WEDNESDAY 27TH APRIL 2022 by THISDAY Newspapers Ltd

Zenith Sustains Position as Nigeria’s Best Bank for Three Consecutive Years in Global Finance Award Nume Ekeghe

Zenith Bank Plc has emerged as the Best Bank in Nigeria in the Global Finance Magazine’s Best Banks Awards 2022, retaining the

award for a third consecutive year. The bank was among other banks from 36 countries in Africa recognised as the prestigious Global Finance announced its 29th Annual Best Bank Awards Winners.

The editors of Global Finance made the selections after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts worldwide.

Global Finance considered factors that ranged from the quantitative objective to the informed subjective in selecting the top banks. Objective criteria considered included: growth in assets,

profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking

consultants and others involved in the industry. Commenting on the award, the Group Managing Director/ Continued on page 10

Nigeria, UK Hold Talks to Boost £3.2bn Bilateral Trade Relations… Page 11 Wednesday 27 April, 2022 Vol 27. No 9878. Price: N250

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DSS Raises the Alarm over Plot to Bomb Worship Places, Public Infrastructure... Page 11

Pregnant Woman Abducted in Kaduna-bound Train Delivers in Captivity Terrorists release new photos of over 62 kidnapped passengers Insist on freedom for apprehended commanders Emmanuel Addeh in Abuja One of the two pregnant women among the passengers kidnapped during last month’s attack on a

Kaduna-bound train by terrorists has been delivered of a baby, THISDAY learnt last night. Also, the terrorists who attacked and abducted the passengers have

released four different pictures of their victims, numbering 62. The gunmen had on March 28 ambushed the train heading for Kaduna from the nation’s capital

city after bombing its rail track. ARISE Television, THISDAY’s broadcast arm, quoted the gang as insisting that they were not after a ransom, but an exchange of the

abducted passengers with their commanders who are allegedly in government custody. Nine persons, including a young medical doctor were killed during

the attack, scores were injured and over 62 other passengers kidnapped. Continued on page 10

Osinbajo: I’ve Decided to Run, I Owe No One Else Any Allegiance Says oath sworn only to Nigeria to be president, declares Abiodun

Boasts he’ll hit the ground running He’s eminently qualified May you come back to my palace as president, Alake prays

After all I have learnt, if called upon to serve the nation, should I say No? I have decided that I will run for the ofﬁce. I have sworn an oath to the Federal Republic of Nigeria. It is an oath to our people; our children and the future of Nigeria. I owe nobody else any allegiance outside the oath James Sowole in Abeokuta and Adedayo Akinwale in Abuja The vice president, Professor Yemi Osinbajo, yesterday, took his nationwide consultation tour, in promotion of his presidential ambition, to his home state of Ogun, with a declaration that he swore the oath of allegiance only to Nigeria, and not to any single citizen of the country. Osinbajo was addressing swirling allegations that his decision to run for president was a betrayal of his former principal and erstwhile political godfather, Asiwaju Bola Tinubu, who had also declared his presidential aspiration ahead of 2023. The vice president, who addressed an ecstatic crowd of supporters, said he was not in the state to campaign yet, but to inform his people of his intention to be president. He Continued on page 10

BUHARI RECEIVES AfDB PRESIDENT... L-R: Senior Special Adviser to the President on Industrialisation, Prof Oyebanji Oyelaran-Oyeyinka; President of African Development Bank (AfDB), Dr. Akinwunmi Adesina; President PHOTO: SUNDAY AGHAEZE Muhammadu Buhari, and Chief of Staﬀ to the President, Prof Ibrahim Gambari, during Adesina's visit to the President at the State House...yesterday

WEDNESDAY APRIL 27, 2022 • T H I S D AY

WEDNESDAY, APRIL 27, 2022 • T H I S D AY

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

MARINA HOUSE HOSTS BAPTIST CONVENTION... L-R: Wife of the President, Nigerian Baptist Convention, Mrs. Victoria Akanji; President, Nigerian Baptist Convention, Rev. Israel Adelani Akanji; Lagos State Governor, Mr. Babajide Sanwo-Olu and his wife, Mrs. Ibijoke, during a courtesy visit by the National leadership of the Nigerian Baptist Convention at Lagos House, Marina, Lagos ...yesterday

Siemens Deal: Electricity Supply Equipment to Begin Arriving from Germany in September FGN Company assures of additional 2,000MW Emmanuel Addeh in Abuja The much-awaited actual takeoff of the Siemens power deal is expected to experience a major leap in September, when electricity equipment like transformers and mobile power substations begin to arrive from Germany, FGN Power Company, a Special Purpose Vehicle (SPV) set up for the purpose, has revealed. Speaking yesterday in Abuja at the close-out of pre-engineering of distribution systems for the project, Managing Director, FGN Power, Kenny Anuwe, stated that by the time the power equipment are installed, there would be major improvement in the supply of electricity in the country. According to Anuwe, the Presidential Power Initiative (PPI) in Phase 1 seeks to modernise, rehabilitate and expand the national grid by investing in the electricity value chain, including generation,

transmission, and distribution systems of the power sector. He noted that Siemens was taking part in the project with world-class experience in power system reforms like they did recently in Egypt, adding that its activities would create rapid transformation in the on-grid electricity value chain. In addition, he noted that the project would spur economic growth, create jobs and opportunities for Nigerian youths and enterprises, drive local content development through training opportunities and enhance capacity building in the sector. The federal government, he said, was prepared to solve problems of epileptic power supply in Nigeria once and for all, reason it launched the PPI to support the Nigerian Electricity Supply Industry (NESI) towards achieving commercial autonomy by facilitating investments in critical infrastructure for power delivery.

Recalling that President Muhammadu Buhari set up the initiative back in 2019, he emphasised that some progress had been made with the recent visit of the Minister of Power, Abubakar Aliyu, to Germany to get approval for the mobile substations and transformers, which were approved back in December 2021. “We will start to see the implementation of the transformers and substations which have been purchased across the country starting from September, right through to December. We have some significant amount of equipment which will start to come in. “Part of the minister's objective in visiting Germany only a month ago, if you recall, was to engage the principals at Siemens on the president's agenda for the PPI to ensure that we were able to deliver on the objectives “I am happy to report that this has borne some fruits and we will start to see the delivery of equipment

Frank Wants EFCC, ICPC to Probe $3.7bn Rehabilitation Cost for Refineries Udora Orizu in Abuja

Former Deputy National Publicity Secretary of the ruling All Progressives Congress (APC), Mr. Timi Frank has called on the nation’s anti-graft agencies to urgently probe the $3.7 billion contract allegedly awarded for the rehabilitation of four refineries in the country. Frank, in a statement in Abuja, strongly condemned the award of the said sum to rehabilitate the nation’s refineries as revealed by the House of Representatives Adhoc Committee investigating the state of refineries in the country. He described the contract sum as an unimaginable heist and alleged brutal looting of the nation’s financial resources under President Muhammadu Buhari’s watch in a country where average Nigerians can no longer afford one meal per day. The activist also condemned the refusal of the Minister of State for Petroleum Resources, Timipre Sylva, Group Managing Director of the Nigerian National Petroleum

Company (NNPC) Limited, Mele Kyari and other officials to appear before a statutory committee of the National Assembly to explain why and how such colossal amount were earmarked to service moribund He called on the EFCC and ICPC to wake up from their slumber by arresting and prosecuting all those involved in the nauseating contract scandal. Frank insisted that the sum had either been grossly mismanaged, out rightly stolen or about to be looted. He said: "Since 2015 till date, Buhari has been the substantive Minister of Petroleum and he cannot claim ignorance of the award of this bizarre contract. It is benumbing that despite revelation by Mr. Tony Elumelu that 95 per cent of oil production in Nigeria is being stolen, Buhari who is in charge as Minister of Petroleum has not deemed it necessary to go after the thieves or order anti-corruption agencies to go after the evil cartel stealing the nation’s crude oil. “When will Buhari truly fight

corruption in Nigeria? Will it be after he leaves office in May 2023?".

starting off in September this year,” he stated. According to him, yesterday’s programme was meant to provide the “codes”, the standards and the essential technological aspects of the project that the Distribution Companies (Discos) as well as other partners will abide by in the process. “Essentially, this provides the minimum standards and requirements that they must utilise in implementing the project. “Siemens equipment must comply with the local laws and regulations. And these are the things that we have put together to ensure that the Discos are all aligned with the FGN company power company and Siemens to implement the presidential initiative,” he said. In his remarks, the Minister of Power, Aliyu, represented by the Permanent Secretary in the ministry, Mr. Nebolisa Anako, stated that the close-out event signified a milestone for the stakeholders in the sector. “The objective of the PPI is to improve the end-to-end operational grid of the power supply in Nigeria to 25,000 MW, but the purpose in the next 18 months is to deliver additional 2,000 mw. “This administration is prepared

to solve the problem of epileptic power supply in the country once and for all and it’s the reason the FG launched this important programme. “This initiative will create rapid transformation in the electricity value chain, spur economic growth and create jobs and opportunities for the Nigerian youths and enterprises,” he stated. The Chief Technical Officer, FGN Power, Mr. Idowu Oyebanjo, in his intervention, said there are two parts of the project, including the onshore aspects that will take place in Nigeria as well as the offshore aspect that will take place overseas. While Siemens would remain in charge of design and manufacturing of equipment, including control panels, mobile substations, he stated that the contractors will be in charge of logistics, transportation, storage as well as procurement and dismantling of substations for upgrades. He added that while transformers in Nigeria are bought with the capacity to withstand about five Degrees Celsius, the new transformers could stay for 30-40 years because the transformers are now attuned to the Nigerian weather. While attributing the delay in the project to the Covid-19 pandemic, he assured that with the expected

supply of the mobile substations, as early as September, the work that has been done will begin to reflect nationwide. “In six months’ time from now, we will be having the first tranche of supplies of mobile substations and transformers delivered on the shores of this country and that will be very, very helpful to the power grid,” he stated. He described the insinuation that there was any disagreement between the federal government and the German company as to the local content part of the project, insisting that the information was not correct. “By means of mere coordination of what is going on in the power sector right now, we can even achieve the 2,000MW without a drop of power sector investment, but by September when all these equipment start to arrive, and we start to put them in the right places on the network, Nigeria's will start to feel the impact in terms of power supply delivery,” he explained. In his remarks, a representative of the Discos, Adetunji Adeyeye, said the power distributors were committed to the supply of efficient, affordable power, saying the interest of the Discos was fully aligned with federal government’s.

US Promotes Intellectual Property Rights Protection in Nigeria Wale Igbintade The United States of America has pledged to create public awareness on the importance of protecting and enforcing intellectual property rights (IPR) as a strategic resource for bolstering economic growth in Nigeria. The United States Ambassador to Nigeria, Mary Beth Leonard disclosed this at a two-day symposium, with the theme: “Intellectual Property and Youth: Innovating for a Better Future,” organised by the US Mission in collaboration with the American Business Council in Lagos. The event, brought together key stakeholders in Nigeria's IPR protection framework, including leading entertainment and creative industry leaders. A statement from the United States Consulate General, Public

Affairs Section, issued by Famutimi, Temitayo, quoted the US Ambassador to have stressed the need for protection of intellectual property rights. In her remarks during the opening ceremony of the symposium, Ambassador Mary Leonard noted that protection of intellectual property rights was critical for any economy that wants to foster a culture of innovation and entrepreneurship. Leonard noted that strong intellectual property rights protection was essential to creating jobs and opening new markets for goods and services. She encouraged stakeholders in the intellectual property space to shore up Nigeria’s IPR legal framework and lay a solid foundation for youth to drive innovation and engender a more prosperous Nigeria. She stated that “Nigerian youth

are an incredible source of ingenuity and creativity. A strong system of intellectual property rights assures inventors, industrial designers, musicians, and artists alike that their creative content will be protected and valued.” The symposium featured a plenary session, thematic panel discussions and exhibitions with particular focus on Nigeria’s burgeoning entertainment and creative industries. Participants discussed how intellectual property rights could support their goals, help transform ideas into reality, generate income, create jobs, and make a positive impact. Leading industry, legal and academic speakers explored options for making Nigerian IP infrastructure work for innovative youth in Nigeria, on one hand, while creative industry pioneers

discussed negotiating opportunities for Nigeria’s creative industry. The symposium also featured a spirited secondary school debate on the relevance of IPR protection for Nigeria’s better future, as well as thought provoking art performances to spotlight the place of creativity. Through economic diplomacy overseas, the United States encourages host-nation governments to establish predictable legal regimes to ensure intellectual property rights can be secured. The statement read: "OPDAT’s ICHIP Attorney at the U.S. Embassy in Abuja serves as the sub-Saharan African regional hub for developing and administering technical and developmental assistance programs designed to enhance the capabilities of foreign justice sector institutions and law enforcement to prevent and combat intellectual property offenses and cybercrimes.

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AT THE CONFERENCE ON NON-OIL EXPORT FOR SURVIVAL... L-R: Deputy Chairman,Senate Committee on Trade, Industry and Commerce, Senator Ibrahim Hadejia; Secretary to the Government of the Federation, Boss Mustapha; Vice President Yemi Osinbajo; Minister of State, Trade Industry and Investment Amb. Mariam Katagum and Chief Executive Oﬃcer of Nigeria Export Promotion Council, Dr. Izra Yakusak, during the National Conference On NonPHOTO: GODWIN OMOIGUI oil Export, themed: "Export for Survival", held at the Transcorp Hilton Hotel , Abuja ....yesterday

Russia-Ukraine Conflict: AfDB Votes $1.5bn to Prevent Looming Food Crisis in Africa Nigeria’s borders were shut for two years to protect farmers, says Buhari Food, energy price shocks from Ukraine war may last a year, World Bank warns Deji Elumoye in Abuja and Peter Uzoho in Lagos President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, said the bank had decided to shore up Africa’s food security with a $1.5 billion Africa Emergency Food Plan in the wake of the Russia/ Ukraine conflict, which is being projected to trigger a global food crisis. Adesina stated this yesterday during a meeting with President Muhammadu Buhari at the State House, Abuja. In his response, Buhari said his administration was keen on protecting the country’s food security, explaining that the government shut the country’s land borders for about two years to encourage Nigerian farmers. He said much had been achieved through the plan. The World Bank in its latest Commodity Markets Outlook Report released yesterday, noted that the war in Ukraine had dealt a major shock to commodity markets, altering global patterns of trade, production, and consumption in ways that would keep prices at historically high levels through the end of 2024. The AfDB president said the food plan was awaiting the ratification of the bank’s Board. He also disclosed that owing to the Ukraine conflict, the price of wheat had gone up about 60 per cent, saying it would

affect about 20 per cent of Africa’s food production. Briefing Buhari on steps taken by AfDB to avert food crisis in the continent, Adesina said the RussiaUkraine war would create global problems, and particularly for Africa, which imports a huge percentage of its food from the two countries. He said, “Already, the price of wheat has gone up about 60 per cent. Maize and other grains will also be affected. There may be fertiliser crisis, as there would be about two million metric tons deficit. And that will affect food production by about 20 per cent. Africa will lose $11 billion worth of food, and coming shortly after COVID-19, that would be rather serious." To prepare against the rainy day, Adesina said AfDB had developed a $1.5 billion Africa Emergency Food Plan, which is now before the bank’s Board for approval. He said, “We were not ready for COVID-19, but we are now planning to avert food crisis on the continent. There is a plan to help farmers cultivate wheat, maize, rice, sorghum, and soybeans. It will mitigate the impact of the RussiaUkraine war.” Talking specifically on Nigeria, the former Minister of Agriculture said in the wet season of 2022, at least five million smallholder farmers would be helped to cultivate one

million hectares of maize, one million hectares of rice, and 250,000 hectares of sorghum and soybeans, respectively. “In total, our support will help Nigeria to produce 9.5 million metric tons of food,” he explained. He listed states to benefit from the assistance to include Kano, Ogun, Oyo, Kaduna, Imo, Cross River, and the Federal Capital Territory. The AfDB head added, “Mr. President, you have a passion for agriculture. We are behind you strongly, and we want to ensure Nigeria won’t feel the impact of the food crisis.” Buhari lauded AfDB for planning ahead of whatever negative consequences might come from the Russia-Ukraine conflict in terms of food security. The president appreciated Adesina, "for knowing our weaknesses and our strengths, and for planning and working ahead." Buhari added, "We are very much aware of the need for food security, and to encourage our local farmers. That was why we closed our borders for about two years to curb smuggling. We made some progress.” Meanwhile, the World Bank reported a major shock in commodity markets, which altered global trade patterns, production, and consumption in ways that would keep prices at generally high levels

through the end of 2024. The report noted that the increase in energy prices over the past two years had been the largest since the 1973 oil crisis. Price increases for food commodities – which Russia and Ukraine are large producers – and fertilisers, which rely on natural gas as a production input, had been the largest since 2008. “Overall, this amounts to the largest commodity shock we’ve experienced since the 1970s,” World Bank’s Vice President for Equitable Growth, Finance, and Institutions, Indermit Gill, said, adding, “As was the case then, the shock is being aggravated by a surge in restrictions in trade of food, fuel and fertilizers.” Gill stated:, “These developments have started to raise the spectre of stagflation. Policymakers should

their public communications are purely issue based. Oni also cautioned the team to avoid the use of abusive language associated with the two other parties. According to him, none of the candidates of the other parties should be called out for personal abuses or humiliation adding that members of the media team should use their wealth of experience to communicate the party's programmes and manifestos to the general public. Ekiti people, Oni said, are highly knowledgeable individuals who cannot be swayed by the pranks and propaganda of the duo of the ruling All Progressive Congress (APC) and the embattled Peoples Democratic Party (PDP). The SDP candidate however acknowledged the exigency of putting certain issues in proper perspective and to correct "their

lies" when and where necessary to avoid feeding the public with falsehood. "As I have always told you, falsehood has limited shelf life. Both Fayemi and Fayose have failed Ekiti and that reality is already staring them in the face" he stated. This, according to him, explains the unprecedented upsurge in support for SDP across the land. Speaking further, Oni said: "Your job is to showcase what we did while in office, what we intend to do when elected back into office and to light up those dark corners where they may want to hide their falsehood, to ensure that our people are not hoodwinked again and sentenced to another four years of suffering and servitude" Ekiti people, Oni said, are now at the cliff and have suffered enough. "This is why they have all come out to say 'Ekiti K'oya, o to gee' Oni expressed confidence in the

average $100 a barrel in 2022, its highest level since 2013 and an increase of more than 40 per cent compared to 2021. “Prices are expected to moderate to $92 in 2023—well above the five-year average of $60 a barrel. Natural-gas prices (European) are expected to be twice as high in 2022 as they were in 2021, while coal prices are expected to be 80 per cent higher, with both prices at all-time highs.” Wheat prices were forecast to increase more than 40 per cent, reaching an all-time high in nominal terms this year. That, it stated, would put pressure on developing economies that rely on wheat imports, especially from Russia and Ukraine. Metal prices were also projected to increase by 16 per cent in 2022 before easing in 2023, but would remain at elevated levels.

Lagos Tops Africa’s Investment Destination for Digital Infrastructure Emma Okonji Technology experts who spoke at a virtual conference on the impact of growing investment in data centres in Africa have recognised Lagos State as the highest investment

Oni Appoints Jolayemi Chairman MediaTeam Candidate of the leading political party in Ekiti state, the Social Democratic Party (SDP), Chief Segun Oni has appointed Mr. Moses Jolayemi, a seasoned journalist and major stakeholder in the party, as Spokesman of the campaign and Chairman of the Segun Oni Media Committee (SOMEC). A statement signed by Oni and made available to journalists said Jolayemi will henceforth direct the affairs of the media team, both internal and external, with a view to reengineering the entire communication architecture as the campaign enters the next crucial stage. A team of seasoned journalists grounded in various aspects of communication has also been inaugurated. In the discharge of their duties, Oni told the new chairman to ensure his members adhere to developmental journalism and ensure that

take every opportunity to increase economic growth at home and avoid actions that will bring harm to the global economy.” According to the report, energy prices are expected to rise more than 50 per cent in 2022, before easing in 2023 and 2024. Non-energy prices, including agriculture and metals, were also projected to increase almost 20 per cent in 2022, and would also moderate in the following years. The report said, “Nevertheless, commodity prices are expected to remain well above the most recent five-year average. In the event of a prolonged war, or additional sanctions on Russia, prices could be even higher and more volatile than currently projected. “Because of war-related trade and production disruptions, the price of Brent crude oil is expected to

new leadership of the media team and charged them to deliver to expectations. Jolayemi brings along a wealth of experience spanning over 30 years as a reporter, correspondent, line editor, title editor, editorial board member and finally Editor-in-Chief and Managing Director of a national newspaper. He has worked in the major A-list newspapers including The Guardian, Daily Independent, THISDAY and Newswatch newspapers. Within that space of time, he was a stringer for Daily Mirror of London and Washington Post in the United States. Jolayemi was Senior Special Assistant (Media and Publicity) and head of the Public Communications Bureau of the state during Oni's first term as governor. He was later appointed into the cabinet as Special Adviser in charge of tourism.

destination for digital infrastructure. The experts who commended the state for topping the list of investment destination in the continent, also recognised the leading role Lagos was playing in driving technology investments. The conference which was organised by Digital Infra Africa, had its panel session that featured MainOne’s CEO, Funke Opeke; CEO, Raxio Group, Robert Mullins; CEO, Teraco, Jan Hnizdo; and the Chief Marketing Officer/VP, International Business Development at the West Indian Ocean Cable Company (WIOCC), Mike Last. The panelists who are market leaders, noted the spate of acquisitions and new entrants within the past six months including Equinix, MainOne’s new parent company, Digital Realty, Cassava Technologies and most recently, Google/WIOCC. According to them, “As a result, growth in investments in the Data Centre market on the continent has become exponential. Such investments continue to be fuelled by the growth of broadband access and data consumption across the continent’s large economies, of which Nigeria is the largest, and Lagos is the commercial nerve centre.” Opeke said: “When you look at the connected population and the growth potential of the numbers

that remain unconnected, we see a large opportunity for growth in data consumption levels, and this is attracting global market players. MainOne is market leader in Lagos already and we will continue to make investments with our new parent company Equinix to remain at the forefront of the increasing digitalisation happening on the continent.” The views of the panelists were in line with the recently published statistics on investments flowing into the technology sector on the African continent. The panelists noted that Lagos State government had actively championed the initiatives and investments in technology by creating an enabling environment for businesses to flourish, and also by providing active support to investors in the state through its numerous programmes and initiatives. “The effort is bearing fruit, as in the last one month, Lagos has attracted over $1 billion worth of committed investment from technology giants like Microsoft who opened its new African Development Centre in the state. Google, last week, launched its state-of-the-art submarine internet cable in Lagos, and Equinix also recently completed its acquisition of MainOne with a $320 million deal,” the panelists said.

WEDNESDAY APRIL 27, 2022 • T H I S D AY

WEDNESDAY, APRIL 27, 2022 • T H I S D AY

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HOME BASE ENDORSEMENT... L-R: Vice President, Prof. Yemi Osinbajo; Alake of Egbaland Oba Adedotun Gbadebo and Ogun State Governor, Dapo Abiodun, during the consultative meeting of the Vice President with Ogun stakeholders over his 2023 Presidential ambition in Abeokuta... yesterday

FG: Nigeria Got $200m World Bank Loan for Malaria Intervention Commences training on vaccine technology WHO: Only 18.7% of Africa’s population is fully vaccinated Onyebuchi Ezigbo in Abuja The National Malaria Elimination Programme yesterday said the World Bank was providing $200 million loan to fund malaria intervention programme in 13 states of the Federation. The National Coordinator of the Programme, Dr. Perpetua Unomoibni said the loan provided by the World Bank was to take care of anti-malaria efforts in the 13 states not covered by similar intervention programme being implemented in other 23 states. Speaking during a ministerial press briefing at the Federal Ministry of Health in Abuja, the Coordinator said there are two components of the World Bank loan for Nigeria

- the one for malaria and that of immunisation plus which is under the National Primary HealthCare Development Agency. "We got $200 million from the World Bank to cover malaria Intervention across 13 states. There is also a $100 million from the Islamic Bank. These are states that were not earlier covered by funding from the Global Fund Out of this amount, $10 million is grant while $90 million is loan," she said. Speaking on efforts to reduce malaria disease in the country, Unomoibni said the programme was implementing environmental management initiative in collaboration with the Nigeria Space Research Agency (NASDA), “to identify some of water bodies where we have

malaria hot spots in the country.” She also said the programme was working with various line ministries such the Ministry of Environment, Agriculture and Education in carrying out malaria research. According to her tackling malaria scourge requires a multi sectoral collaboration. Meanwhile, the World Health Organisation (WHO) yesterday revealed that none of the African countries has been able to meet the COVID-19 vaccination target of 40 per cent eligible population. It revealed that only 18.7 per cent of the Africa’s population had been fully vaccinated. The latest update on Covid-19 vaccination came just as Nigeria's Minister of Health Dr. Osagie

Ehanire said experts from the country recently completed a technology training programme on vaccine production that held in South Africa. Speaking on this year’s theme: “Long Life for All”, WHO Regional Director for Africa, Dr. Matshidiso Moeti said tens of millions of people were still missing out on some, or all, their scheduled immunisation against diseases that have long been eradicated by vaccines. "Although 480 million COVID-19 vaccines have been administered in Africa to date, making it the biggest vaccine rollout in the history of the continent, only 18.7 per cent of the African population is fully vaccinated – lagging woefully behind the global average of 58

per cent," she said. Moeti said more than a year into the COVID-19 global vaccine rollout, Africa had been benefiting from the speedy, efficient development of vaccines to curb the virus. According to her, there are currently ten COVID-19 vaccines available through the COVAX Facility, with more in the research and development pipeline. Moeti said that WHO, together with Gavi, the Vaccine Alliance, UNICEF, World Bank, the United States Centres for Disease Control and Prevention, and the Africa Centers for Disease Control and Prevention, has identified 20 priority countries in the WHO African Region for intensified support. He added that multi-partner

Imo Explosion: Government was Aware of Illegal Oil Refinery, Says Uzodinma’s Commissioner NEMA puts number of deaths at 110, says quantum of survivors unknown 50 victims given mass burial Emmanuel Addeh in Abuja and Amby Uneze in Owerri The Imo state government yesterday admitted that it was aware that an illegal refinery existed in Abaezi forest in the Ohaji-Egbema Local Government Area of the state. The government added that the commissioner of petroleum was in the know of the activities of the suspected oil thieves, since he (commissioner) is from the village where the inferno happened. This is just as about 50 victims of last Friday illegal refinery explosion were given mass burial at Abaezi forest in Abacheke Kpofire Community in Ohaji Egbema Local Government Area of Imo state. Many victims were said to have been burnt beyond recognition during the incident which occurred after an illegal refinery exploded in the area. Dozens of people were thought to have been working at the illegal refining plants when they were caught in the huge fire. While offering his condolences to the families of the victims on Sunday, President Muhammadu Buhari had demanded that those responsible for the explosions must be caught and brought to justice. The State’s Commissioner for Information, Declan Emelumba,

who appeared on a national television station over the matter, stressed that the victims were burnt beyond recognition, noting that it was difficult to identify who they were. “So, the only option left is a mass burial,” he said. According to him, although the state government tried to stop the illegal operations, the suspected criminals were sometimes smarter than the security agencies. “What I know is that this explosion took place in the forest. The government has been making efforts to contain this illegality now. Just about three weeks ago, the government set up a committee headed by the petroleum commissioner to collaborate with security officials to stamp out this illegal bunkering. “So we have been concentrating on doing what everyone should do to make sure that we stamp out this illegal bunkering, of course using the security agencies,” he noted. The commissioner explained that illegal bunkering has always existed in the state, affirming that “everybody is aware of that.” “And efforts have also been made to chase them out, to stop them. It's like a black market. And as much as you make efforts, they will still find a way to continue.

“Unfortunately, it is the people that patronise them, so they find a way. So, what the state government did was to have a holistic approach to make sure that it’s no longer a whimsical thing. “What I know is that it was an illegal business located in the forest and everybody there was there to profit from illegality,” he noted. According to him, the operators of the illegal refinery had already collected the money for supplies, left their boys to handle the loading before the incident happened. “At least two of the people who own the refineries were affected,” he noted, saying that they are known in the community. “It won’t take long before they are caught,” he declared. He added: “Of course you will be correct (to say they are known to the state government) in the sense that at least the honourable commissioner for petroleum is from that area. In fact, the thing is within his village. So these people are from that area too. So, he knows them and he is aware and if he knows them, then the government knows them also. “You know, I tried to explain to you that this is an illegal business. It is something that they do like hit and run. Its done in

the dark. Sometimes the security operatives will move in and they will run away and that was why the government said there has to be a coordinated collaboration,” Emelumba stressed. In his comments, Head of Operations, National Emergency Management Agency (NEMA), put the death toll at 110, revealing that 19 more persons died on Sunday. “ The survivors are just few and those that had severe burns later died,” he said. He added that since the survivors were taken to different hospitals, the agency could not accurately tell the number of those who survived the incident. “It was a gory sight. Getting there, it was pathetic, because looking at human beings in that number, trying to imagine the number of people perishing in one day, men and women was something horrible.” Nnaji further explained that it was an isolated area in the middle of the forest, saying everyone at that point was there for the illegal business before the explosion.

Imo Explosion: 50 Victims Given Mass Burial

The mass burial was supervised by the Chairman of the local

government, Marcel Amadioha, security agents and officials of the National Emergency Management Agency (NEMA). The victims were buried in three graves dug by locals at about 5 pm on Tuesday. Both journalists, security agents waited for more than six hours awaiting the arrival of health officials who were expected to fumigate the area after the bodies were collected from various spots where the fire caught them as they tried to flee from the raging inferno. Chairman of the local government, who spoke to newsmen at the site said that 50 of the victims who could not be identified were given mass burial. One of the youth leaders, Ben Marcus, who spoke to our correspondent, said that some of the victims were identified by their relatives and were allowed to carry them for burial. He said that most of the victims came from far and near, adding that the incident would serve as a lesson to those people engaging in such illegal business. He urged the government to provide employment for the teeming youths of the community to dissuade them from getting involved in such illegal and risky business.

country support teams are currently on the ground helping countries with technical and financial resources to ramp up overall and high-priority group COVID-19 vaccination coverage. "As we work to accelerate COVID-19 vaccination efforts, it is critical that we don’t ignore the urgent need to also strengthen routine immunisation efforts. “Since 2020, routine immunisation has been negatively impacted by COVID-19 containment measures, leading to tens of millions of infants in Africa missing out on essential childhood vaccinations. These include the Diphtheria, Tetanus toxoid and Pertussis (whooping cough)-containing vaccine, as well as the measles vaccine. "As WHO in Africa, we urge all countries to ramp up routine immunisation and COVID-19 vaccination efforts concurrently, allocating the necessary resources. Maintaining routine immunisation services, despite the shift of resources to fight the COVID-19 pandemic in the past two years, is more costeffective, and will lead to longer life for all," she said. Ehanire who briefed journalists on the update on COVID19 intervention efforts said that federal government was following up on the plan to revamp the local vaccine manufacturing capacity. He said: "Nigeria recently completed training on COVID-19 vaccine production technology by WHO in South Africa and work is currently going on at the BioVaccine company. “We are looking at working with two platforms, because of our population. We have to have these preparations made by identifying the vaccine production capacity that we can use to start off other production platform to be able to produce multiple types of vaccines. "There are many disease patterns in our country which we need to be able to take care of such as TB, malaria and other endemic diseases and these should have vaccines. So the research components have to be included." The minister added that the country was working in collaboration with some research organisations outside the country for not only producing COVID-19 vaccine, but learning the capacity to produce any other type of vaccines that can be used to deal with some indigenous and tropical neglected diseases.

WEDNESDAY APRIL 27, 2022 • T H I S D AY

WEDNESDAY, APRIL 27, 2022 • T H I S D AY

TEN

Jack Dorsey Reveals Why He Sold Twitter to Elon Musk Assures social media platform will continue to serve public conversation Peter Uzoho with agency report Twitter founder, Jack Dorsey, yesterday gave reasons why he sold the microblogging app to United States’ billionaire and World’s richest man, Elon Musk for

a deal that was put at $44 billion. In series of Tweets yesterday, Dorsey explained that selling the social media platform to the Tesla Chief Executive Officer was the only solution to achieving the purpose of Twitter being run

for the public good. He wrote: “I’m so happy Twitter will continue to serve the public conversation. Around the world, and into the stars! I love Twitter. Twitter is the closest thing we have to global consciousness. The idea

and service is all that matters to me, and I will do whatever it takes to protect both. Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from

Alleged N2.6trn Tax Evasion: Lawmakers Summon Ministry of Trade Officials Say documents allegedly falsified, call for tax payments records from FIRS, MTN N94.345bn revenue: House committee queries First Bank Juliet Akoje in Abuja The House of Representatives Committee on Public Accounts at the resumed investigative hearing into the audit queries on tax evasion issued by the Office of the Auditor General for the Federation (OAuGF) has summoned all officials of the Federal Ministry of Trade and Industry involved in the inspection of MTN’s assets. The Committee also requested for the tax records covering the periods under review from both MTN and the Federal Inland Revenue Service (FIRS) for further legislative scrutiny. In the same vein, the House of Representatives Committee has queried the management of First Bank Nigeria Limited over the N94.345 billion revenue the bank collected on behalf of Nigeria Customs Service (NCS) as well as allegation bothering on breach of agreement on the Commission on Turnover (CoT) charges to the tune of N28.3 million. Speaking at the investigative hearing, the Chairman, House Committee on Public Accounts, Hon. Oluwole Oke, disclosed that the OAuGF report had indicated that the documents relating to the N2.6 trillion capital allowances were allegedly forged. While stressing that the Committee invited MTN over tax evasion, Oke explained that the OAuGF in its report observed that Federal Inland Revenue Service (FIRS) accorded value to the telecoms company while in some cases without certificates and evidence of capital allowance issued by Federal Ministry of Trade and Industry reflecting the whole assets procured by the company.

He said: "We have issues in this country where funds are not adequate for government to carry out policies and programmes which is why we had to borrow even though there are massive revenue leakages. "MTN has also made appearances where N2.6 trillion was seen as the taxable value for assets of the company and we asked where they exist and who verified them, because they had already claimed value for them with the FIRS." Oke maintained that Nigerians have rights to know the implications of MTN taking a certificate of N2.6 trillion to FIRS for tax waivers on the economy. According to him, "the parliament simply wants to know whether it should sustain the query raised by the Auditor General or absolve the company of the allegations of tax evasion as it would be wrong to accuse it of such if the records tally with the company's submission. "The issue says that we should speak to facts and law. You were here when we asked the Ministry and they said both the local and foreign contents were the certificates they issued to you. "However, Auditor General says such issuance appears to have been falsified which was the basis of its query to you," he added. While responding, MTN's General Manager, Mrs. Yemisi Adeleye explained that the company has submitted all relevant documents issued by Federal Ministry of Trade and Industry reflecting the value of N2.6 trillion given to MTN. While responding to questions on the 2016 inspection relating to the capital allowances granted to the

company, Adeleye observed that the company made claims to Federal Ministry of Trade and Industry at the end of the year prompting them to choose a location and inspected as it was physically impossible for them to inspect thousands of assets across the country. Hence, the Ministry, based on their selection using supporting documents granted the allowances. She said what the company had in 2016, was the automated card record bearing ins and outs of the team leader, who she said was one Mr. Ike. When asked how many people were on the team with Ike who had the access card and inspected the

Central America, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe. Founded in 1987, Global Finance regularly selects the top performers among banks and other financial services providers, and the awards have become a trusted standard of excellence for the global financial community. The publisher and editorial director of Global Finance, Joseph D. Giarraputo said: "With the financial world in a state of turmoil from Russia's invasion of Ukraine, corporate leaders face a new set of challenges concerning the choice of their banking relationships." According to him, "following on the enormous difficulties wrought by the pandemic, these changes demand increased attention to global commercial relationships. Our awards support decision-makers in selecting the best financial partners.” Zenith Bank's track record of excellent performance has earned the brand numerous awards, including being voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the

Continued online

he hasn’t been exactly clear what he means by that. In a recent TED interview, the billionaire had said he’d like to see Twitter err on the side of allowing speech instead of moderating it. He said he’d be “very reluctant” to delete tweets and would generally be cautious about permanent bans. He also acknowledged that Twitter would have to abide by national laws governing speech in markets around the world. The 50-year-old entrepreneur, who is also CEO of rocket developer SpaceX, had said he wants to combat trolls on Twitter and proposed changes to the Twitter Blue premium subscription service, including slashing its price and banning advertising. The billionaire, a vocal advocate of cryptocurrencies, had also suggested adding dogecoin as a payment option on Twitter. He had said Twitter’s current leadership team was incapable of getting the company’s stock to his offer price on its own, but stopped short of saying it needs to be replaced. “The company will neither thrive nor serve this societal imperative in its current form,” Musk said in his offer letter last week. Musk unveiled his intention to buy Twitter on April 14, and take it private via a financing package comprised of equity and debt.

