MONDAY 29TH APRIL 2024

Zenith Bank Shareholders Approve Holdco Structure

Shareholders of Zenith Bank Plc unanimously approved the restructuring of the Bank to a holding company during a court-ordered Extraordinary General Meeting (EGM) held virtually from Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos, on Friday, April 26, 2024. In accordance with the Scheme of Arrangement dated March 28 2024, pursuant to Section 715 of the Companies and Allied Matters Act (CAMA), 2020 between the Bank and the holders of the fully paid ordinary shares of 50 Kobo

each in the Bank, the shareholders voted to transfer 31,396,493,787 ordinary shares of 50 Kobo each held in the issued and paid-up share capital of Zenith Bank Plc to Zenith Bank Holding Company Plc (the HoldCo) in exchange for the allotment of 31,396,493,787 ordinary shares of 50 Kobo each in the share capital of the HoldCo in the same proportion to their shareholding in the Bank. Similarly, the shareholders approved that each Existing GDR Holder receive, as consideration for each existing GDR held, one new HoldCo GDR. The shareholders also approved

that all of the shares held by the nominees of the Bank in Zenpay Limited, a direct subsidiary of the HoldCo, together with all rights and liabilities attached to such shares, be transferred to the HoldCo. The Board of Directors were also authorised to delist the shares of the Bank

and the Existing GDRs from the official list of the Nigerian Exchange and the London Stock Exchange respectively as well as re-register the Bank as a private limited company under CAMA

DHQ: Prince Harry, Wife to Meet Military Personnel on Visit to Nigeria...

Tinubu at WEF, Says Subsidy Removal, Forex Reform Saved Nigeria from Bankruptcy

Meets Microsoft founder, Bill Gates, Chairman of A.P Moller-Maersk, Maersk Uggla, CEO of Samsung, Hong Namkoong, others Secures $600m Danish investment to expand Nigeria's existing seaports

Deji Elumoye in Abuja

President Bola Tinubu, yesterday, said last year's removal of fuel subsidy and current efforts by his administration to manage Nigeria's foreign exchange market were necessary steps that prevented the country from going into bankruptcy.

Tinubu, who spoke at the opening of a two-day Special World Economic Forum in Riyadh, Saudi Arabia, also met with key global business leaders, on the sidelines of the event. The business leaders included Microsoft founder and philanthropist, Mr. Bill Gates; Chairman of Danish shipping and logistics company, A.P Moller-Maersk, Maersk Uggla; President and Chief Executive Officer of Samsung, Hong Namkoong; as well as Chairman of Samsung Investment Global, Jungwook Kim.

Continued on page 5

ZENITH BANK COURT-ORDERED EXTRAORDINARY GENERAL MEETING...

L-R: Chief Executive, Lazard Group, Peter Orszag; Rwanda President, Paul Kagame; President Bola Ahmed Tinubu; Malaysia Prime Minister, Anwxar Ibrahim; Managing Director, International Monetary Fund, Kristalina Geogieva and Head of Middle East and North Africa, World Economic Forum, Maroun Kairouz, during the World Economic Forum in Saudi Arabia... yesterday

Nume Ekeghe

The Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR (Centre) flanked by the Group Managing

Dr. Ebenezer Onyeagwu (Right) and the Deputy Managing Director, Dame (Dr.) Adaora Umeoji, OON (Left) during a court-ordered Extraordinary General Meeting (EGM) held virtually from the Zenith Heights, Zenith Bank Plc, Victoria Island, Lagos... Last Friday

Shettima Departs Abuja for IDA Summit in Nairobi

Leads Nigeria's ambition for robust global financing

Vice President Kashim Shettima departed Abuja yesterday to represent President Bola Ahmed Tinubu at the crucial International Development Association (IDA21) Heads of State Summit taking place today in Nairobi, Kenya.

The high-level gathering, being hosted by Kenyan President William

Ruto, according to a release issued by Shettima's media assistant, Stanley Nkwocha, will see African leaders unite to call for an ambitious replenishment of the World Bank's International Development Association (IDA) concessional lending arm. Shettima is expected to take a lead role in advocating for Nigeria's vision of a transformative IDA21 financing package to accelerate development

across the continent over the 2024-2026 period.

In the draft "Nairobi IDA Communique" to be considered at the summit, African heads of state outline urgent priorities for IDA's next three-year funding cycle, including building human capital, creating jobs, enhancing energy and digital access, building climate resilience, and promoting sustainable growth.

While thanking donors for contributing $23.5 billion to the current IDA20 cycle, the communique stated that this level of financing is inadequate to meet the massive investment needs. It calls on "IDA partners/donors to step up and ensure a robust replenishment for IDA21."

The Vice President is expected to emphasize that partners like IDA will be critical to realizing Nigeria's

economic transformation agenda, with the country's young population requiring substantial investments in sectors like job creation, energy access, and human capital development. The Nairobi summit followed previous IDA gatherings in Abidjan in 2021 and Dakar in 2022 where African leaders united to call for an ambitious IDA20 replenishment from donors. Shettima

TINUBU AT WEF, SAYS SUBSIDY REMOVAL, FOREX REFORM SAVED NIGERIA FROM BANKRUPTCY

Justifying the removal of fuel subsidy in Nigeria, Tinubu said it was a necessary action to prevent the country from going bankrupt and to reset the economy towards growth.

He acknowledged that the subsidy removal was difficult and had drawbacks, but argued that it was in the best interest of the country.

The president also revealed that his administration implemented parallel arrangements to cushion the effect on the vulnerable population.

He stated, "At the time, it ought to be taken decisively, that was necessary for the country. Yes, there have been drawbacks. Yes, there was the expectation that the difficulty would be felt by a greater number of people, but, of course, I believed it was their interest that was the focus of government.

"It is easier to manage and explain the difficulties, but along the line, there was a parallel arrangement to cushion the effect of the subsidy removal on the vulnerable population of the country.

"We shared the pain across the board. We cannot but include those who are very vulnerable. Luckily, we have a very vibrant youthful population interested in discoveries by themselves and highly ready for technology, good education; and committed to growth.”

On forex, Tinubu said, "The

currency management was necessary, equally to remove the artificial element of value in our currency. Hence, our local currency finds its level, competes with the rest of the world's currencies, and removes arbitrage, corruption and opaqueness. That, we did.

"At the same time, that is a twoengine problem and a very turbulent situation for the government. But we are able to manage that turbulence because we prepared for inclusivity in governance and rapid communication with the public, to (really) see what is necessary and what you must do."

The president called on the global community to pay attention to the root causes of poverty and instability in Africa's Sahel region. He emphasised the need for economic collaborations and inclusiveness to achieve stability and growth.

Tinubu appealed to bigger economies of the world to actively participate in the promotion and prosperity of the region to achieve peace, stability, and economic growth. He further canvassed global collaboration and inclusiveness to drive capital formation and economic opportunities in Africa, particularly in the Sahel region.

He also told participants at the WEF how, as Chairman of the ECOWAS Authority of Heads of State and Government, he had used Nigeria's influence to

discourage unconstitutional changes of government and ease sanctions.

The president stressed, "The fear of lack of capital in Africa" and "stigmatisation" must be addressed through inclusive programmes driving economic opportunity.

He charged the global community to "look at the fundamentals of the problem" and "go to the root" of the issues facing the Sahel region and ECOWAS countries.

According to Tinubu, "The rest of the world needs to look at the fundamentals of the problem; not just ordinary geopolitically but it has to go to the root. Has the world paid attention to the poverty level of Sahel, and the rest of ECOWAS?

“Have they helped the infusion of capital and paid adequate attention to the exploitation and opportunities availed by the mineral resources available?"

He emphasised the importance of economic collaboration, saying, "The capital formation that is necessary to drive the economy, like agriculture, food security, innovation, and technological advancement, must be an inclusive programme of the entire world. No one should be left behind."

Tinubu also emphasised the need for stability and economic prosperity in the region. He said, "We need to trade with one another, not fight each

other. It is very, very necessary and compulsory for us to engender growth, stability, and economic prosperity for our people.

"The overall goal of the forum is to facilitate constructive dialogue, identify concrete solutions, and promote collaborative action to address the critical issues facing the global economy, such as geo-political tensions, inflation, supply chain disruptions, and the impact of climate change."

Tinubu to Gates: Technology is Enemy of Corruption

President Bola Tinubu said his administration was investing in technology tailored towards ensuring transparency and accountability in government and accelerating public sector performance and service delivery to the Nigerian people.

Speaking during a meeting with Microsoft founder and philanthropist, Mr. Bill Gates, on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, Tinubu said technology was a potent weapon against corruption and financial impropriety in public service.

Stressing his commitment to delivering reliable technology that would support a national consumer

Motorists Spend Nights in Abuja Filling Stations as Petrol Supply Dries Up

The current petrol scarcity in Abuja and several other states in Nigeria worsened at the weekend, with motorists keeping vigil at the few filling stations that were open for business at the Federal Capital Territory (FCT).

At Wuse Zone 1, in the early hours of Sunday, motorists were seen sleeping in their cars, as a number of the filling stations, including the NNPC Mega Station and the AP filling stations opposite it, were closed.

However, when the facilities opened, some of the fuel queues had extended over one kilometre, with drivers who could not wait in the lines for as long as five hours buying 10 litres of petrol at the black market rate of N12,000.

A number of the filling stations, including Total on Sultan Bello, in Wuse 3, remained shut as the petrol supply crisis which began a few days ago, took a turn for the worse, distorting social and economic life in Abuja and environs and many other states.

Aside Abuja, Nasarawa, Niger, and other states close to the federal capital were affected by the petrol supply challenge, leaving many commuters stranded.

Motorists besieged the few filling stations, including NNPC, resulting in long queues on Obasanjo Way, Zone 1, Conoil, as well as Total filling stations opposite the NNPC headquarters in Abuja.

It was the same story at NNPC, Mabushi, Zuba, Niger State at AYM Shafa, NNPC outlet on Arab Road,

Kubwa, Nyanya, Nasarawa State, among others. The situation was the same at stations owned by AA Rano, Mobil, NIPCO, and Ardova Plc.

While the NNPC Mega Station still sold petrol for N617 per litre, Eterna, in Wuse 2, for instance, dispensed at N695 as of Sunday morning, even as roadside black marketers were seen making brisk business.

The petrol scarcity also worsened at the weekend in Ilorin and other parts of Kwara State. Residents of the state had been experiencing fuel scarcity for almost five days without an end in sight.

Already, a litre of petrol sold between N750 and N2,000 in the state, depending on location, THISDAY observed. The development led to rise in Okada fares across the state.

It was further learnt that in Kwara North senatorial district of the state, a litre of PMS sold between N2,000 and N2,500, with this seriously affecting the socio-economic life of people in the area.

THISDAY checks revealed that some filling stations owned by the Independent Petroleum Marketers Association of Nigeria (IPMAN) in the state were locked.

Some major petrol dealers, like Total, NNPC stations, and AP, among others, sold to motorists, but with long queues at the affected stations.

A civil servant, Mrs. Raliat Yusuf, decried the situation in view of the economic predicament in the country.

Yusuf said, "With this new trend of fuel scarcity, I don't know how I will be going to work tomorrow (Monday) because of the worsening

fuel scarcity and, more importantly, the motorbike owners do not have fuel to do their businesses.

"I believe this is not what the government promised us when they were campaigning and this is serious for us now. I want to appeal to the government to take urgent steps to address the situation."

Equally speaking on the development, the chairman of IPMAN in Kwara State, Abdulateef Abdulrauf, said, "We are not hoarding fuel and we appeal to the members of the public to bear with us for now since it is a temporary situation and by next month, things will return to normal situation."

The situation had persisted, despite a statement by the Nigerian National Petroleum Company Limited (NNPCL) last week that the problem arose from logistics issues, and assurance that it had been resolved and was under control.

The statement by NNPL’s Chief Corporate Communications Officer, Olufemi Soneye, had said, “The Nigerian National Petroleum Company Limited (NNPC Ltd) wishes to clarify that the tightness in the supply of PMS currently being experienced in some areas across the country is as a result of logistics issues and that they have been resolved.”

But speaking on the matter, former Chairman of the Nigerian Electricity Regulatory Commission (NERC) and Arise Television analyst, Dr Sam Amadi, said if the problem had been resolved it should not take this long to get back to normalcy. Amadi said, “Even my driver spent

almost the whole night at the filling station. The queue was so long, he couldn’t get fuel. This morning, we had to queue and it took about four hours. I walked round when I was doing my exercise and the stations were locked.

“Just look at the economic cost and social distortion. And what makes this even more pathetic is that this is not the era of rigid regulation of fuel price. So, you can’t say we are buying at N185 to N200. Now, it has gone to N600, N700, N800 and even N900.”

The fuel situation has increased the economic burden on Nigerians.

The National Bureau of Statistics (NBS) said in its Transport Fare Watch for March 2024 that on a year-on-year basis, average fare paid by commuters for bus journeys within the city per drop rose by 49.55 per cent, from N648.16 in March 2023 to N969.32 March 2024.

In air travel, the average fare paid by air passengers for specified routes single journey was N88,964.86 in March 2024, rising by 18.96 per cent from N74,782.43 in March 2023.

NBS added, “The average transport fare paid on Okada transportation was N472.16 in March 2024, which increased by 0.92 per cent when compared with the value recorded in February 2024 (N467.84).”

On state profile analysis, for intercity bus travel, the highest fare was recorded in Anambra State, with N9,700, followed by Akwa-Ibom with N9,000. The least fare was recorded in Kwara, with N5,500, followed by Ebonyi with N5,700.

credit system and many other critical new government interventions, Tinubu said resistance was often expected when efforts were made to strengthen systems and forestall malfeasance.

He stated, "Technology is the enemy of fraud, corruption, and irregularity. We have been working hard on improving technology.

"There is always the initial resistance. Corruption, self-interest, and fraudulent activity will always be an enemy, but when you bend that curve, you will receive the benefit. The nation will receive the benefit."

Recalling how he deployed technology to enhance the revenue base of Lagos State as governor, the president said he ensured the collection and utilisation of essential data, creating an efficient tax system for the state.

According to him, "When I was governor of Lagos State, I faced challenges. I started with N600 million and ended up with over N8 billion.

“And right now, they are targeting a trillion naira with the use of technology in the state. There is no other shortcut. We must invest in technology. We must focus, be diligent, and work hard."

Gates, in his remarks, informed the president of a one-identity technological platform that could integrate variegated data. He emphasised the centrality of data harmonisation to planning, security, and tax efficiency.

Gates stated, "We are working with Mr. Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, on digitisation. Before you came into office, there were a few things attempted in identity management. But they have been very scattered. There have been multiple identification systems.

"Now, there is a plan to take that

technology called MOSIP and use it for this identification platform so that people can get digital benefits. We are providing support for that, and we can provide more support.

"With MOSIP ID, there is potential application in all government payment programmes. It helps with payment efficiency and bank accounts, and eventually, when everyone is using that, it makes tax collection easier.

“That benefit will take a few years. However, there will be more bank accounts, more financial inclusion, and effective government payment programmes."

The former Chief Executive Officer of Microsoft said Nigeria had the capacity to manage this system and related-technological systems, as the country brims with talented youths.” The president explained, "The last time I went to the Microsoft office in Lagos, I saw the amazing work that they were doing and how they were growing their operations. So, you have a lot of Nigerian talents to manage these systems."

The businessman also spoke about some high-yield seeds and a variety of crops with the potential for improved productivity and nutrition in all regions of the country. He said countries like the United States and Brazil had been using these seeds and they had been tested and certified as safe.

Gates stated, "There is no safety issue with these seeds. Supporting the Minister of Agriculture's effort in this regard is something that we feel is important and worth supporting."

Responding to Gates, Tinubu said, "We will look at this and work on it further. I am proud of Nigeria's youths. They are very excited and creative with technology. They encourage us as

Continued on page 43

ZENITH BANK SHAREHOLDERS APPROVE HOLDCO STRUCTURE

Act 2020.

In his remarks during the EGM, the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, thanked the shareholders for their unwavering commitment, which has been instrumental in the Bank’s outstanding performance over the years. He expressed his delight at witnessing the transition of the Bank to a holding company, which is anticipated to position it advantageously for exploring emerging opportunities in the Fintech space while bolstering its digital and retail banking initiatives.

Also speaking during the EGM, Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive, lauded the Founder and Chairman, Jim Ovia, CFR, for his pivotal role in creating an institution that has consistently been a trailblazer in the nation's financial services industry.

Dr. Onyeagwu expressed his optimism about the Bank's growth trajectory in the coming years as it transitions into a holding company structure.

According to him, “The HoldCo structure presents an opportunity for us to unlock value for shareholders in terms of opportunity in other sectors beyond banking. The first part is Fintech, where we have already received the approval and the

license from the Central Bank of Nigeria (CBN), which we are launching soon. It is going to be focusing on an area that we know has not been touched on by anyone. So it is more like us finding an open wide space where we can begin to operate, and with a HoldCo, what that means is that we have an opportunity to diversify our investment. We can begin to look at other business verticals that were restrained by the kind of authorisation we have. So, it presents a big opportunity for us to have a wider lens and scope in terms of what we can do. It will also position us to think of opportunities beyond Africa. We will be looking at key business verticals that have the potential to enable us to create value for shareholders.”

On the recapitalisation plan of the Bank, Dr. Onyeagwu stated that the Bank is on course to receive the needed shareholder’s approval in the forthcoming Annual General Meeting (AGM) slated for May 8, 2024, which will kickstart its capital raising effort in line with the CBN directive. He expressed confidence in the Bank’s ability to raise the stipulated capital, stating that amongst its peers in the industry, Zenith was expected to raise the least amount due to its already robust capital base.

Deji Elumoye in Abuja

Emmanuel Addeh in Abuja and Hammed Shittu in Ilorin

Lagos-Calabar Highway: FG Begins Demolition, Tells Property Owners to Make Sacrifices for Nigeria

Pledges to pay compensation to deserving persons

The federal government at the weekend commenced the controversial demolition of properties on the Right of Way (RoW) of the over N15 trillion Lagos-Calabar coastal highway. The government urged owners of such facilities along the axis to see the demolition as a sacrifice for Nigeria.

Minister of Works, David Umahi, who flagged off the exercise on Section 1 of the road, assured that the construction

of the highway would mark a major milestone in President Bola Tinubu’s economic diversification roadmap.

Handled by Hitech Construction Company Limited, the project had drawn criticisms from several Nigerians, including former Vice President Abubakar Atiku and the presidential candidate of Labour Party (LP) in the 2023 general election, Mr Peter Obi.

Both leaders raised concerns over the alleged opacity surrounding the award of the

contract for the 700-kilometre highway. They emphasised the need to prioritise the funding of more critical roads across the country.

But Umahi, according to a statement yesterday by his spokesman, Uchenna Orji, said the federal government was passionate about the plight of the people affected by the demolition exercise. He said the government would, in the exercise of the right of way, put a “human face” to the demolition of properties required to give

FG Signs Agreements with Japan to Strengthen Quality Seed Production, Disease Control

James Emejo in Abuja

The federal government has signed agreements with the Government of Japan, and the Japanese International Cooperation Agency (JICA) to improve the rice seeds production system as well as strengthen the Nigeria Centre for Disease Control (NCDC) projects to aid socio-economic development of the country.

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu and the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, signed the agreements on behalf of their respective governments in Abuja over the weekend.

The minister noted that these two important projects aimed to enhance Nigeria’s socio-economic development were incubated ideas coming to fruition.

He said the idea synchronises with the country’s system, adding that the primary objective was to ensure that family- based smallholder farmers can do better and not to be displaced by large-scale farmers and mechanisation.

Specifically, he pointed out that the seed production project aimed to achieve self-sufficiency in rice production and input substitution, focusing on

enhancing quality of breeder and foundation seeds, equipment procurement for rice cultivation, testing, inspection and postharvest processing.

He said the deal would also bolster the capacity of the National Cereals Research Institution (NCRI), Badeggi, Niger State and its outstations.

The proposed sites for the project are in Niger and Oyo States, the minister said.

On the NCDC support initiative, Bagudu explained that the project would entail installing biosafety level (BSL) 2 and 3 laboratories and equipment at the National Reference Laboratory of NCDC.

In a statement issued by the Director, Information, Federal Ministry of Budget and Economic Planning, Julie Osagie-Jacobs, the minister added that the initiative, which is being done in collaboration with the Japanese Government through JICA will cushion infections disease surveillance and national health security.

The proposed sites for the laboratories are Gaduuwa, Abuja and Yaba in Lagos State.

However, Kazuyoshi noted that the projects are testament to the continued cooperation and shared commitment to improving the lives of the Nigerian citizens.

He said the Japanese Government had supported Nigeria's effort to tackle infectious diseases in the health sector, adding that the strengthening of the diagnostic capacity of the NCDC would enhance the country’s capacity to detect and respond to infectious diseases by establishing a state-of-the-art biosafety level 3 laboratory within the centre.

According to the Japanese envoy, the partnership extended to the agriculture sector where Japan had contributed to enhancing productivity, food security and sustainable practices.

Kazuyoshi the rice seed project seeks to meet Nigeria’s increasing rice demand by enhancing certified seed quality and boosting production, stressing that the initiative supports Nigeria's goal to diversify its economy.

He added that 40 per cent of the sesame seeds consumed in Japan are sourced from Nigeria which demonstrates the high quality and global appeal of the Nigerian agricultural products.

He reiterated the Japanese commitment to working handin-hand with Nigeria to achieve identified goals and create a more resilient and inclusive future for the country.

way for the construction of the highway.

The minister noted that the federal government was considering the most economically viable way to pass the coastal road without much damage. He reassured that there would be no delay in the payment of compensation to the property owners entitled to compensation, but solicited their cooperation to the timeline of the demolition exercise.

Umahi said, "We are doing some minor adjustments, and our commitment is to stay within the coastline. When the initial demolition order was passed to all the affected investors, so to speak, I graciously increased the period to another seven days and yet another four days.

“And here we are because the project stopped because of this part of the demolition. This demolition is going to have a pure human face…

“I wish to flag off this demolition exercise to get a right of way within the coastal corridor, which is the legitimate right of the federal government."

The minister called on all those to be affected by the demolition exercise to take it as a sacrifice for the country.

He highlighted the socioeconomic benefits of the

project, including the funds it would save for businessmen and women and the stability it would bring to the economy.

"Those who are playing politics with this can go ahead. My job is simple, just to pass the coastal road and those who are into politics can continue," he said.

Speaking at the event, one of the affected property owners, Mr. Bolaji Ariyo of Mami Chula beach, said the demolition would affect his business.

However, the statement quoted Ariyo as saying that he had no option than to make the sacrifice for the greater good of millions of Nigerians whose livelihoods would be impacted by the construction of the highway that would connect the country’s southern and northern parts. He urged all those to be affected by the infrastructure to see it as a sacrifice for the good of all Nigerians.

Ariyo said, "Some of us are affected, no doubt about it. But some of us are not up to 0.1 per cent of the millions of people that will enjoy the coastal road. That's why someone like me and some others also have taken it to heart to also support Mr. President and the minister to ensure that this road comes to life."

Ariyo noted that the coastal highway had the potential to create greater vistas of opportunities for businesses and other human development initiatives that would benefit the greater number of Nigerians.

He added, "As humans, those affected will feel the pain, but the future of the country must be put first. And some of us are paying the price in good faith. So we are human, we feel the pain.

“But at the same time, if you look at the bigger picture, you realise that it's to the benefit of everyone. It's more than the benefit of one person. Yes, we are sitting on a lot of money, a lot of money being recouped here.

“But it is not worth the enjoyment or the free access of every other Nigerian that will ply the road. So Mr. Minister has already lectured me so well and has consoled me so many times."

According to the statement, the demolition exercise is continuing as the committee of the ministry on the compensation of Section 1 property owners, headed by the Federal Controller of Works, Lagos State, Olukorede Kesha, is working to ensure payment of compensation to the affected property owners begins in days.

Obaseki Chairs BRACED Commission Meeting Tuesday, Prioritises Agric Financing, Power, Security

Governor Godwin Obaseki of Edo State, will Tuesday, April 30, 2024, lead governors of the South-South states for the BRACED (Bayelsa, Rivers, Akwa Ibom, Cross River, Edo and Delta) Commission Governors Council meeting taking place in Yenagoa, Bayelsa State.

The meeting among other issues will focus on regional interests and address critical issues affecting the region, including power, security, agricultural financing and youth empowerment, among others.

In a statement, the Edo State Commissioner for

Communication and Orientation, Hon. Chris Nehikhare, said the meeting will be chaired by Governor Obaseki who is the current chairman of the Council and will be attended by the governors of Bayelsa, Rivers, Akwa Ibom, Cross River, and Delta States.

According to him, “The BRACED Commission Governor's Council, comprising the governors of Bayelsa, Rivers, Akwa lbom, Cross River, Edo and Delta States will meet on Tuesday, 30 April 2024 in Yenegoa, Bayelsa State.

“The meeting will discuss some

crucial issues affecting the region including security and the power situation in the South-South. It will also discuss agricultural financing and empowerment of youths and women in the region.”

Nehikhare added, “The meeting to be chaired by H. E Godwin Obaseki, the Governor of Edo State and current chairman of the council is part of the continuous efforts to revive and strengthen the BRACED Commission which was established in 2009, following the first South-South Economic Summit in Calabar, Cross River State.”

Emmanuel Addeh in Abuja

RAISING AWARENESS FOR VICTIMS OF SEXUAL ABUSE AND VIOLENCE...

Ogunrotimi, at a meeting to raise awareness for victims of sexual abuse and violence... recently

Revealed: UK Government Was Warned of HIV, Hepatitis C Infected Blood Risks

A commercial blood product at the centre of the biggest treatment scandal in the history of the National Health Service (NHS) was approved for use after government officials were told convicts were among the paid donors and virus contamination “should be assumed”, corporate filings have revealed.

The product, given to haemophiliacs to enable their blood to clot, was injected into thousands of patients in the UK in the 1970s and 1980s, including young children, who were infected with HIV and hepatitis C, The Guardian UK reported.

A single batch could contain plasma from 20,000 donors harvested in US prisons and some of the poorest neighbourhoods of America, where drug use and sexual infections were rife. One infected donation would contaminate the entire batch.

An inquiry headed by Sir Brian Langstaff will report next month on the scandal, which has killed about 3,000 people. He has already concluded “wrongs were done at individual, collective and systemic levels”.

The drug firm Bayer provided 7,000 documents to the inquiry, which reveals its subsidiary, Cutter Laboratories, warned in licensing

application documents in the 1970s that its commercial blood product Koate, may contain viruses.

It said: “Since the presence or absence of hepatitis virus in Koate concentrate cannot be proven with absolute certainty the presence of such a virus should be assumed.”

The product, known as a factor VIII concentrate, was approved in August 1976 along with similar treatments that were a conduit for deadly viruses for several years.

A government safety committee was told “American state prisons” were among the sources. Studies had shown greater risk of hepatitis infection from prison-harvested blood and the Committee on Safety of Medicines was warned the product “suffers from being prepared from multi-centre donations which cannot be properly controlled by inspection”.

Des Collins, of Collins Solicitors, acting for 1,500 infected or affected people, said the licensing documents were “shocking” and products should not have been approved until viral inactivation was available. “There was a huge failure by ministers and successive administrations,” he said.

Stuart Cantrill, 50, whose father Barrie died in 1989 from an Aidsrelated illness after contracting HIV from a commercial blood product for

Oando-powered Charity Impacts 8,645

Households, Marks 4th Anniversary

The Aggregator Programme (TAP) for the Alleviation of Hunger, an independent charity powered by Oando employees (#HumansOfOando), has disclosed that it has so far impacted 8,645 households since its establishment.

On the 4th anniversary of the group at the weekend, it reiterated that its goal of relieving hunger in Nigeria’s most vulnerable communities through feeding programmes.

Conceived in April 2020, TAP, it added, was designed as a short-term solution to alleviate hunger during the COVID-19 pandemic in Nigeria.

