of the Nigerian military whom he noted deny themselves sleep and comfort in order for the rest of the citizens to sleep.

"We are looking at the issues that led to the closure of the border in the first instance and we are working to ensure that those things do not repeat themselvesself and I'm happy to say that we are making steady progress.

"We will continue to consult, we will continue to take guidance from Mr. President. Everything is to ensure that we have borders that are secured and hopefully with the deployment of Single Window at our ports and border stations, our borders will be more secured and we're going to run them more efficiently".

NEWS Says N15bn for NASS hospital five times more than National Hospital, others’ allocation THISDAY • WEDNESDAY, APRIL 17, 2024 11 AFRILAND PROPERTIES 11TH ANNUAL GENERAL MEETING... L-R: Company Secretary, Afriland Properties Plc, Omomene Obanor; Independent Non-Executive Director, Afriland Properties Plc, Olubunmi Akinremi; MD/CEO, Afriland Properties Plc, Uzo Oshogwe; Chairman, Board of Directors, Afriland Properties Plc, Emmanuel Nnorom; Non-Executive Director, Afriland Properties Plc, Ayodeji Adigun; Non-Executive Director, Afriland Properties Plc, Agatha Obiekwugo and Non-Executive Director, Afriland Properties Plc, Obong Idiong at the Company’s 11th Annual General Meeting held in Lagos…. yesterday PHOTO: SUNDAY ADIGUN Military Urges FG to Fix Critical Roads to Reduce Insecurity Customs CG: We're Consulting Widely Over Possible Border Re-opening SSANU Threatens Indefinite Strike over Unpaid Withheld Salaries that the Armed Forces of Nigeria is solidly behind you. We will continue to provide every necessary support that you require. We are just a phone call away. Whatever there is, that you would want us to do for you, rest assured, we will be there, because we know the relevance and importance of having good roads in any society," he stated. Specifically, the defence chief reiterated the need for interventions on the deplorable condition of some roads in the North-east where bandits are taking advantage of the poor conditions of roads in the area to undermine security operations. He noted that the areas where the military were recording high casualties of both manpower and equipment, especially in Maiduguri, were the areas the bandits use Improvised Explosive Devices (IEDs) in their attacks, knowing full well the deplorable conditions

NDLEA Destroys 304,436kg, 40,042 Litres of Illicit Drugs Seized in Lagos, Ogun

Michael Olugbodeinabuja

The National Drug Law Enforcement Agency (NDLEA) has destroyed a total of 304,436 kilogrammes and 40,042 litres of illicit substances seized from some parts of Lagos and Ogun States.

Speaking at a brief ceremony where the seized drugs were publicly destroyed in Badagry, Lagos State, the Chairman/Chief Executive Officer of the agency, Brig Gen Buba Marwa (rtd), said the open destruction of the seized illicit drugs followed court orders. Marwa appealed for more public support for ongoing efforts by his agency and other stakeholders to curb the menace of substance abuse and illicit drug trafficking in Nigeria. He said: “Through a routine

Bauchi Gov Commends Wife of IG for Empowering Women in Agric

Segun Awofadeji in Bauchi

The Bauchi State Governor, Senator Bala Abdukadir Mohammed, has commended the Wife of the Inspector General of Police and President of Police Officers’ Wives Association (POWA) Mrs. Elizabeth Egbetokun, for empowering women in the state in the area of agriculture, saying that the gesture will go a long way in improving food security in the state. This is as governor wants Nigeria Police Force (NPF) to review its operational guidelines in a manner that would encourage active participation of women especially from northern parts of the country

The governor was speaking yesterday when he received a delegation of POWA at the Government House, Bauchi.

The wife of the IG was on a one-day working visit to the state to launch the Women in Agriculture programme of POWA Governor Mohammed, who expressed delight with the initiative of wife of the IG, stated that the initiative will bring about a significant increase in agricultural productivity, improve food security, foster economic growth, reduce poverty and idleness, thereby serving as a means of employment and livelihood for the people.

Jazz Singer, Yinka Davies, to Perform at Rotary Media Awards

Frontline vocalist, lyricist and dancer, Yinka Davies, will today be the guest performing artiste at Rotary International District 9110 Humanitarian Reporting Awards (RHRA) that will be held at The Rotary Centre, GRA, Ikeja, Lagos. Yinka is also a voice coach and versatile actress who performs with nuance. She promised the organisers of the event to entertain Rotarians and their guests in her inimitable style.

Commenting, District Governor of Rotary International, District 9110, Rotarian Ifeyinwa Ejezie, said she looks forward to Yinka’s enthralling performance as the District celebrates

the media for promoting clubs and the district’s humanitarian intervention projects and activities in Lagos and Ogun States. “The awards are aimed at recognising and honouring media organisations and journalists for their support of Rotary, the world’s largest humanitarian service organisation,” Ijezie said. Also speakin,g the Chairman of the Humanitarian Reporting Awards Committee in the District, Rotarian Ehi Braimah, stated that the “awards would be presented in 10 out of 14 categories to media organisations and journalists, as well as Rotary Clubs and Rotarians.”

exercise and an established process of removing dangerous substances from our society, the public destruction of confiscated illicit drugs is usually conducted

at the end of their related cases in court,” adding that the exhibits being destroyed were of mixed types which include illicit drugs in solid and liquid states as well as

in various classes such as cocaine, heroin, cannabis, and tramadol, among others.

He revealed that the drugs were seized by NDLEA operatives across

different formations of the agency in Lagos and Ogun States from January 2022 till date, especially at the Lagos seaports, airports, and land borders.

Police Indictment: Bizman Asks Court to Compel AGF to Prosecute Oba Elegushi, Others

Wale Igbintade

A businessman, Prince Toluwaleke Megba, and his company, Lucky Megba Ojonla Nigeria Limited, have instituted a legal action against the Attorney-General of the Federation (AGF) seeking an order of mandamus to compel the AGF to prosecute a prominent traditional ruler in Lagos State, Oba Saheed Elegushi, and others following a police report dated July 5, 2021.

The police report cited by THISDAY indicted Oba Elegushi and others of trespass, wilful destruction of property, and forceful entry conspiracy among other offences.

Other suspects indicted by the police report which the plaintiffs want the AGF to prosecute them for are Chief Kehinde Hassan Elegushi, Mr. Wael Almansour, Karim Almansour Contracting and Development Limited, and Chinedu Nweke, all of whom the police report has established a prima facie case against.

According to the motion on notice filed and argued by the plaintiffs’ counsel, Mr. Declan Kemdirim, before Justice Kehinde Ogundare, it was averred that by a petition dated September 18, 2019, the applicants as victims of the actions of Oba Elegushi and others complained to the office of the Inspector General of Police (IG) about the criminal infractions committed against their persons.

Seplat Energy Celebrates 10 Years of Dual Listing on NGX, LSE

Kayode Tokede

Seplat Energy Plc yesterday celebrated a decade of its dual listing on both the Premium Board of the Nigerian Exchange (NGX) and the Main Market of the London Stock Exchange (LSE).

This commemorative event, attended by esteemed representatives from Seplat Energy, the NGX, the Nigeria government, and other institutional partners,

marks a decade of strategic partnership and commitment to excellence in the energy sector.

In his speech at the anniversary, CEO, Seplat Energy, Mr. Roger Brown, expressed delight over the feat, reiterating Seplat Energy’s commitment to leading Nigeria’s energy transition, adding that the power of indigenous companies is to bring growth and prosperity to their home countries and the people.

He said: “One example of how Seplat Energy is making an enduring difference to Nigeria and host communities where we operate is that nearly $50m had been invested by our Joint Venture partnerships in communities since our inception to date,” Brown said.

“Truly, Seplat Energy has delivered significant value by enhancing strategic, operational and financial achievements in

10 years as a listed company,” he added.

In his comments, CEO, NGX Group, Mr. Temi Popoola, emphasised the significance of Seplat Energy’s decade of dual listing stating, “If we were to look back to our market and tried to find landmarks, the last major landmark you will find in the last ten years is this transaction that we are celebrating today, and the market is very grateful for that”.

Experts Decry Impact of Climate Change on Food Production in Nigeria

David-Chyddy Eleke in awka

Experts in climate matters have decried the impact of climate change on food production in Nigeria, lamenting that many Nigerians remain unaware of how their everyday actions contribute to the growing crisis.

Co-founder and Executive Director of Climate Action Africa (CAA), formerly referred to as CMA, Grace Oluchi Mbah, and other experts stated this in Awka yesterday, during a workshop on climate change. Mbah hailed Nigeria’s commitment to major international climate agreements. She mentioned some of the

Afriland Properties Grows Revenue by 150% to

Afriland Properties Plc, a leading property management, investment, and development company in Nigeria, has reported a remarkable 150 per cent increase in total revenue hitting N4.72 billion for the year ended December 31, 2023, compared to N1.89 billion in the previous yea.

The company’s profit before tax (PBT) grew by 34 per cent to N2.41 billion, from N1.80 billion in 2022.

Similarly, Afriland Properties Plc saw its total assets grow by an impressive 76 per cent to N34.07 billion compared to N19.38 billion in 2022.

These impressive financial results were presented to the company’s shareholders at its 11th Annual General Meeting, which took place virtually yesterday.

Pleased with the performance, the shareholders approved the dividend of N343.5 million for the

N4.7bn

year 2023, representing a jump of 150 per cent increase from the previous year’s N137.4 million.

Commenting on the results, Chairman of Afriland Properties Plc, Emmanuel Nnorom said: “The remarkable growth achieved in the financial year 2023 reflects the company’s commitment to creating value for all stakeholders. It also underscores the dedication of our management team and the unwavering support of our shareholders.”

Chain Reactions Africa Wins Big at 2024 SABRE Awards

Chain Reactions Africa once again lived up to its reputation as one of the continent’s leading Public Relations and Integrated Communications consultancies, as it won seven awards in the just released list of winners for the 2024 SABRE Awards.

Just like in last year’s award where the Lagos State Governor, Mr. Babajide Sanwo-Olu clinched the prestigious SABRE Awards Diamond category for use of public relations to tell the story of his administration’s achievements

as part of his re-election campaign, the Managing Director of the Lagos Metropolitan Area Transport Authority (LAMATA), Abimbola Akinajo, beat notable industry heavy weights to emerge the 2024 CEO of the Year.

She won the award for being a Champion and Enabler of Public Relations within the LAMATA and the Lagos Blue Rail Project. This is in addition to two other prestigious categories in which the Chain Reactions Africa secured the

global honours for the Lagos Blue Rail in recognition of its dexterous usage of public relations to enable citizens.

According to the organisers, the category won by the LAMATAboss is the second highest award category and is for corporate or political CEOs who have elevated the role of public relations and communication within their organisation by using the practice to effectively communicate with stakeholders and building their organisation’s reputation currency.

Shettima, Sule, Idris Others for Climate Change Conference

Vice President Kashim Shettima will on Thursday(tomorrow) open the Africa Climate Change Conference, alongside Executive Governor of Nasarawa State, Abdullahi Sule, and Minister of Information and National Orientation Mohammed Idris, at the Nasarawa State University, Keffi.

Also expected at the august

event is the Managing Director, News Agency of Nigeria, Ali M. Ali, among other dignitaries.

The annual conference, with the theme, “Communication, Climate Change, and Resilience in Africa”, is organised by the Institute of Strategic and Development Communication (ISDEVCOM) of the university.

A statement by the conference convener, Prof. Emmanuel Dandaura, further stated that

Director General, National Council on Climate Change, Dr. Salisu Dahiru, will deliver the keynote address at the conference at the two-day event beginning on April 18, 2024 at the Assembly Hall of ivory tower.

He said: “The conference has become a hub for participatory approaches to using communication to solve some of Africa’s most intractable problems.”

agreements to include the 1992 United Nations Framework Convention on Climate Change, the 2005 Kyoto Protocol, and the 2015 Paris Agreement, which she said Nigeria signed in 2016 and ratified in 2017.

She said: “Under my watch, Climate Action Africa has mobilised a significant network of over 100 climate activists across 15 African countries, to fight the debilitating effect of climate change on food production in Africa.

“In Nigeria, the escalating food shortages, marked by rising prices and decreased availability of agricultural products, are palpable. Yet, many Nigerians remain unaware of how their everyday actions contribute to this growing crisis.

“The impact of climate change in Nigeria is unmistakable, yet there is a lack of awareness about the necessary measures to mitigate these effects.

“For residents aged between 30 and 60 in northern Nigeria, climate change is most noticeable through the dramatic shrinkage of Lake Chad—over 90 per cent in the past six decades.

WEDNES Day april 17, 2024 • THISDAY 12 NEWS
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politics

As Uzodimma Delays Inauguration of New Imo Cabinet...

Tony Icheku writes that close to one month after being cleared by Imo State House of assembly, the 16 commissioner-designates are yet to be assigned portfolio talkless of being sworn-in by Governor Hope Uzodimma.

While being inaugurated for second term on January 25, 2024, Imo State Governor, Senator Hope Uzodimma dashed the expectations of loyalists and supporters when he summarily dismissed his entire cabinet. Not even a kitchen cabinet comprising strategic ministries and departments was constituted thereafter. Only the Chief Press Secretary/Media Adviser, Oguwike Nwachuku was spared. But over two months into his administration, the Imo chief executive has assembled new members of his cabinet who have been screened and cleared by the State House of Assembly and would be sworn in any time soon.

The first batch of 12 Commissioner-nominees were screened and cleared by the state House of Assembly on March 7, 2024, while the second batch of four were screened and cleared on March 24, 2024.

Uzodimma ‘s desire for a clean sweep must have been necessitated by tales of abuses of office which crept into his administration towards the end of his first tenure.

The shocking sudden dismissal, arrest and detention of former Commissioner for Lands, Mr Noble Atulegwu over allegations of land racketeering immediately after the governorship election was an indication that Uzodimma’s cabinet needed a surgical operation to weed out those who had become an embarrassment to his government.

Such mistaken assumption that the governor may not reappoint former Exco members led to an unbridled and intense lobbying. Desperados even went as far as attempting to demarket other Commissioners-hopeful like Hon Mbadiwe Emelumba, former Commissioner for Information and Strategy.

Besides his towering academic achievements topped with an MSc in History and International Relations, Emelumba took to politics like fish to water after his journalism career.

Ironically, Emelumba’s first Constituency, the Press, specifically, some section of the vibrant community press, led the attack. Some were linked to political vendetta, while others were by unprofessional newsmen who threw ethics of the profession overboard. Emelumba’s nomination and confirmation as a Commissioner-nominee says a lot about the value and his contribution to the Uzodimma administration.

A former member of the Imo State House of Assembly, Emelumba’s relationship with Governor Uzodimma dated back to years before his entry into politics. And he has functioned as Uzodinma’s media pointsman for decades now, thus he enjoys the confidence and rapport with the governor.

Emelumba’s resilience and determination shone through beginning with Uzodimma’s first tenure when the Supreme Court returned him as the validly elected governor. Uzodimma stepped into a hostile political environment being that the sacked Hon Emeka Ihedioha’s PDP administration was already settling down to business. Thus it was fire for fire, as the very vibrant PDP Media Team began hurling salvo at the new Uzodimma administration.

The media attack dogs coined the epithet ‘Supreme Court’s Governor to taunt Uzodimma, besides other propaganda gimmicks

It was Emelumba who weathered the negative media bombardment. And to counter the vibrant community newspapers in the State, Emelumba also repackaged the moribund governmentowned Statesman newspaper which now appears daily. His return to the Imo Exco is a testimony of his hardwork and value to the Uzodimma administration.

Other returning Commissioners whose comeback could be interpreted as a vote of confidence include Dr Chimezie Amadi, former Commissioner for Digital Economy and e-Governance. Amadi, who hails from Nwangele Local Government, coming from a digital technology background and as Commissioner for Digital Economy and E-Governance had

a vision of using digital technology to enhance governance, innovation, entrepreneurship, and to train 100,000 youths, women, and people with disabilities in core 21st-century skills such as software development, blockchain, game development, and technical vocational skills. The goal is to enhance digital literacy and empower individuals for future opportunities.

Besides envisioning using technology to streamline administrative processes and make governance more efficient and attractive, he initiated the Skill-up Imo project in December 2022, to offer digital skills training in three stages - Beginners, Intermediate, and Advanced. This initiative equips individuals with essential digital skills like web design, digital marketing, and mobile app development to thrive in the modern economy. He is obviously returning to complete the programmes he initiated if he returned to the same ministry.

Hon Ralph Nwosu from Oru West Local Government is another returnee Commissioner, and it would be his third time in government, having previously served as Commissioner for Works under former governor Ikedi Ohakim. Nwosu is described as a goals-driven workaholic and supervised the construction of the Owerri - Okigwe expressway which was road users nightmare before the coming of Uzodimma. Another road in deplorable condition that was equally quickly completed was the Owerri - Mbaise Expressway. If he returns to the Ministry of Works, it would be to pay attention to the deplorable condition

Not even a kitchen cabinet comprising strategic ministries and departments was constituted thereafter. Only the Chief Press Secretary/Media Adviser, Oguwike Nwachuku was spared. But over two months into his administration, the Imo chief executive has assembled new members of his cabinet who have been screened and cleared by the state House of Assembly and would be sworn in any time soon. The first batch of 12 Commissioner-nominees were screened and cleared

by the state House of Assembly on March 7, 2024, while the second batch of four were screened and cleared on March 24, 2024. Uzodimma ‘s desire for a clean sweep must have been necessitated by tales of abuses of office which crept into his administration towards the end of his first tenure.

of roads in the State.

Others returnees are the Commissioner for Justice and Attorney General, Chief C. O. C Akaolisa; Chief Cosmas Maduba, former Commissioner of Agriculture from Isu LG; And Hon Emenike Ejikeme Major, former Commissioner of Environment from Onuimo LG.

Hon (Mrs) Nkechi Ugwu, from Ideato North LG was former Commissioner of Gender and Vulnerable Group. A social media enthusiast, Mrs Ugwu showed proactive leadership in her ministry and equally worked closely with the First Lady of the State to further the interests of Women and the vulnerable groups.

Two former lawmakers are also among the new cabinet including Hon Modestus Osakwe who represented Isu State Constituency in the state house of assembly. Another former lawmaker and a new face in the Uzodimma camp who earned his nomination as a result of capacity is Hon Bede Ekeh, two-term House of Representatives member from Ngor-Okpalla. Ekeh, easy going and focused, defected from the PDP to join the Uzodimma camp and emerged as the Director-General of the Hope Governorship Campaign Council in Aboh-Mbaise.

Dr Chika Abazu, from Ideato South LG is a Public Health Physician of over 22 years experience and has risen to position of a Director at the Federal Civil Service and has served at various levels with merit and distinction. He was the APC candidate for Ideato North and South Federal Constituency.

The other Commissioner-designates are Obinna Onwuegbu, Ihitte Uboma LG; Anyanwu Ezechinyere, Ahiazu Mbaise LG and Obinna Onyeocha-Evaristus , Njaba LG.

From the governor’s body language, his interest would be in completing legacy projects, finishing strong and bequeathing achievements that would enhance his future political ambition, thus his appointments would not have the “Father Christmas” imprimatur like it did in his first term when he created over 500 appointments that dug deep hole into Imo finances.

Definitely, desperate lobbyists, sychophants and political friends would find no place in the Imo state cabinet as the elections are over and the governor would be more interested in technocrats and political alliances that would enhance delivery of his campaign promises.

Expectations for superlative performance is expected from Uzodimma. He is not only the Chairman of Progressive Governors Forum, he is also the face of the All Progressives Congress (APC) in the South-East geo-political zone with his recent appointment as the Coordinator of the South East APC. It is only through good governance and delivery of democracy dividends he can market the APC in the region.

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com (08033025611 SMS ONLY ) THISDAY • WEDNES DaY a PRIL 17, 2024 16
Uzodinma Emelumba Akaolisa
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polity

Some Happenings in Nigeria Won’t Work in Other Climes

There is this gross misconception that any criticism of government policy is an attack on the President. Before anybody puts pen to paper, he must be a stakeholder in the system which should offer him security and protection. This misconception is grossly wrong.

All we hear on a daily harangue is that people should be patient. In simple physics, there is a yield point which is a forced extension of the breaking point. Nigerian’s patience is nearly past the breaking point.

To the Nigerian Elite which includes university students and trade unions, we must guard jealously and make sure we don’t sleep walk into a one-party country. There are a number of shenanigans pointing along that trajectory and this is worrying.

A strong and vibrant opposition is a desideratum for democracy to bloom.

Chief Obafemi Awolowo’s Action Group provided this check and balance and that was why he surrounded himself with some of the brightest minds in the country. People like; Chief Rotimi Williams, Professor Oluwasimi (First Class London School of Economics graduate), Sam Gomsu Ikoku, Alfred Rewane, S.O. Shonibare among others.

Some of the recent happenings in Nigeria will not work in other climes. Take the case of the recent sleaze by some ministers and the chairman of the ruling party. This was exactly the case of Faruk Lawan who a billionaire businessman; Femi Otedola put in prison after a sting operation and many years of trial. The chairman of the ruling party is engulfed in a similar operation which involved stuffing of his agbada with hundred-dollar bills.

Could it be that the ruling party does not have

t R i BU t E

enough members with spine and guile to tell their national chairman to ‘comot for road’ before the entire membership is slurred and irretrievably damaged. This scenario can play out in Nigeria. The response is; ‘na so we dey do am’

The only Nigerian university that is close to being called Ivy league is the Premier University of Ibadan. In our days as undergraduates, depending on which hall one belonged, we had Hall nights. We were the first intake of Azikiwe Hall. The

hall warden Mr. Ezekwesili tried to produce the pathfinder for Nigeria and one of the lessons I picked from him is that any country not anchored on truth and justice will eventually collapse. That has been one of my guiding principles.