OSINBAJO: I’VE DECIDED TO RUN, I OWE NO ONE ELSE ANY ALLEGIANCE added that he was one candidate, who would hit the ground running. Ogun State Governor Dapo Abiodun declared support for Osinbajo, saying the vice president is eminently qualified to succeed President Muhammadu Buhari, after seven years of working with him as his deputy. The Alake of Egbaland, Oba Adedotun Gbadebo, while praying for the vice president at his palace, also attested to the fact that Osinbajo was competent to run. He told Osinbajo, “I want to pray that you will come back to this palace as a president and Nigeria will gain tremendously under your watch." Osinbajo said he owed no one, aside Nigeria, any allegiance, an apparent reference to Tinubu. The statement draws the line at accusations of disloyalty and betrayal being sold by supporters of the former Lagos State governor. In his speech, Osinbajo said he

ZENITH SUSTAINS POSITION AS NIGERIA’S BEST BANK FOR THREE CONSECUTIVE YEARS IN GLOBAL FINANCE AWARD Chief Executive of Zenith Bank, Mr. Ebenezer Onyeagwu, was quoted in a statement to have said: “This award is a testament to our tenacity despite a very challenging macroeconomic environment. Indeed, being recognised, for the third consecutive year, is an acknowledgement of the resilience of the Zenith brand as the leading financial institution in Nigeria.” He lauded the contributions and efforts of the bank's key stakeholders – the Founder and Chairman, Jim Ovia, CON, for his pioneering role in building the structures and laying the foundation for an enduring and successful institution,the Board for the outstanding leadership they provide, the staff for their commitment and dedication as well as the Bank’s customers for their unwavering loyalty and support. Global Finance’s “Best Banks Awards” are recognised amongst the world’s most influential banking/finance and corporate professionals as the most coveted and credible awards in the banking industry, with winners chosen in 150 countries and territories across Africa, AsiaPacific, the Caribbean,

assets from March 29th to April 4th, she said she couldn't remember the identities of the Ministry officials as the team members were not captured individually in the record. She said what they presented to the FIRS was what their security team gave to them. When asked again if the Ministry wrote the company informing it of the inspection date and the list of team members or just by words of mouth, Adeleye said the Ministry formally communicated to that effect. Also asked how many assets they inspected within five days, she said she could not recall.

Wall Street is the correct first step. “In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving the problem of it being a company, however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness. “Elon’s goal of creating a platform that is ‘maximally trusted and broadly inclusive’ is the right one. This is also @paraga’s goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path...I believe it with all my heart.” The outspoken Tesla CEO had said he wants to buy Twitter because he thinks it’s not living up to its potential as a platform for “free speech.” He had said it needs to be transformed as a private company in order to build trust with users and do better at serving what he calls the “societal imperative” of free speech. “Twitter has a purpose and relevance that impacts the entire world,” its CEO Parag Agrawal had said in a tweet. “Deeply proud of our teams and inspired by the work that has never been more important.” Musk had described himself as a “free-speech absolutist,” although

Global Finance World's Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker's Bank of the Year Awards 2020, and Best in Corporate Governance 'Financial Services' Africa 2020 and 2021 by the Ethical Boardroom. Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the "2021 Top 1000 World Banks" Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021. Similarly, Zenith Bank was honoured as Bank of the Decade (People's Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for "Best Company in Reporting and Transparency", "Best Company in Infrastructure Development", "Best Company in Gender Equality and Women Empowerment", and the coveted "Most Responsible Organisation in Africa.

had consulted widely across different sections of the society and leaders, including Buhari, before throwing his hat into the ring. He said, "After all I have learnt, if called upon to serve the nation, should I say No? I have decided that I will run for the office. I have sworn an oath to the Federal Republic of Nigeria. It is an oath to our people; our children and the future of Nigeria. I owe nobody else any allegiance outside the oath." Recounting his contributions to the administration, Osinbajo said he was actively involved in the judiciary reforms and repositioning of the judicial sector for optimal operation. He noted that working with Buhari had exposed him to governance at the highest level and placed him in a position to tackle serious issues concerning the economy and security, among others. Osinbao stated, "The vice president position is an opportunity to serve and I have served with utmost loyalty. I put everything into my work. I am a candidate, who will hit the ground running when I am elected. "I have the requisite knowledge

to do the job and build on what others have put in place. My presidency will bring peace, unity and development to the country.” Osinbajo commended the Abiodun administration for giant strides it had recorded in the last three years and expressed the hope that his quest to lead the country would be fruitful. Abiodun said Osinbajo had acquitted himself well, declaring that Ogun would support Osinbajo's presidential ambition to enable him continue with the laudable projects of the Buhari administration. He said the vice president also stood by him during his governorship battle in 2019. The governor spoke at different stakeholders’ meetings with Osinbajo, held at the Akarigbo Palace, Sagamu, the Alake Palace in Abeokuta, the palace of the Olu of Ilaro, paramount ruler of Yewaland, and the Presidential Lodge, Ibara, Abeokuta. Abiodun said Osinbajo had in the last seven years contributed to the successes recorded by the federal government, noting, "He is eminently qualified to lead the country." According to the governor, "The

vice president present here is home coming. We are pleased with his decision to run for the office of the president. He is competent and committed to lead the country in a higher capacity. "Your steadfastness, integrity and character are all well-known. You are serving this country and the president meritoriously for the last seven years as the vice president. We have no doubt that you will do well as the president and we will support you." While extolling Osinbajo’s academic achievements, the governor recalled how he stood behind his governorship election success and described him as a man interested in fairness, justice, equity, and the rule of law. The paramount ruler of Remoland, Oba Babatunde Ajayi, in his remarks, said the vice president was competent with requisite qualifications to lead the country. He observed that his performance was there for all to see. The Alake of Egbaland, who attested to Osinbajo’s competence, said, "The vice president has paid his dues and is eminently qualified to succeed as president."

PREGNANT WOMAN ABDUCTED IN KADUNA-BOUND TRAIN DELIVERS IN CAPTIVITY The TV station further quoted a family source as confirming that one of the two pregnant women among the kidnapped victims, had given birth in the terrorists’ den with the help of doctors invited by the gang. Sources said the terrorists are organised and coordinated because of the way the were able to get medical supplies into the forest, a development they described as still shocking to both government and security operatives. Four photos released by the terrorists and sighted by THISDAY showed the kidnapped victims in four groups, the first showing 23 persons including five children and 18 women. In the second image, 17 men, including a man who looked like an Indian were seen, while the third photograph showed six of the victims in sitting position, with a bandage wrapped in one of the victim’s right leg. The fourth image depicted another group of 16 men

in a sitting position. Recall that the terrorists had released a video about a week after the attack, showing the moment they were about to release the Managing Director of Bank of Agriculture, Alwan Ali-Hassan to his family. THISDAY further gathered that the families of the kidnapped victims have also written the National Security Adviser (NSA), Maj.-Gen. Mohammed Munguno (rtd), demanding a status report on the state of their loved ones. In the letter dated 25 April and jointly signed by Aliyu Mahmood, Idayat Yusuf, Aminu Othman and Dr. Baaba Muhammed on behalf of the victims’ families, they lamented that they had been left in the dark by the authorities. “We, the families of victims of the Nigerian Railway Corporation train attack Ak9 departing from Abuja on 28th of March 2022 to Rigasa Kaduna have come together on behalf of the victims that are

in captivity. “We write to express our concern that there is no representation from government to communicate with us on the status of our loved ones . Even though we know the information may be of confidential nature, but nonetheless, families need to be reassured and be carried along in a safe manner to ensure their release from captivity safely. “We humbly request for your facilitation to ensure that the federal government is in touch with the victims families. Thanking you in anticipation,” the letter read. However, the pregnant women among the kidnapped train passengers was quoted by a family source, according to Arise, as having given birth at the weekend. The woman who was reportedly eight months pregnant at the time of the attack, gave birth safely after the terrorists were said to have invited the medical personnel to Continued on page 11

WEDNESDAY, APRIL 27, 2022 • T H I S D AY

NEWS

Nigeria, UK Hold Talks to Boost £3.2bn Bilateral Trade Relations

Chinedu Eze

Nigeria and United Kingdom (UK) held trade and investment talks at the seventh meeting of the UK-Nigeria Economic and Development Forum (EDF) yesterday in London. The talks focused on how to promote bilateral trade between both countries, which was valued at £3.2 billion in 2021. At the forum, both countries highlighted increased support for small and medium-sized enterprises in Nigeria, including the UK Manufacturing Africa programme, which has helped 12 firms in Nigeria secure foreign investment. When the deals are concluded, they could generate over $300 million in foreign direct investment (FDI) for Nigeria and directly create 5,000 jobs, the UK High Commission in Nigeria disclosed in a statement. In addition, the UK and Nigeria agreed to start discussions on an Enhanced Trade Partnership (ETP) to strengthen trade and high value investment across both countries. An official working level group would also be set up to explore the benefits of an ETP in priority sectors, as there was increased ambition to build on long standing economic ties between the UK and Nigeria. The UK Minister for Trade, Penny Mordaunt, was quoted as saying, “Nigeria is one of our long-standing and strategic partners in Africa, and I am pleased that the UK is continuing to deepen our investment relationship with one of the most vibrant and innovative economies in the continent. “Through the Economic and Development Forum, we can demonstrate how trade is a force for good creating jobs and prosperity and reaffirm our commitment to

boost economic ties, support businesses, and grow new markets.” According to the statement, the forum would include a tech matchmaking event for technology businesses from both countries hosted by venture capitalist firm LocalGlobe, in collaboration with TheCityUK, TechNation, and Innovate UK, tomorrow. There, businesses would have the opportunity to explore potential partnerships and share best practice on how to raise vital development capital and registering a business in foreign markets. Nigeria’s Minister for Industry, Trade and Investment, Mr. Niyi Adebayo, said, "The Nigerian government is committed to implementing reforms that can attract more foreign direct investment into key industries, boost trade and development and create employment opportunities for Nigeria's youth by leveraging technology. “We welcome the commitment to enhancing the relationship between our two countries today and underscore the significance of deepening our bilateral trade policy relationship in a mutually beneficial manner." This was the seventh event in the UK-Nigeria EDF series, which was launched during former UK Prime Minister, Theresa May’s visit to Africa in August 2018, to create a platform to discuss trade and economic development issues that promote more bilateral trade, investment, and mutual prosperity. It is held every six months and serves as a platform to address market access barriers, respond to opportunities and challenges of doing business and boost bilateral trade and investment in the two countries.

PREGNANT WOMAN ABDUCTED IN KADUNA-BOUND TRAIN DELIVERS IN CAPTIVITY attend to her. The state of health of the baby is however unknown. “According to reports by family sources, she gave birth with the aid of doctors brought in by the terrorists. We can also report that the terrorists are demanding the release of their top commanders in exchange for the abducted train passengers. “According to sources, the terrorists are Kanuri speaking, suggesting that were from the North-east region and backed by the deadly Islamic state groupISWAP,” the Arise report noted. But the report stated that the government was apprehensive that the detainees who have strong ties with Boko Haram, if released, could cause a bigger security threat to the nation. The families of the kidnapped victims are expected to hold a press conference today in Abuja and Kaduna to further mount pressure on the government to rescue their loved ones in captivity. A security expert, Abubakar Ahmed, was quoted as saying that the subliminal message inherent in the release of the pictures, explained that, “They want to tell the world that the abducted passengers are alive and in good condition." A family source added: “What

kind of country are we living in? There doesn't seem to be anything in the news. Is the government even doing anything about it or terrorism is now part of our norms and culture? “Sonny Okosun's which way Nigeria was 1984. Almost 40 years later, we are still asking the same question.” Another family member of one of the victims, claimed that they had been disturbed since the photos emerged, stressing that: “We have been praying for him and others day and night." THISDAY further learnt that some of the elderly victims had complained about their deteriorating health conditions. The Kaduna State government had recently approved the disbursement of N18 million to families of nine persons killed in the attack, saying it wasn’t compensation but some kind of support. The Executive Secretary of the Kaduna State Emergency Management Agency (KADSEMA), Mr. Muhammed Mukaddas, had explained that the governor had equally approved the disbursement of N250, 000 each to 22 persons severely wounded during the train attack.

LANGUISHING IN THE HANDS OF TERRORISTS... Terrorists release pictures of Kaduna train kidnapped victims

DSS Raises the Alarm over Plot to Bomb Worship Places, Public Infrastructure Says criminal elements planning to return Nigeria to pre-2015 IED attacks Kingsley Nwezeh in Abuja The Department of State Security (DSS) yesterday raised the alarm that criminal elements were planning to bomb worship places and public infrastructure reminiscent of pre-2015 Improvised Explosive Devices (IED) attacks on churches and other public utilities. A statement by the DSS said it uncovered the plot by criminal gangs to forge an

alliance to launch attacks on public infrastructure, worship and relaxation centres. It stated that there were already reported cases of such incidents. It said the agenda of those involved in the plan was to create fear among the citizens. The security agency said it was determined to disrupt the plans of the enemies of the state. The statement signed by Spokesman of DSS, Peter Afu-

nanya, read: "The DSS hereby draws public attention to plans by criminal elements to return the country to the pre-2015 era reminiscent of IED attacks on soft and hard targets in parts of the country. "Though there are already reported cases of such incidents in some areas, the service has uncovered a ploy by suspected criminal gangs to forge an alliance among themselves with a view

to launching further attacks on critical infrastructure and other frequented public places like worship and relaxation centres, especially during and after the holidays and festive celebrations. "The objective is to achieve some self- serving interests as well as cause fear among the citizenry. The service, however, recalls its earlier warning that some groups and individuals were plotting to stoke violence

in the country. "Following these, patrons, owners and managers of aforementioned public places are advised to be wary of this development and implement basic security measures to deter the threats. "While the service is committed to the disruption of this trend and pattern of violent attacks, it will continue to partner with other security agencies to ensure that

necessary drills are emplaced in order that public peace and order are not jeopardised.” It added: "To this end, residents are enjoined to go about their lawful businesses and share, with security and law enforcement agencies, useful information on the activities of criminals. "Meanwhile, the DGSS, Alhaji Yusuf Magaji Bichi, fwc wishes all and sundry a hitch free Workers’ Day and Sallah celebrations."

WEDNESDAY APRIL 27, 2022 • T H I S D AY

T H I S D AY ˾ WEDNESDAY APRIL 27, 2022

MIDWEEKPOLITICS

Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

Suswam Announces Emmanuel’s 2023 Run for President

Governor Udom Emmanuel of Akwa Ibom State is on the last lap of his second tenure as governor. But his strong push for the presidential ticket of the Peoples Democratic Party championed by a group of tested professionals led by former governor of Benue State, Senator Gabriel Suswam will get a critical assessment in a couple of weeks from delegates of the party that will decide who ﬂies the party’s presidential ﬂag in the 2023 national elections, writes Nseobong Okon-Ekong

Emmanuel

ormer Governor of Benue, Gabriel Suswam, a serving senator is the Chairman of the Governor ‘Udom Emmanuel for President Campaign Council.’ In that capacity, he met with journalists last weekend at the Southern Sun Hotel in Ikoyi-Lagos, where he announced that the Akwa Ibom Governor would seek the Peoples Democratic Party (PDP) nomination to challenge opponents from other political parties in the 2023 presidential election. Suswam highlighted a number of attributes and achievements that place Emmanuel above other aspirants for the PDP presidential ticket. At the intense interactive session with the media that focused on drawing attention to the merits of Mr. Emmanuel, Senator Suswam presented the Akwa Ibom Governor as the one who can revamp Nigeria’s battered economy, which has been dealt multiple damaging blows by increasing insecurity. Although, Mr. Emmanuel was not at the meeting with journalists, in person, Senator Suswam who was accompanied by Mr. Ini Ememobong, Akwa Ibom State Commissioner for Information and Strategy, Obong Paul Ekpo, a former two-term Chairman of the PDP in Akwa Ibom and Mr. Biodun Fayemiwo, an Accountant, proved equal to the the task of giving credible response to every question thrown at him on the policy or ideology of an Udom Emmanuel presidency. Speaking with deep conviction, he signaled that God told him that Emmanuel will be given the PDP presidential ticket, in deference to his many successes as governor of Akwa Ibom State. In pushing his aspirant, Suswam, was confident that Emmanuel is the PDP’s best bet to win back the presidency which was captured by the All Progressives Congress (APC) in 2015. Emmanuel is a product of that season when the PDP lost power at the centre, but retained its hold of many states, including Akwa Ibom, where Emmanuel has supritended in the past seven years. Other PDP presidential aspirants, in the estimation of Suswam, are paying too much attention to primordial issues

Suswam

of zoning and ethnicity. The Chairman of the Udom Emmanuel for President Council thinks these issues have been overstated, however, they made little or no impact to the development of the country. “We have had more Northerners in leadership positions. Can we say this fact is reflected in the development indices in that part of the country? Where do we have the most challenges in this country? Is it not in the North?” “So, we have an aspirant who is running on his own steam as a Nigerian who is convinced that he has what it takes to return the country to the path of progress. There are many other considerations for delegates of the PDP who may want to consider Emmanuel’s record of industrialization of Akwa Ibom. This is where Suswam becomes specific with the Akwa Ibom Governor ’s ingenuity in drawing a distinction between cash and money. “This is a man who is able to create something out

of nothing. Put the 36 sub- national governments and the Federal Government together; then you can clearly see the distinction made by Governor Emmanuel with Ibom Air, for instance, which has a reputation for excellent service. He has also established a factory that produces the second largest number of syringe in West Africa.” Suswam hopes these knack for good governance exhibited by Emmanuel will overpower other considerations for PDP delegates who tend to be overwhelmed by unapologetic ethnicity and religiousity. As Chairman of the Senate Committee on Power, Suswam disclosed an impending multi-million Dollar deal from an American company that is interested in setting up a power plant in Akwa Ibom, “ Without asking from One Naira from the state because it has seen a place where the books are well kept and the economy is promising.” Stating why Emmanuel wants to run for president, Senator Suswam painted the picture of a man who understands the diversity of the country, having worked at the topmost level of a world class financial institution that adheres to equal opportunity in employment and promotion. This large-heartedness

Stating why Emmanuel wants to run for president, Senator Suswam painted the picture of a man who understands the diversity of the country, having worked at the topmost level of a world class ﬁnancial institution that adheres to equal opportunity in employment and promotion. This large-heartedness may even be gleaned from the few appointments made by the Akwa Ibom Governor’s campaign council. Apart from Suswam who is from the Middle-belt, there is a former Military Administrator of Kano State, Col. Shuaib and Mr. Bola Bolawole, an inﬂuential columnist, who previously served as Editor, The PUNCH Newspapers. Bolawole is the Emmanuel presidential campaign Spokesperson

may even be gleaned from the few appointments made by the Akwa Ibom Governor ’s campaign council. Apart from Suswam who is from the Middle-belt, there is a former Military Administrator of Kano State, Col. Habib Shuaibu and Mr. Bola Bolawole, an influential columnist, who previously served as Editor, The PUNCH Newspapers. Bolawole is the Emmanuel presidential campaign Spokesperson. “For me to accept to serve in this capacity means that I am convinced that Emmanuel has what it takes to preside over the affairs of Nigeria and make a good job of it,” Senator Suswam said, emphasizing that his previous service to the nation as Member of the House of Representatives, Governor of Benue State and now a Senator gives him the privilege to, “Make a good assessment of the fundamental character of the President Nigeria needs and Governor Udom Emmanuel fits the bill.” Senator Suswam elaborated on the argument that Emmanuel will do well with the economy, pointing again at his service as governor of Akwa Ibom. He encouraged delegates to turn their back on aspirants, “Who have nothing to offer but the same outdated cliche about zoning, religious and ethnic politics. We are in a critical period when nothing in this country is working. Everything has broken down. We are not even sure what the foreign policy of Nigeria is. Less endowed African countries are now poking their fingers in our face and we can’t do anything. The pride we used to have as Nigerians is gone. When I had a private Law practice in Lagos many years ago, I would go to Ghana and change a few thousands of Naira and I will become a millionaire. I could spend a fun-filled weekend in Ghana then. Unfortunately, the Ghanaian Cedi is now stronger than the Nigerian Naira. Look at our debt profile, it is scandalous!” Senator Suswam generally campaigned for the enthronement of a PDP government at the centre, declaring that his party will bring back Nigeria’s pride and honour, zeroing on Governor Udom Emmanuel as the PDP presidential aspirant that is brightest in the pack.

WEDNESDAY, APRIL 27, 2022 • T H I S D AY

2023 CAMPAIGN WATCH SAMUEL AJAYI

E-mail: yemielegance@gmail.com

Mobile: 08033083367

Amosun

Northern PDP Consensus Fiasco, APC’s Curious Power Transfer

ast week, the ruling All Progressives Congress (APC), held its first National Executive Committee (NEC) meeting, since the emergence of the Senator Abdullahi-led executive of the party almost a month ago. Two major decisions came from the meeting. First was the pegging of the cost of the party’s presidential nomination form at N100 millionand the second was that the NEC ceded its powers to the National Working Committee(NWC), of the party for a period of 90 days. The implication of this was that decisions that would have ordinarily needed the approval of the NEC could now be handled by the NWC. This was a massive political masterstroke from the party’s establishment as this decision would have big ramifications on how the party goes about its thorny presidential primaries. The two major tendencies within the party are those for consensus arrangement and those who want direct primaries. Sources have told THISDAY that the way Senator Adamu emerged as the national chair of the party was a dress rehearsal for the presidential primaries with President Muhammadu Buhari, possibly indicating his preferred candidate a few days to the presidential primaries. It remains to be seen how this will pan out. But the ceding of the powers of the NEC to the NWC is an indication that things will become clearer in the weeks ahead. However, in a move that unsettled some presidential aspirants in the opposition Peoples Democratic Party (PDP), former Vice-Chancellor of the Ahmadu Bello University (ABU), and elder statesman, Professor Ango Abdullahi, had announced that former Senate President, Bukola Saraki, and current governor of Bauchi State, Senator Bala Mohammed, had emerged as the two consensus candidates of the North for the PDP presidential ticket. Abdullahi said he was carrying instruction given him by former military president, Ibrahim Babangida. “The former president encouraged the aspirants to have a resolution within themselves and come up with one candidate, which they reported

Amaechi back to him after some days and asked him to go ahead and pick one out of the four. General Babangida on his part opted for inclusion, through wider consultation and assigned me to design criteria and carry out the necessary consultations with elders and leaders across the three geopolitical zones of the North.” He said the process was conducted in three stages. In the first phase, the opinions

of six distinguished persons each from the three geopolitical zones were sought with regards to each of the four aspirants. He also explained that each of the zonal delegates was allocated two votes to choose the first and second choice making a total of 36 votes overall. According to Abdullahi, the outcome of that consultation was as follows: “Seven votes for the candidate (A) Aminu Waziri; 10 votes for the candidate (B) Bala

Mohammed; 10 votes for the candidate (C) A-B Saraki; and five votes for the candidate (D), M Hayatu-Deen. For this exercise, it is hereby resolved that Governor Bala Mohammad from the North-east and former Senate President Bukola Saraki from the North-central be presented as the northern consensus candidates for the moment. “The successful aspirants are hereby urged to work together to make allowance for further consultations to foster understanding among themselves, and the PDP community to ensure a rancour-free primary election in which all eligible candidates would be free to exercise their rights. We sincerely commend the sportsmanship and statesmanship exhibited throughout the exercise by all those involved and urge continuous cooperation and teamwork to ensure victory for the party.” However, as expected, former Vice-President Atiku Abubakar, said he never presented himself for any exercise so there was no way he could have been allocated any votes. Also, from the camp of the Sokoto State governor, Waziri Tambuwal, who is also vying for the ticket and had subjected himself to the arrangement, the reaction was swift and strong-worded, denying not being part of the decision. Former Jigawa State Governor, Sule Lamido, also called on all members of the party in the northern states to ignore the outcome of the consensus. “Having widely consulted party leaders across the 19 northern states and FCT, it is hereby stated to our teeming party members and the general public that what was reported in the media is only the personal opinion of those who issued the statement and not the position of the PDP members in the North.” Mohammed Hayatu-Deen, in a statement by his campaign office, also said the process of arriving at a consensus candidate had collapsed. “The candidates involved could not reach a compromise amongst themselves, resulting in the decision of our principal, Mohammed Hayatu-Deen, and Governor Aminu Tambuwal to discontinue the process,” the statement added, describing the committee constituted

T H I S D AY • WEDNESDAY, APRIL 27, 2022

2023 CAMPAIGN WATCH

Staying Close With 2023

Fayemi by Abdullahi as completely faceless and the evaluation criteria subjective.” From all indications, there is no way, either from the South or the North, the PDP will be able to present a consensus candidate before its presidential primaries. Therefore, all roads lead to presidential convention venue.

AMOSUN’S GLITTERING POLITICAL ODYSSEY Senator Ibikunle Amosun, former governor of Ogun State and one of the closest confidants of President Muhammadu Buhari, is set to join the presidential race. Though details of his announcement were initially kept under the wraps, feelers came out last week that he would be declaring, after the Ramadan, precisely May 5. Amosun is an old political horse, who has been around for some time and he is one of the very few politicians of southern extraction, whose relationship with Buhari dates well before the present political dispensation. Though he had his political fingers burnt the last time, when his preferred candidate for the Ogun governorship, Adekunle Akinlade, was outsmarted and the incumbent, Dapo Abiodun, picked the ticket of the ruling APC, and went on to win the governorship election proper. Even that setback has not taken anything away from Amosun’s political profile as he has kept his structure intact in the state, more so as the senator currently representing Ogun Central Senatorial district. While he will definitely have a battle on his hands for the APC presidential ticket, the fact remains that Amosun has the requisite experience and pedigree to aspire for the highest office in the land. His records as two-term governor of his home state speak for themselves but his greatest asset is the fact that he has hands-on experience as an administrator and successful accountant before venturing into politics. Perhaps, this is what has given him the courage to take tough decisions that even neutrals might be asking if he considered the political implications before taking such decisions. One of such was the demolition of the house of former President Olusegun Obasanjo and many other prominent indigenes of the state for development sake. But before doing that, he had to demolish his own house too to show that there was nothing personal in the decision. Perhaps, such toughness will become handy at the presidential level. As bright as his chances are, there are some snags though. One of this is religion which, despite calls for its de-emphasis, will still play a major role in 2023. Another one is whether he has enough resources to prosecute a successful presidential bid going by the purse strings of some of the leading aspirants, although as a successful accountant, he is rich and wealthy. Beyond these snags, however, the immense qualifications of Amosun to run for the highest

Hayatudeen office in the land remain unquestionable.

WITH ONE EYE ON EKITI 2022, FAYEMI BIDS FOR PRESIDENCY A couple of weeks back, Ekiti State Governor and Chairman of the Nigerian Governors’ Forum (NGF), Dr. Kayode Fayemi, said he would make his political intentions as related to the 2023 presidential contest known after the fasting period. And not just the Christian fasting, which ended a couple of weeks back, but also the Muslim Ramadan, which is due to end in a few days. Governor Fayemi might be playing the correct politics of religion, because while he was saying this, his foot soldiers were putting finishing touches to his declaration with the campaign tagged ‘The Nigerian Project’. In fact, campaign memorabilia had been produced and even a formal gathering had been held to test waters. In the same vein, Fayemi was at the presidential villa a couple of weeks ago with sources saying he was there to inform President Buhari of his intention to contest the APC ticket and also seek his (Buhari’s) blessings. The information was, however, not correct, because he told Buhari a long time ago about his aspiration and like the president had told others, he encouraged him to go and run. Beyond 2023, though, there is still the small matter of the gubernatorial election in his state coming up in June, where his successor as governor would emerge. It is needless saying Fayemi would do everything possible to ensure that his anointed candidate, Biodun Oyebanji, wins the race. He has the candidate of the opposition PDP, Bisi Kolawole, and that of the Social Democratic Party (SDP), Segun Oni, to contend with. But the greater challengeis coming from within his party. While many of his aides and supporters will not admit this, the dust generated by the highly disputed governorship primaries is yet to clear. The initial brickbats might have stopped, the fact remains that those who lost out during the controversial primaries have yet to join the rest of the party in campaigning for Oyebanji. Heavyweights in the party like Senator Opeyemi Bamidele, representing Ekiti Central Senatorial District, are yet to instruct their followers to work for Oyebanji. And there is no way Fayemi will be able to pull any weight at the centre if he is not able to deliver Ekiti to APC come June this year. Therefore, he has his job cut out. While planning his presidential bid, he dares not take his eyes off the coming governorship election in Ekiti. But take the Ekiti gubernatorial ‘distraction’ out of

the way, Fayemi is young, vibrant and has what it takes to run for the Presidency and with the war of attrition from the camps of the two leading contenders from the Southwest, Tinubu and Osinbajo, perhaps, he might be a game changer. Fingers crossed.

WILL HAYATUDEEN BE PDP’S MIDDLE GROUND JOKER? For years, if not decades, Mohammed Hayatudeen, former banker and someone that could qualify for the elder statesman tag, was never part of the political process even if he had held public offices in the past. But the Borno State-born technocrat has stepped out of his bureaucratic shell and wants to be President of the Republic. Give it to the 68 year-old Hayatudeen. He is immensely qualified. If his resume is anything to go by, then one can conveniently say he has paid his dues in every sector he has worked. His career started when he honed his boardroom skills in principal investments and project finance at Northern Nigeria Development Corporation (later New Nigeria Development Corporation), which was, as at that time, Nigeria’s largest industrial holding firm at the time with investments in different sectors of the economy with its hands on so many economic pies. He was later to become the conglomerate’s Group Chief Executive and he was the man to ensure that there was direction, effective leadership and vibe for the group’s over 140 subsidiaries. He later became the president and chief executive officer of FSB International Bank which was the then almost moribund Federal Savings Bank. He not only saved the bank, he turned it into a profit-making outfit. He was later to set up Alpine Group which was a project development outfit and was responsible for some landmark projects across the country. Now, Hayatudeen is stepping into the soap box. He wants to be President of the country on the platform of the opposition People’s Democratic Party, PDP. But party the is mired in the zoning controversy. The party’s chieftains from the South like Governor Nyesom Wike of Rivers State are vehemently saying the party has to zone its ticket to the South. They have a point. But the flipside is if the party wants to pander to the emotions of zoning or actually working to win election. The thinking in some quarters is that if a northerner picks the ticket of the PDP and the ruling APC zones its own to the South, northern voters may vote along ethnic and religious lines. However, there is also the small issue of the so-called Professor Ango Abdullahi ‘screening committee’ which had picked former Senate President Bukola Saraki and Governor Bala Mohammed of Bauchi State

as the north’s consensus aspirants for the PDP ticket. Hayatudeen, like other aspirants which include Governor Tambuwal of Sokoto State and former Vice-President Atiku Abubakar, has dissociated himself from the so-called endorsement. If PDP chooses to throw the ticket open, as it is likely to do, and the country decides to look beyond career politicians for the highest office in the land, perhaps, Hayatudeen might be the joker. But it is still morning yet on creation day.

AMAECHI’S JOKER IN THE PACK When there was the unfortunate incident of bandits attack on a Kaduna-Abuja train service late last month, the Minister of Transportation, Rotimi Amaechi, ruffled not a few feathers,when he told newsmen on national television that the disaster would have been averted if the memo he submitted to the Federal Executive Council (FEC), for a digital security protection for the rail line had been approved. Some even accused the former minister of playing to the gallery by trying to extricate himself from an incident that was not only an indictment on the federal government in the management of the security situation in the country but also a public relations disaster for the government. Even if he was playing to the gallery, only few can take away the credit due Amaechi in the way he has handled the transportation sector since he was assigned that portfolio in 2015. Arguably one of the few positives that can be taken away from the near disaster of the last seven years, is the massive improvement in the transport sector, especially, the rail sub-sector. And the credit goes to the former governor of Rivers State. It was, therefore, not surprising when he announced his intention to run for the presidency come 2023. The fact that many initially did not take his ambition seriously is fast comingback to be a massive plus for Amaechi. Many might have forgotten that he was the director-general of the Buhari Campaign Organisation in 2015 and 2019. And the way he handled the assignment could be assessed going by the success of these assignments. This is a massive experience that even a billion dollars cannot buy. He also has extensive political networks in the country and sources told THISDAY that he was part of the high-level political brinksmanship that brought the current National Chairman of the ruling APC, Senator Abdullahi Adamu, to office. The emergence of Adamu could be described as being against the run of play going by the fact that many, including some APC governors, had thought that Tanko Al-Makura was the candidate to beat. Twenty-four hours is too long in politics. Therefore, it will be improbable to say that Amaechi is the candidate to beat. He has massive job in his hands to be accepted across religious, ethnic and political divides. But anyone who underrates him does so at a big political peril.