The initiative, it said, recognised that there was a huge gap, despite contributions and efforts made by the government, public and private sector players as well as Non-Governmental Organisations (NGOs) to feed the less-privileged.

Through TAP, the Humans of Oando said they had continued to rally donors to keep the cause thriving and celebrated the charity’s 4th anniversary on Saturday, April 27, 2024

“Since its inception, the programme has evolved its approach to tackling hunger through its feed, empower, and uplift initiative to ensure a portion of the individuals who benefit from the feeding programme also learn a skill and thus, are equipped to generate income for themselves.

“In its four years of feeding and empowering Nigerians, TAP has been able to reduce incidents of food insecurity amongst indigent communities by positively impacting circa 8,645 households, 37,550 individuals across over 33 communities in Lagos, all achieved by leveraging its 11 implementing partners such as Lagos Food Bank, Abraham’s Tent, Project Ark, JAKINS, Siddiqah Foundation, and others,” it stated.

To achieve the food donation drives in the past year, TAP said it collaborated with Siddiqah Foundation, a personal and community development organisation built to impact the lives across the world through support and empowerment of stigmatised groups.

haemophilia, said: “There were clearly some in the NHS and in government who were aware of the risks and chose to ignore them. They went ahead and used a product which was almost certain to infect everyone.”

Experts in the 1970s considered the risk of a patient contracting hepatitis B from the pooled products was outweighed by the benefits of treatment, but did not consider the presence of more deadly viruses which had not then been identified,

specifically hepatitis C and HIV.

When the cases of Aids were first reported in the 1980s, officials and ministers failed to act over the risk of the disease being spread by the contaminated blood. The Observer flagged the risk in January 1983, warning: “A commercial blood product imported into Britain from the United States may pose a grave threat to the health of haemophiliacs.”

Four months later, the Mail on Sunday warned of hospitals using

killer blood. It warned the pooled blood products from the US might be infected with HIV and “threatening the lives of thousands of British people”.

It was an accurate and prescient warning, but the government said there was no conclusive proof and failed to withdraw the contaminated product, which then infected adult and child patients with HIV.

The dirty blood was administered for another two years before heat

treatment was introduced in 1985. Andy Evans, chair of the Tainted Blood campaign, said it “beggared belief” the product continued to be licenced. “The evidence was pointing towards the fact the treatment was dangerous and they failed to act,” he said.

Bayer said it submitted documents voluntarily to the inquiry “to support the inquiry’s understanding of historical events and actions of Bayer Group companies”.

NACCIMA Partners House of Reps to Facilitate Trade, Boost Economic Growth

Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) is collaborating with the House of Representatives to facilitate commerce and drive economic growth in the country.

NACCIMA President, Dele Kelvin Oye, Esq., recently met with the House Committee on Commerce, led by Hon. Ahmed Munir, during a stakeholders’ interactive session in Abuja in connection with the partnership.

The meeting marked the commencement of a series of dialogues aimed at boosting the trade sector.

In his address, Munir outlined the committee’s scope, encompassing the oversight of various governmental

sectors, including industry, trade, and consumer protection, among others.

He emphasised the current administration's commitment to enacting and revising laws and policies vital for the country's economic rejuvenation, affirming that the committee is set to deploy necessary legislative tools to make a tangible impact.

On his part, the NACCIMA president introduced the association as Nigeria's premier business network advocating policies conducive to economic prosperity. He cited the successful collaborations between governments and chambers of commerce in countries, such as Germany, Singapore, and the United States, which had been instrumental in achieving high rankings on the Ease of Doing Business Index.

Oye thanked the House of

Representatives for their societal role, and proposed key legislative actions to enhance Nigeria’s economic landscape, including tax law reformation. He advised the emulation of New Zealand’s simple tax system to encourage compliance and attract investments and business facilitation. He also proposed the replication of Rwanda's reforms to improve ease of doing business through efficient company registration and permitting processes.

Oye identified others as, “Investment Promotion and Protection-Establishing legislative frameworks akin to Singapore's to ensure investor confidence; Infrastructure DevelopmentFollowing Japan's example of combining dedicated funding with innovative technologies to boost commerce; Trade Facilitation-

Implementing agreements like the AfCFTA to expand market access and competitiveness, and Industrial Policy-Creating laws to support industrial growth in sectors with high global competitiveness potential, inspired by South Korea.” He also highlighted the need for regulatory reform, learning from Canada's efforts to align regulations across sectors to reduce business costs; skills and capacity building, which entails investing in education and training programmes, taking cues from Finland's approach; public-private partnerships, including leveraging successful models from Australia to combine private sector efficiency with public sector support and intellectual property protection, which involves ensuring robust IP protection to foster innovation, similar to the United States model.

Enugu Govt Awards Contract to Revamp Hotel Presidential, Set to Revive Nigergas Company

The Enugu State Government has awarded contract for the revamping of Hotel Presidential, a premier hotel in the heart of the state's capital.

The administration also said that it was currently perfecting the terms of agreement for the resuscitation of the state-owned Nigergas Company Limited sequel to a memo by the Enugu State Investment Development Authority in line with Dr. Peter Mbah’s target to rehabilitate, refurbish, and commission all dormant state assets such as Nigergas.

The State Government made these known after the State Executive Council meeting presided over by the governor at the weekend.

Briefing Government House correspondents, the Commissioner for Information and Communication, Mr. Aka Eze Aka, and his Culture and Tourism counterpart, Dame Ugochi Madueke, said the moves were in line with the governor’s promise to convert all dormant assets in the state to productive assets.

According to Dame Madueke, revamping of the Presidential Hotel would not only put Enugu State in the world map as the premier destination for investment, tourism and hospitality, but would also create jobs for the teeming youths in the state.

“It is with great joy that I make this announcement because the hotel has been abandoned and had gone moribund over the past

years. However, bringing it back to life will not only put our state on the world map again, it will equally create economic value-chain, market, tourism and employment for our youths,” the commissioner stated.

Hotel Presidential was built by the administration of the late premier of the defunct Eastern Region, Dr. Michael Okpara, and opened in 1963. It ran as a prestigious hotel until it became moribund decades after.

Speaking on the Nigergas Company Limited, Mr. Aka observed that the present administration was focused on reviving all moribund industries to create economy of scale for the state, and lead to the state selling its products beyond the East of the Niger. He said the approval for the revamp

of the comatose company was based on a rigorous assessment of many commercial proposals and models presented to the state, establishing a compelling business case and profitability.

On his part, the Managing Director and Chief Executive Officer of the Enugu State Investment Development Authority, Dr. Sam Ogbu-Nwobodo, while throwing more light on the move, said the demand for medical oxygen and industrial gas in the country far outpace the supply, hence the need for the state government to partner a reliable private player with proven integrity and track record to revamp this Nigergas and take advantage of the huge inherent opportunities.

Dike Onwuamaeze

Emmanuel Addeh in Abuja with agency report

L-R: A Public Diplomacy Specialist with the Public Affairs Section of the US Embassy in Abuja, Bella Anne Ndubuisi; Gender and Inclusive Development Advisor for USAID Nigeria, Tessie Kuhe; and the Executive Lead, Gender Mobile, Omowunmi

Arinze Gideon

NB 78TH AGM...

L-R:

DHQ: Prince Harry, Wife to Meet Military Personnel on Visit to Nigeria

Defence Headquarters (DHQ) said weekend that the Duke of

a prominent members of

the British Royal family, Prince Harry and his wife are expected to meet military personnel on his forthcoming visit to Nigeria.

A statement signed by the

Araoye: $1bn

Director, Defence Information (DDI), Brig Gen Tukur Gusau, said the royal couple will be meeting with service members and will be hosted to arrays of

cultural activities.

"The Defence Headquarters ( DHQ) has expressed its honour and delight for the acceptance of the Duke of Sussex, His Royal

Highness, Prince Harry and his wife, the Duchess of Sussex, Meghan to visit Nigeria in May, 2024.

"During their stay in the country,

Islamic Bank Fund Will Curb Infrastructure Deficit, Reduce Pressure on Naira

IsDB boss says global economy will require $15tn to finance long-term projects

Ugo Aliogo in Riyadh, Saudi Arabia

The Managing Director, Lotus Bank, Kafilat Araoye, has stated that the Islamic Development Bank (IsDB) could provide a $1 billion capital support funding facility to Nigeria that could help fix some of the country’s infrastructure deficit and reduce the pressure on the Naira.

Araoye disclosed this yesterday at the 2024 IsDB Group Annual Meetings and the 50th Anniversary of the Bank with the theme: “Cherishing Our Past, Charting Our Future: Originality, Solidarity, and Prosperity.”

“IsDB can provide funding for Nigeria to the tune of $1 billion to catalyse growth in critical sectors of the economy. If they gave us $1 billion, it would not be sufficient, but you

know what it will do for us.

“It will put infrastructure, businesses in place and it will reduce the pressure on the Naira because we will generate foreign exchange from some of the things that we will use the money for. What we require is monitoring,” she stated.

Araoye noted that solving the infrastructure problem in Nigeria requires monitoring as was done with the Sukuk fund project that was implemented with a high level of trust and discipline, explaining that the Sukuk fund is an equity instrument, not a debt, contrary to what people think.

She further explained that the funding support should not come through the federal government, even though there could be some portion

given to government since it is in charge of infrastructure. However, the lending, she said, could come through financial institutions which could help monitor and ensure trust and discipline.

“When you invest money in Sukuk fund, all you are saying is that you are partnering in the project, and it is a project that is monitored from beginning to the end and what the money will be used for. So, the fund is helping us to have infrastructure that we didn’t have in Nigeria before,” Araoye said.

She urged the IsDB to identify projects and also areas where Nigeria has competitive advantage, so that they can fund them in order to drive economic growth in the country.

The Lotus bank MD remarked

that one of the goals of the bank at the conference is to advocate for more funding, while also aiming to engender trust with the IsDB and understand how Lotus bank can collaborate better with the IsDB to grow the economy of Nigeria.

“The Islamic Development Bank is into oil and gas. We have lithium, we need to start mining, lithium and selling. In terms of the capital funding support, there are three broad areas.

“There is the sustainability, where you are concentrating on the key areas of sustainability, women, education, environment and others. Then, there is also the side that has to do with reducing the pressure on foreign exchange, to generating foreign exchange, the export side of the businesses (export mining) and

UNICEF Specialist Seeks More Funding for Execution of Child Rights Law in Kaduna

John Shiklam in Kaduna

A United Nations Children’s Fund (UNICEF) Child Protection Specialist, Dr. Willy Mamah, has appealed to the Kaduna state government for more funding for the implementation of the child rights protection law.

Mamah made the appeal at the weekend in an interview with journalists in Kaduna during the training of lawyers for the implementation of the law.

Kaduna state passed the the "Child Welfare and Protection Law", its version of the Child Right Act, in 2018.

"We are appealing to the new government (in Kaduna state) to release more funds to the ministry of human services, which is the ministry in charge of children so that they will be able to respond and help to implement this law", Mamah said. He added that without more funding, the implementation of the law will be difficult.

He noted that even the legal aid system is not functioning well and urged the government "to support this type of work we are doing so that we have crops of lawyers that can consistently represent children."

Mamah also lamented the issue of parental abandonment and called on the government to address it. He said: "There is a need to create a strategy where there is parental responsibility so that people don't give birth without taking care of the children."

Mamah noted that although government has provided free education at basic the level, but still, many children are not in school and roaming the streets.

"Government has to find a way of reducing the number of children that are out of school and are roaming the streets and causing a lot of child protection concerns", he said. He explained that the objectives of the two-day training jointly sponsored

by the Kaduna State Ministry of Justice in collaboration with UNICEF and the European Union was to bring lawyers to form a group called "multi- tier legal aide group".

He said the essence of the group was to implement an elementary part of the child right law, which says that when a child is accused of an offence, they have to be represented by a lawyer.

"The problem is that representation of children by lawyers is not easy because the lawyers are not going to get paid. So because of that, it becomes difficult for children to get legal representation.

"We felt we needed to bring lawyers that are interested in child justice to train them on the rudiments of this law and also create a forum that will enable us represent the children whether they are in contact with the law or in conflict with the law.

"At the end of the training, we hope to have lawyers that are well

grounded in the specific nature of child justice administration,” he added.

He stressed that child rights law is a special law that is not taught in any law school, explaining that a lot of children are being detained, and the law says detention should be a measure of last resort because they don't have anybody speaking for them.

"We are hoping that these lawyers (participating) in the training will stand up and speak for them and we have provided stipends to encourage them to do that," Mamah said.

He noted that there were some children that had been victims of abuse, but they are shut down by the people who raped them because the culprits are rich or are influential.

"We want to get lawyers who can stand up for such families to make sure that the perpetrators of rape and other abuses are brought to justice," he said.

commodity generally.

“The third aspect is infrastructure. There is no way we can grow as a country without opening our roads, there are too many bad roads, and connection must be easy. Just as we are having rail lines in Lagos, we need to have connected rail across the country.

“Most people are concerned about their returns on investments, but the fact lies that as you invest, you get your returns in the investment. The Islamic Development Bank is developmentfocused and geared towards the

Continued on page 42

they will be meeting with service members and will be hosted to arrays of cultural activities.

"It would be recall that Prince Harry, the Duke of Duchess founded the Invictus games an international multi- sporting events which offers recovery pathway for international wounded, injured and sick service men and women", it said.

The statement said"it also gives soldiers awareness and recognition in society to support their path in rehabilitation".

The Invictus games has about 500 participants at the last outing and 21 nations in attendance, including Nigeria, who won gold and silver at it's first outing last year.

"The visit is to consolidate Nigeria's strong hold at the game and the possibility of hosting the event later years.

"The Honourable Minister of Defence, Alhaji Mohammed Abubakar Badaru, who was at Germany at last year's event, has accepted to host the games when granted to Nigeria", it said.

Nestle Infant Milk with Sugar Additive Not Sold in Nigeria, Says NAFDAC

Onyebuchi Ezigbo in Abuja

The National Agency for Food and Drug Administration and Control (NAFDAC) has said that the Nestle Nido follow-up milk formula brand and Cerelac intended for use for infants are not products found in circulation in Nigeria.

This is against the background of news media reports alleging that Nestle, the world’s largest consumer goods company, adds sugar and honey to infant milk and cereal products sold in many poorer countries, contrary to international guidelines aimed at preventing obesity and chronic diseases.

But NAFDAC said it maintains regulatory standards infant food products sold in the country.

A statement by NAFDAC's Resident Media Consultant, Sanya Olutayo assured the public that the agency exercises due regulatory diligence in the registration of infant and young children foods distributed and used in Nigeria in line with relevant standards.

It said: “The management of NAFDAC wishes to use this medium to reassure the public that the agency

exercises due regulatory diligence in the registration of infant and young children foods distributed and used in Nigeria in line with relevant Codex Alimentarius international food standards (Codex) and more specifically, Nigerian Industrial Standards (NIS).

"This is applicable to all categories of infant and young children foods distributed by manufacturers, importers, and marketers of infant and young children foods operating within Nigeria.

"Adequate, optimal nutrition during infancy and early childhood is essential to ensure the growth, health, and development of children to their full potential.

“The Codex Alimentarius Commission (CAC) implements the Joint FAO/WHO Food Standards Programme, developing international food standards, guidelines, and codes of practice with the mandate to protect the health of consumers and ensure fair international food trade.

"Nigeria (NAFDAC) is an active participant at these international food standards setting arena to contribute Nigeria’s positions during food standards development.

Non-Executive Director, NB Plc, Adeyinka Aroyewun; Managing Director, NB Plc, Hans Essaadi; Interim Chairman, NB Plc, Sijbe “Siep” Hiemstra; Non-Executive Director, NB Plc, Ifueko Omoigui; NonExecutive Director, NB Plc, Ibrahim Puri; Non-Executive Director, NB Plc, Juliet Anammah and Finance Director, NB Plc, Ben Wessels Boer during the 78th Annual General Meeting of Nigerian Breweries Plc held in Lagos .... Friday SUNDAY ADIGUN

Kingsley Nwezeh in Abuja

Sussex,

POLITICS MONDAY DISCOURSE

Ondo 2024 Guber: Interesting Dynamics as Ajayi Emerges PDP Flagbearer

Fidelis David reports about the dynamics associated with Agboola Ajayi’s recent emergence through indirect party primary as Peoples Democratic Party’s candidate for the November, 2024 gubernatorial poll in Ondo State.

Last Thursday, a former Deputy Governor of Ondo State, Agboola Ajayi was declared winner of the Peoples Democratic Party (PDP) gubernatorial primary election in the state.

This came four days after the incumbent Governor, Lucky Aiyedatiwa, who was deputy to Akeredolu until his death, won the Ondo All Progressives Congress (APC) governorship primary election.

Bayelsa State Deputy Governor, Lawrence Ewhrudjakpo, who is the head of a seven-man committee saddled with the responsibility of conducting the primary to elect a candidate ahead of the November 16 governorship election in the Sunshine state announced Agboola Ajayi the winner after an indirect primary held at the International Culture and Event Centre (DOME), Akure.

Specifically, Ewhrudjakpo said Ajayi polled a total of 264 votes to defeat six other aspirants. He said Ajayi who was the candidate of the Zenith Labour Party (ZLP) in the 2020 governorship poll and served as deputy governor of Ondo State from 2017 to 2021 defeated his closet rival, Kolade Akinjo who scored 157 votes.

According to him, a former Secretary General of Yoruba Socio-political Organisation Afenifere, Sola Ebiseni scored 99 votes, Adeolu Akinwunmi polled 64 votes, Benson Akingboye had 24 votes while Arebuwa Bosun scored two votes.

His words: “By the virtue of the results, Agboola Ajayi having scored the highest votes is hereby declared the winner of this primary and is hereby declared the candidate of the PDP for the November 16 governorship election in Ondo State.”

In his acceptance speech, the PDP candidate described his election as a victory for democracy. He urged other aspirants to join hands with him to rescue the state from the misgovernance of the All Progressives Congress.

According to Ajayi, he’s is in the race to become the next Ondo governor because of his vision for the State’s economic transformation and inclusive sustainable growth, achievable through deeper structural changes.

Ajayi, had served as a Councillor, Chairman of Ese-Odo local government council and House of Representatives member before he was nominated by late Governor Akeredolu as his deputy governor in 2016.

2020 Akeredolu/ Ajayi Scenario

Going down memory lane, Ajayi, on 21st June 2020, after months of political battle with his principal, later Governor Rotimi Akeredolu, resigned his membership from the APC and defected to the opposition Peoples Democratic Party (PDP), at Ward 2, Apoi in Ese-Odo Local Government Area of the State, citing irreconcilable differences between him and Akeredolu.

This came few hours after Ajayi was allegedly prevented by the then Commissioner of Police, Bolaji Salami from moving out of the Government House in Akure, the state capital.

Ajayi, a lawyer and businessman then joined Zenith Labour Party after losing the PDP gubernatorial primaries to Eyitayo Jegede and became the 2020 gubernatorial candidate of ZLP in Ondo State tthen led by former governor, Dr Olusegun Mimiko.

Change of command in politics

Similar scenario played out with Akeredolu and his second deputy governor, Lucky Aiyedatiwa. Throughout 2023, the state was plunged into a period of unprecedented political turmoil, causing widespread concern and uncertainty among Nigerians and causing a ripple effect throughout the state’s political fabric.

However, the dramatic manifestation of

the conflict occurred when Akeredolu returned from his three-month medical vacation in Germany as he fired the media aides to his then deputy over alleged misconduct followed by the unsuccessful impeachment proceedings against Aiyedatiwa over allegation of approving N300 million to purchase a bulletproof SUV for personal use with the money sourced from the ‘Palliative Fund’ provided by the federal government to cushion

effects of the removal of fuel subsidy in the states.

The eight-month old political battle in the sunshine state raised many cryptic dusts, fuss, uproar which culminated in devastation like the havoc of the inglorious atomic bomb in Hiroshima during the second world war.

However, the death of Akeredolu in Germany on December 27, 2023 after a prolonged illness and the swearing-in of Aiyedatiwa as the 7th civilian governor of the state put an end to the battle. Although, some people

Some analysts believe securing a ticket against protesting political bigwigs like Olushola Oke, Mayowa Akinfolarin, Adewale Akinterinwa, Isaac Kekemeke, Senator Jimoh Ibrahim, Gbenga Edema, Jimi Odimayo pose a potential danger for Aiyedatiwa because if not properly handled, the aggrieved aspirants could form a formidable alliance against the governor. Another dynamic is that both Agboola Ajayi and Lucky Aiyedatiwa are from the southern senatorial district of the Sunshine state. The former is from Ese-Odo while the latter is from Ilaje local government area. Though many people talk about the trials and tribulations of being a lieutenant, the November 16, 2023 governorship poll in Ondo State may be a straight battle between Aiyedatiwa and Ajayi, who had in the past served as Deputy Governor to erstwhile Governor Akeredolu from 2016 to 2023.

who believe in spirituality said his name, Aiyedatiwa (the world has become ours), worked for him.

Aiyedatiwa, after ruling as the substantive governor for four months, crossed his most significant obstacles last week when he was declared as winner of the APC governorship primary in the state after polling 48,569 votes to defeat 15 other aspirants in the contest.

Political experts, however, believe that Aiyedatiwa had more hurdles in securing the APC ticket than in winning the main election come November 16.

Intriguing Dynamics

0Although, some analysts believe securing a ticket against protesting political bigwigs like Olushola Oke, Mayowa Akinfolarin, Adewale Akinterinwa, Isaac Kekemeke, Senator Jimoh Ibrahim, Gbenga Edema, Jimi Odimayo pose a potential danger for Aiyedatiwa because if not properly handled, the aggrieved aspirants could form a formidable alliance against the governor.

Another dynamic is that both Agboola Ajayi and Lucky Aiyedatiwa are from the southern senatorial district of the Sunshine state. The former is from Ese-Odo while the latter is from Ilaje local government area.

Though many people talk about the trials and tribulations of being a lieutenant, the November 16, 2023 governorship poll in Ondo State may be a straight battle between Aiyedatiwa and Ajayi, who had in the past served as Deputy Governor to erstwhile Governor Akeredolu from 2016 to 2023.

Ajayi

How Vice Admiral Ogalla is Championing an Effective Defence of Nigeria's Maritime Space against Threats

The Chief of the Naval Staff, Vice Admiral Ikechukwu Emmanuel Ogalla recently embarked on a tour of Rivers State where he criss crossed from Port Harcourt to Ebubu-Eleme to Onne, with the tripartite aim of combatting crude oil theft through Operation DELTA SANITY; assessing platforms and ongoing projects at Naval Shipyard; and lastly, boosting manpower with visits to Naval platforms at

Ezeobi writes that these measures are in tandem with his vision and mission for a highly motivated professional naval force capable of effective defence of Nigeria's maritime space against all forms of threats

In line with his vision for "A highly motivated professional naval force capable of shaping the security outcomes within Nigeria's maritime domain and the littorals including land-based engagements in fulfilment of Nigeria's national interest", the Chief of Naval Staff, Vice Admiral Ikechukwu Emmanuel Ogalla, just last week embarked on a tour of the Nigerian Navy's (NN) Areas of Responsibility in Port Harcourt, which is under the Eastern Naval Command (ENC).

This is also in furtherance of his mission to "Maintain and equip a professionally competent and ethical naval force while leveraging on all element of national power for the effective defence of Nigeria's maritime area of interest against all form of threat in fulfilment of national security imperatives".

Buoyed by these vision and mission statement, the CNS last week took measures to champion a professionally motivated force targeted at effective defence of Nigeria's maritime area of interest by embarking on a visit to Rivers State where he

criss crossed from Port Harcourt to Ebubu Eleme to Onne and back comprising the Tripartite of combatting crude oil theft, assessing platforms and ongoing projects and lastly, boosting manpower.

The three-day tour began last week Thursday with a visit to Nigerian Navy Ship (NNS) PATHFINDER where the CNS and his entourage received a brief by the Commander NNS PATHFINDER, Commodore Igbo.

This was followed by an objective assessment of OP DELTA SANITY by Flag Officer Commanding, Central Naval Command (CNC), and an interactive session by all senior officers present.

The CNS and team afterwards moved to the Rivers State Government House (RSGH) where they were received by Governor Sim Fubara and his deputy, Ngozi Oduh. Afterwards, it was onward movement to Naval Shipyard Limited (NSL) to inspect ongoing projects before they went to the FOT Jetty to assess naval platforms

Cumulatively, in three months, Operation DELTA SANITY has recorded 95 seized wooden boats, 119 deactivated storage tanks refining ovens, 447 deactivated dugout pits, 120 deactivated Illegal Refining Sites, 13 seized fibre boats, nine seized vehicles, 74 arrested suspects, and 14 arrested vessels

berthed there including NNS OKPABANA and KYANWA, amongst several others.

In no particular order, the CNS team were Admiral Superintendent, Naval Dockyard Limited, Rear Admiral Abolaji Orederu; Rear Admiral Patrick Effah; NHQ (CIT) – CCI, Rear Admiral ZS Muhammad; Flag Officer Commanding, Eastern Naval Command, Rear Admiral Saheed Akinwande; Rear Admiral Samson Burra; Chief of Training and Operations, Rear Admiral Olusegun Ferreira; and Rear Admiral HUF Kaoje.

Others include the Naval Secretary (NAVSEC), Rear Admiral PC Nwatu; Chief of Naval Engineering (CONE), Rear Admiral Kohath Levi; NHQ (LOG) – COL, Rear Admiral OK Oluwagbire; Rear Admiral AJ Oyegade; Managing Director/ CEO of Naval Engineering Services Ltd, Rear Admiral B Iyalla; and Rear Admiral Damtong, Admiral Superintendent Naval Shipyard Port Harcourt.

Not left out were OPDS Commander, Rear

The Chief of Naval Staff, Vice Admiral Ikechukwu Ogalla, at the press conference extending Operation DELTA SANITY for another three months

Riverine Patrol Boats under construction at Naval Shipyard Port Harcourt

L-R: Rear Admiral OK Oluwagbire, Rear Admiral AA Orederu, Rear Admiral AJ Oyegade, Rear Admiral KG Levi, Rear Admiral SJ Burra; the CNS, Vice Admiral EI Ogalla; Governor Sim Fubara; Deputy Governor Ngozi Odu; Rear Admiral SA Akinwande, Rear Admiral EO Ferreira, Rear Admiral ZS Muhammad and Cdre DOC Igbo in front while Rear Admiral PC Nwatu, Rear Admiral Patrick Effah, Rear Admiral JU Okeke and Commodore Aiwuyor Adams-Aliu with others at the back during the courtesy call to the governor

Admiral JU Okeke; Commander NNS PATHFINDER, Commodore Desmond Igbo; Director of Naval Information (DINFO), Commodore Aiwuyor Adams-Aliu and a host of other senior officers.

Combatting COT: Assessment and Extension of Operation DELTA SANITY

As the 24th CNS, one of the goals Vice Admiral Ogalla set was to resolutely confront the menace of Crude Oil Theft (COT). To achieve this, he activated OPERATION DELTA SANITY on Wednesday, January 10, 2024 to curb the activities of criminal elements in the country’s maritime environment.

This quick interdiction operation to nab nefarious elements bent of stealing crude oil was with a clear mandate to tackle COT, Illegal oil bunkering, pipeline vandalism and a host of other criminalities on the nation’s maritime area.

The operation is a comprehensive anti-theft effort involving the deployment of NN personnel, platforms, helicopters, and UAVs for active surveillance and interdiction operations throughout the Niger Delta and they include both kinetic and non-kinetic measures.

But it was during his visit to PH last week that the CNS announced the extension of the operation for an additional 90 days. This, he said was as a result of the remarkable success since its inception across various states including Bayelsa, Ondo, Rivers, Akwa Ibom States and beyond, with the recovery of massive quantities of stolen products, the dismantling of Illegal Refining Sites, arrest of suspects, and seizure of stolen products.

According to him, the operation has significantly disrupted oil thieves and vandals, leading to the recovery of substantial amounts of stolen products and the dismantling of illegal refining sites.