A distinguished alumnus of the university of Ibadan; Governor Seyi Makinde of Oyo State is currently in an encounter with Department of Interior whose officers are alleged to have manhandled Oyo State Road Safety Workers in the performance of their official duty

Safety officers in their assignment are alleged to have handled Governor Makinde’s staff. The nation is anxiously waiting for the outcome and we hope it won’t be papered over in what has come to be known as the Nigerian way.

University of Ibadan Alumni Association is proud of her alumna; Abimbola Adelakun who recently took the minister of power Adelebu to her canvas and was able to extract an apology for the Nigerian consumer.

Adebayo Adelebu must not forget that his grandfather Adegoke Adelebu was one of the strong architects of Nigeria’s independence. He therefore has a pedigree to protect.

Mr. President, the rumor mills are agog with probes upon probes. When will Nigerian people get answers to all these sleazes?

The first female prime minister of Great Britain Margaret Thatcher said that to be a good leader, you must be a good butcher; to know when and where to cut and eventually stitch back. Mr. President, I know you will find her autobiography useful.

On a parting shot Mr. President, some of your ministers and aides function as if they are cowboys chasing cattle in the American Wild West. In the interest of peace and good governance, please rein them in. There is no substitute for the rule of law.

•Rt. Hon. Dr. Eddie Mbadiwe writes from Abuja

Obaro Ikime: One Year After

Amb. Dr Martin Uhomoibhi

It is a full year now since Obaro Ikime, Emeritus Professor of History at the University of Ibadan, departed these earthly spheres on the 24th of April 2023. One of Nigeria’s greatest historians of the 20th century and a stalwart of the famous Ibadan School of African History, his far-ranging significance to the Nigerian and African historical academy is one that will surely resonate for many years to come. One of his protégés, the very erudite Professor Martin Ihoeghian Uhomoibhi, himself certainly one of Nigeria’s most accomplished diplomats, attempts, in this heartfelt personal tribute, to recapture Ikime’s most remarkable personality on the occasion of the first year anniversary of his demise.

I am one of those who have no apologies whatsoever to declare that the University of Ibadan, particularly, the Department of History, made them. In many ways, Professor Obaro Ikime, the sage who transited exactly one year ago, at the age of eighty-six, will always be central in that narrative of formation. I consider myself most privileged to have had Professor Ikime as an incredibly devoted guardian and mentor for fifty long years. Our relationship lasted roughly from my very first starry-eyed days on the most benumbing UI campus in 1973, and lasted until his death on April 24th 2023, two days before which we had our final, emotionally-robust father-son conversation over the phone.

To start with, and to put it in some heartfelt subjective summary, Obaro Ikime was the archsymbol of the intellectual firmament into which I was inducted as a teenager at Ibadan. This perhaps demands some foregrounding. When I arrived as an enthusiastic, excited first-year student of History in 1973, I had no idea what possibilities lay before me, especially in terms of a life-charting, career-defining encounter. At that time, some 25 years after its establishment as Nigeria’s premier university, much of Ibadan’s prestige as the nation’s pre-eminent centre of excellence in higher education was still intact. And it did not matter that a number of other universities were already running, including the nearby Benin. It was soon to dawn on me that the Department of History and its exploits in the mobilization of the African perspective to global history contributed heavily to this high ranking. It also did not take long for my colleagues and I to discover that we had been sucked into an

explosive scholarly ferment, that surrounding the rediscovery of Africa through the decolonization of its past. Obaro Ikime was at the forefront of this gargantuan project, and he was passionate about making trenchant Africanist disciples out of succeeding generations of Nigerian historians, and I proudly belonged to one of these. Obaro Ikime was neither the initiator, nor the only key figure within the charged space of the famed Ibadan School of History, the driving agency for the academic combat waged on behalf of the African point of view. However, to my colleagues and I, he was the irrepressible crusader who embodied the entire spirit of an enduring postcolonial movement. Sooner or later, I would come to terms with such iconic characters as Kenneth Dike, JFA Ajayi, E.A. Anyandele, Tekena Tamuno, Saburi Biobaku, Adiele Afigbo, Bolanle Awe, among others, mostly through their literature. But it was Obaro Ikime that presented to me the most instructive and persuasive portraiture of their high significance as arch-proponents and

defenders of the African historical space. Obaro Ikime’s lectures were unforgettable in their distinctive mode as loud, almost ‘evangelical’ proclamations and testaments about the imperative of the rethinking of the essence and fate of the African in the long course of humanity. Those classroom transactions, and I am sure I speak for the entirety of my generation, transcended the ends of mere curricular certification; they were more accurately, capsules of Africanizing and humanizing indoctrination. For instance, I clearly recall the grand ambience of Ikime’s Course 105, ‘European, Conquest and African Resistance,’ which he ideologically codified to feature not just the European conquest, but also the spirited resistance of the African to domination and conquest. Such glowing phrases like ‘discretion is the better part of valour’ remain etched in my subconscious, particularly in the inventive manner of their application to the dispositions of the African precolonial leaders upon the colonial invasion and its temperaments of brutality.

To compress a long narrative of incomparable intellectual influence (which could actually be the subject of a full-fledged memoir), one major offshoot of those sublime classroom exchanges with Professor Ikime as a conscientized protégé was that the Africanist in me was enabled in ways which changed the trajectory of my life. After about seven years of teaching in the Department of History, and engaging with Ikime and others, I felt that the scope of my Africanist sensibility needed to be expanded. That was how, with his encouragement, I could make the switch to the Nigerian Foreign Service, with the affirmation that diplomacy offered a more expansive work-field for my conviction. I believed that, to borrow some tantalizing phraseology from my very resourceful biographers, if the formal academy could make history ‘sing’, diplomacy could, in fact, make history ‘dance.’ I considered it highly encouraging that Ikime fully subscribed to this notion.

To me, Obaro Ikime was not just a diligent, transformational teacher and leader, he was also an inspiring career coach, adviser and influencer. His guidance had been crucial to my emergence at the top of my undergraduate class, along with my dear friends, Professor Ehiedu Eweriebo, now of Hunter College, New York, and Professor Damian Ukachukwu Anyanwu, now of Imo State University. But beyond this, he very much orchestrated the commencement of my career as an academic, when he, as Head of Department of History, facilitated my employment (alongside my two aforementioned

classmates) as a graduate assistant. It was the first time this form of recruitment, involving the best students in a graduating set, was happening in the department.

Then, there was Obaro Ikime’s very crucial role in seeking out and processing a viable doctoral destination for me, following the completion of a most rewarding Masters programme in History and Political Science, also at Ibadan. I ended up pursuing and completing a D.Phil in Modern History and International Politics at Oxford University in 1982, through the prestigious Commonwealth Scholarship. But he still did not stop at this. He proceeded to convince Vice Chancellor Takena Tamuno, himself originally of the Department of History, that my financial entitlements at Ibadan needed to keep running while I was away in order to assure the welfare of the dependents I was leaving in Nigeria. Professor Ikime was still on hand to receive me and oversee my reabsorption and reintegration into the Faculty upon my return from Oxford.

It is these uncommon acts of sacrifice and love, and many more the limited space of this tribute will not allow me to render in proper perspective, that situate the enormity of my indebtedness to our departed mentor and father. To state that Professor Obaro Ikime contributed immensely to laying the structures for my success as a professional/academic historian, and as a diplomat, is to convey a tightly-held truth in the most unadulterated of ways. It is therefore most natural that our lives, and by extension, those of our families, have been intertwined for decades now. All through my peregrinations in the intriguing frontiers of top level diplomacy and international politics, he remained a major fixture in my life: advising, encouraging, inspiring and blessing. Just for him and very few others in my life, I felt doubly covered in the arena of human counsel. I may have retired as a serving diplomat (and technically may appear not be needing too much of a sage’s elevated thoughts) but Obaro Ikime’s demise could not have happened at a more painful time, particularly as I set my eyes on even higher life goals, the kernel of which he approved before he passed.

One year after his death, that pain, for me is still gratefully cushioned by the consciousness and sensitivity that he is in a better place. This is because, as one who, like me, totally believed and vigorously engaged in very committed investment in the spiritual realms of the afterlife while on the earthly domains the supreme recompense of Divinity remains sure.

To God be the glory.

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Ganduje The late Ikime
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Ndoni Comes Alive as Odili Donates Comprehensive Health Facility to Rivers Community

Blessing Ibunge reports how the former governor of Rivers State, Dr. Peter Odili brought relief to the Ndoni community through the well-attended inauguration of a comprehensive healthcare facility donated by his PAMO Educational Foundation

The peaceful Ndoni community in Ogba/ Egbema/Ndoni Local Government Area (LGA) in Rivers State came alive last Thursday when eminent dignitaries, including the state Governor, Siminalayi Fubara, stormed town for the inauguration of the Comprehensive Primary Healthcare Centre, donated by PAMO Educational Foundation. The foundation is promoted by former Rivers State Governor Peter Odili, who is highly revered in the community.

The former health centre, serving both the town and neighbouring communities, succumbed to the devastating floods from the River Niger in 2020 and 2022, ravaging buildings, crops, livestock, and tragically claiming lives. This left residents without essential medical services, forcing them to travel to distant communities like Omoku for over two years. The palpable relief and gratitude on the faces of beneficiaries were evident at the unveiling of the new health centre.

Incidentally, the old primary health centre that was washed away by flood was built during the administration of Odili and inaugurated in 2008.

Inaugurated by Governor Fubara, the event served as a venue for reconciliation as many politicians who had distanced themselves from the incumbent government were sighted at the occasion, expressing their solidarity with the Fubara's administration.

During his speech, the governor expressed gratitude to the initiator of PAMO Educational Foundation, Dr. Odili who is one of the state's valuable political pillars standing with his administration in the wake of the political crisis in the state.

He expressed his government commitment to ensuring that he sustains the support for the Ndoni people by promising to further equip the health centre to enable it to function adequately for the people, describing it as the most valuable legacy by Dr. Odili to his people as a private person.

He emphasised the importance of effective healthcare delivery to his administration, describing the effort by Dr. Odili as a show of love for his people and giving back to society. Fubara also reiterated the target of his administration which is the provision of quality education, healthcare services and empowerment including agriculture and human capital development. This includes the approval of his administration to recruit 1,000 medical doctors for the primary health, Hospital Management Board and the Rivers State University Teaching Hospital to improve healthcare delivery in the state, and ensure that zonal hospitals in the state are put to use.

Explaining the reason for the employment of medical doctors, Fubara said that the 200 personnel he met on assumption of duty were grossly inadequate compared to the prevailing needs in the sector. He referred to the deplorable condition of over 340 primary healthcare centres across the state and disclosed that commendable rehabilitation work was ongoing to ensure the

facilities function optimally Fubara also noted that part of his promise to President Bola Tinubu is to provide critical services to the people to support his government to succeed, which his administration is currently undertaking. He urged the people of Ndoni to own up, protect and maintain the newly commissioned health centre for optimal benefits, promising that the needed manpower would be provided to run the facility.

The governor, who further described Dr. Odili, as a man that God has blessed, urged the people of the state to always support him, saying: “Our leader, this is the best thing you have done. It is the best because you are doing it when you are not in office. The ones I am doing now are with public funds, not my own.”

Dr. Odili in his remarks lauded Governor Fubara for his uncommon humility and commitment to protecting and defending Rivers people in line with the constitution. He encouraged the governor to remain focused on providing good governance to the people of the state.

He said: “Politics is over, it is now time for governance and you have to hit the ground running, you have touched the

critical sectors. In less than one year in office, you have touched education, you have touched health, but the key to what you have done so far is the focus on human beings, on the people, especially the poor amongst you. Human beings are the soul of society. So touching the lives of human beings is more important, you have started showing signs of that.”

Odili revealed that the 20-bed health centre was informed by the need to support the state government's effort to revive the Primary Health Centres in the state and the lack of such facilities across all Ndoni districts after the flood of 2020, and asked that the government take possession of the facility and run it to the benefit of the people.

Earlier in his welcome address, Chairman of the Rivers State Electoral Commission (RISEC), Justice Adolphus Enebeli (rtd), said the inauguration of the health centre would be remembered and treasured in history how Odili, a man with humanity impulse, committed his personal resources to build a state-of-the-art facility.

Enebeli said the event demonstrated an effective Public-Private Partnership to build and donate the facility by the PAMO Educational Foundation, adding that the health centre will serve people in all the 18 villages in Ndoni town. He noted that the people appreciated the formidable promise the governor made to the

Politics is over, it is now time for governance and you have to hit the ground running, you have touched the critical sectors. In less than one year in office, you have touched education, you have touched health, but the key to what you have done so far is the focus on human beings, on the people, especially the poor amongst you

people to turn the state into medical tourism and his dedication to upgrading all primary healthcare facilities in the state.

Speaking at the event, the Executive Secretary of Rivers State Primary Healthcare Management Board, Dr. Kinikanwo Green, appreciated Dr. Odili “who graciously conceived, built and donated” the health centre to advance the basic healthcare and wellbeing of the people.

He highlighted that the kind gesture is in line with the policy thrust of the Governor Fubara-led administration that has committed so much resources and motivation to making the facilities in the health sector function optimally.

Green, who said the state is the current Southsouth zonal champion of the UNICEF/Bill and Melinda Gates, and NGF competition, added that the inauguration of the health centre at Ndoni by the governor would further catapult the state to remain not only as a zonal champion but also as a national champion.

He equally stressed that with the effort of Governor Fubara's administration to ensure quality and universal health coverage, especially at the primary healthcare level, where 70 to 80 per cent of the state’s health needs are sorted out.

The state Commissioner for Health and daughter of the donor, Dr. Adaeze Oreh, said the facility is a 20-bed health centre with a capacity for 60-bed spaces. She explained that the centre was equipped with state-of-the-art facilities to address health challenges in the community and other catchment areas. She further noted that it would render essential services in antenatal, labour delivery, immunisation, HIV, non-communicable diseases, family planning and free medicare for vulnerable persons.

Reeling out the facilities in the hospital, Dr. Oreh said the health centre, which is located to a population of over a quarter of the population of Rivers, has a functional theatre, delivery room, laboratory and pharmacy. There is potable drinking water, sanitation and hygiene facilities and a power generating plant.

“The primary health centre will be manned by highly skilled health workers transferred from the old facility and deployed by the Rivers State Primary Healthcare Board, with the capability to address up to 70 per cent of the health needs of the people and would provide the following services: antenatal care, labour, delivery, post-natal services, immunisation, other childcare services, and various forms of health promotion and disease prevention services.

"The donated facility included examination couches, reception waiting chairs, consulting tables and patient chairs, ward screens, hospital beds and mattresses, drip stands, bedside lockers, over-bed tables, trolleys, and delivery beds for the birthing suite.

“Out-patient services to be rendered include treatment of ailments like hypertension, diabetes, malaria, HIV/AIDS, and tuberculosis. Free PHC services to be provided include family planning, adolescent and youth-friendly services, sexual and gender-based care, cervical screening and health education,” Dr. Oreh said.

Group Features Editor: Chiemelie Ezeobi Email: chiemelie.ezeobi@thisdaylive.com, 07010510430 24 THISDAY • WEDNES Day a PRIL 17 2024
FEaturEs
Inside the building Health Centre L-R: Governor Fubara, Dr. Odili; his wife, Justice Odili; and Dr Oreh at the inauguration

Following a robust growth in customers’ deposit and foreign exchange revaluation, 11 banks listed on the Nigerian Exchange Limited (NGX) posted N115.45 trillion total assets in 2023, a growth of 68 per cent from N68.85 trillion in 2022.

The 11 banks are: Access Holdings Plc, FBN Holdings Plc, Zenith Bank Plc, United Bank for Africa (UBA) and Guaranty Trust Holding Company Plc (GTCO).

Others include: Wema Bank Plc, Sterling Financial Holdings Company Plc, Stanbic Holdings Plc, FCMB Group Plc, Fidelity Bank Plc and Jaiz Bank Plc.

Analysis of the banks’ 2023 financial results showed that their balance sheet witnessed a significant expansion, with total assets nearly doubling, reflecting a strong deposit

traction and the impact of foreign currency revaluation. Nigeria banks sustained growth in deposit and lending to customers amid threat posed by Fintech companies revolutionized the banking sector with attractive commission on deposit and access to loans without collateral.

Despite competition, the 11 banks generated N76.4 trillion deposits from customers in 2023, a growth of 66 per cent from N45.91 trillion declared in 2022.

Excluding Jaiz Bank, the remaining 10 banks Loans and advances to customers closed 2023 at N38.4 trillion, representing an increase of 58 per cent from N24.35 trillion reported in 2022. With service provided across 22 countries including, the UAE, UK, and four representative offices in China, India, Lebanon and Paris,

Access Holdings led other banks in total assets generation in 2023, contributing about 23 per cent of the overall N115.45 trillion.

In 2023 financial year, Access Holdings declared N26.7 trillion in total assets, a growth of nearly 78 per cent from N14.99 trillion reported in 2022.

According to the pan-African financial institution, customer deposits increased by 66 per cent to N15.3 trillion in 2023 from N9.2 trillion in 2022, driven by real growth in the deposit base and impact of the FX rates unification (accounted for c.14per cent of deposit growth).

“Term deposits grew to N5.69 trillion from N3.46trillion (65 per cent y/y growth) as we proactively negotiated and locked in rates for strategic deposits CASA account deposits increased by 66per cent y/y to N9.6 trillion (2022: N5.8trillion)

Nume Ekeghe

In the span of three weeks, the Central Bank of Nigeria (CBN) has initiated interventions in the foreign exchange market to stabilise the naira, resulting in Nigeria’s foreign reserves plummeting to a seven-year low of $32.6 billion as of April 12, 2024.

This is according to data released by the central bank regarding the movement of Nigeria’s reserves.

Analysis of the CBN data revealed that the last time reserves reached such levels was on September 29, 2017, when it stood at $32.49 billion.

The CBN’s strategy which has aided the naira strengthen to N1000/$1 at the parallel market and it hovering around N1,130/$1 at the official window includes resuming sales to Bureau de Change operators at discounted rates to boost market liquidity and intervening in the official window.

The trajectory of reserves has been fluctuating, with foreign reserves reaching a significant four-month high of $33.45 billion as of February 21, 2024. However, this momentum has since reversed.

A one-month in-depth look showed that from April 12, 2024, Nigeria’s foreign exchange reserves stood at $32.61 billion, marking the lowest level in seven years.

This figure reflects a continued downward trend in the country’s

of total deposits. “Overall, CASA mix remained at 63per cent as we continued the expansion of our agency network for financial inclusion, enabling us to provide accessible and affordable financial services to underserved segments of the economy,” the bank explained in a presentation to investors.

The bank, according to THISDAY investigation led in loans & advances to customers that hit N8.96 trillion in 2023, a growth of 60.5 per cent from N5.6 trillion declared in 2022.

The bank in a presentation stated that loan expansion targeted towards robust non-cyclical sectors of the economy.

“Deliberate portfolio strategy to minimize exposure to FX headwinds while growing risk assets sustainably. 46.44 per cent of the growth is from devaluation and 14.01per cent

increase is from real growth,” the bank added.

Coming close to Access Holdings is UBA with about N20.65 trillion total assets in 2023, a growth of 90.2 per cent from N10.86 trillion posted in 2022.

Key drivers of UBA’s total assets include N14.89 trillion customers deposits in 2023, a growth of 90 per cent from N7.82 trillion in 2022, and N5.23 trillion Loans and advances to customers in 2023, an increase of 67 per cent from N3.14 trillion reported in 2022 financial year.

The Executive Director, Finance and Risk Management, UBA, Ugo Nwaghodoh explained that the valuation of the Naira by the Central Bank of Nigeria (CBN) was responsible for growth recorded by the bank’s balance sheet lines.

“I must say at that the valuation of the Naira, which is our reporting

currency, is pivotal to some of the growth that we’ve recorded on some of these balance sheet lines. Loans and advances also up 61per cent to N5.5 trillion. Real growth on loans and advances was 15per cent and real growth on deposit was 56per cent,” he explained during UBA’s investors call.

Further checks by THISDAY revealed that Zenith Bank closed 2023 with N20.4 trillion total assets, a growth of 66 per cent from N12.29 trillion declared in 2022.

Zenith Bank, explained that, “We have continued to deepen our market leadership in key corporate and retail deposit segments as customer deposits increased by 69per cent from N9.0 trillion to N15.2 trillion in 2023.

reserve holdings, which have been subject to ongoing fluctuations and declines in recent months.

Before this, on April 8, 2024, the reserves stood at $33.04 billion, indicating a further decrease from previous levels and at April 5, 2024, Nigeria’s foreign exchange reserves reached $33.36 billion.

This trend continued into early April, with the reserves standing at $33.5 billion on April 3, 2024.

Furthermore, on March 26, 2024,

the reserves had further declined to $33.95 billion highlighting ongoing fluctuations. However, this upward trend was short-lived, as the reserves decreased once again to $34.38 billion on March 19, 2024 March 18, 2024, the reserves stood at $34.44 billion, showing a slight recovery from earlier position.

As the month progressed, the reserves continued to fluctuate, by March 15, 2024, the reserves had decreased to $34.19 billion

indicating on-going volatility and however continued upward trend as it recorded $34.37 billion on March 12, 2024.

However, considering the upcoming Afreximbank loan and recent hikes in the monetary policy rate, which have drawn foreign portfolio investors’ interest, along with the spike in crude oil prices, it is expected that the reserves will experience a notable increase in the coming weeks.