T H I S D AY ˾ WEDNESDAY APRIL 27, 2022

FEATURES

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

Delivering Beneﬁcial Development for Stronger, More Resilient Economy As Africa’s largest economy and country in terms of population, stronger more robust financial markets are critical for Nigeria’s growth and prosperity. Recently, FSD Africa, a UK Governmentfunded specialist development agency working to reduce poverty and strengthen financial markets across sub-Saharan Africa was on a two week visit to Nigeria. Chiemelie Ezeobi reports that the overarching objective saw implementation of green bonds to opportunities for the local pension sector and solutions to help the country’s insurance industry, as well as speedy response to climate change

Courtesy visit to Lagos Governor

ndoubtedly, Nigeria as a whole needs beneficial development and financial outcomes to become a stronger and achieve a more resilient economy. One of the ways to achieve this is often symbiotic partnerships and support like that of the Financial Sector Deepening (FSD) Africa, a specialist development agency working to strengthen financial markets across sub-Saharan Africa. As a UK Government- funded specialist development agency working to reduce poverty and strengthen financial markets across sub-Saharan Africa, its senior leaders from the UK-Aid funded agency recently made a two-week visit to Nigeria to enhance efforts to deliver beneficial development and financial outcomes for a stronger and more resilient national economy. Beyond the announcements, commitments were made as part of the two-week trip. These included the Lagos State government, the National Insurance Commission (NAICOM) of Nigeria, Infracredit, FMDQ, the UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI), and BFA Global. Deriveables Some of the deriveables of the two weeks meeting included a one-on-one with Lagos State Governor, Babajide Sanwo-Olu to review progress of the Lagos State Green Bond Issuance and other sustainability-linked debt securities towards achieving the global Sustainable Development Goals (SDGs) and support infrastructure and social development for Lagos State. Also at R3Lab, implemented in collaboration with NAICOM and UN Environment Programme’s Principles for Sustainable Insurance Initiative (PSI) to improve the effectiveness of regulation in the insurance sector, the initiative will deliver capacity-building and exchange programmes, learning resources, and forums for insurance supervisors. At the moment, R3Lab is being implemented across the continent. Also, Fintech X Climate Resilience Startup Challenge is an initiative to shine a spotlight on innovative solutions to build climate resilience. Local start-up, Soso Care a micro mobile health insurance startup enabling people to pay health insurance with recyclable waste was awarded $5k, as part of the challenge. D-Olivette, which provides a decentralised energy solution for rural, off-grid, and agrarian communities; Salubata, which creates bespoke shoes from recycled plastic waste; and Foodlocker, which provides a platform to link smallholder farmers with markets, were the other finalists. Another one was The Nairobi Declaration on Sustainable Insurance – a continental commitment by African insurance industry leaders to support

FSD Africa Visit to UK High Commission in Abuja the achievement of the SDGs. The Nairobi Declaration brings together local and international insurance firms to promote the achievement of SDGs and make it easier for them to understand the commitment to support the achievement of the SDGs. Prominently featured was the Launch of Nigeria Green Bond Report. The Report provided an update on the development of a green bond market in Nigeria. The report found Nigeria continues to lead the continent in the development and issuance of green bonds. To date, N49.19 billion has been raised from domestic private investors in three different issuers through support from the programme. In addition, 500 capital market participants have benefited from training programs, with two local organisations, licensed as green bond verifiers in Nigeria. Also, the roundtable with Pension Fund Administrators happened. FSD Africa held a roundtable with the administrators. Led by the Pension Fund Operators Association of Nigeria (PENOP), the stakeholders discussed among other things, diversifying investments from the usual government securities and investing in innovative instruments, which can be de-risked by FSD Africa and partners. The stakeholders also looked at challenges and solutions around mobilising domestic pension fund assets to provide long-term finance to support Nigeria's economic development. Not left out was Unlocking Climate Aligned Local Currency Infrastructure Bonds. FSD Africa and Infracredit signed a Technical Assistance Agreement under which FSD Africa will provide funding for technical assistance to support pre-feasibility studies as well as the pre-transaction and transaction costs, including the design of innovative financing solutions for eligible projects that can issue climate-aligned local

currency infrastructure bonds. The successful implementation of the project will enable up to ten climate aligned infrastructure projects reach financial close, support new job creation and enable more capital markets instruments to be issued to institutional investors. Salient Opinions For the speakers, one thing was salient about Nigeria- the innovation and doggedness of its people in their drive for a prosperous nation. According to CEO of FSD Africa, Mark Napier, “as Africa’s largest economy and country in terms of population, stronger more robust financial markets are critical for Nigeria’s growth and prosperity. FSD Africa remains a committed partner for strengthening Nigeria’s financial market, and we are thankful to our partners for their continued efforts and collaboration to unlock new pathways to prosperity and resilience for Nigerians.” Ben Llewellyn-Jones OBE | Deputy High Commissioner, UK High Commission in Nigeria on the other hand opined that: “Nigeria’s incredible capacity for innovation and entrepreneurship is powering a new era of economic growth that, with the right ingredients, can bring wealth and stability to more Nigerians than ever before. "I’m incredibly proud that, through the work of organisations like FSD Africa and its partners, the UK government is helping get those ingredients in place. Core to everything, are effective financial markets, with the capacity to help scale-up businesses, insure against unforeseen risks, and energise the emergence of a sustainable economy.” For Mr. Thomas Olorundare Sunday, Commissioner for Insurance/CEO National Insurance Commission (NAICOM), "we recognise the role of a thriving insurance sector in supporting steady economic growth. "Through the initiatives announced today, I have confidence that Nigeria will be a regional leader in providing innovative insurance products and distribution channels, enabling wider insurance coverage across the country.” This was just as Chinua Azubike, Chief Executive Officer of InfraCredit stated that: “To date, InfraCredit's guarantees have enabled the issuance of up to USD200 Million (NGN Equivalent) of local currency infrastructure bonds,

"Nigeria’s incredible capacity for innovation and entrepreneurship is powering a new era of economic growth that, with the right ingredients, can bring wealth and stability to more Nigerians than ever before"

however an increasing pipeline of climate-aligned infrastructure projects are constrained by limited financial resources being dedicated to deliver well-structured projects that can access the debt capital markets. "Thus, our collaboration with FSD Africa through technical assistance support will also involve the design of an innovative financial solution that will catalyse more bankable climatesmart infrastructure projects for InfraCredit’s guarantees which will accelerate the issuance of credit worthy local currency infrastructure bonds to domestic institutional investors, thereby deepening the debt capital markets in Nigeria.” FSD Africa According to Nelson Karanja, FSD Director, Communications & Engagement, "FSD Africa is a specialist development agency working to reduce poverty by strengthening financial markets across sub-Saharan Africa. "Based in Nairobi, FSD Africa’s team of financial sector experts work alongside governments, business leaders, regulators, and policymakers to design and build ambitious programmes that make financial markets work better for everyone. "Established in 2012, FSD Africa is incorporated as a non-profit company limited by guarantee in Kenya. It is funded by UK aid from the UK government." Nigeria Green Bond On the other hand, Ndidiamaka Eze, Foreign Commonwealth and Development Office, Comms Lead, Prosperity and Economic Development, posited that the Nigeria Green Bond Report documents a comprehensive overview of the Nigerian Green Bond Market Development Programme (NGBMDP), with a focus on market capacity building, policy advisory and technical support for Green Bond issuance. "The report provides a breakdown of the Programme's activities and how they have supported the use of Green Bonds in financing low carbon infrastructure. "As part of its market development and capacity building efforts, the NGBMDP provided support for the development of guidelines and listings requirements for Green Bonds in Nigeria by the Securities Exchange Commission (SEC), and organised training sessions focused on developing a pool of local Green Bond licensed verifiers, issuers, investors and intermediaries. "The programme is committed to accelerating the development of the Green Bond market in Nigeria and supporting broader debt capital markets reforms that impact green bond as a financing instrument for the transition to a climate resilience economy in Nigeria," she added.

T H I S D AY ˾ WEDNESDAY APRIL 27, 2022

PERSPECTIVE

Analysing Proﬁles of the New FMBN Management Team John Terhemen Ikyaave

new management chapter has commenced at the Federal Mortgage Bank of Nigeria (FMBN), Nigeria’s oldest and apex mortgage institution. On April 15, 2022, President Muhammadu Buhari approved the reconstitution of the FMBN Board of Directors with Hamman Madu, a seasoned mortgage professional as the new Managing Director/Chief Executive Officer. This followed the expiration of the five-year tenure of the Arc. Ahmed Musa Dangiwa-led Executive Management Team on Friday 8th April 2022, and the formal handing over ceremony at the Bank’s Corporate Headquarters in Abuja. The re-constituted FMBN Board comprises technocrats and industry professionals. This includes Umar Zubaida, Executive Director, Finance and Corporate Services, Chukwuma Kingsley, Executive Director, Business Development & Portfolio Management (BD&PM), and Mustapha Lukman Olayiwola, Executive Director, Loans & Mortgage Services (L&MS). Others include Asein Abimbola and Ejezie Sandra Nkechi representing the Federal Ministry of Works and Housing and Public Interest respectively as well as two representatives of the Central Bank of Nigeria. Analysis of the profiles of the new FMBN Board and Executive Management Team show strong basis for optimism for the future of the Bank. The combination of Mr. Ayodeji Ariyo Gbeleyi, a Chartered Accountant and respected financial expert, as Board Chairman, Hamman Madu’s extensive mortgage industry expertise and practical experience at Abbey Mortgage Bank Plc as MD/CEO and the collective wealth of the Executive Directors, indicate that in the next five years FMBN should break significant new ground in advancing the Buhari administration’s drive to provide affordable housing to Nigerians and thus, lessening the growing housing deficit. Madu – Sound Industry Knowledge as Take-off Leverage For starters, Madu, the new FMBN MD/CEO blends several positives as a mortgage practitioner, business leader and transformation expert. His competencies include, strategic leadership, risk management, asset and liability management and credit administration. He is an alumnus of IMD Lausanne and holds a B.Sc. in Geography and MBA in Technology and Strategy. Madu has attended several courses in Management, Strategy, Leadership and Corporate Governance both locally and offshore. Over the past forty years of his career in the financial sector, Madu has acquired over 35 years’ experience spanning different roles in mortgage banking and eight years in commercial and merchant banking. This includes credit analysis, banking operations, corporate finance, business support services and human resource management. Before his appointment, he was the Managing Director of Abbey Mortgage Plc, one of the leading mortgage Banks in Nigeria starting from June 2020.In a two-year span, Madu effectively implemented a strategic turnaround plan that helped re-position Abbey Mortgage Bank Plc as one into the fastest growing mortgage lending institutions in Nigeria. A key result is the remarkable improvement in Abbey’s Operational Performance. Within his first year in office, Madu led his team at Abbey to increase deposits by additional N9billion from N6Billion to N14billion. Early this year he oversaw a successful N3.3billion Capital Market Rights Issue to boost the Bank’s capitalization so it can better deliver more financial services to its customers. The issue was fully embraced by existing shareholders and investors reflecting market confidence in the Abbey Management. Funds raised increased the Bank’s market capitalization to N6billion thus strengthening the position of Abbey to expand its operations, leverage business opportunities, and improve capacity to respond to the dynamic economic

Hamman Madu, new MD/CE, FMBN realities. Madu also embraced technology to power a new vision for Abbey’s operational efficiency and improved customer service delivery. Last month, Abbey launched an innovative mobile digital banking application that limits the need for in-person banking. The app provides customers with easy access to their accounts as well as the ability to perform seamless transactions on-the-go. At the launch, the former MD/CEO of Abbey Mortgage Bank, Madu Hamman, now FMBN MD/CEO, said the need to evolve and embrace global best practices in the industry informed the development of the mobile banking app. He explained that the app is in keeping with Abbey’s commitment to simplify homeownership, provide funding to qualified customers and reduce access times. “This game changing application will facilitate smooth interaction between customers and stakeholders nationwide. It also marks a big step in the democratization of mortgage banking in Nigeria and providing unprecedented homeownership access for Nigerians in all geographical locations.” Other digital solutions that he introduced at Abbey include the *5103# USSD code, and internet banking to ease customer interaction with the Bank’s suite of financial services. On the back of these reforms, Abbey Mortgage Bank received industry recognition at the 2021 African Housing Awards as the Most Innovative Mortgage Bank in Nigeria in 2021. Additionally, Madu anchored and directed the planning, integration, and implementation of mission critical projects such as Orbit, the core banking application that Abbey has been using for over 10 years now. Thus, Madu’s inclination to innovation and capacity to leverage technology as a service performance enhancer is noteworthy as he takes the saddle of leadership at FMBN. The nation’s apex mortgage Bank is still in the process of digitizing its operations and requires a leader that understands the importance

of technology as a driver of operational efficiency to the Bank’s evolution. Madu’s ability to lead a rapid turnaround in the Bank’s fortunes was in large part a result of his capacity for business improvement and long history of working in varied positions of leadership at the Bank. In 1992, he had joined Abbey Mortgage Bank as a Senior Manager and one of the pioneer staff. He held the role of General Manager Human Resources and Corporate Resources from 1998 to 2008 where he rose to the position of Executive Director Finance and Administration from 2008 to 2020. He coordinated activities of foreign equity investors from due diligence to funding in 2007. He also anchored sourcing FDI’s funding to finance mortgage and housing development for the Bank in 2008/2009. His commercial and merchant banking career spans several financial institutions. He worked at the African International Bank (former BCCI) where he rose from the position of Executive Trainee to a Senior Management position between 1984 to 1990. He moved on from AIB to the Corporate Banking Department of New World Merchant Bank in 1991. A Management Team of Bankers and Technocrats The Executive Management Team that Madu would lead at FMBN is a fine mix of achievers. This would ensure enhanced debate-quality Management and Board meetings that help forge clarity and effectiveness of reform initiatives to boost depth and impact of FMBN affordable drive. Consider Umar Zubaida, the new Executive Director, Finance and Corporate Services, an active member of the Chartered Institute of Bankers and the Institute of Credit Administration of Nigeria. She is a graduate of world-class universities including the famous Robert Gordon University Business School, Scotland, where she obtained an MSc in International trade. She also holds a BSc in Business Administration from the Ahmadu Bello University, Zaria. Zubaida has over 20 years of financial advisory as well as strategy development and project management experience in domestic debt management and mortgage banking in Nigeria. Until she was appointed Executive Director, Mrs. Umar was the FMBN General Manager, Zonal Coordination FCT where she was instrumental in implementing various reform processes. She had also overseen the execution of high-value projects ranging from technological and process solutions to, the design of organizational architecture all aimed at instituting best practice protocols in the bank. Mrs. Umar has held other top management positions with the bank. She was at various times Group Head, corporate communications, Head, Policy, and Strategy as well as Head of organizational resourcing of the FMBN. The new ED has attended various courses in leadership, advanced management, and executive management, including securitization and Housing Finance Programs at the Wharton Business School, University of Pennsylvania, USA; Communication/ project Management in Nevada, USA: Affordable Housing programs in Malaysia; Mortgage Banking Strategies in Singapore and several other courses in the United Kingdom. Next is Mustapha Lukman Olayiwola, the new Executive Director, Loans & Mortgage Services (L&MS). Mustapha is a seasoned banker, professional accountant, and entrepreneur. He has over 25 years of cognate experience in a wide range of professions. This includes retail, agency, commercial, and mortgage banking; business development and relationship man-

" A stronger and more vibrant FMBN is key to growing the Nigerian housing market, ensuring access to affordable housing for Nigerians, and tackling the worrisome and increasing housing deficit"

agement, strategic planning, and financial/ risk management. He also has expert-level competencies in development financial mobilization and structuring, effective team leadership, change management, advanced corporate business negotiations, and strategy. Before he was appointed as the Executive Director, Loans & Mortgage Services (L&MS), Mustapha was the Divisional Head, Business & Commercial Banking with First City Monument Bank (FCMB) Plc. In this position, he was responsible for driving the implementation of the Bank’s Business and Commercial Banking strategy. This involved managing the Bank’s relationship with customers, providing leadership and direction to the Division, and ensuring the Bank’s prominence in identified sectors. He was also responsible for providing a full spectrum of financial services to clients, boosting liquidity and profitability, sales strategy development, staff capacity building, and ensuring that the Bank’s business activities/processes are streamlined to achieve stated corporate objectives and goals. Other aspects of his responsibilities as the FCMB Divisional Head included overseeing & driving the execution of strategic business development and relationship management within the various Business Segments in the Region and the creation of low risks portfolio, development of an effective liability generation system amongst other related management functions. Mustapha’s over 25-years career spans several financial institutions. Starting from SGBN in 1992, Dynasty Group in 1994, FMBN in 1996, NAL Merchant Bank in 1997, Inland Bank in 2001, FinBank Plc in 2006 to FCMB Plc in 2008 till his appointment, Mustapha initiated and oversaw the execution of multi-billion-naira projects and built a remarkable portfolio of accomplishments and impact. The third Executive Director is Kingsley Chukwuma. Kingsley brings over 20 years of professional experience in Information Technology (IT), Engineering, and Project Management in Nigeria and Canada. He holds a Bachelor of Engineering, Electrical/ Electronics Engineering from the University of Benin, Edo State as well as certifications in business administration, from Lakeland Institute, Alberta, Canada. Non-Executive Board Members include Asein Abimbola representing the Federal Ministry of Works and Housing; Ejezie Sandra Nkechi, representing the Public. A Historic Blend of Diversity and Professionals At the inauguration ceremony at the Federal Ministry of Works and Housing in Abuja on Thursday, 21 April 2022, the Hon. Minister of Works and Housing rightfully noted that the composition of the Board and Executive Management Team is historic at many levels. First, the new FMBN Board has the highest composition of persons who are either Bankers by training or Bankers by profession. Second, the Board has three women from the one in the past Board. Thirdly, every region of the country is represented. The Minister advised them to see this multi-level diversity as a strength that they need to leverage to deliver on the FMBN mandate of providing affordable housing to Nigerians nationwide. In sum, the educational profiles, wide array of professional experiences, and the politically diverse composition of the new FMBN Board and Management as well as the determination of the Hon. Minister of Works and Housing to set FMBN on the path of impact provides a strong basis for optimism. As the team settles in on the job, they deserve the support of all stakeholders, partners, and related housing development finance institutions to enable them to meet expectations. A stronger and more vibrant FMBN is key to growing the Nigerian housing market, ensuring access to affordable housing for Nigerians, and tackling the worrisome and increasing housing deficit. -John T. Ikyaave is a housing policy analyst based in Abuja

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T H I S D AY WEDNESDAY APRIL 27, 27, 2022 Wednesday April 2022 Vol 27. No 9879 TR

See page 24

WHY PDP MUST HEED THE MOOD OF THE NATION PAUL OBI urges the major opposition party to reset the nation by taking the right decision See page 24 DOES LEADERSHIP STYLE MATTER IN SMALL BUSINESS? TIMI OLUBIYI argues that it does, even if there is a leadership style suitable for each situation

See page 25 OPEN HOUSE OF HAPPINESS The Ministry of Humanitarian Affairs showcases its strategies and milestones, writes DANLITI GOGA See page 25 EDITORIAL

THE BANE OF MULTIPLE TAXATION

See page 26

& RE A S O

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SANWO-OLU: A NOD FOR A SECOND TERM The Lagos State governor has earned a second term, writes KEHINDE AKINMOSA

UT H

The technology will improve transparency and accountability, contends SONNY ARAGBA-AKPORE

BLOCKCHAIN TECHNOLOGY AND THE PUBLIC SERVICE Even though blockchain technology has QRW EHHQ IXOO\ DGRSWHG DQG GHÀQHG E\ WKH government to address the crisis-ridden public service in Nigeria, the DirectorGeneral, Bureau of Public Service Reforms (BPSR), Dr. Dasuki Arabi thinks it is the elixir. Arabi spoke last week at a public gathering in Abuja with high optimism that blockchain LV WKH DQVZHU WR DQ HͿHFWLYH DQG UHVXOW oriented public service. %ORFNFKDLQ LV HͿHFWLYH DQG KDV SURRI RI H΀FLHQF\ $QG FDQ EH XVHG WR DGGUHVV bureaucratic nightmares in government as access to government public information can be done seamlessly, was the claim of some participants at the event. “Blockchain creates anonymity for users and we think this will be the answer to the complaints against the public service,” others reasoned. In this connection, a blockchain roadmap is on the way Arabi said. 7KLV ZLOO EH GLͿHUHQW IURP WKH SULYDWH blockchain which may give access to all data to some users while restricting others. Private blockchains are more suitable for an individual business. ´%ORFNFKDLQV DUH GL΀FXOW WR KDFN EHFDXVH every member has a copy of transactions, but they are not completely impenetrable. Hackers need to gain access to multiple individual members in order to create fraudulent transactions and have them accepted,” Dr.Abdulkareem Oloyede of the University of Ilorin explained at the forum. The Blockchain idea grew out of the e-government project which has been on the drawing board for some time now and DV SDUW RI HͿRUWV WR HQVXUH WKH HͿHFWLYH implementation of the nation’s e-government master plan, for which the government claims to have trained 1376 civil servants drawn from 48 ministries, departments and agencies (MDAs) of government between November 2020 and December 2021 to manage the EORFNFKDLQ WHFKQRORJ\ LQ WKHLU YDULRXV R΀FHV Director-General, National Information Technology and Development Agency (NITDA), Kashifu Abdullahi, made this known recently as he gave updates on the activities of the e-Government Training Centre (e-GTC) in Abuja. Civil servants are key drivers in the implementation of the master plan in Nigeria, and there is a need to train the government’s workforce for a smooth transition to e-governance. Underscoring the need to switch to e-government implementation, Kashifu maintained that digital technologies have brought about unprecedented RSSRUWXQLWLHV WR GULYH H΀FLHQFLHV HQDEOH automation and change how society interacts and engages in all facets of life. Government desires a vibrant digital economy, and there is a dire need to build the capacity of civil servants that will drive and provide services to citizens and implement the e-government master plan. President Muhammadu Buhari, while

unveiling the Digital Economy National Digital Economy Policy and Strategy Policy and Strategy (NDEPS) on November 28, 2019, said the centre’s sole mandate is to provide the capacity-building component of the e-government master plan implementation for civil servants across the Ministries, Departments, and Agencies (MDAs). There is already a 10-man governing FRPPLWWHH WR RYHUVHH WKH DͿDLUV RI the e-government training center. The PHPEHUVKLS RI WKH FRPPLWWHH FRPSULVHV VWDͿ from the Ministry of Communications and Digital Economy, the National Information Technology Development Agency (NITDA), Galaxy Backbone Ltd (GBB), Nigerian Communications Commission (NCC), and the Public Service Institute of Nigeria (PSIN). $SDUW IURP OLVWLQJ EHQHÀWV RI WKH WUDLQLQJ carried out by the e-GTC to the civil servants and recognizing the opportunities e-government can bring and identifying and prioritizing where technology can be best DSSOLHG WR GULYH H΀FLHQFLHV HQDEOH FKDQJH and improve service delivery for citizens; understanding and analysing where to apply technologies appropriately to enable a digital transformation that serves the department and citizens and developing and implementing a ‘channel shift’ strategy to encourage citizens to take up and move WR WKH PRVW H΀FLHQW H HQDEOHG VHUYLFHV QR VLJQLÀFDQW SURJUHVV KDV EHHQ UHFRUGHG VLQFH 2019. And this should be a great concern to a government that wishes to achieve success in public service turnaround. Government documents on e-government state that in order to ensure coordination and implementation of the National e-Government Master Plan; develop and drive strategies that will encourage and improve the adoption of the use of Information Technology in government service delivery; coordinate the government’s adoption of IT tools in service delivery; and drive the development of e-government capacity among MDAs; collaborate with MDAs in developing tailormade plans and strategies for e-Government in Nigeria; regulate and license vendors that intend to do business or collaborate with

Blockchain technology can be used to reduce costs, speed up transactions, and improve data security for ﬁnancial institutions, health care providers, businesses, and more

MDAs in the delivery of IT products and services and ensure the implementation of Standards for Government websites and handle matters relating to the.gov.ng domain; monitor and ensure compliance with all NITDA regulatory documents, National IT policies and directives; and develop and regulate outsourcing in the IT sector as well as license all IT Outsourcing, the policy is only at paperwork level as there is nothing to hold on to so far. It claims to support the development of government e-services for responsive, H΀FLHQW HͿHFWLYH DQG HTXLWDEOH GHOLYHU\ RI public service to all people in strategic sectors of the economy and facilitate the development, implementation, compliance, and enforcement of critical e-Gov/IT regulatory instruments such as policies, standards, guidelines, frameworks, and regulations; and facilitate and promote the integration of critical National IT infrastructure and services for e-government development. The project was established in 2017 primarily to facilitate digital transformation in the public sector. Arabi further stated that blockchain comes to play as new data come LQWR D IUHVK EORFN 2QFH WKH EORFN LV ÀOOHG ZLWK data, it is chained onto the previous block, which makes the data chained together in chronological order. “All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to WKH FKDLQ RQFH ÀOOHG (YHU\ SDJH RI WKH ERRN LV LGHQWLÀHG E\ D XQLTXH SDJH QXPEHU FDOOHG D ´KDVK µ DQG WKH ÀUVW HQWU\ RQ HDFK SDJH LV WKH ´KDVKµ RI WKH SUHYLRXV SDJH 7KDW ÀUVW HQWU\ LV the “chain” that links the pages or “blocks” of transactions together.” Oloyede distinguished between public and private blockchain, saying: “a public blockchain is public, and members are anonymous. Anyone can join the network, process transactions, and validate blocks, provided they have the substantial computer UHVRXUFHV UHTXLUHG “A robust road map for the implementation and adoption of blockchain technology in the public service in Nigeria is being put in place and what we are trying to do is to sensitize Nigerians and public servants and come up with the road map for the implementation of blockchain technology. Adopting this technology will give us the privilege to improve on transparency and accountability, and most importantly it will break bureaucracy.” Arabi said. Oloyode added: “Blockchain technology can be used to reduce costs, speed up transactions, and improve GDWD VHFXULW\ IRU ÀQDQFLDO LQVWLWXWLRQV KHDOWK care providers, businesses, and more. That’s good news for consumers and investors.”

Aragba-Akpore is a member of THISDAY Editorial Board

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The Lagos State governor has earned a second term, writes KEHINDE AKINMOSA

SANWO-OLU: A NOD FOR A SECOND TERM 8VXDOO\ ZKHQ SROLWLFDO R΀FH KROGHUV ZDQW WR contest a second term, they hit town in frenzy, spending money and soliciting people. But this pattern was not followed in the case of the Lagos State governor, Babajide Sanwo-Olu. Last week, the Governance Advisory Council (GAC) of the Lagos State All Progressives Congress (APC), the highest body of the political party in Lagos, without so much noise, gave Sanwo-Olu a nod to continue as governor. He got his party’s consensus as a candidate by virtue of his work. 7KRXJK WKLV IHDW ZDV ÁHHWLQJO\ FHOHEUDWHG E\ the governor, he has since gone back to work. In fact, it must be the seriousness which SanwoOlu attaches to his duty of serving Lagos that

endeared him not only to the GAC, but to many Lagosians. From being a political neophyte when he started his journey to become Lagos State governor in 2018, Sanwo-Olu has grown XS YHU\ IDVW LQWR DQ HͿHFWLYH OHDGHU Upon being sworn in on May 29, 2019 as governor, in less than a year, he joined the global battle against Covid-19, a battle which saw Lagos as well as the country embark on an unprecedented shut-down. Without a previously drawn blueprint, Sanwo-Olu negotiated the most populous and culturally diverse Nigerian state out of the doldrums of the pandemic. It is to his credit that many Lagsosians survived the perilous emergency period. Later that same year in October, as if the challenges of the Covid-19 pandemic was not enough, Nigerian youths, with Lagos as an epicentre, protested against an errant section of the police, Special Anti Robbery Squad (SARS). The ENDSARS protests later degenerated into ULRWV ZKHUHE\ VWUHHW XUFKLQV LQÀOWUDWHG WKH ranks of the protesters and started committing havoc. This created a system whereby the XUFKLQV SRXUHG LQWR WKH GLͿHUHQW SDUWV RI WKH state and unleashed mayhem on public and private properties. The loss of human lives, burnt BRT buses and vanadalised premises in Lagos was disheartening. However, the Sanwo-Olu’s role in assuaging the youths and taking their requests to the president must be commended. And had the governor’s concerns been swiftly acted upon, maybe the national mayhem could have been prevented. %XW 6DQZR 2OX·V ÀUVW WHUP LV VKRZLQJ WKDW beyond crisis management, he is also an allround leader as he has continued to march on developmental strides and amass social capital for both his administration and his person. Think about the economy, healthcare, education and even sports and youth development, the Lagos State government has not lagged, making it the most desirable state Nigerians throng to live in. In fact, Lagos’ economic status has been the envy of other states and they have come to understudy it. /DJRV LV GHÀQLWHO\ RQ WKH PRYH )URP WKH last quarter of this year, the Red Line of the Lagos light rail which runs from Alagbado to CMS would begin operation while the Blue Line which runs from Okokomaiko to CMS ZRXOG VWDUW UXQQLQJ LQ WKH ÀUVW TXDUWHU RI

$OUHDG\ ÀQLVKLQJ WRXFKHV DUH EHLQJ SXW RQ these rail lines which would forever change the Lagos landscape and scope of public transportation. Other lines to crisscross the state are also in the pipeline. Across the state, the Sanwo-Olu DGPLQLVWUDWLRQ KDV À[HG RYHU URDGV The Lagos State Public Works Corporation (LSPWC) said it rehabilitated 524 roads in 2021 and is targeting rehabilitation of additional 600 in 2022. Also, aside priding itself as a megacity, Lagos is also looking at developing agriculture. Last year, Sanwo-Olu unveiled D ÀYH \HDU URDGPDS ZKLFK ZRXOG VHH /DJRV earn $10bn by 2025. This roadmap includes the State Aquatic Centre of Excellence (LACE) ZKLFK ZRXOG ERRVW ÀVK SURGXFWLRQ IURP percent to 80 percent, the Imota Rice Mill, the Lagos Food Production Centre Avia, IgborosuBadagry as well other agro initiatives, including empowerment. And on healthcare, the Sanwo-Olu administration has ensured he touched more Lagosians. In February, he wrote: “We have commissioned four Mother and Child Centres (MCCs) at Eti-Osa, Igando, Badagry and Epe. We have renovated and remodelled the Mainland Hospital in Yaba, with future plans of making it an Institute of Research for Infectious Diseases. We have also completed the remodelling and upgrading of Apapa General Hospital, just as the Harvey Road Health Centre, Ebute Metta Health Centre, Isolo General Hospital and the General Hospital, Odan are all undergoing renovation.” He also said his administration has begun constructing the New 150-bed Massey Children’s Hospital in Adeniji-Adele, which will be the largest paediatrics centre in West Africa when completed. He also said approval has been given for a 1,500-bed Psychiatric Hospital and Rehabilitation Centre at Majidun in Ketu Ejinrin. Before the GAC nod last week, there had been speculations about whether Sanwo-Olu would be given an automatic ticket or not by the APC. A GAC member from Ikorodu, Chief Olorunfunmi Basorun, said the governor has performed beyond expectations and deserves the ticket. “The governor was in Ikorodu recently and I moved a motion that he should be endorsed for a second term and my motion was unanimously adopted,” he said. “He has done well in terms of providing infrastructure for the people, building roads, hospitals and in the area of education. So he deserves to go for another four years.” But it is not only in Ikorodu that Sanwo-Olu has done well. Across the state, the governor keeps dropping one reason or the other why Lagosians rate him as a success. And with the success this administration has recorded despite the over one year Covid-19 stymied work, it is not surprising Sanwo-Olu got the APC GAC nod for a second term. Curiously, only the Muslims Rights Concern (MURIC), has condemned the consensus status the APC GAC has conferred on a Sanwo-Olu reemergence. According to a statement signed by its Director, Professor Ishaq Akintola, MURIC believes it is the turn of Muslims to produce the next Lagos governor in 2023. “It is on record that ex-Governor Akinwunmi $PERGH D &KULVWLDQ VSHQW IRXU \HDUV LQ R΀FH and another Christian, Babajide SanwoOlu was brought in ostensibly to complete the Christians’ two terms which expires by May 2023 when a Muslim, ceteris paribus, is H[SHFWHG WR WDNH RYHU WKH UHLQV RI R΀FH µ LW said. Akinmosa writes from Lagos

PAUL OBI urges the major opposition party to reset the nation by taking the right decision

WHY PDP MUST HEED THE MOOD OF THE NATION “The choice in politics is not between good and evil, but between the preferable and the detestable” - Raymond Aron In today’s world, Nigeria is paying a heavy price for nepotism and religious bigotry - the nation’s most deadly monsters. Close observers believe - tribe and religion have been more deadly to Nigeria than even the ills of sleaze and graft. In 2015, the combined forces of tribal gangs, laureates crowned with Swedish ropes, intellectuals, singers nay poet, footballers

(remember Victor Ikpeba’s NEPA bill) - they’re even gathering again at Bourdillon, and the insane Ojota orchestra hoodwinked the people to enthrone a disaster already foretold. It took not even a month, but in faraway America, for the Bigot-in-Chief to unveil his pandora box of 95% vs 5%. Added with being quintessentially clueless and the ruling phantom political party, All Progressives Congress (APC), Nigeria was throttled to a Golgotha and an unimaginable national crisis in history. Therefore, 2023 is the year to end APC’s ravaging machine in Nigeria and reset it from a predatory state to a mundane one. Or risk the consequences of irredeemable collapse. Worst still, PDP has wasted so much time and energy in bickering over zoning and power contest. Rather than craft a narrative and dwell on shared power model, the party allowed prospective aspirants WR HPEDUN RQ D ZURQJ KHDGHG ÀVKLQJ H[SHGLWLRQ to undo one another, pitching the South against the North. And even aspirants gaming each other DV WKH 1RUWKHUQ FRQVHQVXV ÀDVFR KDV SURYHQ )XUWKHU DÀHOG 3'3 LV VWLOO RSHUDWLQJ DV D SDUW\ of press statements; lacking the intellectual wing and economic think-tank to confront APC headlong. The best strategy: PDP would have sat down on a table and allocated all the positions - President, Vice President, Senate President, Speaker, Secretary of the Government of the )HGHUDWLRQ 6*) &KLHI RI 6WDͿ &2$ DPRQJ the six geopolitical zones as previously done to DYRLG WKLV FXUUHQW XQFHUWDLQW\ DQG ÁXLGLW\ 7KH lack of such foresight has left a toll on the party and exacerbated existing hiccups within its ranks. Despite these daunting hiccups, PDP still has a chance - that chance lies squarely on the choice of its presidential candidate in the 2023 presidential run. And given that the most important aspect of electoral democracy dwells on the ability of voters to punish and reprimand a non-performing party. A billion, trillion and gazillion whips await APC at the 2023 polls. David Schultz termed such power as the contentious rights of choice. Therefore, the only leeway for APC is to engage in self-help jackboot or gun-toting democracy, the type that was staged in Kogi State governorship race. But there’s every assurance that voters would reject

such attempts. So who are the PDP’s top guns that are capable of up staging APC? In whatever calculation the party engages in, the mood of the nation, Nigerians and voters alike should EH WKH JXLGLQJ OLJKW WKDW VKRXOG LQÁXHQFH PDP’s choice of a presidential candidate. The presidential primaries should never be reduced to the dictates of buying and selling - or a pseudo-democratic ritual for the highest bidder. The party should also not be brow-beaten to submit itself to fraudulent narratives by candidates about their ability to win or electoral strength. There’s need for clarity and appropriate interrogation of the aspirants and their practical path to victory. Not boastful tales. In what way are the aspirants measured? Is it an Aminu Tambuwal with institutional H[SHULHQFH D XQLÀHU DQG EULGJH EXLOGHU" A Peter Obi with sound campaign agenda to move Nigeria from consumption to production, sincerity of purpose amidst a supportive national frenzy of his candidature and what Dr Sam Amadi termed Obi’s sole ownership as “the barometer to measure the malfunction of the Nigerian state and the oracle that points the way to reconstructing the macroeconomics of its survival”? An Nyesome Wike, a pillar of the party without whom PDP would have kissed death? An Atiku Abubakar with foundational knowledge and vast national network? A Bukola Saraki with the best presidential appeal, gusto and credentials despite what Sam Omatseye said of his convoluted geoethnic origin and crisis of political identity’ the man who is seen as a northerner when he is in the south and a southerner when he is in the North...? Or is it an experienced statesman and articulated Pius Anyim Pius? Will it be a technocrat - business savvy Sam Ohuabunwa who could be the centre of gravity enroute 2023 presidential race? Again, given the prevalence of identity politics in Nigeria, how do the aspirants fare based on their geo-political spread? Is it a Tambuwal with the North West astronomical voting strength or Nigeria’s votes haven? Does the magic wand practically dwell with Obi - Okute Ndigbo who has an unprecedented national support base that has been likened to MKO Abiola’s Choice 93 and seen as the most altruistic aspirant with a dependable track records to save Nigeria from this present monumental chaos and crisis? Will the party beckon on Atiku’s more than three decades political machine for a victory, though he shockingly could not deliver his North East geopolitical zone in 2019 polls even when he was running with a presidential candidate IURP D GLͿHUHQW ]RQH" :LOO LW EH D 6DUDNL with vast civil society networking? Or an Anyim with deep political establishment? Will PDP’s 2023 possible victory comes down to Ohuabunwa’s business class base and connection to Nigerian Yatch-swelling plutocrats? The race glaringly has now been zeroed on personalities’ track records; policy and issues and most critical of them all, the mood of the nation.