He said with the extension of OPERATION DELTA SANITY, there is renewed optimism for a significant reduction in economic sabotage in

the Niger Delta, signalling a promising step towards a more secure maritime environment in Nigeria.

While appreciating President Bola Ahmed Tinubu for his steadfast support to the Armed Forces and the Nigerian Navy in particular, he also commended the dedication of all NN officers and personnel involved in the operation, adding that presently, there is renewed optimism that the Niger Delta will be free of economic saboteurs.

Cumulatively, in three months, Operation DELTA SANITY has recorded 95 seized wooden boats, 119 de-activated storage tanks refining ovens, 447 deactivated dugout pits, 120 deactivated Illegal Refining Sites, 13 seized fibre boats, nine seized vehicles, 74 arrested suspects, and 14 arrested vessels including MT KALI, MT HARBOUR SPIRIT, MT SAISNIL, MV TOKITO, MT VINILLARIS and MT SWEET MIRI, among others.

The CNS added that another notable success of the operation is the significant improvement in air quality within the general environment. "Recall that around

2018 – 2022 the sooth in some Niger-Delta communities was alarming. This was documented by various organisation and media. However, the remarkable is now being acknowledged.

"These successes have come at a huge cost to the Nigerian Navy, in terms of men and material. In particular, some of our men died at NNS SOROH and at NNSAT KACHIA while discharging their duties. Their memory will not be forgotten and their lives will not be in vain."

Governor Fubara's Commendation to the Navy

Meanwhile, during the courtesy visit to the government house, Governor Fubara commended the NN for the achievements recorded through Operation DELTA SANITY.

He said the good news of reduced level oil theft in the state was evidence of the work put in by NN with tremendous support from his administration, adding that the support from his government would continue because the goal is to discourage any act that would be a sabotage to the economy of the state.

Inspection of Ongoing Projects at Naval Shipyard Port Harcourt

From small boats to big vessels, the Naval Shipyard Limited was a beehive of activity and it was quite surprising at the level of construction and fabrication going on by the Nigerian Navy- the goal being to look inwards in producing exactly what they need in patrolling the litorrals and backwaters, inadvertently curbing capital flight and fighting maritime crimes at the same time

That same Thursday, the CNS and team paid a visit to the Naval Shipyard Limited in Port Harcourt, Rivers State to inspect the progress of the numerous projects that are ongoing.

Received by the Rear Admiral Damtong, Admiral Superintendent Naval Shipyard Port Harcourt, the visit of the CNS was in tandem with his mission to "Maintain and equip a professionally competent and ethical naval force...."

During the tour, achievements and challenges encountered in the course of constructing the vessels were laid bare for the CNS to assess and take necessary action. From small boats to big vessels, the Naval Shipyard Limited was a beehive of activity and it was quite surprising at the level of construction and fabrication going on by the Nigerian Navy- the goal being to look inwards in producing exactly what they need in patrolling the litorrals and backwaters, inadvertently curbing capital flight and fighting maritime crimes at the same time.

Operational Visit to FOT/FLT Jetty

As part of his itinerary, Vice Admiral Ogalla, also visited the FOT/FLT Jetty Onne for an on-the-spot assessment of NN Ships berthed at the jetty. According to the DINFO, Commodore Aiwuyor Adams-Aliu, the visit was aimed at assessing the operational readiness of some of the vessels and discuss ways to ensure vessels needing urgent repairs be done in good timing.

He said: "Ships visited include NNS OKPABANA, NNS KYANWA amongst others. However, notable in the operational visit was the CNS photo session with Midshipmen of 71RC."

For the team that were in Rivers State for three days, the tour was fruitful as it laid bare beyond paper, the places they should act more on and the gains that can be sustained to ensure that the clamoured for highly motivated professional naval force capable of protecting Nigeria's maritime domain and the littorals including land-based engagements, was achieved.

L-R: Admiral Superintendent, Naval Dockyard Limited, Rear Admiral Abolaji Orederu; Rear Admiral Patrick Effah, Rear Admiral ZS Muhammad; Flag Officer Commanding, Eastern Naval Command, Rear Admiral Saheed Akinwande; the Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla; Rear Admiral Samson Burra; Chief of Training and Operations, Rear Admiral Olusegun Ferreira; Rear Admiral JU Okeke, Commander NNS PATHFINDER, Commodore Desmond Igbo; and Rear Admiral HUF Kaoje

FOC East, Rear Admiral Akinwande; MD/CEO NESL, Rear Admiral B Iyalla; Chief of Naval Engineering, Rear Admiral Kohath Levi; CTOP, Rear Admiral Ferreira; the CNS; Vice Admiral Ogalla; Rear Admiral Damtong, Admiral Superintendent Naval Shipyard Port Harcourt; and Rear Admiral Orederu inspecting vessels and equipment

The CNS with Midshipmen of 71RC... the future of the Nigerian Navy

Tech Top 5 News

NIGERIA’S TELECOM SECTOR THRIVES WITH RECORD DATA CONSUMPTION

The Nigerian Communications Commission (NCC) recently unveiled a fascinating story of digital growth in Nigeria. March 2024 saw a substantial leap in data consumption, soaring to 753,388.77 terabytes from the previous year’s 562,960.57 terabytes. This surge reflected a nation increasingly reliant on telecommunications, with January and February 2024 registering 721,522 and 698,804.54 terabytes consumed by subscribers, respectively.

Breaking down the market landscape for March 2024, MTN dominated with 81,799,666 users, securing 37.35% of the market share. Airtel and Globacom followed closely, capturing 28.931% and 28.40% of the market, respectively. 9mobile had 11,657 users, claiming a modest 5.3% share.

The telecom story extends beyond data consumption. GSM subscribers surged to 163,895,185, fixed wire connections stood at 21,092, ISP (wired/wireless) served 213,876, and VoIP reached 238,139, totalling 164,368,292 connections. Comparing these figures to March 2023 reveals the industry’s exponential growth.

However, despite the upward trajectory, broadband penetration dipped to 43.53% in March 2024 from the previous month. Yet, with 94,364,751 subscriptions, the potential for further expansion remains palpable.

Porting activities, a marker of user choice and competition, showed intriguing dynamics. In March 2024, Airtel led incoming ports with 343, while MTN dominated outgoing ports at 1,555, displaying a dynamic telecom landscape.

These statistics, curated by the NCC, illuminate Nigeria’s telecommunications sector’s vibrancy and evolution. As mandated by law, the NCC’s monitoring and reporting ensure transparency, competition, and innovation in the industry, benefiting consumers and shaping Nigeria’s digital future.

FLUTTERWAVE,

AFRICA’S TOP FINTECH, PREPARES FOR IPO WITH STRATEGIC CHANGES

Flutterwave, a leading digital payments company based in Nigeria and Africa’s most valuable startup, has made headlines with its announcement of readiness for an initial public offering (IPO). This move is part of a broader strategy that includes significant changes to its corporate team, positioning the company for a potential IPO.

Olugbenga Agboola of Flutterwave, emphasised the company’s aspirations for a public offering as a key element of its forward-looking agenda. Recent strategic hires, including a new board chair, two independent directors, and experienced executives, have been instrumental in preparing Flutterwave for the complexities of regulatory compliance and market expectations associated with going public.

While the exact timeline for Flutterwave’s IPO remains undisclosed, the company’s proactive steps towards IPO readiness reflect its confidence in its business model, market potential, and long-term growth trajectory. This strategic move also underscores Flutterwave’s commitment to transparency, robust governance practices, and heightened accountability, all of which are vital considerations for publicly listed companies.

Flutterwave’s preparations for this significant milestone extend beyond personnel changes; the fintech firm is bolstering its governance structure and enhancing operational efficiency to meet the rigorous standards expected of public entities. These strategic initiatives are designed to position the fintech company as a formidable player in the global fintech landscape, poised for sustained success and investor confidence as it navigates the path towards an IPO.

9MOBILE SEES SUBSCRIBER EXODUS AMIDST INDUSTRY SHIFT

The Nigerian telecom landscape witnessed a significant churn in the first quarter of this year, as revealed by the latest data from the Nigerian Communications Commission (NCC). 9mobile, faced a substantial loss of customers, with 6,443 subscribers porting out of its network.

The NCC’s number porting data for January to March highlighted a dynamic movement among subscribers, with a total of 9,000 users switching from one network to another during this period. Among the major players, MTN emerged as the biggest gainer in incoming porting, welcoming 6,555 customers from rival networks, constituting a staggering 73% of the total incoming porting activity.

Airtel and Globacom also saw gains in incoming porting, with 1,566 and 595 customers

TECH PERSONALITY OF THE WEEK

Babajide-Duroshola: Transforming Unskilled Youths into Techpreneurs, Productive Workers

joining their networks, respectively. However, 9mobile experienced the lowest incoming porting, with only 293 subscribers choosing to migrate to its network during the quarter.

The subscription figures at the end of March mirrored these porting trends, with MTN Nigeria maintaining its lead with 81.8 million active subscriptions, followed by Airtel with 63.4 million subscriptions. Globacom secured the third position with 62.2 million subscriptions, while 9mobile lagged behind with 11.7 million subscriptions.

NCC noted that subscribers cited reasons such as quality of service and cost-effective call and data rates as factors influencing their decision to port to other networks, especially during promotional periods.

Interestingly, 72% of the subscribers who ported out of their networks chose to leave 9mobile, indicating a noteworthy shift in consumer preferences within the industry.

While other operators also experienced outgoing porting, the numbers were comparatively lower. MTN lost 473 customers, Airtel recorded 950 outgoing porting instances, and Globacom saw 1,143 customers leave their network during the quarter. These dynamics underscore the evolving competitive landscape in Nigeria’s telecom sector, with customer choice and service quality playing pivotal roles in shaping industry trends.

META AI: THE SMARTER, FASTER

ASSISTANT EXPANDS GLOBALLY

Meta AI, powered by the latest Meta Llama 3 technology, is making waves as one of the world’s most intelligent AI assistants, now available for free in

This week’s featured tech personality is Seun Babajide-Duroshola, a prominent figure in the marketing technology realm. With over 15 years’ experience, she has carved a niche in international marketing communications, brand architecture, and business development, achieving strategic sales outcomes and market leadership for various technology and global brands across diverse industries.

Presently, Babajide-Duroshola holds the position of Country Growth Marketing Manager at SandTech Technologies, ALX Nigeria. She leads a dynamic team in implementing innovative marketing strategies to drive digital growth and enhance tech literacy across Africa. Her contributions have positioned her as a standout figure in Africa’s tech landscape.

Babajide-Duroshola’s impactful journey also includes her role as the enterprise skilling programme manager for Microsoft 4Afrika MEA, where she crafted tailored digital training solutions for communities in low-income and urban areas within the region. Prior to this, she excelled as a brand manager at X3M Ideas, a leading Nigerian advertising agency, managing an extensive portfolio of national and global brands such as British American Tobacco (BAT), DStv, Interswitch (Verve card), and Etisalat (9mobile).

Beyond her professional achievements, BabajideDuroshola is committed to tech talent development and youth empowerment. She actively engages in virtual talk shows, inspiring young women to explore new career horizons. Her dedication to social impact and philanthropy has garnered her numerous awards and widespread recognition.

Through her work and influence, BabajideDuroshola continues to transform unskilled youths into productive employees and budding tech entrepreneurs, leaving a lasting impact on the tech community and beyond.

numerous countries and across various Meta apps. This expansion brings Meta AI’s capabilities to assist with everyday tasks, from meal planning to studying and more, right at users’ fingertips.

The enhanced Meta AI offers faster image generation, enabling users to create visual content seamlessly as they type, whether it is album artwork, home decor inspiration, custom GIFs, and beyond. This advancement underscores Meta AI’s commitment to innovation and user-centric features.

Users can access Meta AI within their feeds, chats, search functions, and more, eliminating the need to switch apps for real-time information and assistance. This integration across Facebook, Instagram, WhatsApp, and Messenger empowers users to learn, create, and connect effortlessly.

Expanding beyond the US, Meta AI is now available in English across multiple countries, including Nigeria, Australia, Canada, Ghana, Jamaica, Malawi, New Zealand, Pakistan, Singapore, South Africa, Uganda, Zambia, and Zimbabwe, with plans for further global outreach in the future.

To cater to users across devices, Meta AI extends its reach to meta.ai, a dedicated website offering AI-powered assistance for tasks ranging from math problems to professional email writing. Users can also log in to save conversations with Meta AI for future reference, enhancing productivity and convenience.

With Meta AI’s continuous improvements and global expansion, it is poised to become an indispensable tool for users worldwide, offering a smarter, faster, and more enjoyable AI assistant experience.

APPLE’S MAY 7 EVENT AIMS TO REIGNITE TABLET MARKET AMIDST

ECONOMIC UNCERTAINTY

Apple enthusiasts are awaiting the tech giant’s upcoming event on May 7, where the company is expected to unveil revamped versions of the iPad Pro and iPad Air, marking the first significant update to these lines since 2018.

The announcement comes at a critical juncture for the tablet market, which is facing challenges due to economic uncertainty and shifting consumer priorities toward essential spending. However, Apple remains confident in its ability to revitalise demand with innovative new products.

Ben Bajarin, CEO of consulting firm Creative Strategies, noted that the event’s invitation featuring an Apple pencil and artistic imagery strongly suggests the launch of new iPads. This anticipation builds upon Apple’s history of introducing groundbreaking devices, starting with the original iPad in January 2010.

Currently, Apple offers a diverse range of five iPad models, including the Pro, Air, Mini, and various generations of the regular iPad. Despite the challenges in the tablet market, Apple’s iPad sales contributed 5.9% to the company’s impressive total net sales of $119.58 billion in the first quarter ended December 30, showcasing the popularity of the devices.

With the upcoming event, Apple aims to display its commitment to innovation and its ability to adapt to evolving consumer needs, potentially injecting fresh energy into the tablet market and driving renewed interest among tech enthusiasts and casual users alike. The unveiling of revamped iPad models promises to be a highlight of the tech calendar, as Apple continues to push the boundaries of technology and design.

BUSINESS WORLD

RATES AS AT APRIL 26,2024

Total

Kayode

Amid high demand for government securities, investors’ subscription to Nigerian Treasury Bills (NTBs) increased to N23.75 trillion in the first four months of 2024, a 292 per cent Year-on-Year (YoY) growth from N6.06 trillion in the first four months of 2023. NTBs are short-term government debt instruments issued by the Central Bank of Nigeria (CBN) and it is one of the several ways the government used in raising funds to bridge budget deficit.

The 2024 Budget of ‘Renewed Hope’ as proposed by President Bola Tinubu outlines a total expenditure of N27.5 trillion, with a projected revenue of N18.32 trillion and a deficit of N9.18 trillion.

Local and foreign investors seem to respond positively to the double-digit interest rates on NTBs, as seen in the robust subscription rates, suggesting confidence in the CBN’s ability to manage the

country’s monetary challenges amid scarcity of foreign exchange and double-dight inflation rate.

According to CBN’s primary market auctions in first four months of 2024, NTBs total sales amounted to about N6.95 trillion, an increase of 271.66 per cent from N1.87 trillion in first four months of 2024, to reflect a cautious approach to liquidity management in the banking system.

With about nine NTBs auctions in first four months of 2024, the CBN offered amount stood at N2.51 Trillion across the 91, 182, and 364-day tenors when compared to N1.57 trillion in corresponding period of 2023.

Treasury bills yield has been rising since the central bank started its rate hikes in response to the high inflation rate. With the inflation rate at 33.20 per cent as of March 2024, the central bank has increased its benchmark monetary policy rate to 24.75 per cent.

THISDAY investigation revealed that NTBs auction in the first four

months NTBs revealed a gradual increase in the stop rates offered by the CBN.

The stop rates on NTB have surged significantly from 2.44 per cent on a 91-day tenor bill, 4.22 per cent on a 182-day tenor bill, and 8.3995 on a 364-day tenor bill from the first auction in January 2024 to 16.24 per cent, 17 per cent, and 20.70 per cent respectively from the last auction in April 2024.

The heightened interest in the NTBs signifies a keen investor appetite for higher interest rates, providing a solid anchor for the fiscal stability of Nigeria.

Notably, the stop rate for the 364-day bill hit a high of 20.70 per cent on the same date, reflecting tightening monetary conditions.

Specifically, NTBs in first four months of 2024 has attracted a huge subscription of approximately N22.6 trillion, with the CBN capitalising on this demand to offer and total sales of a whopping N142.16 billion N6.18 trillion, respectively.

The CBN, under Yemi Cardoso,

has increased the monetary policy rate (MPR) by 600 basis points so far, from 18.75per cent to 24.75per cent.

The apex bank’s decision to tighten monetary policy by increasing interest rates and auctioning larger volumes of NTBs is a strategic move to address several macroeconomic concerns.

Higher interest rates are typically employed to control inflation; they make borrowing more expensive, thereby tempering spending and investment, which, in theory, should reduce the upward pressure on prices. Additionally, these higher rates tend to attract foreign investors seeking better yields, leading to an inflow of foreign currency, which can help stabilise and potentially strengthen the Nigerian Naira.

Experts expressed that the NTBs auction represents a move by the CBN to manage the country’s debt obligations and address liquidity in the financial system, stressing that inflation rate responsible for

push in NTBs interest rate recorded in the first four months of 2024.

Commenting on the development, the CEO, Wyoming Capital and Partners, Mr. Tajudeen Olayinka said, “The essence is to encourage foreign inflows that could help improve dollar liquidity in the foreign exchange market and cause a moderation in naira exchange rate until the market attains equilibrium level.

“I have no doubt that it was the most appropriate decision on the part of CBN and government at this time. There’s need to improve dollar liquidity that will eventually force domestic interest rate to moderate subsequently.”

The Vice President, Highcap Securities Limited, Mr. David Adnori, stated that NTBs are considered to be one of the safest forms of investment since they are backed by the government.

He said, “As the rate on NTB increases, it becomes more attractive to investors who are seeking a risk-free investment as they may choose to invest in

NTBs rather than other riskier investment options.

“The CBN had lure investors with attractive interest rate otherwise most of these auctions will be under subscribed. The performance of the one-year bills showed that investors had confidence in the current government and the reforms it had embarked on.”

He added that investors are seeking higher rates for funding due to CBN signalling further tightening due to accelerating inflation and other factors, stressing that interest seems skewed towards the longer end of the curve, which is an indication of confidence in the government and its reforms.

“Also, the massive over–subscription shows the significant system liquidity,” he added.

On their part, analysts at Cordros Research, noted that bullish sentiments have dominated the fixed income market amid the structurally buoyant system liquidity.

The proliferation of POS terminals signifies a burgeoning trend in Nigeria’s digital payment ecosystem, as both businesses and consumers increasingly gravitate towards cashless transactions.

This shift reflects a growing reliance on technology to facilitate seamless and efficient financial transactions, driving innovation

Point of Sale (POS) terminals deployed across Nigeria surged to a remarkable 2.68 million in March 2024, latest figures released by the Nigeria Inter-Bank Settlement System (NIBSS) has revealed. Moreover, the data underscores a significant Year-on-Year (YoY) growth, with adoption and deployment witnessing an impressive 47.36 per cent increase compared to the previous year.

and convenience across various sectors.

A breakdown of the numbers revealed that 2.47 million POS terminals were deployed in January 2024, a significant YoY increase of 50.61 per cent compared to January 2023 1.64 million.

Similarly, February 2024 witnessed a deployment of 2.58 million POS terminals, representing another impressive YoY growth

surge of 54.49 per cent compared to February 2023’s 1.67 million.

These figures underscore the accelerating pace of digitalization within Nigeria’s financial sector, pointing towards a future where cashless transactions become increasingly prevalent and accessible.

However, a closer examination of the number of registered POS terminals reveals that as of March,

over a million registered terminals were either awaiting deployment or awaiting off-takers.

In January 2024, the number of registered POS terminals reached 3.44 million, a significant increase from the 2.31 million recorded in 2023.

February saw a further uptick, with registered terminals reaching 3.6 million in 2024, compared to 2.38 million in the previous year.

MARKET DATA AS AT FRIDAY, APRIL 26, 2024

March marked another notable increase, with registered POS terminals reaching 3.73 million, compared to 2.53 million recorded in 2023.

These figures indicate a substantial growth in the number of registered POS terminals, highlighting the potential for further expansion and utilisation in Nigeria’s digital payment landscape.

Nume Ekeghe

Tokede

Telecoms Operators Urge FG to Address Tariff Review, Regulatory Independence

Emma Okonji

The Association of Licensed Telecoms Operators of Nigeria (ALTON) and The Association of Telecommunications Companies of Nigeria (ATCON), representing Mobile Network Operators (MNOs) and telecommunication companies in Nigeria, have called on the federal government to take decisive action in addressing tariff review, regulatory independence and other numerous issues confronting the telecommunications industry.

According to the associations, despite the adverse economic headwinds, the telecommunications industry remains the only industry yet to review its general service pricing framework upward in the last eleven years, primarily due to regulatory constraints. They are of the view that for a fully liberalised and deregulated sector, the current price control mechanism, which is not aligned with economic realities, threatens the industry’s sustainability and can erode investors’ confidence.

ATCON and ALTON therefore called on the government to facilitate a constructive dialogue with industry stakeholders to address pricing challenges and establish a framework that balances consumers’ affordability with operators’ financial viability.  Members of both bodies who are key stakeholders in the telecoms industry underscored the urgent need for collaborative efforts between the public and private sectors to overcome obstacles hindering the sector’s growth and development.   In a statement released weekend and jointly signed by the Chairman of ALTON, Gbenga Adebayo and the President of ALTON, Tony Izuagbe Emoekpere, they listed the major challenges plaguing the telecoms sector to include unsustainable telecoms tariff framework, lack of regulatory independence, infrastructure deficit, harsh business environment, multiple taxation and regulations and prohibitive Right of Way (RoW) charges, inadequate electric power supply and vandalism of telecommunications infrastructure,

among others.

“By fostering a conducive regulatory environment, prioritising infrastructure development, enhancing security measures, and facilitating pricing adjustments, the government can unlock the full potential of Nigeria’s telecommunications sector, driving economic growth and societal development. ALTON and ATCON reaffirms their commitment to working collaboratively with the government to address the challenges facing the telecommunications industry in Nigeria,” the statement said.

In addressing regulatory independence, ALTON and ATCON members are advocating for the sustenance of a culture of independence in the regulatory landscape to safeguard against undue influence and unwholesome incursion into the Nigerian Communications Commission’s domain, which they said, would inspire trust in the telecommunications sector and encourage investment.

Fadugba Urges African Countries to Remove Barriers to Air Transport Growth

The CEO of African Aviation Services, industry consultant and organsier of MRO Africa, Nick Fadugba, has called on African states to remove all barriers to air transport on the continent to enhance interconnectivity because as catalyst to economic growth aviation would enhance trade, create more jobs and boost the GDP of countries that fully embraced the benefits of air travel.

Through protectionism, some African countries have used high charges, hostility and bureaucratic delays to discourage open competition among African carriers despite being signatories to Single African Air Transport Market

(SAATM) and African Continental Free Trade Area (AfCFTA).

Fadugba made the call in his opening remarks at this year’s Maintenance, Repair and Overhaul (MRO) Africa 2024 conference held in Addis Ababa, Ethiopia from April 23-25 and organised by African services.

He said that Africa needs a safe, reliable, efficient, affordable and profitable air transport industry that facilitates travel, trade and tourism across the continent, and between Africa and the world, adding that much has been achieved, but many challenges still remain.

Fadugba emphasised that certain areas in the industry, including aviation safety, security, training,

regulatory oversight, infrastructure, liberalisation, modernisation and funding need to be improved significantly, despite what has already been achieved in the sector.

“During the African Airline Technical Directors Meeting and AATO Council Meeting held yesterday (Tuesday last week) ahead of the main conference, additional stumbling blocks were discussed, such as the need for more co-operation between African airlines, the supply chain logjam, the lack of sufficient trained aviation personnel, the need for fairer pricing by international suppliers and the need for increased communication between industry stakeholders.

Akwa Ibom TechWeek to Enhance Digital Skills Development with AI

Emma

Ibom Innovation Network, an ecosystem of stakeholders dedicated to promoting technology development in Akwa Ibom State, has unveiled plans for the Akwa Ibom TechWeek 2024, which seeks to enhance digital skills development, while leveraging Artificial Intelligence (AI) technology.

Speaking at a gathering in Lagos at the weekend to unveil

plans for Akwa Ibom TechWeek 2024, President, Ibom Innovation Network, Mr. Hanson Johnson, said the purpose of the gathering was to draw public attention to the activities lined up for Akwa Ibom TechWeek 2024, adding that the platform offers opportunities for Nigerians to think about technology development that will promote national development. “Akwa Ibom TechWeek 2024 will build on the success of last years’ event and we will be showcasing latest hardware and software at this year’s gathering,” Johnson said.   Chairman, Ibom Innovation Network, Mr. Unwana Esang, called for partnerships from Nigerian citizens across various states, who

are interested in driving technology development for national growth.

“We are passionate about technology development that will promote national growth. Partnering with Akwa Ibom TechWeek, will not only brig about technology development in Akwa Ibom State, but also across all other states in the country, with the intention to divest technology investment to different states of the country. The Akwa Ibom TechWeek, which started 2022, is already in its third year, and promises to enhance technology development in the state and to export tech talents and solutions to other states in Nigeria,” Esang said.

How Expatriates, Nigerians Working Abroad Can Participate in CPS

Due to increased global work mobility, many Nigerians are now working abroad. In the same vein, Nigeria attracts expatriates from various parts of the world. In some cases, Nigerians who move abroad for work are already enrolled in the Contributory Pension Scheme (CPS) and may wish to continue saving in Nigeria for their retirement. Similarly, foreigners working in Nigeria may be members of various pension plans in their home countries and desire to participate in the CPS while working in Nigeria. Recognising these needs, the National Pension Commission (PenCom) issued Guidelines for Cross-Border Arrangements Under the Pension Reform Act (PRA) to facilitate the participation of the above categories of workers in the CPS.

The PRA 2014 primarily applies to Nigerian citizens working in Nigeria. However, Nigerians working abroad are allowed and encouraged to participate in the Scheme voluntarily. Also, while the Scheme is not mandatory for expatriate employees in Nigeria, such employees can elect to participate by making voluntary contributions under the CPS.

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

Peter Uzoho (Energy)

Ugo Aliogo (Development)

Vitafoam Advocates Safety, Healthy Environment for Workers

In a move to remain productive, the management of Vitafoam Nigeria Plc, recently advocated a safety, healthy and clear working environment for workers in Nigeria. The company, renowned for an array of topnotch household materials, brings together,  experts from Health Maintenance Organization (HMO), Fire Service, Safety Commission and Medical Doctors  at its two-day Health and Safety Week (HSW), held in Lagos, themed: Climate Change  on Occupational Safety and Health”Vitafoam’s 2024 HSW is alongside the International Labour Organization (ILO) April 28, set

aside to mark safety and healthy day globally.

In his opening remarks, the Company’s Group Managing Director and Chief Executive Officer,  Mr. Taiwo Adeniyi, who acknowledged the staff for keeping safe at workplace, stated that sustained training had provided room for the household company to have HSW.

He said, “I wanted to appreciate all of you for all you have done in your little corner to make sure that the health, safety and environment of Vitafoam is kept. It is important for all of us to bear in mind that as much as we work hard to make money, it is only when you’re alive that you can enjoy your money. “

retirement years. The CPS requires both employees and employers to contribute at least 18% of the employee’s monthly salary into a Retirement Savings Account (RSA). This account serves as a pool of funds that grows over time, ensuring a stable income for individuals during their retirement.

Nigerians working abroad can initiate the process by contacting a Pension Fund Administrator (PFA) through their website or by visiting its offices for necessary information and guidance to facilitate enrolment in the CPS. The PFA will guide them through the account opening process, ensuring the required documents are submitted.

The CPS covers Nigerians working in Nigerian Missions abroad if these workers are employees of Nigerian institutions required to implement the CPS under the PRA 2014, as in the case of career diplomats routinely posted to missions abroad. However, where the Nigerian Missions employ Nigerians as local temporary support staff in the respective host countries in line with their domestic laws, the PRA 2014 does not apply to these workers.