BUSINESS WORLD Group Business Editor Eromosele Abiodun Email oriarehu.eromosele@thisdaylive.com 08056356325 Customers’ Deposit, FX Revaluation Lift 11 Banks’ Total Assets by 68% to N115.45tn 25 As CBN Continues to Intervene in FX Market, Reserves Decline to Seven-year Low of $32.6bn RATES AS AT Ap R il 16, 2024 MONEY MARKET REPO S & P INDEX S & P INDEX EXCHANGE RATE OPR 25.34% CALL 23.25% INDEX LEVEL 595.26 1/4 TO DATE 0.24% N1,262.85/ 1 US DO ll AR* OVERNIGHT 25.18% 1-MONTH 21.37% 1-DAY 0.10% YEAR TO DATE -10.99% *AS AT T UES ., Ap R il 16, 2024 3-MONTH 22.41% MONTH-TO-DATE 0.24% BONDS DESCRIPTION Price Yield Change (%) Updated Time ^13.53 23MAR-2025 94.69 19.82 0.01 April 16, 2024 ^12.50 22JAN-2026 90.26 19.11 0.01 April 16, 2024 ^16.2884 17MAR-2027 93.95 19.05 0.00 April 16, 2024 ^13.98 23FEB-2028 84.26 19.97 0.00 April 16, 2024 ^14.55 26ApR-2029 85.19 19.25 0.00 April 16, 2024 Market data a s at t uesday, a pril 16, 2024 BILLS MATURITY Discount Yield Change (%) Updated Time NTB 9-May24 16.15 16.40 0.00 April 16, 2024 NTB 6-Jun24 16.30 16.76 -0.01 April 16, 2024 NTB 11-Jul24 16.49 17.24 -0.01 April 16, 2024 NTB 8-Aug24 16.64 17.64 -0.01 April 16, 2024 NTB 5-Sep24 16.79 18.06 -0.01 April 16, 2024 OTC FX FUTURES CONTRACT TENOR (MONTH) Contract Current Rate ($/₦) Updated Time 13M NGUS MAR 26 2025 – April 16, 2024 14M NGUS ApR 30 2025 – April 16, 2024 15M NGUS MAY 28 2025 – April 16, 2024 16M NGUS JUN 25 2025 – April 16, 2024 17M NGUS JUl 30 2025 – April 16, 2024 CP S MATURITY Discount Yield Change (%) Updated Time lFZC Cp iV 16-ApR-24 23.35 23.52 -0.02 April 16, 2024 MTNN Cp Vii 14 -MAY-24 20.70 21.16 0.00 April 16, 2024 UACN Cp Vi 19-MAR-24 20.13 21.00 0.03 April 16, 2024 DUFil Cp iii 25-JUl-24 19.73 20.99 0.05 April 16, 2024 FDHC Cp Vi 2-AUG-24 17.57 18.64 0.04 April 16, 2024 THISDAY • W EDNESDAY Ap R il 17, 2024 The story continues online on www.thisdaylive.com

Monetary Tightening Amid Rise in Food Prices

In this piece, James e mejo notes that the Central Bank of Nigeria (CBN) has doubled down on its monetary tightening regime by raising the benchmark interest rate for the second time in a row under the new management led by Mr. Olayemi Cardoso. However, with the recent moderation in FX, Nigerians are eagerly awaiting a commensurate reduction in prices of consumer goods.

The current economic hardship occasioned mainly by the removal of petrol subsidy and floating of the Naira, and an aggressive monetary tightening regime, has no doubt affected price stability in the country in recent times. The resulting foreign exchange crisis had seen prices of basic commodities skyrocket amid high energy costs. The undue pressure on the Naira, attributed to marked increase in dollar demand had further heaped undue pressure on the local currency. However, the FX crisis appeared to have remarkably improved within the past three to four weeks following the off-setting of verified FX backlogs by the Central Bank of Nigeria (CBN) among other initiatives. Amid the rising prices of goods in the country, traders and policy makers had blamed the development on the high exchange rate to the US dollar which hit an all-time of N1,800/$. Today, the CBN had been successful in reversing the high exchange rate to below N1,300/$.However, Nigerians are particularly worried that despite the crash in the exchange rate, food items and other commodities have remained at their levels when the FX rate was highest in the country.

CoNTRACTioNARy PoliCy RegiMe

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) recently at its last meeting in March, raised the Monetary Policy Rate (MPR), the benchmark interest rate by 200 basis points to 24.75 per cent from 22.75 per cent. The bank also reversed the asymmetric corridor around the MPR from +100/-700 basis points to +100/-300 basis points. While the CBN retained the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) at 45.0 per cent, it however, jerked up the CRR of Merchant Banks (MBs) from 10 per cent to 14 per cent, and left the Liquidity Ratio (LR) unchanged at 30.0 per cent. CBN Governor, Mr. Olayemi Cardoso, said the decisions of the committee further underlined the urgency on the part of the apex bank to, “bring inflation under control to ensure that the purchasing power of ordinary Nigerians is restored in the short to medium term.”

It was the second consecutive rate hike by the reconstituted MPC led by Cardoso and came as a surprise to many analysts who had predicted that the apex bank would possibly hold the rates at their levels before the meeting and allow the effects of the previous policy adjustments permeate the system. During its February 27, 2024 meeting, the first to be superintended by Cardoso, the apex bank jolted the markets and beat analysts’ expectations when in one fell swoop, it raised the Monetary Policy Rate (MPR) by a whopping 400- basis points to 22.75 per cent from 18.75 per cent – at a period of biting economic hardship occasioned mainly by the removal of fuel subsidy and floating of the Naira. The bank also adjusted the asymmetric corridor around the MPR to +100/-700 basis points from +100/-300 basis points, and further raised the CRR of DMBs to 45 per cent from 32.5 per cent as well as retained LR at 30 per cent. Given that the MPR is the rate at which commercial banks borrow from the central bank and often determines the cost of funds in the economy, the continuous interest rate hikes meant more hardship for Nigerians as prices continued to prices because manufacturers incur additional expenses in their production chain, leaving the consumer to bear the brunt.

However, Cardoso had justified the continuous rate hike, highlighting the need to anchor inflation expectations as well as ensure sustained exchange rate stability.

According to him, the MPC was faced with the option of either progressing with its tightening cycle or hold, to observe the impact of the previous rate hike and adjustment of CRR, adding that after reviewing the balance of risks and the near-term inflation outlook, members were convinced of the need to progress with the tightening cycle.

The committee observed that the continued rise in headline inflation, was driven largely by food prices occasioned by supply shortages and high cost of logistics and distribution, stressing that addressing food insecurity remained key to containing current inflationary pressures, and therefore, called for the full implementation of the federal government’s agricultural policies and programmes to improve food supply.

The committee particularly commended the ongoing efforts of the federal government

towards addressing food insecurity, including the provision of various palliatives, release of grains from the strategic reserves, distribution of seeds and fertilisers, as well as farm implements for dry season farming.

SigNiFiCANT ModeRATioN iN FX

If anything, the MPC also noted with satisfaction the level of stability achieved in the foreign exchange market in the last few weeks, attributing it to the impact of the apex bank’s recent policy actions and reforms, as well as increased transparency in the market – and commended the efforts of the bank in offsetting verified foreign currency obligations, an action it believed would greatly enhance investor confidence and attract foreign investments to the country.

*WheN Will PRiCeS dRoP?

Apparently aware of the concerns and sufferings of Nigerians, Cardoso, however, assured that the current contractionary policy stance of the apex bank may not be long-drawn out as the CBN expects moderation in inflation from May – though MPC was poised to further adjust rates according to the response from its current intervention. The CBN governor further stressed that the central bank was not oblivious of the impact of interest rate hikes on the economy adding that its successes in the moderation of FX rates was also translating in the reduction in lending rates and costs in the economy. However, despite alluding to the fact that there has been a reduction in lending rates, this was yet to reflect on basic prices of food and other essential commodities till date – a development that had kept Nigerians worried.

FX ANd PRiCe ModeRATioN

Generally, it makes economic sense for the CBN to raise interest rates to make it difficult to access funds, thereby further reducing the purchasing power of Nigerians

“Against this backdrop, the CBN’s approach to tightening should be measured and incremental with due regard to policy impact on economic growth given that the economy is actually facing the challenge of stagflation.”

in a bid to fight inflation. By doing so, sellers of goods will be forced to drop their prices when the patronage is low. But this is yet to happen as prices are still at the ceiling despite FX moderation to about N1,250/$ or below. Experts believed that in an ideal situation, FX moderation could lead to price moderation, especially in countries that rely heavily on imports for goods and services. The relationship between FX rates and domestic prices, often reflected through inflation rates, is a key aspect of international economics. In addition, a stable FX rate environment provides the central bank with more leeway to implement monetary policies aimed at controlling inflation without the immediate concern of defending their currency. This could include adjusting interest rates to optimal levels for economic growth without the added pressure of countering currency devaluation, which can sometimes exacerbate inflationary pressures.

ANAlySTS’ PeRSPeCTiveS

However, analysts have attempted to explain the possible reasons why a significant moderation in FX rate had not led to reductions in prices of basics items, which were initially raised as a result of high exchange rate. The analysts believed that until the sellers sell off the items impacted by the high FX rate, the prices are unlikely to drop in the short-term. They said apart from FX rate, other variables including energy costs and insecurity as well as production costs play their parts in determining prices.

Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said FX moderation was unlikely to impact prices of goods and services in the short run.

He said, “This is because, business men are still having stock of goods bought with the higher exchange rate and will take some time to ease.

“Secondly, there are other factors that are affecting prices other than FX. Factors like high prices of petroleum products, high tariffs, high energy cost, and insecurity and general high cost of production.”

Ekechukwu added, “In my opinion, the reason for the moderation of the FX is mainly due to the resumption of intervention by the CBN in that market. In other words, the supply of foreign currencies increased in a more regulated manner. The increase of MPR and CRR of Merchant Banks may have contributed to the moderation, but not significantly.”

On his part, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, said, “The price of goods and commodities cannot immediately drop due to the continuous strengthening of the Naira because some purchases and positions taken to procure goods and services when the value of US dollars was high has not been exhausted.

“The cost of other factors of production for example petrol and diesel for transportation and energy support has

not reduced. The federal government should intensify its approach in ensuring that its plan for the economy in granting loans to the productive sector like manufacturing companies, MSMEs and others are quickly implemented to oil the economy.

“The agricultural sector revolution plan should also be given the desired support it requires so that we can attain food security and economic recovery as fast as possible.”

According to Gbolade, “The CBN massive tightening regime was not the only measure that enabled FX to moderate significantly, other measures like the recent arrest and prosecution of companies and individuals manipulating the FX exchange rate and more stringent regulations of the BDCs went a long way in moderating the FX.

“We have started seeing more capital inflows and investment into the country. These measures need to be supported by creating a more enabling environment to do business and ensuring more ease of doing business in Nigeria.”

Also, Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, said the effects of the recent policy initiatives of the CBN will not be immediate at bringing down prices due to the effects of previously high buying costs.

He said the inventory that was bought at the elevated dollar prices will be sold at higher prices to ensure traders do not make losses. Shelleng said, “Another aspect that must be considered is the high cost of domestic borrowing. The high cost of capital for the private sector and increased yield in government securities raises the domestic debts levels. Although it could be argued that domestic debt is easier to manage than foreign debt due to no FX volatility.

“It seems that the CBN has forfeited domestic growth and is focusing on stabilisation of the exchange rate as a means to tackling the inflationary pressures. It is no secret that we are a massively import dependent nation. Therefore, by maintaining a stable currency, the CBN aims to gradually reduce inflationary pressures and bring about price stability.”

Further commenting on the development, President, Association of Capital Market Academics of Nigeria, Prof. Uche Uwaleke, the CBN’s tightening regime seeks to lure foreign portfolio investors at all costs which was why the apex bank was focusing on increasing short term interest rates.

He said, “The reality is that the cost to the economy is huge as access to credit is constrained and finance costs for firms increase leading to higher costs of production which are equally passed on to consumers.

“This partly explains why prices of commodities are generally on the rise despite the jumbo MPR hike and moderation in exchange rate.

“There’s equally the fact that inflation drivers in Nigeria comprise significant non-monetary, supply-side and structural factors all of which are outside the control of the CBN. These include insecurity especially in food belt regions where farmers have stopped going to farms, rising energy costs, both fuel and electricity, as well as transport challenges. “Uwaleke said, “All these affect food productions which is why the inflation pressure point is on food with the food index accounting for over 50 per cent of the headline inflation of 31.7 per cent.

“Against this backdrop, the CBN’s approach to tightening should be measured and incremental with due regard to policy impact on economic growth given that the economy is actually facing the challenge of stagflation.

“It goes without saying that the inflation battle cannot be won by the CBN alone. The government should complement the efforts of the monetary authority by tackling insecurity and ensuring that the oil refineries come alive to reduce imports and ultimately the domestic prices of petroleum products.

“The recent increase in electricity tariffs is another inflation trigger. The implementation of electricity tariff hike is best done at a time of low inflation.”

However, many Nigerians believe it is only a matter of time, if the currently elevated prices of goods and commodities come down as predicted, especially given that whatever goes up in the country in terms of prices, hardly comes down.

26
BUSINESSWORLD ECONOMY W EDNESDaY a p RIL 17, 2024 • THISDAY

Apathy Towards Builders’ Insurance

Six months after NAICOM’s National Insurance Conference, which was supposed to kick off the implementation of the compulsory builders insurance nationwide, operators are yet to see the desired change, writes e bere Nwoji

The 2023 National Insurance Conference with the theme, “Redefining SafetyInsurance Solutions for Public Buildings and Buildings under Construction,” was no doubt part of National Insurance Commission’s (NAICOM) effort to drive the implementation and enforcement of compulsory insurances in Nigeria especially the insurance of public building and building under construction .

The conference which held between October 22 to 24,2023 was expected to open a new chapter on enforcement of the laws on compulsory building insurance in Nigeria.

But insurance marketers who spoke to THISDAY on the performance of the policy after the conference said they are still expecting the much desired change of attitude from the insuring public in the area of patronage of the policy.

Industry watchers said the onerous was on NAICOM to embark on evaluation of public response to determine whether there has been change in public attitude towards the policy as well as level of cooperation by the law enforcement agents whom the commission extended an olive hand of collaboration after the conference.

According to them, it is only when this is done that the commission would be in a better position to rate the achievement of the conference to determine the next line of action in the enforcement of compulsory insurance.

Industry observers said this has become necessary for two reasons. First, so that efforts made by the commission in organising the conference and anchoring it on the policy implementation will not be in vain just as it was in 2010, when the commission organised campaign on public launch and implementation of the policy.

Secondly, the rainy season when cases of collapsed buildings abound in different parts of the country is approaching.

Proper implementation of the policy will not only provide succor to the victims of building collapse but would help to checkmate use of substandard building materials in building construction in Nigeria.

This they said was because insurance companies would require approved building plan for houses they will insure and this will leave owners of such buildings with no other choice than to build their houses to standard.

Enforcement of the six compulsory insurances enshrined in the 2003 insurance Act has remained one of the greatest challenges NAICOM is facing in discharging its regulatory duties as well as its role as the federal government adviser on insurance matters.

Part of the reason is because apart from Nigerians’ indifference to insurance, the commission has not enjoyed full support of government agencies especially law enforcement agents in the enforcement of these compulsory insurances.

The result is that several efforts by the commission to get Nigerians buy into compliance with the compulsory insurance laws through sensitisation and awareness creation have failed to yield the desired result.

PrevIous efforTs

These efforts get it done dates back to the tenure of Mr Fola Daniel who in the year 2010 launched the implementation of the six compulsory insurances in Nigeria.

During the launch 14 years ago, the insurers had projected that if the insurance on public building and building under construction would be effectively implemented, cases of collapsed buildings in Nigeria would abate because insurers underwriting each house to be insured would demand for approved and certified structural plan before underwriting such building.

They also said as at that time when Naira exchange rate to dollar was less than N150, effective implementation of the building insurance would generate over N10 billion annual premium for the industry.

Unfortunately, 14 years down the line, the industry is still battling with enforcement of building insurance with little or no success while cases of collapsed buildings abound in different parts of the country. Also, incidences of fire outbreaks in shops and markets across the country did not cease.

Apparently, it was against this backdrop that NAICOM in its maiden edition of the National Insurance Conference anchored the theme on,

“Redefining Safety - Insurance Solutions for Public Buildings and Buildings under Construction,” with President Bola Ahmed Tinubu as special Guest of Honour and Babajide Sanwo -Olu as guest speaker. The commission no doubt was determined to closely draw the attention of government at all levels to the urgent need for implementing and enforcing the law on compulsory building insurance.

Going by the provisions of the Insurance Act 2003, Public buildings includes; “a tenement house, hostel, a building occupied by a tenant, lodger or licensee and any building to which members of the public have ingress and aggress for the purpose of obtaining educational or medical service, or for the purpose of recreation or transaction of business. The Act further makes it mandatory that, “every public building shall be insured with a registered insurer against the hazards of collapse, fire, earthquake, storm and flood.”

NAICoM CoNsIderATIoNs

NAICOM, as the regulator of insurance, is certainly mindful of the colossal wastes and losses in terms of human lives and hard earned resources, incurred annually through building collapses, fire and natural disasters which more often than not, involve public buildings. The collosal losses which runs into billions of naira, are often due to either non-insurance of such public buildings or non-compliance to insurance policy contract terms by the insured. These losses and wastes are even more devastating to victims of collapsed public buildings or those gutted by fire located at the three tiers of government without the relevant insurance coverage. The search for the best means to adequately indemnify victims, no doubt informed the resolve of NAICOM to classify public buildings under compulsory insurance to guarantee indemnity, compensation, minimise losses and wastage in any event of occurrence of the risks insured against. Regrettably, experts said only about 5000 public buildings in Nigeria have appropriate insurance policy cover. More worrisome, is the fact that premium on the few insured public buildings are not paid as required, despite the no premium no cover law. The result is that in event of the uncertainty insured against, the victims are often left to their fate by the insurer due to breach of the policy contract.

INsurANCe CoMMIssIoNer’s TArgeT

The Commisioner for Insurance, Sunday Thomas while speaking at the conference said the effort was targeted at not merely discussing but to usher in a new era of collaboration, one where insights are transformed into actionable strategies that redefine safety standards.

Thomas was very optimistic that the ideas and suggestions generated at the

conference would be of immense relevance in shaping the future of insurance and stimulating socioeconomic development in Nigeria. “Insurance is a key driver for economic growth and as NAICOM we continue to seek collaborative ways to grow the sector and enforce the critical and compulsory insurance policies. From financial inclusion to new products development and market expansion, we believe insurance will accelerate Nigeria’s infrastructural and national development,” Thomas asserted.

He cited the alarming rate of building collapses in Nigeria, which, according to him, underscores the urgent necessity of implementing comprehensive insurance for public buildings and buildings under construction.

He said, “These two types of insurance are part of the compulsory insurance policies of NAICOM, that give succor to our people in the event of a building collapse or the occurrence of other risk factors.

“So, as a nation, as landlords and building owners, as project managers and site builders, and users and workers within public buildings, we need to start taking these two insurance policies very seriously - The Public Building Insurance and the Insurance of Building under Construction. They can provide financial protection against such unforeseen disasters, enabling swift recovery, reconstruction, and the restoration of critical services. By insuring public buildings, Nigeria can safeguard its infrastructure investments, ensure the continuity of essential services, and promote a safer, more resilient environment for its citizens.”

INsurANCe ACT 2003 ProvIsIoNs

The Insurance Act 2003, Part XI Insurance of Property, Sections 64 to 66, explicitly provided as follows: Insurance of building under construction. (1) No person shall cause to be constructed any building of more than two floors without insuring with a registered insurer his liability in respect of construction risks caused by his negligence or the negligence of his servants, agents or consultants which may result in bodily injury or loss of life to or damage to property of any workman on the site or of any member of the public. (2) The duty to insure under subsection (1) of this section shall arise when a building is under construction. (3) A person who contravenes sub-section (1) of this section commits an offence and on conviction shall be liable to a fine of N250,000 or imprisonment for three years or both.

Section 65, sub section 1 of the Act states that every public building shall be insured with a registered insurer against the hazards of collapse, fire, earthquake, storm and flood. Sub section 2 says Public

building”, in this section includes a tenement house, hostel, a building occupied by a tenant, lodger or licensee and any building to which members of the public have ingress and aggress for the purpose of obtaining educational or medical service, or for the purpose of recreation or transaction of business.

Sub section 3 says the insurance policy under subsection (1) shall cover the legal liabilities of an owner or occupier of premises in respect of loss of or damage to property or bodily injury or death suffered by any user of the premises and third parties.

Sub section 4 says 0.25 percent of the net premium received by every direct insurer on policies issued under subsection (1) of this section shall be paid quarterly by every insurer into a Fire Services Maintenance Fund which shall be established, administered and disbursed by the Commission for the purpose of providing grant or equipment to institutions engaged in fire fighting services.

Section 5 says any insurer who defaults in making payment as required under sub-section (4) of this section commits an offence and is liable on conviction to a fine 10 times the amount payable provided that persistence in non-compliance with the provision shall be a ground for the cancellation of registration of an insurer.

Sub-section 6 says, an occupier or owner of premises who is in default of this section commits an offence and is liable on conviction to a fine of not more than N100,000 or to imprisonment for one year or both.

Sub section 7 of the same section 65 says a person who intends to insure any other property located in Nigeria, whether movable or immovable, or any insurable interest or liability in relation thereto, shall place such an insurance with all insurers registered in accordance with this Act who may, subject to the provisions of this Act, reinsure such property or liability overseas where the Nigerian insurance industry lacks the capacity to retain the risk. Just as sub section 8 says that a person who contravenes the provision of subsection (7) of this section commits an offence and is liable on conviction to a fine equivalent to ten times the amount of premium paid in respect of the policy.