Obi is a journalist, researcher and Fellow at the Abuja School of Social and Political Thoughts interested in media, elections and democracy

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TIMI OLUBIYI argues that it does, even if there is a leadership style suitable for each situation

DOES LEADERSHIP STYLE MATTER IN SMALL BUSINESS? Many people are unaware that the small EXVLQHVV VHFWRU LQ 1LJHULD FDQ KDYH D VLJQLÀFDQW impact on both the environment and the economy. The sector could also provide the country with rapid industrialization and nonoil industrial export gains. All that is required is more structure, framework, support and participation from government, entrepreneurs, politicians, policymakers, and academics. Nevertheless, what is painful is that, despite this potential and opportunities, the country’s small businesses are failing at an alarming UDWH &OHDUO\ WKH &29,' SDQGHPLF FRQVHTXHQFHV IXHO FRVW LQÁDWLRQ DQG LQFHVVDQW insecurity have continued to harm these businesses. From my experience working with Small and Medium-sized Enterprises (SMEs), small business owners are multifunctional, and while they are often constrained by day-today operational demands, it is important to encourage them with ways to help their businesses to be more sustainable. My focus is

Good relationships with the employees have been noted as one of the key factors for business success. Consequently, being ﬂexible by displaying and combining a variety of leadership styles within a business by leaders can also improve the performance of small businesses to continue to target the sector with knowledge of best practices in my own space. Therefore, this piece is primarily to address leadership GHÀFLHQFLHV DQG VWUHVV WKDW OHDGHUVKLS LV critical and can be a great indicator of an organization’s success or failure in the country. No matter how small or micro a business is, the owner-manager or operator adopts a certain leadership quality to lead or govern the business. This is what is referred to as the leadership style that the business leader has, HYHQ WKRXJK HͿHFWLYH OHDGHUVKLS LV ODFNLQJ in many of these businesses. As simple as it sounds, leadership style or qualities impact strongly on decision-making and the business outcomes in any scenario, it equally impacts HPSOR\HHV VLJQLÀFDQWO\ To mention, it is vital to note that true leadership in any business or organization is informed via the combination and use of power and authority. While power is the FDSDFLW\ WR LQÁXHQFH SHRSOH WR DFFRPSOLVK goals, authority refers to the legal rights that follow a person who holds a certain position RU R΀FH :KDW JLYHV LVVXHV LQ VPDOO EXVLQHVVHV majorly are the unethical behaviours around power and its dispensation. Most small business operators and entrepreneurs exhibit absolute control over all business, workplace decisions and HQMR\ LPSRVLQJ FRPPDQGV RQ VWDͿ DQG WKH management if any. More so, in the majority of the businesses particularly in Lagos State, owner-managers, operators and entrepreneurs FRQWLQXH WR LQVWLO IHDU LQ WKHLU VWDͿ E\ threatening them with consequences such as EHLQJ ÀUHG LJQRUHG RU ZLWKKROGLQJ VDODU\ or even threat of assaults. Many workers in these small businesses, although may not acknowledge it openly, they carry some

measure of worry with them into the workplace due to this issue. Which usually weighs them GRZQ DQG DOVR DͿHFWV WKHLU PRUDOH PRWLYDWLRQ and performance in the short to long term in the business. When operators/owner-managers lead or run a business they apply the combination of their personality, life experiences, communication style, decision-making preference, level of emotional intelligence, education and overall perspective to the way the business is run. These attributes are typically what inform the leadership style (power) available in the business, whether it is nano, micro, small, or medium-sized. So, the TXHVWLRQ LV GRHV OHDGHUVKLS VW\OH DͿHFW VPDOO businesses? The answer is yes, leadership style GRHV 6WDͿ DUH QHYHU LQYROYHG LQ WKH GHFLVLRQ making process; they are expected to follow the leader’s decisions, choices and orders because WKH OHDGHUV KDYH D KXJH DPRXQW RI LQÁXHQFH over them. These business leaders bring all the decisions and commands to the subordinates; whose responsibilities are mainly to align. So, it is fair to conclude based on context observations and obvious perception that small businesses around are typically run-on autocratic leadership style, characterized by the authoritative and forceful work environment, and imposing commands in the daily business operations. Note that with a large enterprise, there are several hierarchical levels, so the FRQGXFW RI D &(2 GRHV QRW LPPHGLDWHO\ DͿHFW the employees, however in small businesses WKH RZQHU KDV D GLUHFW LQÁXHQFH RQ WKHLU VWDͿ and decisions are only goal-oriented. Other forms of leadership styles are available but are underutilized for a variety of reasons. The most imperative is the environment, characterized by labour issues, where individuals must be pushed to do the correct thing. While this is a valid reason, largely most of these businesses are unaware of the impact an autocratic leadership style can have on business performance and VWDͿ PRUDOH Good relationships with the employees have been noted as one of the key factors for business success. Consequently, being ÁH[LEOH E\ GLVSOD\LQJ DQG FRPELQLQJ D YDULHW\ of leadership styles within a business by leaders can also improve the performance of small businesses, instead of sticking to the predominant autocratic leadership style that is ZLGHVSUHDG )RU LQVWDQFH GLͿHUHQW OHDGHUVKLS VW\OHV FDQ EH DGDSWHG IRU GLͿHUHQW VFHQDULRV LQ the business for outcomes and deliverables. ,Q VRPH FDVHV OHDGHUV FDQ DGRSW WKH democratic leadership style, also sometimes known as participative, which builds on FRQVHQVXV WKURXJK WKH SDUWLFLSDWLRQ RI VWDͿ and team members to achieve a goal or make D GHFLVLRQ ZLWKLQ WKH EXVLQHVV ,W LV PRGHUDWHO\ the opposite of the autocratic leadership style and useful in a structured business entity where VWDͿ DUH HGXFDWHG DQG UDWLRQDO (PSOR\HHV IHHO motivated to participate in decision-making and that can enhance their performance. Rather than H[WUDFWLQJ LQSXWV IURP VWDͿ IURP D SDUWLFLSDWLYH leadership style and then considering it when making a decision, a laissez-faire leader willingly submits to team members in making decisions. This form of leadership style is the extreme opposite of autocratic leadership and is equally useful. A laissez-faire leadership style may be a YHU\ IUXLWIXO DQG HͿHFWLYH PHWKRG WR PDQDJH VWDͿ RU WHDP PDGH RI D KLJKO\ WDOHQWHG KLJKO\ specialized individuals within the business. Dr. Olubiyi is an entrepreneurship and business management expert

The Ministry of Humanitarian Affairs showcases its strategies and milestones, writes DANLITI GOGA

THE OPEN HOUSE OF HAPPINESS The humanitarian community in Nigeria, comprising national and international institutions and agencies, converged in Abuja RQ 0DUFK IRU ZKDW HPLQHQWO\ TXDOLÀHG to become an annual commemorative HYHQW GHGLFDWHG WR WKH FRQFHUWHG HͿRUWV and celebrated outcomes that constitute the ultimate in humane governance. The FRQFHUWHG HͿRUWV RI JRYHUQPHQW GHGLFDWHG to delivering succour, restoring hope and

rekindling a sense of belonging to the most distressed, vulnerable and handicapped groups of people in the fringes of human existence showcased alongside moving WHVWLPRQLHV RI HODWHG EHQHÀFLDULHV GHVFULELQJ unexpected life-changing opportunities, was DQ XQIRUJHWWDEOH WDNH DZD\ IURP WKH ÀUVW humanitarian Open House. There was the inimitable tribute from James Lalu, the hearing-impaired head of the National Commission for People with Disabilities, who held the huge audience VSHOO ERXQG ZLWK WKH ÁXFWXDWLQJ WRQH RI his voice as he conveyed the emotional expressions of excitement and appreciation ÁRZLQJ IURP XS WR SHRSOH ZLWK GLVDELOLWLHV ZKR UHFHLYH 1 RU 1 monthly under programmes of the Federal 0LQLVWU\ RI +XPDQLWDULDQ $ͿDLUV 'LVDVWHU Management and Social Development. The ministry organized the Open House themed “Coordinating for Durable Humanitarian Solutions: The Journey So Far”, to showcase its strategies and milestones and exchange ideas with stakeholders. Alluding to the treasured value of PRQWKO\ FDVK WUDQVIHU JUDQW RI 1 /DOX declared “there are two types of poor people: WKH H[HFXWLYH RQHV ZKR VD\ 1 LV WRR small and the really poor people who know WKDW 1 KDV JUHDW LPSDFW DQG LV FKDQJLQJ lives,” as he hailed “mother of all disabled persons” Minister Sadiya Umar Farouk’s persistence on ensuring the inclusion of persons with disabilities in all programmes. He said the disabled are “smart, intelligent and creative people” who only need an opportunity rather than the pity of ablebodied persons, pointing out that about GLVDEOHG SHUVRQV ZHUH HQJDJHG under the NPower, GEEP and monitoring and evaluation. More life-changing experiences came IURP WKH UXUDO ZRPHQ EHQHÀFLDULHV especially of the conditional cash transfer, showing how poverty gets turned into prosperity through empowerment that creates opportunities to enhance talent and boost income of petty traders. Mercy

Joseph spoke of paying school fees and expanding her pap selling while Salamatu Musa’s liquid soap and perfume making is now selling in neighbouring villages and Monsurat has moved from credit to direct purchase in her egg selling business. The Home Grown School Feeding Programme was also positively acclaimed IRU LWV PXOWLSOH VSLQ RͿV 0DULDP $GDP of Chanchaga local government area in Niger State gleefully recounted increased enrolment and attendance in schools and income-generating job opportunities among women engaged in cooking and IDUPHUV RI D ZLGH UDQJH RI IRRGVWXͿ ´, bought a deep freezer to sell soft drinks and chilled water, others bought grinding machines,” she said referring to lucrative VSLQ RͿV 7KH GRZQ WR HDUWK QDUUDWLYHV IURP JUDVVURRWV SHRSOH JUHDWO\ UHÁHFWHG the focal objective of reaching out to the hitherto out of touch communities with a range of basic but essential socio-economic HPSRZHUPHQW LQLWLDWLYHV WKDW VLJQLÀFDQWO\ transform lives and give government unprecedented relevance. The presence of representatives of leading global partners authenticated the recognition and endorsement of the KXPDQLWDULDQ DͿDLUV PLQLVWU\·V SLRQHHULQJ role in synergizing and institutionalizing policies and programmes for robust government intervention in ameliorating the plight of people marginalized in the misery and desolation of human and natural disasters in Nigeria. The ECOWAS representative commended the performance of the ministry as achievements of Nigerians through laudable programmes that give vulnerable people opportunity to revert to normalcy LQ D GLJQLÀHG DQG IXOÀOOLQJ PDQQHU 7KLV was further borne out by the elaborate and resourceful exhibition by the ministry’s agencies depicting the institutional capacity and range of humanitarian and emergency services, made accessible for enlightenment and consultation under one roof. Minister Sadiya Umar Farouq explained that the Open House would enhance the ministry’s coordination and leadership role by facilitating direct engagement with partners, stakeholders and the general public on its activities, achievements, challenges and the way forward. The launching of the National Policy RQ ,QWHUQDOO\ 'LVSODFHG 3HUVRQV DW WKH event spotlighted the equally important responsibility of the ministry for policy formulation, bearing in mind its pioneering role as coordinator and implementer of all government’s humanitarian and social interventions and the need for policy IUDPHZRUNV WR GHÀQH DQG LQVWLWXWLRQDOL]H processes for attaining objectives of its diverse programmes and projects. The ,'3 SROLF\ SURYLGHV VXFK D IUDPHZRUN IRU national responsibility towards prevention and protection of citizens and non-citizens from arbitrary internal displacement, meet their assistance and protection needs during displacement, ensure their rehabilitation, return, reintegration and relocation after displacement and spells out principles guiding humanitarian assistance.

Goga writes from Kano

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WEDNESDAY APRIL 27, 2022

EDITORIAL

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

THE BANE OF MULTIPLE TAXATION There is urgent need for a comprehensive tax reform

ll relevant statistics point to the fact that the number of taxpayers in Nigeria, relative to the size of the economy, is one of the lowest in the world. Yet, in a country where government is alive to its responsibility by providing the basic needs for its citizens and maintaining the existing infrastructure, taxes are obligatory levies. Indeed, the socio-political and economic development of any country depends on the amount of revenue that is generated for the provision of infrastructure. And one way to generate such needed revenue is through a well-structured tax system. But that is not the case in Nigeria where citizens and corporate bodies are made to pay all kinds of levies without commensurate return in governance. Before his election in 2015, President Muhammadu Buhari had promised to tackle multiple taxation. Regrettably, seven years in the saddle, the president is still lamenting that the nation’s current multiple and overlapping WD[ V\VWHP LV LQH΀FLHQW DQG FUHDWHV XQFHUWDLQW\ DQG instability. “Multiplicity of tax administration is as undesirable as multiplicity of taxes; it creates uncertainty DQG LQVWDELOLW\ DQG DERYH DOO LW LV LQH΀FLHQW µ VDLG the president who last week expressed concerns that the current tax system is characterised by fragmented administration, multiple and sometimes, overlapping WD[HV ´,Q PRVW WD[ H΀FLHQW QDWLRQV WD[ DGPLQLVWUDWLYH processes and practices are harmonised within a single V\VWHP µ At a time when the business environment is toxic and organisations are gasping for breath, addressing the issue of multiple taxation has not become rather urgent. On many occasions in recent years, the improved tax haul is a product of a multiple tax systems which are executed at the local, state, and federal levels directly by JRYHUQPHQW R΀FLDOV RU E\ SUR[\ WKURXJK FRQWUDFWRUV From the telecommunications, manufacturing, services, and even the informal sectors of the economy,

the issue of multiple taxation reverberates. Yet, a situation where businesses and individuals pay taxes WR GLͿHUHQW DJHQFLHV DQG OD\HUV RI JRYHUQPHQW XQGHU GLͿHUHQW JXLVHV RYHU WKH VDPH UHYHQXH LWHP LV D VHULRXV disincentive to ease of doing business which the current administration has championed. What is required at this time is synergy between and among tax authorities at all levels. The Joint Tax Board (JTB) must urgently rise to the occasion and tame this monster. The federal tax reform initiatives need to resonate at the sub-national level with a view to checking abuses and overburdening of taxpayers. While the passage of Consolidated State Revenue Codes by states to address multiplicity of taxes is welcome, implementation is also key. The proliferation of private contractors/consultants for same revenue items must be checked just as weak collaboration between state and local governments on joint collection requires urgent attention. For sure, we stand for improving the revenue generating capacity of government to undertake socially desirable activities that will translate to economic growth in real output and per capita basis. Tax revenues are essential for governments at all levels to maintain ÀVFDO VXVWDLQDELOLW\ JLYHQ WKH ERRP DQG EXVW F\FOHV WKH Nigerian economy experiences due to the volatility of crude oil prices. But while the federal government and the 36 states are planning to grow the tax base, it is also important for the authorities to understand the danger of multiple taxation to the economy. The preoccupation should be to create the enabling environment that helps entrepreneurs to expand their activities for wealth and employment prospects for the teeming population. What is most required, as the country struggles to reposition the economy, is a comprehensive tax reform policy and a serious campaign to bring more Nigerians into the tax net. While taxes are designed to generate revenue to help the government, multiple taxation kills or stunt businesses which provide a boost to the economy.

While taxes are designed to generate revenue to help the government, multiple taxation kills or stunt businesses which provide a boost to the economy

T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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

Letters to the Editor Letters in response to speciﬁc publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive.com along with photograph, email address and phone numbers of the writer.

LETTERS ISSUES WITH THE ABUJA METRO The Abuja Metro is another indication that we as a people are hardly circumspect in our thinking and planning. The billions of Nigeria’s dwindling resources put into the metro had gone to waste and yet again we have abandoned it just like we abandoned most of our national facilities. For a nation to grow we must have a culture of maintenance and this shows that Nigeria lacks any. Just look at any government building and you will get the drift. The Abuja Metro station has been looted largely and now it’s a shadow of itself and you wonder: where is all the money? The execution of the rail line was doomed WR IDLO LQ WKH ÀUVW SODFH DV LW ZDV RQO\ D VWUDLJKW URXWH from Idu Station to the Airport and after disembarking at Idu you still need to connect to other parts of Abuja using vehicular transportation. The other sections of the SURMHFW OLQNLQJ DUHDV ZLWK SHRSOH WUD΀F DUH VWLOO \HW WR JHW RͿ WKH JURXQG D PLVPDQDJHG UHVRXUFH 7KH SUDFWLFDOLW\ was in jeopardy already. People just preferred using taxis as it was better and they could get a taxi at any time

UDWKHU WKDQ ZDLWLQJ VSHFLÀFDOO\ IRU WKH WUDLQ WKDW KDG LWV own time. For the workability of the station government should have made provision for a branching network to other parts of the city and ensure easy connections to be made. The rail should have started from the areas where people live like Kubwa and the likes, rather than the FHQWUDO EXVLQHVV GLVWULFW 7KLV LV D UHÁHFWLRQ RI WKH SRRU planning yet the government took loans of about 900m Dollars that it would have to repay. The Abuja Metro is another colossal failure and it is indicative of the impetuous thinking that dominates govHUQDQFH LQ 1LJHULD 2QH ZRQGHUV LI DQRWKHU FRVW EHQHÀW analysis was taken into cognizance and if there were any forms of scenario planning employed in our interventions. The authorities have promised to resurrect the Abuja Metro. We are waiting. Rufai Oseni, rufaioseni@gmail.com

ALL IN NORTHERN NIGERIA? I am at a loss for words to condemn the heinous activities in northern Nigeria: the myriads of problems plaguing the region transcend all genres of insecurity. 6SHFLÀFDOO\ QRUWKHUQ 1LJHULD KDV EHFRPH D ERXOHYDUG IRU HYHU\ DEVXUGLW\ UDQJLQJ from kidnapping, banditry, Boko Haram, cattle rustling, armed robbery, political thuggery, communal and farmer’s clashes. The recent onslaught along the Abuja - Kaduna railway, the killing of 106 people in Kanam LGA, and the Taraba bomb explosion, DPRQJ RWKHUV DUH VX΀FLHQW WR VXEVWDQWLDWH WKDW QRUWKHUQ 1LJHULD LV LQ D VWDWH RI HPHUgency. Our people sleep with one eye open in fear of killings and kidnappings, among other detrimental events. Thus, hospitals and schools were turned into criminals’ hideouts, houses into graveyards, and farms into training grounds for criminals. What exactly is the issue? Why always in northern Nigeria? Why does the phenomenon thrive in the north, even though it is the most populous and with the most politicians in the country? Starting with the northeast, Boko Haram has been administering the region since $V D UHVXOW WKRXVDQGV RI OLYHV ZHUH ORVW D PLOOLRQ ÁHG WKHLU DERGHV DV ZHOO DV WKH destruction of properties worth billions of naira. The catastrophe doesn’t stop there, as there is an interlude in the region’s agriculture and education. Wards are vulnerable to insecurity, with students no longer going to school but busy hawking, begging, and snatching people’s belongings on the street. The situation is deteriorating by the day. Ukasha Rabiu Magama, Toro LGA, Bauchi State

T H I S D AY ˾ WEDNESDAY, APRIL 27, 2022

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

A P R I L

S & P INDEX

2 6 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

6.50%

CALL

10.75%

INDEX LEVEL

610.44%

1/4 TO DATE

– 1.31%

N416.75/ 1 US DOLLAR*

OVERNIGHT

7.17%

1-MONTH

9.66%

1-DAY

0.03%

YEAR TO DATE

7.13%

*AS AT LAST FRIDAY

3-MONTH

1028%

MONTH-TO-DATE

– 1.31%

Foreign Exchange Turnover at FMDQ Hits N8.29trn on Demand, Increased Business Activities

Kayode Tokede Following consistent demand fuelled by increased business activity, investors and exporters traded N8.29trillion worth of foreign exchange at the FMDQ market in the first two months of 2022, the FMDQ Exchange has disclosed. This is an increase of 9.7 per cent

when compared to N7.55 trillion total foreign exchange turnover traded in the first two months of 2021. FMDQ in its Fixed Income and Currencies (FIC) monthly report disclosed that FX trade in January 2022 rose by 29 per cent year-on-Year (YoY) to N4.22trillion or $10.13billion from N3.26trillion or $8.29billion reported in January 2021.

In February, total FX turnover trade dropped by 5.36 per cent YoY to N4.06trillion or $9.75billion in February 2022 from N4.29trillion or $10.60billion reported in February 2021. Analysts believe increasing business activities has played critical role in the FX demand stressing that the Central Bank of Nigeria (CBN)

sustained interventions has reduced pressure. Commenting, analyst at PAC Holdings, Mr. Wole Adeyeye attributed the growth recorded in the total foreign exchange turnover in the first two months to increasing economy activities. He noted that the slow growth in business activities in first two months

of 2021 affected foreign exchange turnover traded, maintain that global economy over uncertainty due to restrictions. He said: “The restrictions had affected investors and exporters demand for FX in the first two months of 2021. There was also volatility in the foreign exchange market. However, with the vaccines

discover that eventually led to ease on movement in 2022, investors and exporters surge for FX from the FMDQ market increased and it reflected in the amounts.” Also, the Chief Operating officer of InvestData Consulting Limited, Mr. Ambrose Omordion attributed the Continued on page 28

Bitumen Concession: FG Engages PwC as Transaction Adviser, to Launch Request for Qualification June 15 Kasim Sumaina in Abuja As the country commences the process of local bitumen production, the federal government through the ministry of Mines and Steel Development has announced that it will on June 15, 2022 launch request for qualification of delineated Nigerian bitumen blocks to potential local and international investors. Subsequently, the government has engaged Price Waterhouse Coopers (PwC) to act as its Transaction Advisory and Program Manager

for the bidding process. The Minister of Mines and Steel Development, Mr. Olamilekan Adegbite, in his remarks at a press conference in Abuja stressed that the development of bitumen will lead to import substitution, local content development and increase value addition of the mining industry to the domestic economy, thereby creating jobs and generating revenue for government. Adegbite, revealed that there have been two previous attempts at concessioning Nigeria’s bitumen

blocks, stating: “In 2002, two blocks (now 307B and 307C) were concessioned. However, in 2005, we revoked their licenses due to the failure of the concessionaires (NISSAND and Bitumen Exploration & Exploitation Company of Nigeria Limited, BEE ON) to live up to the development agreement signed. “In 2008, another round of bitumen bidding exercise was conducted which led to the delineation of the bitumen resources areas into three large blocks A,B and C were advertised for Expression

of Interest, which resulted in the pre-qualification of nine companies.” He further said, “To ensure that Nigeria’s bitumen resources are fully harnessed for industrial and infrastructural development, I constituted a nine-member Ministerial Bitumen Development Committee on 31 January 2020. The committee carried out an inventory of internal existing infrastructure; compiled available geological information, re-established contact with previous interested companies and developed a framework for transparent

allocation of the bitumen resources. “An important part of the Committee’s recommendations was to finalise the process of engaging a Transaction Advisor to ensure the concession process is open, transparent and in accordance with global best practices as enshrined in the Nigerian Mineral and Mining Act, 2007. The Bureau of Public Procurement, issued a notification of no-objection on 16th June, 2021.” According to the Adegbite, Subsequently, the Ministry of Mines and Steel Development issued a letter

of award on 11th November, 2021 to PricewaterhouseCoopers to act as its Transaction Advisor and Program Manager for the concessioning of bitumen blocks to potential investors. Continuing, he noted that the cost of road construction in the country would ultimately go down with the local production of bitumen. Adegbite revealed that the country was endowed with high grade bitumen which was easy to mine due to its proximity to the surface. Continued on page 28

M A R K E T D ATA A S AT T U E S D AY, A P R I L 2 6 , 2 0 2 2 BILLS

BONDS DESCRIPTION 12.75 27-APR2023 14.20 14-MAR2024 13.53 23-MAR2025 12.50 22-JAN2026 16.2884 17MAR-2027

Price

Yield

106.42 6.12 111.52 7.54 110.84 9.20 105.46 10.68 120.08 10.89

Change Updated Time (%) April 22, 1.15 2022 April 22, 0.05 2022 April 08, 0.00 2022 April 08, 0.00 2022 April 08, 0.31 2022

Discount

NTB 12May-22 NTB 9-Jun22 NTB 14-Jul22 NTB 11Aug-22

289,00 289,00 0.00

April 22, 2022

304,00 305,00 0.00

April 22, 2022

323,00 325,00 0.00

April 22, 2022

350,00 354,00 0.00

April 22, 2022

NTB 8-Sep22

348,00 353,00 -0.08

April 22, 2022

Yield

OTC F X F U T U R E S

C Ps

MATURITY

Change Updated Time (%)

MATURITY

Discount Yield

Change Updated Time (%)

UNCP CP VI 2-MAY-22 NEVE CP I 24-MAY-22 DANC CP II 25-MAY-22 TRBH CP V 26-JUL-22 FSDH CP VI 1-AUG-22

8.62

8.64

0.00

April 22, 2022

16.44

16.68 0.00

April 22, 2022

8.56

8.63

0.08

April 22, 2022

11.51

11.86 0.30

April 22, 2022

8.12

8.30

April 22, 2022

–0.01

CONTRACT TENOR Contract (MONTH) NGUS APR 27 1 2022 NGUS MAY 25 2 2022 NGUS JUN 29 3 2022 NGUS JUL 27 4 2022 NGUS AUG 31 5 2022

Current Rate ($/₦)

Updated Time

427.24

April 22, 2022

428.93

April 22, 2022

430.63

April 22, 2022

432.32

April 22, 2022

434.02

April 22, 2022

WEDNESDAY, APRIL 27, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

L-R: Executive Director, Technical, Linkage Assurance Plc, Okanlawon Adelagun; Chairman, ICAN Lagos and District Society,John Isesele; 57th President of Institute of Chartered Accountants of Nigeria (ICAN),Comfort Olu Eyitayo; Managing Director/CEO, Linkage Assurance Plc, Daniel Braie; Chief Financial Officer, Linkage Assurance Plc, Emmanuel Otitolaiye and Council Member, ICAN, Deji Awobotun, during the Institute’s courtesy visit to the Corporate Head Office of Linkage Assurance in Lagos… recently

Currency in Circulation Drops by N4.59bn to N3.24trn in March Nume Ekeghe The Central Bank of Nigeria (CBN) has disclosed that currency in circulation dropped Month-on-Month (MoM) by N4.59 billion or 0.14 per cent in March 2022 to N3.24 trillion from N3.25 trillion in February 2022. The apex bank in its Money and Credit Statistics had reported N3.29 trillion money in circulation in January 2022.

Nigeria’s currency circulating in the economy has recorded significant growth since the Central Bank maintained its dovish monetary approach as a means to ensure the recovery of the nation’s economy, following the recession recorded in 2020, caused by the covid-19 pandemic. Several intervention policies pushed currency in circulation to its highest level in history in December 2021.

However, it has recorded a decline in three consecutive months, dropping by N37.13 billion in January and N37.84 billion in February 2022. According to CBN, banks’ credit to the private sector rose MoM, by 1.07 per cent to N36.37 trillion in March from N35.18 trillion in January 2022. The reported figure by CBN is the highest banks’ credit to the private sector as the apex bank maintained its 65 per cent

Loan-to-deposit (LDR) policy that sustained banks’ lending to real sector. Aside banks’ lending to private sector increasing, the banks’ lending to government also grew by 10.8 per cent to N16.3 trillion in March 2022 from N14.72 trillion reported by the CBN in February this year. The data also revealed that net domestic credit also rose MoM by 3.9 per cent to N52.69 trillion in March 2022

from N50.7 trillion in February 2022, signifying an uptick in economic activities. The Deputy Governor, Financial System Stability, CBN, Aisha Ahmad had stated in her MPC notes that improvements in the macroeconomy were propelled by a resilient financial system which channelled significant credit to support growth enhancing sectors such as agriculture, manufacturing and

general commerce, as well as individuals and households. Furthermore, Economist & Private Sector Advocate, Dr Muda Yusuf had explained to THISDAY that the apex bank has no doubt been quite bullish about lending to the real sector and the Small and Mid-size Enterprises (SMEs), stressing that there are various intervention funds- the LDR, and other credit boosting measures by the apex bank.

Stanbic IBTC Holdings Cost-to-Income Ratio in 2021 FY Hits 8-year High Kayode Tokede Stanbic IBTC Holdings Plc in 2021 hit an eight- year high cost-to-income ratio amid hike in operating expenses due to inflation rate and lower income. The group in 2021 reported a 62.30 per cent cost-to-income ratio from 47.40 per cent in 2020 financial year. The insurance subsidiary, Stanbic IBTC Insurance Limited closed 2021 with 83.8 per cent cost-to-income ratio, while the banking subsidiary, Stanbic IBTC Bank hits 78.6 per cent cost-toincome ratio in 2021. The reported cost-to-income ratio was due to 14 per cent drop in operating income to N171.1 billion, in 2021 from N198.9 billion in 2020, while total operating expenses rose by 14.14 per cent to N106.65billion in 2021 from N93.43billion in 2020. As gathered by THISDAY, Stanbic

Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents Emmanuel Addeh (Energy) KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

IBTC Holdings had 68per cent cost-to-income in 2013 and the all-time high cost-to-ratio was 72.80 per cent in 2012. The ratio gives a clear view of how efficiently the bank is being run - the lower the ratio, the more profitable the bank. Changes in the ratio also highlight potential problems - if the ratio rises from one period to the next, it means that costs are rising at a higher

rate than income. The group in a statement explained that inflation was a major economic factor that drives cost growth in the group. The National Bureau of Statistics (NBS) announced that Nigeria’s inflation rate closed 2021 at 15.63 per cent from 16.47 per cent reported in January 2021. The bureau had disclosed that the country’s inflation rate hits

all-time high in March 2021 to 18.17 per cent, while all items (12 Months Avg. Change) closed 2021 at 16.73 per cent. The group in a statement said: “Operating expenses increased by 14per cent to N106.6 billion in 2021. The increase in operating costs coupled with lower revenue resulted in the deterioration of the cost-to-income ratio to 62.3 per cent from 47per cent in prior year.

“Staff costs were relatively flat year-on-year. Other operating expenses, however, increased by 26per cent due to growth in regulatory induced costs including AMCON and deposit insurance premium following growth in total assets and value of total qualifying deposits, respectively. That said, we achieved cost savings from energy efficiency initiatives and new ways of working.”

Meanwhile, the Non-Performing Loans (NPLs) portfolio of the bank has dropped by 23 per cent to N280.3 billion in 2021 as against N26.5 billion recorded during the period under review. According to the group’s audited results for the period ended, its NPL to total loan ratio stood at 2.1 per cent as against four per cent recorded in the corresponding year of 2020.

Shelter Afrique Raises N46bn Bond to Curb Housing Deficit Nume Ekeghe Shelter Afrique has announced that it successfully raised N46 billion ($110.7 million) Series 1 Fixed Rate Senior Unsecured Bond Issuance in Nigeria’s capital market under its N200 billion ($481.3 million) bond issuance programme. The dual tranche bond issuance was 60.7 per cent oversubscribed with the order book peaking at N64.3 billion ($154.6 million), enabling Shelter Afrique to exercise the ‘green shoe’ option and raise

an additional N6 billion ($14.4 million) more than the original N40 billion plan ($96.3 million). The 5-year Tranche A bonds priced at 13.00 per cent and the seven-year Tranche B bonds priced at 13.25 per cent. The tenors of the bonds are aligned with the institution’s housing finance strategy and long-term plans in Nigeria. Shelter Afrique will use the bond proceeds to fund mass housing development by tier 1 real estate developers, and to provide lines of credit.

Announcing the result, Shelter Afrique’s Acting Managing Director, Kingsley Muwowo said: “This is the first time Shelter Afrique is tapping the Nigerian debt capital market and the positive market reception is a clear indication of investor confidence in our long-term value proposition for the Nigerian housing market. We would like to assure our investors that we should put the proceeds of the bond issue into good use that will ensure that more value is created for them.”

Muwowo said the issuance of the Naira-denominated bonds priced at the official exchange rate of $1 to N415.58 reflects the organisation’s desire to focus on tailor-made, long-term funding solutions for the provision of affordable and adequate housing in Nigeria and across Africa. Speaking, the Managing Director of FSDH Capital Limited, Mr. Tolu Osinibi, said: “FSDH Capital is pleased to have advised Shelter Afrique on its successful debut bond issuance in Nigeria’s capital market.

Shelter Afrique continues to play a pivotal role in housing development across Africa and the success of the bond issuance will encourage other supranational financial institutions to tap Nigeria’s debt capital market for their Naira funding needs. We thank the investor community for their support on the bond issuance. We also thank the Board and management of Shelter Afrique for trusting us with this milestone transaction, and their commitment and dedication throughout the process.”

FOREIGN EXCHANGE TURNOVER AT FMDQ HITS N8.29TRN ON DEMAND, INCREASED BUSINESS ACTIVITIES growth to increasing demand for FX, maintaining that global economy was expected to have expanded in 2022 but might be slowed down due to crisis between Ukraine and Russia. According Omordion, the domestic economy has seen more business activities in the first two months of 2022 and demand for FX has increased significantly. However, the increasing total foreign exchange turnover at the FMDQ impacted on Naira appreciation in February 2022. The FIC report noted that Naira appreciated against the Dollar, gaining

0.06 per cent N0.23 against the dollar to close at an average of N416.32 against the Dollar in February 2022 from N416.55 against the dollar recorded in January 2022. Similarly, the Naira depreciated against the dollar in the parallel market, losing 0.77 per cent or N3.65 against the dollar to close at an average of N478.35 against the dollar in February 2021 from N474.70 against dollar recorded in January 2021. In its recent report, the Chief Executive Officer, Centre for the Promotion Of Private Enterprise

(CPPE), Dr Muda Yusuf had highlighted that the country’ s foreign exchange challenges is fueling inflation, eroding investors’ confidence, aggravating the cost of operations & costs of production and accelerating business mortality. “Meanwhile, the official exchange rate remains fixed at N416/dollar. This also signposts the widening gap between the parallel and the official market rate with its attendant distortions in the economy. The operating exchange rate for economic players remains the parallel market rate because the I & E window is

not liquid. “The second dimension of the foreign exchange problem is the liquidity challenge in the Investors and Exporters window. The twin problem of the precipitous currency depreciation and the worsening liquidity crisis in the foreign exchange market constitute major headwinds to economic performance and investment growth. These forex challenges are fueling inflation, aggravating the cost of operations & costs of production, accelerating business mortality and eroding the confidence of investors, “he said.

In addition, the data from the FMDQ’s FIC report revealed that turnover in the Fixed Income and Currencies (FIC) market dropped by 11.01 per cent to N28.36trillion between January and February 2022 from N31.87trillion in the prior months under review. The breakdown revealed that, “Turnover in the FIC markets in February 2022 was N14.23trillion, representing a MoM1 increase of 0.71per cent (N0.10trillion) and a YoY decrease of 24.67per cent (N3.5 1trillon) from turnover in January 2022 and February 2021, respectively.

BITUMEN CONCESSION: FG ENGAGES PWC AS TRANSACTION ADVISER, TO LAUNCH REQUEST FOR QUALIFICATION JUNE 15 He however assured prospective investors of the huge local demand for the mineral noting that Nigeria’s population is projected to reach 400

million in 2050, up from the present estimate of 203 million, given the present population growth rate of 2.5 percent. “The World Bank

projects that Nigeria’s current urbanisation rate of 52% will increase by 4% annually. Furthermore, 90 percent of goods, such as food and

building materials, are transported by road to meet the demands of this rising population. This will increase demand for road infrastructure and

put additional strain on the current road network, resulting in higher demand for asphalt for construction and maintenance.

T H I S D AY ˾ WEDNESDAY, APRIL 27, 2022

BUSINESSWORLD

ECONOMY

Rising Growth Amidst Inflation Nume Ekeghe writes on Nigeria growth prospects as predicted by the IMF in the face of rising inflation and questions how the contrast will buoy the nation’s economy.

igeria like most countries around the world is experiencing a rising inflation as the Bretton Woods institutions express worry over how it will impact global growth. This is as fuel and food prices have increased rapidly, hitting vulnerable populations in low-income countries hardest. This situation is not unconnected to the lingering effects of the pandemic on nations compounded by the ongoing war in Ukraine. According to the International Monetary Fund in its World Economic Outlook (WEO), the economic damage from the Ukraine conflict will contribute to a significant slowdown in global growth in 2022 and add to existing inflation.