A Nigerian previously working abroad can be part of the CPS if he secures formal employment in Nigeria upon return. Where the returnee is not employed, the person may make voluntary contributions under the Scheme. A person who resigns from an organisation operating in Nigeria and takes up an appointment with an organisation outside Nigeria can make arrangements with the new employer to continue remitting his pension contributions to his RSA in Nigeria. If such an employee chooses to discontinue contribution under the Scheme in Nigeria or where the new employer has an entirely different pension arrangement, he can access his RSA upon retirement or attaining the age of 50 years, whichever is later.

Notably, the CPS aims to provide financial security for employees in their

Where a Nigerian working abroad has joined a retirement benefits scheme abroad, the person can repatriate the accumulated benefits to his RSA with a PFA in Nigeria, where the offshore pension regulator’s legislation permits such transfers. The repatriation of earned benefits must comply with the relevant Exchange Rate and Money Laundering Rules.

A Nigerian already contributing to an RSA that is going on transfer abroad or changing employment for another employment abroad should notify his PFA and request the PFA to freeze his RSA until he returns to continue his contributions. The employee shall indicate whether he intends to send voluntary contributions to the RSA.

For expatriates working in Nigeria, the process is relatively similar. Any foreign employee in Nigeria is allowed to join the CPS, irrespective of a pension arrangement in his home country. The employee shall inform his employer of his interest in joining the Scheme and open an RSA with a PFA of his choice. Where the employee’s wage is paid in foreign currency, the employer shall convert the contribution to the Naira equivalent and remit it to the Pension Fund Custodian (PFC). In the event of permanent relocation, the expatriate shall give the PFA three months’ prior notice before exiting from the Scheme.

In conclusion, by extending the reach of the CPS to Nigerians working abroad and expatriates in Nigeria, the government aims to ensure that these individuals can secure their financial future and enjoy a comfortable retirement. It is essential for all parties involved to comply with the guidelines set forth by PenCom towards a seamless process.t

PENCOM DG, Aisha Dahir-Umar

Chinedu Eze

Kayode Tokede

Okonji

Adeosun: Banks Should Prioritise Digital Innovation to Connect Youths During Recapitalisation

In this definitive interview, the outgoing President and Chairman of Council of Chartered Institute of Stockbrokers, Oluwole Adeosun, discusses a range of issues in the economy and the capital markets, including the proposed banking sector recapitalisation, and some tips on the landmark achievements of the institute, during his stewardship as the 12th President and Chairman of Council. Excerpts

How would you describe the Nigerian capital market at the moment?

The market is vibrant. It has not only fully recovered from the 2008 global shock, but has become one of the solid pillars of economic recovery in the country. Investor confidence is significantly restored, even though we still expect more faith from our local investors. Market regulation has been substantially tightened, and you hardly get to hear of market infractions anymore. Compared to 2010, which was 14 years ago, the Nigerian capital market has witnessed monumental expansion. We have five thriving securities exchanges in the country now, in contrast to only one back then, and three of these are commodities exchanges, which we didn’t have at all. The fixed income securities market has so blossomed that Nigeria is today about the leading debt capital market (DCM) in Africa. Investment product has increased and investors today can seamlessly choose between the traditional equities, mutual funds, exchange traded funds (ETF) fixed income securities and derivatives amongst others. In terms of professional development, the Chartered Institute of Stockbrokers (CIS), has implemented specialized qualifications and shifted examinations to remote settings. Nigerian stockbrokers now have a seamless path to practise in the advanced countries due to the institute’s international collaborations. In summary, the current leaders, shaping Nigeria’s financial system—the Minister of Finance and Coordinating Minister of the Economy, along with the Governor of the Central Bank—are seasoned members of our Institute. Their extensive experience and the commendable work they’ve undertaken underscore the caliber of professionals the institute produces.

The Central Bank of Nigeria (CBN), has directed banks to recapitalize in the next 24 months in line with their individual level of authorization. What was your immediate reaction to this announcement against the backdrop of the last banks’ recapitalisation in Nigeria.

The action of the Central Bank of Nigeria was both necessary and overdue, especially when considered in the context of global trends. The developmental needs of Nigeria has substantially increased since the last banking recapitalization exercise that was initiated about 20 years ago. The country’s population as well as the serviceable market for financial transactions, have substantially grown with the advent of the African Continental Free Trade Area (AfCFTA), Nigeria must enhance and modernize its financial system to stay competitive. Various external and domestic factors have significantly impacted the Nigerian economy, necessitating an increase in minimum capital requirements for banks. This measure aims to fortify their capital base, enabling them to absorb unforeseen losses and sustain their role in fostering the growth and development of the Nigerian economy as we aim for the one trillion dollar economy achievable by 2026.

Many banks are already preparing to float rights issue to recapitalize by deploying various options for capital injection, what are these options and their implications?

It is logical, and the right thing to do. Businesses would naturally want to give their existing shareholders the privilege of enhancing their shareholdings, before reaching out to outsiders. If the Rights Issue succeeds, it means that the company was able to raise capital without changing the shareholding structure or diluting the proportionate stake of existing shareholders who choose to participate in the offering. Nevertheless, past occurrences suggest that following the Rights Issues, numerous companies may opt for a public offering to raise additional capital and attract more shareholders. This trend is especially probable given that many Nigerian banks have expanded into international markets, necessitating substantial capital to operate on a larger scale.

Can you advise on other capital raising methods that can equally assist the banks to meet up, particularly public offer?

From a strategic standpoint, engaging in a Public Offer can significantly elevate the bank’s visibility and reputation within the market landscape. This move has the potential to attract fresh investors, thereby amplifying its market capitalization. With an augmented capital base, the bank gains enhanced financial prowess and adaptability to seize growth prospects and extend its footprint. Leveraging Public Offers grants banks access to a vast reservoir of potential investors, facilitating swift accumulation of substantial capital. Moreover, it ensures transparency and regulatory adherence, as banks must conform to stringent disclosure standards mandated by regulatory bodies such as Nigeria’s Securities and Exchange Commission (SEC. This transparency not

only fosters investor trust but also solidifies the issuing bank’s credibility.

In addition to Rights Issues and Public Offers, Nigerian banks can diversify their capital-raising strategies by exploring avenues such as Private Placements or Strategic Investments from institutional investors. These alternatives furnish banks with supplementary pathways to fortify their capital base and advance their growth objectives within the dynamic Nigerian capital market milieu.

How can the banks attract millennial, Gen Z and Gen Alpha under the recapitalisation programme?

To entice Millennials, Gen Z, and Gen Alpha under the recapitalization programme, banks must adopt a multi-faceted approach that resonates with the preferences and values of these diverse generations. Banks should prioritize digital innovation and convenience. Millennials, Gen Z, and Gen Alpha are digital natives who prefer seamless online experiences and mobile banking solutions. By investing in user-friendly mobile apps, banks can cater to the tech-savvy preferences of these generations. This happened three years ago when a major telecommunication company did its. Initial Public Offering in Nigeria

Chartered Institute of Stockbrokers (CIS) is said to have achieved some significant developments in recent time, could you mention some of them?

That is correct. The Chartered Institute of Stockbrokers (CIS) has contributed its own quota to the resurgence and development of the Nigerian capital market in the last decade, and we have to thank all our Past Presidents, Governing Council Members and Management for the commitment and immense work that they all put in. For sake of time and space, however, I restrict my answer to some of developments in the last two years when we recorded a record number of new membership intakes, new Fellows and new Life Members. The profile of the Chartered Institute of Stockbrokers has risen very fast, and as I said, its an accumulation of work done by the past and present Councils and Office Holders. The National Universities Commission (NUC) has approved the Benchmark Minimum Academic Standard (BMAS) for Securities and Investment / Capital Market Studies in the country. Full remote (online) examinations for all our Level 1 Professional Examinations, as well as Diploma students, including those in the Diaspora, has been successfully introduced. We now have a full-fledged training arm, CIS Academy, and last year, CIS Academy held two high profile executive courses in collaboration with the Lagos Business School. The first official district society of the Chartered Institute of Stockbrokers, the FCT & Northern Zone District Society was

inaugurated in December 2023. The institute now has a world class electronic library in place. Perhaps our greatest area of achievement has been in advocacy. We held a high impact National Workshop in Abuja and the Annual Stockbrokers Conference in Abeokuta. In 2022 the Conference was hosted by the Edo State Government in Benin City. The CIS secretariat in the last one year, has hosted several important visitors who came on courtesy visits and these include the Securities and Exchange Commission, the Nigeria Exchange (NGX), Pension Fund Administrators Association, CISI United Kingdom and the Central Bank of Gambia, to mention a few. Please note also that CIS has leveraged on its unique position as the chartered body in the industry to rally other stakeholders for joint discussions on submissions on key industry matters like, margin lending, Capital Gains Tax and so on, as the needs arise.

Drawing from the last question, what efforts is the Institute putting in place to attract more youths into stockbroking profession ?

As reiterated numerous times, youth engagement stands as our utmost priority. Tertiary institutions and schools serve as the primary focus of our annual capital market literacy campaign. Each year, we conduct Career Talk programs across multiple institutions and partner with universities and polytechnics to initiate capital market studies. In fact, we have extended our efforts by granting CIS Diploma scholarships to several financially disadvantaged Nigerian youths, many of whom have shown enthusiastic participation. We organize the Inter-School Capital Market Quiz competition and, more recently, introduced an Essay Competition to further foster financial literacy and engagement among the younger generation.

How would you assess the performance of CIS academy since its commencement of operation?

CIS Academy was officially launched on Tuesday, 5th April, 2022 and has made significant strides in the first two years of its life. Building on the MoU signed with the Lagos Business School in 2022, the academy organised two successful top class executive training courses with LBS in 2023. Joining the world class faculty of the Lagos Business School as facilitators in the programmes were revered Capital Market personalities such as Dayo Obisan, former Executive Commissioner of SEC; Oscar Onyema, FCS, former Group CEO of NGX; and Mustapha Chike-Obi, the Chairman of Fidelity Bank Plc.The academy also organised a free training programme for the millennials, which exposed university students (from undergraduate to Ph.D. level) to the operations of the Nigerian capital market. CIS Academy has also strengthened its relationship with Chartered Institute for Securities and Investment, United Kingdom. Through this initiative, more members

of the Institute have become members of CISI, UK without writing any examination. . The Academy has organised training programmes for over 2000 participants so far This includes training on Islamic Finance, Green Finance, Derivatives etc. Twice, the Academy, in conjunction with the Nigerian Exchange (NGX), organized executive capacity development courses on the Nigerian capital market.

The Institute had last year launched regional groups to engage all its members across the federation and Federal Capital Territory (FCT), what is the status report of this initiative?

On the 15th of December, 2023 the FCT & Northern Zone District Society of the Chartered Institute of Stockbrokers was inaugurated in Abuja, making it the first official district society of the institute. The society will serve as a forum to bring our members located in the northern part of Nigeria together and also facilitate the seamless trnsmission of the institute’s programmes to the northern region. Just a few weeks ago, the District held its first formal general meeting. We plan to expand to other parts of the country this year.

For the first time in the history of Nigeria, stockbrokers have been appointed the Minister of Finance and Co-ordinating Minister of Economy as well as the governor of central bank. What does this mean to the Institute and what is your advice to the duo?

It is a testament to the rich intellectual content of CIS’ membership and the growing profile of the institute, that her members currently head the two most important positions in the Nigerian financial system, and probably the entire economy as well. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, FCS is a well-known and long-standing member of CIS. Similarly, Mr Olayemi Cardoso, FCS, the Governor of the Central Bank of Nigeria (CBN) is also a Fellow and long-standing career member of the institute. It is important to draw your attention to the fact that these two gentlemen were appointed because they had been tried and tested, and passed the test of excellent performance. They both worked with President Bola Ahmed Tinubu when he served as Governor of Lagos State and performed satisfactorily. Secondly, both are stockbrokers-cum-bankers. They have full and comprehensive knowledge of the entire financial system, not just one segment as we had with others in the past. So, it bodes well for the country. In fact, as you can see, there has been seamless synergy between the money and capital markets since they took over, and the economy is the better for it. My advice to the two City gentlemen is that they continue to abide by our dictum: My Word is My Bond. Trust and Integrity have always been our watchword, and we are confident that Edun and Cardoso will always live by the dictum. Secondly, the gap between the money market and capital market in Nigeria is abnormally wide, in terms of development and utilisation. So, they should do their best to develop the capital market and create a fair balance in the utilisation of both markets, so that the overall performance of the Nigerian economy can be faster and greater.

What would you like to be remembered for as a Past President of the Institute?

I have always worked with my team in the Governing Council and we put in our very best to maintain the pace of growth and development set by our predecessors. I think I will always cherish the rich memories of the CIS@30 celebrations which was held in two phases between November 2022 to February 2024. The project was historic with a grand set of events to commemorate the 30th year anniversary of the establishment of our Institute, The extensive array of events provided by the CIS@30 project offered the Institute a rare opportunity to further enhance its brand value, and attract immense goodwill. The project on its own created so many milestones for CIS.

Our Christian and Muslim members held thanksgiving services, to appreciate God for his guidance. For the first time ever, Closing Gong ceremonies were held within a week at fourdifferent securities exchanges in Nigeria, in celebration. The Institute formally invested Dr Goodie Ibru, HFCS, Alh. Aliko Muhammed, HFCS, Gen Ibrahin Babangida (Rtd), HFCS, and Chief Chris Ogunbanjo, HFCS, Mr Mustafa Chike-Obi HFCS and Mr. Aigboje Aig-Imoukhuede, HFCS as Honorary Fellows of

Adeosun

ABCON Mulls Harmonised Retail End FX Market for BDCs to Tackle Volatility

The Association of Bureaux De Change Operators of Nigeria (ABCON) has said that it is working on establishing a unified retail end foreign exchange market operations to tackle volatility and boost regulatory compliance within the Bureaux De Change (BDC) sub-sector.

In a statement, ABCON President, Aminu Gwadabe, said ABCON is carrying out strategic plans meant to unify operators from different cadres of the market including inauguration of state chapters for markets coordination, integration and administering a united market structure.

He said that ABCON plans to extend its automation policies and platforms to all BDC operators across Nigeria markets and upgrading its Business Process Platform-(formerly called SAAZ Master).

He said the new blueprint

for a united retail end forex market structure will ensure the deployment of a centralized, democratized and liberalized online realtime trading platform.

He stated that the association will sustains its engagement with regulatory agencies, security operatives and other government apparatus to entrench a secured and thriving forex market that is supportive to regulation and government.

Gwadabe said: “Part of our vision for a united retail-end forex market include activating geo mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps.This will enable forex buyers to easily locate where BDCs offices are for effective and seamless transactions”.

He reiterated the benefits of a realistic and vibrant retail end forex market as supporting Central

Sule Inaugurates Committee to PlaceNasarawaonOil,GasPedestal

Igbawase Ukumba in Lafia

The Nasarawa State Governor, Abdullahi Sule has inaugurated an Advisory and Technical Committee to place the state on the pedestal for oil and gas exploration and exploitation activities in Nigeria.

Former President Muhammadu Buhari had in Match, 2023 commissioned the spud-in of the Ebenyi-A Oil Well in Obi, Obi Local Government Area of the state.

Speaking when inaugurating the committee in the Government House, Lafia, Governor Sule maintained rhat he was guided by his administration’s desire to ensure maximum benefit of the oil and gas project.

According to the governor, “it becomes necessary to be proactive in order to place the state on the right pedestal for Oil and Gas exploration and exploitation activities in the State. This informed the constitution of this all-important Advisory Committee on Oil and Gas Development”.

He, therefore, continued that his aim was for the state to evolve measures towards ensuring collaboration with the Nigeria National Petroleum Company Limited (NNPCL) and other stakeholders for seamless

implementation of the project and to ensure community participation.

“Let me also add that we received a study that shows that the qua ntum of the reserve in Nasarawa State will further increase the national hydrocarbon reserve to about 50 billion barrels, while increasing the country’s Oil production capacity to the target of 3 million barrels per day.

“The associated benefits of this project are in the areas of wealth creation, employment opportunity, revenue generation and economic growth of our dear state,” he added.

He said it was instructive for him to state that members of the committee were selected based on their records of experience, professiona lism, versatility in global Oil and Gas industry, resourcefulness and pedigree.

The governor, however, called on the host communities to take ownership of the project and see it as their own.

“You’re are to ensure not only the protection of the project but the people working on the project. This is the only way we can derive maximum benefit of the project”, Sule advised.

Bank of Nigeria (CBN’s) goal of achieving true price discovery for the naira, balancing of international obligations and national objectives; ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.

According to Gwadabe, the vision for a united retail end forex market will help in the provision of market intelligence reports, enhance the local and global image of the BDCs and other stakeholders, market operators and boost employment generation.

The successful execution of this plan, Gwadabe said, will help in seamlessly capturing revenues for government

through digitized retail end market and creating a well structured, transparent and competitive platform to checkmate the menace of unlicensed platforms like Binance, Aboki FX, ByBit among others.

He disclosed that ABCON is a self-regulatory body, an umbrella

body for all the Central Bank of Nigeria -CBN-licensed BDCs. It is a national body, acknowledged by Federal Government and believes that money laundering through the BDCs or any other financial Institution is unacceptable and those found wanting should be punished based on the law.

Stockbrokers’ Institute Seeks Support from CBN

Kayode Tokede

The Chartered Institute of Stockbrokers (CIS) has requested some strategic support from the Central Bank of Nigeria (CBN) to enhance financial intermediation roles of its members and boost transactions in the Nigerian securities market.

They made the call during a courtesy visit to by the leadership of the Institute to the CBN governor, Mr Olayemi Cardoso,

who is also a stockbroker, in his Lagos Office.

Also, the stockbrokers, led by the President and Chairman of Council, CIS, Mr Oluwole Adeosun, applauded the appointment of senior stockbrokers in some key positions in the economy by the federal government.

Adeosun, who noted that Cardoso had been a long-standing member of the Institute explained that stockbroking firms required some supports from CBN to enable them operate optimally and attract

more participants into the market.

Besides, Adeosun affirmed the capacity and willingness of stockbrokers to support the proposed recapitalization of banks in the next 24 months.

According to him, this has been demonstrated during the previous recapitalization programmes in Nigeria.

“The Nigerian capital market has the capacity to support the recapitalization exercise. It was amply demonstrated during the indigenisation exercise a far back

as 1972 and successive banking sector recapitalization programmes over the years up till the last major banking recapitalization exercise between 2004 – 2006. As we did in the last exercise as Issuing Houses/financial advisers and Stockbrokers to the Capital Issues amongst others. With technology and new subscription channels like mobile apps, the current exercise should record even greater success and bring in more and younger Nigerians into the investment community.

Olusola: Transcorp Hotels to Focus on Hospitality Expansion

Kayode Tokede

The Managing Director/ CEO, Transcorp Hotel Plc, Dupe Olusola, yesterday expressed that the company’s 2024 and beyond projections is to expand its frontier not only in Abuja, Lagos but across the country and transit into major cities in Africa.

Speaking at the virtual 2023 investors call conference, she revealed that the company within its Transcorp Hilton in Abuja would convert the existing warehouse to a 3,000-

Cardiologists and other experts have given reasons why some cooking oils freeze when refrigerated.

The buzz surrounding the “Freezing Oil Challenge” have piqued several experts’ curiosity.

A journalist ask “What exactly does this challenge entail, and what deeper insights lie beneath its surface? Armed with questions and a thirst for knowledge, I embarked on a journey to uncover the truth

5,000 capacity event/lifestyle center.

She disclosed that the event centre is expected to be launched in the third quarter of (Q3) 2024.

“We are very confident that this event center will attract other businesses that go outside of Nigeria to us in our premises at Transcorp Hilton in Abuja,” Olusola said.

She hinted that the company focused on delivering by 2027 a 315-key 5-star Hotel with features of relaxation and lifestyle centre, located in the

heart of Ikoyi, Lagos, stressing that the “management is excited about this project.”

Transcorp Hotel, the hospitality subsidiary of Transnational Corporation Plc, in 2023 reported N9.48 billion profit before tax, a growth of 105 per cent from N4.63 billion reported in 2022, while profit after tax closed the year under review at N6.09 billion, an increase of 133 per cent from N2.62 billion reported in 2022.

On the divestment of its 100per cent interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, Olusola said

behind this viral sensation. During the investigation, I came across Aproko’s video content on social media where he explained why certain cooking oils freeze.”

According to him, some oils have high levels of saturated fats, while others have high levels of unsaturated fats. Oils with high levels of saturated fats tend to freeze when kept in the fridge. He further clarified that oils with high-unsaturated fats like Soya oil

& Olive oil do not freeze in the fridge. He advised consumers to read product labels and check the nutritional information to make the right choice when selecting cooking oils.

”This information led him to more unanswered questions about Saturated fat, polyunsaturated fat, and trans fats. To paint a comprehensive picture, I knew I needed more expert insights. I reached out to Dr. Monisola

the exit was a strategic, leaving room for the management of Transcorp Hotels to focus on its expansion plans.

To sustain its performance, she said, “we will focus on key growth drivers that will ensure we continuously win in this ever-changing industry and economy. The enhanced use of our digital platform Aura, which is revolutionising how we drive bookings, engage with guests, and generate revenue. This technology underscores our commitment to growth and adaptability in the digital age.”

Adanijo, a respected cardiologist whose expertise in cardiovascular health could offer invaluable perspectives,” he said.

Dr. Adanijo, like Aproko Doctor, also highlighted the importance of being cautious about trans fat. However, she also explained the harmful effects of oils rich in saturated fats, as these fats increase cholesterol levels in your body, leading to health issues like heart disease, stroke, etc.

L-R: Registrar and Chief Executive, Chartered Institute of Stockbrokers (CIS), Josiah Akerewusi, Technical Assistant to Governo r of Central Bank of Nigeria (CBN), Tony Ogufere; Past President , CIS, Mike Itegboje; 2nd Vice President, CIS, Fiona Ahimie; Past President, CIS, Oladipo Aina; President and Ch airman of Council, CIS, Oluwole Adeosun; Governor, CBN, Olayemi Cardoso; Past President, CIS, Olutola Mobolurin; 1st Vice President , CIS, Oluropo Dada; Past President, CIS, Henr y Olayemi and Past President, CIS, Ariyo Olushekun, during the courtesy visit of CIS’ Leadership to Cardoso at CBN Lagos Office…recently

Super Elevator CEO Recognized among Africa’s 100st InfluentialYoung Leaders

Ugo Aliogo

The Pan African Young Leadership Foundation has honoured the Chief Executive Officer of Supec Elevators, Simon Chidokwe as one of Africa’s 100 most influential young leaders.

This prestigious accolade was conferred to him during the foundation’s 6th annual awards ceremony held in Ghana.

The recognition highlights Engr Chidokwe’s exceptional

contributions to the elevator industry and his transformative leadership in advancing the development of Africa.

Under his guidance, Supec Elevators has achieved remarkable growth and solidified its position as a respected brand in Nigeria.

Expressing gratitude for the honour, Chidokwe said, “I am deeply honored to be recognized among such an esteemed group of young African leaders. This award is a testament to the

dedication and expertise of the Supec Elevators team, and I am privileged to lead such a talented and motivated group.”

The Pan African Young Leadership Foundation is a nonprofit organization committed to empowering and celebrating the accomplishments of young African visionaries.

Its annual awards ceremony serves as a platform to unite influential young leaders across diverse sectors, including business, politics, and entertainment.

Report:Clean Energy Jobs Hit 35m in Fossil Fuel Sector

Clean energy jobs rose to 35 million in the fossil fuel sector, representing a growth of 4.7 million in the last year, a 2023 World Energy Employment Report has stated. According to the report, while fossil fuel employment has lagged, the remaining 1.3 million jobs are below their pre-pandemic levels of 32 million, with new jobs in construction and manufacturing accounting for over half of all energy employment.

It revealed that with a growing trend toward projectbased approaches in many industries, a rising demand for skilled project managers was expected to increase significantly over the next decade.

However, this demand, it said, was contrasted by a shrinking workforce in many countries

due to ageing populations and falling birth rates.

According to the Managing Director, Sub-Saharan Africa, PMI, George Asamani, as more countries and corporations in the region commit to lowering emissions, the transition to clean energy is poised to boost employment opportunities significantly. He noted, “Turning the vision into reality means lots of projects and lots of jobs. There’s abundant potential in Africa, which is home to 60 per cent of the top solar sites globally — yet contains just 1 per cent of solar PV capacity.”

The report stated that several countries were leading the renewable charge in Africa; adding that Senegal, “an unlikely renewable energy hotspot, with oil and gas driving its forecast

8.8 per cent Gross Domestic Product growth in 2024, is aiming to generate as much as 40 per cent clean energy by 2030”.

It disclosed that Ghana’s $2bn Ada Foah project was set to produce 1,000 megawatts of power by capturing tidal wave energy in the Gulf of Guinea.

“Even oil-rich Nigeria is calling for renewables to meet 60 per cent of the country’s energy demands by 2050. In South Africa, some 66GW of wind and solar projects are at various stages of development, with 18GW at an advanced stage,” the report noted.

Amid the many positive trends emerging for clean energy employment, it was said that skilled labour shortages were already plaguing the sector.

ADDENDUM

RE: REQUEST FOR EXPRESSION OF INTEREST ON TRANSACTION ADVISORY SERVICES

Sequel to the advertisement published by the National Program Co-ordination Office of the Special AgroIndustrial Processing Zones Program in the Thisday and nd Leadership Newspapers of Monday, 22 April, 2024 on Transaction Advisory Services for AfDB States, the general public is hereby invited to note that the deadline for submission of Expression of Interest is th Monday, 13 May, 2024 at 12.00 Noon local time at the National Program Co-ordination Office, #3 Aguleri Street, off Gimbiya Street, Area 11, Abuja.

2. All other information contained in the original nd advertisement of 22 April, 2024 remain valid.

3. The National Program Coordination Office regrets any inconveniences caused by omitting the EOI submission date, please.

Signed Dr. Kabir Yusuf National Program Coordinator, SAPZ

NOTICE OF EXTENSION OF DEADLINE

INVITATION FOR EXPRESSION OF INTEREST (EOIs) IN THE SPIN-OFF PROJECTS OF THE FOUR (4) DESIGNATED RIVER BASIN DEVELOPMENT AUTHORITY (RBDAs)

1. BACKGROUND

The River Basin Development Authorities (RBDAs) were among the enterprises listed in the Public Enterprises (Privatisation & Commercialisation) Act No.28 of 1999 for reform via Partial Commercialisation.

2. OBJECTIVES

The reform strategy for the RBDAs is aimed at making these agencies of government more productive, commercially viable, self-reliant and be able to access private sector funds and technical expertise as RBDAs are considered to be strategic players in driving the national food security agenda, support jobs and wealth creation program of the government.

3. REFORM PROJECTS

The Federal Government of Nigeria through the National Council on Privatisation (NCP) hereby invites prospective investors to express interest in the Partial Commercialisation of the underlisted RBDAs Spin-off projects by means of Private Support Participation to develop and manage the designated facilities for an agreed period of time:

3.1 RIVER BASIN DEVELOPMENT AUTHORITY

1. Upper-Niger River Basin Development Authority

2. Sokoto-Rima River Basin Development Authority

3. Ogun-Oshun River Basin Development Authority

4. Niger-Delta River Basin Development Authority

3.2 SPIN-OFF PROJECTS

Sokoto State

8. Zauro Polder Irrigation Scheme Birnin Kebbi, Birnin Kebbi. Kebbi State

OGUN-OSHUN 1. Lower-Ogun (Mokoloki Farm Pro ect Mokoloki Obafemi Owode LGA, Ogun State.

a. Name(s) of major shareholders; and

b. Percentage Shareholding.

III. Technical and Operational Capabilities.

a) Number of years in the Agrobased Industry including local and international experience.

b) List of Farm projects owned or managed by the firm.