PreseNT sITuATIoN

Despite the provisions of the law, experts said only 5000 public buildings in the country have insurance cover including the high rising buildings under construction.

Findings by THISDAY showed that the situation has not changed even at present mainly due to lack of enforcement. There had been rampant building collapses in the country just as there have been incidents of fire outbreaks in public buildings. Most of these buildings have no insurance cover and their victims left to their own fate. A case in point was the collapse of 21 storey building in Gerard Road Ikoyi Lagos, in 2021 in which more than 21 people were declared dead and many injured. Till date no insurance firm in Nigeria or a foreign insurer has admitted that it insured the building. The situation was worsened by the fact that the owner of the building and site managers who should be in position to give information on the insurance status of the collapsed building were said to be among the victims.

Statistics provided by the Building Collapse Prevention Guild (BCPG) in August last year, showed that Nigeria witnessed a total of 553 building collapses between 1974 and ending of April 13, 2023. Also, it showed that Lagos, the commercial hub of Nigeria led with over 326 buildings collapse in the last 49 years. This translates into Lagos accounting for 59.05 percent of the total 553 collapsed buildings within the time under review. The year 2022 was regarded as period with the highest number of collapsed buildings for having had 62 nationwide with Lagos accounting for 20 cases.

As this year’s rainy season approaches, NAICOM is faced with the challenge of weighing the impact of the conference on implementation and patronage of the compulsory building insurance. Analysts said until the commission determines that there has been positive change in patronage of the compulsory builders insurance the commission should not rest on its oars.

27 BUSINESSWORLD I NSUR a N c E THISDAY • W EDNESDay, a p RIL 17, 2024

Wema Bank Launches Anti-fraud Campaign to Protect Customers

Wema bank Plc has announced that it has launched an antifraud campaign to protect its customers and other Nigerians against fraudulent activities perpetrated by some wallet accounts and fintech partners.

The bank in a statement said, “As the bank at the forefront of digital innovation and a top enabler in the FinTech landscape, Wema Bank powers a plethora of FinTechs across Nigeria, allowing them to operate seamlessly through Wema Bank’s 3rd Party Wallet Accounts. Due to the recent hike in fraudulent inflows into these wallet accounts, the bank has taken a firm action against fintech partners whose account activities have been found guilty of fraud.

“Through the anti-fraud campaign launched recently, Wema Bank has successfully investigated, identified, and disengaged 3 FINTECHs part-

ners for Fraud and suspended 4 FINTECHs partners from its platform in its ongoing efforts to ensure responsible partnership, adherence to regulatory procedures and conformance to CBN KYC guidelines. There are ongoing audit and review of FINTECH partners processes as part of the grand plan to ensure that we get the anticipated/ desired results.” Wema Bank’s Chief Audit Executive, Oluwole Esomojumi, disclosed that the anti-fraud campaign is designed to protect customers from fraudulent activities and providing them with necessary information for detecting the evolving tactics of fraudster and to also solidify our position as the bank that stands fully against fraud.

According to him, “The antics of fraudsters are constantly evolving. To stay steps ahead, it is imperative that consumers have good understanding of what interaction or engagement are telltale signs of fraud and

how they can handle suspicious fraudulent engagements, hence the launch of the Wema Bank Anti-Fraud Campaign. We are steps ahead on our end which is why we have taken time to investigate our fintech partners and those found culpable have been disengaged from our payment gateway platform.”

“As a bank that is resolute in our stance against fraud, we cannot compromise the safety of our beloved Nigerians, especially when these threats of fraud are emanating from Fintech who use our platforms. Rest assured, there is no room for fraudsters here. We have multiplied the frequency of our security checks and are committed to rooting them out one by one. No fraudster is safe with Wema Bank because at Wema Bank, customer safety is our priority and empowering the lives and businesses of every customer is our mission,” he concluded.

Ecobank Partners Nigeria Chess Federation, Set to Host Competition

Nume Ekeghe

Ecobank Nigeria Limited, a subsidiary of the Ecobank Group, has entered a strategic partnership with the Nigeria Chess Federation (NCF) to host the 2024 National Schools’ Team Chess Competition.

Ecobank in a statement said the competition is scheduled to hold between in May 2024, is open to students from primary, Secondary and Tertiary education level with prizes of over N10 million to be won.

The Managing Director/ Regional Executive, Ecobank Nigeria, Bolaji Lawal, said

the decision of the bank to sponsor the Chess competition was to further showcase Ecobank’s commitment to supporting intellectual and sports development in Nigeria, being part of Ecobank’s strategic human capital development drive.

He stated: “Children and youth empowerment is part of our shared objective as the pan-African Bank. It aligns with our overall long-term vision of building a world class Pan African bank that contributes to the economic and financial integration of the continent. We are also using the opportunity of this competition to introduce

and empower them with convenient, affordable, and accessible digital financial services they can access anytime and anywhere they are. Arrangements are in place to make the competition exciting and fulfilling for both the children and undergraduate students.”

Vice President, Nigeria Chess Federation, Prince Adeyinka Adewole said Chess, the game of Kings and Queens, has proven to be more than just a pastime, stating that it is an educational tool that enhances critical thinking, concentration, and problemsolving skills.

Jasanya Leverages Arts to Support ProjectGiiV’s Philantropic Efforts

Founder and lead volunteer at ProjectGiiV, Olamide Jasanya has continued to extend the vision of his philanthropic activities to include artistic development of the less priviledged.

Leveraging his visual and performing talents, Jasanya spearheaded the heartwarming initiative under ProjectGiiV to empower disadvantaged children at orphanages in Lagos. Through this initiative, he aimed not only to provide material support but also to nurture the creative talents of these children, offering them a platform for self-expression

and personal growth.

The event which held earlier in the month, brought together children from Bale of Mercy orphanage to participate in a day filled with creativity and inspiration., along with a team of volunteers, facilitated interactive art workshops where the children were encouraged to explore their artistic abilities. Under his guidance, the children learned to create paintings, each stroke reflecting their unique perspectives and experiences.

Speaking about the initiative, Jasanya said, “Art has the power to transcend boundaries

and uplift spirits. Through ProjectGiiV, we wanted to provide these children with an opportunity to express themselves creatively and discover their inner talents. It was truly heartening to witness their enthusiasm and passion for art.

“The event not only provided a platform for creative expression but also fostered a sense of camaraderie and joy among the children. As they immersed themselves in the world of colors and brushes, laughter echoed through the halls of the orphanage, filling the air with hope and optimism.”

ASR Africa Flag Off Construction of N250million Office Block

Onuminya Innocent in Sokoto

Abdul Samad Rabiu Africa Initiative (ASR Africa) has flagged off the construction of office block at College of Health Sciences Usman DanFodio University, Sokoto worth N250million.

The philanthropic gesture of the foundation in the university is part of its 2023 Tertiary Education Grant Scheme (TEGS) comprising 22 tertiary institutions in Nigeria as beneficiaries.

Speaking at the groundbreaking event in Sokoto the ASR Africa’s Managing Director, Dr Ubon Udoh, said the project priotised its intervention in education as a transformative sector for the nation.

He also expressed the commitment of ASR Africa to continually supporting quality education within the tertiary education system in Nigeria and Africa.

He noted that Usman DanFodio University scored high in the tedious criteria before being selected among

benefiting schools in the TEGS grant of N259 million.

He explained that the project has a six-month completion period.

The MD/ CEO further explained ASR Africa initiative as a philanthropic fund of $100 million that is committed to the development of health, education, and social sectors within Africa.

Udoh further stated that ASR Africa is currently undertaking several health and educational intervention in Sokoto State amount to N2 .5billion

business/ MOn e YG ui D e • Monetary Policy Rate - 13% MARKET INDICATORS • Source - CBN MONEY AND CREDIT STATISTICS (M i LL i O n n A i RA) FEbRuARY Money Supply (M3) 95,557,263.40 -- Cbn bills Held by Money Holding sectors 1,588,771.44 Money supply (M2) 93,968,491.96 -- Quasi Money 63,691,242.70 -- narrow Money (M1) 30,277,249.26 ---- Currency Outside Banks 3,411,735.44 ---- Demand Deposits 26,865,513.82 net Foreign Assets (nFA) 7,408,009.72 net Domestic Assets(nDA) 88,149,253.67 -- net Domestic Credit (nDC) 114,788,867.95 ---- Credit to Government (net) 33,925,848.79 ---- Memo: Credit to Govt. (net) less FMA 0.00 ---- Memo: Fed. and Mirror Accounts (FMA) 0.00 ---- Credit to Private Sector (CPS) 80,863,019.16 --Other Assets net 13,319,068.99 Reserve Money (base Money 21,230,656.70 --Currency in Circulation 3,693,573.23 banks Reserves 17,537,083.47 special intervention Reserves 433,229.15 Money Market Indicators (in Percentage) Month February Inter-Bank Call Rate 19.25 Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR) 22.75 Treasury Bill Rate 17.03 Savings Deposit Rate 5.86 1 Month Deposit Rate 8.69 3 Months Deposit Rate 9.89 6 Months Deposit Rate 9.61 12 Months Deposit Rate 10.75 Prime Lending rate 15.06 Maximum Lending Rate 26.55 The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00 the previous Thursday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela) OPEC DAILY b ASKET PRICE As At 4t H APR i L , 2024 28 W e D nes DAY, APR i L 17, 2024 • THISDAY

Fidelity Bank Reports N124.26bn Profit, Declares N0.60 Final Dividend

Fidelity Bank Plc, has released its 2023 full year Audited Financial Statements, reporting a 131.5 per cent growth in Profit Before Tax to N124.26 billion from N53.7 billion reported in 2022.

According to the results, which was issued to the Nigerian Exchange Limited (NGX), the bank grew Gross Earnings by 64.9per cent YoY to N555.83

billion, driven by 81.6per cent growth in Net interest income which increased from N152.7billion to N277.37 billion.

This led to a Profit After Tax of N99.45 billion representing a 112.9 per cent annual growth from N46.72 billion in 2022.

Commenting on the Bank’s commendable performance, MD/CEO, Fidelity Bank, Dr. Nneka Onyeali-Ikpe, in a statement said “We closed

the financial year with strong double-digit growth across key income and balance-sheet lines.

“Our performance in 2023 is an attestation of our capacity to deliver superior returns to shareholders despite the difficulties in our operating environment.

“Profit before tax grew by 131.5per cent to N124.3billion from N53.7billion in 2022FY, leading to an increase in Return

on Average Equity (RoAE) of 26.5 per cent from 15.6per cent in 2022FY.”

A review of the financial performance showed that the bank grew Net interest income by 81.6 per cent to N277.4billion driven by a 55.5 per cent increase in interest income, thus reflecting a steady rise in asset yield throughout the year. The average funding cost dropped by 20bps to 4.4 per

cent due to increased low-cost funds that grew from 83.6per cent in 2022FY to 97.4per cent in 2023.

“The combination of higher asset yield and lower funding cost led to an increase in Net Interest Margin (NIM) of 8.1 per cent from 6.3 per cent in 2022FY.

Similarly, Total Customer Deposits crossed the N4tn mark as deposits grew by 55.6per cent

from N2.6trilliion in 2022FY. The increase was driven by 81.1per cent growth in low-cost funds.

Despite the challenging operating environment, the bank reaffirmed its devotion to helping individuals grow, inspiring businesses to thrive and empowering economies to prosper by increasing Net Loans & Advances to N3.1trillon from N2.1trilliion in 2022FY.

PRICES FOR SECURITIES TRADED ASOF APRIL 16 /24

mARKET NEWS 29 WEDNESDAy, APRIL 17, 2024 • THISDAY
MAIN BOARD DEALS MARKET PRICE qUANTITy TRADED vALUE TRADED ( N ) MAIN BOARD DEALS MARKET PRICE qUANTITy TRADED vALUE TRADED ( N )

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 15-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.

WEDNESDAY, APRIL 17, 2024 • THISDAY MARKET NEWS 30 The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only. A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An
floor of the Nigerian Stock
A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large
to part-own real estate ventures
Houses, Hospitals) in proportion to their
The assets are
into
the Nigerian Stock
ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the
Exchange.
investors
(eg. Offices,
investments.
divided
shares that are traded on
Exchange.
DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS Coral income fund NILL NILL NILL Coral money market fund NILL NILL NILL FSDH HALAL FUND NILL NILL NILL FSDH dollar fund NILL NILL NILL Coral Balanced Fund NILL NILL NILL INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Vantage Guaranteed Income Fund NILL NILL NILL Guaranty Trust Balanced Fund NILL NILL NILL Guaranty Trust Money Market Fund NILL NILL NILL Guaranty Trust Equity Income Fund NILL NILL NILL Vantage Dollar Fund (VDF) - June Year End NILL NILL NILL LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1,200.83 1,200.83 15.13% Lotus Halal Fixed Income Fund 1.93 1.96 20.27% Lotus Halal Equity Exchange Traded Fund 28.31 31.28 111.60% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 19.57 19.70 6.60% Meristem Value ETF 39.28 39.89 6.68% Meristem Growth ETF 21.39 21.89 -7.13% Meristem Fixed Income Fund 105.85 105.85 16.30% Meristem Dollar Income Fund 10.19 10.19 9.72% Meristem Money Market Fund 10.00 10.00 18.65% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) NILL NILL NILL Norrenberger Money Market Fund (NMMF) NILL NILL NILL NORRENBERGER DOLLAR FUND (NDF)-----($) NILL NILL NILL NORRENBERGER TURBO FUND (NTF)-----(N) NILL NILL NILL PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 10.00 10.00 0.00% PACAM Fixed Income Fund 12.67 12.98 19.57% PACAM Money Market Fund 2.63 2.68 13.20% PACAM Equity Fund 2.30 2.34 6.82% PACAM EuroBond Fund 137.02 140.24 3.82% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 162.30 165.61 -3.33% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.04 1.04 14.50% Skye Shelter Fund* 133.02 133.02 2.43% Union Homes REIT 60.73 60.73 1.50% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Money Market Fund 1.00 1.00 16.60% Stanbic IBTC Bond Fund 258.01 258.01 2.90% Stanbic IBTC Dollar Fund (USD) 1.50 1.50 7.26% Stanbic IBTC Shariah Fixed Income Fund 130.52 130.52 5.92% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 11.35 11.35 44.66% Stanbic IBTC Balanced Fund 5,268.47 5,320.03 5.88% Stanbic IBTC ETF 30 Fund 698.85 698.85 -2.53% Stanbic IBTC Ethical Fund 2.25 2.28 9.42% Stanbic IBTC Guaranteed Investment Fund 355.57 355.95 0.68% Stanbic IBTC Imaan Fund 427.75 433.36 13.44% Stanbic IBTC Nigerian Equity Fund 18,388.39 18,637.96 1.44% SIAML Pension ETF 40 1,018.90 1,018.90 103.78% Stanbic IBTC Aggressive Fund 5,684.45 5,753.40 5.63% Stanbic IBTC Conservative Fund 5,572.76 5,595.63 5.41% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Money Market Fund 1.00 1.00 12.74% United Capital Sukuk Fund 1.21 1.21 9.31% United Capital Fixed Income Fund 1.99 1.99 6.14% United Capital Nigerian Eurobond Fund 126.23 126.23 5.30% United Capital Global Fixed Income Fund 1.11 1.11 7.48% United Capital Equity Fund        1.51 1.52 11.02% United Capital Balanced Fund 1.86 1.88 0.79% United Capital Wealth for Women Fund 1.61 1.62 13.16% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 19.51 19.74 5.77% Zenith ESG Impact Fund 22.30 22.49 2.31% Zenith Income Fund 26.01 26.01 2.69% Zenith Money Market Fund 1.00 1.00 15.92% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 9.26 9.36 122.99% Vetiva Consumer Goods Exchange Traded Fund 16.17 16.27 175.41% Vetiva Griffin 30 Exchange Traded Fund 37.60 37.80 100.91% Vetiva Money Market Fund 1.00 1.00 14.86% Vetiva Industrial Goods Exchange Traded Fund 48.19 48.39 100.94% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 3.05% REITS Fund Name NAV Per Share Yield / T-Rtn SFS REIT 0.00 0.00% UPDC REIT 5,595.63 5.41% INFRASTRUCTURE FUND Fund Name Bid Price Offer Price Yield / T-Rtn Chapel Hill Denham Nigeria Infrastructure Debt Fund 107.39 107.39 -0.14% info@anchoriaam.com MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 335.08 335.08 11.72% Afrinvest Plutus Fund 335.55 335.55 11.78% Nigeria International Debt Fund 100.00 100.00 14.07% Afrinvest Dollar Fund 109.62 109.62 1.71% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 15.20% AIICO Balanced Fund 5.22 5.29 2.86% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market NILL NILL NILL Anchoria Equity Fund NILL NILL NILL Anchoria Fixed Income Fund NILL NILL NILL ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 37.75 38.89 23.58% ARM Discovery Balanced Fund 767.71 790.86 15.89% ARM Ethical Fund 63.94 65.87 17.27% ARM Eurobond Fund ($) 1.12 1.12 2.82% ARM Fixed Income Fund 1.12 1.12 8.62% ARM Money Market Fund 1.03 1.03 10.66% ARM Short Term Bond Fund 1.03 1.03 13.54% Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.62 108.62 4.85% AVA GAM Fixed Income Naira Fund 1,129.20 1,129.20 0.96% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalfif@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.04 1.04 10.28% CardinalStone Dollar Fund 0.00 0.00 0.00% CardinalStone Equity Fund 0.89 0.90 -10.69% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund NILL NILL NILL Paramount Equity Fund NILL NILL NILL Women's Investment Fund NILL NILL NILL CHD Nigeria Bond Fund NILL NILL NILL CHD Nigeria Dollar Income Fund NILL NILL NILL CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 16.35% Cordros Fixed Income Fund 110.75 110.75 9.91% Cordros Halal Fixed Income Fund 112.20 112.20 9.03% Cordros Dollar Fund ($) 116.48 116.48 6.37% Cordros Milestone Fund 182.06 183.32 5.25% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 14.04% Coronation Balanced Fund 1.55 1.56 1.20% Coronation Fixed Income Fund 1.31 1.31 -7.94% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Money Market Fund N/A N/A N/A FBN Bond Fund N/A N/A N/A FBN Dollar Fund N/A N/A N/A FBN Halal Fund N/A N/A N/A FBN Specialized Dollar Fund N/A N/A N/A FBN Balanced Fund N/A N/A N/A FBN Smart Beta Equity Fund N/A N/A N/A FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund NILL NILL NILL Legacy USD Bond Fund NILL NILL NILL Legacy Debt Fund NILL NILL NILL Legacy Equity Fund NILL NILL NILL FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Thisday Afrinvest Index down 3.21%

Thisday Afrinvest 40 index lost 3.2% to print at 4,087.55 points due to price depreciation in MTNN ( 1.3%), GTCO ( 3.7%), and ZENITH ( 8.4%). Cumulatively, these stocks account for 21.1% of the index.

Bearish Outing on the Local Bourse ASI down 1.0%

Yesterday, the local bourse extended its bearish run, as price decline in DANGCEM ( 4.4%), ZENITH ( 8.4%), and UBA ( 8.0%) dragged the NGX ASI by 1.0% to 100,717.21 points. Consequently, YTD return declined to 34.7% (previously 36.1%), while market capitalisation further shed 1.0% to ₦57.0tn. Activity level improved as volume and value traded gained 23.7% and 16.9% to 403.9m units and ₦8.4bn, respectively.

Negative Sector Performance

Performance across our coverage sectors was largely negative as five indices lost, while the Oil & Gas index closed flat. Leading the laggards, the Banking and Insurance indices declined 5.7% and 3.3% respectively, driven by price depreciation in ZENITH ( 8.4%), UBA ( 8.0%), CORNERST ( 10.0%), and AIICO ( 4.8%). Similarly, sell pressure on FLOURMILL ( 9.8%), UNILEVER ( 7.8%), MTNN ( 7.7%), and CHAMS ( 1.0%) dragged the Consumer Goods and AFR ICT indices lower by 1.0% and 0.5%, respectively. Following, the Industrial Goods index dipped 0.1% due to price decline in DANGCEM ( 4.4%) and WAPCO ( 1.5%).

Outlook

Investor sentiment, as measured by market breadth, worsened to 0.64x from 0.27x in the prior session as 7 stocks advanced, 50 declined, while 67 closed flat. Today, we expect the local bourse to sustain its bearish run devoid of any positive catalyst.

Afrinvest West Africa Limited Adedoyin Allen | aallen@afrinvest.com Taiwo Ogundipe | togundipe@afrinvest.com Robert Omotunde | romotunde@afrinvest.com Christopher Omoh | comoh@afrinvest.com Brokerage Asset Management Abiodun Keripe | AKeripe@afrinvest.com Investment Research Damilare Asimiyu | dasimiyu@afrinvest.com
Tuesday, April 16, 2024 Ticker Current Price Previous Price Change Current Weightin g Price Change YTD Price Change Index to Date ROE ROA P/E P/BV Divindend Yield Earnings Yield THISDAY AFRINVEST 40 4087.55 -3.21% 73.1% 308.8% 7.4% 0.8% 4.0x 1.0x 5.4% 10.6% THISDAY AFRINVEST 40 INDEX Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index THISDAY • WEDNESDAY APRIL 17, 2024 31

When Educators Walk to Support the Course of Autism

A group of educators recently commemorated Autism Awareness Month with a walk aimed at raising awareness of neurological and developmental disorders and sensitising Nigerians to champion equal opportunities and freedom for people with such disorders. Funmi Ogundare reports

It has been a while since a group of educators and non-governmental organisations comprising The Learning Place Centre and Innovation Academy, Anthos House, neurological and developmental disorder, LightHouse for Autism, Patrick Speech and Languages Centre, Brainy Oaks Education Consultants, among others, decided to focus on inclusive education for children with disabilities. One such is autism spectrum disorder (ASD), a neurological and developmental disorder that affects how people interact with others, communicate, learn and behave.