GROWING DESPITE GLOBAL SLOWDOWN

Global growth is projected to slow from an estimated 6.1 per cent in 2021 to 3.6 per cent in 2022 and 2023. This is 0.8 and 0.2 percentage points lower for 2022 and 2023 than projected in January. Beyond 2023, global growth is forecast to decline to about 3.3 percent over the medium term. War-induced commodity price increases and broadening price pressures have led to 2022 inflation projections of 5.7 percent in advanced economies and 8.7 percent in emerging market and developing economies—1.8 and 2.8 percentage points higher than projected last January. Despite the gloomy global outlook, Nigeria, which like other countries is seeing inflation rise steadily is among the few countries that saw a positive review in growth projections. Buoyed by a stronger performance on the non-oil sector, the Nigerian economy is expected to grow by 3.4 per cent this year. The upward review is stronger than the 2.7 per cent projected growth for the country, which the Fund released in October last year. The fund also reviewed upward the country’s 2023 growth prediction from 2.7 per cent to 3.1 per cent putting Nigeria amongst the few countries that got an upward growth review. Division Chief Research Department, Mr. Malhar Nabar, speaking last week at the IMF/ World Bank Meetings, said, “The heterogeneity is a key factor, if you look at the global revisions that we have 86 per cent of the global economy revising down and Nigeria is one of the few that’s actually revised up and there are two main factors one is what you mentioned the increased oil price which represents a favorable terms of trade effect for Nigeria, will increase oil production and oil exports. “And then the second factor is the strong momentum that we saw in the non-oil sector, part of the economy. The non-oil sector of the economy is also showing strong momentum going into this year which helped lift the outcome, growth forecasts that we have for

Nigeria to 3.4 per cent for this year, and 3.1 per cent for next year, and that is 0.7 percentage point increase for this year and 0.4percentage point increase.” On his part, IMF Chief Economist, Mr. Pierre-Olivier Gourinchas noted that oil price increase also played a role in this upward review, saying “Nigeria is an energy producer and exporter. And I think that explains a good part of the upward revision in our growth projections.” According to the latest WEO, Nigeria’s upward review was due to increase in oil prices. “The increase in oil prices has however lifted growth prospects for the region’s oil exporters, such as Nigeria. Overall, growth in sub-Saharan Africa is projected at 3.8 percent in 2022. In sub-Saharan Africa, food prices are also the most important channel of transmission, although in slightly different ways. “Wheat is a less important part of the diet, but food in general is a larger share of consumption. Higher food prices will hurt consumers’ purchasing power particularly among low-income households and weigh on domestic demand. Social and political turmoil, most notably in West Africa, also weigh on the outlook, ”he said,

GROWTH AMIDST RISING INFLATION

Nigeria’s inflation figure as released by the National Bureau of Statistics (NBS) show that the consumer price index (CPI) which measures inflation rose to 15.92 per cent in March, up by 21 basis points from 15.7 per cent in February 2022. According to the NBS, the rise was largely driven by increase in the food basket as food sub-index increased to 1.99 percent in March 2022, up by 0.12 percent points from 1.87 percent points recorded in February 2022. Analysts say they expect the figure to rise further this month remarking that the headline inflation will settle at 1.62 per cent month on month in April, with the corresponding base from the prior year translating to a 75bps increase in the year on year inflation rate to 16.66 per cent. Analysts at Cordros Securities said: “We expect inflationary pressures to be sustained in April given the troika impact of Easter and Ramadan-induced increased food demand amidst limited supply, higher gas and other energy prices and increased taxes in line with the 2021 Finance Act. “Consequently, we expect the headline inflation to settle at 1.62 per cent month on month in April, with the corresponding base from the prior year translating to a

75 basis points increase in the year-on-year inflation rate to 16.66 per cent.”

IMF’S STANCE ON STRONG ACTIONS

Gourinchas had earlier noted that inflationary pressures have continued to rise across the globe, saying stronger measures will have to be taken to curb inflations. He noted that with the expectations that inflations will continue to be above the targets of central banks across the world, it is expected that strong measures will be taken by the central banks to curb the rising inflation. “The risk that inflation will remain elevated is something that will call for strong actions by central banks across the world,” he said. In Nigeria, inflation figure has stubbornly remained way above the Central Bank of Nigeria (CBN) benchmark of nine percent having risen as high as 18.17 per cent in March 2021. Although it had trended downwards last year to 15.4 per cent in November it slowed a bit in January this year before picking up in February. The 2022 World Economic Outlook released by the IMF last week notes that, “elevated inflation will complicate the trade-offs central banks face between containing price pressures and safeguarding growth. Interest rates are expected to rise as central banks tighten policy, exerting pressure on emerging market and developing economies. “Inflation is expected to remain elevated for longer than in the previous forecast, driven by war induced commodity price increases and broadening price pressures. For 2022, inflation is projected at 5.7 percent in advanced economies and 8.7 percent in emerging market and developing economies, 1.8 and 2.8 percentage points higher than projected in January. “Although a gradual resolution of supply-demand imbalances and a modest pickup in labor supply are expected in the baseline, easing price inflation eventually, uncertainty again surrounds the forecast. Conditions could significantly deteriorate. Worsening supply-demand imbalances, including those stemming from the war, and further increases in commodity prices could lead to persistently high inflation, rising inflation expectations, and stronger wage growth. “If signs emerge that inflation will be high over the medium term, central banks will be forced to react faster than currently anticipated—raising interest rates and exposing debt vulnerabilities, particularly in emerging markets.”

CBN UNCONVENTIONAL MEASURES

Speaking on the sidelines of the IMF/

World Bank meetings, the Governor of the Central Bank of Nigeria, Godwin Emefiele noted that in the last two years, the CBN has adopted price and monetary stability but that is conducive to growth. “This means that generally we have been tightening, but again, in some priority sectors of the economy, like agriculture and manufacturing, we have adopted somewhat of accommodative monetary policy stance and this is why you could see that people can raise 10-year loans with two years moratorium at single-digit interest rate for agriculture and manufacturing. “What we have sought to achieve with that is to see how we can adopt a more accommodative monetary policy to support those sectors so that they can grow, and that is why you can see that whereas we are doing everything possible to tighten and rein in inflation, we also adopting some accommodative policies on the other hand that would accelerate the growth of the Nigerian economy. “That is why you can see that whereas inflation is coming down gradually, we are also seeing that the output, which is growth is increasing on the other hand, which is a good result for Nigeria, given that today, as a result of global challenges we face, the geo-political tensions between Russia and Ukraine, the main issues at these meetings are rising energy and commodity prices which had led to acceleration in the rate of inflation and at the same time dampening of growth globally, whereas Nigeria had been facing this and we have been dealing with it. So, I would imagine that this is a lesson that must be learnt from Nigeria, which is why I believe we must be commended for what we are doing, “he said. On what should be expected from the apex bank, Emefiele said, “At the central bank we remain focused on our job and we are happy that we are playing our role in supporting the Nigerian economy. We have been on this since 2015, when inflation rate was almost at 19 per cent; it came down to almost about 11 per cent because of the increase in energy prices as well as electricity prices. It went up to almost 18 per cent again and we have managed to bring it down to below 16 per cent. I believe we would continue to rein in inflation.” “On the other hand, we are doing everything possible to support the fiscal authorities by putting in place facilities to support households, businesses and others at single-digit interest rate and that has helped in accelerating output and we feel delighted that even at this meetings, amongst other countries, the IMF has held a positive position about Nigeria’s growth prospect at 3.4 per cent and we believe that all things being equal we are going to surpass it. So, what we are doing is to continue to focus on our job and nothing more,” he stated.

WEDNESDAY, APRIL 27, 2022 ˾ T H I S D AY

BUSINESSWORLD

INSURANCE

Checking Abuse of Passenger-in-Transit Insurance Policy Just like the aviation passenger liability insurance in aviation industry, passenger-in -transit insurance is one insurance policy meant to protect the interest of road transport passengers in time of accident. In this report, Ebere Nwoji looks at the abuse of this policy by road transport companies and the plight of travellers on Nigeria roads.

ecent case of the Abuja-Kaduna bound train that was bombed by terrorists on March 28, 2022, in Kaduna State and the report that each of the passengers was under Passengers-in-Transit Insurance cover packaged by the Nigeria Railway corporation (NRC) raises the question of the role of insurance firms who underwrite passengers - in -transit -insurance for Nigerian commuters when accident occurs. It further raises question on the genuineness of the various purported passenger-in-transit insurance premium/cover charged and offered by transport companies on commuters in various motor parks in Nigeria. Indeed the situation has raised these questions because though media report has quoted federal government as saying that the N50.00 insurance premium paid by each of the passengers in the ill-fated train did not cover terrorist attack and this has been confirmed by the insurers themselves, cases abound in Nigeria especially on road transport where accidents happen in vehicles that carry passengers covered by passengers- in transit -insurance backed up by premium fully paid by the passengers yet in time of accident the passengers were left to their own fate whereas the premium for the passengers-in- transit -insurance policy was fully paid by the passengers along their fare ticket.

DEFINITION

Passenger - in- transit insurance cover as it affects road transport is given various titles in various countries. In most western countries like US and UK, it is called passenger cover and it is a kind of extension in motor insurance to cover the passengers who are in the vehicle. In those countries, the personal accident cover is mandatory while the passenger cover is not a mandatory policy. The standard policy offers protection to the owner of the insured vehicle in case of an accident. But the owner of the vehicle gets the cover for the passengers in case of any injury and the nominee will get the insured sum in case of any death. In these western countries, the responsible owner of the car is one who has some obligations towards the passengers in the car. Insurance experts believe adding the passenger cover to the basic insurance adds a lot of wide coverage into vehicle owner’s policy. According to them, passenger cover provides coverage to all the medical cost incurred in the treatment of the injuries on the passengers in case of an accident. It gives financial assistance to the family of the passengers in case of death of the passenger. The claim helps in reducing any kind of financial liabilities that the person may face due to the accident.

THE NIGERIAN SITUATION

Here in Nigeria, the passenger cover is tagged passenger -in -transit insurance cover. It is part of retail insurance products that insurers are still struggling to push to Nigerians in their quest for insurance penetration across nooks and crannies of the country. Findings by THISDAY about this particular policy reveal that while the insurers are still dotting

their ‘i’ and crossing their ‘t’ in their bid to officially push the policy into the market through discussions with various state governments, owners of various transport companies and motor park touts have been charging passengers for passenger-in- transit insurance without recourse to any insurance company. Indeed, when THISDAY went round some inter state transport companies operating in Lagos, enquiries at their ticketing offices shows that each of them except ABC transport company attached passenger -in -transit insurance policy premium to their normal fare price and it is compulsory for all passengers but none of the companies admitted that it has any collaboration with any insurance company. This by implication means that the passengers have been paying for insurance coverage in case of accident but when it occurs, they will be left without compensation because they were actually not insured by any insurance firm and are ignorant of claims due to them. At the new Oshodi Ticketing and Departure terminal built by the Lagos State Government for the various inter state transport companies, a visit to their ticketing booths by THISDAY showed the presence of transport companies such as the Young Shall Grow Motors, Best Way Motors, Bonny Way motors, Blessed Ezenwata motors, Okeyson, Izuchukwu Transport, among others at the terminal. Enquiries by THISDAY from the ticketing officers show that their insurance charges for each passenger range from N250.00 to N100.00 for the passenger-in -transit insurance cover. Further enquiries by THISDAY showed that none of them has any arrangement with any existing insurance firm. A ticketing officer at Young Shall Grow Motors told THISDAY that out of N12, 200 the company charges on passengers from Lagos to Owerri, N200 is for passengers’ insurance cover. When asked about the particular insurance firm the company is dealing with, the two male ticketing officers answered, “What is your concern about whether we are dealing with insurance company or not, pay your N12,200 we give you ticket, if there is accident you report to us we know how to handle it, we have nothing to do with insurance company.” A ticketer at Okayson Transport Company said the company charge N250.00 for insurance but that the N250 goes to the booth maintainers as commission. At Izuchukwu transport, the workers said their manager was the only one in position to speak on that but that he was not on seat. It was also discovered that the company too adds insurance fee to its fare. A ticketing officer at ABC transport booth said his company charged N1, 2000 to Owerri and said his company did not charge passengers separately for insurance rather had packaged group insurance cover for the passengers.

On the part of passengers, one of the passengers spoken at the terminal said he paid any amount the company he traveled with decided to charge adding that he did not ask which money was for insurance and which was not.

IMPLICATION

Apparently these transporters are enjoying free money from the unsuspecting travellers. Indeed, they are hiding behind passengers’ ignorance to collect and pocket insurance premium from the passengers with out providing any coverage and in case of road accident involving injuries and deaths, both the deceased dependents and injured passengers are left to take care of themselves despite the fact that they paid insurance premium for the trip. A case in point was that of a journalist that boarded God is Good motors from Lagos to Abuja. On the way, the bus had accident killing two passengers while the journalist sustained neck injury. According to him, after the accident occurred, nobody from the company showed any concern so he had to find his way to hospital on getting to Abuja. He said it was after two days that he called the phone number written on the ticket and after accusing the company that the workers were carefree towards the incident, that one of the staff traced the hospital and saw him and after a brief discussion with him said he would get back to him but never did. The journalist said every passenger in that bus paid extra money, which he suspected to be insurance premium but that no body said anything about it.

INSURERS’ VIEWS

Industry analysts said insurers; consumer protection authority in the country, National Union of Road Transporters and government should be blamed for allowing perpetration of this nefarious act. According to the Managing Director Anchor Insurance, Mr. Augustine Ebose, this spells the need for insurance industry to do much more on awareness creation so that people would be aware of their right when it comes to insurance and the benefits in time of risk. Ebose said it was really pathetic that road users have been paying for goods they did not buy. He said passenger-in transit -insurance was not among compulsory insurance policies but the transport companies were making it compulsory for travellers without coverage and many have to cater for their hospital bills in time of accident without any form of compensation. He said his company has gone into discussion with about five state governments on how to push the product into the market so that travellers would have genuine insurance coverage when on transit. Also Managing Director, FBN General Insurance, Mr. Bode Opadokun, in a telephone

chat told THISDAY that it was quite unfortunate that travelers were paying services they were not given. He said the Consumer protection agency has got role to play, insurers need to up their game in terms of taking what belongs to them. He said with what was happening in the passenger-in -transit insurance, all passengers especially inter state passengers were prospective clients to insurers but other people were defrauding them. He said this should serve as eye opener to the insurers on the need to see how to partner with the transporters in order to provide genuine insurance cover to the passengers.

INSURANCE SERVICE

From the policy files of insurance firms many are still at the incubation stage of packaging the passenger -in -transit-insurance while many are already offering the service. For instance, LASACO Assurance is fine tuning arrangement with the Lagos State Government to push the Passenger Liability Insurance Cover in Lagos State. The company is doing this in partnership with the Lagos Taxi Drivers Association, a trade group in the urban transportation industry. Analysts said from what was happening in various motor parks in Nigeria, it was obvious that aside the Motor third party insurance which insurers are struggling to safeguard from fake insurance operators, the passenger -in-transit insurance was another loop-hole through which premium drift from insurers’ pockets. The analysts said insurers should seize the opportunity to take up their positions so that these transporters would stop taking advantage of innocent Nigerian travelers. They also said travelers should be aware of their rights and always demand to know the little insurance premium often added on top of the transport fare they pay where it goes and which insurance firm was providing the coverage. The analysts said this has become necessary because cases abound where travelers had accident and their inability to go to good hospitals for treatment resulted in their death after the accident whereas they paid insurance premium to cover them for the trip in terms of hospital bill for injuries during the trip. Industry observers said owners of inter state transport companies should emulate airline owners in ensuring that since they attach the insurance premium on fare tickets and passengers are paying, they should be considerate enough to ensure they collaborate with genuine insurance companies to provide cover for the passengers so that in time of accident they would contact their partner insurance company for claims payment to passenger to enable them treat themselves. The stake holders also said government and policy makers in the country should consider treating inter state road transport operators the same way they treat airline operators by mandating that no vehicle will ply inter state route without adequate insurance cover. According to them, this will compel the transporters to liaise with genuine insurance operators on how to provide cover for their passengers.

T H I S D AY ˾ WEDNESDAY, APRIL 27, 2022

BUSINESSWORLD

ECONOMY

Ensuring Railway Modernisation for Economic Sustainability The country’s ongoing railway modernisation project has the potential to catalyse the economy and requires the federal government to fast-track its completion with safety guarantees, James Emejo writes

here is no doubt that the railway system remains the fulcrum of economic development and prosperity of any economy. Its ability to stimulate intra-trade and commerce, promote industrialisation and other economic activities cannot be downplayed. According to Proshare, Nigerian renowned financial information service hub, the country’s huge rail infrastructural deficit over the past 30 years had been of concern, as “over-reliance on road haulage has also led to faster dilapidation of roads, while the truck movement of cargoes is a major factor behind the very high cost of cargo clearance from Nigeria’s ports.” It added that the “topography of the country supports an efficient and sustainable rail infrastructure; yet since the decline and obsolescence of the rail infrastructure built during the colonial era, the Nigerian Railway Corporation (NRC) has been largely moribund and ineffective, existing mainly as a property leasing agency in respect of the landed property owned by the corporation”. However, railway transportation has the capacity to contribute to solving the country’s growing unemployment challenges, empower the vulnerable population and address the country’s myriads of economic problems especially in the areas of logistics in the movement of perishable farm produce, cattle, and others as well as help resolve the incessant farmers-herders clashes in the country.

REPOSITIONING RAIL TRANSPORT

It is in realisation of the opportunities in the railway system that the federal government had continued to show its commitment to the implementation of the 25-year strategic plan for the railway transport subsector as a key component of the socio-economic transformation agenda. If anything, the ongoing railway rehabilitation programme will boost government revenues and enhance human capacity development, aid poverty

reduction, empower vulnerable Nigerians, support current efforts towards the recovery and growth of the economy as well as help in resolving the knotty security challenges confronting the country.

IMPROVING GOVERNMENT’S REVENUE

Amidst the current fiscal challenges facing the government, rail transportation could augment the federal government’s revenue profile when fully operational. According to the National Bureau of Statistics (NBS), the NRC generated N2.1 billion as revenue from passengers and cargo between trains in the first and second quarters of 2021. Notably, revenues from passenger traffic stood at N1.08 billion in Q2 2021 compared to N892.47 million in Q1. Also, Goods and cargo generated N71.56 million in Q2 compared to N26.19 million in Q1, while income from other receipts stood at N41 million in six months.

KADUNA-KANO RAIL AXIS

Specifically, the Kaduna - Kano railway project still under construction is part of the Nigerian Railway modernisation programme, being undertaken by the renowned Chinese construction firm, China Civil Engineering Construction Corporation (CCECC) Nigeria Limited as the major contractor. With a total distance of about 200.11 kilometers from Kaduna to Kano, the railway will provide a maximum speed of 150Km/ per hour and is adapted to Chinese standards. The project constitutes the second phase of the Abuja -Kaduna railway programme, which had now been completed and already under operation.

PROJECT’S SIGNIFICANCE

According to the CCECC Project Coordinator, Kaduna-Kano Rail, Madobi/Makarfi Segment, Mr. Mark Xu, the railway programme will boost the local economy of residents along

the railway corridors as well as enhance the transportation network from the Northern region to the Central region including the Federal Capital Territory (FCT). He said given the logistics challenges encountered by farmers in the movement of their perishable produce from the North to South and other parts of the country, the rail system will help convey commodities seamlessly to preferred destinations without risks of wastage. This is particularly positive for the country’s agriculture given that farmers often incur about 60 per cent of post-harvest losses annually. In addition, Xu said, the Kaduna-Kano rail project will hasten the country’s industrilisation drive as the completion would enable integrated economic development and offer facility for mass movement of goods and passengers. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

WEDNESDAY, APRIL 27, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

L-R: Head, Products and Innovations, 9PSB, Mr. Akeem Salam; Group Head, Retail Marketing and Analytics, Access Bank, Chioma Afe; Convener, The Industry Summit, Goddie Ofose; Managing Director/ Chief Executive Officer, Financial Institution Training Centre (FITC), Mrs. Chizor Malize; Divisional Head, Payment Solutions and Vertical Market, Systemspecs, Mr. David Okeme at the third edition of the Industry Summit held in Lagos… recently

ETI Reports 5% Drop in Loans & Advances to Customers Kayode Tokede Ecobank Transnational Incorporated (ETI) Plc has reported a five per cent decline in loans & advances to N3.87 trillion as of first quarter ended March 31, 2022 from N4.06 trillion reported in full year ended December 31, 2021. The group also reported a two per cent decline in deposits from customers to N8.19trillion as of Q1 2022 from N8.36 trillion in 2021 full year results. The decline in loans &

advance and deposits from customers impacted on total assets that dropped by four per cent to N11.27 trillion in Q1 2022 from N11.69 trillion in 2021. The group in its profit & loss figures announced 26 per cent increase in profit to N38.3 billion in its first quarter ended March 31, 2022 results from the figures eported in first quarter ended March 31, 2021. The pan-African bank grew profit before tax by 29 per cent to N100.32billion in Q1 2022

from N40.34billion in Q1 2021. The CEO, Ecobank Group, Ade Ayeyemi, in a statement said: “We delivered strong 1Q 2022 results with profit before tax increasing by 25per cent to $125 million, diluted earnings per share up 29per cent to 0.27 US cents and net revenue growth of seven per cent to $436 million. Returns on tangible shareholders’ equity of 18.9per cent was a record compared to 15.7per cent a year ago. Ayeyemi continued: “We

achieved these results in a difficult operating environment characterised by the strengthening of the US dollar against our operating currencies, high inflation, high interest rates and tight labour markets across Africa as the Russia-Ukraine conflict continued to take its toll. Despite these challenges, we continued to support our customers effectively, which paid off as our businesses grew their revenues and profits. “These were driven by trade, cash management, FICC and

payments, while we also achieved modest loan growth with support from higher interest rates. As a result, pre-tax profits increased by 13 per cent, 26 per cent and 59 per cent in our Corporate and Investment Banking, Consumer Banking and Commercial Banking businesses respectively. “It is important to note that it is the bold strategic decisions and our investments in people, systems and processes over time that have resulted in the record returns for our

shareholders today. We are unrelenting in our focus on driving returns towards our medium-term goal of approximately 20 per cent.” “We have continued to run the company with expense discipline, while growing earnings and investing in improvements to the customer experience. So, despite increased expenses - largely due to inflation - our cost-toincome ratio improved to 58 per cent, compared to 59.3 per cent a year ago.“

SEC Solicits NESG’s Support Underwriter Pledges Commitment to Protect on Economic Development Kayode Tokede The Securities and Exchange Commission (SEC) has restated the vital role the capital market plays in the development of any country through the provision of long-term funds for infrastructure development among others. The Director General of the SEC, Mr. Lamido Yuguda stated this when a team from the Nigerian Economic Summit Group (NESG) visited the Commission in Abuja, to collaborate with the SEC towards the development of the economy.

The SEC DG said that the capital market can actually do more in the areas of provision of necessary infrastructure for the country in a bid to support the government in its developmental efforts. He said, “our collective economic power is bigger than the government and in many countries you find out that the capital market is actually funding the government. When you save, the finance is used to create economic value that actually enhances your standard of living and this is a win-win. You get financial returns and also get utility

from the investments and this is actually achievable.” In his remarks, Chief Executive Officer of NESG, Mr. Laoye Jaiyeola, expressed worry that the banking sector is being over stressed urging Governments and Corporates organisations to look towards the capital market for their funding needs. Jaiyeola stated that transactions can be restructured to raise bonds, bills and all of those things that will fund whatever it is that needs to be funded without going through banks. He said, “The securities

market needs to take the bull by the horn otherwise we are going to be in perpetual debt as a Nation and that will not help us. That is one of the reasons we say let’s re-engage, how can we get an Investments and Securities Act that will ensure that the needed funding for development in Nigeria is given priority and then we can fund Nigeria for a longer term. The short term funding cannot help us; we need to begin to move to long-term. We are passionate about it and we need to raise these funds for the needed development funding for Nigeria.

NSIA Insurance Creates Insurance Awareness through Radio Campaign Ebere Nwoji As part of efforts to contribute to insurance awareness whilst deepening penetration in Nigeria, NSIA Insurance says it kicked off the second quarter of the year 2022 with the launch of its new radio campaign jingle. According to the underwriting firm, the campaign is aimed at reaching a diverse range

of prospective customers, shed light on NSIA Insurance business operations, and reiterate the brand strategy for the year. Tagged “Plan I is the new Plan B”, the campaign will also present an opportunity for the company to communicate effectively, the value of its product offerings and tailor-made services. Speaking on the programme, the Managing

Director NSIA Insurance, Ebelechukwu Nwachukwu, noted that the insurance industry had undoubtedly progressed over the years. She, however, noted that the industry was not yet where it should be. “Many individuals still need to embrace insurance as a necessity, from health insurance to life insurance, ensuring that all their assets are protected. Getting a Plan

for different stages of life is critical.” She described NSIA Insurance as a first-class composite insurance company driven by Integrity, Care, Innovation, and Professionalism. She informed that the head office is in Lagos, with a strong regional presence in Abuja and an extensive network in strategic states across the country.

Environment, People Against Unforeseen

AXA Mansard Health Insurance, a member of the AXA Group has reiterated its commitment to protecting the environment and its people against unforeseen in the society. The company said the commitment is coming on the heels of World Health Day, which is commemorated globally to highlight the invaluable role of good health in global and national development. Speaking on the theme of this year’s commemoration which is “our planet, our health”, Chief Executive Officer AXA Health Insurance, Tope Adeniyi said that the theme was apt in the way it had brought together two critical elements required to guarantee continuous development locally and globally. According to Adeniyi, AXA Mansard Health equally considers these two elements important; explaining that it was one of the reasons sustainability was at the heart of the company’s business operations. “For us, we understand that the environment plays a significant role in life, living and wellbeing of everyone. That is why we do more than support environmental-friendly initiatives, we also practice it as

an organisation”. “At another level, we also understand that despite taking care of the environment, we also need to support the enthronement of good health. So, we continue to create solutions that ensure that good health is available, accessible, and affordable for everyone. We have ensured that we have solutions for them”. Adeniyi also noted that environmental considerations also played a major role in the selection of partners for the organisation. “Today, we have over 2000 service providers nationwide. Sustainability is not just a critical criterion in our selection process; it is a subject of a constantly evolving conversation with them. From energy management to waste disposal, and water consumption to the reduction in emissions; we are not just tracking ourselves; we are encouraging all our stakeholders to act and advocate for the environment. We want to ensure that we take care of the health needs of the present generation, without compromising the well being of the future generation”, he explained.

WEDNESDAY APRIL 27, 2022 • T H I S D AY

T H I S D AY ˾ WEDNESDAY APRIL 27, 2022

EDUCATION Nigerian Parents And Ill-Mannered Children in the Crucible Amidst the public outcry that followed the viral sex tape of pupils of Chrisland Schools, experts believe parents have to do more to rein in ill-mannered kids and prevent future scandals, reminisce of the five Chrisland pupils during a trip to Dubai for the World School Games. Funmi Ogundare reports

he recent crisis rocking Chrisland Schools over the viral sex video involving its pupils while competing at the World School Games in Dubai, United Arab Emirates, has brought to the fore critical questions on the value system and parents trying to shirk their responsibility, preferring the school to shoulder them. Since then, the school management has suspended five pupils involved in the sex tape, taking part in a truth-or-dare game for “improper behaviour.” Subsequently, the Lagos government shut down all the school branches to investigate alleged gang rape and an unauthorised pregnancy test. The only girl at the centre of the sex scandal reportedly has a social media account with the username ‘bhadgurl4k’, posting videos of her suggestive dance steps. However, this scandal involving minors has raised questions on parenting and how children are raised in society. Many point to parents abandoning the oldfashioned way of child upbringing as the bane of today’s youngsters resulting in their ill manners. Many people also reason that technological advancement has done more harm than good: nurturing a horde of ill-disciplined youths, self-centred and socially irresponsible. Most studies show that parents are to take the larger portion of the blame for children’s behaviour, shaping their future by inculcating morally acceptable behaviour in them. Some parents are accused of shying away from their parental responsibilities, pushing the burden on schools and teachers. This neglect of parental responsibility from home has made it a herculean task for the school to achieve much progress. Experts who spoke THISDAY explained why parents must pay special attention to their children, give them a sense of belonging and not interfere with the duties of teachers to nip the negative issue in the bud before it arises. In a statement, the President of the National Association of Proprietors of Private Schools (NAPPS), Chief Yomi Otubela, said, “It is only effective collaboration between the school and the home that can bring out a morally rich child.” He expressed concern that this muchneeded collaboration has been lacking in Nigeria’s educational system due to societal pressure, which has created a communication gap between the school and home. “Parents are not usually present to monitor their children at home due to pressure from work and unending heavy vehicular traffic, especially in the city,” explained Otubela. “This makes many parents leave home as early as 5:00 a.m. and return home from 9:00 p.m. No quality time with the children.” With the gross reduction in moral values, he advised parents to pay more attention to children’s emotional needs. The experts also urged parents to devise a means to monitor what their children view on smartphones and TV. “Some television programmes, including the reality TV shows, should be properly censored by appropriate government agencies before allowing them on cable TV,” added Otubela. Further, he stressed the need for the school management to be alive to its responsibility by taking decisive actions

They must be properly brought up

on the issue of morally bankrupt learners in their schools without fear and favour. He insisted that schools must take appropriate and welldocumented steps to deal with the deviant behaviours of students. “Every school should have a child protection policy in place and properly engage parents, staff members, students and other stakeholders on how to ensure strict adherence to the instructions contained in the policy,” said Otubela. “Technological devices used by students in schools must be restricted to ensure students are limited to educational sites only.” He urged that parenting programmes should be organised periodically by schools to sensitise parents and schools on how to deal with negative issues regarding their children appropriately. A corporate affairs officer at Zenith Bank, Pastor Akin Olaniyan, expressed concern about the toxic influence of social media and the damage to schoolchildren. “Young girls are desperate to adopt the tested formats that have made Kim Kardashian a goddess’. That format has been proved to be effective by Jane Mena and Tacha. As for young boys, it’s either they want to be the next big sports star or the next big-time

musician. Either way, young folks just want to become a celebrity overnight,” explained Olaniyan. He added, “They forget that the road to the point where social capital becomes profitable is fraught with minefields. Or that the self-consuming process of the lifestyle of a micro-celebrity is psychologically punishing. This is why I pity parents who are so media illiterate that they will allow their underage children uncontrolled access to the Internet. The young girl at the centre of the mess in Chrisland had access to a smartphone, data and a ring light for her homemade videos posted to Likee.” He advised parents to withdraw smartphones from their children under 18 “if they do not absolutely need it.” “If they must use a smartphone, pay attention to what they do. I advise you to check and delete the Likee application for a start. In monitoring your children, also constantly check what they do on Instagram and Tik Tok,” he advised. “Whatever you do, do not encourage your children to start building a career as micro-celebrities until they are fully grown and ready for the psychologically draining process. In doubt, ask Jane Mena and Tacha how they are coping.” A teacher, Mrs. Deborah Idenyi, said she applies different strategies for different parents when their children misbehave. “The ones that appreciate the correction, I always alert them of their child’s misbehaviour while the ones who feel insulted when you correct their child, I just tolerate the child and pray for God to touch him or her,” she pointed out.

“Parents must pay special attention to the emotional needs of their children and ensure that they devise means of monitoring what their children watch on the mobile phones by restricting them from accessing adult sites at home.”

“Teaching in a private school requires wisdom and patience.” A parent, Mrs. Desire Obanefe, who advised fellow parents to sit up in the proper training of their children, said, “I personally have a problem with the word ‘punishment’. I think ‘discipline’ is most appropriate. I didn’t send my child to school to be punished. He can be disciplined or corrected, not necessarily with corporal punishment. The original work of training and disciplining children is the parents’ responsibility. But in a world where we have absent parents who believe everything is about providing luxury for the children, what behaviour do you expect from such children?” Another parent, Mr. Taofeek Olarenwaju Emmanuel, expressed his concern. “Gone are those days when adults can discipline any child once it is established that such child misbehaved whether at school, church or mosque,” he said. The founder and Chief Executive Officer (CEO) of Edumark Consult and Total School Support Exhibition (TOSSE), Mrs. Yinka Ogunde, told THISDAY that parents should not pass their responsibility to schools. “Teachers are teachers, and parents are parents. There are things you need to impact on your child, and it is dangerous if you don’t do that. You must give that child a sense of belonging. You can no longer be an absent parent,” said Ogunde. “Some parents are there physically with their children, but they are not really there. They are absent.” She stated that when parents give the school the duty of counsellors, teachers that will teach them academic and right values, therapists and monitoring them on the social media, they are asking for the impossible. “That is quite a lot of expectations from schools. I am not exactly sure that these are the responsibility that parents should pass to them,” Ogunde, founder of the Concerned Parents and Educators (CPE) network, said.

T H I S D AY ˾ WEDNESDAY APRIL 27, 2022

EDUCATION

Adeboye: Cadbury Committed to Improving Children’s Mental, Physical Well-being In this interview Omolabake Fasogbon, the Managing Director of Cadbury West Africa, Oyeyimika Adeboye, explains how Cadbury Nigeria is harnessing its yearly Bourn Factor School Talent Hunt Competition to bridge the skills gap in children and reach the needy in the country. Excerpts:

Nigerians excel in globally. For us, Bourn Factor is an enabler, as it allows parents and schools to encourage and showcase these talents. I believe we are creating a talent pool that will become visible to relevant bodies in the media, arts, and entertainment industry. We hope relevant organisations will support us on a long-term basis as we look into ways to nurture these talents further.

adbury has remained a consistent investor in the Nigerian community despite economic crises. What has been its driving force? Cadbury Nigeria is the pioneer cocoa beverage manufacturer in Nigeria, offering some of the most loved brands in the country, a fact we are very proud of. Investing in the communities that we live and work in has always been a priority for us. From producing iconic quality products, including Bournvita, TomTom, Buttermint, and Clorets, to contributing to social development through numerous community initiatives, we ensure that we give back to our host communities. In return, we continue to benefit from these communities through consumer brand loyalty. Our investment in Nigeria is for the long haul as we explore and introduce the right snacks for our growing and thriving population. The company recently concluded the third edition of the Bournvita Bourn Factor School Talent Competition, awarding N6 million and non-cash gifts to the three winning schools. What is the motive for this initiative and the desired outcome? The Bourn Factor programme is one of many tools that was created to communicate some of the key attributes of the brand architecture of our iconic cocoa beverage, Bournvita, to our consumers. Bournvita is a cocoa-based food drink fortified with 17 essential vitamins and minerals, including vitamins D, B2, B9, and B12 which aid the healthy development of children. We believe every child deserves to consume a nutritious beverage daily. We also believe that this is important for the child’s physical and mental well-being if the child is to succeed in life. We know a lot of investment is made in the physical well-being of children through sports, but very little is invested in their mental well-being. Consequently, we decided to position the Bourn Factor programme as a platform that will enable children from different schools to showcase their talents, compete, and win prizes for their schools while raising money for their chosen social cause. We are also using this programme to create awareness of the principles of recycling in the children competing and their schools. In this edition, our third since its inception in 2019, 319 schools participated in the competition resulting in the collection of over four million plastic jars and product wrappers, with 54 of the participating schools exceeding their targets. Finally, the Bourn Factor programme creates a channel that enables us to connect with and impact more lives across our communities. Participation in the event has soared exponentially through the years, from 183 schools participating in 2019 to 319 schools in 2021. Winning schools are able to pick a charity of their choice towards which we can then make appropriate contributions/support.

Aside from the fun and prizes, what socio-economic challenges has the initiative addressed? We always encourage the winning schools to identify an orphanage that they would like to donate some of our products to. This ensures that the school children themselves understand the concept of giving back, while it also allows less privileged children to enjoy our products. Furthermore, as winners of the Bourn Factor competitions, the winning schools can invest in whatever project that will enhance the lives of their student community. As mentioned earlier, we have seen schools invest in different things based on their priorities.