IV. Composition and profile of Management Team showing qualification, years of experience in the Agro and related industry.

V. Evidence of ample financial resources.

Upon receipt of Expressions of Interest from interested investors, the National Council on Privatization (NCP) shall evaluate and pre-qualify applicants. Thereafter, pre-qualified applicants would be issued an Information Memorandum on the Projects upon the payment of Data Room fee to the Bureau of Public Enterprises.

Details of the bidding procedure shall be contained in the Information Memorandum.

4. COMPLIANCE

In order to be pre-qualified, prospective investors must possess verifiable evidence of Technical, Managerial and Financial capability including, but not limited to the following: -

a) Record of successful investment and management in agro-based businesses.

b) Ample financial resources to turn around and improve the Spin-off projects thus enhancing their value.

Interested investors should indicate their interest by providing the following documentation and information:

I. Full name of the company and the contact person, postal address, telephone number, and e-mail address;

II. Ownership structure

5. ALL ENQUIRIES SHOULD BE DIRECTED TO:

Mr. Abdulkadir Ahmed

Ag. Director (Agric &Natural Resources)

Bureau of Public Enterprises (BPE) 11, Osun Crescent.

Off Ibrahim Babangida Way, Maitama P.M.B 442, Garki. Abuja, Nigeria. Tel: 234-09-4604400-9

E-mail: aahmed@bpe.gov.ng Web Site: www.bpe.gov.ng

6. SUBMISSION OF EOIs

All Expressions of interest must be submitted in a sealed envelope to the above address and marked “EOI RIVER BASIN DEVELOPMENT AUTHORITY” not later than 20th May 2024 of this publication by 5:00pm at Room 123 of the Secretariat of the Bureau of Public Enterprises, 11, Osun Crescent, Off Ibrahim Babangida Way, Maitama, Abuja.

HOMES & DESIGN

Live, Work, Play at Blue Water Lagos

Blue Water Lagos is an iconic mixed-use facility and brainchild of seasoned developers the Elalan Group and African Capital Alliance and master-planned and designed by Ngonyama Okpanum & Associates, recipient of numerous design awards.  Bennett Oghifo  writes

Blue Water Lagos is a veritable work, live and play affair standing tall on a prime piece of land in Lekki Phase 1.

The Managing Director of Elalan Construction Company, Andrea Geday, describes it as a mixeduse development ( residential and commercial). It consists of 500 flats: one-, two-, three- and four- bedroom with high-quality interiors, open space living, Wi-Fi, and fire sprinkler systems. It has great outdoors on a free space with tennis court, swimming pools, play areas, among other facilities. It has underground parking that is well-ventilated and secure, including a

commercial area of about 10,000sqms.

Elalan has come a long way in Nigeria’s real estate sector, and according to Geday, they entered into the sector in 1984 and have “done hundreds of thousands of square metres of construction” in the industrial, residential and commercial space.

He added, “You’ll see our work all over Lagos, Ogun states, Abuja, and Kaduna, as well as the new Flour Mills of Nigeria head office and WAPIC head office. We have been active in various areas in Nigeria.”

They are the developers of luxury buildings such as No. 4 Bourdillon,

Tango Towers and Olympic Towers.

The company is one of the fastest growing and most dynamic construction and civil engineering companies in Nigeria.

Elalan’s partner, African Capital Alliance (ACA) is equally sturdy, leading pan-African investment firm sponsoring funds and managing investments of over $1.2 billion, according to posting on Elalan’s statement on its website.

African Capital Alliance (ACA), founded in 1997, is an independent, private equity firm focused on investing in Nigeria and the Gulf of Guinea.

It raised aggregate commitments of over $1.2 billion since its inception and has a track record of successfully exiting investments and delivering strong returns to investors.

The company has two decades of experience investing in the region, with nine years of experience in the real estate sector, resulting in a thorough understanding of the market and variables that can affect investment results.

Geday said ACA are strategic partners to Elalan and that the company has been investing in real estate across the nation but this was their first residential development.

Optiva Capital Partners Demonstrates Service to Clients, Society

One organisation that places a premium on service, whether to its clients or for the common good is Optiva Capital Partners, the nation’s leading investment immigration wealth management company, writes Oluchi Chibuzor

Service, the action of helping or doing work for someone is central to our existence whether as individuals or organisations. More than ever before, humanity needs service today to serve one another rather than looking for assistance from others. The act of service is the sure way to go if the service of people is to make a meaningful and lasting impact on humanity because humanity is about building a bond amongst the society with the help of sustainable values.

One organisation that places a premium on service, whether to its clients or for the common good is Optiva Capital Partners, the nation’s leading investment immigration wealth management company. One of its core values is Service, which emphasizes differentiating OptivaCapital in the market through the quality of its product offerings, the strength of its partnership, and bespoke delivery to be perceived as solution providers. Beyond service to clients, Optiva Capital Partners is also committed to the common good and service to humanity to address maternal health care, andreduce maternal mortality rate in Nigeria.

Optiva Capital Partners commitment to service and capacity to deliver on promise to clients on Citizenship by Investment in Grenada was once again showcased recently with the completion of Six Sense resort Grenada on schedule by Range Developments, an award-winning developer of luxury resorts. Commenting on this development, Chairman of Optiva Capital Partners, Mr. Franklin Nechi, restated that delivering on its promise to clients further deepens relationships between Optiva Capital and its elite global partners for the benefit of their clients.

Nechi was part of the elite guests who joined the leaders of the Caribbean countries and other global captains of industry at an exclusive pre-opening ceremony for the newly-completed luxurious five-star resort, Six Senses La Sagesse, easily the best hotel in Grenada. The resort was developed by Range Developments, a leader in luxury developments in the Caribbean, and one of the elite global partners of Optiva Capital for exclusive and bespoke investment opportunities for Nigerians and Africans across investment immigration, investment services and advisory, and international real estate.

Dignitaries at the high-profile event where Nechi was the only African invited to the occasion included the Prime Minister of Grenada, Dickon Mitchell; Prime Minister of Saint Kitts and Nevis, Terrance Drew; Governor General of Grenada, Cecil La Grenade; and Chairman, Range Development. Mohammed Asari. Others were the Chief Executive Officer of Six Senses International, Neil Jacobs and Chief Operating Officer of Intercontinental Hotel Group, Jorge Apaez.

Grenada boasts of one of the most appealing and robust Citizenship-by-investment (CBI) programmes globally. It maintains strong diplomatic ties with the United States of America (USA), the United Kingdom, and the European Union (UN).

Gaining access to the US is not the only benefit one gets from obtaining a Grenada passport, it also gives visa-free travel to 143 countries including all countries of the European Union, United Kingdom, Singapore, Russia, and China.

Grenada stands out as one of the Caribbean nations offering a citizenship program that grants its citizens the opportunity to obtain an E-2 visa. By acquiring an E-2 visa, holders of a Grenada passport can reside in the United States indefinitely. As a citizen of Grenada, you will enjoy the benefits of the USA Treaty with Grenada, enabling you to establish a business, reside, and work in the USA alongside your family. You can also live and work in Grenada as a second home with zero hassles on global income tax, wealth tax, or inheritance tax.

To get a Grenada passport, there are two options, invest $220,000 in a government-

L-R: Prime Minister of Grenada, Dickon Mitchell and Chairman, Optiva Capital Partners, Franklin Nechi, at the exclusive pre- opening ceremony for the newly completed Six Senses Five-Star Resort in Grenada, recently approved real estate project. The property must be held for a minimum of 5 years before it can be sold or you make a nonrefundable minimum donation of $150,000 to the National Transformation Fund.

Optiva Capital Partners the largest provider of second citizenship and residency services in Africa has assisted thousands of families in obtaining second citizenship and residency from Grenada and many other Caribbean countries, and also permanent residency programmes in USA, Canada, Portugal, and Greece. The company has twenty one branches across the country and provides excellent investment immigration, investment advisory, wealth management services, and international real estate for its esteemed clients who have trusted them with their investment immigration needs for over 13 years.

Working with its elite global partners, Optiva Capital has helped many families with their immigration and global access needs over the years and “has consistently done this with utmost diligence and professionalism.”

With regard to its commitment to provide services for the common good, Optiva Capital Partners also recently flagged off the groundbreaking ceremony for the rehabilitation and upgrade of AgboyiKetu Primary Healthcare Centre, Lagos, into a fully equipped maternity centre.

In a pivotal role with the Lagos State government, the rehabilitation covers the facilities, structures, the equipment, and totally upgrading the healthcare facility to ensure that women from that particular area are taken care of.

In her remarks at the ceremony, the Chief Executive Officer of Optiva Capital Partners, Dr. Jane Kimemia, stated that the objective of the firm, in alignment

with the United Nations Sustainable Development Goals (SDGs) is to address maternal health care and reduce maternal mortality rate in Nigeria because different World Health Organization reports state that Nigeria contributes up to ten percent of the global maternal death.

According to her, Optiva Capital Partners will expand the healthcare facilities to “accommodate more beds and enhance the quality of the maternity wards and labor rooms with state-of-the-art hospital equipment. This is to ensure that a larger number of women in AboyiKetu Local Government receive enhanced maternity care. We will be working extensively on the infrastructure and ambience from the time you walk in to receive medical help to the time you receive the help you need. So it won’t only benefit mothers but the entire population of Ketu LCDA. We will provide hospital equipment for the delivery room as advised by the Ministry of Health. This project will take about two months. In two months’ time, we will come back to commission a fullfledged maternity centre where women, mothers and children will be happy to come in to receive medical help. This is the beginning of our journey towards creating sustainable change in maternal and childcare. Through our collaboration with the Lagos State Ministry of Health, we strive for a future where the number of women who lose their lives during childbirth is greatly minimized”.

The CEO of Optiva Capital Partners, Kimemia, conveyed her appreciation for the opportunity to work with the Lagos State Government Ministry of Health and the Ketu Local Government in their efforts to decrease the maternal mortality rate in the state.

Optiva Capital Partners takes service

to the community seriously through its passionate commitment not only to maternal health care but also to the empowerment of women, especially those at the lower rung of society’s ladder.

Women, according to Dr. Kimemia, are the bedrock of the society because the basic unit of society -the home, is run by women, and that is where it all starts. Women are seeking ways to educate, to empower, to contribute, and these start from the home. They want to be able to educate, train their children and themselves. Women also seek to be empowered by the knowledge and experiences gathered, and to contribute to the growth and development of the society.

In this regard, Optiva Capital Partners works with families, because when they work with families on how their children are going to school, on how they can go to Canada and they will be paying a tenth of what the international students will be paying, it is a service to women, a service to the family. According to the Optiva Capital CEO, we are enabling them, we are showing them opportunities on how they can actually access better services.

According to Dr. Kimemia, beyond health there is also “an initiative for women in the markets, women at the very end of the pyramid, so it’s about empowering them in terms of how do they get better at their trade, how do they get investments. So, in partnership with a Micro Finance Bank we are helping them to formalize their businesses, structure their businesses so that they can get financing and scale up their businesses.”

Optiva Capital Partners, Africa’s leading investment immigration wealth management company has steadily, over the past fourteen years built a growing reputation amongst investment savvy Africans who seek quality service in investment immigration, investment advisory, and wealth management.

ACReSAL Project: Mahmoud Lauds World Bank for Disbursing $2m to FCT

Olawale Ajimotokan

FCT Minister of State, Dr Mariya Mahmoud, has applauded the World Bank for disbursing $2 million to the FCT towards the implementation of the AgroClimatic Resilience in Semi-Arid Landscapes (ACReSAL) project in the territory.

She gave the commendation when the World Bank ACReSAL project Task Team Lead, Dr Joy Agene, visited her in Abuja.

Mahmoud noted that the partnership with the World Bank would foster environmental sustainability and agricultural prosperity for residents of the FCT under the ACReSAL project.

She lamented that Abuja, as Nigeria’s capital city in the past 48 years, had lost its tree covers and land degradation due to physical development projects.

The minister said part of the goals of the ACReSAL project was to restore the lost trees through afforestation and other climate change adaptation activities.

“We will do all that is possible for ACReSAL project to be sustained, maintained, and achieved by God’s grace.

“We will try and provide all that is necessary from our own side. All the requirements necessary to take FCT to the next level will be done to access the $10 million,” she said.

Earlier, Agene said that the visit was to brief the minister on the performance of the project so far in the FCT and solicit for more support to ensure the success of the project in FCT.

She said that ACReSAL,being a community-based project, was designed to enable communities to access the fund through a community revolving fund.

The task team lead commended the FCT for the formation of 250 community interest groups (CIGs,) through which the fund would be disbursed

She said that the CIGs would be trained on how to access and utilise the funds.

“The project is here to help communities to adapt to the

shock that will come from climate change and to do that one of the approaches is this revolving fund where communities will get about $25,000 each.

“Beyond that, we have some investment in gully erosion, flood control and large afforestation at the FCT and we will need your support to do this,” she said.

The Mandate Secretary, Agriculture and Rural Development Secretariat, FCTA,

Mr Lawan Geidam, said that a robust framework had been established to ensure the success of the project.

Geidam, who is also the Chairman of the technical Committee, assured the World Bank team of active community participation in the implementation of the project.

“Also, the construction of boreholes in various communities, land restoration initiative, knowledge building programmes and the planned provision of critical agricultural inputs to farmers will improve the livelihood of our communities,” he said.

‘Consumer Loans Vital in Strengthening Purchasing Power’

Ugo Aliogo

The Managing Director, of Noltec Engineering, Mr. Akinyinka Akinnola, has stated that increased injection of consumer loans in the economy by the federal government would be vital in strengthening consumer purchasing power.

He also stated that consumer loan allows people to buy commodities and spread the payment over a long period of time, adding that the economy needs to develop, more consumer loans need to be available,

and gender sensitive finance at lower digit interest rate should be available.

Speaking during the unveiling of the state-of-the-art products for industrial, commercial applications in Lagos, Akinnola, has teamed up with Johnson Controls Hitachi to introduce a range of advanced products designed for various industrial and commercial needs in Nigeria.

He highlighted the company’s core competencies, adding that Noltec is Hitachi’s official partner for air conditioning solutions in Nigeria.

According to him, “Noltec

is a mechanical and electrical engineering company specializing in contracts for air conditioning, plumbing, water, fire protection, and general infrastructure. Our recent partnership with Hitachi underscores our commitment to introducing advanced air conditioning technologies across residential, commercial, and industrial sectors in Nigeria.”

The Regional Sales Director for Johnson Controls Hitachi Middle East and Africa, Ahmed El Dessouki, averred Noltec Engineering is their distributor and partner for the Nigerian market.

CWG Board of Directors Approves 400% Increase in Dividend Payout

Kayode Tokede

CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.

This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns. By enhancing the dividend payout, CWG aims to reward sharehold-

ers for their continued trust and support while reaffirming its commitment to creating longterm value.

Chairman of the Board of Directors at CWG Plc, Mr. Philip Obioha said, “The decision to approve a 400% increase in dividend payout underscores our confidence in CWG’s performance and outlook. We are dedicated to delivering value to our shareholders and believe that this significant dividend increase is a testament to our commitment to shareholder value creation.”

This increase in dividend

payout aligns with CWG’s strategic objectives to prioritize shareholder interests and maintain strong financial discipline. The Board remains committed to prudent financial management and sustainable growth, ensuring that CWG continues to be a reliable investment for shareholders.

As CWG continues to execute its growth strategy and expand its presence in the market, the Board anticipates that the increased dividend payout will further strengthen investor confidence and support CWG’s vision for the future.

Ajilore to Deliver Babcock University’s 48th Inaugural Lecture

The Head of Department of Mass Communication Babcock University, Ilishan -Remo, Ogun State, Professor Kolade Ajilore, is to deliver the institution’s 48th Inaugural lecture next Thursday, May 2, 2024 at 2 pm at the institution’s Main Auditorium.

According to the Registrar, Dr Jonathan Nwosu, “the Professor of Marketing Communications, Prof Ajilore will deliver paper presentation on the topic, “ Advertising practice as brand communication archery in the age of a rebellious audience”

while Professor Ademola Tade, the President/ Vice Chancellor is the Chairman of the occasion.”

Dignitaries, academicians, brand experts, public relations and advertising practitioners are expected to grace the Inaugural lecture event.

Inaugural Lecture is an auspicious occasion for the University to acknowledge the appointment or promotion of new, full professors, introduce them to the academic and non-academic community of the University, and to provide opportunity

MARKET INDICATORS

MONEY AND CREDIT STATISTICS

for further engagement with the larger community.

The presentation of an Inaugural Lecture is a significant milestone in the academic career of a full professor and provides a platform to share past research and introduce new ideas to a diverse academic and non-academic audience.

Ajilore is an alumnus of University of Lagos, where he bagged both his first and second degrees, Bsc in Mass Communication and Master’s in Intl Law and Diplomacy (MILD) and PhD from the same Babcock University.

DAILY BASKET

The price of OPEC basket of twelve crudes stood at $87.33 a barrel on Monday, compared with $86.00 the previous Thursday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela)

L-R: Head, Brand Marketing and Communications, Access Pensions, Mojisola Coker; President/ Project Head, The Investment Society, University of Lagos, Daniel Olunloyo and Research Analyst, Investment Management, Access Pensions, Tayo Oyelade at a Financial Literacy workshop for students of Eletu Odibo Senior High School, sponsored by Access Pensions to commemorate National Financial Literacy Month in Lagos… recently

Stock Market Maintains Profit-taking Momentum, Drops by N949bn WoW

Kayode Tokede

Amidst the backdrop of the Nigerian financial landscape, the Nigerian stock market recorded a dismal performance for the week dropped by N949 billion Week-on-Week (WoW) in market capitalisation Notably, the Nigerian Exchange Limited All-Share Index (NGX ASI) declined by 1.39 per cent WoW to close at

98,152.91 basis points. Similarly, the market capitalisation of listed equities lost by N949 billion to close at N55.512 trillion.

On the sectoral front, performance was largely negative as the NGX Banking index declined by 3.10 per cent week on week. NGX Oil & Gas index recorded weekly loss of 1.41 per cent and NGX Consumer Goods index down by 1.15 per cent W-o-W.

Meanwhile, NGX Insurance and NGX Industrial Goods Indices recorded some pocket of gains of 0.02 per cent and 0.38 per cent respectively, for the week.

Market breadth for the week was negative as 27 equities appreciated in price, 43 equities depreciated in price, while 84 equities remained unchanged.

SUNU Assurances led the gainers table by 25.00 per cent to

close at N1.25, per share. CAP followed with a gain of 20.21 per cent to close at N28.85, while Livestock Feeds went up by 14.48 per cent to close to N1.66, per share. On the other side, Oando led the decliners table by 19.57 per cent to close at N9.25, per share. Sovereign Trust Insurance followed with a loss of 18.18 per cent to close at 36 kobo, while Thomas Wyatt Nigeria

declined by 16.82 per cent to close at N1.78, per share.

Overall, a total turnover of 1.839 billion shares worth N34.258 billion in 37,528 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.597 billion shares valued at N32.313 that exchanged hands previous week in 44,915 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.129 billion

shares valued at N22.290 billion traded in 22,008 deals; contributing 61.38 per cent and 65.06 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 194.179 million shares worth N2.822 billion in 1,923 deals, while the Construction/Real Estate Industry pulled a turnover of 130.702 million shares worth N649.957 million in 556 deals.

PRICES FOR SECURITIES TRADED ASOF APRIL 25 /24

POLITY

Aligning Cybersecurity Policies in Nigeria: Bridging IT and OT

Ibironke M. Ibrahim

Introduction

In today’s interconnected world, cyber threats pose significant risks across the public and private sectors, necessitating an integrated cybersecurity strategy that includes information technology (IT) and operational technology (OT). This is particularly crucial for a developing economy like Nigeria, which requires a robust defense strategy and a resilient digital infrastructure capable of withstanding global cyber threats. This essay provides an in-depth analysis of the measures the Nigerian government should consider to mitigate such breaches effectively.

Development of a Comprehensive Cybersecurity Framework

The cornerstone of a robust national cybersecurity posture is a well-defined framework that provides clear guidelines and standards for both prevention and response. In Nigeria, such a framework must address the unique needs of IT systems and the specialized technologies of OT prevalent in critical infrastructure sectors such as energy, manufacturing, and utilities. This framework must be dynamic and capable of adapting to new threats and incorporating emerging technologies. Regular updates and systematic revisions are critical to ensuring the framework remains relevant as technological advancements and cyber threats evolve. It is essential to develop specific policies for various sectors that integrate security practices covering IT and OT, continuously assess and incorporate new security technologies, and regularly review and update these policies to align with international cybersecurity standards.

Strengthening Public-Private Partnerships

intelligence-sharing centers, conducting joint cybersecurity drills and simulation exercises, and developing laws and regulations that encourage collaboration and data sharing while protecting the privacy and interests of businesses.

Educational Initiatives and Public Awareness

understanding personal data privacy, gradually building up to more complex topics as students progress through their education. By making cybersecurity a core component of the educational journey, countries can cultivate a generation that is more aware of and prepared for the challenges of the digital age.

Nationwide campaigns to promote cyber hygiene and best practices are crucial in raising public awareness about cybersecurity risks and the simple steps individuals can take to protect themselves. These campaigns can utilize various mediums, such as television, online platforms, social media, and public workshops, to reach a broad audience. Effective campaigns often involve partnerships with tech companies, educational institutions, and even celebrities to help disseminate critical messages more widely. Topics can range from setting strong passwords and securing personal devices to more advanced topics like recognizing phishing attempts and securing home networks.

Specialized Training and Certification

Specialized training and certification are critical for professionals, particularly those working at the intersection of IT and OT. These programs should address the specific security challenges arising from the convergence of these two fields, which are standard in industries like manufacturing, healthcare, and critical infrastructure. Supporting and subsidizing such training initiatives can encourage more individuals to pursue cybersecurity as a career, expanding the pool of experts available to safeguard national interests. These programs often include hands-on simulations and real-world problem-solving scenarios, which are vital for understanding modern cybersecurity landscapes’ complexities.

Regular Audits and Compliance Checks

Proactive Incident Response and Recovery

A mature cybersecurity strategy includes the ability to respond to and recover from incidents quickly. Establishing a dedicated national incident response team proficient in both IT and OT is crucial for this purpose. This team should not only handle responses to breaches but also work proactively to simulate potential attacks and conduct regular security drills, ensuring adequate resources are available for rapid deployment during and after cybersecurity incidents.

Transparency and Trust Building

Transparency is foundational to building trust in digital systems. Mandating public reporting of significant cyber incidents and detailed analyses helps understand failures and prevent future incidents. Initiatives for enhancing transparency include implementing policies requiring the disclosure of major cyber breaches with detailed incident reports, encouraging thorough post-mortem analyses shared within the industry to foster learning and improvement and regularly engaging stakeholders in discussions about cybersecurity policies and practices to build trust and gather feedback.

Robust Legal and Regulatory Framework

Effective cybersecurity transcends the governmental domain alone and requires active collaboration with the private sector. This collaboration is vital in industries where OT is crucial, such as energy, manufacturing, and transportation. Partnerships between public and private entities are essential for rapidly exchanging threat intelligence and best practices, enhancing the nation’s ability to preempt and respond to cyber threats. Strategies to improve this collaboration include establishing dedicated communication channels, such as cybersecurity task forces and

Addressing human error, a significant vulnerability in cybersecurity, begins with comprehensive education and robust awareness campaigns spanning all societal levels. This effort aims to reduce the incidence of cyber breaches and foster a culture of security mindfulness that can lead to more resilient information systems and networks. The foundation for a secure cyber future is laid by educating the youngest members of society. Integrating basic cybersecurity principles into the national education curriculum can help children understand the importance of cyber hygiene from an early age. This integration should start with simple concepts such as safe internet practices and

Regular audits and stringent compliance checks are necessary to ensure that cybersecurity measures are effective and adhered to. These audits should evaluate the security practices of government and private companies, especially those handling critical infrastructures. Considerations for an audit and compliance framework include:

•Creating an independent body to conduct regular security audits.

•Developing and enforcing strict compliance standards for both IT and OT systems.

•Mandating regular security reports from critical infrastructure entities to ensure continuous compliance and adjustment.

A comprehensive legal framework is essential to support cybersecurity initiatives. This framework should include laws that define and penalize cybercrimes, regulate data protection, and specify the obligations of entities in reporting and responding to cyber threats. Enhancements to the legal framework should focus on strengthening laws against cybercrimes to provide harsher penalties for offenders and better protection for victims, updating data protection laws to reflect the latest privacy and security standards, and clearly defining compliance obligations for reporting and responding to cyber incidents across different sectors.

By implementing these strategic measures, Nigeria can develop a cybersecurity policy that effectively manages IT and OT’s current threats and prepares for future challenges. This comprehensive strategy is crucial for safeguarding the nation’s digital assets and maintaining public trust in its digital transformations. Ensuring that policies align with international standards and practices will further strengthen Nigeria’s resilient and secure position in the digital economy.

Fatayi-Willians Emerges 4th President of Cosmopolitan Women Club, Canvasses for Elderly Peoples’ Home

The new President of the Cosmopolitan Women Club (CWC), Mrs. Marie Fatayi-Williams, has pledged to strive for the establishment of fit-for-purpose elderly peoples’ home in Lagos as part of the theme of her service year, which is “Validating Purpose, Impacting Lives Positively through Social Impact Projects.”

Fatayi-Williams made this pledge yesterday during her investiture ceremony as the 4th President of the CWC, which was held at the Metropolitan Club, Victoria Island, Lagos, where she implored the cooperation of individuals, corporate organisations and international development agencies in Nigeria to build and establish an elegant fitfor-purpose old people or retirement home with certified care givers.

She said: “With this people will not have to check in their aged parents or relations into hospitals as some people who are seeking care and security for their elderly ones are currently doing.

“I was told that when some people are traveling they take their aged parents or relations into existing

hospitals for them to be cared and looked after because they are not comfortable leaving them at home alone and that there is no place to take them to.

“This is rather troublesome and worrisome and we are going to bring it to the attention of Governor Babajide Sanwo-Olu. What the CWC is saying is that Lagos State can set the pace for a home for the aged of different strata of the society.”

She added that the goal of the CWC is to breakdown the barrier of poverty, hunger and disease and ensure inclusion and meaningful self-actualisation for the youths through entrepreneurial support and up skilling through training and retooling.”

Fatayi-Williams said that the CWC would also partner with Governor Sanwo-Olu, to feed the poor and vulnerable members through the club’s food bank project.

Speaking during the investiture ceremony, the First Lady of Lagos State, Mrs. Ibijoke Sanwo-Olu, said that she is convinced that the tenure of Fatayi-Willians and her executive officers would touch more lives positively.

Ibijoke said that the themes of the CWC aligned with the priority areas of the Lagos State Government. She said: “I commend the leadership of Dame Marie FatayiWilliams and her team for these themes, which encapsulated the essence of service and empowerment, aligning perfectly with core values we hold dear in Lagos State. “Initiatives that were lined by the new executives of the CWC, such as the food bank project, vocational

skills empowerment, up scaling women and youth entrepreneurs, are not just noble aspirations but practical steps towards transforming lives and communities.”

Ibijoke, who was conferred with the honourary membership of the CWC, said that it “is my belief that together we can amplify our impact and create a ripple effect of positive change that reaches every corner of our society.”

Also the First Lady of Ogun

State, Mrs. Bamidele Abiodun, who was present at the investiture ceremony, commended the CWC of the wonderful works it has been doing in reaching the less privilege of the society and “I expect that the new executives of CWC will carry on with the vision of giving back to the people.”

The Founder and Chief Executive Officer of Channels Television, Dr. John Momoh, who delivered the guest speaker’s keynote address on

“Upscalling National Development Through Women’s Social Impact Activities” said that the progress of a nation could not be separated from the welfare of its women because the role of women in catalysing change and driving economic growth have become undeniable.

He said; “We need a paradigm shift. We need to shift from seeing women as beneficiaries of development to leaders of development.