They recently commemorated Autism Awareness Month, usually held in April, themed, ‘Aligning SDGs with Autism: Empowerment, Challenges and Victories’, to create awareness and sensitise Nigerians on the disorder to champion equal opportunities and freedom for persons with the disorder.

Members of the group were invited to symbolise unity for the cause and promote collaboration and teamwork, which would lead to the achievement of long-term goals.

They walked from St. Saviour’s School, Ikoyi, to The Learning Place Centre, Lekki, Lagos.

Speaking with journalists, Bolanle Adewole, the Executive Director of The Learning Place Centre and Learning Innovation Academy, explained the importance of collaboration for the walk, saying that the essence was to ensure that many more lives were impacted.

“We work with children with additional needs, and for us, we know that it is not what the centre can achieve on its own. The result will be achieved if we all come together and carry the whole mission as one,” said Adewole. “This year’s autism awareness walk was to create awareness because we realised that there is quite an amount of work to be done in the field. We also realised that a number of people are yet to hear of autism. For us, we believe that the

and cover many more grounds.”

The executive director stated that the collaborators plan to continue the initiative yearly, covering far-reaching locations and spreading the need for acceptance, accommodation, empowerment, employment, and functional independence.

In her remarks, the Executive Director of Anthos House and Chairperson of the event, Mrs. Lai Koiki, said people believe that autism is a disease and disability, especially for the rich, adding that it is a neuro-developmental disorder that can happen to anyone.

She stressed the need for the government to intervene to support parents, carers, and therapists.

“Some of these courses that we go through can be subsidised so that many more people can go into them, and there will be many more of them. Unfortunately, quite a number of them who are trained travelled abroad for greener pastures; but we will just keep creating the awareness. We need to continue to reach out to people around us for support.”

She expressed concern about stereotypes, saying that it is a human problem and that awareness shouldn’t stop.

work is a continuous one.”

She stated that her centre has been advocating in one way and another to showcase the talents and skills of children with additional needs, so that they can grow up as independent as they need to be.

Adewole expressed concern that the group has been self-funding and has had to get involved in charitable work to cover much ground while calling on the government to develop policies and regulations that will oversee the centre to work effectively.

She added, “The percentage of autism in

Nigeria as of today is 2.9 per cent. So I think the government has to find better ways to support than they are already doing by putting much more in place and ensuring training support for parents of children who cannot afford the services. This is very important. The government should endeavour to put together programmes like a train-the-trainer such that if they train one person, the other person in the grassroots trains another, and it keeps going.

“A lot of parents want the best for their children, but they just can’t afford it and that is why you see them being frustrated, so it is very important that government comes to our support in terms of finances so that we can impact many people

“If life happens, it happens; you need to embrace it and keep moving forward, and for those who are not experiencing it directly, they should form a pillar of support for others because it is not easy,” Adewole stated.

She recalled when the journey started over 30 years ago, saying, “I run a school, and we realised that there are children out there who need to be in school, but they are kept at home because their parents are ashamed of them. It is a traditional mindset, so that was why we started bringing them into schools. We all have to keep learning and motivated,” Koiki stated.

Koami Nkouka: Education Funding Should be Shared Responsibility

Koami Nkouka is the founder and CEO of Health Education for All, a non-profit education based in Denver, Colorado, United States of America. The Togolese national is a trained engineer and global advocate of ‘no child should be left behind’ in accessing qualitative education and health care services, especially in Africa. On the side line of the ongoing Spring Meetings of the International Monetary Fund and the World Bank Group in Washington DC, Nkuoka, in this interview with Funke Olaode, talked about various issues affecting education in Africa and why all hands must be on deck to ensure that continent is not lagging behind

Tell us about yourself and why you are so passionate about education through Health Education for All (HETA), in spite of the fact that you live in a developed world that has seen it all in terms of education and good health care services.

My name is Koami Nkouka, and I am a native of Togo in West Africa. I live in the United States of America, precisely in Denver, Colorado, since 2005. I am passionate about education as an African who has enjoyed a good education in America. I come from Africa. But I still want to do something for my continent. And also the country that hosts me here in the United States of America. So, the idea came in 2020/2021 to give something back to nature. So that is why the idea of what we want to have in the education and health sectors. In education, we want to encourage young folks to embrace STEM which is Science, Technology, Engineering, Mathematics. And in terms of health, we want everybody to have access to good health. Because as you can see now, even in the United States, everyone has access to the health care system. It’s a big debate anytime there is a presidential election. So we want to close that gap and make sure everybody has free access or at least access to health.

What are some of the key initiatives that you have seen here that you would want replicated back in Africa? The United Nations wants a standard for budgeting for health and education. Africa has yet to achieve all of that. What would you say? Where are we?

Thank you. It seems like you’re reading my mind. I have seen it because I went to school here. I got my bachelor’s in civil engineering and masters in project management. So, I know the education system in the United States very well. And I would like to bring a lot of stuff in terms of education. For instance, when you go to some villages in Africa, kids have to walk miles before getting to school, and they get tired. So there is no transportation, there is no school bus. And also I realised that here in

the United States, in every county, they have elementary school, middle school and high school in the same place. But that is not the case in some of the villages or countries in Africa. So that will help a lot. And another thing too, when kids go to school, they don’t have money. They cannot eat during the recreation time. But as you know, the brain needs food. So some kids drop out of school because of that. Because the parent doesn’t have money to give to them. But here in the United States, it is clear, no child is left behind. And when you go to school, there is a cafeteria. Whether you are poor or rich, it is open to everybody to go and eat. I think that will help a lot. And I know the World Bank has piloted a project like that in some of the African countries. In a way, the government is encouraging pupils to enrol in schools. It will be good to extend that project all across Africa.

Budgeting for education and health is still a challenge in Africa. What should the government be doing? Yes, I do agree with you without going too much into the political field, as we are here, we want to come and talk to the stakeholders of the World Bank and the IMF about what they can do because one of the World Bank’s objectives is to eradicate poverty in the world. So we want to see how, as a non-profit organisation, we can help them. We can go hand in hand with them and try to eliminate poverty in Africa. And also, as you say in the budget, yes, the budget is always the challenging part. But I think we will achieve it without going to the political field.

You mentioned STEM education. Developed countries rely on science and technology for their national development. How can African governments encourage STEM education so that it can take the continent to the next level?

Yes, that is a good question. What I learned from here is that you might not like it, but in the United States of America, there is not a government that does everything. So the government plays the role of ‘police’. Let me give you a little example. When you live in some area, the people in that area have meetings once a month, like parents of students. They define what is good for their kids and establish the standard they want the school to achieve. So they fund the school in that area through the library, all the programmes. So you see that it becomes a competition among the communities. And then when it comes to that point, you see that the level is getting raised up. And what the government does most likely is to make sure the competition is fair. But I know this in Africa, excuse me, you want to wait for the government to do A to Z, everything. But that is why I am encouraging my fellow Africans let’s start from a small area, family, village or clusters. Then let’s see what we can do. I don’t have the money, but at least if you have a plan to do something, a non-profit organisation will come, knock on your door, see your plan and make it work.

Education 32 THISDAY • WEDNES Day a PRIL 17, 2024
L-R: The founder of BrainyOak Initiative, Mrs. Oyinkan Afolabi; founder of Patrick Speech and Languages Centre, Mrs. Dotun Akande, founder of Cradle Lounge Special Needs Initiative, Mrs. Solape Azazi, General Manager of LASODA, Mrs. Adenike Oyetunde, founder of Greensprings School, Mrs. Lai Koiki; founder of Sultana Nabila Cerebral Palsy Foundation, Mrs. Raliat Oyetunde; Executive Director of The Learning Place Centre, Mrs. Bolanle Adewole; and Assistant Principal, Anthos House, Mrs. Atinuke Ogunnaike, during the autism awareness walk, in Lagos... recently
NOTE: Interested readers should continue in the online edition on www.thisdaylive.com NOTE: Interested readers should continue in the online edition on www.thisdaylive.com
CEO, HETA, Ukouka

Crime&Punishment

CISLAC Boss: True Democratic Process Will Prevent Questionable ‘Jankara Judgment’

The Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, has said that if Nigeria is serious about winning the war against the political woes that have plaque her democracy in recent times, it must strengthen all the processes that

Funke Olaode

The Ikeja Sexual Offences and Domestic Violence Court on Monday sentenced a 24-year-old baker, Adesina Farouk, to life imprisonment for defiling his neighbour’s 15-year-old girl (name withheld). Justice Rahman Oshodi held that the prosecution proved the sole charge of defilement against Farouk.

Oshodi said there was consistent evidence that the convict forcefully had sexual intercourse with the survivor (prosecutrix), which was not consensual, as the convict ripped off her pants, and there was blood everywhere.

The judge said, “It is an offence

will make it come out stronger.

Rafsanjani made this statement during an exclusive interview with Thisday at the ongoing Spring Meetings of the International Monetary Fund and the World Bank Group in Washington DC, United States of America.

Rafsanjani said it is worrisome that the whole democratic system has been bastardised, as people of questionable characters now rely on the ‘weak’ judicial process to get to power instead of the democratic process where the masses vote for politicians.

that leaves its scars on its victims, both physically and emotionally and can have long-lasting effects on their mental health and overall well-being. In this case, the evidence presented before the court has established that on November 29, 2020, you had forceful sexual intercourse with the 15-year-old victim, who was your neighbour. “The medical evidence corroborate the violence nature of the act with medical doctor noting the hymenial laceration and your action has not only violated the prosecutrix bodily integrity, but also breaks the trust that exists between neighbour’s living in the same compound.”

According to the judge, the convict is a pathological liar who tried to lie

According to him, the trend must be stopped through a solid electoral framework that will boost confidence in the country’s democracy and judiciary reform.

his way through the case as he said that the prosecutrix was 18 years old and that they were in a relationship, but evidence showed that she was born on May 19, 2005.

The judge said that the medical report, the convict’s confessional statement that he and the prosecutrix were lovers and, as a result, had sex with her, and the testimony of the prosecutrix showed that the convict committed the offence.

He said that the medical report showed blunt, forceful penetration of the vagina, and according to the medical doctor, the prosecutrix looked very unhappy when she came for the medical examination.

“The prosecutrix testified that the

“It’s possible if we have reforms in the judicial sector, if we have reforms in the political sector if we have reforms in the way and manner our institutions work. It means that we can actually have true democracy. We can benefit from democracy, but not the kind of democracy we are seeing now

where people possess power, use dirty money to capture power, and, of course, when they get in there, they will look for possible means to pay their sponsors.

And that is where we are today. And when the government at all levels must rise up to the occasion to respond to the challenges that we are facing with all sorts of patriotism and commitment to the nation building.”

Rafsanjani said the judiciary must uphold integrity at all times.

A businessman, Raqeeb Quadri Adeshile, has asked the inspector general of police to withdraw the multiple criminal charges filed against him by the police.

In the petition, Adeshile called for a comprehensive investigation of all the issues that gave rise to the multiple charges against him, which were brought by a business partner, Musa Akinleye, an official of the Nigeria Deposit Insurance Corporation (NDIC). The petition, titled ‘Request For An Urgent Intervention In Respect of a Petition Against Musa Akinleye and Orbzenergy Limited And Criminal Suit Instituted

According to the petitioner, charge number FCT/CR/260/202 and charge number LD/21904C/2023 were filed against him before the FCT High Court and Lagos High Court bordered on the same allegations.

The petitioner, a maritime professional with many years of experience in the business and operations of the maritime industry, stated that he had been operating a business outfit, although unregistered. He said that in 2018, he approached his friend, Musa Akinleye, a public officer and staff of the Nigeria Deposit Insurance Corporation (which was not brought to his attention at the material time), with the offer to use his company name to secure business contracts in the maritime business, especially container terminal contracts.

As a result of the foregoing, he was made a 45 per cent shareholder and director of the company, Orbzenergy Limited.

In furtherance of the business venture, the Petitioner said he was in charge of the day-to-day running of the business in its operational site in Lagos, while Akinleye was the managing director and remains the sole signatory to the accounts operated and maintained by the company.

The petitioner stated that, as a result of alleged poor financial management and other ancillary issues with which he was not comfortable, Akinleye and the other shareholders purportedly removed him as a Director of the company through unlawful means.

He said he was oblivious to his unlawful removal as company director until a petition was filed against him at the Economic and Financial Crimes

defendant forcefully had sex with her when she went to deliver pure water for him in his house. She said when she got to the front of the house and knocked, he did not reply, which made her enter the house to drop the water, only for the defendant to grab her neck from the back, rip off her pants and forcefully have sexual intercourse with her,” stated the judge. He said further, “According to her, she started bleeding due to the force, and the defendant threatened to kill her if she told anyone about it. During cross-examination, when the defence counsel put it to the prosecutrix that the sex was consensual, she replied, ‘If he did not force me, how did my pants get torn?’.”

Businessman Writes IGP, Seeks Withdrawal of Criminal Suit Against Him

Commission (EFCC) headquarters in Abuja.

He said in the petition he was accused of financial misappropriation, even though he is not a signatory to the company accounts.

The petioner stated that hortly before our client could respond he was arrested at Ibadan and brought to Abuja to answer to a charge filed at the FCT High Court, where he is currently standing trial.

The petition said, “The current matter which has been instituted against our client at the High Court of Lagos State, apart from being one instituted in bad faith by unscrupulous persons who intend to use the Nigeria Police Force to foster their own selfish cause and foist injustice on our client, equally amounts to lack of fair hearing, abuse of Court process and deprivation of constitutional safeguards.

Man Bags Life Imprisonment for Defiling Teenage Neighbour Gani

Funke Olaode

He said, “So, election in Nigeria and public service is no longer about public service. It is about actually using the opportunity to amass wealth and a display of impunity. That is why we need to come back to the real democratic tenets and democratic practice, whereby we can reform the electoral process by voting in leadership that will respond to the yearning and aspiration of Nigerians in an honest.”

Speaking further, the CISLAC boss emphasised the need for a serious country to have visionary leadership, noting that such leaders’ vision and mission have triumphantly moved their countries into the realm of development through economy, alleviating suffering and poverty, tackling insecurity, and eliminating corruption.

He added, “This is the only way democracy can make meaning to Nigerians. This is the only way we can actually begin to address developmental challenges in Nigeria, including also improving our economy. If we don’t do that, the level of insecurity, corruption, indiscipline, and hopelessness in society will definitely overwhelm the nation.

“Ideally, a judiciary is supposed to be an institution with a high profile of people with integrity, honesty, sincerity, impartiality, and dedication to justice in the country. Unfortunately, because of corruption and the way and manner in which the judiciary runs, many Nigerians are beginning to lose hope and confidence. This is really dangerous,” said Rafsanjani.

The activist added, “And if Nigerians have lost confidence in the administrative of judicial system, then you are actually promoting anarchy. That is why it is important for our judicial officers to understand that in the role they are playing, they are supposed to guarantee justice and fairness. If they don’t do that, it means that justice will continue to be for sale.”

He stressed that many Nigerians could not go to court to seek redress or to the police station because the system in the country “is failing” them.

“Therefore, it is a vote of no confidence on many poor people who cannot afford to pay a bribe to get justice in Nigeria,” he stated.

Alleged N8.4m Fraud: Court Issues Arrest Warrant Against Property Developer

Wale igbintade

Chief Magistrate Ademola

Olatunbosun of the Yaba Magistrates’s Court, Lagos, has issued an arrest warrant against 49-year-old Abiola Afolabi Sarafadeen, a self-acclaimed property developer, for failing to appear before the court to face trial on charges of fraud and stealing levelled against him by the police.

The defendant was charged on September 20, 2023, with obtaining by false pretence and stealing the sum of N8.4 million.

the same Laws. Sarafadeen, however, denied the allegations and pleaded not guilty to the charges.

Following his not-guilty plea, he was granted bail of N1 million with two sureties in like sum.

The magistrate also ordered that the sureties must be gainfully employed, with evidence of three years of tax payment.

However, since the defendant was released on bail, he has failed and refused to appear in court to face his trial.

Following his refusal to appear in court, the prosecutor, Supol Momah, asked the court to issue a bench warrant against the defendant.

In commemoration of the death anniversary of the late human rights activist and legal luminary, Gani Fawehinmi, SAN, and Alhaji Balarabe Musa, the Gani Fawehinmi Memorial Organisation (GAFARMOG) has advocated social justice as the solution to Nigeria’s protracted socio-economic problems. The group said that to enhance and advance democracy, government at all levels must be proactive regarding social equality, human dignity, and the rights of Nigerians.

Babatunde, stated this when speaking yesterday on the commemoration of Fawehinmi and Musa.

The governing council chairman of GAFARMOG, Comrade Agunbiade

He said, “This year’s event is scheduled for April 22, 2024. It will be held at Umar Musa Yar’Adua international Conference Centre, Kaduna, with theme ‘Social Justice as a Foundation for Human Dignity’.”

He noted that the conference would usher in the annual celebration of Fawehinmi’s posthumous birthday and immortalisation of Musa, who stood for justice for all and established standards on how every Nigerians, irrespective of social class or status, should be treated.

He was alleged to have fraudulently obtained the money from one Monsurat Shobowale Olabisi, with the pretence of building three units of bedroom flats for her, a presentation he knew to be false.

According to the prosecutor, Mrs. Rita Momah, a superintendent of police, the offences contravene sections 314 and 287 of the Criminal Laws of Lagos State of Nigeria 2015 and are punishable under

The magistrate, after listening to the prosecutor and perusing the court’s record, acceded to the prosecutor’s request and held that “the defendant is placed on bench warrant and surety to show cause.”

Further hearing on the matter has been adjourned to April 10 for mention.

Funke Olaode in Washington, DC
Fawehinmi’s Group Advocates Social Justice to Solve Socio-economic Problems
Wale igbintade
Against Mr. Raqeeb Quadri Adeshi’
the
was written by his lawyer, Jedidiah F Akpata. Specifically,
petitioner drew the IGP’s attention to the two charges filed against him before the FCT High Court and the Lagos High Court, respectively.
33 THISDAY • We D nes Day, a pril 17, 2024

POlicE HONOur latE OfficErS' familiES...

L-R:

NECA: CBN’s Monetary Tightening Spurring Naira Appreciation

IMF raises Nigeria’s growth projection for 2024 to 3.3%, says country on path to rein in inflation Forecasts CPI to decrease to 23% in 2025, 18% by 2026 due to reforms Edun advocates more concessional financing

Director General of Nigeria Employers Consultative Association (NECA), Mr. Adewale-Smatt Oyerinde, has said the monetary tightening measures of the Central Bank of Nigeria (CBN) have led to the recent appreciation of the naira exchange rate against the United States dollar as well as deceleration in the rate and pace of inflation.

Oyerinde’s assessment came as the International Monetary Fund (IMF) yesterday raised Nigeria's 2024 economic growth forecast from the three per cent it had previously estimated, to 3.3 per cent. The Washington-based institution, however, revised downwards the country’s 2025 growth projection from 3.1 per cent to three per cent.

The fund also stated that CBN, through its heightened increase in the monetary policy rate, was on the path to rein inflation, as it projected inflation to decline to 23 per cent next year and then 18 per cent in 2026.

Oyerinde, in a statement titled, “Nigeria’s Inflation Dynamics Amid Currency Appreciation: Need for More Supplementary Measures,” observed, “While the tightening measures of the CBN have led to the recent appreciation of the naira, there is, noticeably a decelerating increase in the recent inflation figure.”

He added “that with time and the introduction of supplementary measures from the fiscal authority, addressing supply chain fundamentals, the inflation figure would begin to decline”.

He stated that other factors exerted stronger upward pressure on prices despite currency appreciation that would have typically dampened inflation by reducing import costs.

According to Oyerinde, “Supply chain disruptions, logistical challenges, and rising production costs have continued to drive up prices across various sectors, amplifying inflationary expectations.

“However, there is hope that once the Dangote refinery commences production and distribution of petroleum products, transportation costs and other production expenses will significantly reduce.”

Oyerinde, advised policymakers to adopt a holistic approach to address inflationary pressures and promote economic stability.

He said this would include, “Implementing prudent monetary

and fiscal policies to address supplyside constraints, enhance productivity, and stimulate investment in critical sectors, such as agriculture and infrastructure.

“Additionally, fostering conducive business environment, encouraging innovation, and promoting competition can help mitigate inflationary pressures in the long term.”

He also emphasised the importance of monitoring inflation dynamics closely, assessing the impact of currency movements, and advocating evidence-based policies to promote economic resilience and inclusive growth.

The director general called for government intervention at all levels to address factors disrupting food supply, support domestic firms to boost local production, and synergise monetary and fiscal policies effectively to combat inflation.

He explained, “In March 2024, the inflation rate surged to 33.01 per cent, marking a notable uptick from 31.7 per cent recorded in February.

“This indicates a 1.31 percentage point increase over the period, reflecting the growing inflationary pressures in the economy.

“Moreover, when compared to March 2023, the inflation rate rose by 10.97 percentage points, further underscoring the magnitude of the inflationary challenge.

“Of particular concern is the spike in food inflation, which climbed to 40.01 per cent in March 2024 from 37.72 per cent in February.