Adeboye Bourn Factor initiative? As mentioned earlier, we believe every child has been gifted with multiple talents that simply need to be nurtured. We know there are huge benefits to our communities and society when these talents are nurtured in a positive manner. With more schools and children participating, the Bourn Factor programme will help bridge important gaps particularly through improvement in soft skills that build a child’s character and skills not specifically addressed through the general school curriculum. They include collaboration, selfless giving, sportsmanship, community service, and competition, to name a few. In addition, the prizes awarded to the top three schools are invested in the infrastructure needed to enhance the quality of education received by students at the schools. Previous winners have used their award to set up ICT facilities, playground equipment, boreholes, and complete building renovations - all necessary facilities established for the healthy development of their students. The winning schools from this year’s edition will also benefit from this investment in their causes of choice—whether internal or external.

What are the multiplier effects of the

For three years consecutively, you have sustained this programme. What has been the drive for continuity? The Bourn Factor programme provides a platform that continues to encourage and showcase diversity in talents beyond academics. Our society is one which spotlights brilliance in academics but fails to see that students are capable of more than just their academic ability. There are so many talented students across the nation who just need the right opportunity to showcase their capabilities. We believe that there is a seed of greatness in every child. This manifests through academic prowess or other unique gifts and talents, which is why we decided to provide a platform for children to showcase some of the unique gifts and talents they possess, with the opportunity to win fantastic prizes for their schools. Judging from the entries and performance of children in the last three years, what’s your assessment of schoolchildren’s talent and ways to improve? Nigeria is blessed with talents, as evidenced in the many areas that

There are a lot of talented children out there who, for one reason or the other, could not get to enter or win the competition. Does Cadbury have other programmes? We are most concerned about the healthy development of children, not only through nourishment they receive from what they eat but also from a physical and mental wellbeing perspective. We have created other programmes that provide opportunities for children to explore and be challenged outside of the school setup. These initiatives include the Bournvita Magic Flight, which gave more than 50 children the opportunity to travel to different locations across the globe; Cadbury Bournvita Tech Boot Camp, a free training boot camp aimed at improving the technical knowledge of young children (nine to 16 years) living in a digital revolution; and the Bournvita School Programmes, which aim to support the mental well-being of children and impact their lives. Businesses are gradually recovering from the COVID-19’s adverse effects and are scaling up their social investment. What major innovations and impacts are expected from the fourth edition of the Bournvita Bourn Factor School Talent Competition? Our commitment is to make the fourth edition of the Bourn Factor School talent competition bigger and more impactful. We have taken some good learnings from this current edition and look forward to announcing the next competition as more schools across the country will be encouraged to participate. We will continue to consolidate our impact through the Bourn Factor programme, investing in the healthy development of children’s mental and physical well-being across Nigeria.

UBEC to Address Low Transition of Girls to Secondary Schools Uchechukwu Nnaike

The Universal Basic Education Commission has expressed concern over girls’ non-completion of basic education across the country and has organised consultative meetings with girls, in partnership with UNICEF, to highlight their challenges of transiting to junior secondary schools. Speaking at the two-day meeting with girls from South-West states in Lagos recently, the UBEC Executive Secretary, Dr. Hamid Bobboyi, said available data indicated that primary school enrolment rate for the girl-child starts high and drops

significantly with less than 30 per cent of the enrollees transiting to the junior secondary level. He said over time, the government at federal and state levels, the private sector, public and private institutions and organisations have implemented various interventions geared towards addressing the girl-child challenge. However, he said gaps still exist in this direction prompting renewed concerns and programmes by UBEC to nip the dangerous trend in the bud. Bobboyi, represented by the Deputy Executive Secretary, Services, Dr. Isiaka Kolawole, said some challenges include cultural factors,

poverty, parents’ unwillingness and social problems. He said the meeting was to analyze the challenges, as in-depth knowledge of the issues and the factors that fuel the anomalies could lead to the initiation of effective and result-oriented interventions for addressing them. He added that the information from the consultation would be streamlined into policy actions that will impact basic education in the country. The UBEC boss also stressed involving parents in schools management. Bobboyi restated that the attain-

ment of quality and equal education within the context of the contemporary society rests heavily on the girl-child, as girls, when properly educated, are known to transit to and assume higher family responsibilities as mothers with increased capacity and relentless push for the education of their children and other family members. “To this end, and as part of efforts by UBEC in addressing gender disparity in the UBE sub-sector, UBEC established the All-Girls Model Schools in Nigeria and ensured their proper furnishing and equipment for better learning conditions for the girl child,” Bobboyi added.

He said evidence abound to buttress the fact that single-sex learning facilities, particularly for girls, always have a tremendous impact in encouraging enrolment, retention and completion, especially in areas with strong cultural inhibitions. In her remarks, Education Specialist, UNICEF, Abuja, Azuka Menkiti, noted that factors responsible for the low transition to junior secondary school vary from one region to another. She said UNICEF would continue collaborating with UBEC and others to find suitable and workable solutions to the problem without

T H I S D AY ˾ WEDNESDAY APRIL 27, 2022

CITYSTRINGS

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

Delta Community Sends SOS to Buhari, Okowa, NDDC over Collapsed Road Precious Ugwuzor reports that with the coming rains, the Ubulu-Uku Community in Aniocha South Local Government Area of Delta State has sent an SOS to the President Buhari, the state government, as well as the NDDC over the poor condition of their roads

community is as good as its roads but for the Ubulu-Uku Community in Aniocha South Local Government Area of Delta State, their lot has been that of a people cut off from civilisation and their neighbours. With the poor state of the roads, their fears of being totally cut off once the rains start in earnest are about to materialise. As the rainy season is set to start in full, the people of Ubulu-Uku are living in fear over the poor state of the only road linking them to their farms and other communities, the Ubulu-Uku- Onicha Ugbo road. Every dry season, for many years now, the townspeople have contributed millions of naira to sand-fill the road as a temporary remedy, but once the rainy season comes, all the sand would be washed away and the road would become a mass of gullies and craters. Sadly, many successive administrations have abandoned the road for over three decades. In fact, that people are still passing through the road today was due to the magnanimity of the incumbent chairman of Aniocha South Local Government Area, Mr. Jude Chukwuwike, who sand-filled the road last November to enable the community celebrate the Christmas and the New Year season. Now, following the fear and apprehension over the imminent threat of rain, residents of the community have urged Governor Ifeanyi Okowa and the World Bank to save a part of their town from being wiped out by erosion that has been ravaging the area. A community leader, Mr. Mark Chidozie, told our correspondent that Ubulu-Uku- Onicha Ugbo road has suffered neglect by successive administrations, “from James Ibori , Emmanuel Uduaghan and now our brother Ifeanyichukwu Okowa. “None of them remembered the road. We were happy when our brother took over but the administration will soon be over; it is better late than never. We are appealing to him to come to our rescue. "Our son, chairman of Aniocha South Local Government Area, Pastor Jude Chukwuwike, removed a serious burden from us and gave us relief when he sand-filled the road, so we were not taxed during the 2021 Christmas and New Year celebrations. “However, by April, what he did will be spoilt by erosion. We will have to suffer from April till November when we contribute money again to put the road in order in preparation for Christmas and New Year. If we don't do the road, our children will not come home. “Rain is seen as showers of blessing and every community prays for the blessings to pour down and quench the heat that is causing serious havoc in families. " People pray for the rain to return to enable them go back to the farm to avoid shortage of food and hunger, but, on the contrary, the fear of rain is the beginning of wisdom for the people of Ubulu-Uku, especially those who reside along Ubulu-Uku-Onicha Ugbo road. "They live in fear of ravaging erosion that always causes havoc on the road. It will not be out of place to say that, if not for their farm, the villagers who live along the road from Ubulu-Uku to Onicha Ugbo would have been praying fervently for God to hold the rain and allow the dry season to continue. "The reason is that, once the rainy season comes back fully, by April, to pass through the road would be like walking through the valley of the shadow of death, as only the courageous can use the road, but that notwithstanding, many of these courageous ones still end up in orthopedic hospitals or traditional bone-setters homes.” Another indigene, Mr. Tony Osadebe, said: “Why we are begging that the government should come to our rescue now is that, during the rainy season, the road will be wrecked by gully erosion and rendered impassable to the

Palliative work done by the chairman of the local government which is at the danger of being washed away by the looming rainy season extent that walking through what is left of the track would be like passing through a death trap. " The road project was awarded to a prominent son of the state by the Niger Delta Development Commission (NDDC), that is why the community is sending a Save Our Soul message to President Muhammadu Buhari; Minister of Niger Delta, Godswill Akpabio; Speaker of the House of Representatives, Femi Gbajabiamila; and all well-meaning Nigerians to intervene and end the suffering of residents in the area. " Our homeland is turning into a place of torment. The residents of the town, who are predominantly farmers and civil servants, been running away from the land of their birth not because of upsurge in criminal activities, outbreak of epidemics or any untoward factors, but because of government’s total neglect of the area, which has been cut off from other communities in Ubulu-Uku and neighbouring towns by erosion. "When rainy season comes, only the strong and courageous can walk through the road; many have been injured, maimed, and vehicles and other property have been damaged in the course of forging through the road. "After the dry season, our people, who are mostly farmers, will no longer access their farmlands. This has heightened fear of imminent hunger and starvation, as the only

road that leads to the farms will be completely destroyed by erosion. "There is also anxiety that, if work does not commence to salvage the road immediately, in a few months’ time, many people would be trapped in their homes, which are likely to be destroyed by erosion.” On her part, United States-based Ubulu-Uku indigene, Catherine Williams, travelled from the U.S. for the funeral of her sibling, Boniface, recently, but became more devastated as she could not get to her family compound with the three SUVs that were conveying her entourage and valuables. The embittered Williams said: “I have never been embarrassed like this. I was coming home in company of my friends from the U.S. and those who joined us from Lagos. We had a smooth ride to Delta State, and I was so happy that we arrived safely. Just to enter my street, Onicha-Uku Quarters, in Ubulu-Uku, we were not able to advance because of the dilapidated nature of our road. “We had no alternative than to abandon our vehicles and we paid heavily for people to convey our loads on their heads, as neither cart pushers nor motorcycles could pass through the road. To walk through the road was like walking through the valley of the shadow of death, because it was in the worst state of dilapidation. We did not arrive my home without minor injuries. “We daughters and sons of Ubulu-Uku in diaspora are asking the offence that the OnichaUku and Onicha-Okpe people committed that they have been abandoned by government. They voted for the People’s Democratic Party (PDP), which is in control of Delta State. The last time I visited home was about one year ago. I wonder what the road would look like in one year’s time.

"When rainy season comes, only the strong and courageous can walk through the road...After the dry season, our people, who are mostly farmers, will no longer access their farmlands. This has heightened fear of imminent hunger and starvation, as the only road that leads to the farms will be completely destroyed by erosion"

" We understand that government is aware that the contract to repair the road was awarded many times to a sitting senator who boasted that nothing would be done to him. Our son, Okowa, should do the road while he should help us prevail on the NDDC to come out with its Investigation on the road contract. “On behalf of Ubulu-Uku people at home and in diaspora, I am appealing to Governor Ifeanyi Okowa and the World Bank to do something drastic to avert a extermination of our people who are already suffering from vicarious liability.” According to Diokpa Eziashi, an elder of the town, “the road is usually impassable from April to December each year due to the deep gully and flooding situation, which also results in serious flooding around homes within the affected areas in Ubulu-Uku. "During this period, motorists and commuters are forced to take alternative routes to other communities. The flooding situation usually on the road has compelled affected residents to build walls on both sides of the road in order to protect their properties from floods, but without results. “We thank our LGA chairman, Mr. Jude Chukwuwike, who sand-filled the road for us last December. It was the best thing that happened to us as our children were able to return home for Christmas and New Year celebrations. "Those who did burial of their loved ones and those who had weddings and other activities were happy to have access to their homes. But the relief will soon be over, as the rain is returning gradually. I want to appeal to President Muhammadu Buhari to wade into our matter and order full-scale Investigation into who the contract was awarded to many times by the NDDC. “I am also appealing to our son, Senator Okowa, to save us from being exterminated by erosion; let him come to our rescue. He has a few months more in office, if our son cannot do the road for us, who will do it, as successive governors had abandoned the road? " Many of them played politics with the road, promising to fix it for us, but the moment they entered as governors, they abandoned us. We know that Okowa is aware that the contract to repair the road had been awarded many times and money paid for the job, but while the Federal Government is Investigating, our son should help us fix the road.”

WEDNESDAY APRIL 27, 2022 • T H I S D AY

T H I S D AY ˾WEDNESDAY, APRIL 27, 2022

BUSINESS/MONEYGUIDE

PENCOM Approves Norrenberger’s Acquisition of IEI-Anchor Pension Kayode Tokede The National Pension Commission (PENCOM) has approved Norrenberger’s acquisition of IEI-Anchor Pension. By this move, Norrenberger through its acquisition of IEI Insurance emerged the largest shareholder of the Pension Fund Administrator. Norrenberger in a statement said it has obtained all necessary approvals from the Federal Competition and Consumer Protection Commission (FCCPC), the Securities and Exchange Commission (SEC), and the National Insurance Commission (NAICOM) for the acquisition. Commenting on the acquisition, Group Managing Director/ CEO of Norrenberger, Tony Edeh in the statement said, “Norrenberger has a proven track record

of acquisition and integration with a clear growth strategy for the organization, which supports our acquisition of IEI. “Thus, the acquisition of IEI, a company with a rich heritage and experience in pensions and insurance, will further strengthen our Group’s mission to unlock investment opportunities in our society for our clients. “Norrenberger has a robust financial profile with a solid risk assessment framework, and we believe this acquisition will provide a wide range of benefits and opportunities to both companies’ staff, clients, and stakeholders.” The CEO of IEI Insurance, Mr Ebun Ayeni said: “The board of International Energy Insurance is in solid support of the acquisition by Norrenberger, which will provide a strategic

opportunity for all stakeholders in both businesses and change the perception of the Insurance group. We are looking forward to the exciting opportunities which this acquisition would provide.” The acquisition is driven by efforts to meet IEI’s capitalization requirement as required by NAICOM and signifies Norrenberger’s entry into the pension and insurance sectors of the financial services industry. With the acquisition, Norrenberger will expand and further strengthen its business model to improve its product and service distribution to clients across Nigeria, aggressively create and develop new opportunities for its stakeholders by utilizing technology and other digital assets to revolutionize the pension and insurance markets.

L-R:- The Inductee/ Minister of Labour and Productivity, Dr. Chris N. Ngige; President/Chairman, Governing, Council, Institute of Leadership Entrepreneurship and Corporate Governance (INSLEC), Prof. Gabriel Emecheta; and the Registrar,INSLEC.,Mrs. Onajiyoma Agubo, at the induction ceremony of Dr. Chris Ngige as a Distinguished Honorary Fellow of INSLEC in Abuja recently

Sterling Bank Promises Support for Abused Women Nume Ekeghe Sterling Bank Plc has said it would continue to support women and young girls who have been victims of gender-based violence at one time or another to develop the courage to break the silence in a bid to stop sexual harassment in the country. General Manager, Corporate and Investment Banking with Sterling Bank Plc, Mrs. Mojisola Bakare, made the promise on behalf of the bank while speaking at the premiere of the movie Chatroom in Lagos recently. She explained that the movie is aimed at ‘Breaking the Silence’ about the gender-based abuse women and young girls go through in the Nigerian society. The film, produced by Mrs. Olapeju Ibekwe, is a 98-minute movie that tells the inspiring story of Ebiere, a young, unassuming lady who enters a dancing reality

TV show to escape the haunting experience of her past. The experiences in the house turn the table on her, causing national chaos. Addressing the audience at the event, Mrs. Ibekwe said the CHATROOM project, which started a few years ago, was inspired by the true-life story of someone who is still alive. She urged more survivors to break the silence and speak up about their situations for the benefit of others, adding, “We wanted to create a story that would give people hope; to let us know that things happen, but we don’t have to wallow in the mud, and that was the beginning of CHATROOM. “ She added that a virtual chatroom has also been established on the movie website, www. chatroomthemovie.com, which will be a safe place for survivors, where trained counsellors can help them.

Also speaking, the Minister of Women Affairs and Social Development, Mrs. Pauline Tallen, in a keynote address, noted that the sustenance of gender equality perspectives should be coordinated in the plans, projects, and programmes of the Federal Government. The ministry’s Director of Gender Affairs, Mrs. Friya Kimde Bulus said the event could not have come at a better time, given the recent passing of famous gospel singer Mrs. Osinachi Nwachukwu, whose experience exemplifies the issue of gender-based violence (GBV). According to her, cases of GBV have been on the increase in Nigeria, with the latest incident being the death of the popular gospel singer, the late Mrs. Osinachi Nwachukwu, who allegedly died due to complications during a domestic altercation with her spouse.

CRC Named Best Credit Bureau in Nigeria Nume Ekeghe CRC Credit Bureau Limited (CRC) is named the Best Credit Bureau, Nigeria 2022 by Capital Finance International (CFI.co) a print journal and online resource reporting on business, economics and finance with its Headquarters in London, United Kingdom. CRC Credit Bureau Limited has won this award, consecutively for the past two years (2020 and 2021). Their report states: “CRC Credit Bureau gives partners a 360-view of their customers, pulling from financial records as well as social media channels to understand how the pandemic has impacted them. Advanced data analysis is being utilized to identify custom-

ers with responsible repayment histories so that terms can be renewed or restructured.” The Judging Report further added that “the latest CRC initiative is designed to offer a clearer picture of those seeking loans in the aftermath of the economic damage inflicted by the pandemic, especially the country’s hard-hit SMEs. The company is also implementing recovery plans that seek to build IT capacity and digital awareness. It has set up a financial education center where companies are given IT training in soft skills, credit evaluation and tracing, among other subjects. CRC hopes that stronger technical services will allow businesses in Nigeria to

upscale more rapidly after the upheaval of Covid-19”. Speaking on the award, CRC Group Managing Director/CEO, Dr ‘Tunde Popoola stated: “CFI’s Judging Report fully captures CRC’s commitment to serve our members and consumers with comprehensive credit reporting on individuals and businesses, enlarge our range of solutions that help organizations achieve their business objectives. We facilitate decision making with our data analysis capabilities. Individuals living in Nigeria can now stay on top of their credit history through our various products/services and digital platforms that make access to credit information easier than ever.”

Securex Set to Hold W’Africa International Exhibition and Conference Securex West Africa has announced that it has concluded arrangements to host the West African International exhibition and conference. In a statement, the organisers said, “As the region’s leading exhibition and conference for the security, safety, fire and facilities management sectors there really is no better place to get up to speed with the industry trends and source the latest products on the market. With over 100

industry suppliers represented, from 15 countries and an impressive line-up of over 70 speakers it’s certainly an event not to be missed. “Securex West Africa International Exhibition and Conference takes place at the Landmark Centre, Victoria Island, Lagos from 10th – 12th May 2022. Across the three days of the exhibition there are various conferences taking place that will focus

on different sectors of the industry. On Tuesday 10th May the focus will be on Protecting Critical National Infrastructure with keynote addresses from Dr. Ahmed Abubakar Audi, Commandant General, Nigeria Security and Civil Defence Corps, CP Abiodun Sylvester Alabi, Commissioner of Police, Lagos State and Agasa Kehinde, The Commandant – Lagos State, Federal Fire Service.”

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

---- Memo: Credit to Govt. (Net) less FMA

0.00

---- Memo: Fed. and Mirror Accounts (FMA)

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY APRIL 21, 2022

The price of OPEC basket of thirteen crudes stood at $107.97 a barrel on Wednesday, compared with $110.52 the previous day, according to OPEC Secretariat calculations (view archives). The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾WEDNESDAY, APRIL 27, 2022

MARKET NEWS

Investors Demand for Seplat 27 Others Lift Market Cap by N14bn Kayode Tokede Investors surge demand for Seplat Energy Plc, 27 others lifted market capitalisation of the Nigerian Exchange Limited by N14billion yesterday to maintained its bullish momentum for this week. Precisely, the overall market capitalisation value gained N14 billion to close at N26.184 trillion from N26.170trillion, as the NGX

All-Share Index inched higher by 25.21 basis points or 0.05 per cent to close at 48,568.57 points from 48,543.36 basis points it opened for trading. The market gain was driven by price appreciation in large and medium capitalised stocks amongst which are; Seplat Energy, Nigerian Breweries, Presco, UAC of Nigeria (UACN) and Flour Mills of Nigeria. As measured by market

P R I C E S MAIN BOARD

F O R DEALS

breadth, market sentiment remained positive as 28 stocks gained relative to 23 losers. Academy Press recorded the highest price gain of 10 per cent to close at N1.21, per share. Champion Breweries followed with a gain 9.78 per cent to close at N2.47, while MEYER Plc gained 9.77 per cent to close at N2.81, per share. Neimeth International Pharmaceuticals rose by 9.56

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

per cent to close at N1.49, while eTranzact International appreciated by 9.43 per cent to close at N2.90, per share. On the other hand, Multiverse Mining and Exploration led the losers’ chart by 8.70 per cent to close at 21 kobo, per share. International Breweries followed with a decline of 8.04 per cent to close at N5.15, while Cadbury Nigeria declined by 7.74 per cent to close at N7.75, per

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S

share. Japaul Gold and Ventures shed 6.25 per cent to close at 30 kobo, while Honeywell Flour Mills dipped by 4.88 per cent to close at N3.70, per share. The total volume of trades increased by 17.3 per cent to 464.733 million units, valued at N7.010 billion, and exchanged in 6,468 deals. Transactions in the shares of Transnational Corporation of Nigeria (Transcorp) topped

O F

2 6

the activity chart with 123.820 million shares valued at N144.565 million. AIICO Insurance followed with 20.507 million shares worth N14.050 million, while Zenith Bank traded 19.445 million shares valued at N493.416 million. FBN Holdings (FBNH) traded 18.453 million shares valued at N220.754 million, while Fidelity Bank transacted 18.148 million shares worth N69.054 million.

/ 0 4 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

WEDNESDAY, APRIL 27, 2022 • T H I S D AY

Wednesday, April 27, 2022 Thisday 40Index Indexfell Down 11bps Thisday Afrinvest Afrinvest 40 by 14bps The ĨƌŝŶǀĞƐƚ ϰϬ ĚĞĐůŝŶĞĚ ϭϭďƉƐ ƚŽ Ϯ͕ϭϳϵ͘ϵϱ ŝŶͲ The dŚŝƐĚĂǇ dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ /ŶĚĞǆ ĚĞĐůŝŶĞĚ ďǇ ϭϰďƉƐ ƚŽ ƐĞƩůĞ

THISDAY AFRINVEST 40 INDEX

dex points due to due sell pressure on GTCO ZENITH at 1,674.89 points to sell-pressure on (-1.4%), ZENITH (-0.6%), (-Ϯ͘ϵйͿ͕ MTNN ƵŵƵůĂƟǀĞůǇ͕ ƚŚĞƐĞ ƐƚŽĐŬƐ WAPCO ĂŶĚ (-1.3%), and (-Ϭ͘ϱйͿ͘ UBA (-0.7%). These stocks cumula-

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

account for 19.1% of the index. ƟǀĞůǇ ĂĐĐŽƵŶƚ ĨŽƌ ϭϯ͘Ϯй͘

Current Price

Ticker

ĂƌŐĂŝŶ ,ƵŶƟŶŐ ^ƵƐƚĂŝŶƐ ƚŚĞ ƵůůƐ͘͘͘ ^/ ƵƉ Ϭ͘ϭй ASI up 11bps as DANGCEM Gains 3.3% zĞƐƚĞƌĚĂǇ͕ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ŝŶ SEPLAT (+6.8%), NB WƌĞǀŝŽƵƐ andĚĂǇ͕ ƉƌŝĐĞ (+4.5%) ƵƉƟĐŬ keptŝŶ the bulls ,KEz&>KhZ (+8.4%), TRANSCORP running (+9.8%), E' D ;нϯ͘ϯйͿ͕ ĂŶĚ & E, (+0.7%) bolŽŶ ƚŚĞ ůŽĐĂů ďŽƵƌƐĞ ĂƐ ƚŚĞ E'y-ASI rose 0.1% to close at stered ƉŽƐŝƟǀĞ ƉĞƌĨŽƌŵĂŶĐĞ ŽŶ the local bourse as the Allϰϴ͕ϱϲϴ͘ϱϳ ƉŽŝŶƚƐ͘ ĐĐŽƌĚŝŶŐůǇ͕ zd ƌĞƚƵƌŶ ĂĚǀĂŶĐĞĚ ƚŽ Share index rose by ϭϯ͘ϳй ;ƉƌĞǀŝŽƵƐůǇ ϭϯ͘ϲйͿ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ 11bps to 39,550.36 points. ŽŶƐĞƋƵĞŶƚůǇ͕ zd ůŽƐƐ ŝŵͲ gained ʬ13.6bn to ʬϮϲ͘ϮƚŶ͘ DĞĂŶǁŚŝůĞ͕ ƚƌĂĚŝŶŐ ĂĐƟǀŝƚǇ proved to -1.8% while ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ƌŽƐĞ ďǇ ǁĂƐ ŵŝǆĞĚ ĂƐ ǀŽůƵŵĞ ƚƌĂĚĞĚ ƌŽƐĞ ϭϳ͘ϯй ƚŽ ϯϴϱ͘Ϯŵ ƵŶŝƚƐ േϮϯ͘ϰďŶ ƚŽ േϮϬ͘ϲƚŶ͘ dƌĂĚŝŶŐ ĂĐƟǀŝƚǇ ǁĂƐ ŵŝǆĞĚ ĂƐ ǀŽůƵŵĞ while value traded fell 0.5% to ʬ4.0bn. ƚƌĂĚĞĚ ĚĞĐůŝŶĞĚ ďǇ Ϯϭ͘ϲй ƚŽ ϭϭϬ͘ϴŵ ƵŶŝƚƐ ǁŚŝůĞ value ƚƌĂĚĞĚ ƌŽƐĞ ďǇ ϴϴ͘ϱй ƚŽ േϯ͘ϭďŶ͘ The most traded stocks Bullish Sector Performance by volume were dZ E^ KZW ;ϭϭ͘ϵŵ ƵŶŝƚƐͿ͕ & E, (11.1m Across our coverage sectors, performance was bullish as ƵŶŝƚƐͿ͕ ĂŶĚ K E K ;ϳ͘ϯŵ ƵŶŝƚƐͿ ǁŚŝůĞ E ^d> ;േϮ͘ϮďŶͿ͕ ϰ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ ǁŚŝůĞ Ϯ ůŽƐƚ͘ dŚĞ Oil & Gas and Consum E' D ;േϭϰϱ͘ϬŵͿ͕ ĂŶĚ 'd K ;േϭϯϰ͘ϴŵͿ ůĞĚ ďǇ ǀĂůƵĞ͘ er Goods indices led the gainers, up 3.3% and 1.1% re-

THISDAY AFRINVEST 40

2179.95

1 Airtel Africa PLC 2 MTN Nigeria Communications PLC

17.5% 118.0%

15.0%

ROA

P/E

3.5%

5.6x

Dividend Earnings Yield Yield

P/BV

0.9x

6.0%

16.0%

0.0%

212.00

-0.5%

8.1%

7.6%

134.7%

14.1%

14.4x

22.3x

6.2%

68.00

0.0%

6.4%

1.4%

19.1%

11.2%

32.7x

6.2x

3.9%

3.1%

24.25

-1.4%

5.6%

-6.7%

20.7%

3.3%

4.0x

0.8x

12.1%

25.0% 31.4%

39.0%

38.2%

1.4% 6.9%

24.80

-2.9%

5.4%

-1.4%

20.4%

2.7%

3.2x

0.6x

12.2%

285.80

0.0%

4.5%

11.2%

39.2%

16.3%

13.5x

5.0x

7.0%

7.4%

1,395.00

0.0%

2.9%

-10.4%

106.8%

15.6%

27.1x

31.8x

3.7%

12.05

0.4%

3.3%

5.7%

8.4%

0.8%

7.1x

0.6x

3.8%

14.1%

27.00

0.4%

3.4%

12.7%

15.5%

11.1%

7.3x

1.1x

7.4%

13.7%

9.90

0.0%

2.6%

8 FBN Holdings Plc 9 Lafarge Africa PLC 10 Access Holdings PLC 11 United Bank for Africa PLC

6.5%

7.1%

8.10

-1.2%

2.0%

0.6%

15.8%

1.4%

2.4x

0.4x

12.3%

41.8%

35.25

-0.3%

1.5%

-2.1%

15.6%

2.1%

7.4x

1.2x

8.5%

13.4%

58.00

8.4%

1.7%

16.0%

10.5%

3.9%

25.0x

2.5x

2.8%

4.0%

1,100.00

6.8%

2.5%

69.2%

8.7%

4.1%

10.0x

0.9x

3.8%

10.0%

2.5x

0.4x

5.6%

12 Stanbic IBTC Holdings PLC 13 Nigerian Brew eries PLC 14 SEPLAT Energy PLC 15 Ecobank Transnational Inc

-0.11%

ROE

1,320.00

3 BUA Cement Plc 4 Guaranty Trust Holding Co PLC 5 Zenith Bank PLC 6 Dangote Cement PLC 7 Nestle Nigeria PLC

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

16 International Brew eries PLC 17 Okomu Oil Palm PLC 18 Flour Mills of Nigeria PLC 19 Fidelity Bank PLC 20 AXA Mansard Insurance PLC 21 Dangote Sugar Refinery PLC 22 FCMB Group Plc 23 United Capital PLC

11.85

-1.3%

1.7%

36.2%

18.4%

1.0%

5.15

-8.0%

1.1%

4.0%

-10.3%

-3.9%

147.00

0.0%

1.0%

3.5%

36.5%

23.3%

10.0x

3.3x

5.4%

10.0%

32.45

1.4%

1.0%

14.5%

15.9%

4.5%

5.0x

0.7x

5.1%

20.1%

1.0x

39.4% -11.1%

3.80

-2.6%

0.8%

49.0%

13.3%

1.3%

2.9x

0.4x

9.2%

34.6%

2.54

-1.9%

0.6%

9.5%

9.3%

3.0%

7.8x

0.7x

9.9%

12.8%

8.8x

11.3%

16.00

0.0%

0.4%

-8.0%

17.4%

6.9%

3.62

-3.2%

0.5%

21.1%

10.2%

1.1%

1.5x

6.1%

0.3x

5.5%

3.3x

11.3%

13.30

0.8%

0.5%

34.3%

24 Guinness Nigeria PLC 25 Transnational Corp of Nigeria

82.25

0.0%

0.7%

110.9%

13.3%

6.0%

17.3x

2.2x

0.6%

5.8%

1.17

4.5%

0.4%

21.9%

11.1%

2.3%

6.2x

0.7x

1.7%

16.1%

Across sectors under ourandcoverage, performance was Trailing, the Insurance Industrial Goods indices

26 Presco PLC 27 NASCON Allied Industries PLC

132.00

1.5%

0.4%

50.3%

2.8x

0.8%

12.00

0.0%

0.2%

-9.1%

2.1x

bearish Ϭ͘ϵй as 4 indices lost,ƌĞƐƉĞĐƟǀĞůǇ 1 index gained ŐĂŝŶĞĚ ĂŶĚ ϯďƉƐ ŽŶ ǁŚŝůĞ ƚŚĞ &Z-/ d ƚŚĞ ďĂĐŬ ŽĨ ďĂƌͲ

28 AIICO Insurance PLC 29 TotalEnergies Marketing Nigeri

0.70

6.1%

0.2%

0.0%

14.0%

2.2%

23.7x

0.7x

2.9%

4.2%

234.50

0.0%

0.2%

5.7%

48.0%

9.5%

4.8x

1.9x

7.9%

21.0%

ŝŶĚĞǆ ƌĞŵĂŝŶĞĚ ŇĂƚ͘ dŽƉƉŝŶŐ ƚŚĞ ůĂŐŐĂƌĚƐ ĂƌĞ ƚŚĞ ŽŶƐƵŵͲ ŐĂŝŶ ŚƵŶƟŶŐ ŝŶ // K ;нϲ͘ϭйͿ͕ WZ ^d/' ;нϰ͘ϴйͿ͕ t WͲ er ;нϬ͘ϰйͿ͕ 'ŽŽĚƐ ĂŶĚ Insurance indices, K ĂŶĚ D z Z ;нϵ͘ϴйͿ͘ KŶ down ƚŚĞ ŇŝƉ 4.6% ƐŝĚĞ͕ and ƚŚĞ

30 Custodian and Allied Insurance 31 Vitafoam Nigeria PLC 32 Unilever Nigeria PLC

ƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ďƵǇŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ^ W> d ;нϲ͘ϴйͿ͕ ZͲ Bearish;нϭ͘ϴйͿ͕ Sector Performance Ks E ;нϴ͘ϰйͿ͕ ĂŶĚ &>KhZD/>> ;нϭ͘ϰйͿ͘

ϭ͘Ϯй ƌĞƐƉĞĐƟǀĞůǇ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ƉƌŽĮƚ-ƚĂŬŝŶŐ ŝŶ E ^d> ( ĂŶŬŝŶŐ and AFR-ICT ŝŶĚŝĐĞƐ ƐŚĞĚ ϭ͘ϰй ĂŶĚ Ϭ͘Ϯй ƌĞƐƉĞĐͲ 9.1%), hE/> s Z (-3.5%), >/E< ^^hZ (-6.4%), ƟǀĞůǇ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ƉƌŽĮƚ-ƚĂŬŝŶŐ ŝŶ E/d, ;-Ϯ͘ϵйͿ͕ h and D E^ Z (-Ϯ͘ϮйͿ͘ ^ŝŵŝůĂƌůǇ͕ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ ĂŶŬͲ (-ϭ͘ϮйͿ͕ ĂŶĚ DdEE ;-0.5%). ing indices fell by Ϭ͘Ϯй ĂŶĚ ϮďƉƐ ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ƐĞůůŽīƐ ŝŶ K E K (-0.8%), E/d, (-Ϭ͘ϮйͿ͕ ĂŶĚ 'd K ;-Ϭ͘ϮйͿ͘ Outlook ŽŶǀĞƌƐĞůǇ͕ ƚŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚĞǆ ǁĂƐ ƚŚĞ ůŽŶĞ ŐĂŝŶͲ Investor ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ͕

33 Julius Berger Nigeria PLC 34 Union Bank of Nigeria PLC 35 Oando PLC 36 Wema Bank PLC 37 NEM Insurance PLC 38 Sterling Bank PLC 39 Notore Chemical Industries Ltd 40 Transcorp Hotels Plc

ŶĞǆƚ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ͕ ǁĞ ĂŶƟĐŝƉĂƚĞ Ă ŵŝůĚ ďĞĂƌŝƐŚ Ɵůƚ /ŶǀĞƐƚŽƌ ^ĞŶƟŵĞŶƚ ^ƚƌĞŶŐƚŚĞŶƐ ĚƌŝǀĞŶ ďǇ ƉƌŽĮƚ ƚĂŬŝŶŐ ĂĐƟǀŝƟĞƐ͘ /ŶǀĞƐƚŽƌƐ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

T ic k er

ǆĐŚĂŶŐĞ ƚŚĂƚ ƚŚĞ ĞŶƚƌĂů ĂŶŬ ŽĨ EŝŐĞƌŝĂ ŚĂƐ ŐƌĂŶƚĞĚ ŝƚƐ advanced while 15 stocks declined. MRS (+9.9%), MAY-

ďŽƩŽŵ-line performances in the near term.