Edo Guber: Obaseki’s Political Foes Gang up Against Ighodalo

Adibe Emenyonu in Benin City

Ahead of the September 21 governorship election in Edo State, a new faction has emerged within the Peoples Democratic Party (PDP) led by National Vice Chairman (South-South) Dan Orbih, who has declared his opposition to the candidacy of Asue Ighodalo, the party’s standard bearer.

Ighodalo as the PDP candidate enjoys the support of the incumbent governor, Mr. Godwin Obaseki. But in a meeting held on Saturday

by the Edo North caucus of “legacy group”, of the PDP led by Orbih, the group said it will not support the candidacy of Ighodalo.

Speaking at the meeting which was held at his residence, Orbih, a political ally of the Minister of Federal Capital Territory, Nysom Wike, first rejected his appointment to the governorship campaign council, citing lack of consultation.

“Nobody told me of any governorship campaign council membership in Edo PDP. I am not aware of it,” he said.

Other members of the party also echoed similar sentiments, expressing their dissatisfaction with Obaseki’s alleged imposition of Ighodalo as the party’s candidate.

They are the former Speaker of the State House of Assembly, Kabiru Adjoto, and the impeached Deputy Governor, Philip Shaibu.

“Edo people will not vote for Ighodalo because Edo State needs a home-grown person,” Shaibu said.

Also former Speaker of the House of Assembly, Adjoto, criticised the PDP’s management of its 2020 victory.

He pledged to work with Orbih’s coalition in the upcoming election. Present at the meeting were other top members of the PDP including a former presidential aide, Jude Imagwe; former Commissioner in the state, Damian Lawani, and Fred Attah.

The faction’s emergence threatens to divide the PDP and potentially impact the outcome of the governorship race. As of press time, a meeting of the group was ongoing in Edo Central Senatorial District.

Ibironke Ibrahim

Dike Onwuamaeze

FOCUS

Mike Adenuga: Seven Decades and One Year of an Entrepreneur Extraordinaire

Indeed, Dr. Mike Adenuga Jr. embodies so much of what makes commerce inspiring. Watching him preside over his business empire, you get inspired by how beautifully he weaves the strands of his acumen and entrepreneurial depth into a dominant narrative. But it wasn’t easy. It took incredible focus and courage to bear his gifts of talent and brilliance, deploy them through his platform, and honour the tripartite targets of enterprise, humanity and nationhood. If his story reads like an enterprise legend, it’s probably because he has successfully matched grit to desire with stunning outcomes. Currently, he stands at the centre of an empire widely seen as Nigeria’s industrial and cultural touchstone, his influence stretching across races and religions globally. This is certainly no common feat. On the cusp of his 71st anniversary, the social and business landscapes pulse with milestones he has achieved, thus reasserting his worth as a rare force of nature,

writes

LANRE ALFRED

Enterprise, like magic, has always been about stroking secrets. The fondling of desire comes from a subtle nudge into a wild grope—a grope against the odds, against reality. But few men are gifted at such endeavours, like Dr. Mike Adenuga Jr. The founder and chairman of Globacom created his universe from a conversation—an internal one. Every golem in the history of his business empire was summoned into existence through desire, toil, and pragmatic manoeuvring. Adenuga, aka The Bull, literally mauled into life his secret fantasies. Through his struggle, he kept telling himself the truth when it mattered most. He submitted his dreams and his will to an internal censor long before the odds or any traducer could lay their wiles on them. Ultimately, his efforts earned him vast tracts of a voluptuous empire and the reputation of an African gem.

While several billionaires in his league forged their reputations through fraud and the devices of clever publicists, Adenuga got his reputation by earning it through sheer hard work. That is why he is worth celebrating. At 71, the Globacom Chairman attains full flourishing. His genius, realistic bent, witty, and charming demeanour manifest as moving parts of a spinning engine of growth and quintessential manhood. At his emergence in Nigeria’s business circuit, he left no one in doubt that he had come to tip the ashes of industrial growth onto the tongue of the wind. Having done that, he watched it spin-drift into dystopia’s dark tunnel, the same passageway where several cash cows had sprawled inert, moribund, famished from the ravage of Nigeria’s locust years. Adenuga came to the end of commerce’s dark years. As he flourishes in his 71st year, the billionaire magnate unflinchingly commits his genius and resources to the resurrection of commerce from the catacombs.

Indeed, commerce is far too precious and fundamental to be left to the wiles and exploits of villainous characters; hence, Adenuga believes that the doctrine of altruism and compassion must be preached as a counteraction to the doctrine of mercantilism, cutthroat competition, and uninhibited avarice that has over time become the norm in business circuits. According to him, virtues should be, in the popular estimate, the rule guiding human conduct in business, social, and political circuits rather than the exception. A man is nothing without his virtues, he argues.

Thus, he endeavours to do good. But his deeds are not done as an apology or extenuation of his fortune and citizenship in the world. While many rich men propagate virtues as penances for the inaction of the world’s privileged divide, Adenuga imbibes and perpetuates the culture of goodness, not out of a frantic zeal to apologise or expiate perceived inhumanities of his rich, privileged divide; he engages in good deeds as an intrinsic part of his masculinity and business ethics.

The facts of his story are not so easy to relate, but this surely passes as a concise record of the challenges and intrigues that moulded him into the titan he has become. As he clocks 71 on April 29, Mike Adenuga personifies a legion of lives lived to a moral measure. Yet he is just one man, exploiting the possibilities of his single life. To understand the essence of the man and his extraordinary life is to delve beneath the challenges and intrigues that moulded him into the man he has become.

Adenuga, a multibillionaire magnate and empath, appreciates the sun every morning because he has lived through the dark. His bank of love is never bankrupt. He is the proverbial benefactor born into a world of iron and might make it a world of gold. The only lean aspect of his life is his pride. Blessed with a good heart and a fat purse, if Adenuga had his way, he would banish extreme poverty from the world. For the Globacom Chairman, to give is interred

in his innate nature; thus, a single act of kindness is like a drop of oil on a patch of dry skin—seeping, spreading, and affecting more than the original need.

In a world where most of his billionaire peers live like the Dead Sea, always taking in and never giving out, Adenuga is remarkably different. His kindness is like a magical spell meant to enchant hearts and lift weary souls so that they might fly. While many draw attention to society’s most pressing problems, Adenuga resolves them. Adenuga is never far removed from his roots and the indigent, however far and near. He is compassionate in an unrelenting sort of context. When he gives out money or favours, he spends himself completely on the gesture.

If the chairman of Globacom were crowned the richest man in the world today, it wouldn’t matter to him. He had never been a sucker for worldly and ephemeral titles. Thus, he would keep doling out his fortune to nourish dreams and flesh out the hopes of the starving. If you ask him, he would tell you that he has not lived in a day until he has done something for someone who can never repay him. Thus, while some billionaires toss satellites into orbit and strive to harness the sun, Adenuga commits his fortune to nobler, simpler objectives, like raising society’s underprivileged from privation to surplus.

The Globacom chairman detests the fallacy of the faux angelic in Faustian wealth as a measure of the affluent’s obligation to society’s poor and underprivileged. Unlike his fellow billionaires, he would never wield money like a scalpel, using it to procure applause, trophy mansions, social rank, and carnal pleasures. The Globacom chairman embodies what it feels like to be empathetic and resolute in one breadth: he projects what the world wants to see and defies the stereotypes it expects.

Adenuga has always challenged what society thinks a billionaire magnate should or should not be.

There is no gain; he stirs powerful feelings with his charitable gestures. He pulls you in with his soulfulness through his eyes and the stillness and nuance of his compassion. Adenuga is constantly pushing himself, influencing a new generation of empaths to succeed him and go further. To reassert his aura in history, he understands he must redraft and project a Nigerian credo of patriotism indigenous to us. This is why he spares no effort to improve many of his

people and immediate society.

Adenuga, having noticed a certain kind of charity common among us, resolved to propagate its more noble variant.

He understands that patchwork philanthropy is never enough; his charitable ventures seek to do more than clothe the ragged, feed the poor, and heal the sick. Not that he decries the noble spirit that seeks to help the poor and underprivileged, but rather that he seeks to establish and sustain a kind of philanthropy that eradicates the social maladies that create and imperil society’s vulnerable divides from the source.

Adenuga would always argue that for a nation or a community to prop up its weakest and most helpless members, its best and most gifted must rise and get passionately involved in palliative philanthropy and the social re-engineering that eliminates structural and institutionalised poverty.

When he clocked 70 last year, the world virtually stood still to honour him. It was the least that could be done by his global kith and kin, friends, governments, and business associates as one of the Earth’s most materially blessed human beings clocked his seventh decade.

Congratulatory messages poured in from far and near in honour of the billionaire magnate. President Bola Tinubu, for instance, used the occasion to extend his good wishes to the business mogul for his many social and economic investments in Nigeria, describing him as a “believer in the manifest destiny of Nigeria as a great country.”

While celebrating Adenuga’s accomplishments as a notable entrepreneur in telecommunications, oil and gas, real estate, and aviation, among others, Tinubu, the new president-elect, particularly noted how he democratised and revolutionised GSM telephony in Nigeria in 2003 with persecond billing at a time when it was considered impossible to do so.

He said, “I congratulate Otunba Mike Adenuga on attaining 70. To reach the Biblical age of three scores and ten brings great joy to every human being, and I thank God for making this great son of Nigeria and the world reach the milestone in good health.

“Otunba Adenuga is a firm believer in the manifest destiny of Nigeria as a great country. This he has demonstrated with his continuous investments in our economy, creating thousands of jobs and wealth for our people through his many businesses. I wish Otunba Adenuga many more years in profound health to continue adding value to our country and humanity in general.”

On his part, the then-outgoing President, Muhammadu Buhari, celebrated the entrepreneur, “whose charity and goodwill continue to inspire, attracting local and global recognitions, including three national honours, OON, CON, and GCON.”

Buhari affirmed the impact of Adenuga’s visionary leadership on Nigeria’s economy, setting the pace for investments in oil and gas, telecoms, real estate, banking, construction, and hospitality, with a remarkable presence in supporting entertainment, sports, and African culture, both within and outside the country.

The president extolled the philanthropist for his courage, humility, and dedication to nation-building, always placing the interest of the nation first and the welfare of the people, and ensuring that all his ventures and investments uphold human values of empathy, appreciation, trust, and respect.

Congratulatory messages were also sent to Adenuga by then-Vice-President Yemi Osinbajo, President Emmanuel Macron, former President John Dramani Mahama, former President Thomas Boni Yayi, the AfDB president, Dr. Akinwumi Adesina, Governor Dapo Abiodun, and then-VicePresident of Liberia, Dr. Jewel Howard Taylor.

While Osinbajo described Adenuga as “a

true national asset” whose “patriotism and personal commitment to Nigeria’s development is a beacon of light and an inspiration to many, especially young people at home and on the continent,” French President Macron acknowledged Adenuga’s “tremendous contribution to the strengthening of the relationship between Nigeria and France on many aspects.”

He said, “Above all, I see in your remarks and in the success of your activities the perfect illustration of the vibrant Nigerian entrepreneurial spirit and an exemplary winning partnership between France and Nigeria over the long term.”

He said Adenuga’s success is a source of inspiration for French entrepreneurs and has given the FranceNigeria Business Council an initial impetus essential to its success as a dialogue platform.

Macron appreciated him for establishing the Mike Adenuga Centre, Alliance Française, which has not only become “the major architectural and cultural landmark of Lagos but a considerable asset for the cultural visibility of France in Nigeria and the dialogue between our cultures, with no equivalent on the continent.”

There is no denying that Adenuga is the only human to have enjoyed such a widespread and heartfelt celebration. As a testament to his global citizenship of humanity, both the young and the old felicitated with him; best wishes poured in from all over the world as both men and women, young and old, businesspeople and politicians, pastors and imams, among others.

His beneficiaries and associates were thrilled that the exceptionally gifted mogul was alive and kicking, adding value to nationhood and lives in this challenging but exciting era.

Adenuga always stands out in whatever he does. The industrious business titan, whose story inspires all and whose triumphs command ceaseless ovation, has touched many souls at home and abroad.

Adenuga best portrays that persona of mystery—the unpredictability that assures victory. He does not chase acceptance or influence, honour invitations, show up at random shindigs, or amass followers on social media.

He’s hardly ever in the public space. Thus, you can count his interviews in the last 40 years on the fingers of one hand. Most of what we read and hear about him is speculation. He practices the dictum of the British monarchy (‘never complain, never explain’).

Despite his penchant for avoiding the spotlight, news about him continually makes it into the social space, perhaps because the founder of Globacom, Conoil, and a chain of other businesses spanning banking and real estate affirms, through his genius and industry, the transcendence of the fruitful magnate’s rippling virtuosity.

Going by his trajectory, Adenuga may be likened to a god of the franchises he created and a guardian of the world his business empire inhabits. It’s a huge task; earth-born deities influence economies, politics, culture, and cities. And if they are very assertive, they create not just the laws of government but also the code of mortal existence. However, no magnate has been a god to as many vastly different worlds as Dr. Mike Adenuga Jr.

His worlds are tasking and exacting, but they are also flooded with the brilliant light of his imagination, whether he is building on the past, determining the present, or strategising for the future no one has ever imagined.

Many have wondered how he came to amass such vast affluence and an enduring sway at the pinnacle of the business world; it’s mostly a function of perception—his ingenious ability to discern the labyrinthine tracts of commerce and his persistence in asking, ‘why?’ Adenuga symbolises the enterprising African spirit, unalloyed commitment, resilience, and hard work. Thus, he is today one of the most recognisable names on the African continent, sitting atop what is arguably one of the continent’s largest business empires, comprising oil and gas, telecoms, aviation, banking, and real estate.

Adenuga

COURTESY CALL ON GOVERNOR ABIODUN...

Senate Finance Committee Expresses Worry over Depreciation of Naira

Sunday Aborisade

The Senate Committee on Finance has expressed worry over the instability and continuous depreciation of the naira.

In a statement issued yesterday, the Chairman of the Committee, Senator Mohammed Musa, said the committee was monitoring the situation and was committed to working with relevant stakeholders to implement effective policies and strategies to tackle the issue. He also disclosed that the committee was exploring a range of policy options to mitigate the impact of naira depreciation and foster economic stability.

“The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors. Despite efforts to stabilise and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola Tinubu, the persistent

depreciation of the naira against major foreign currencies has become a pressing concern.

“The recent depreciation of the naira underscores the need for proactive measures to safeguard the stability and resilience of our currency. The Senate Committee on Finance is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies.

“It is imperative that we address the root causes of Naira depreciation, including but not limited to fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy. Furthermore, we must continue to enhance transparency and accountability in our fiscal management processes to instil confidence in investors and promote sustainable economic growth,” Musa stated.

In light of the challenges, the

JAMB: UNILORIN Remains UTME Candidates’ Most Preferred University in Four Years

Hammed Shittu in Ilorin

The University of Ilorin (UNILORIN) has remained Nigeria’s most applied for higher institution by the Unified Tertiary Matriculation Examination (UTME) candidates from 2020 to 2023.

The revelation it was learnt was made recently during an ongoing policy meeting chaired by Andrew Adejoh, the Permanent Secretary of the Ministry of Education.

According to the Joint Admission and Matriculation Board (JAMB), the top 10 universities chosen by candidates during the 2023 UTME are the University of Ilorin in the first position, followed by the University of Lagos, and in the third position is the Lagos State University with 55,964 applications.

JAMB noted at the meeting that UNILORIN emerged as the highest first choice applied for institution in the last four years (2020, 2021, 2022 and 2023).

The institution according to JAMB also had 103, 582 applications in 2020, and was closely followed by Ahmadu Bello University with 82, 984 applications.

The university also had the lion’s share of the total UTME

applications with 78,466 in 2021, and 73,749 in 2023 to lead the pack.

The University of Lagos remains the closest contender with 59,190 in 2021 to come second.

UNILAG was also the second highest applied for institution in 2022 and 2023 with 61, 606 applications. It however came third in 2020 behind UNILORIN and ABU.

The Federal University, Oye Ekiti with 53,235 candidates is placed fourth, while the University of Benin 48, 026 applicants, and the University of Nigeria, Nsukka with 43,660 candidates are in the fifth and sixth position respectively.

Others are the Obafemi Awolowo University with 41,959 candidates in the seventh ranking, Nnamdi Azikwe University with 41,759 placed eighth, while Nigerian Defence Academy with 41, 323, and the University of Ibadan in the ninth and tenth positions respectively.

It was reliably gathered that some Nigerians believe that UTME candidates prefer UNILORIN because, for many years, the institution has not had any form of strike, unlike many other public tertiary institutions in the country.

Senate Committee on Finance said it was exploring a range of policy options to mitigate the impact of naira depreciation and foster economic stability.

“This includes robust oversight of fiscal policies, engagement with key

stakeholders, and the formulation of targeted interventions to support key sectors of the economy.

“It is also the hope of the committee our economic managers will adhere strictly to the norms and standards set by this administration

to ensure that we achieve the desired outcomes in taking Nigeria to its economic growth and prosperity. As we pledge to give Mr. President and his executive arm of government every opportunity and support in legislation to achieve the set goals.

“As we navigate these uncertain times, I urge all Nigerians to remain vigilant and resilient. Together, we can overcome the challenges facing our economy and chart a path towards prosperity for all,” the committee added.

Fagbemi: Ogun Agro-cargo Airport Product of Abiodun’s Visionary Leadership

James Sowole in Abeokuta

The Attorney General of the Federation and Minister of Justice, Chief Lateef Fagbemi, has described the Gateway International Airport as a veritable solution to the busy Murtala Mohammed International Airport in Lagos.

Fagbemi also commended Governor Dapo Abiodun for his work ethics, saying he brings great vision and lots of passion into governance.

The Attorney General spoke after inspecting the Gateway International Airport, shortly after attending the installation of Sulaiman Adegunwa as the Asiwaju of Ijebuland at the weekend.

Fagbemi said the airport was of high quality and international standard, adding that Ogun state

will derive enormous benefits from its construction. He said: "It is apparent that he is working. You can not imagine that this place was like a forest some four, five years ago.

"So, to have done it, brought it up to this taste and standard within a very short time shows the type of person that he is. He is a man of taste, a man of vision, and he is a great economist because he knows that the benefit that the state will derive and by extension the generality of people is enormous.

"I want to say that the airport is coming ahead of its time and it is of international standard. You know there is so much pressure on the Lagos airport. This airport serves as a veritable buffer, and it comes so handy, especially because of its proximity to Lagos and the

state of the economy in both states." Earlier, Abiodun disclosed that he was happy with the progress and the quality of work done on the airport, even as he noted that his administration vigorously followed the implementation plan and timelines for the airport.

Abiodun said approval had been received to begin non-scheduled flights and would also receive a no objection for commercial flight operations to commence in another 30 days.

"I am very happy with the progress of work. Beyond the progress, I am very happy with the quality of the work. This is a first-class airport without a doubt, and each time I come here, I go round and inspect the different aspects, our level of completion.

"Middle of this week, we

received our approval to begin to operate non-scheduled flights like I have speculated, which means that non-scheduled flights like private planes can now declare their intention to come to this airport and file their flight plans and land in this airport.

"I am convinced that in another two weeks, we will receive a no objection for commercial flights to commence operation here and it is my desire to ensure that commercial operation indeed commenced in another 30 days or thereabouts, God willing.

"Like I always say, you can build all roads in the world. Anybody can build a highway, but not many administrations can build an airport. An airport connects you from one location to the rest of the world," he said.

Clean Energy in Rural Communities: REA to Sustain Collaboration with Private Initiatives

Sylvester Idowu in Warri

The Executive Director, Funds, of Rural Electrification Agency (REA), Hon. Doris Uboh, has said the federal government will continue to collaborate with private initiatives in the provision of clean energy across the rural communities in the country.

She gave the assurance over the weekend after inspection of 91kWp Solar-Powered Mini Grid project executed by SAF-AGA Renewable Energy Limited in Okpokunou Community in Burutu Local Government Area of Delta State.

Okpokunou Mini Grid project is a private Initiative of SAF-AGA Renewable Energy Limited to address the pressing challenges of electricity access in the community which had been deprived of electricity in the

past 12 years.

Hon. Doris Uboh said the agency was ever ready to collaborate with private initiatives, like what SAF-AGA has done, in bringing development to the rural communities in the country. She observed that more buildings were springing up in Okpokunou Community since the inauguration of the mini-grid adding that, "this is an indication that the area is growing and soon many SMEs will be springing up.

“It is heartening to witness initiatives like Okpokunou Mini Grid that address these critical needs bringing clean energy and opportunities to communities. I am very impressed. This is the first time I am witnessing a community here in Nigeria that is running 100 percent on green energy.”

Hon. Uboh who was impressed by the accolades showered on SAF-AGA Renewable Energy Limited since it commenced operations in October last year, said REA will replicate the initiative across rural communities in the country.

"I am hoping that our agency can replicate this in so many other communities because our vision is to bring electrification to the underserved and the unserved and communities like this are everywhere in Nigeria", she said.

The Executive Director, Funds, REA however pleaded with SAFAGA Renewable Energy Limited to look into the complaints of the rural people on tariffs being charged adding "REA will look into how we can reduce the tariff for the benefit of the communities.

Hon. Uboh urged the people of

the community to protect the facility and establish a good relationship with the firm by ensuring there was no interruption in its operations.

According to the Chief Executive Officer of SAF-AGA Renewable Energy Limited, Dr. Godbless Safugha, the Okpokunou Mini-Grid has a capacity of 91 kWp and a storage system of 170 kWh, powering 330 households initially which can scale and grow with the community connecting up to 596 households and a capacity of 230 kWp addressing the community’s energy needs.

He disclosed that the Mini-Grid was part of a larger initiative with three other neighboring communities sharing in the benefits of the company’s vision are “Ogriagbene, Enekoragha and Esama in Bomadi and Burutu Local Government areas respectively.

L-R: Special Adviser to Governor Dapo Abiodun on Media, Hon. Kayode Akinmade; Director General, Federal Radio Corporation of Nigeria, Dr Mohammed Bulama; Ogun State Governor, Prince Dapo Abiodun; Secretary to the Ogun State government, Mr Tokunbo Talabi and the General Manager, Bond FM, Lagos, Adenike Adegoke, during a courtesy call on the governor by the DG at the Governor's Office, Oke-Mosan, Abeokuta, at the weekend.

TMBC UNVEILING CEREMONY...

L-R:

Cocaine Trafficking: Two Drug Kingpins Sentenced to Life Imprisonment

Outgoing ATBU VC recommends tests for students, lecturers

Michael Olugbode in Abuja and Segun Awofadeji in Bauchi

Two notorious drug kingpins, Uwaezuoke Ikenna and Agbo Chidike have been sentenced to life imprisonments for drug trafficking offences.

According to a statement by the spokesman of the National Drug Law Enforcement Agency (NDLEA), Femi Babafemi, the two criminals would now spend the rest of their lives in jail.

“It brings an end to their years of criminal enterprise of exporting cocaine across continents following their arrest and diligent prosecution by NDLEA,” Babafemi stressed.

He said for 43-year-old businessman Uwaezuoke, his journey to a lifetime in jail began when he was first arrested by NDLEA operatives on March 19, 2022 at the Nnamdi Azikiwe International Airport, Abuja during the inward clearance of Ethiopian Airlines flight from Addis Ababa, after he was found to have ingested 100 big wraps of cocaine weighing 2.243 kilogrammes.

Uwaezuoke was subsequently arraigned at the Federal High Court,

Abuja Division in charge number FHC/ABJ/CR/438/2022 and was granted bail on certain conditions after he pleaded not guilty. He thereafter absconded, leading the court to revoke his bail and issue an arrest warrant against him.

“In a curious twist, Uwaezuoke was again arrested by NDLEA operatives on August 1, 2023, at the Murtala Mohammed International Airport, Lagos while attempting to export 1.822 kilogrammes of cocaine to India through ingestion using a different passport and under a different name, Ilonzeh Onyebuchi.

“He was again arraigned before Justice Nicholas Oweibo of the Federal High Court, Lagos Division in charge number FHC/L/554C/2023. He pleaded guilty to the two counts charge and was convicted and sentenced on October 18, 2023 to a total term of seven years of imprisonment or a fine of N1, 500,000.00. He paid the fine and was transferred to Abuja to face the importation case pending against him.

“He was re-arraigned on March 20, 2024 at the Abuja Division of the

Federal High Court in charge number FHC/ABJ/CR/438/2022 before Justice Joyce Obehi Abdulmalik, where he pleaded guilty again.

“Despite his plea, the court, noting his lack of remorse, the seriousness of drug-related offences and the fact that he is a repeated offender, convicted and sentenced him to life imprisonment,” he stated.

In the case of 42-year-old Agbo Chidike Prince, he was arrested at the Nnamdi Azikiwe International Airport, Abuja during the outward clearance of Ethiopian Airlines flight to Hong Kong on October 21, 2023 for ingesting 49 wraps of cocaine weighing 998.73 grammes.

“Upon his arraignment before Justice Abdulmalik of the Federal High Court, Abuja Division, the defendant pleaded guilty to the one count charge, prompting the prosecution to present evidence and review the facts of the case.

“Despite the plea of allocutus by the defendant's counsel, the court, noting the nature of the case and the commercial quantity of the drug, emphasised the seriousness of drug-related offences, convicted

and sentenced the defendant on April 15, 2024 to life imprisonment,” Babafemi added.

Meanwhile, NDLEA officers at the Gate C Departure Hall of the Lagos airport last Friday arrested a passenger, Yahaya Oturah, while attempting to export 4,000 pills of tramadol 225mg to Malpensa, Italy on an Ethiopian Airline flight.

The psychoactive substance was found concealed in women wears and granulated melon packed in the suspect’s backpack and another bag containing food items.

In his statement, Oturah who is a frequent flyer confessed he was hired to courier the drug for 700 Euros on successful delivery of the consignment in Italy.

In Bayelsa, NDLEA operatives last Wednesday arrested 28-yearold Jennifer Iliya at Amarata area of Yenagoa for producing and distributing cakes laced with illicit drugs especially cannabis sativa.

At the time of her arrest, substantial number of the drugged cakes weighing 1.5 kilogrammes were recovered from her. A 20-yearold hair stylist, Josephine Odunu

UNODC: Scars of Insecurity, Violence, Humanitarian Crisis Require Long Healing Period in Nigeria

Michael Olugbode in Abuja

The Representative in Nigeria of United Nations Office on Drug and Crime (UNODC), Mr. Oliver Stolpe, has said that though Nigeria is making great strides towards peace in the country, it will take a long time for the scars of insecurity, violence and humanitarian crisis to heal.

Speaking at the Screening of video documentary and photograph exhibition ‘Stories of Resilience’ in Abuja, Stolpe lamented that: “Millions have been displaced and thousands have died as a result of the violence in the North-East.

“The recruitment and exploitation of children is one of the darkest sides of this sorry tale. Thousands of boys and girls have been kidnapped from their homes; tricked or coerced into joining Boko Haram; and used

as slaves, suicide bombers, cooks and spies.”

He however said: “And yet this darkness should not obscure hope. Another story resonates from North-East Nigeria: one of survival and resilience. The Borno Model represented a crucial step towards ending the insurgency through its promotion and management of mass exits from Boko Haram.

“The initiative has already encouraged more than 160,000 individuals to leave Boko Haram and Boko Haram controlled territories. Its success is due - in great part - to its recognition that most of those surrendering are victims, who have been living in areas where the state is yet to regain full control.

“These impressive results have been made possible thanks to the leadership of HE. Governor

Zulum, the support of the Federal Government and its institutions, the cooperation of the Nigerian Armed Forces, and most significantly the readiness of the people of Borno State to give peace a chance.”

Stolpe said: “The youth of Borno are also expressing the aspiration to build a different future. Their eagerness to participate in dialogue and mediation is a sure sign of their resilience. Young people have strong messages for us: they want to speak in their own voices and they want to be heard. Today we have the opportunity to listen to them.”

He revealed that: “Over the past three years, UNODC has workedin close partnership with the Office of the National Security Advisor and the generous funding of the European Union - to address the plight of children recruited and

exploited by terrorist groups.