“Food inflation accounted for 17.2 per cent of the total inflation rate for the month, highlighting the significant impact of rising food prices on overall inflationary trends.

“Additionally, the share of housing, water, electricity, gas, and other fuels contributed 5.56 per cent to the total inflation rate, further adding to inflationary pressures across essential sectors.”

IMF Upgrades Nigeria’s Growth Projections for 2024 to 3.3%

IMF raised Nigeria's 2024 economic growth forecast from the three per cent it had previously estimated to 3.3 per cent.

IMF made the projection in its latest World Economic Outlook (WEO) released yesterday, at the ongoing hybrid spring meetings in collaboration with the World

Bank, in Washington DC.

In a separate press briefing for G-24 finance ministers, Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, called for more concessional debt, saying such support is vital for Nigeria in alleviating exchange rate pressures.

The IMF report titled, “Steady but Slow: Resilience amid Dive,” also stated that in sub-Saharan Africa (SSA), it was anticipated that growth would increase from approximately 3.4 percent in 2023, to 3.8 per cent in 2024 and further to four per cent in 2025.

That optimistic outlook stemmed from the gradual alleviation of adverse impacts from previous weather disturbances and the gradual resolution of supply challenges.

The growth forecast for SSA in 2024 remained consistent with the January 2024 WEO Update.

On Nigeria and SSA’s growth prospects, IMF stated, “In subSaharan Africa, growth is projected to rise from an estimated 3.4 percent in 2023 to 3.8 percent in 2024 and four percent in 2025, as the negative effects of earlier weather shocks subside and supply issues gradually improve.”

The forecast was unchanged for 2024, from the January 2024 WEO Update, as a “downward revision to Angola owing to a contraction in the oil sector is broadly offset by an upward revision to Nigeria.”

Equally speaking on Nigeria at the WEO media briefing, Division Chief, Research Department, IMF, Daniel Leigh, noted that Nigeria’s economic growth was showing positive signs, with a rise from 2.9 per cent last year to 3.3 per cent this year, driven by the recovering oil sector and improved agriculture.

However, Leigh stated that inflation had increased due to various factors, including reforms and exchange rate fluctuations. He said reforms were prompting a revision of the inflation projection for this year to 26 per cent.

Nevertheless, Leigh foresaw that with tight monetary policies and significant interest rate increases, inflation was expected to decline to 23 per cent next year, and further to 18 per cent by 2026, indicating a favourable trajectory for the economy.

Leigh said, “Growth on Nigeria is steady but actually rising this year from 2.9 per cent last year to 3.3

per cent this year. We have seen an expansion from the recovering oil sector with a better security situation and also improved agriculture benefiting from the better weather conditions and the introduction of dry season farming.

“So there is a broad-based increase also in the financial sector and the IT sector. Inflation has increased, part of this reflects the reforms and the exchange rate and it has passed from imports to other goods. This explains also why we revised our inflation projection for this year to 26 per cent.

“But with the tight monetary policies and the interest rate policy increase and significant interest rate in February and March, we see inflation declining to 23 per cent next year and then 18 per cent in 2026. So, it is in the right direction definitely.” Edun, who was represented by Director-General, Budget Office of the Federation, Ben Akabueze, at the G-24 Ministers press briefing, stated that the Nigerian economy was steering in the right direction with the recent policies being undertaken by the present government.

Responding to a question on

Nigeria's debt stance and how to manage it sustainably, he said, “For Nigeria, we faced fiscal challenges but most significantly by getting debt sustainable and at the same time increasing fiscal space for our ever-increasing burden of public expenditure, especially with sustained high population growth.

“So, the most important support that Nigeria requires at this time is investment and increased trade. While Official Development Assistance (ODA) is helpful at the end of the day, that's not what's going to sustainably address the scale of Nigeria's“Thereproblems. is a lot of investment opportunities, especially in areas like infrastructure. At the same time, of course, concessionary debt and support still remain important for the country, especially foreign currencydenominated for one it helps also with addressing the foreign currency supply situation that puts pressure on the exchange rate.”

Edun added, “You can see inflation is high and is being tackled, we see inflation beginning to basically peak and we can see a reversing trend towards the second half of this year.

Okuama Killings: We Can’t Go Back to Militancy Era, Diri Declares

Visits Igbomotoro community, says killers must be unveiled, brought to book

Olusegun Samuel in Yenagoa Bayelsa State Governor, Douye Diri, has again reiterated his earlier call to the military authorities to continue with painstaking investigation to unveil the killers and sponsors of the unfortunate incident that led to the killing of 17 military personnel at Okuama community in Delta State. The governor, who added that all those involved must be brought to book to face the full wrath of the law, warned that the Niger Delta could not afford to go back to the era of armed Militancy.

Diri, who Tuesday, visited Igbomotoro Community in Southern Ijaw Local Government Area of the state, in the aftermath of the military invasion of the community in search of suspected killers of the military personnel called on the people of

the community to return home.

Addressing the leadership and cross-section of the community at Igbomotoro Town Hall, Diri condemned the brutal killing of the soldiers, regretting that it was unfortunate that what happened in Delta was being felt by the people of the community.

Accompanied by the Commanding Officer 16 Brigade of the Nigeria Army, Yenagoa, Brigadier General Oluremi Obolo; Secretary to the State Government, Prof Nibofa Ayawei; Ambassador Boladei Igali and other government officials, Diri said what was now obtainable was intellectual engagement.

Diri commended the military high command for ensuring that what happened in Odi in 1999 did not happen in Igbomotoro Community.

His words: "I have come to meet

with you the Igbomotoro Community that enough is enough. In every season, there is a time for everything. The era of militancy is over and this is the era of intellectual engagement.

This is what your government is set to do and your government has been doing.

"Ijaw people are very intelligent people, we can compete with anybody anywhere in the world, and we should not be seen as cannon folders and this is a warning to all of those who are still cannon folders to have a rethink.

"Your government is establishing schools particularly school with skills acquisition, science and technical colleges even in empowering programmes and we want our youths to key into it and drop your guns.

"Youths cannot take over leader-

ship of the community by force. That is what we have started seeing in our communities and this again will be a warning to all of our traditional rulers, they must stay at home to lead the people and any traditional ruler that is not found in his base. I will promptly remove that traditional ruler.

"And my advice to the military is that they must painstakingly investigate the killings in Okuama to ascertain those that are culpable so that innocent people will not be sacrifice.

“The truth is what Ijaw people want and those behind the killings in Okuama should be properly investigated and unveil to the Nigerian public. They should face the wrath of the law. That is my humble appeal to the Nigeria military and all the security agencies.”

34 WEDNESDAY, APRIL 17, 2024 • THISDAY NEWS
Inspector General of Police, Kayode Egbetokun and the President of the Senate, Godswill Akpabio, presenting cheques to families of Police Officers, who died in the course of duty, during the maiden edition of the Nigeria Police Awards and Commendations Ceremony, held at the Transcorp Hotel, Abuja...on Monday

NESG ANNUAl GENErAl mEEtING...

L-R: Associate, Olaniwun Ajayi LP, Ladun Baderinwa; Chief Executive Officer, Nigerian Economic Summit Group (NESG), Dr Tayo Aduloju; Chairman, NESG, Mr Niyi Yusuf; Partner, Crowe Dafinone, Mrs Omolola Samuel; Audit Supervisor, Crowe Dafinone, Mrs Abosede Okungbowa; and Partner, Olaniwun Ajayi LP, Jonathan Aluju, at NESG Annual General Meeting 2024 in Lagos… yesterday

Alleged Murder: Ataga's Blood Matches Stains on Chidinma's Cloth, Court Told

Wale Igbintade

A prosecution witness, Dr. Richard Somiari, in the murder trial of Chidinma Ojukwu, yesterday, told a Lagos State High Court sitting at Tafawa Balewa Square that the DNA blood sample found on Chidinma's red dress matched that of the victim, Michael Ataga. Chidima, a 300-level Mass Communication student of the University of Lagos, was charged with the murder of Ataga, alongside her sister, Chioma Egbuchu and one Adedapo Quadri.

At the resumed hearing, Somiari, who is a director and consultant for the Lagos State DNA and Forensic centre, told the court that he had practised in the area of forensic for a period of 15 years and had conducted over 500 forensic tests. He was led in evidence by the

Lagos State Deputy Director of Public Prosecutions, Mrs. Adenike Oluwafemi.

The forensic analyst told the court that his office received 21 different items on different days from their DNA centre staff members.

APC: Purported Suspension of Ganduje Devious, Criminal, of No Effect Whatsoever

Rivers chapter tackles Fubara over rift with Wike

Adedayo Akinwale in Abuja and Blessing Ibunge in Port Harcourt

The All Progressives Congress (APC) has described the purported suspension of its National Chairman, Dr. Abdulahi Ganduje, by the executive committee of the Ganduje Ward in the Dawakin Tofa Local Government Area of Kano State as devious.

At the same time, the Caretaker Chairman of the APC in Rivers State, Tony Okocha, has tackled Governor Siminalayi Fubara of the state for the continuous rift with his successorand Minister of Federal Capital Territory (FCT), Nyesom Wike.

The legal adviser of Ganduje's ward, Haladu Gwanjo, had accused the former governor of gross misconduct and misappropriation of public funds during his administration in Kano.

National Publicity Secretary of the APC, Felix Morka, in a statement, yesterday, said the perpetrators were not card-carrying members of APC in the Ward, but individuals affiliated with senior officials and representatives of the New Nigeria People Party (NNPP).

"The purported suspension was the devious act of a group of impersonators of Ward officials out to cause mischief and create confusion in the otherwise peaceful Ganduje Ward chapter of our party.

"The perpetrators of this criminal act are not card carrying members of APC in the Ward but are individuals affiliated with senior officials and representatives of the New Nigeria People Party (NNPP).

"This act procured by officials of the ruling NNPP in Kano is part of the despicable programme of political persecution launched by the administration of Governor Abba Kabir Yusuf against Ganduje, a former Governor of Kano State.

"The purported suspension is downright criminal, and of no effect whatsoever. The legitimate Executive Committee of the Ganduje Ward has since denounced the action

and reaffirmed Dr. Ganduje as a bonafide member of the Party in the Ward, and in good standing." Morka noted that the party had since filed a petition with the Inspector General of Police, requesting an expedited investigation of the matter and that the perpetrators and their sponsors be brought to justice. He urged party faithful and the general public to disregard reports of the suspension of Ganduje.

Meanwhile, Okocha, in a statement titled: "Our Creed to True Rivers of Possibilities", insisted that the Fubara government was clueless, and wondered why the governor

was shy to espouse publicly the policy thrust of his government like his colleagues from other states. He said the alleged clueless disposition of the government would lead the state to a fall, saying elders taking sides in a disagreement between two sons instead of reconciling them, was not integrity.

Okocha, who expressed sadness over the happenings in the state said, "What is most disturbing is the fact that Governor Siminalayi Fubara, who ought to be the stabiliser and biggest beneficiary of decorum in the state that he was elected to govern, is on the driver's seat, in

Insecurity: Sule Proscribes Fulani, Eggon, Bassa Ethnic Vigilance Groups in Nasarawa

Igbawase Ukumba in Lafia

Nasarawa State Governor, Abdullahi Sule, yesterday, proscribed the Fulani ethnic vigilante group known as Kungiyar Zaman Lafiya, the Bassa Vigilante group and the Eggon Vigilante Group operating in the state.

Through an Executive Order No. 1 of 2024, signed by the governor and issued on Tuesday, the governor also banned any other association, movement, organisation or society affiliated with the groups operating under the guise of ethnic vigilante.

Citing the powers vested in him via Section 97A of the Penal Code, as well as other relevant laws vested on him, Sule, acting on the advice of the state security council, banned the Fulani ethnic vigilante group known as the Kungiyar Zaman Lafiya, Bassa Vigilante group, as well as the Eggon Vigilante Group.

"Similar Organisations includes any association, movement or group

of persons or society in whatever name called or formed, with the aims and objectives of providing security amongst particular ethnic groups within Nasarawa State through the use of force or arms etc," part of the Executive Order No. 1 of 2024 read.

According to the Executive Order, "the Kungiyar Zaman Lafiya Nomad Vigilante, Bassa Vigilante, Eggon Vigilante and other similar organisations are henceforth proscribed and declared unlawful societies that are inimical to good governance in the state.

"The State Government therefore directed that members of the Kungiwar Zaman Lafiya Nomad Vigilante, Bassa Vigilante, Eggon Vigilante and other similar organisations, to handover all weapons or arms in their possession along with uniforms to the Commissioner of Police Nasarawa State within two weeks from the date of issuance of the order."

the ear-tingling toxic spews and exchanges that only show off Rivers State as a dead-end of development in the comity of states in Nigeria.

"Gov. Fubara very intentionally and deliberately panders to hitherto pulled out rotten molars from the beautiful political dentition of Rivers State, so well that such known official warlords, whose activities destroyed even their immediate communities in recent past and ipso facto, ought to remain in their cocoon of shame and dishonour, are heavily emboldened energised and funded to promote ethnic jingoism and chauvinism in Rivers State."

He said the items were received for evidence and they included a stained red dress, an army green T-Shirt, a DNA sample from Chidinma Ojukwu.

He said other items received were urine, blood, gastric content and bile, which were retained for toxicology report.

Somiari said the goal was to create an evidence triangle to link the suspect to the crime scene and the victim.

Somiari said the DNA on the red dress matched that of the victim, Ataga, but it did not match that of Chidinma and the other suspects, who were Babalola Disu and Oluwatomi Dada.

The witness was cross-examined by the first defendant's counsel, Mr Onwuka Egwu. The witness narrated how the result of the toxicology report was forwarded to the office of the Attorney General of Lagos State, Commissioner of Police and director of public prosecutions.

He said not all forensic reports went through such procedure.

When asked if he questioned the report given by Dr. Andrea Nuhu, the witness said, “I have already said that I am not a toxicologist. It is a toxicologist that can do such.”

Egwu, however, requested for the video of the crime scene to be

played and the court granted it.

While the video was playing, he asked the witness whether the samples of blood on the cotton, the wall, duvet, white polo the victim was wearing, were tested.

But when the witness answered that the samples were not submitted, he said the markers indicated in his report had nothing to do with the video.

He had earlier said some samples were in storage but not tested.

The second defendant counsel, Mr Babatunde Busari, also crossexamined the witness.

He asked if any DNA sample was taken from the second defendant, (Quadri), the witness said no.

The counsel also asked the witness if he took part in the toxicology analysis, to which he answered no.

The third defendant counsel, Ms C. G. Ugochikwu, said she had no examination for the witness.

After listening, Justice Yetunde Adesanya, adjourned the case until May 30 for continuation of trial. Chidima is facing the first to eight counts bordering on conspiracy, murder, and stabbing while her sister, Egbuchu, is facing the ninth count of stealing an iPhone 7 belonging to the late Ataga.

Egbetokun Visits Ogun, Approves Creation of Three Additional Area Commands

The Inspector General of Police (IGP), Kayode Egbetokun, yesterday kicked started a three-day working visit to Ogun state with approval for creation of three more Area Commands in the state.

Egbetokun who arrived in the command's headquarters at Eleweran, Abeokuta, in company of the Assistant Inspector General (AIG) zone ll, Olatoye Durosimi and the state commissioner of police, Abiodun Alamutu, gave the immediate approval while addressing stakeholders and the rank-and-file of the police force in the state He charged officers of the command to step up their effort in fighting crime in the state, pledging to end kidnapping in the state.

The additional Area Commands are to be established in Ifo, Imeko and Ipokia areas of the state. Egbetokun asked the stakeholders for more support for the police, in order to effectively combat crime in the state.

He said: "I have heard your

request for an area command in Ifo and that request is hereby granted, we are not only stop at giving area command to Ifo, we will also give two area commands the two border areas - Idiroko and Imeko.

"On the issue of manpower, lack of vehicles and operational logistics for Ogun state command, I have whispered to the CP that he should give me the list of all the needs of the command and we are going to pay attention to all of them.

"The issue of kidnapping despite the high number of check points along the road and that the border areas are still porous, I want to assure that we are going to address that challenge, the CP is going to work on it.

"Whatever that we need to do to stop kidnapping in Ogun state, we are going to do it. The fact that there are few crimes being committed here and there does not affect the peaceful status of Ogun state.

"There is no state in Nigeria that is free of crime and I still maintain that one of the states that record the least is Ogun state, but that

does not mean that we are going to accept the few crimes that are being committed in this state, we going to take appropriate action to ensure that we minimize the crime as much as possible", the IG said. In his welcome address, the Commissioner of Police, Abiodun Alamutu said Ogun remains one of the safest states in Nigeria despite having its fair share of insecurity challenges.

Alamutu said the IGP's visit would reenergise officers and men for a better service delivery. He promised that Police in Ogun command would remain loyal and committed to ideals and vission of the force.

Egbetokun, during the visit met with Governor Dapo Abiodun and also commissioned the newly built Ogun State Police Command’s headquarters, the technical intelligence unit, as well as the complaints unit, all within the premises of the command.

The IG was also expected to visit the four paramount rulers of Egba, Ijebu, Remo and Yewa.

NEWS THISDAY • WEDNESDAY, APRIL 17, 2024 35
James Sowole in Abeokuta

Navy's free medIcal outreach...

The Commander, NNS Pathfinder, Commodore Desmond Igbo, vaccinating a baby during the Navy's free medical outreach in Rumuolumeni community, Obio/Akpor LGA, Rivers State ... yesterday.

Dismissing Selective Trial, EFCC to Arraign Cubana Chief Priest Today for Naira Abuse

Wale Igbintade

The Economic and Financial Crimes Commission (EFCC) will today, April 17, arraign a businessman and socialite, Pascal Okechukwu, popularly known as Cubana Chief Priest, before the Federal High Court in Lagos for allegedly abusing the Naira.

Cubana Chief Priest will be arraigned before Justice Kehinde Ogundare on a three-count charge of allegedly spraying and tampering with the Naira notes at a social event contrary to the provisions of the Central Bank Act of 2007.

With

In the charge filed on April 4 by EFFC’s prosecutor, Senior Advocate of Nigeria, Rotimi Oyedepo, and seven other lawyers representing the executive chairman of the anti-graft Commission, it was alleged that Okechukwu Pasca on February 13, 2024, at Eko Hotel, within the jurisdiction of the court, while dancing during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) notes issued by the Central Bank of Nigeria by spraying same for two hours, and thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007.

Sustained

The Chief of Army Staff, Lt Gen Taoreed Lagbaja, yesterday, declared that sustained onslaught of the Armed Forces had put terrorists on the run across the country.

In count 2, it was alleged, “That you, Okechukwu Pasca, sometime in 2020, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same for two hours, and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007.”

In Count 3, it was alleged,

“That you, Okechukwu Pasca, sometime in January 2024, in Lagos during a social event, tampered with funds in the denomination of N500 (Five Hundred Naira) issued by the Central Bank of Nigeria by spraying same and you thereby committed an offence, contrary to and punishable under Section 21(1) of the Central Bank Act 2007.”

The EFCC had on April 5 secured the conviction of popular cross-dresser Idris Okuneye, also known as Bobrisky, on similar charges for which he was sentenced to six-month imprisonment.

Onslaught, Terrorists Now on the Run, Army Chief, Lagbaja, Boasts

Says nation’s security better imagined than experienced without military operations Air strikes kill 30 terrorists

He said without operations of security forces, the security situation in the country was better imagined than experienced. This came as air strikes killed 30 terrorists in Lake Chad. The Nigerian Air Force Headquarters said, in a statement, that the air interdiction conducted by the Air component of Operation Hadarin Daji(OPHD) executed precision air strikes on the hideouts of ISWAP terrorists nestled within Kolleram village along the shores of Lake Chad which killed 30 terrorists. Lagbaja said sustained military operations contributed significantly to stabilising the country's security. Lagbaja, who spoke at the opening of the Chief of Army Staff First Quarter Conference 2024 said security situation would have been better imagined than experienced without the intervention of the security forces "But for our concerted efforts, the insecurity that would have developed across the country is better imagined than experienced.

happens," he stated.

While the divestment was happening across the world, the minister clarified that in Nigeria, the international oil companies (IOCs) were not divesting and running away from the country. Rather, he said, the IOCs were divesting into deep offshore Lokpobiri added that the development presented another opportunity for indigenous companies under the aegis of the Independent Petroleum Producers Group (IPPG), who have grown capacity, to take over the divested assets, maximise their productivity in these assets and pull Nigerians out of suffering. Lokpobiri encouraged indigenous firms to put money together and work to overcome their funding challenge.

"Our continuous injection of trained troops and specialist equipment into the North-east theatre for specialised operations

He explained, "If a group of people come together to say, ‘look, if I have $10 million, you have $20 million, let's pull our resources together and see how we can fund some assets in this sector,’ I think that would be an alternative solution to our issues."

He announced that only Nigeria and Ghana were currently in the contest to host the upcoming African Energy Bank (AEB). He said if headquartered in Abuja, the bank, which would have $5 billion initial capital, would in four or five years grow to about $120 billion, and Nigeria's economy would benefit from it. Lokpobiri stated, "But the summary of what I want to say today is that, as a government, our own policy is to ensure that we do

such as Mountain Sanity II, Lake Sanity II, and Desert Sanuty III have continued to complement efforts to degrade ISWAP/JAS terrorist groups by the Theatre Command.

"These efforts have greatly improved the security situation in the North-east and have expectedly enhanced the trust and confidence of the public towards our troops," he said.

The army chief asserted that intensified offensives to eliminate armed bandits and other criminal elements in the North-west and North-central regions were yielding positive outcomes.