19.5%

5.5%

3.9x

0.7x

7.6%

25.8%

-1.3%

38.7%

16.0%

5.7x

2.0x

6.8%

17.6%

13.60

1.5%

0.1%

-6.2%

11.2%

6.9%

16.0x

1.2x

3.6%

6.3%

27.70

-2.8%

0.2%

23.9%

18.9%

2.4%

4.2x

0.8x

9.0%

23.9%

3.9%

6.40

0.8%

0.1%

8.5%

7.1%

0.8%

7.2x

0.7x

6.25

-3.0%

0.2%

41.4%

14.5%

2.6%

2.7x

0.4x

3.34

0.0%

363.9%

14.1%

0.8%

14.5x

1.9x

7.2%

6.9%

4.00

0.0%

0.1%

-11.1%

21.5%

12.8%

4.6x

0.9x

5.5%

21.9%

2.0x

0.3x

6.6%

1.54

1.3%

0.1%

2.0%

9.4%

0.9%

62.50

0.0%

0.1%

0.0%

-28.3%

-6.1%

4.95

0.0%

-8.0%

2.4x 0.8x

1.5%

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

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg % 4.5%

T R A N SC OR P

123.8

9.8%

A IIC O

20.5

6.1%

M EYER

2.81

9.8%

Z EN IT H B A N K

19.4

-2.9%

N EIM ET H

1.49

9.6%

FB NH

18.5

0.4%

ET R A N Z A C T

2.90

9.4%

F ID ELIT YB K

18.1

-2.6%

58.00

8.4%

SOVR EN IN S

16.9

0.0%

1100.00

6.8%

J A P A ULGOLD

16.6

-6.3%

UN IT YB N K

0.50

6.4%

IN T B R EW

16.5

-8.0%

A IIC O

0.70

6.1%

M ULT IVER SE

16.3

-8.7%

C OUR T VILLE

0.53

6.0%

GT C O

15.1

-1.4%

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

T o p 10 L o s e r s P ric e

M ULT IVER SE

0.21

IN T B R EW

5.15

P ric e C hg %

T ic k er

Value

P ric e C hg %

-8.7%

M TNN

2716.6

-0.5%

-8.0%

SEP LA T

671.6

6.8%

493.4

-2.9%

C A D B UR Y

7.75

-7.7%

Z EN IT H B A N K

J A P A ULGOLD

0.30

-6.2%

439.1

8.4%

A IR T ELA F R I

370.7

0.0%

H ON YF LOUR

3.70

-4.9%

F ID SON

7.86

-4.1%

GT C O

368.6

-1.4%

7.05

-3.6%

WA P C O

229.4

0.4%

1.14

-3.4%

FB NH

220.8

0.4%

-3.2%

P R ESC O

-3.0%

T R A N SC OR P

ET ER N A C A VER T ON FCM B

3.62 6.25

49.7% -13.8%

10.0%

T ic k er

13.9% 37.2%

1.21

OA N D O

AfrinvesƦ WesƦ AfricŚ LimiteŪ

-16.5%

-1.3%

2.47

BAKER (+9.8%), and HONYFLOUR (+9.8%) full led supergainers subsidiary – ŝƌƚĞů DŽďŝůĞ ŽŵŵĞƌĐĞ >ƚĚ – a

pate that this development will boost Airtel͛s top and

-16.5%

0.2%

C H A M P ION

A C A D EM Y

SEP LA T

Airtel Africa Plc ;͞Airtel͟Ϳ ĂŶŶŽƵŶĐĞĚ ŽŶ ƚŚĞ EŝŐĞƌŝĂŶ ĨƌŽŵ ϭ͘ϯǆ ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ůĂƐƚ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ĂƐ Ϯϰ stocks

ŵĂƌŬĞƚ ƐĞŶƟŵĞŶƚ ƚŽ ƌĞŵĂŝŶ ŵŝǆĞĚ͕ ĂƐ earnings season ĐĞŶƐĞĚ EŝŐĞƌŝĂŶ ďĂŶŬƐ͕ ƉĂǇŵĞŶƚ ƐĞƌǀŝĐĞ ďĂŶŬƐ͕ ĂŶĚ ůŝͲ gradually winds up. ĐĞŶƐĞĚ ŵŽďŝůĞ ŵŽŶĞǇ ŽƉĞƌĂƚŽƌƐ ŝŶ EŝŐĞƌŝĂ͘ tĞ ĂŶƟĐŝͲ

0.2%

P ric e

Corporate Disclosure ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ƐƚƌĞŶŐƚŚĞŶĞĚ͕ ƐĞƩůŝŶŐ Ăƚ 1.6x

STOCK network (-4.8%) led Previous we expect agency thatlosers. can service the day, customers of li- the

0.0% 0.0%

T o p 10 G a in e r s

er, up 1.8% driven by price appreciaǁĞĂŬĞŶĞĚ ƚŽ Ϭ͘Ϭϴǆ ĨƌŽŵ Ϭ͘ϱϰǆ ƌĞĐŽƌĚĞĚ ƉƌĞǀŝŽƵƐůǇ ĂƐ Ϯϴ ƟŽŶ in E' D (+3.3%). ƐƚŽĐŬƐ ŐĂŝŶĞĚ͕ Ϯϯ ůŽƐƚ ĂŶĚ ϲϮ ǁĞƌĞ ƵŶĐŚĂŶŐĞĚ͘ In the

while license. ABCTRANS (-8.3%),allows LASACO and agent This license Airtel(-6.7%), to create an LIVE-

6.60 22.20

151.1

1.5%

144.6

4.5%

BrokeréĈŬ

AsseƦ MénéĈemenƦ

InvestmenƦ Reseércź

úþúġőčƍ ėėþƍ Ր ééėėþƍՈéćĮčĜŊþıƦԁõġƌ

HġôþĮƦ ;ěġĶĹĜúŬ Ր ǆġěġĶĹĜúŬՈéćĮčĜŊþıƦԁõġƌ

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WEDNESDAY, APRIL 27, 2022 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 25Apr-2022, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A 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 8.64% AIICO Balanced Fund 3.63 3.69 2.57% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 6.65% Anchoria Equity Fund 150.12 151.85 7.80% Anchoria Fixed Income Fund 1.20 1.20 4.56% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 21.55 22.20 6.22% ARM Discovery Balanced Fund 489.30 504.06 8.45% ARM Ethical Fund 41.30 42.54 6.01% ARM Eurobond Fund ($) 1.06 1.06 -1.93% ARM Fixed Income Fund 1.03 1.04 2.07% ARM Money Market Fund 1.00 1.00 5.59% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 104.88 104.88 7.76% AVA GAM Fixed Income Dollar Naira 1,098.06 1,098.06 9.81% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.11 2.11 8.43% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.32 2.37 24.12% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.03 1.03 2.67% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 7.18% Paramount Equity Fund 19.65 20.02 12.70% Women's Investment Fund 151.55 153.34 6.69% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 6.32% Cordros Milestone Fund 134.72 135.62 1.92% Cordros Dollar Fund ($) 108.95 108.95 4.83% 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 5.67% Coronation Balanced Fund 1.17 1.18 7.57% Coronation Fixed Income Fund 1.48 1.48 4.95% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 8.38% Emerging Africa Bond Fund 1.03 1.03 6.98% Emerging Africa Balanced Diversity Fund 1.05 1.05 14.80% Emerging Africa Eurobond Fund 102.07 102.07 4.01% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1442.22 1442.22 9.99% FBN Balanced Fund 190.56 191.90 8.73% FBN Halal Fund 118.97 118.97 9.19% FBN Money Market Fund 100.00 100.00 6.28% FBN Dollar Fund (Retail) 123.47 123.47 4.30% FBN Nigeria Smart Beta Equity Fund 164.57 166.77 8.43% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 6.00% Legacy Debt Fund 3.98 3.98 -0.66% Legacy Equity Fund 1.83 1.86 5.04% Legacy USD Bond Fund 1.22 1.22 1.18% 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 Coral Balanced Fund 4,103.73 4,168.77 5.46% Coral Income Fund 3,535.38 3,535.38 1.93%

Coral Money Market Fund

100.00

5.69%

FSDH Dollar Fund 1.10 1.10 1.12% 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 Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 13.08 13.15 10.85% Meristem Money Market Fund 10.00 10.00 8.51% 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) 101.30 101.30 9.22% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.37% 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 1.68 1.71 4.55% PACAM Fixed Income Fund 11.60 11.50 3.25% PACAM Money Market Fund 10.00 10.00 6.82% PACAM Equity Fund 1.54 1.55 8.61% PACAM EuroBond Fund 116.18 118.92 0.94% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 133.72 136.55 6.38% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.02 1.02 9.25% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,628.63 3,669.43 5.40% Stanbic IBTC Bond Fund 238.19 238.19 1.04% Stanbic IBTC Ethical Fund 1.41 1.43 9.23% Stanbic IBTC Guaranteed Investment Fund 318.71 318.71 1.71% Stanbic IBTC Iman Fund 255.59 259.44 5.58% Stanbic IBTC Money Market Fund 1.00 1.00 4.75% Stanbic IBTC Nigerian Equity Fund 11,938.05 12,105.49 7.46% Stanbic IBTC Dollar Fund (USD) 1.31 1.31 1.47% Stanbic IBTC Shariah Fixed Income Fund 118.15 118.15 1.01% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 108.84 108.84 2.22% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund N/A N/A N/A United Capital Balanced Fund N/A N/A N/A United Capital Wealth for Women Fund N/A N/A N/A United Capital Sukuk Fund N/A N/A N/A United Capital Fixed Income Fund N/A N/A N/A United Capital Eurobond Fund N/A N/A N/A United Capital Money Market Fund N/A N/A N/A 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 13.73 13.86 4.10% Zenith ESG Impact Fund 15.81 15.99 8.22% Zenith Income Fund 22.48 22.48 2.11% Zenith Money Market Fund 1.00 1.00 5.36%

REITS NAV Per Share

Yield / T-Rtn

122.16 53.16

1.62% 0.82%

Bid Price

Offer Price

Yield / T-Rtn

14.47 141.66 111.41 21.52 23.04

14.57 145.12 113.82 21.62 23.14

3.56% 7.60% 7.50% 0.00% 0.00%

Fund Name SFS REIT Union Homes REIT EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund MERGROWTH ETF MERVALUE ETF

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Grifﬁn 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.38 5.90 18.79 1.00 21.40 166.75

4.48 6.00 18.99 1.00 21.60 168.75

9.08% 1.05% 6.22% 5.22% 7.07% 5.66%

INFRASTRUCTURE FUND

Fund Name NAV Per Share Yield / T-Rtn Chapel Hill Denham Nigeria Infrastructure Debt Fund 107.55 10.80% The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

WEDNESDAY, APRIL 27, 2022 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Pakistan Bomb Blast Kills 3 Chinese, Local Driver Police in Pakistan said Tuesday that three Chinese nationals and their local driver were killed in a suicide bombing of a van in the southern city of Karachi. Senior police officers told reporters the victims were travelling to the city’s Chinese-built Confucius Institute when the blast hit their van at the entrance. The slain Chinese included the institute’s director, which offers Chinese language graduate classes, and two female teachers. Another Chinese national and a Pakistani companion were injured in the attack. Ghulam Nabi Memon, the Karachi police chief, said the blast may have been the work of a suicide bomber, but an investigation was underway. He noted an initial review of closed-circuit video from the site showed a person dressed in a female black burqa walking up to the van just before the explosion. Local television channels later aired the footage showing the female attacker detonating the bomb as the slow-moving van was entering the institute. An outlawed Baluch separatist group known as the Baluch Liberation Army took responsibility for the attack, saying it was the work of a female bomber. An outlawed Baluch separatist group, known as the Baluch Liberation Army, reportedly took responsibility for the bombing, saying a female bomber carried out the attack. Gunman Kills 3 in Russian Kindergarten Russian state news agencies say a gunman opened fire in a kindergarten in the nation’s western Ulyanovsk region, killing two students and a teacher before killing himself. The Tass news agency, citing a regional law enforcement official, said the attack occurred in the village of Veshkayma. They said the gunman burst in during “quiet time” when the children were sleeping. From his Telegram account, regional State Duma deputy Sergei Morozov said the two children were five and six years old. The regional Ministry of Health said another kindergarten employee was wounded in the hand and was being treated. The law enforcement officials suggest a domestic conflict may have been the motive for the shooting. They said the identity of the attacker has been difficult to establish. Rosgvardia, Russia’s national guard, said the shooter was not the owner of the weapon, and the rightful owner of the gun had obtained it legally. Tass reported regional that Governor Aleksey Russkikh is flying to the shooting site and has ordered regional officials to provide emergency assistance to the families of the victims. North Korea Flaunts Biggest Missiles at Military Parade North Korean leader Kim Jong Un vowed to strengthen his country’s nuclear force at the “fastest possible speed” during a nighttime military parade flaunting Pyongyang’s largest-known ballistic missiles. Kim, who has gradually increased regional tensions with several major weapons tests, also warned during a parade speech that any country that attempts military confrontation with North Korea would be destroyed. “The fundamental mission of our nuclear forces is to deter a war, but our nukes can never be confined to the single mission of war deterrent,” Kim said, implying that he could also use the weapons if provoked. The parade, held late Monday in central Pyongyang, was part of North Korea’s celebrations on the anniversary of the founding of the country’s army. Kim has now held four military parades

reduced me to nothing,” she told VOA. “I don’t feel I am still the mother figure, the bread winner for my family. Because I am failing to provide, each and every morning they wake up crying for porridge, crying for bread.” Russia’s invasion of Ukraine, one of the world’s largest exporters of wheat, has led to bread prices soaring in importing countries like Zimbabwe. Most impacted are children, said Kayumba, as shortage means they are forced to seek food elsewhere.

in the past two years. Many analysts say the frequency of the parades could be a sign Kim faces serious domestic problems and wants to bolster political support. State television coverage of the event, which aired late Tuesday, was highly polished by North Korean standards, interspersing sweeping parade drone shots with flashy, pre-produced features highlighting many of the weapons displayed. Kim, whose country is among the world’s poorest, entered the event in what appeared to be a Mercedes-Benz Maybach sedan. He and his wife, Ri Sol Ju, were greeted by throngs of cheering children – a mainstay of propaganda in North Korea, where three generations of Kims have been portrayed as mythical, almost god-like figures. Malian Extremist Group Claims Abduction of Russian Mercenary Al-Qaida-linked militants in Mali say they have captured at least one Russian mercenary from the Wagner Group, a private military company with alleged links to Russian President Vladimir Putin. Extremists linked to al-Qaida say in a statement they have abducted at least one Russian mercenary, who they describe as a “soldier of Russian Wagner forces.” An Arabic version of the group’s statement claimed they abducted one Russian fighter, who they called a “criminal,” while the French version said they had taken more than one. The statement also claims that Wagner forces took part in an operation in Moura, Mali, which it says killed “hundreds of innocents.” Several countries have accused Mali’s military government of working with forces from the Wagner Group, a shadowy private company that has provided Russian mercenaries to several countries, including Libya, Syria and the Central African Republic. The Malian government denies any links with the Wagner Group, saying it only works with official “Russian trainers.” The Moura military operation mentioned in the extremists’ statement was the subject of a report by Human Rights Watch. The report quoted witnesses who said “white soldiers” working with the Malian army killed 300 civilian men, some suspected Islamist fighters, during a five-day operation.

Myanmar Court Postpones Verdict in Corruption Trial of Suu Kyi A court in Myanmar has delayed for one day the verdict in one of nearly a dozen corruption cases against Aung San Suu Kyi, the country’s ousted de facto leader. The court did not give any reason why the verdict against Suu Kyi was postponed. Her trial has been held behind closed doors, and her lawyers are banned from speaking to the press. If convicted on the charge, the 76-year-old deposed leader could face 15 years in prison. Suu Kyi is charged with breaching the Official Secrets Act, inciting public unrest, misusing land for her charitable foundation, and accepting illegal payments of $600,000 in cash plus 11 kilograms of gold. She has already been convicted of numerous other charges brought against her by the military junta that ousted her and her civilian government on February 1, 2021, including illegally importing and possessing portable two-way radios, violating coronavirus rules, inciting public unrest and violating the Natural Disaster Management Law for breaking COVID-19 restrictions. She potentially faces 100 years in prison if convicted on all charges. Suu Kyi’s National League for Democracy party won the November 2020 general elections in a landslide over the military-backed Union Solidarity and Development Party. The junta claimed widespread electoral fraud in the elections as its reason for toppling the civilian government and invalidating the results. The civilian electoral commission denied the allegations before it was disbanded. Suu Kyi, who led the ousted government as state counsellor, President Win Myint and other high-ranking officials have been jailed since the coup. Russia-Ukraine War: Price of Bread Up 100% in Zimbabwe One of the citizens feeling the pinch of rising prices in Zimbabwe is Christine Kayumba. She says she can’t afford to buy bread for her four dependents on her salary of less than $250 a month — because a loaf now costs more than $2. The high school English teacher says she cooks a bland, thin porridge three times a day, and rarely serves rice as it is now expensive too. “This price increase of bread has

UN Appeal for $4.1bn to Aid Ukrainian IDPs, Refugees Two UN agencies are launching multi-billion-dollar appeals to assist the soaring number of refugees from Ukraine and people displaced inside the country. The worsening situation in Ukraine has prompted the UN Office for the Coordination of Humanitarian Affairs, OCHA, to double its initial $1.1 billion appeal. That appeal was launched soon after Russia invaded Ukraine on February 24. Since then, OCHA estimates the number of people needing humanitarian aid inside Ukraine has increased from 12 million to 15.7 million. OCHA spokesman Jens Laerke said his agency’s revised appeal for $2.25 billion will assist 8.7 million of those worst-affected people over the next six months. “The appeal covers a range of support from cash assistance, food security and livelihoods, health, shelter, protection, and water, sanitation, and hygiene, to mention some of the larger interventions… Continued international support will be essential to enable humanitarians in Ukraine to continue to reach those whose lives have been upended by the war,” he said. Lack of Rains in Horn of Africa Affects 20 million The U.S. government is giving an additional $200 million to support humanitarian initiatives in Ethiopia, Kenya and Somalia, where more than 20 million people are in need of food, water and medicine. Lack of rain in the region has led to the driest conditions in 40 years. Speaking online to journalists, Sarah Charles of the U.S. Agency for International Development outlined how drought has impacted the lives of millions in the Horn of Africa. “The frequency and severity of drought in the region and the scale of humanitarian needs are increasing, exposing the devastating trend of climate change that disproportionately affects the world’s poorest communities. Already 1.5 million livestock has died, and crops are non-existent in affected areas. In some areas, including Kenya and southern and south-eastern Ethiopia, the conflict has broken out over scarce resources. An alarming number of children are acutely malnourished, and we are also seeing a devastating report from Somalia of young girls being forced to marry in exchange for food and water,” she said. Charles said Tuesday the US government is providing another $200 million to help get food and medical supplies to millions in the region. The aid will boost US government aid for drought victims to more than $360 million this year. However, that number is just a fraction of the funding needed. UN humanitarian agencies say they will need $4.4 billion to scale up their relief efforts in the region fully.

WEDNESDAY, APRIL 27, 2022 • T H I S D AY

NEWS

FINANCING AFFORDABLE HOUSING FOR AFRICA... L-R: Ag. Managing Director, FCMB Capital Markets Limited, Abimbola Kasim; Managing Director, FSDH Capital Limited, Tolu Osinibi; Ag. Managing Director, Shelter Afrique, Kingsley Muwowo; and Managing Director, Investment Banking, United Capital Plc, Gbadebo Adenrele, during a press conference on Shelter Afrique ﬁnancing aﬀordable housing for Africa in Lagos ...

Ngige: I've Done My Best to Resolve ASUU Strike Mourns Alabo Graham Douglas Onyebuchi Ezigbo in Abuja The Minister of Labour and Employment, Senator Chris Ngige said he has done what many other public officers cannot do to forestall the ongoing industrial action by the Academic Staff Union of Universities (ASUU).

Ngige also dismissed insinuations that he was responsible for the ongoing strike by the union. The minister also expressed sadness over the death of former Minister of Labour, Alabo Graham Douglas, describing him as a quintessential politician who did his best while carrying out his

functions at the Ministry. Speaking on an interview monitored on Silverbird Television yesterday, the minister said he had successfully conciliated 1683 industrial disputes since assumption of office in 2015, and had been taking extra measures beyond his statutory responsibilities to forestall

strike and ensure action is promptly suspended when workers’ unions make it inevitable. Ngige also said the untiring efforts of his office towards peaceful national industrial peace were being undermined by an erroneous impression by some Nigerians over his role as a conciliator, and by the

INEC: Registration Exercise Yet to Resume in Suspended Imo Centres Says fresh registration hits 8.56m Kano now has 11,222 polling units Chuks Okocha in Abuja and Ibrahim Shuaibu in Kano The Independent National Electoral Commission (INEC), has denied media reports that the Continuous Voter Registration (CVR) exercise has resumed in places, where the exercise was earlier suspended in Imo State. National Commissioner and Chairman, Information and Voter Education Committee, Festus Okoye, yesterday, said the information was misleading as the Commission has yet to appoint any unofficial spokesperson on any of its activities to speak for it. “It will be recalled that following the unfortunate incident in Imo State in which our staff was killed by gunmen in Ihitte Uboma Local Government Area, and reports of insecurity in other parts of the state, the commission suspended the ongoing voter registration exercise in all the 54 additional centres created to facilitate the registration of voters across the State. "The exercise is still confined to our state and local government area offices except in Orsu, Njaba and Ihitte Uboma Local Government Areas, where it is suspended indefinitely. The position of the Commission has not changed. “While the Commission is not unmindful of the imperative of giving every eligible Nigerian the opportunity to register and vote in future elections, the safety and security of citizens involved in the exercise is a paramount concern,” he said. INEC, therefore, appealed to the public to discountenance the purported resumption of the CVR in the three LGAs of Orsu, Njaba and Ihitte Uboma,

adding that such statements were capable of misleading the public and further jeopardising the safety of registrants and officials as well as the security of the commission’s facilities. “At the appropriate time, the Commission will announce any new decision on the matter after consultation with the security agencies and critical stakeholders. The Commission, has an organised and official means of communication and has been upfront with providing information to the general public,” Okoye noted. Meanwhile, the commission has said fresh registration in the ongoing Continuous Voter Registration (CVR) has hit 8,564,512, as at 7am, Monday, April 25. The commission disclosed this in an CVR Update on quarter four, week two, released in Abuja on Monday night. The commission also disclosed that 5,111,899 registrants had completed their registrations with 2,228,913 via online and 2,882,986 through physical registration. According to the commission, the gender breakdown of the registrants that have completed their registration comprised 2,537,932 male and 2,573,967 female. THISDAY reported that the released statistics indicated that 3,534,837 of the figure were youths, while 43,153 were Persons with Disabilities (PWDs). The update further revealed that as at the 7am of Monday, INEC had received 15,071,668 applications for voter transfer, requests for replacement of Permanent Voter Cards (PVCs) and update of voter information record, etc. It added that 7,957,756 of the applications were received from

male and 7,113,912 from female, of which 4,120,254 of the applications were from students and 142,807 from PWDs. In a related development, INEC, has increased the number of polling units in Kano from 8,074 to 11,222 for the first time in the last 25 years to meet up with the growth in population with some being relocated. This was made known by the Resident Electoral Commissioner (REC), Professor Riskua Arabi Shehu, while delivering an address at a one-day workshop on electoral reportage organised by the Correspondents Chapel Kano on Tuesday and sponsored by INEC. He stated that as at January 14, 2022, only 77,255 of the 128,628 registrations were valid, leaving behind 40 per cent as invalid, which he blamed on ignorance of the process by the voters. He explained further that there

were cases of multiple registration due to the wrong understanding about who is actually to be registered in the recent exercise that included those not registered, those changing locations and those correcting their captured details and not every voter. "Some people are registering more than once. I will blame that on their inability to understand that the registration is not for everyone. As at 14th of January, 2022, there were 77,255 valid registrations of all the registered figures while 40 per cent are invalid. “People should understand that this registration exercise is not for everybody but for those who have not registered before, those who want to change location and those who want to correct their captured details. Those who have their permanent voters card don't need to register again unless it is lost or destroyed," he stated.

uncooperative, anti-labour attitude of ASUU leadership The minister insisted that the role of the Minister of Labour was to conciliate disputes and does not include the implementation of agreements reached with parties. “However, when conciliation fails, the minister is under obligation by Sections 9 and 14 of the Trade Disputes Act, Cap T8 , Laws of the Federation of Nigeria to transmit the results of the negotiation to the Industrial Arbitration Panel (IAP) or to National Industrial Court of Nigeria (NICN) “In the ongoing ASUU imbroglio, I’m the conciliator. I bring them to negotiate with their employers - the Ministry of Education and the National University Commission as well as IPPS, the office of the Accountant General of the Federation, all under the Ministry of Finance. “At the end of every negotiation, we put down what everybody has agreed on in writing and add timelines for implementation. “But let me tell you. There is nothing new about ASUU strike. It has been a recurrent decimal. In the last 20 years, ASUU has gone on strike, 16 times. So, there is nothing new as such.” He said the new thing however was that he had done, "what Napoleon could not do." "You can ask them (ASUU leadership). I’m sure that in the innermost part of their hearts, they can’t sweep away my untiring efforts. I’m the only conciliator lately, who has conciliated and put timelines on agreements and pushed all the parties, the government side to implement and stick

to the timelines. Such fidelity wasn’t there hitherto. “Last year alone, based on the timelines I put on the 2020 agreement, they got N92.7 billion in terms of Revitalisation and Earned Academic/ Earned Allowances for the university system. “I went out of the schedule of my office, to the Ministry of Finance, to the Office of the Accountant General myself, on occasions, to ensure these monies were paid. “Yes, I did it. I did same for doctors and other health professional operating under JOHESU. I promised in 2015, when the president appointed me that the era when agreements were left to gather dusts were over and I have maintained it. “I work even at odd hours, late night, at times far into morning hours to ensure things work.” Ngige also recounted the experience in 2020 when ASUU went on strike and refused virtual meetings which COVID-19 imposed, adding that the union turned down all appeals by the federal government to call off the strike and engage the virtual teaching of their students as was done in private universities. He said the federal government had no option but to invoke ‘No Work, No Pay’ in line with section 43 of the Trade Disputes Act after three month of the strike. “ASUU should have by now called off the strike because that’s what the law says. I have earlier while we convened the National Labour Advisory Council in Lagos last month, urged the NLC to which ASUU is affiliated to, to intervene in this respect.”

New APC Guideline: Ngige, Amaechi, Others Have Five Days to Resign Malami's ambition threatened

Iyobosa Uwugiaren in Abuja

The ruling All Progressives Congress’ (APC) new electoral guidelines released yesterday gives all political appointees aspiring to participate in its primary elections at all levels within five days to resign or forget their respective ambitions. The new guidelines stipulate that political appointee should resign his/her position at least 30 days to the conduct of the party primaries. Section 3(i) of the APC’s guide-

lines for the conduct of primaries, states: “No political appointee at any level shall be a voting delegate or be voted for the purpose of the nomination of candidates. “Any political office holder interested in contesting for an elective office shall leave Office 30 days prior to the date of election or party primary for the office sought.” Consequently, this leaves some of President Muhammadu Buhari’s appointees such as the Minister of Transportation, Hon. Chibuike Rotimi Amaechi and his Labour and

Employment counterpart, Senator Chris Ngige and others - who are aspiring to contest the 2023 presidential election and other elective positions in the general elections five days to tender their resignation or forget their ambitions. According to the APC primary election’s timetable, the presidential primary is scheduled to hold between May 30 and June 1. Governorship, Senate, House of Representatives and state assembly primary elections of the APC, according to the party’s

timetable, had been scheduled to hold between May 18th and 23rd, indicating that appointees for such positions, yet to resign as of yesterday, would have lost whatever was left of their chances to contest in the primaries. The Attorney General of the Federation, Mallam Abubakar Malami, had been reported to be interested in governorship position in his home state of Kebbi. With the guidelines and timeframe for resignation, Malami may no longer have a chance to contest.

WEDNESDAY, APRIL 27, 2022 • T H I S D AY

NEWS

COURTESY VISIT... L-R: Ewubor Hilary, Andy Omeke, Deputy Senate President, Senator Ovie Omo-Agege, Rear Admiral (RTD) Agholor NP, Aigbe Festus, when Agbonigidi Association Abuja Chapter paid courtesy call on the Deputy Senate President... recently

In Fresh Application, Govs Beg Court to Halt Deduction of $418m Paris Club Debt Says deduction will affect workers salary, increase hardship, crime

Chuks Okocha and Alex Enumah in Abuja The 36 governors of the federation, in a fresh application, have approached a Federal High Court in Abuja to restrain the federal government from approving the deduction of any money accruing to the states from the Federation Account for the payment of the $418 million judgment debt. In a fresh application marked: FHC/ABJ/CS/1313/2021, and filed on March 28, the applicants asked the court to specifically restrain the respondents from proceeding with the judgment of a Federal High Court delivered on March 25, dismissing a suit filed by Attorneys General of the 36 states challenging the directive by President Muhammadu Buhari that funds due to the states be deducted from the federation’s account to defray debts owed contractors in respect of the Paris Club refund. In the motion filed by their lawyer, Sunday Ameh, SAN, the governors asked the court to halt the federal government from giving effect to the judgment of Justice Ekwo till their appeal at the Abuja Division of the Court of Appeal was determined. Among the 43 respondents listed in the suit were President Buhari, Attorney-General of the Federation (AGF), Accountant-General of the

Federation, Ministry of Finance, and Central Bank of Nigeria (CBN). Others were Debt Management Office (DMO), Federation Account Allocation Committee (FAAC), Incorporated Trustees of Association of Local Government of Nigeria (ALGON), Dr Chris Asoluka, Linas International Limited, among others. According to the motion, 43 defendants were sued in the matter. Ekwo had on March 25, dismissed the suit filed by the 36 States AGs for lacking merit, adding that the plaintiffs did not have the legal right to institute the matter without their governors’ consent. In a 17 paragraph affidavit deposed to in support of the motion, the governors claimed, “That there is an urgent need to preserve the res and protect the said monies sought to be deducted from the funds due to the states from the federation account from being dissipated and paid over to the supposed judgment creditors, pending the hearing and determination of the suit”. According to the applicants, it would be difficult to recover the said funds from the supposed judgment debtors, in the event that the substantive suit was meritorious and successful. They further claimed that, “The balance of convenience is in favour of the applicants, who will suffer greater harm and lose money belonging to their respective States

if this application is not granted as they will be unable to recover the funds dissipated and paid over to the supposed judgment creditors who are impecunious and will be unable to refund the monies in the likely event that the substantive suit succeeds.” They submitted that if the respondents were not restrained and the said sum deducted, they would not be able to pay Staff Salaries, thereby causing millions of families across the country to

suffer untold hardship, which would in turn bring about a surge in criminality and breakdown of law and order. The applicants also claimed that the damages they were likely to suffer if the monies were paid the judgment creditors and the appeal turned in their favour, were so much that they would not be adequately compensated. Among the grounds the application was predicated upon were that the lower court’s decision had been

challenged at the Court of Appeal and that, “the applicants have the constitutional right to appeal the said decision, pursuant to Sections 36, 240 and 242 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).” The appeal, they said, was pending before the Court of Appeal, Abuja Division, raised arguable, substantial and recondite grounds of appeal with great chance of success. The applicants maintained that the court had vires to grant the

instant application to preserve the res and subject matter of the pending appeal. They, therefore, prayed the court for an order of interim injunction, restraining the federal government from deducting monies accruing to the 36 states from the federation account to pay the judgment creditors pending the determination of their appeal at the Court of Appeal, Abuja. Assigned to Justice Ekwo, the case comes up today.

Chrisland Scandal: FCTA Threatens to Shut Schools Violating Operational Rules Olawale Ajimotokan in Abuja The FCT Administration, has threatened to shut down schools contravening the rules of operations in the capital city, Abuja. The warning was issued yesterday by the Secretary of the Education Secretariat, Malam Sani El-Kutuzu, in the wake of sex scandal involving a 10-year-old female student and three other males of Chrisland School, Lagos during an excursion tour of Dubai. El-kuzutu, who spoke, when he led FCTA officials to Chrisland School in Wumba District, Abuja,

admonished parents not to surrender parental responsibility to schools and allow their kids to be wayward in the society. He said officers from the FCT Department of Quality Assurance visited Chrisland School and other schools, including public schools to strictly enforce standing school rules and regulations in the FCT. He said the secretariat as a regulatory body would not hesitate to close down any school that violates the rules of operations in FCT. “Our people do their job by constantly visiting both public and private schools, that is why we

have low incidences of unfortunate situations in our schools. “I would advise parents to take the training of their students very seriously. We should not surrender our parental responsibility to schools, as they simply cannot, as once you are not a parent there is no way you can give parental care,” he stressed. In his response, Principal of the school in Abuja, Taiwo Adenariwo, disclosed that some of the sanctions that were imposed on Chrisland in Lagos had been lifted, because the investigation was still ongoing. He appealed the FCT Secretary for Education to create a platform,

where parents could also be addressed on such issue, so that they could have a decent environment. He said parents must be brought into the narratives, so that they would realise that there were consequences for some of the things that school authorities ordinarily do with children, as training was not the responsibility of the schools alone. “For us in the FCT and all our other schools as well, we are doing everything important to make sure that children turn out exact way we want them to be, morally upright and spiritually filled,” he said.

RIGHT OF REPLY

Governor Wike, Edo MoU Gov, Obaseki, And His Media Aide By Sebastine Ebhuomhan

I have read the shambolic piece that was intended to cast a subtle aspersion on the integrity and credibility of a well-known, foremost presidential election forerunner and at the same time act as a face-saving cover for another well-know serial betrayer and ingrate, who has a penchant for turning against his destiny helpers. Till now, I cannot fathom what the writer hoped to achieve from his mockery. To address the essay from just an angle: instead of the mockery tone that was childishly and unnecessarily unleashed on presidential aspirants allegedly humanising their campaigns across the country with what the writer, Mr Crusoe Osagie, called "comedy talent," one would have expected the piece to explain, for example, what the writer's principal has done to rehabilitate the victims of #EndSARS after the endless sittings of a state-constituted panel with public funds, since, according to Osagie, the protest showed who actually holds political power in Nigeria. Who knows? That could even recommend his

principal as a better option to those he labelled as comedians with capacity for comic relief. However, Osagie and his principal, Obaseki, believe in their short memory that Nigerians have forgotten so soon how their government hoarded palliatives meant to help Edo people fight COVID-19 hunger, poverty and deaths. That Mr. Osagie failed to name the man whom he subtly but pointedly directs his veiled piece towards only shows the cowardice, belly-aching and hypocrisy that underpins governance and the hearts of officials of government nowadays in Edo State under the rulership of Mr Godwin Obaseki, whom he rightly introduced himself to be working for, as an aide. Even more confounding is Mr Osagie's overwhelming concern for "political jesters junketing the length and breadth of Nigeria's extensive ethnographical space, seeking to be candidates of their political parties, en route to Aso Rock Villa" at a time, for example, Benin City, Edo State capital, is floating on a sea of flood just after the earliest rains of the year. At a time Osagie is speaking for Obaseki

against presidential aspirants like Governor Nyesom Wike, who has made a greater and better appreciable progress in his state, indigenes of Edo State stay indoors away from farms, roads, markets and offices for fear of being killed by herdsmen, bandits, kidnappers and terrorists even as Obaseki has refused to pass the open grazing law unlike his southern counterparts. Youths are needlessly wasting lives in avoidable cult wars and related violence occasioned by large-scale unemployment. Ekenwan Road, which has been under the government's construction since its first term is impassable. Sapele Road has also become impassable long after Obaseki mobilised supporters to the road to make promises. Edo government claimed Sapele Road is a Federal Government road. But the adjoining state roads along Sapele Road are just as worse. Floodwater has taken over the entire Benin City even as there's no transparency and accountability in the financial dealings that underlines the endless memorandum of understandings (MOUs) the Governor signs daily. While the short-sighted essay that is not worth

the honour of a latrine tissue paper used for wiping human excreta will not be dignified in anyway, let me put it in a few words that by the singular act of visiting Edo State and by-passing the Government House, Governor Nyesom Wike has shown that truly, he is the master of politics as he is of good governance, compared to Obaseki, who is still learning the rudiments of politics and governance. If Obaseki believes he is as popular or respected nationally as his aides wrongly portray him, let him come out openly to declare for presidency and start visiting states too to solicit for delegates' votes in his own unique way. After all, he has always branded himself as a 'technocrat', perhaps, what Nigeria needs at this most critical time! He can even dare and go to Rivers State to do what Wike did in Edo State! It's only then Edo people would know he is truly an 'Ematon' and not just an ordinary plastic material that melts under the heat of a little sunlight! Sebastine EBHUOMHAN lives and writes from Abuja. He can be reached on: usie007@ yahoo.com.