“We have achieved policy change with the Nigeria Call for Action; developed tools for practitioners; and trained security sector officials, justice actors and child protection experts.

“I would especially like to express my gratitude to these partners for their willingness to cooperate with us on the STRIVE Juvenile Research Study: “Targeted by Terrorists”. By working together, we have been able to produce an insightful analysis of children’s pathways into and out of terrorist groups as well as the related responses of national governments. The resulting report represents an incredible resource to all of us who are working to prevent children’s recruitment and exploitation and support their safe return and effective reintegration.”

and a dispatch rider, Edesemi Ikporo, 30, had been arrested on Sunday 10th March by NDLEA operatives for in Yenagoa for a similar offence.

Two suspects: Joseph Dadik, 47, and Bensha Yari, 32, were arrested with 24,180 ampoules of pentazocine injection weighing 135.5 kilogrammes at Sabon Tasha, Kaduna, while Adamu Umar, 18, was nabbed with 20.7 kilogrammes cannabis when his house in Shuware area

of Mubi, Adamawa state was raided on Friday 26th April.

In another incident, no less than 310.7 kilogrammes cannabis was recovered last Thursday when NDLEA operatives raided parts of Mushin in Lagos state. While 300 kilogrammes was seized at Olatunji Street, Mushin, 10.7 kilogrammes of same substance was retrieved from two suspects: Tijani Wasiu and Suleiman Aisha at Anifowose, Mushin.

Insecurity: Kogi Distributes 105 Operational Vehicles, 42 Motorcycles to Tackle Criminal Elements in 21 LGAs

Ibrahim Oyewale in Lokoja

As part of efforts to tackle insecurity and repositioning the security architecture in Kogi State, the state government has distributed no fewer than 105 operational vehicles and 42 motorcycles to the 21 Local government areas of the state .

The State governor, Usman Ododo disclosed this while speaking at the inauguration of the Security Operational vans for the Kogi Vigilance Service and Local hunters at Muhammadu Buhari Civic Centre in Lokoja at weekend

The governor stated that in line with determination to make Kogi State safe , Ododo handed over one hundred and five Sienna Buses and forty two motorcycles to the 21 Local Government Areas chairmen in the state as operational vehicles for security reason.

His words: "These operational security vehicles which is the first installment of several hundreds to be provided over the next few weeks will advance the safety and security of lives and property in all parts of the state as it stands as one of our most significant operational response yet to recent upsurge in criminal activities in some parts of the state.

"Recall that during my inauguration, I promised to embark on people-oriented programmes and projects that will directly touch the lives of our people. No doubt,

to achieve the objectives of our programmes and policies, Kogi State must remain safe and secure for everyone.

"Therefore, the recent launch of the Metropolitan Quick Response in Lokoja and other major towns in the state and this unveiling of operational vehicles are among series of evolving security measures geared towards ensuring that we keep our environment safe and to build on the solid foundation of the security architecture laid by the immediate past administration in the state.

"As we embark on consistent review of the security situation in the state, let me state unequivocally that our resolve to maintain law and order in all parts of the state is total and the fight against criminals in our state must be won.

"We cannot, and we will not allow criminal elements to undermine the progress and prosperity we have worked so hard to achieve in our state."

Ododo commended President Bola Ahmed Tinubu for his unwavering commitment to reverse the spate of inherited security challenges in the country.

Further according to him, "As a government, we are in total support of Mr. President in his determination to take the fight to the terrorists in all parts of the county as we have seen in recent onslaughts to degrade cells of bandits and terrorists across Nigeria.

Nancy Peter, Dr Biodun Adedipe, Dr Irene Robinson-Ayanwale of the Nigerian Exchange and Dr Anne Odoh, guest lecturer, at the recent unveiling ceremony of the TMBC Business at Oniru, in Lagos ... recently

RECEPTION FOR EDO QUEENS...

Wabara: APC Using 'Self-serving Characters' to Realise One-party State Plan

Chairman, Board of Trustees (BoT) of Peoples Democratic Party (PDP), Senator Adolphus Wabara, has accused the ruling All Progressives Congress (APC) of using ‘self-serving characters’ in the PDP to achieve its one party state agenda.

Wabara said the one-party state plan was why APC was instigating defections in PDP

in order to destroy the main opposition party and pave the way for its grand design. He alleged that APC had found "self-serving characters in the PDP" who offered themselves as willing tools to be used in executing the obnoxious agenda of one-party system.

The former senate president, who was reacting to the exodus of party chieftains from PDP, however, told journalists that the evil agenda of one-party

system would not be allowed to materialise.

He said, "The BoT will never allow the APC to use some characters in the PDP to turn this beautiful and sweet nation into a one party state."

Wabara said the PDP BoT was in heightened alert and would move in without delay to nip in the bud the interparty destabilisation plot of APC by tackling the root cause of defections in the main opposition

party.

According to him, the BoT of the former ruling party comprised "array of distinguished men and women of invaluable experience and integrity (who) will surely salvage the party."

Apparently, unresolved grievances in PDP had in recent times led many prominent members to dump the party, especially in the South-east geopolitical zone, leaving the party in serious stress.

Travelling to US over Issues in Exclusive List Exposes Your Ignorance, Lamido Tells Govs

A former governor of Jigawa State and chieftain of the Peoples Democratic Party (PDP), Sule Lamido has berated the Northern governors over their recent trip to the United States to discuss state police and constitutional amendments.

By their visit to the United States for security issues, the former governor said the northern governors had exposed their ignorance of the Nigeria's constitution. Lamido stated this yesterday in a statement posted on X account.

The Northern governors, last week, went to the United States to attend a peace summit organised by the United States Institute of Peace (USIP).

But according to Lamido, “Our Northern governors as concerned leaders traveled all the way to the United States of America to attend a lecture at the American Institute for Peace titled ‘Advancing Stability

in Northern Nigeria’ as to find a lasting solution to the intractable problems of insecurity bedeviling their respective states.

“Their concern, commendable as it were, ended up exposing their ignorance at understanding the Constitution of the Federal Republic of Nigeria, the very instrument, which gave them the legitimacy and the authority to be governors.

“If the governors had traveled to the US to engage on how to boost agriculture or health issues or any other pressing local problems listed on the concurrent List of our constitution, this could be quite understandable.

“But to engage on issues which are on the Exclusive Legislative List such as security says a lot about the substance they are made of.

“Security is a very wide subject which their Excellencies must have capacity to grasp. Most urban towns in their states lack potable drinking water, and refuse dumps have taken

over some streets.

“Our children attend primary schools under the trees and where there are classes, they take their lessons sitting on the floor, yet the security implications of this cannot be discerned by their Excellencies.

“Deliberate and harshly induced poverty by unplanned government policies have made citizens lose their esteem, honour and self-worth by lining up scrambling to collect palliatives from patronising and condescending leaders, yet the insecurity of this is of no worry or concern to them.

“You have governors with no human empathy or respect for dignity or decency in an open show of shame throwing money like confetti from an open Jeep and people scrambling to pick it like the Governor of Niger State. Yet they fail to see the security implications of all these.

“If the governors were serious and wanted to have a lecture on security, they need not have embarked on

such a wasteful journey with the accompanying expenditure of flight tickets, hotels with all their aides and above all the valuable time wasted at the expense of running their states.

“Certainly, they could have gotten more than they wanted from our resourceful institutions such as NIPSS in Kuru Jos or ASCON in Badagry or even NIA.

“These three institutions have more than enough materials, essays and templates on the problems on security in Nigeria more than the far fetched American Institute.”

The former minister of foreign affairs, however, blamed the Ministry of Foreign Affairs and the NIA for failing to properly guide the governors.

“I blame the Ministry of Foreign Affairs and the NIA for failing to properly guide the governors for this folly. The governors could not have traveled without the facilitation of the Ministry or our Embassy in Washington.

Obaseki to Inaugurate Labour House Complex

Governor Godwin Obaseki of Edo State, will today, April 29, 2024, inaugurate a new building to serve as the Secretariat of the Labour Unions in Edo State. The building is located at Temboga, Ikpoba Hill in Benin City.

In a statement, the state government said members of the public and stakeholders in the Labour movement are invited for the grand-opening of the facility, which is equipped with state-of-theart conference halls, offices, meeting

rooms, among others. Guests Expected at the commissioning include the Minister of State For Labour And Employment, Hon. Nkiruka Onyejeocha; former governor of Edo State and former NLC President, Senator Adams Oshiomhole and TUC President, Comrade (Engr.) Festus Osifo.

According to the statement, the government said, “The Edo State Governor, Mr. Godwin Obaseki, cordially invites members of the

public and stakeholders in the Labour Movement to the grand opening of the Labour House, at Temboga, Ikpoba Hill, Benin City.

“The facility, which will serve as the secretariat for Labour unions in the state, is equipped with stateof-the-art conference halls, offices, meeting rooms, among others.”

The statement added that the event will be held with the theme, “Michael Imoudu’s Legacies as the Pathway for Fostering Harmonious and Productive Industrial Relations,”

with the keynote speaker for the event being the President of the NLC, Comrade Joe Ajaero.

“The commissioning of the Labour House secretariat complex newly built by the Governor Godwin Obaseki-led administration for members of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) in the State further demonstrates the commitment of the governor to the welfare and wellbeing of workers in the State,” the government noted.

The most affected states included Abia, Ebonyi and Imo.

In the latest episodes of defections, which occurred in Imo State, no fewer than 13 PDP officials at zonal, state and local government levels quit the party.

Former governor of Imo, Emeka Ihedioha, had opened the floodgate of resignations after he resigned from PDP on April 23, citing the dispute over the issue of the national secretary of the party.

However, Wabara said those still nursing grievances would be pacified to stem further resignations and defections. "The BoT did it (reconciliation) once and shall do it again, no matter whose ox is gored," he added.

Wabara, who represented Abia South in the red chambers of the National Assembly, expressed confidence in the ability of those piloting the affairs of PDP to resolve the internal challenges confronting the party.

He said very soon, all grievances in the party would be amicably resolved making it difficult for APC to find people to use in destabilising the opposition party.

The BoT chair said his party would weather every storm and come out stronger, including the supremacy tussle between former Vice President Atiku Abubakar and Federal Capital Territory (FCT) minister, Nyesom Wike.

ARAOYE: $1BN ISLAMIC BANK FUND WILL CURB INFRASTRUCTURE DEFICIT, REDUCE PRESSURE ON NAIRA

development of member countries.

“We are here because we cannot leave out Islamic Development Bank in the progress of non-interest banking in the world. They are the largest development bank in the world that is into non-interest banking, and financing. We are one of the four banks today, that are presently non-interest in Nigeria and we realised that we still need a lot of multilateral funding for the country to grow, government cannot do it alone, we all have to play a role,” she said.

Araoye argued that even though non-interest banking is for everybody, it still must concentrate on on-boarding those who are yet to be fully enlightened because their faith has stopped them from using the conventional banking.

“What this will do for us is that if we are able to partner well with the Islamic Development Bank, there will be a lot of growth in those areas we are yet to see growth such as mining, agriculture and others,” she said.

On his part, the President of IsDB, Dr. Muhammad Al Jasser, stated that the global economy would need $15 trillion to finance long-term solutions and sustainable infrastructure projects.

He maintained that the world needs long-term solutions and sustainable infrastructure projects, and financing the projects requires a paradigm shift, stating that estimates suggest the staggering infrastructure financing gap by 2040.

Speaking at a side event with the theme: ‘‘Leveraging Islamic Finance for

Developing Sustainable and Resilient Infrastructure” at the 2024 IsDB Group Annual Meetings, Al Jasser remarked that the traditional public financing mechanisms fall short of meeting the growing demand for infrastructure projects.

He revealed that to address these challenges and mobilise sufficient funding for long-term investments, there was the need for a fresh approach, adding that this is where Islamic finance emerges as a ray of light.

He averred that the bank’s assetbased and risk-sharing principles perfectly align with the needs of least-developed countries for long-term infrastructure projects.

Al Jasser further explained that the Islamic finance, with its emphasis on environmental responsibility, is perfectly positioned to support these endeavours.

He pointed out that for the last five decades, the bank has championed Islamic finance, noting that its strategy revolves around forging strong partnerships, fostering financial markets, and empowering the private sector.

“Asset-based and risk-sharing financial products for infrastructure financing remain a niche area within the overall financial system. Multilateral Development Banks can play a vital role in developing the necessary financial infrastructure to attract private capital flows toward developing countries. A collective effort by MDBs can significantly boost investor confidence.

Chuks Okocha in Abuja

Emmanuel Ugwu-Nwogo in Umuahia

L-R: Edo State First Lady, Mrs. Betsy Obaseki; Chairman, Edo Sports Commission, Yusuf Alli; Chief of Staff to the Edo State Governor, Dr. Osaigbovo Iyoha, and Edo State Deputy Governor, Engr. Marvelous Omobayo Godwins, during a reception for Edo Queens for clinching a spot in the Super Six Tournament after finishing second in Group B of the Nigeria Women Football League (NWFL), at the Government House, Benin City last Friday

SHARING EXPERIENCE SERIES...

Okene Bypass Fatal Crash Claims 19 Lives in Gory Fire, FRSC Rescue Team Discloses

Tinubu, wife, NGF mourn victims of Rivers tanker fire

by the fire that engulfed the two vehicles.

Emergency rescue teams of the Federal Road Safety Corps, has said it endured another over three hours of inferno in its bid to rescue road traffic victims at the scene of a fatal crash that claimed 19 lives, yesterday, April 28, at Okene bypass, on the Okene-Lokoja highway in Kogi State.

This was as President Bola Tinubu, his wife, Senator Oluremi Tinubu and the Nigeria Governors’ Forum (NGF), have sympathised with the government and people of Rivers State over a recent fire incident that killed several people.

Rivers State had Friday night witnessed a disastrous tanker inferno, which claimed many lives and razed over 120 vehicles on the IndoramaAleto bridge axis of the East-West Road in Eleme Local Government Area, undergoing reconstruction by the federal government. However, the FRSC team deployed to rescue the Okene victims noted they could not achieve desired results as the efforts they put into the operations was unduly hindered

A statement in Abuja by Assistant Corps Marshal, Corps Public Education Officer, FRSC, Jonas Agwu, disclosed that the crash investigation report revealed that the crash involved 2 vehicles comprising a Dangote Truck bearing the following registration details NSH680YJ, and a Toyota Hiace Bus with registration

number KMC455ZE.

The Toyota Hiace Bus, the statement stated, loaded from Kano and was on its lane on the highway when the Dangote Truck driver who drove all the way from Port Harcourt wrongfully overtook a vehicle and collided head-on with the bus. "The impact of the collision resulted in a fire inferno that burnt the victims to death."

The report also revealed that the crash which was caused by route violation 'One Way' and wrongful overtaking, involved 22 people all male.

"Unfortunately, 19 people out of the 22 victims were killed and 1 injured. The remaining 2 victims who got rescued by FRSC operatives without injuries survived the crash because they complied with traffic regulations on compulsory use of seatbelt.

"The corpses of the dead victims whose lives were claimed by the crash have been deposited at Okene General Hospital," it stated.

Meanwhile, President Tinubu has extended his heartfelt condolences to the families of the victims of the weekend fire incident caused by an articulated vehicle conveying petroleum product at the Eleme section of the East-West Road in Port Harcourt, Rivers State.

Commiserating with the government and people of Rivers State on this tragedy, which resulted in the loss of lives and property, the president, in a release yesterday by his Media Adviser, Ajuri Ngelale, prayed for the speedy recovery of those injured in the incident.

Palestinian Envoy: US Position on Palestine Becoming Full Member of UN Hypocritical

Michael Olugbode in Abuja

Palestine Ambassador to Nigeria, Abdullah Shawesh, has lambasted United States for blocking his country's application for full membership of the United Nations (UN).

Shawesh described the excuse that Palestine full membership of UN would hinder the promoted two states solution as hypocritical.

The envoy, who spoke weekend,

lamented that the action of United States was nothing more than a tacit support to Israel continuous attacks on Gaza.

Shawesh said: "US has vetoed a Palestinian request to the United Nations Security Council for full membership and becoming the 194th member state of the United Nations.

"The US said the ‘full membership of Palestine in the United Nations will not help in reaching a two-state solution

to the Palestinian-Israeli conflict’.

“Not only did they repeat their unfair position and fully back the Israeli occupation but they also considered the Israeli brutal occupation as just.

"The United States stands strongly against Palestinian legitimate rights.

“The United States is the iron shield of the Israeli occupation.

"The United States is against the Palestinians' right to self-determination, which is a basic human right.

“The United States is the largest sponsor of the Israeli occupation. The US veto green light to the current Israeli genocide and entrenches the Israeli occupation.

“The current carnage and genocide could not have occurred without the full political complicity and unlimited military support of the United States.

"USA took the same Israeli political stand of the Palestinian UN membership," Shawesh said,

revealing that no fewer than 34,183 Palestinian had been killed since the commencement of attacks on 7 October 2023.

He said 77,143 people were injured, 8,425 arrested, including 280 women, 540 children, 45 journalists, and 5,210 administrative detentions. He, however, explained that the figure of casualty "does not include the Gazans, who have been arrested and forcibly hidden."

TINUBU AT WEF, SAYS SUBSIDY REMOVAL, FOREX REFORM SAVED NIGERIA FROM BANKRUPTCY

we continue to press our reform efforts forward for their future prosperity. This is Nigeria's time to become what it ought to be."

Tinubu Secures $600m Danish Investment to Expand Existing Seaports

President Bola Tinubu secured an investment of $600 million from Danish shipping and logistics company, A.P Moller-Maersk, to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.

Chairman of A.P Moller-Maersk, Mr. Robert Maersk Uggla, made the investment public during a meeting with Tinubu at the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh.

According to Uggla, "We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships.

''In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest, and we will continue

that dialogue with the relevant Nigerian authorities to explore further investment opportunities."

Highlighting Maersk’s longstanding engagement in Africa's most populous country and his belief in the future of Nigeria, Uggla said his company had made significant investments running to over $2 billion in Nigerian ports and other activities.

He emphasised the potential for Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand while reducing the cost of logistics.

Uggla stated, ''We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria.

“To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify."

Responding, Tinubu noted that the $600 million investment would complement the administration's ongoing $1 billion investment in seaport reconstruction across the eastern and western seaports of

Nigeria.

Tinubu added that it would further support the country’s port modernisation efforts and port process automation through his administration's implementation of the national single window project, which is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.

He said, "We appreciate your business and the contribution you have made and continue to make to our country's economy over time. We do not take our partners for granted. A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.

"More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimise trans-shipments from larger ships to smaller ships."

Tinubu assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country. He cited Maersk's previous

partnership in the development of the Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.

Tinubu Tells Samsung CEO Nigeria Remains Best Destination for Money Value

President Bola Tinubu declared that Nigeria’s investment environment operated on the principle of 'a willing-buyer and willing-seller', which ensured seamless access to capital for investors both within and outside the country.

Tinubu gave the assurance yesterday in Riyadh, Saudi Arabia, during a meeting with President and Chief Executive Officer of Samsung, Hong Namkoong, and Chairman of Samsung Investment Global, Jungwook Kim, on the margins of the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development.

According to Tinubu, ''Nigeria is a very huge country with a huge and able population. We have vibrant youths ready to learn and progress. In fact, our young do not wait for us. They go ahead of us in their determination to succeed. We must

keep up and provide opportunities for them to excel with.

“We have an infrastructure deficit and you can take advantage of that and invest early and deeply in an environment that is absorptive and ready for it. It is modelled after a willing-buyer and willing-seller arrangement. Easy capital in and easy capital out."

The president took time to detail the significant opportunities across sectors for investment within the Renewed Hope Infrastructure Development Fund, which involved the potential utilisation of co-finance instruments on critical infrastructure and technology, which Samsung is well-known to produce.

Tinubu also emphasised the importance of deepening collaboration in the crude oil, natural gas, renewable energy, engineering, technology and agriculture sectors. He stated that the potential for vast private sector participation in the establishment of fully-embedded, off-grid, cold-chain integration across sub-industries in the agriculture sector to forestall postharvest losses with mass refrigeration capacity.

''We are ready to discuss and discover one another more. We can benefit so much from collaborative effort. You have the know-how, and

we have the willingness. Seize this opportunity.”

The Samsung chairman expressed his company’s interest in expanding its presence in Nigeria, citing the successes of sister companies already operating in the country while laying out potential new opportunities in Nigeria.

He stated, ''We have built many power stations around the world. We are top of the class in gas-fired power plant construction. We have an ever-increasing portfolio in the production of renewable energy solutions around the world. We can make a lot of progress in Nigeria's energy sector as well as bringing our technology to other key productive sectors.

''Transmission lines and smart grids are areas where we see increasing demand globally. You need infrastructure anywhere you go. We are good at metropolitan rail lines. We are good at bridge construction and any of these types of infrastructure projects, in addition to oil and gas engineering projects.

“We are looking forward to knowing Nigeria better under your leadership and to see how we can penetrate the Nigerian market deeper. This is a great opportunity for us."

L-R: Member, Programmes Committee, Nigeria-British Chamber of Commerce (NBCC), Nireti Adebayo; Chairman, Programmes Committee, Tajudeen Ahmed; Moderator, Tolulope Ogunjobi; President/ Chairman of Council, Ray Atelly; Guest Speaker, Olufemi Awoyemi; Member, Programmes Committee, Jumoke Koleoso; and Member, Programmes Committee, Damilola Owolabi, at NBCC's 2024 Sharing Experience Series 1.0 held in Lagos…recently

Deji Elumoye, Kasim Sumaina in Abuja and Blessing Ibunge in Port Harcourt

ANC HAS LOST ITS LUSTRE

of White minority rule there in 1980. ZANU of Robert Mugabe was once the revolutionary darling of African youths, but it is severely diminished in stature now under current president of Zimbabwe, Emmerson Mnangagwa.

Veering to the northwest corner of South Africa, little is heard these days of South West Africa People’s Organisation [SWAPO], founded in 1960 and that has ruled Namibia since it was wrested away from South Africa in 1990. In the 1970s and 1980s its very determined military wing PLAN [Peoples Liberation Army of Namibia] made headline news nearly every day with its fight against the apartheid South African army from bases in Angola provided by the ruling MPLA, with much support from a large Cuban military contingent sent by Fidel Castro. SWAPO’s first leader Sam Nujoma, whose white beard was very familiar all across Africa and particularly in Nigeria, ruled Namibia until 2007 and his partymen succeeded him, but we don’t hear much about SWAPO these days.

Or for that matter, about Popular Movement for the Liberation of Angola [MPLA] of Augustinho Neto, which not only wrested power from colonial power Portugal in 1975 but without whose help Namibia would have been difficult to liberate. Formed in 1956 through a merger of several groups including the Angolan Communist Party, MPLA fought the Portuguese Army in the Angolan war of independence from 1961 to 1974. Thereafter, it had to fend off two Western-backed rivals, Holden Roberto’s FNLA and Jonas Savimbi’s UNITA in a very bitter civil war that only ended with the death of Jonas Savimbi in 2002.

Luckily for MPLA, its rise to power in late 1975 coincided with the glorious days of Nigerian foreign policy under

General Murtala Mohammed and Federal Commissioner for External Affairs Colonel Joseph Garba. Against US dictates, Murtala recognized MPLA’s government in Luanda and publicly rejected a letter sent by then US President Gerald Ford asking African nations not to recognize MPLA. Murtala personally went to the OAU Summit in Addis Ababa and delivered the most forceful Nigerian foreign policy speech ever, saying Africa will not accept dictates from “any so-called super power.” No wonder he was killed two months later.

Moving to the north east of South Africa, why is little heard these days of Chama Cha Mapinduzi, the ruling party in Tanzania founded in 1977 when Julius Nyerere’s Tanganyika African National Union [TANU] party merged with the Afro-Shirazi Party of Zanzibar, then led by Ali Hassan Mwinyi?

All the presidents of Tanzania since Nyerere, including Mwinyi, Benjamin Mkapa, Jakaya Kikwete, John Magafuli and the current one, Samia Suluhu, are CCM members but the party has greatly receded from African consciousness.

Or, slightly nearer to South Africa, of Zambia’s former ruling United National Independence Party [UNIP], mostly associated with its great leader Kenneth Kaunda. UNIP was founded in 1959 and Kaunda led it until it lost presidential elections in 1991. Imagine, this party, once in the forefront of national liberation struggles not only in Zambia but in Zimbabwe, South Africa and all across Africa, saw its electoral fortunes dip to from 95% in 1983 to 0.06% in Zambia’s 2021 elections! No wonder we don’t hear much of UNIP these days.

Why do we hear so little these days of FRELIMO [Liberation Front of Mozambique], established in 1962, which fought the country’s war of independence from

THE DYING PUBLIC SCHOOL

often having limited access to quality schools and educational resources. Sixth, corruption and mismanagement within the education sector are our albatross. Funds earmarked for education may be misappropriated or embezzled, leading to a lack of accountability and transparency in the use of resources. It is little wonder that many state governments claim to make public education the centrepiece of their administration's targets, yet little or no improvement is seen.

Addressing these issues requires concerted efforts from the government, civil society, the private sector, and international partners. But it also requires the active participation and support of each one of us. Priority should be given to increasing investment in education, improving teacher training and welfare, upgrading infrastructure, revising the curriculum to be more relevant and inclusive, and promoting access to education for all, especially marginalised groups. Additionally, efforts to tackle corruption and promote good governance are essential for building a more effective and sustainable public education system in Nigeria. Ironically, governments at both federal and state levels have paid lip service to public education over the years, leading to the rise of the private education sector to fill the gap. Although millions of children with no other option still receive their education in public schools, they are no longer the place teachers and students fervently desire to be. The clamour for private schools has led to the exponential rise in Nigeria's private primary, secondary and tertiary schools. We, as citizens, as parents, as educators, as policymakers, have a role to play in reversing this trend and revitalizing our public education system.

A cursory look at statistics will show any keen observer that we are in a dangerous place with our future generation, most of whom will not get any meaningful education. We are cheaply mortgaging the future by continuing to underinvest in public schools. All we are doing is laying the groundwork for society to fail. It is not appropriate to do so. For instance, from 2018 to 2020, enrolment in primary school declined by 62,000 or 0.3% (from 22,384,755 to 22,322,234) in public schools but increased by about 82,000 or

Portugal and has been the country’s ruling party since 1975? Is it because its highly charismatic leader Samora Machel died in a South Africa-orchestrated plane crash in 1986, seven years after he came to ABU Zaria, shouted “A luta continua!” and it became the battle cry in Nigeria since then?

All we hear now is that his wife, Graca married Nelson Mandela. What of Sudan’s Ummah Party, founded in 1945, of which we hear so little these days?

Whatever happened to True Whig Party of Liberia, founded by returned AmericoLiberian Creoles [Krio, as locals call them] in 1869 and which ruled the country from that year until 1980, when Master Sergeant Samuel Kanyon Doe shot dead President William Tolbert, lined up many of his ministers and True Whig leaders on the Monrovia beach and executed them? See, True Whig bagged 100% of the votes in Liberia’s 1959, 1963, 1967, 1971 and 1975 elections, but in 2005 its presidential candidate got only 8% of the vote. It however supported Ellen Johnson Sirleaf to get elected in 2011. Samuel Doe himself was executed by Prince Yormie Johnson in 1990 but True Whig never recovered from the trauma he inflicted on it.