"We have continued to project forces in Operations Hadarin Daji, Forest Sanity, and Whirl Punch while

everything that is globally possible that other countries don't have and that other countries are doing to attract investment, so that we can attract the desired investment.

"We are willing to remove all bottlenecks in the industry because every country that has oil, prioritises investment in the oil and gas sector, and that is why as a government, the president has directed that we should resolve all problems we have in the industry.

"And that is why we are also trying to resolve the problem of OML 245, the popular Malabu oil field, because we want to attract all the investment because in my own opinion, if we don't attract the investment, this resource we have will just be buried under the soil with no value addition."

ramping up offensives to eliminate bandit enclaves.

"These operations have destroyed criminal hideouts, neutralised scores of bandits, and subjected the remaining ones to situations where they are mainly on the run," he said.

Meanwhile, air strikes killed 30 terrorists in Lake Chad.

The Nigerian Air Force Headquarters said, in a statement, that the air interdiction conducted by the Air component of Operation Hadarin Kai (OPHK) executed precision air strikes on the hideouts of ISWAP terrorists nestled within Kolleram

A group of 60 lawmakers under the auspices of opposition lawmakers led by a member representing Ideato Federal constituency, Hon. Imo Ugochinyere, recently demanded the resignation of Damagun to pave the way for a North central person to emerge chairman pending the conduct of convention as required by the party's constitution. But in a counter move, the PDP caucus in the House, dissociated itself from the coalition of opposition lawmakers, saying the group was unknown to the parliament.

At a meeting yesterday was summoned by the leader of the Caucus and House Minority leader, Hon. Kingsley Chinda, both factions were sharply divided as they could not reach a middle ground.

Interestingly, the main agenda

village along the shores of Lake Chad, which killed 30 terrorists.

"In a decisive blow against terrorism, the Air component of Operation Hadarin Daji (OPHD) has executed a precision airstrike on the hideouts of ISWAP terrorists nestled within Kolleram village along the shores of Lake Chad.

"The operation, conducted on 13 April 2024, yielded significant success as the Battle Damage Assessment (BDA) post-strike conducted revealed the neutralisation of over 30 terrorists.

"Among those neutralised were

of the Pre-NEC meeting which was to pass vote of confidence on Damagun by lawmakers loyal to the Minister of the Federal Capital Territory (FCT), Nyesom Wike, also hit the rock.

The coalition of opposition lawmakers calling for Damagun's resignation stood their ground, insisting that someone from the North-central zone take the position.

The lawmakers also insisted on the expulsion of Wike and any other politician involved in anti-party activities.

Meanwhile, the national caucus of the PDP will today decide whether to allow Damagum to continue to act as the national chairman of the party till December next year.

Damagum, who is the deputy national chairman for North has been in acting capacity since

some senior commanders such as Ali Dawud, Bakura Fallujah, and Mallam Ari.

"Additionally, numerous vehicles, motorcycles, and logistical assets were destroyed, severely hampering the terrorists' operational capabilities," it said.

The statement said, "Intelligence gathered after the air strike further indicated that the aerial bombardment effectively obliterated a key facility within the Kolleram enclave, which served as a hub for the terrorists' food processing activities, including grinding machines."

March 2023, when Ayu was suspended by his ward in Gboko, Benue State.

Announcing tomorrow’s NEC in a statement by the National Publicity Secretary of the party, Debo Ologunagba, the PDP informed all members of the National Executive Committee (NEC) that the 98th NEC meeting scheduled for tomorrow, April 18, 2024 will commence at 2pm. Ologunagba said, "By this announcement all NEC members are expected to arrive promptly at the NEC Hall of the PDP National Secretariat, Abuja for the commencement of the meeting.

“For the purpose of accreditation, only Constitutionally Accredited members of NEC will be allowed into the meeting. All members of the party should please take note and be guided accordingly," Ologunagba said.

36 WEDNESDAY, APRIL 17, 2024 • THISDAY NEWS
Kingsley Nwezeh in Abuja Lokpob I r I : N I ger IA H AS Lo ST $34b N IN oIL o u T pu T Dec LIN e from De LAY e D Sep LAT - e xxo Nm ob IL De AL
W I ke bA ck S D A m A gum T o r e TAIN Se AT AS g ov S Scr A mb L e for H IS r ep LA ceme NT

Second Quarter dinner of the Petroleum club...

L-R:

Kaduna Assembly Sets Up 13-member C’ttee to Probe El-Rufai’s Administration

The Kaduna State House of Assembly yesterday set up a 13-member factfinding committee to investigate financial transactions, loans, grants and project executions under the eight-year administration of former governor Nasir el-Rufai. El-Rufai was governor of Kaduna state between 2015 and 2023.

The committee was set up during a special session of the House, presided over by the speaker, Hon. Yusuf Liman.

Hon. Yusuf Mugu, representing the Kaura constituency, moved the motion on matters of public importance, asking the House to investigate the loans borrowed by the former governor, stressing that it was important for the people of the state to know how the loans were used.

"There have been uncompleted comments and assassinations of character on the leadership of the state, which the assembly cannot sit and watch. That is why I came up with this motion that the Speaker constitute a committee to investigate the allegations and negative comments on them.

“This is the only way the state can rekindle its confidence in its development partners, collaborators, and also those who give us loans and grants. Failure to do this will push the indicators of the state to a situation whereby nobody will want to do business with us,” he said.

Also in his contribution, Yusuf Zailani, the immediate former speaker of the house, alleged that he denied approval of some of the loans, but

el-Rufai still found his way.

“I suffered a lot in order not to give approval for the loan to be collected ($350m World Bank loan), even the then Deputy Speaker, Isaac Zankhai, was against me because I disagreed with the loan to be collected. I told the then governor to look at the number of loans we had at hand, and he didn’t listen to me", Zailani said.

The House resolved to invite the Speakers of the 8th and 9th Assemblies and all other relevant stakeholders and agencies to answer questions regarding the issues at stake.

The lawmakers also requested a copy of the handover notes to Governor Uba Sani so as to guide the committee on the financial status of the state.

Speaking in an interview with journalists shortly after plenary, Chairman, House Committee on Information, Henry Zachariah, said the house was not out to witch-hunt anybody but to get the facts correct.

"We are not having any problems with the loans collected. If all that the loans were intended to achieve, we will not be here", he said.

Zachariah added: "We cannot have projects littering everywhere with people finding it difficult to drive to their houses because of the uncompleted roads. If we cannot pay salaries, where are we going to get money to complete those roads where monies were borrowed to do?

This is just simple logic.

"We are not accusing anybody.

What we are saying is that before you collect a loan, you will tell them what you want to use the loan for. You cannot collect that loan and then the job is not done and people keep

quiet..."

He said the committee will invite all relevant people to answer questions. He warned that anyone who refuses to honour the invitation of the committee, the instrumentality of the law to will be used on him.

"If you don’t come we will use our laws to get you here to explain

to the people what happened.

"Truly speaking, I can’t imagine over N61 billion coming to Kaduna state and we are still this poor. If they had spent the money in this state, I can bet you, we will not be this poor", he said.

On March 30, Sani, governor of Kaduna, said his administration

inherited a debt of $587 million, N85 billion, and 115 contractual liabilities from the el-Rufai administration.

Speaking during a town hall meeting, Sani also said he had not borrowed “a kobo in the last nine months”.

He, however, said the huge debt burden is eating deep into the state’s

share of the monthly federation allocation.

Last week, Sani also lamented that 34 General Hospitals in the state had not been renovated in the past 20 years, a situation, which according to him, had forced people to be travelling to other places to seek medical treatment.

Akpabio Gifts N1m Each to Families of Slain Police Officers

Announces additional N20m from Senate

Sunday aborisade in Abuja

The President of the Senate, Godswill Akpabio, Monday evening, announced N1 million donation to each of the families of slain police officers in Nigeria. He said the money would enable them to pay their way back home.

He also announced that the Senate as an institution would support the families of the deceased with an additional N20 million.

Akpabio pledged the full cooperation and support of the National Assembly for better policing of Nigeria.

The Senate President, according to a statement by his media aide, Ola Awoniyi, made the pledge at the maiden edition of the Nigeria Police Awards and Commendations Ceremony which held in Abuja.

He told the audience which included Vice President Kashim Shettima that: "As the leader of the National Assembly, I pledge our full cooperation and support for the better

Annual Flood Outlook: 148 LGAs in 31 States at Significant Risk, Says FG

folalumi alaran in Abuja

The Minister of Water Resources and Sanitation, Prof. Joseph Utsev, has called on Nigerians to take proactive measures to address the potential flooding risks, with 31 states and 148 local government councils identified as vulnerable.

Utsev gave the advice at a public presentation of the 2024 Annual Flood Outlook (AFO) in Abuja yesterday.

He explained that the Annual Flood Outlook serves as a comprehensive guide to mitigate the impact of floods on communities across the country.

He emphasised the importance of collaborative efforts from both governmental and non-governmental sectors, urging all stakeholders to take proactive measures to reduce

the vulnerability of communities to flooding.

Utsev said that by promoting a culture of proactive disaster management, the federal government aims to build more resilient communities and minimise the loss of lives and property during the upcoming rainy season.

The breakdown of the AFO shows that part of 148 Local Government Areas in 31 states of the federation fall within the high flood risk areas, while part of 249 LGAs in 36 states of the Federation and the FCT fall within the moderate flood risk areas.

The minister added that 72 local government areas across the country fall within the high flood risk areas in the months of April, May and June; while part of 135 LGAs in the months of July, August and September; and

part of 44 LGAs in the months of October and November, 2024 are within the High flood risk zones.

The high flood risk states include: Adamawa, Akwa-Ibom, Anambra, Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Imo, Jigawa, Kaduna, Kano, Kebbi, Kogi, Lagos, Nasarawa, Niger, Ogun, Ondo, among others.

Meanwhile, the National Emergency Management Agency (NEMA) and the Nigeria Hydrological Services Agency (NIHSA) have promised to intensify efforts to mitigate the impact of the upcoming flood season in Nigeria.

NEMA Director General, Mrs. Zubaida Umar, emphasised the importance of preparedness in addressing the perennial issue of flooding in Nigeria.

policing of Nigeria.

He added: "We recognise the importance of a well-equipped and motivated police force in ensuring the security and well-being of our citizens.

"We will continue to work tirelessly to provide the necessary legislative framework and resources to enable the police to carry out their duties effectively."

The Senate President commended the Inspector General of Police, Kayode Egbetokun and the entire leadership of the Nigeria Police Force for organising the event.

He urged them to use the occasion to celebrate the achievements of the Nigeria Police Force and to reiterate the commitment to working together for a safer and more secured Nigeria.

Akpabio said: "I commend the Police for this maiden effort in organising this awards ceremony. It is a testament to IGP Egbetokun’s commitment to giving honour to whom it is due.

"By recognising the gallant, selfless and patriotic contributions of individual officers, we not only motivate them for higher performance but also reinforce the new policing agenda of the force.

"This agenda focuses on internal ethical regeneration, restoration of professional standards and the enhancement of the anti-corruption drive.

"However, let us not ignore the challenges faced by the police in Nigeria. The ever-evolving landscape of crime and the increasing sophistication of criminal gangs pose significant obstacles.

"More so, as we honour the good officers, let us weed out the bad ones because a chain is as strong as its weakest link. It is crucial that we address these issues and work together to find solutions.

"The Police need the support and cooperation of all stakeholders to overcome these challenges and build a stronger and more effective

Police Force.

"I congratulate the awardees who have excelled in their respective fields of policing. Their dedication, bravery and integrity have set them apart and made them deserving of this recognition.

"I commend each and every one of them for their outstanding performance and commitment to the service of our nation. I urge them to remember that to whom much is given, much is expected.”

In addition to the awards given on various aspects of policing, posthumous awards in memorial recognition of the fallen heroes were given to the seven police personnel killed at Ugheli forest in Delta State on 20th February, 2024.

Representatives of the families of the deceased received the awards as well as cheques for their entitlements.

Kano State Governor Abba Kabir Yusuf also announced a donation of N20 million to support the families of the deceased.

FG Starts Plan on COP29, Reviews Outcomes of Last Session

michael olugbode in Abuja

As the nation begins to plan for the 29th session of the Conference of Parties to the United Nations Framework Convention on Climate Change (COP29) holding in Azerbaijan, the federal government has emphasised the need to review the outcomes of the 28th session (COP28) held in Dubai. The government said the outcomes of the negotiations at COP28 have implications for Nigeria's development aspirations and climate action across all sectors and as such should be reviewed and the outcomes achieved appraised.

COP of the United Nations Framework Convention on Climate Change (UNFCCC) is the supreme governing body that convenes annually to assess progress in dealing with climate change and make plans for

climate action within the UNFCCC guidelines.

COP28 held in Dubai last year sets out the actions needed to keep 1.5°C within reach in line with the goal of the Paris Agreement.

At COP28, Nigeria stressed the request for its inclusion in the G7's climate partnership list for the Just Energy Transition Partnership towards an effective and sustainable framework in addressing the socio-economic effects of energy transition.

Nigeria also called for urgent scaling up of adaptation finance, expansion of adaptation acceleration programmes, and a substantive global goal on adaptation.

On Tuesday in Abuja, stakeholders gathered to review the outcomes of COP28. The meeting was organised by the National Council on Climate Change and the Delegation of the

European Union in Nigeria.

Speaking at the one-day workshop, the Minister of Environment, Balarabe Lawal said the 28th session of the Conference of Parties to the UNFCCC serves as a stark reminder of the urgent need for resolute action in the face of escalating climate crises and environmental challenges. He said: “With negotiations focused on crucial issues such as mitigation, adaptation, finance, and transparency, the outcomes of COP28 have far-reaching implications for the future of our planet."

The Minister added: “As we gear up for COP29, it is imperative that we foster a spirit of collaboration, unity, and shared responsibility, harnessing the collective wisdom, expertise, resources of all stakeholders and firm commitments to advance Nigeria’s environmental goals.

NEWS THISDAY • WEDNESDAY, APRIL 17, 2024 37
Founder and CEO Managing Director First Exploration and Petroleum Development Company, Mr. Ademola Bero; Minister of State for Petroleum Resources, Senator Heineken Lokpobiri; Chairman Petroleum Club, Mr. Austin Avuru and Dr. Uduimo Itserili, during Second Quarter Dinner of The Petroleum Club held at the Metropolitan Club in Victoria Island in Lagos PHOTO: MUBO PETERS. John Shiklam in Kaduna

NIDCOM, USAID ENTERS PARTNERSHIP…

Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa(right) and Country Director, USAID-Nigeria, Melissa Stones, during a visit to NiDCOM for strategic partnership discussions in Abuja…yesterday

Alleged Abuse of Office: Group Protests, Asks CJN to Resign Now

Alex Enumah in abuja

A civil rights group yesterday embarked on a protest over alleged abuse of office and favouritism by the Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola.

The group allegedly claimed that the CJN breached Rule 11 (iv) and other extant provisions of the Revised Code of Conduct for Judicial

Officers, when he appointed his son, Olukayode Ariwoola Junior, as a Judge of the Federal High Court, and nominated his daughter, Oluwakemi Victoria Ariwoola as a Judge of the Federal Capital Territory (FCT) High Court.

Recall that the CJN since last year has been under criticism following the appointment of his son, Olukayode Ariwoola Junior,

Electric Cable Thief Electrocuted in Edo

Adibe Emenyonu in Benin-city

A yet-to-be-identified middle-age man was yesterday electrocuted while trying to vandalise the Benin Electricity Distribution Company (BEDC) transformer on Airport Road in Benin-city, Edo State.

The deceased was said to have succeeded in cutting some of the cables before he was electrocuted.

The incident, which reportedly occurred at the early hour of yesterday, drew the attention of passers-by as many were seen raining curses on the deceased for being the one responsible for

their perpetual darkness all these while, adding that he, at last, has met his Waterloo.

One of the residents of the area, who called himself Mr. Emmanuel, blamed the action of the deceased on the get-rich-quick syndrome.

He said the deceased would have still been alive if he had cultivated the act of due diligence in making money, adding that life is a process.

Emmanuel said despite losing his life in the process, he has also succeeded in putting the entire community in total darkness.

Canada-based Nigerian Writes Books to Inspire Children

An internationally celebrated children’s books author, speaker and podcast host, Olamidotun Votu-Obada, has commenced the writing of books under the Big (Be Inspired By The Greatest) Series in a bid to retell stories and history of inspiring African legends to children across the world.

as a judicial officer. However, at the protest staged on the road leading to the Supreme Court yesterday, the group demanded the immediate

resignation of the CJN, in order to maintain the integrity of the judicial system. The group members, who carried placards with various inscriptions such

as: ‘CJN should resign now, stop judicial rascality, say no to nepotism, judicial accountability is a must’, alleged that the CJN conferred undue advantages on his family

members through his position as the chairman of the National Judicial Council (NJC), chairman of the Federal Judicial Service Commission (FJSC) among others.

Asset Recovery: We Shall Abide by the Express Provisions of the Law, Says Osun SSG

Yinka KolawoleinOsogbo

The Secretary to the Osun State Government (SSG), who doubles as the Chairman of the Osun State Asset Recovery Committee, Hon. Teslim Igbalaye, yesterday assured the people of the state that the

committee would adhere strictly to the rule of law while carrying out its mandate in the recovery of government assets illegally taken away by the immediate-past administration.

Speaking yesterday at a press conference held at the Exco’s Lounge of the Governor, Igbalaye said due diligence would remain a priority of the government in carrying its duties.

He further stressed that the press conference was called to have a clear picture of the situation, stating that the Osun people should not see this as a means to witch -hunt the past administration.

According to him “It was imperative for the committee to go through due process after the inauguration. Government property like vehicles and buildings which were illegally possessed must be returned to the Osun State Government immediately.”

ASR Africa Initiative Constructs N250m Office Block at Usman DanFodio Varsity

Onuminya Innocent in Sokoto

Abdul Samad Rabiu Africa Initiative (ASR Africa) has flagged off the construction of office block at the College of Health Sciences, Usman DanFodio University, Sokoto, worth N250million.

The philanthropic gesture of the foundation in the university is part of its 2023 Tertiary Education Grant Scheme (TEGS) comprising 22 tertiary institutions in Nigeria as beneficiaries.

Speaking at the ground-breaking event in Sokoto, the ASR Africa’s Managing Director, Dr. Ubon Udoh, said the project prioritised its intervention in education as a transformative sector for the country.

He also expressed the commitment of ASR Africa to continually supporting quality education within the tertiary education system in Nigeria and Africa.

He noted that Usman Dan Fodio University scored high in the tedious criteria before being selected among benefiting schools in the TEGS grant of N259 million. He explained that the project has a six-month completion period. The MD/ CEO further explained ASR Africa initiative as a philanthropic fund of $100 million that is committed to the development of health, education, and social sectors in Africa.

THISDAY Reporter, Sunday Ehigiator, Others for Young Journalists Training in Egypt

Esther Oluku

Her picture book, “Be Inspired by Me,” is a beautifully illustrated book that inspires self-identity and cultural diversity and creates awareness of personal uniqueness in a child’s mind.

“Be Inspired by MKO Abiola,” another book in the series, delves into the life of the Late Chief M.K.O Abiola, who, through many obstacles, achieved great things in life despite his humble upbringing and became a successful businessman recognized both internationally and nationally.

Olamidotun disclosed this in a virtual interview saying: “ My vision is to write these stories to connect our young readers to the lives of these inspiring African characters to inspire them to see beyond the characters, learn from them and recreate the experiences of their lives.”

Jigawa Gov, Others Off to Ethiopia on Wheat Farming Study Tour

Ahmad SorondinkiinKano

The Jigawa State Governor, Mallam Umar Namadi, has embarked on a study tour to Ethiopia with a high-level delegation comprising key aides on agricultural matters, officials, and professionals from the state Ministry of Agriculture, and other relevant agencies.

Speaking on the purpose of the visit, the Chief Press Secretary to the Governor, Hamisu Mohammed Gumel, said the visit is set to achieve

key objectives, including on-the-field assessment of Ethiopia’s successful National Wheat Production Initiative and its benefits, among others.

He said the Jigawa State delegation would study Ethiopia’s National Wheat Production Initiative and engage in a comprehensive experience-sharing programme with that country’s top agricultural officials and experts with the aim of bringing home new ideas in the sector.

THISDAY Features correspondent, Sunday Ehigiator, alongside 19 other journalists across African countries have been shortlisted to attend the ‘58th Training Course for Young African Journalists’ scheduled from April 20 to May 9 in Cairo, Egypt.

In a statement issued by the Union of African Journalists (UAJ), the three weeks programme will take participants through a series of pertinent topics, ranging from politics and economy to other media related topics.

KuniTyessi inabuja

The Pan-African Dialogue Institute has called for a curriculum review and upgrade in all levels of education to include pan-African studies with key attention on collective black history.

It added that a people that fail to embrace their history and heritage are doomed, and to set the ball rolling, individuals and institutions will be trained in workshops and institutions of higher learning to acquire certificate, executive or post-graduate courses in the field.

Additionally, the leadership of the Nigerian Union of Journalists (NUJ), who conveyed the letter through its just retired Secretary, Shuaibu Usman Leman, congratulated Ehigiator for emerging from the wide pool of journalists in Nigeria and West Africa, to represent the country and the continent in Egypt.

The training course, which is organised in collaboration with the Egyptian Ministry of Information, is also aimed at honing the skills of journalists and strengthening the art of storytelling for journalists across the continent.

Institute Calls for Curriculum Review to Include Pan-African Studies

Also, it has concluded plans to sponsor a bill at the National Assembly as a proposal towards setting aside May 25 of every year to be observed and commemorated as the International Africa Day.