WEDNESDAY APRIL 27, 2022 ˾ T H I S D AY

NEWS

2023: Orji Kalu Commends Adebanjo, Clark for Supporting Igbo Presidency Sunday Aborisade in Abuja The Chief Whip of the Senate, Orji Uzor Kalu, has described as hypocrites and selfish, Southern presidential aspirants who are not of Igbo extraction, claiming divine calls to contest the 2023 presidential elections. Kalu stated this in a statement he issued in Abuja yesterday. He, however, commended elder statemen, Pa Ayo Adebanjo and Chief Edwin Clark for their unbiased position on the need for an Igbo man to become Nigeria’s president in 2023. Adebanjo, who is the leader of Afenifere, the Yoruba social and political organisation and Clark, the Ijaw leader and major stakeholder in the Niger Delta, have been persistent in their clamour for an Igbo presidency come 2023. Kalu, a former governor of Anambra State, who is also aspiring to be Nigeria’s president next year, said posterity will not forget the roles of the two leaders and others who believed in their campaigns. He said only the emergence of a president from Igbo land could guarantee fairness, fair play and justice in Nigeria. He said: “To Pa Ayo Adebanjo, Chief Edwin Clark , Deji Adeyanju and a host of others who have stood firm in

their support for their brothers in the South East, posterity will be kind to you.” Kalu said it was his desire and intention to run for the presidency of the Federal Republic of Nigeria and that he “is committed to this pursuit.” The Senator, however, said that, he could not make an official declaration in that regard without the full support of other regions. He said: “I am even shocked with the number of aspirants coming from the South West and the South South . It is embarrassing that these aspirants (APC and PDP) have no single respect and concern for the South East. “I had thought they would think about the South East; I thought they would support us. The amount of money being spent by these aspirants is alarming and they have forgotten that money alone cannot buy the presidency. “It has become a joke to an ordinary Nigerian who hears Southern commentators and aspirants rooting for a Southern President on the premise of fairness, equity and justice. “How can you talk about these morals when you are not even fair to your own brothers? “If there is anything like “fairness”, “equity” and “justice’’,

it should be the entire South pushing for a president of South East extraction. “Anything less than that is “hypocritical”, “unjustifiable”and “inordinate”. “Some ‘persons’ are even claiming God’s anointed choice in 2023 . Unfortunately, it is not

all prayers that God answers; at least not inordinate ones. “What moral justification does a Southerner who refused to be fair to his brothers have against a northerner running for president? “It will be very insensitive , unreasonable and disrespectful

for any Southern man to criticize a presidential aspirant from the North on the ground that the North has done eight years and power should return to the South. “The South West and the South South have successfully completed their tenures as

‘President and Vice President’. “They should have the courage to support their brothers from the South East. If the next president after President Muhammadu Buhari does not come from the South-east, there would be nothing unfair and unjust if he/she comes from Daura.

WE ARE READY TO SERVE...

Osun State Gubernatorial Candidate for Accord Party, Akin Ogunbiyi (left) and his running mate Kunle Jimoh, during their official declaration in Osogbo… yesterday

2023: Ebonyi APC Guber Gombe Pledges to Support NDLEA in Aspirant Opposes Umahi’s Fight against Drug Abuse, Peddling the new zonal He called on security agencies that more needs to be done by Endorsement of Successor Segun Awofadeji in Gombe received Commander of the agency in in the State to be weary of both the NDLEA as well as

BenjaminNworieinAbakaliki

A governorship aspirant in Ebonyi State on the platform of All Progressives Congress (APC), Senator Julius Ali Ucha, has rejected the endorsement of the Speaker of the state House ofAssembly, Chief Francis Nwifuru, by the state Governor, Dave Umahi, for the 2023 governorship election. Ucha said the Umahi’s endorsement of Nwifuru as his successor was unacceptable, unconstitutional and demonic. Umahi had at last weekend endorsed Nwifuru for the

governorship position in the state. Addressing journalists in Abakaliki, the state capital, Senator Ucha warned that any imposition of candidate would cause the defeat of the APC in the state. Ucha, who was the pioneer Speaker of the state House of Assembly, emphasised his readiness to contest for the governorship position. He urged the governor to rescind the endorsement and allow other aspirants for the position to contest the party’s primaries, adding that foreclosing other aspirants will spell doom for the party in the 2023 general election.

Uzodimma Moves to Complete Abandoned NDDC Roads in Imo The Government of Imo State has signed a Memorandum of Understanding (MoU) with the Niger Delta Development Commission (NDDC) to intervene and complete some road projects awarded by the commission in Imo State but were abandoned by the contractors. Performing the ceremony in Owerri yesterday, Governor Uzodimma expressed satisfaction entering into the pact with the NDDC and regretted that some

of the roads were awarded 14 years ago. He identified three of such roads awarded by NDDC but abandoned and which the MOU will take care of to include: Avu/ Etekuru/Ohaji/Egbema road; Umudi/Nkwerre road and Imerienwe/Ngor-Okpala/Etche road. He said the roads were awarded to foreign contractors who abandoned them, citing security reasons, youth restiveness among others.

AIB-N Releases Preliminary Reports on Airlines’ Accident, Aircraft Chinedu Eze The Accident Investigation Bureau, Nigeria (AIB-N) has released four preliminary reports on serious incidents as well as an accident involving aircraft owned and operated by United Nigeria Airlines Limited, Max Air, Air Peace and the Nigerian Police Air Wing. The preliminary reports included that of the serious incident involving the United Nigeria Airlines Embraer 145LR aircraft with nationality and registration mark 5N-BWW, which was climbing out of the Nnamdi

Azikiwe International Airport, Abuja, when a serious incident occurred at about 4,000 feet on November 17, 2021. The second one was the preliminary report on the serious incident involving Max Air Boeing 737-300 aircraft, which was parked at the Nnamdi Azikiwe International Airport, Abuja, with nationality and registration mark 5N-DAB and was involved in an on-ground collision with Skyway Aviation Handling Co. Plc (SAHCO) lavatory service truck with fleet number 9/5 on November 21, 2021.

Gombe State Governor, Alhaji Muhammadu Inuwa Yahaya has stressed the need for the National Drug Law Enforcement Agency, (NDLEA) to re-strategise and collaborate more with relevant agencies in the fight against the use of illicit drugs and their peddlers. Governor Inuwa Yahaya stated yesterday when he

charge of zone B, comprising Adamawa, Gombe and Taraba States. The governor, who noted the clear correlation between the use of drugs and crimes, assured the NDLEA of his administration’s commitment to continually work in partnership with the agency in order to combat the sale and use of illicit drugs in the State.

flash points as the centrality of Gombe State makes it a preferred destination for drug peddling and its abuse. He said Gombe State sits at the centre of the North-east and therefore becomes an easy access for all manner of people including the good and the bad ones. Governor Yahaya stressed

sister security agencies to rid the society of substance abuse, observing that such can only happen with a stranger synergy. “The statistics are really high and for Gombe to be the highest in terms of the use of hard drugs. I got wind of this information when I visited NDLEA Chairman, Gen. Buba Marwa”.

APC Guber Aspirant Attributes Katsina Insecurity, Economic Challenges to Negligence The Katsina State Governorship Aspirant on the platform of the ruling All Progressives Congress (APC), SenatorAbubakar Yar’Adua, has attributed the security and economic challenges besetting the state to negligence of poor masses by leaders in the state. Yar’Adua argued that the challenges bedeviling the state were as a result of decades of utter neglect of the masses that

constituted 99 per cent of the state’s population by successful governments. He made the declaration yesterday in Katsina while addressing journalists shortly after notifying the state leadership of the APC of his intention to join the 2023 state’s governorship race. He said: “As you all know, Katsina State is now in a dire and critical socio-political and

economic situation that requires urgent remediation and fixing. “We need to quickly come to the rescue of our state and salvage it from its current challenges and economic quagmire, which were results of decades of utter neglect of the teaming ‘talakawa’ (the poor) that constitute more than 99 per cent of our state’s population by those who should serve them. “Most significantly, we plan

to confront the current insecurity challenges head-on. Our people must not only be secured but must be seen to be and feel totally secure. “We cannot idly stand by and watch criminals, bandits, insurgents, bigots and zealous terrorise innocent citizens, indiscriminately killing and mailing them as well as raping our women and girls and separating young babies from their babies.”

Planned Movement of PDP Guber Primaries to Army Barracks in A’Ibom Condemned Okon Bassey in Uyo Some Peoples Democratic Party (PDP) delegates in Akwa Ibom state have raised the alarm over alleged plan to relocate the party’s governorship primaries for May 21, 2022 to Army barracks, Ibagwa in Abak Local Government Area of the state. In the past, either the Uyo township stadium or Godswill

Akpabio International Stadium used to be the preferred venue for the party’s primaries. However, checks reveal that the plot is at advanced stage with provision of adequate security as the reason for the planned relocation of the venue of the guber primaries to the military barracks which is over 30 kilometers away from the state capital. Speaking with Journalists in Uyo

after a crucial meeting yesterday, Mr. John Etefit one of the statutory delegates said the idea is for the state government tactic to impose their anointed aspirant on the party and to stampede the party into taking the primaries to Ibagwa Army barracks. “After fruitless efforts to get most of us to support the aspiration of Pastor Umo Eno hit brickwall, subtle and open threats have been

employed which we resisted and now the idea of taking the primaries to the barracks have birthed. “We were told by core supporters of the government preferred aspirant that their final joker is the barracks where only their supporters will be allowed access and others supporting other aspirants turned back and if they insists on getting in, then soldiers will be directed to unleash mayhem on them,” he said.

2023: SDP Vows to Rescue Kwara from Bad Governance Hammed Shittu in Ilorin Ahead of the 2023 polls, the Kwara State Chairman of the Social Democratic Party (SDP), Alhaji AbdulAzeez Afolabi, has said the party is poised to wrest power from the All Progressives Congress (APC) over what he called mis-governance; in order

to provide participatory and inclusive leadership. Already, Afolabi said the leadership of the SDP has dispatched mobilisers and party men that would enlighten the grassroots on the need to have an alternative leadership in the 24 members of the state House of Assembly, nine members of the

National Assembly and crowned it with the governor of the state. Speaking on behalf of the newly elected executives of the party at the wards, local government and state levels yesterday, the chairman said: “The present administration in Kwara State has failed to meet the yearnings and aspirations of

the people as promised during the O To Ge (enough is enough) Movement that brought the APC-led government to power during the 2019 general election.” Representative of the National Working Committee (NWC), Joseph Abu, served as the electoral chairman of the congress.

WEDNESDAY APRIL 27, 2022 ˾ T H I S D AY

NEWSXTRA

2023: Ayade Joins APC Presidential Race, Says Buhari Prompted Him to Run Deji ElumoyeinAbuja Governor Ben Ayade of Cross River State yesterday joined the growing list of presidential aspirants on the platform of the ruling All Progressives Congress (APC) ahead of the party’s primaries. Ayade, who made his intention to succeed President Muhammadu Buhari in an interview with newsmen shortly after meeting with the President at the State House, Abuja, saying he was actually asked to join the race by President Buhari. His words: “I didn’t come to the President to tell him I’m running, I went to the President to tell him I’m here to join him, to support him in the process of producing his successor to support him and that peradventure power is to go to the South. Peradventure, perhaps it’s to go to South-south, I’m the only sitting governor from the South-south “The President didn’t allow me to finish and the President said:, ‘I know you and recounted our relationship. I asked him, can I? Because I’m not here for that, unless you say so. So, if you ask

me the question, Am I running? My answer is that I am running because the President has said, ‘you go while I watch’. “I want you to report me intellectually. I want you to

understand that truly, outside all the cheap talks, the truth is that my approach to the President is different. I will support the President’s candidate. “Even though I’m on standby, if

I’m available. If you’re my choice, I will support the President’s candidate and the President said ‘you are not outside of my view, go, I give you blessing, go and consult, ensure that you engage

with key people while I watch. I think it’s a clear indication that I have the right to go and try, to go and declare, so I will. “So, I sought a direction with an intent to support the president to

assist in my own way to contribute for him to produce his successor, who would understand his government and know how to continue with the programmes of its government.

COURTESY VISIT…

L – R: Deputy Head of Mission Olivier Chatelais ; French Ambassador to Nigeria, Ms. Emmanuella Blatmann, and the National Security Adviser(NSA) Major-General Babagana Monguno (rtd) during official visit of the French Ambassador to the Office of the NSA in Abuja.. . . yesterday

Alleged Assault, Misconduct: Obaseki Inaugurates Bus Terminals in Oyo, Commends Makinde CCT Boss Fails in Bid to Stop Senate Probe

Alex Enumah in Abuja

Justice Inyang Ekwo of the Federal High Court, Abuja, yesterday refused to stop the Senate from investigating the Chairman of the Code of Conduct Tribunal (CCT) Danladi Umar over alleged assault of a security guard in Abuja. Justice Ekwo in a judgment held that since the CCT was a creation of an Act of the National Assembly, the legislature was empowered to invite the chairman to answer to any petition against him. Following a viral video of

an assault of a security guard at the Banex Plaza in Wuse 2 area of Abuja in March 2021, the Senate had summoned Umar to explain the circumstances surrounding the incident. But rather than appearing before the lawmakers, Umar approached a Federal High Court in Abuja, in a bid to stop them from investigating him over the issue. Umar had in the suit marked FHC/ABJ/CS/ 671/2021, challenged the powers of the Senate and three others to investigate him over the matter.

Again, Uba Loses as S’Court Says APC Has No Candidate in Anambra Guber Election Alex EnumahinAbuja For the third time, candidate of the All Progressives Congress (APC) in the last governorship election in Anambra State, Senator Andy Uba, has lost in litigations contesting the validity of the APC in the November 6 governorship poll. This followed a unanimous decision of the Supreme Court, which yesterday, voided his participation alongside his party over breach of electoral laws and party regulations guiding the conduct of party primaries. Uba had first lost in December last year, when a Federal High

Court in Abuja, in a judgment, held that the APC, having failed to abide by the provisions of electoral laws guiding primaries, could not be included in the ballot for the November 6 governorship poll won by candidate of the All Progressives Grand Alliance (APGA’s) candidate, Chukwuma Soludo. Uba again lost his appeal seeking to set aside the judgment of the trial court last February, when the appellate court in its unanimous decision agreed that APC could not be on the ballot in the Anambra governorship election for breaching its own constitution.

Oyo State Governor, ‘Seyi Makinde, yesterday was joined by his Edo State counterpart, Governor Godwin Obaseki, to inaugurate the Ojoo and Challenge Bus Terminals in Ibadan. Governor Obaseki, who was the special guest of honour, commended Makinde for delivering the two massive bus terminals among many others, despite the economic challenges in the country. He congratulated Makinde for standing firm by his people,

saying that the people of the state will appreciate the governor when it is time. The Edo State helmsman equally hailed the people of the state for supporting Makinde, noting that Governor Makinde is very passionate about the development of Oyo State. Obaseki said: “Coming here today to see that my brother, His Excellency ‘Seyi Makinde, is inauguration of two bus terminals and the quality of the structure, I am very proud of you.

“I am also surprised about how you got this land, because during my days at the University of Ibadan, I used to go to IITA and I did not know you can get a big land like this here let alone building a good structure like this. We are truly proud of you. “Listening to you speak a few minutes ago, I said to myself that, indeed, Nigeria still has hope. When we have people like you in government – people who make decisions not on emotions but on data and facts, people who make decisions that affect

the majority of the people – we have hope.” He added that the project is pro-people adding that available statistics show that the total capacity of all airports in Nigeria is less than 41,000 passengers in a day. But that the bus terminals built by Makinde in Ibadan alone will take more than 50,000 people. So, it is about our people. The purpose of politics and government is to cater for the masses you are elected to govern,” he said.

Lagos: Collection of Toll on Lekki-Ikoyi Bridge Not Illegal Wale Igbintade Lagos State government has insisted that there is no court order stopping it from collection of toll on the Lekki-Ikoyi Bridge stressing that its appeal against the judgement of Justice Saliu Saidu of the Federal High Court in Lagos still subsists. Consequently, the state government urged the public to disregard ‘’the erroneous statements circulating in

the media that the State Government does not have the legal right to collect tolls on the Lekki-Ikoyi Link Bridge and that tolling on the Link Bridge is unlawful.’’ A statement signed by the Attorney-General and Commissioner for Justice, Lagos State, Mr. Moyosore Onigbanjo SAN, titled, ‘’The Lekki-Ikoyi link bridge – the legal status of appeal against judgment of federal high court in Suit No.

FHC/L/CS/1405/02’’, argued that since the appeal against the judgment of the Federal High Court subsists, the judgment of the Federal High Court cannot be enforced at this stage. He maintained that the position of the law is that once a Notice of Appeal is filed along with an application for stay of execution/injunction pending appeal, the judgement being appealed against cannot be enforced until the application

for stay of execution/injunction pending appeal has been determined. The statement explained that the misleading statements were based on the false premise that the Lagos State Government has no pending appeal against the judgment of the Federal High Court in Suit No FHC/L/ CS/1405/02 between Ebun-Olu Adegboruwa Esq. Vs. Attorney General of The Federation & Ors.

Ita Enang to Contest Akwa Ibom APC Governorship Primary Sunday Aborisade in Abuja The Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, Senator Solomon Ita Enang, has purchased the nomination and expression of interest form of the All Progressives Congress(APC) to contest the party’s governorship primary election in Akwa Ibom

State next month. Enang, previously served as Senior Special Assistant to President Buhari on National Assembly Matters after he left the Senate in 2015. The presidential aide, according to a statement yesterday in Abuja, became the first aspirant in the entire country to purchase nomination

form of the APC governorship form. Inyang said: “Senator Enang picked the Akwa Ibom Governorship nomination form from APC National Organising Secretary, Dr Suliaman Muhammad Argungu after paying the mandatory N50 million. “The brief ceremony took

place at the party Secretariat in Abuja, Tuesday. “The presidential aide congratulated the APC Family for ‘the well organized process of nomination.’ “As members and loyal aspirants, we’ll unite the party to win the general elections at all levels. We’ll make the APC proud.”

Government Area of Enugu State have reassured Governor Ifeanyi Ugwuanyi of their firm support and strict adherence to his decisions ahead of the primaries of the Peoples Democratic Party (PDP) for the 2023 general elections. The people of Oji River reiterated their earlier stance on Gov. Ugwuanyi’s leadership, stressing that the governor is their leader and that they are solidly behind him.

governor for the peace and good governance he has entrenched in the council area in particular and Enugu State in general, adding that a lot of their people have benefited from his administration in terms of political appointments and empowerment. Speaking when they paid a solidarity visit to Gov. Ugwuanyi at the Government House, Enugu, yesterday, the Chairman of Oji River LGA, Hon. Chinedu Onyeagba,

unanimous in the agreement to support and adhere strictly to his political decisions regarding the choice of candidates for the State House of Assembly, the House of Representatives, Senate and Governorship seats. Appealing for the emergence of an Oji-River person to represent Aninri/Awgu/Oji River Federal Constituency in the 10th National Assembly, the Chairman reassured the governor that “Oji River is one

“Oji-River people are solidly behind you, come rain, come sun. Whenever you call us we will answer you. Wherever you ask us to go, we will go”. Lending his voice, the member representing Oji River Constituency, Hon. Jeff Mba, told Gov. Ugwuanyi that the visit was also to reaffirm their earlier position that “Oji River people have confidence in your leadership; that Oji River stands with you and we are solidly behind you”.

Late Osinachi: Police Submit 2023: Oji River LG Reassures Ugwuanyi of Support Autopsy Report to DPP The people of Oji River Local They expressed gratitude to the told the governor that they are and PDP Oji-River is one”, adding:

Kingsley Nwezeh in Abuja

The Federal Capital Territory (FCT) Command said yesterday that it submitted the autopsy report conducted on the remains of the late singer, Mrs Osinachi Nwachukwu by the command to the Director of Public Prosecution (DPP) for vetting and prosecution. Osinachi, a celebrated artiste in Abuja died a victim of

domestic violence prompting the arrest of her husband by the command, who was accused of kicking her in the chest which alleged led to her death. A statement by issued by the command said in a bid the clear the controversy surrounding her death, the command conducted an autopsy on the remains of the late singer which it submitted to the DPP.

WEDNESDAY, APRIL 27, 2022 • T H I S D AY

WEDNESDAYSPORTS

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

0811 181 3083 SMS ONLY

Chukwueze Fever Grips Anfield as Nigerian Targets Liverpool Fall Super Eagles’ winger, Samuel Chukwueze, is already looking forward to another tantalizing encounter this evening when Villarreal visit the fortress ground of multiple European champions, Liverpool, in the first leg semi-final of the UEFA Champions League. The 2019 bronze medal winner with Nigeria at AFCON 2019 in Egypt early this month proved bookmakers wrong with a stunning late minute strike that sent Bayern Munich out of the tournament with 1-1 score line at Allianz Arena after a lone goal win at Villarreal. The magical strike, sent the Yellow Submarines into the semi-finals for the first time in 16 years. This evening as the clock ticks ahead of the match, Chukwueze, who returned to action after an injury-hit spell, is looking to cause another upset after downing one of Europe's elite. Full of pace, skill and possessing a majestic left foot, the winger is the latest African talent to catch the eye in the Champions League. Now, he has his sights set on another member of the elite as the Yellow Submarine face six-time European champions Liverpool in the semi-finals. "We know all about Liverpool and they are expected to win, so the pressure is on them," Chukwueze told BBC Sport Africa before Wednesday's first leg. "We have a squad and manager good enough to compete against any team in the world. Because of the way Liverpool play some people have already made their own predictions but that is normal in football. "We have a job to do and we are not going to Liverpool to lose. Why not aim for the best result over there? And that is what we hope to do."

Samuel Chukwueze (left) scored in the 88th minute at the Allianz Arena to knock six-time European champions Bayern Munich out of the Champions League

C H A M P I O N S L E AG U E S ’ F I N A L Chukwueze - who almost joined Arsenal in 2016 - is keen to relive the feelings he experienced in the win over Bayern in Germany, which he describes as "an unforgettable moment for my career". "I came on as a late substitute and scored a winner that I will never forget in my life," he explained. "You honestly have no idea how

much it meant to the players, the club, our fans and the city. "Everything happened so fast. My team-mates kept screaming 'Samu!' and I couldn't process it that very moment. And honestly, I couldn't hold myself. I looked across to our fans and once I saw them with tears of joy, I completely

understood the impact of that goal. "I hope to write more important chapters in my career with Villarreal. I have more games to play, and personal glory is not the target." The Reds may be fancied to reach the final, but Villarreal have showcased a real pedigree in cup competitions under manager Unai Emery. Chukwueze, meanwhile, is

entitled to have a bold attitude, considering all he has had to come through over the past 12 months. It was at the semi-final stage last season that the Nigerian's season came to an abrupt end, also against English opposition but that time in the Europa League. Villarreal were underdogs ahead of their meeting with Arsenal, but in the end Emery got the better of his former employers

to advance to the final. Chukwueze played his part, assisting a goal in the 2-1 home leg win, before being forced off with a hamstring injury half an hour into the return leg in London. He would not play again for five months, missing the final win over Manchester United on penalties and undergoing surgery for the second time in three months at the end of May. All of that disruption was difficult for the youngster to manage, both physically and mentally. "Coming back, getting injured, doing two surgeries in a season is crazy and tough," he said. "When you come back from an injury and you stay out for three months, go back again and do another surgery, it is so tiring and will weaken your mentality. "If you're not strong in the head, it's going to weigh you down. Sometimes you get scared. Whenever you remember, you don't want to take some risks again." Chukwueze credits overcoming that hurdle to the fraternal atmosphere at the club, as well as the personal touch Emery has brought to his recovery. With the worst now past, he can once again focus on his development and what the future holds.” If he finds that touch ahead of the matches against Liverpool, then Villarreal's Champions League fairy tale may, improbably, have another chapter. Chukwueze has represented Nigeria at all levels, and was an Under-17 World Cup-winner with the Golden Eaglets in 2015.

Man City Edge Real Madrid in Seven-goal Thriller Manchester City won a sevengoal thriller against Manchester City 4-3 in a stone-cold classic last night, in what was the first leg of the pair's Champions League semi-final tie. City were irresistible going forward throughout and raced into a 2-0 lead. However, despite their best efforts Real kept on pegging them back and Los Blancos will welcome the Premier League champions to the Santiago Bernabeu next week just one goal down on aggregate. Scarcely a minute after the boos for the UEFA anthem had subsided, City had the ball in the back of the net. Mahrez was the architect, dancing through

CHAMPIONS LEAGUE a spate of white shirts before floating a cross for De Bruyne to crash home with his head. It did not take long for City to make it 2-0. This time, De Bruyne turned creator, whipping a ball into the box and after a slice of good fortune, Gabriel Jesus was presented with a gilt-edged chance that he converted to send his side into dreamland. Real then survived another scare when Phil Foden's cutback was not turned in, before they finally progressed into the City box with Vinicius Junior's deflected effort flying well wide.

L-R: Manchester City players, Gabriel Jesus, Phil Foden and Bernardo Silva celebrating Foden’s second goal in the Etihad club’s 4-3 Champions League semi ﬁnal ﬁrst leg victory over Real Madrid ...last night

Super Falcons Seeded in WAFCON Draw GamrX Coming Boosts Africa’s e-sports Market

Multiple-time defending champion, Nigeria’s Super Falcons already have their position determined even before the draw ceremony that will hold on Friday at the Mohamed VI Complex in Rabat, Morocco. They have been allocated Group C as the top team. They are therefore designated as C1. In similar fashion, hosts, Morocco are designated as A1, meaning they are in Group A as the first

team. Cameroon as the next best ranked team after Nigeria will be in Group B as B1. The remaining nine teams will now be drawn into the three groups to have four teams per group. The remaining nine teams are Botswana, Burkina Faso, Burundi, Senegal, South Africa, Togo, Tunisia, Uganda and Zambia. Three of these teams will be drawn to face Nigeria in Group C.

Africa’s leading e-sports organisation, Gamr has made history with the successful hosting of the first edition of GamrX, giving boost to esports in the continent. It is a historic tournament created to showcase the skills of African e-sports players. Gamr is a web/mobile esports and gaming platform that uses technology to aggregate the African gaming eco-system and break barriers to global tournament access.

A cash prize pool of $15,000 was on the line as e-sports players from 10 countries converged on the Eko Convention Centre in Lagos, to compete against each other in FIFA22, Mortal Kombat 11, PUBG Mobile, Call of Duty Mobile, and Red Bull Kumite featuring Streetfighter. There were several qualifying rounds held across the participating nations which included Cote d’ Ivoire, Tanzania, Benin Republic, Ghana, Kenya,

Cameroon, Senegal, South Africa, Algeria, and Nigeria. The finale was an experience like never before as e-sports was fused with African pop culture. Performances from famous African artists like BNXN and Blaqbonez thrilled the crowd present at the event as well as those that were streaming it live. GamrX was an event that was crowned with great knockouts, takedowns, counterattacks, and finishes that will definitely live

long in the hearts of those present. As expected, the winners of the different tournaments were from different countries with Tanzania winning the FIFA22, Cote d’Ivoire winning the Streetfighter battle and Nigeria winning the Call of Duty battle. According to the COO of Gamr Africa, Kunmi, GamrX would be held annually and there is a plan to increase the number of participating countries and players in the next edition.

Wednesday, April 27, 2022

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NSCDC to Police

“I told them that the incident is a disgrace to security agencies… I do not think we are here to flex muscles or pursue work ego, but to defend our fatherland… I was highly disappointed and embarrassed by the action of MOPOL 18”--- The Commandant of the Nigerian Security and Civil Defence Corps (NSCDC), Mr Michael Ogar, blaming the police for the sporadic gunshots fired at the office of the agency in Owerri, Imo State, on Monday.

KAYODEKOMOLAFE THE HORIZON

kayode.komolafe@thisdaylive.com

0805 500 1974

Not Too Poor to Run?

s the chairman of the Federal Electoral Commission (FEDECO) in the Second Republic, Justice Victor Ovie-Whiskey attracted so much attention to his office by his response to an unproved allegation that he received a bribe of one million naira to rig elections. Ovie-Whiskey told his accusers that he would “faint” at the sight of one million naira in cash! Not a few people at the time might have been in-credulous about the claim that one million naira was actually offered in cash as a bribe. Some even de-scribed the story as a myth in defence of the former Chief Justice of the old Bendel State (comprising the present Edo and Delta states), who died 10 years ago. In those days politicians spent money in hundreds and thousands of naira. It was rare to mention hundreds of thousands, much less millions. It is not so anymore. No one, perhaps, would faint today at the sight of 10 billion naira cash! The Ovie-Whiskey story is recalled here to demonstrate the degree of monetisation of the political process that has taken place in the last 40 years. It was the experience of one of the eminent predecessors of Professor Yakubu Mahmood, chairman of the Independent Electoral Commission (INEC), as a regulator of electoral affairs. Today, it is normal in Nigeria for political parties to ask political aspirants seeking party tickets to pay tens of million of naira as fees. It is as if the role of money in politics is being dramatised. The most outrageous fees have been announced by the All Progressives Congress (APC), which makes its presidential aspirants to pay N100 million. This is an utter negation of the idea of progressivism expected of party that should be espousing social democratic values. The Peoples Democratic Party (PDP) has pegged the fees for its presidential aspirants at N47 million. In particular, the two largest parties are making their members wishing to contest various categories of elections to pay fees which are not reflective of the income structure and indeed the socio-economic reality of the country. Imagine a party asking an aspirant to public office to pay N100 million in a country where state governors are resisting the payment of N30,000 monthly minimum wage to workers. Senior Advocate of Nigeria Femi Falana encapsulates the public feelings about these fees in his statement by saying that the fees “are illegal, immoral and insensitive.” Meanwhile, some “political strategists” would suggest that in order not to appear frivolous a typical governorship candidate should be working on a budget of five billion naira while a presidential candidate should be planning to raise as much as N20 billion. Candidates for federal legislative seats are expected to spend hundreds of millions too in this incredible race for power. In the estimation of the pundits, these expenses, of course, include legitimate and illegitimate ones. In some cases, candidates pursuing their mandates at the tribunals could even spend more money than was actually spent during the elections as legal fees and other items. Politicians wave off the deep issues raised by this trend by merely saying that “it costs money to run for elections anywhere.” They may be right

Adamu

Ayu

at least in one respect. After all, the dominant role of money is consistent with the nature of bourgeois politics. For instance, the postures of the biggest political parties in the build-up to the 2023 election in Nigeria is reminiscent of the monetising roles of political parties in the 2000 presidential elections in the United States. This is well reported by the ace investigative journalist, Greg Palast, in his book, The Best Democracy Money Can Buy. Some experts have asserted that the 2000 presidential in America was the first in history in which political parties spent more money on advertising than the candidates themselves despite the prevailing regulatory regime at the time. Put together, the expenses on television adverts by both the Republican Party and the Democratic Party were estimated to be $79.9 million while the respective candidates themselves – George W. Bush and Al Gore- spent about $67.1 million. The money reportedly came largely from what was described as “soft money” from corporations, wealthy individuals and unions. The candidates spent the public money provided for them according to the law. But regulatory questions were raised about the expenditures of the political parties. What happened in 2000 in the United States should, however, be contrasted with the Nigerian situation in some respects. For instance, it is not case that the bulk of the “expenses” that candidates and their political parties make in Nigeria could be said to be on media adverts. What would be revealed could be stupefying if a thorough scientific study of what hap-pens is embarked upon with accurate data. The deeper theoretical and practical questions raised by the high fees charged by APC and PDP in particular relate ultimately to the content of democracy being practised. The huge bills for elections certainly exclude otherwise suitable party members from even contemplating running for elections. Elections are being turned into investments by the parties and in-deed by the system for candidates. The consequence of the huge democratic deficits is undeniable in the system. The democratic space is not widened

when the factor of money automatically excludes otherwise qualified party members from contesting. You cannot be talking of a level playing ground in a contest in which most prospective participants can-not even afford the application fees. The practical implication of the exclusionary rule, of course, is that a candidate will have to find the money or be sponsored by those who can afford to do so. That is not the way to deepen democracy. In retrospect now, the role of money in elections could not be said to be as dominant in the Second as it today. After all, if money was all that mattered the Peoples Redemption Party (PRP) led by Mallam Aminu Kano could not have defeated the more endowed National Party of Nigeria (NPN) in the old Kaduna State (now Kaduna and Katsina) and old Kano state (now Kano and Jigawa) states. Balarabe Musa who emerged as Kaduna governor and Abubakar Rimi who was elected as governor in Kano could not be described as rich men before they contested the election. They were only armed with solid ideas for the liberation of the talakawa (the poor masses) from the shackles of poverty and underdevelopment. The ideology of PRP resonated well with the people on the streets. There was no way the PRP could have asked Balarabe and Rimi to pay prohibitive fees as a condition to bid for the party ticket. Yet, the politics of the Second Republic was severely criticised for the role money played in elections in some other quarters. So, during the long-drawn transition programme

“The increasing monetisation of the political process depletes its democratic content”

of the military government of President Ibrahim Babangida there was a deliberate attempt to de-monetise the political process. The intellectuals who produced the ideas for the unique transition to democracy from the late 1980s to early 1990s actually aimed at a complete recast of the political economy of Nigeria. In fact, there was strident campaign against the place of “moneybags” in politics as the regime sought to create a “new breed” of politicians not with money. As a result, the Babangida regime built party secretariats all over the country and the government was responsible for financing the respective organisations of the two registered parties – the National Republic Convention (NRC) and the Social Democratic Party (SDP) - among other responsibilities. The experiment, however, collapsed with the tragic annulment of the June 12, 1993 presidential election won by Bashorun Moshood Abiola. Looking back now, the monetisation of politics in the past was a child’s play compared with what obtains today. Enthusiasts of liberal democracy often ignore the limitation of the system imposed by the role of money. In theory, every citizen has the right to vote and be voted for as provided in the constitution. But many liberal democrats do not acknowledge the fact that for most citizens these are mere formal rights (especially contesting elections) with no practical effect. The participatory range of liberal democracy is severely limited in an underdeveloped setting like Nigeria. That is why the struggle for popular democracy should be intensified because it is more participatory in the long run. Interestingly, despite all the heat generated in the agitation for constitutional reforms, restructuring of the federation or the making of a fresh constitution this conspicuous limitation in Nigeria’s experiment with liberal democracy is hardly a topic of discussion. The constitution specifies the qualification for con-testing for elective offices. But having sufficient money to run for office is not stated as one of the conditions. This is so in order to give a veneer of equal rights and universality of participation. The truth, however, is that the system is rigged against the majority. Some qualified party members may actually be too poor to run for elective offices. But those who control the system pretend that they are not aware that many interested party members have no means to run and do not have ready sponsors. Party leaders should be wary of the institutional implications of the exclusive political culture they are unwittingly nurturing with exorbitant application fees. Otherwise, APC’s Chairman Abdulahi Adamu, PDP’s Chairman Iyorchia Ayu and leaders of the other parties might soon be confronted with the emergence of a Not-too-Poor-to-Run movement. The battle cry of such a movement will simply be this: the increasing monetisation of the political process depletes its democratic content. This in turn worsens the alienation of the people as manifested in voter apathy. It is grossly unfortunate that the biggest political parties appear to be promoting this negative trend.

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