I am thinking of Tunisia’s once dominant Neo Destour [or New Constitutional Liberal] Party of President Habib Bourguiba, of which we heard so much during our student days. It was founded in 1934 when Tunisia was a French colony. Following the country’s independence in 1956, Bourguiba won the 1959 election with 100% of the votes. But he and Neo Destour overstayed their welcome. In 1987, just before his prime minister Zine El Abidine Ben Ali toppled him, AFRICA magazine reported that Bourguiba, born in 1903, used to sleep for 15 hours a day! No wonder Neo Destour has been asleep

1.51% (5,504,632 to 5,587,528) in private schools. Likewise, enrolment in public secondary schools increased by about 18% between 2016 and 2019, while in private secondary schools the increase is about 56%. Besides, the student-to-teacher ratio in public primary schools is about 1:49 (against the 1:35 recommended, while it is significantly lower, at about 1:30, in private primary schools. Relatively, more private schools are popping up in big cities than public schools, and the numbers are almost getting even in some cities. This trend is expected to continue this way unless there is a significant intervention to stop the decline

in public school enrolment, especially in urban areas with substantial upper- and middle-class families. The urgency of the situation cannot be overstated. We must act now to save our public education system. The problem with private education often is the cost. Quality education costs are so high that only a few Nigerians can afford it. Recently, some Nigerians were abhorred by the news of the cost of fees of British Charterhouse School (N43 million per annum) for its students. Most did not know that the school had a waiting list of over 1000 when it initially wanted only about 200 pupils. Other decent private schools cost millions of Naira yearly, and

since 2011, when his successor Ben Ali was chased out in the so-called Arab Spring. It is not only in Africa that once great political parties are now asleep. For most of the 20th and early 21st century, there was, with the possible exception of the Communist Party of China and the ANC, no greater political party in the Third World than the Indian National Congress. It was formed in Bombay in 1885 and was at various times led by Mahatma Ghandi, Jawaharlal Nehru, Nehru’s daughter Indira Gandhi and Indira’s son Rajiv Gandhi. In 17 elections following India’s independence from Britain in 1947, Congress won the elections ten times either alone or in coalition. Since 2014 however, the Hindu nationalist Bhartiya Janata Party [BJP] has totally upstaged the secular and “Big Tent” Congress and has infused the country with very divisive Hindu nationalism.

Weep not, Indian Congress, because your fate is shared by the Peronistas of Argentina, political descendants of General Juan Domingo Peron’s populist and nationalist, sometimes left-wing and sometimes rightwing Partido Justicialista party. Peron led Argentina from 1946 until his overthrow in a coup in 1955. He returned to power in 1973, died in 1974 and was succeeded by his wife Isabel Peron, who was overthrown in a 1976 coup. Since then, Peronists have alternately won and lost presidential polls, until late last year, when they lost again. How many youths across the Third World today hear of the Peronists?

So, ANC, you are not the only great political movement that is no longer overwhelming in the consciousness of Africans and all Third World citizens. Hopefully, Nigeria will one day throw up a political party in your mould, before this century runs out.

parents struggle to cover these costs. Ironically, private schools are not only about quality of education but also about class distinction. It is assumed that the more expensive the school is, the better the quality. Unfortunately, the current situation is a shift of emphasis to expensive private primary, secondary and tertiary education at the expense of public institutions. The solution lies in a conscious public sector policy revision that encourages a renewal of the public education sector through curriculum renewal, teacher retraining, infrastructure renewal and renovation. For instance, when former Governor Rotimi Amaechi of Rivers State revamped and modernised public schools with up-todate modern facilities, parents began to return their wards to public schools that had become competitive with even the best private schools. Most recently I got involved in helping two state governments asses the state of education and I just wept but I could feel the seriousness and determination of the affected governors to fix the broken system.

I applaud the president's plan to census the Nigerian school system to create the primary data for education planning and development. I sincerely hope that the federal and state governments give serious attention to our public education sector. No template exists in the world where a country develops its human resources through private education.

All the developed countries we know of developed and sustained a robust quality public education system that is inclusive, equitable, and of high standards. Public schools in these countries are where the children of the rich, the poor, and even the migrants interact and learn in a melting pot of family, cultural, and racial diversity. Quality primary education is a fundamental right of every Nigerian child, and the government at all levels must be held accountable for failure to provide that. Today's children live in a highly technological and scientific globalised world, and they compete locally and globally for survival and contribute to humanity. It is a disservice to them if they lack the basic literacy, numeracy, and creative skills they need to thrive and develop in Nigeria.

Minister of Education, Professor Tahir Mamman

PROMOTING DIGITAL INNOVATION...

L-R: Commercial Counselor at the Austrian Embassy, Barbara Lehninger; Founder/Chief Executive Officer of Beyond Limits, Dr Juliet Ehimuan; Nigeria’s Minister of Art, Culture and Creative Economy, Hon. Hannatu Musa Musawa, and Consul-General of Switzerland in Lagos, Frank Eggmann, at the second edition of Digital Innovation and Creative Excellence, hosted by Beyond Limits in Lagos...recently

Ondo 2024: Gunmen Assassinate APC Returning Officer

Fidelis David in Akure

The Returning Officer for the recent All Progressives Congress (APC) governorship primary election in Ondo State, Mr. Alaba Abey, has been assassinated by gunmen.

THISDAY gathered yesterday that the incident happened on Saturday at his home in Supare Akoko, Akoko South West Local Government Area of the state.

Mr. Abey, who served as a ward coordinator for the Lucky Aiyedatiwa Campaign Organisation Foot-Soldiers (LACO-SF), was the returning officer for the party primary at his Ward 10 in the council.

PDP Sweeps Oyo LG Chairmanship Seats

Kemi

Despite the criticism from the opposition trailing the local government election held across the 33 local government areas of the state on Saturday, the Oyo State Independent Electoral Commission (OYSIEC), yesterday announced results for the poll.

The ruling Peoples Democratic Party (PDP) won all the chairmanship seats as declared by the OYSIEC Chairman, Aare

Isiaka Olagunju, SAN.

Meanwhile, Olagunju, the state Commissioner of Police, Adebola Hamzat and other security agencies in the state lauded the conduct of the poll, describing it as free, fair, credible and violence-free.

However, the state chapter of the All Progressives Congress (APC) said the election was a shame capable of causing the state untold disrepute if allowed to stand.

Task Force Warns Marketers against Fuel Hoarding in Osun

The Osun State Government Taskforce on Petroleum Price Monitoring has warned owners of petrol stations across the state against hoarding petroleum products to create artificial scarcity.

In a statement issued by the Chairman of the Taskforce and the Chief of Staff to the state Governor, Hon Kazeem Akinleye, the taskforce noted that its surveillance across the state revealed that most filling stations are hoarding petrol products, thereby worsening the fuel supply situation in the state.

The chairman posited that surveillance activities were conducted in major towns and the state capital in the last three days and that it revealed deliberate hoarding of fuel to create artificial scarcity.

The taskforce consequently issues strong warning to affected filling stations which are already listed as direct culprits to open up their tanks and dispense fuel to the members of the public.

The statement further tasked marketers to be public-spirited in their pricing of petroleum products, reminding them of the already harsh economic situation on the members of the public.

Man Stabs Wife to Death in Ekiti

Gbenga Sodeinde in Ado Ekiti

Tragedy struck in Adebayo area of Ado Ekiti, the Ekiti State capital, at the weekend as a middle age man, whose name was given as Onipede Dare, reportedly stabbed his wife, Kumapayi Arinola, to death over alleged infidelity.

According to sources, the incident occurred at the weekend at Christ Avenue in Adebayo area of Ado-Ekiti, in the state capital.

A resident of the area told journalists that the tragic incident happened last Friday evening while another source stated that it occurred on Saturday morning. The couple, it was gathered, had sent the older of their two

children on an errand and locked up the door to their apartment before they started fighting on the issue.

The man, said to be a law enforcement agent, and his deceased wife, who worked in a chemist shop, had in the process stabbed each other with sharp objects.

It was not known whether it was knife or bottles that was used in the attack.

A source said: “They locked themselves up inside their apartment with their younger child of about five years.

“The man confronted the deceased over allegations that she was cheating on him, a fight ensued leading to him stabbing his wife to death.

According to his elder brother, Samuel Abbey, the deceased was assassinated around 9.00 p.m in front of his house shortly after returning home.

When contacted, the Police Public Relations Officer

(PPRO) in the state, Funmilayo Odunlami-Omisanya confirmed the development. She said: “In brief, the command is aware of the incident at Supare, investigation is ongoing to unravel all that happened”.

Meanwhile, the LACO-SF in a statement released by the State Information Director of the organisation, Mr. Kayode Fasua, condemned the gruesome murder of its member and called on the police authorities to protect its

members from such attacks by unknown assailants.

Also, the Director-General of LACO-FS in Akoko Southwest Local Government, David Ajobiewe, described the incident as a shocking tragedy.

Gully Erosion Threatens Lives, Property, Regional Water Scheme in Abia

Emmanuel Ugwu-Nwogo in Umuahia

Community and religious leaders have raised the alarm in Umuizundu autonomous community, Isuochi in Umunneochi Local Government of Abia State as prospect of more environmental devastation looms with the onset of rainy season.

The leaders, who cried out at the weekend when journalists visited a frightening gully erosion site at Umuogele, Umuizundu, said that the prospect of further devastation of their houses, farmlands and economic trees has set the community on edge.

One of the major water project of Abia State, the Isuochi Regional Water Scheme has also come under serious threat as the pump building is dangerously close to the erosion site would take another rainy season for it to cave into the menacing gully.

My Govt ‘ll Prioritise Health, Agric Education Sectors

George Okoh In Makurdi

Benue State Governor Hyacinth Alia, has announced the reopening of schools of nursing in the state for safer medical and health practices in the state. He also disclosed that

agricultural activities in the state were to be enhanced with micro and small grants.

He made the call at the thanksgiving service in his honour by his Jechira intermediate area “Ityo i Jechira” at the St Gabriel’s parish Iorkighir Use Agberagba,

Sunday Okobi

The Ilaje Development Summit Group (IDSG) has congratulated the Ondo State Governor, Lucky Orimisan Aiyedatiwa, on his victory in securing the All Progressives Congress (APC) ticket for the forthcoming governorship election in state.

The leaders therefore, called on both the Abia State government of Governor Alex Otti and the federal government to take urgent steps and save the community from further environmental devastation.

The President General of Umuizundu Development Union, Hon Daniel Okoroafor told, journalists that the community has been making efforts over the years to fight off the erosion menace without success.

in Benue, Says Alia

in Konshisha Local Government Area (LGA) of Benue.

According to him, the schools will be upgrade to degree and higher institutional levels for more knowledge to be acquired. He said community health organisation would be

reestablished and modernised to support hospitals for prompt medical services

He added that government will ensure these institutions would be made affordable and almost free for qualified citizens to get enrolled.

Ondo 2024: Ilaje Devt Group Congratulates Aiyedatiwa over APC Ticket

The group in statement signed by Adesola Omogbeminiyi Adebawo, its executive administrator, yesterday, said the governor’s achievement highlights the APC’s commitment to inclusivity and recognition of the diverse talents and capabilities within our great state.

The group said Governor Aiyedatiwa’s nomination as the APC standard bearer is not only a testament to his exceptional leadership qualities, but also indicative of his widespread acceptance among his party faithful in Ondo State as well as a historic moment for the Ilaje community.

According to him, “As a nonpartisan organisation dedicated to the advancement and development of the Ilaje people, IDSG commends the APC for its decision to nominate an Ilaje candidate. This bold step reaffirms our belief in the power of unity and diversity to drive progress and prosperity for all.

Edo Guber: Obaseki Political Foes Gang Up against Ighodalo

Adibe Emenyonu in Benin-city

Ahead of the September 21 governorship election in Edo State, a new faction has emerged within the Peoples Democratic Party (PDP) led by National Vice Chairman (South-South), Dan Orbih, has declared its opposition to the candidacy of Asue Ighodalo, the party’s flag bearer.

Ighodalo, as the PDP standard bearer enjoys the support of the incumbent Governor, Mr. Godwin Obaseki.

But in a meeting held on Saturday by the Edo North caucus of the ‘legacy group’, of the PDP led by Orbih, said it will not support the candidacy of Ighodalo.

Speaking at the meeting, which was held at his residence, Orbih, a political ally of the Minister of Federal Capital Territory, Nysom Wike, first rejected his appointment to the governorship campaign council, citing lack of consultation.

According to Orbih, “Nobody told me of any governorship campaign council membership in Edo PDP. I am not aware of it.”

ActionAid Launches Forum for Good Governance in Enugu

A non-governmental organisation, ActionAid Nigeria, has launched an inclusive forum that seeks to increase government effectiveness, accountability, and transparency at the state and local government levels in Enugu State.

The forum, which was tagged, ‘Inclusive Forum For Accountable Society ( IFAS),’ a non-profit making group, also seeks to create opportunities for sharing and learning best practices in participatory governance and increase citizens’ participation in the budgetary process.

Speaking during the launch in Enugu yesterday, Country Director, Action Aid Nigeria, Andrew Mamedu, said that the forum was established to, among other things, bridge the gap between the people and the government, where the people come together to address the major needs of their communities.

Mamedu, who was represented by the Head of Programmes, ActionAid Nigeria, Celestine Odo, regretted that most Nigerian citizens do not know their rights and that they do not know that they can hold the government accountable.

FG Commences Infrastructural, Lab Upgrades in 50 Senior Secondary Schools, Says NSSEC

Kuni

The federal government is upgrading 50 selected senior secondary schools across the country, the Executive Secretary of the National Senior Secondary Education Commission, Dr. Iyela Ajayi, has said.

Ajayi, who was speaking in Lafia during a courtesy call on Nasarawa State Commissioner for Education, Dr. John Mamman, revealed that the Government College, Nasarawa, was among the selected schools for the upgrade.

The NSSEC boss also remarked that President Bola Tinubu has placed high priority in the development of the education sector as evident in the budget allocation to the sector in the 2024 appropriation Act.

“Upgrade of the 50 selected senior secondary schools across the nation, which was captured in the 2024 budget, is a clear testimony of this administration’s commitment to the development of Senior Secondary Education on the country,” Ajayi added.

Olaitan in Ibadan

Gideon Arinze in Enugu

Yinka Kolawole in Osogbo

Tyessi in Abuja

Ola Aina’s Effort Not Enough as Man City Cut Down Forest

Femi Solaja

Super Eagles wingback, Ola Aina, did much of the pressing for the hosts Nottingham Forest in a bid to get the much needed equaliser but it was Erling Haaland who celebrated his return with an insurance second

goal that sealed 2-0 victory for titlechasing Manchester City.

The AFCON 2023 silver medal winner with Nigeria was visibly disappointed at the final whistle but

Forest’s goalkeeper, Matz Sels, was seen consoling Aina and hoping for a better result as the season hits final homestretch. The Norwegian striker missed

two games through injury but came off the bench in the 62nd minute at the City Ground. He slotted into the left corner nine minutes later to wrap up the points and keep City a point behind Arsenal, the Premier League front-runners, who won at Tottenham earlier

on Sunday.

City went ahead 32 minutes as Josko Gvardiol scored with a powerful near-post header from Kevin de Bruyne's inswinging corner.

That came while Forest's Neco Williams was off the pitch receiving treatment for an injury, which

subsequently forced his substitution. Pep Guardiola's City have a game in hand and may leapfrog Arsenal if they win. City may still need to win all of their remaining games between now and the end of the season to secure a record fourth consecutive Premier League title.

Osimhen, Lookman Shine in Italian Serie A

Nigerian international striker, Victor Osimhen, returned to scoring ways again in Napoli’s 2-2 draw against Roma on Sunday.

The Serie A game inside Napoli’s Diego Maradona Stadium was Osimhen’s 22 appearance for Napoli this season in the league with 13 goals and three assists to show this ongoing season already won by Inter Milan.

Paolo Dybala scored the opening goal in the 59th minute to silence the home supporters before Mathias Olivera leveled up for Napoli in the 64th minute.

Osimhen made it 2-1 for the hosts after he calmly converted a penalty in the 84th minute.

But Osimhen’s Nigerian brother playing for England’s Three Lions, Tammy Abraham equalised in the 89th minute for Roma for both teams to share the points at stake.

The draw leaves Napoli, champions of last season sitting tamely at the 8th spot on 52 points while Roma are 5th on 58 points.

Elsewhere, Osimhen’s Super Eagles teammate, Ademola Lookman, was also on target as Atalanta defeated Empoli 2-0 in another Serie A game yesterday.

Lookman who was making his 27 appearances, has netted eight goals and bagged six assists this season for Atalanta.

The host opened the scoring in the 42nd minute through Pasalic’s fine goal to the delight of the home supporters.

Lookman extended Atalanta’s lead in the 51st minute, to increase his goal tally to eight this season. All efforts for Empoli to reduced the scoreline proved abortive as Atalanta earned the maximum points.

The win means Atalanta sit sixth on 57 points while Empoli are 17th on 31 points.

NPFL: Enyimba Pile Pressure on Leaders Enugu Rangers

Shooting win South-west Derby with Sunshine Stars

Enugu Rangers maintained their leadership of the Nigeria Premier Football League (NPFL) following the Flying Antelopes 2-0 win over Plateau United.

AbdulRazaq Hails Parabadminton Star, Bolaji, on Historic Victories in Spain

Hammed Shittu in Ilorin

Kwara State Governor who also doubles as Chairman of Nigeria's Governors Forum(NGF), Alhaji AbdulRahman AbdulRazaq, at the weekend lauded Kwara-born Nigeria’s star, Mariam Bolaji, on her gold medal win at the Spanish Para Badminton International 2024 in Toledo, Spain.

After a streak of superlative performances through the tournament, Bolaji walloped world’s fifth best badminton player, Mandeep Kaur of India, 2-0 to clinch the gold medal.

Bolaji is also due to play at the Paralympic Games in Paris in July.

A statement issued in Ilorin signed by the governor’s Chief Press Secretary, Mr. Rafiu Ajakaye, Alhaji AbdulRazaq said the win has cemented the towering status of Bolaji as a global para badminton sensation with impressive records over the past years.

The statement stated that, “These successive feats of Bolaji again

underline the fact that disabilities exist only in our imagination.

"We are excited about the deserving successes of Bolaji whose talents, hard work, and focus have rightly earned her a choice place in global badminton community".

Asking Bolaji not to relent in her determination to be at the top of her career, Governor AbdulRazaq also congratulated her coaches as well as the Badminton Federation of Nigeria on the success.

The Governor said Bolaji’s feats send the signal to everyone, especially persons living with any form of disability, that hard work and determination can take them to the height of the world.

The Governor said the win brought to mind the death of another great talent Bello Oyebanji, a staff of the Kwara State Sports Commission who was Bolaji's coach. Oyebanji, one-time Nigeria and Africa champion, lost his life on his way from Lagos after collecting visas for himself and Bolaji to travel to Spain in 2021.

Former NPFL top scorer, Godwin Obaje, sealed the victory for Rangers deep into stoppage time of the second half for the Enugu landlords to pick all three points. Chiedozie Okorie had set the tone for the victory in the 26th minute as Rangers led 1-0 at half time. The NPFL matches were broadcast live on StarTimes pay television channels.

But defending champions Enyimba maintained the pressure on their Oriental rivals with a 1-0 over visiting Katsina United

in Aba. Chijioke Mbaoma scored the decisive goal on the hour mark. Rangers maintain their stronghold at the top of the NPFL on 57 points from 32 matches while Enyimba are second on 55 points on same 32 games.

Remo Stars with a game at hand, are third on 53 points from 31 matches.

Shooting Stars of Ibadan who defeated Sunshine Stars 2-0 in a Southwest derby yesterday, are fourth on the log on 52 points.

Elsewhere in the Nigerian

topflight, former champions, Akwa United, boosted their survival hopes with a comprehensive 3-0 victory over Kano Pillars at the Godswill Akpabio International Stadium, Uyo.

Ubong Friday bagged a brace with Sani Mubarak scoring the third goal.

At the Pantami Township Stadium, Gombe United and Lobi Stars served out a five-goal thriller with the hosts smiling away with all three points in the 3-2 victory.

Lobi Stars took the lead through Stephen Eneji in the first minute

Chief of Defence Staff Lauds USOSA Sports Carnival for Promoting Social Cohesion

The Chief of Defence Staff (CDS), Gen. Christopher Musa, has applauded the Unity Schools Old Students Association (USOSA) Sports Carnival for promoting nationhood and social cohesion in the country.

He affirmed this at the weekend during the tee-off of the golf tournament at the IBB International Golf and Country Club.

No fewer than 42 Unity Colleges from across the country vied for honours in 14 sports at this year’s carnival.

Musa expressed delight to be a product of the Unity Schools, adding that it shaped him into the man he is today.

He said the calibre of people at the sports carnival indicated that every local government, tribe and religion from across the country was represented which reflected unity in diversity and promotion of social cohesion.

“It is a pleasure and a great privilege to be here. Federal Government College, Sokoto gave us platform and the foundation that we are standing on and together I can see the difference we are making all over the country and the world.

“I remain forever grateful for attending a federal government college. The schools are the pride of the nation, although we need to ask if the standards are still being maintained these days.

“If not, what are we doing about

it because we benefitted from the system and it will sad for us not to do anything when we are in the position to make a change.

“So, I think it’s good that we do something for the unity schools so that we can bring them back to standard in sports, education and everything the institution represents,” Musa said.

The President General of USOSA, Michael Magaji, said the golf tournament was integrated into the competition to help strengthen the aging participants.

He noted that the theme for this year’s carnival was “Reigniting Unity in Diversity”, adding that the carnival brought together no fewer than 3,000 USOSANS and 2,000 non-USOSANS.

but Gombe fought back scoring thrice through Emmanuel Michael and a brace from Anayor Ogbonna. Stanley Oganbor reduced the deficit for Lobi Stars late on.

At the Onikan waterfront, Sporting Lagos defeated Abia Warriors 4-2 with Jonathan Alukwu scoring twice for the hosts while Peter Onyekachi and Junior Lokosa were also on targets.

Abia Warriors got their goals through Sunday Megwo and Prince Okorie.

RESULTS

NPFL

Akwa 3-0 K’Pillars

Rangers 2-0 Plateau

Enyimba 1-0 Katsina

Gombe 3-2 Lobi

Sporting 4-2 Abia War

Premier League

Tottenham 2-3 Arsenal

Victor Osimhen (left) and Ademola Lookman scored for their respective teams yesterday in the Italian Serie A

Olawale Ajimotokan in Abuja

Former CP to Aliko Dangote

“IhaveservedabroadintheUnitedNations,andthiscareergavemeopportunitiesfor self-development,andthesehavepreparedmeforretirement;(foundedAlphaTrust InvestmentClubLtd).Thatwillbemyfull-timebusinessfromWednesday,May1...We havebeeninvestingandnowwewanttogointofull-timebusinessandwewillinthe next10yearsgiveDangotearunforhismoney" -FormerAnambraStateCommissionerof Police,AderemiAdeoye,promisestogiveAlikoDangote,arun for his money.

VIEW FROM THE GALLERY

ANC Has Lost Its Lustre MAHMUDJEGA

April 27, marking 30 years since the end of apartheid rule in South Africa and the ascension of the African National Congress [ANC] to power in that country, set me thinking about the fate of great political parties all over the world in the last four or five decades. Although no other political party has managed to dislodge ANC from the rulership of South Africa in 30 years, the party has greatly diminished in stature, charisma and regard across Africa and within its own country. It won only 46% of the vote in the country’s 2021 local elections, a sharp drop from the 62% it bagged in the 1994 national elections when it was led by Nelson Mandela and the 70% high it recorded in 2004 when Thabo Mbeki led it.

ANC still has other great assets going for it, including being the oldest political party in Africa, having been founded in Bloemfontein as the South African Native National Congress in 1912. Compare that to Nigeria’s oldest political party, PDP, which was founded in 1998, or Nigeria’s current ruling party, APC, which was founded

ended military rule in Nigeria in 1999 [by stealing the work of others], while APC’s biggest achievement is that it ended PDP rule in Nigeria, 34 years ahead of the 60-year target that PDP set for itself.

A whole great generation of ANC’s freedom-fighter leaders has passed on, including Nelson Mandela, Walter Sisulu, Oliver Tambo, Govan Mbeki, Winnie Mandela, Albertina Sisulu and Chris Hani. Passage of time has harmed ANC’s stature. African youths of today mostly remember that current President Cyril Ramaphosa was chairman of MTN, but few remember his great leadership of the mine workers’ strike of 1988, which accelerated the end of apartheid. During that great event, BBC would begin its world news with his sound bite, which was very fiery. The news anchorman will then say, “General Secretary of the South African Union of Mineworkers, Cyril Ramaphosa.” It brought tears to many African eyes in those days.

Little is heard across the African continent these days of the South African Communist Party [SACP], whose contribution to the liberation struggle was perhaps second

DAKUKU PETERSIDE

BENEATH THE SURFACE

only to ANC’s. The memory of Joe Slovo, the SACP cadre and Chief of Staff of the military wing Umkhonto we Sizwe is faint in Africa. As is the memory of Slovo’s wife Ruth First, the top ANC/ SACP ideologue who was assassinated by apartheid South African agents with a parcel bomb in Maputo in 1982. And of Yusuf Dadoo, SACP General Secretary who never missed a meeting in 40 years.

The drop in ANC’s national and international stature is perhaps unavoidable because a national liberation struggle is different from ruling a country, especially ruling it while trying not to totally upset the applecart of White economic domination. This in turn gave rise to Black majority disenchantment. “Was this what we fought for with so much sweat, toil, time, blood and limbs, with the Whites still sitting pretty on top of the pile?”

Not that a different approach was guaranteed to succeed. Look at the experience of ANC’s northern neighbour, Zimbabwe African National Union [ZANU] which has been ruling since the end

The Dying Public School

There has been no remarkable uproar on the public-school collapse in Nigeria, affecting primary, secondary, and university education. Our leaders do not view it as a crisis. The reason is evident: there is a widespread trend among the garrulous upper class and middle class to send their wards and children to pricey private schools in Nigeria, with most of them sending their kids abroad. This dislocation between the elite class and public schools means that they are not only unmoved by its decay, but sometimes they are not even aware of the extent of the problem.

Increasingly, public school is becoming the domain of low-income people who need more resources to send their children to good private schools. Good education is no longer affordable and is a class issue in Nigeria today. The paradox is that today's elite and middle class are products of a robust public school system that existed between the 1930s and 1990s in Nigeria. During these golden years of

public school in Nigeria, it provided an environment that allowed individuals of different socioeconomic backgrounds to interact with one another while removing barriers based on race, class, and religion. These schools also provided young Nigerians with the life skills they need to be self-sufficient and productive, and many of the products of this public school system became global giants and are still making waves worldwide and nationally in various fields of human endeavour. Quality public education has been steadily declining, particularly since the 1980s, which has led to the nearly total collapse of the system we have in place today. There has been a discernible drop in our public school system's overall level of instruction since the 2000s, which has alarmed the populace. Nigeria has faced numerous challenges in providing quality public education for all its citizens. Economic downturns, political instability, corruption, and conflicts harm the education sector. Over the years, various education policies and

reforms have been implemented to address the sector's challenges. These include the Universal Basic Education (UBE) programme, which provides free and compulsory education for all children up to junior secondary school level, and efforts to promote technical and vocational education to address skills gaps. Despite these efforts, significant disparities in access to quality education persist. The failure of public education in Nigeria has been a longstanding issue, marked by various challenges and setbacks that have hindered the system's ability to provide quality education.

These challenges include chronic underfunding of the public education sector, a significant issue in Nigeria. We know that government spending on education has varied over the years, but it has often fallen short of recommended benchmarks such as the UNESCO-recommended 15-20% of the national budget. This lack of funding has resulted in inadequate infrastructure and a shortage of qualified teachers

and essential educational resources. Second, there is a lack or insufficiency of essential infrastructure, including classrooms, libraries, labs, and restrooms in public schools. Dilapidated buildings, overcrowded classrooms, and unconducive learning environment make it difficult for students to learn effectively and for teachers to deliver quality instruction. Third, the quality of teaching in public schools is often compromised due to factors such as inadequate teacher training, low motivation, miserable wage , and poor working conditions. Fourth, the curriculum used in public schools is only sometimes relevant to the needs of students or the demands of the modern world. It may lack emphasis on critical thinking, problem-solving, and practical skills essential for success today. Fifth, the disparities in access to education persist in Nigeria, with rural and marginalised communities

in 2013. ANC also deserves most of the credit for ending apartheid rule in South Africa after a 46-year liberation struggle. In contrast, PDP’s biggest claim is that it