Pan-Africanist and President of the Institute, Dr. Effing Udo,

who stated this in Abuja during a briefing to reel out plans for the first ever celebrated International Africa Day and the unveiling of its headquarters at the University of Uyo, Akwa Ibom State, said the problems militating against Africa needs solutions from the continent

A’Ibom Adopts Multi-pronged Approach to Tackle Hunger, Hardship

Okon Bassey in Uyo

Worried by the hardship being experienced by the citizens, Akwa Ibom State government has adopted a multi-pronged approach to tackling hunger, especially among the poorest in the state.

The state Commissioner for Agriculture and Rrural Development, Dr. Offiong Offor, disclosed this at a media chat, saying the administration of Governor Umo Eno was embarking on a massive food production through investments in agriculture.

The interaction tagged: ARISE Scorecard, with the theme: ‘Food Sufficiency and Security’, was attended by the state Commissioner for Information and Strategy, Mr. Ini Ememobong; Commissioner for Economic Development, Emem Bob, and the Chairman, Akwa Ibom Bulk Purchase Agency, Mr. Dan Akpan. She disclosed that seven local government areas in the state have provided lands to support food production. He said: “The government is funding agricultural cooperative societies, providing lands, fertilizers, improved seedlings, cassava stems, loans and grants as well as constructing rural roads all in a bid to increase food production.

Kogi Inaugurates State Steering Committee on Open Govt Partnership for Accountability

Ibrahim Oyewale in lokoja

As part of efforts to continue to remain transparent and accountable, the Kogi State Government has inaugurated the steering committee on the Open Government Partnership (OGP)

to ensure citizens’ participation in governance.

While inaugurating the steering committee at the conference hall of the office of the Secretary to the State Government (SSG) in Lokoja last Monday, the SSG, Mrs. Folashade

Arike Ayoade, explained that transparency and accountability have been the watchwords in the past eight years of the immediate-past administration of Governor Yahaya Bello. Ayoade stated that Open Government Partnership is a

multilateral initiative that aims to secure concrete commitments from national and sub-national Governments to promote Open Government, empower citizens, fight corruption and harness new technologies to strengthen governance.

wedn e Sday april 17, 2024 • THISDAY 38 new S

Dembele, Mbappe Power PSG into Semi-final at Barcelona

Dortmund beat Atletico to reach first S’final in 11 years

Femi Solaja

Kylian Mbappe scored twice as Paris St-Germain thrashed Barcelona 4-1 to turn around a first-leg deficit and reach the semi-finals of the Champions League on 6-4 aggregate.

PSG had trailed 3-2 after the first leg in France but took advantage of an early Barcelona sending-off of Ronald Araujo to secure their place in the last four for the first time since 2021. The Catalans coach, Xavi Hernandez was similarly sent off from Barcelona bench for disputing a call.

CHAMPIONS LEAGUE

In the other match of the night, Borussia Dortmund reached their first Champions League semi-final in 11 years after producing a superb second-half comeback to beat Atletico Madrid 5-4 on aggregate.

Having lost the first leg 2-1 in Madrid, Dortmund quickly turned things around with Julian Brandt and Chelsea loanee Ian Maatsen both scoring from tight angles in the first half.

Luis Enrique's side face a semifinal against Borussia Dortmund, who beat Atletico Madrid 5-4 on aggregate in a thrilling encounter in Germany.

NPFL: Enyimba Beat Heartland to Pile Pressure on Leaders Rangers

Enugu Rangers yesterday consolidated their leadership of the Nigerian Premier Football League (NPFL) after a 3-2 win against Abia Warriors, but defending champions Enyimba stay within striking distance of the table toppers after edging Heartland in the other “Oriental Derby” on Tuesday evening.

Saviour Isaac opened scoring for home team Rangers after just seven minutes of action, before second-half goals by Kazeem Ogunleye and Chiedozie Okorie turned away Abia Warriors.

Godwin Obaje also missed from the penalty spot on 14 minutes for Rangers.

The Flying Antelopes’ now have 54 points from 30 matches.

However, they are closely followed by Enyimba, who gave coach Finidi

George a befitting 53rd birthday gift after they saw off regional rivals Heartland by the odd goal.

Enyimba climbed to second place with 51 points and a better goals difference than Lobi Stars, who play later today at Shooting Stars.

Ekene Awazie first-half strike proved to be the match winner for ‘The People’s Elephant’. At the other end of the standings, Kwara United eased their relegation worries after they won 2-1 at bottom club Gombe United.

Kwara are in 15th position now with 36 points.

Akwa United improved their survival hopes after they trounced visiting Niger Tornadoes 4-1 to say in 18th place. Experienced campaigner Ubong Friday smashed a hat-trick for Akwa United.

Lagos Health Service Commission Lauds Waidi Akanni for Supporting HSC Sports

Former Super Eagles midfield enforcer, Waidi Akanni, has received commendations from the management of Lagos State Health Services Commission for his selfless support during the 2023 Inter-Hospital Sports Competition.

The letter of appreciation signed by Dr. Sojinrin M.O, the LOC Chairman of the HSC Inter-Hospital Competition, thanked Waidi Akanni for his generous financial and moral support given towards the success of 2023 HSC Inter-Hospital Competition.

Responding to the letter, Akanni, who is the Chief Executive Officer of Match International Limited and a former Chairman of Lagos State Football Association, reiterated his commitment to the betterment of the society.

"We need to support the government in its different programmes. We want to continue to support and align with the several life-changing programmes of Governor Babajide Sanwo-Olu," he concluded.

But Atletico Madrid made it 2-1 on the night and 3-3 on aggregate when Mario Hermoso's header deflected off Dortmund defender Matts Hummels shortly after the

place on 30 April with the second leg on 7 May. restart.

Angel Correa then gave Atletico Madrid a 4-3 aggregate lead when he smashed in a rebounded finish from close range in the 64th minute.

But Dortmund levelled once again in a thrilling second half as Niclas Fullkrug finished off Marcel Sabitzer's

cross with a looping header after 71 minutes.

And less than three minutes later Sabitzer struck Dortmund's winner with a drilled finish into the bottom corner to round off a sublime quarter-final tie.

The semi-final first leg takes

Dortmund 4-2 Atletico) (Dortmund 5-4 agg) TODAY@8PM B’Munich v Arsenal Man City v R’Madrid NPFL

Rangers 3-2 Abia War

Bayern Host Arsenal While Madrid Battle City for Tickets to Semis

Liverpool seek Europa League redemption Live on GOtv

Mikel Arteta’s Arsenal will face

Bayern Munich at the Allianz Arena tonight, in search of a UEFA Champions League semi final ticket for the third time in the club's history.

The German side are expected to ride on home advantage and knockout stage experience to see off the Gunners, who are appearing in the quarter finals of the competition for the first time in 14 years.

The match and the other fixture involving Manchester City and Real Madrid will be broadcast live on SuperSport Premier League (GOtv channel 66), at 8pm to watch the action unfold live.

In his press conference on Tuesday, Bayern Munich Manager,

Thomas Tuchel, said his team has experience on their side, which was evident in their game management during the entertaining 2-2 draw at the Emirates Stadium last week. The former Chelsea manager also announced that his side will be missing the services of two key players tonight. “"I think we have the slight advantage of experience in our team. We have players who have won it, we have players who have played decisive matches in this competition. But to make it an advantage, we still have to bring out our very best. Serge Gnabry and Kingsley Coman won't be available Wednesday,” he said.

Arsenal's perennial nemesis, Harry Kane, has also promised

to unleash his best performance on Arsenal. He said: ““If we make the step tomorrow, we'll only be a couple of games away from Wembley. I want to show my best performance tomorrow”.

The Gunners will aim to draw inspiration from their 0-2 victory at the Allianz Arena back in 2013, when their current manager was the captain of the side. Arsenal defeated Bayern in the second leg of their round of 16 clash that year, but lost out on the botched away goal rule, having lost the first leg 1-3 at home.

On Thursday, Europa League quarter final match will see Liverpool out for redemption when they take on Atalanta in Bergamo, Italy.

Jurgen Klopp’s men suffered a surprising 0-3 defeat at Anfield in the first leg last Thursday. The match will be live on GOtv SuperSport Premier League (GOtv channel 66), at 8pm.

The Reds will have to win by at least a three-goal margin to stand any chance of progression. The Europa League remains the only trophy Klopp hasn't delivered at Anfield during his nine seasons at the club.

In the other Europa quarter final fixtures, Roma will host AC Millan; West Ham will welcome Victor Boniface’ Leverkusen to the London Stadium, while Olympic Marseile will host Benfica. All the matches will be live on GOtv.

Hyde Energy’s Mechanics Champions League Kicks off in Lagos RESULTS

Hyde Energy, a global energy trading company with a downstream network renowned for its commitment to providing reliable energy solutions, has announced the launch of the Hyde Cup for auto mechanics in Lagos. This eight-week football initiative which aims to foster stronger

L:R- Executive Director, Sales and Marketing, Hyde Energy, Aderemi Williams; Lagos State Commissioner for Youth and Social Development, Alhaji Mobolaji Ogunlende; Chief Executive, Hyde Energy, Dimeji Edwards; Chairman, Nigerian Automobile Technicians Association (NATA), Lagos State chapter, Comrade Moruf Egberongbe; Head, Lubes, Hyde Energy, Ayobami Olowolayemo and Fédération Internationale de

#MechanicsChampionsLeague yesterday in Lagos.

relationships within the mechanic community was unveiled at the prestigious Marriott Hotel on Joel Ogunnaike Street in Ikeja, Lagos yesterday.

The competition seeks to showcase mechanics as the heroes of their field, using football as an outlet to highlight their status within society. Through this initiative, Hyde Energy aims to celebrate and honour the invaluable contributions of mechanics to the automobile industry in Nigeria.

"The 'Hyde Cup' competition is not just about football; it's about celebrating our partners, the mechanics, and showcasing their talent and dedication," Chief Executive of Hyde Energy, Dimeji Edwards, said yesterday at the unveiling ceremony that his firm aims to provide the mechanics with

memorable experience.

“By bringing mechanics together through sports, we aim to provide them with a memorable experience, shape perceptions, and highlight their important status within the community."

Speaking at the launch, Lagos State Commissioner for Youth and Social Development, Alhaji Mobolaji Ogunlende, said, “The Lagos State government is excited with Hyde Energy for putting together this initiative. The initiative is fostering a collaboration among Hyde Energy, Nigerian Automobile Technicians Association (NATA), and Lagos State to make the society a better place. We encourage more organisations will emulate this initiative.”

The competition will last for seven weeks and will feature six match

days, with games scheduled every Sunday starting from April 21st, 2024. The first four weeks will consist of group stages, with the top two teams from each group advancing to the quarterfinals. The knockout rounds will commence on Sunday, May 19th, 2024, leading up to the highly anticipated finals on Sunday, May 26th, 2024, with the top two teams competing for the prestigious ‘Hyde Cup.’

The seeding for the group stage of the competition was conducted by the CE of Hyde Energy and Lagos State Chairman, Chairman of Nigerian Automobile Technicians Association (NATA), Lagos State, Comrade Moruf Egberongbe, determining which teams would face each other ensuring a fair and competitive tournament.

WEDNESDaySportS Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY
THISDAY • WEDNESDAY APRIL 17, 2024 39
PSG players celebrating Osman Dembele’s goal in the 4-1 defeat of Barcelona in Spain...last night Football Association, (FIFA) Official, Dele Gbajumo, during the launch of the Hyde Cup
UCL Barcelona 1-4 PSG (PSG 6-4 agg.)
Gombe 1-2 Kwara Utd Enyimba 1-0 Heartland Bayelsa 1-1 Katsina Utd Insurance 2-1 Kano Pillars Sporting 1-0 Sunshine Rivers Utd 3-1 Plateau

MISSILE

Matawalle to Baba-Ahmed, Northern Appointees

“Dr. Baba-Ahmed’s relationship and affinity with Northern Elders’ Forum (NEF) is well known. The fact now is that he is an appointee of the administration as Special Adviser and it is incumbent on him to work for the success of the government he is part of, protect and defend the government against unjust and vicious attacks from those who hide under ethnic and other primordial interests to heat up the polity for myopic reasons” --MinisterofStateforDefence,BelloMatawalle, challengesBaba-AhmedandotherNorthernappointeestodefendTinubu’sgovernmentorresign.

Kayode Komo LA fe

The Hope in Disability

April is the month dedicated to drawing societal attention to the acceptance of autism. In some climes, this is done in a way that brings the subject of our common humanity into a sharp focus. It is a period to express solidarity with autistic children and their families. According to the World Health Organisation (WHO), autism “constitutes a diverse group of conditions related to development of the brain.”

It is estimated that one in a hundred children is autistic worldwide.

In generic terms, this month could also be regarded as a season to reflect on the struggles of those who are living with various forms of disability.

A fellow columnist, Olusegun Adeniyi, made an introductory reference to autism in his column on this page a fortnight ago. The column was on the widely reported inhuman treatment of Debola Daniel at one eatery located in the Murtala Mohammed Airport, Ikeja. Daniel was on a wheelchair. The lady at the till told Daniel, accompanied by four other persons including his wife and brother, that “wheelchairs are not allowed” in that public place. Expectedly, this act generated outrage from members of the public and the aviation authorities have appropriately sanctioned the offending outfit.

Today’s column is a follow-up of sorts to Adeniyi’s conclusion: “What we must begin to deal with includes the exclusion, discrimination, isolation, lack of empathy and frankly, the absence of thought in all facets of our society for the weak and vulnerable among us.”

The good news is that there is already a trend of advocacy in the positive direction suggested above. It is good not only for the Persons with Disabilities (PwDs); it is also in the interest of the society at large.

Beyond the perennial lamentation about the gross erosion of our collective humanity, the forces of hope and improvement on the state of things should be encouraged. Physical and institutional reforms are

necessary to achieve this noble purpose. Doubtless, the government should take the lead in the conscious inclusion of fellow human beings with disabilities in all areas of life. But as Adeniyi rightly observed, it is not a task for only the government. Private individuals and organisations have a huge role to play to humanise the public space and boost consciousness sufficiently for the inclusion of the PwDs.

The heroic efforts of the private individuals and organisations constitute a magnificent basis for hope for the members of society living with disabilities. Take a sample.

Jake Epelle is the president of the Albino Foundation of Nigeria. A distinguished personality in the society, Epelle is an accomplished personality in his private life. Yet, he has invested his time, energy and resources in

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the daily struggles of those with disability in Nigeria. The sheer gamut of the activities of Epelle and the Foundation have gone a long way to cure not a few members of the society of their ingrained prejudices about albinism. For instance, while the government of President Goodluck Jonathan was putting together the famous 2014 National Conference, Epelle noticed the seeming exclusion of albinos. Here is how Epelle made a case for his group: “We have six million albinos in the country and so we need a voice. We should be heard. This is what we have been saying to the government not only in Nigeria but in Africa and in the world.

“The integration of persons with albinism is very important. We need to mainstream some our issues and challenges into the national policy and discuss. We see this National Conference as a platform to push our cases.

“Many people who go to such forums to discuss issues that affect us don’t know ‘jack’ about albinism. I think this is the right time and platform for us to be heard and we need to be heard.”

That was Epelle’s position 10 years ago. Since then, his voice has become more strident in the advocacy for the inclusion of PwDs.

Epelle is also the convener of another non-governmental organisation, the Disability Inclusion in Nigeria.

While President Bola Tinubu was constituting his cabinet, Epelle put up a passionate appeal to the President for equality, justice and inclusion for PwDs. On that occasion, he made a case for inclusion like this: “Appointing PwDs to influential positions in your government would serve as a powerful symbol of inclusivity, sending a clearer message that Nigeria embraces and values the contribution of every citizen, regardless of their abilities

“This act of leadership would inspire other sectors of the society to follow suit and create a ripple effect of positive change that extends far beyond the political realm.

“It will also send a powerful message to the society, dispel misconceptions and prejudices surrounding disability

as well as serve as a beacon of hope and inspiration for countless PwDs who often face systemic barriers and limited opportunities due to societal attitudes and biases.” Epelle is certainly on point in this matter.

Of course, you can justifiably talk of systemic barriers when ramps are not made available in public buildings for those on wheelchairs. The unacceptable experience of Demola Daniel at the airport is a typical case of prejudicial attitude of the society.

The advocacy of the Epelles in our amidst should inspire more persons and organisations to support and encourage those with disability in the struggles for justice and inclusion in the society, polity and economy.

Besides, hope is to be found in the examples of those who have turned disability into ability to make contributions to the society. This point is amply demonstrated by an American journalist, Steve Silberman, in his book, “Neurotribes: The Legacy ofAutism and How toThinkSmarterAboutPeopleWhoThinkDifferently.”

Silberman traced the history of autism to make the point that autistic people are actually people who think differently and should be accepted by the society as neurological tribes. The success stories of the autistic persons are told in the book.

The example of the 21-year old Swedish climate activist, Greta Thunberg, has received global acclaim. Thunberg is autistic. At the age of 15, she was addressing world bodies and national parliaments, stressing the urgency of climate action. In fact, Thunberg’s influence was such that former American president, Donald Trump, in one of his ugliest outings, taunted her because of the condition. The bluntness of Thunberg, her commitment to the cause of nature and the disdain for deception are said to be enhanced by her autistic condition.

All told, those who live with disabilities have reasons to be hopeful despite their condition. The society should be structured in a way to make them enjoy life to the fullest.

Pushed To The Wall Over State Police

The proposal to create state police and if possible local government police is consistent with the principle of true federalism and decentralization of powers. The arrangement would enable the states to effectively maintain law and order especially during emergencies.

Besides the Nigeria Police is ill-equipped and deficient that it cannot ensure safety of citizens and their property inspite of the huge budgetary allocations made to the Police Force in recent years. You will be alarmed at the amount of money so far allocated to the Nigeria Police Force in the last twenty-five years.

Two positions were canvassed by Nigerians on the desirability or otherwise of allowing states to establish and maintain their police. Proponents of separate police for the states rested their demand on the strong ground that it was consistent with federal practice. The arrangement, they argued, enabled the federating states to effectively maintain law and order, especially during other social upheavals such as inter-communal riots, youth restiveness, riots and ethnic militancy without the often costly delays in obtaining federal approval by the Commissioner of Police even when a State Governor has so directed or requested.

The handlings of the various inter communal upheavals

in the various states of the federation since the beginning of the current democratic governance left much to be desired. This, many people believe was due to the provision of Section 215(4) of the Constitution which hinders a Governor from exercising his power as Chief Security Officer of the State.

Experience has shown that state governors are mere figure heads in terms of security in their states. The Commissioners of Police get their directives from the Inspector-General of Police who is appointed by the President.

Another example mentioned for the failure or weakness in the present centralized police structure was the inability of the Nigeria Police to contend with the high rate of violent crimes which ravaged major towns all over the country. In response to the hostage-like situation in which the States were held by hoodlums, some state governments have resorted to establishing Vigilante Groups which they claim have successfully dealt with the crime situation in those states.

In some instances however, people often accuse these groups as some kind of local “militia” who would not hesitate to take the laws into their hands at will and molest people. The recent experiences in some parts of this country constitute sufficient lessons not to allow local “militia” to be formed. The Nigeria Police is

however so badly equipped and unmotivated and so could not effectively deal with the crime and security situation in the country. That is why Amotekun, as security outfit for SOUTH WEST was launched in Ibadan on January 9, 2020 and Elubeagu, a security outfit for SOUTH EAST was launched in Owerri on April 12, 2021. Similarly, Shege Ku-Fasa, a security outfit for NORTHERN states was launched in Kaduna on February 6, 2022.

BRACED Commission made up of Bayelsa, Rivers, Akwa-Ibom, Edo and Delta states launched a security outfit for SOUTH SOUTH on March 6, 2020. Even recently, Zamfara state launched its own security outfit, Asi Askarawa Zamfara on January 31, 2024.

Representations against State Police bordered on the fear of abuses to which State Governors may subject their police. These fears included those of intimidation and harassment of political opponents and perpetuation of electoral frauds. References were made to the experiences in the country during the former Regional and Local Authority Police to abuse—a development which led to occasional breakdown of law and order.

The fall of the first Republic was partly blamed on the ignoble use of the Regional and local police. It was therefore, feared that it was too soon in the life of Nigeria’s nascent democracy for the idea of State

Police to be entertained. For this school of thought, it was argued that the need for state Commissioners of Police to occasionally clear operational instructions with the Inspector-General was intended to check abuses and ensure that the orders by Governors were actually lawful. What the Nigeria Police needed in order to function properly and serve Nigerians more effectively, was a restraining programme, proper funding and adequate and up-to-date equipment while steps should be taken to sanitize the institution and rid it of corruption and other vices.

The establishment of State police or local government police has now become inevitable. The ball is now in the court of our legislators to amend the constitution and establish state police or local government police. The establishment of the Nigerian police was made possible through the 1963 Constitution, so also was the abrogation of regional police.

Chapter 7 Section 105 of the 1963 Constitution states that “ (1) There shall be a police force for Nigeria, which shall be styled the Nigeria Police Force. (2) Subject to the provisions of this Constitution, the Nigeria Police Force shall be organized and administered in accordance with such provision as may be made in that behalf

TRUTH & REASON Wednesday, April 17, 2024 Price: N400 Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja . All Correspondence to POBox 54749, Ikoyi, Lagos. EmAiL: editor@thisdaylive.com, info@thisdaylive.com. TELEPhoNE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTiSiNG hoT LiNES: 0811 181 3085 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUiRiES & BooKiNG: adsbooking@thisdaylive.com
Jake Epelle
Th E hORI z ON kayode.komolafe@thisdaylive.com 0805 500 1974 Continued online

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