MONDAY 1ST MAY 2023

ARISE News Channel Donates N1bn to Western Delta University to Set Up Media & Technology School

Fayemi offers school of policy implementation to institution Peter Obi, ex-Ekiti governor to become visiting lecturers

Sudan: Nigerians Trapped Between Sudan, Egypt, Send SOS

As the ceasefire by warring factions in the Sudanese crisis draws close, some Nigerians, who were trapped at the border between Sudan and Egypt, have cried out that their lives may

be in danger if the Nigerian government fails to take immediate action to evacuate them.

The stranded Nigerians, in a viral video, claimed that they were left in the middle of nowhere by bus drivers

contracted by the Nigerian government to transport them from Sudan to Egypt, where they were promised to be flown back to Nigeria.

The Nigerian government had repeatedly shifted the date of arrival of the trapped Nigerians

to the country, thereby creating apprehension among citizens on the safety of the 5,500 students that have shown interest in getting evacuated back home and several thousand other citizens still trapped in war-torn Sudan. In the viral video, over

400 Nigerians said they were denied access to Egypt, which subsequently led the contracted drivers into attempt dropping them off about a kilometre from the designated entry point into Egypt from the Sudanese border. They said it was their protest

that made the buses, whose drivers had attempted to drive off after dropping them, to be parked in sight.

A female voice of one of the Nigerians, speaking in Hausa,

Continued on page 5

NLC, CSOs Plead With Judiciary to Save Nigeria’s Democracy

Say

INEC has driven a nail into the electoral coffin of country NLC threatens to name, shame corrupt judges

Onyebuchi Ezigbo, Sunday Aborisade, Udora Orizu in Abuja and Dike Onwuamaeze in Lagos

As Nigeria joins the rest of the world to mark International Workers’ Day today, organised labour and the civil society coalition, under the aegis of Citizens' Democratic Movement, have urged the country’s judiciary, especially judges of the Court of Appeal and Supreme Court, to help safeguard democracy by doing justice to all the election petitions brought before them.

The movement, comprising several civil society and youth organisations, insisted that the Independent National Electoral Commission (INEC) had seriously damaged the country's democracy with its poor showing at the

TUC Kicks against Planned Privatisation of TCN, NIPOST, Federal Medical Centres...Page 45

Michael Olugbode in Abuja

Failure to Recover AMCON’s N4tn Debt Will Hurt Economy, Kuru Warns

Urges stakeholders not to allow few debtors escape with our commonwealth

The Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan

Kuru said that if at its sunset the corporation was unable to recover its huge debt, which currently stands at over N4 trillion, it would become the burden of the federal government which he warned would have huge implication on the taxpayers’ monies.

Owing to this, Kuru reminded stakeholders to view the corporation’s recovery mandate as one of serious national importance in the country.

Kuru, according to a statement at the weekend, said this at two separate engagements with AMCON External Solicitors and Receivers as well as Asset Management Partners (AMPs) in Lagos.

He said the call became important because AMCON was not set up to operate in perpetuity as the corporation has a sunset period thus the need to apply speed in the collective recovery assignment.

The AMCON CEO who was represented at the interactive sessions by Mr. Benedict Daminabo, the Group Head, Asset Management Directorate in the corporation, said, “if at sunset AMCON is unable to recover the huge debt, which currently stands at over N4 trillion, it becomes the debt of the federal Government of Nigeria, which he said would have huge implication on the taxpayers’ monies.”

As a result, he said the positive debt recovery history of AMCON cannot be fully told by chroniclers of financial and economic history in Nigeria without some critical

stakeholders such as AMCON Solicitors and indeed the entire Nigeria judiciary as well as Receivers; and the Asset Management Partners (AMPs) that have become major tools in the recovery efforts of AMCON.

He described the engagement, which was AMCON’s first major interaction with stakeholders in 2023, in Lagos, as very important, and strategic to the recovery efforts of AMCON.

“We (AMCON) value our relationship with all our stakeholders, and we will continue to interact, share experiences and brainstorm on the best ways for the corporation to succeed in this national assignment.

“Feedbacks received from interactions with our various stakeholders’ overtime, and particularly from Honourable Judges from the various courts necessitate continuous training and retraining of our stakeholders especially as it relates to challenges encountered during filling processes in court and enforcing AMCON’s rights on obligors’ assets.

“Also, considering that the corporation has begun to put measures in place for eventual wind down of its activities as it is not created to remain in perpetuity, we see working and collaborating with all our stakeholders as a matter of priority. “The success of AMCON

would not be adequately recorded without recognising the roles played by of all stakeholders. That is why we consider our interaction with you as one of the road maps to the success story of AMCON.”

Speaking further, the AMCON boss said: “Like we always mention repeatedly in and at every opportunity that all stakeholders must view the AMCON mandate as one of serious national importance.” He stressed that AMCON was not set up to remain in perpetuity, pointing out that, “it has a sunset period.”

“If at sunset AMCON is unable to recover the huge debt of over N4trillion, it becomes the debt of

NLC, CSOS PLEAD WITH JUDICIARY TO SAVE NIGERIA’S DEMOCRACY

elections. They also vowed to name and shame corrupt leaders.

Co-conveners of the movement included Olisa Agbakoba, SAN, Comrade Shehu Sanni, Ambassador Nkoyo Toyo, Professor Udenta Udenta, Salisu Mohammed, and Olawale Okunniyi.

Nigeria Labour Congress (NLC) was represented by its president, Joseph Ajaero, and Trade Union Congress (TUC) had its General Secretary, Nuhu Toro, in attendance.

Nigerian workers joined their counterparts worldwide to commemorate the historic struggles and gains made by workers and the labour movement.

Prominent Nigerian leaders participated in the May Day celebration by sending felicitations to the country’s workers for

their courage, commitment, and patriotism.

Ajaero, who joined a meeting of the Citizens' Democratic Movement midway, appealed to the judiciary to use the opportunity of adjudicating in the petitions from the 2023 general election to redeem its fast waning image.

He said the labour movement and its allies were prepared this time to monitor the operations of the judiciary.

The NLC president said labour and its allies would not hesitate to name and shame judges known to have compromised objectivity in an effort to undermine the wishes and interest of Nigerians.

Ajaero said the judiciary had through its many flops attracted many questions from Nigerians,

adding, “If they fail to answer those questions within a short time, we would create a hall of shame for those judges that come up with judgements, for those judges that create such problems, that would happen soon."

He further said there was need for the Nigerian Bar Association (NBA) and all arms of the judiciary to speak out on happenings in the judiciary and frankly ponder whether the judiciary was still the last hope of the common man.

Urging members of the judiciary to remember that the destiny of the country was in their hands, Ajaero said, "It is either they fulfil it or they betray it once again. When they tell you go to the court, they're telling you that, that is the end of the matter. Somebody will steal yam and say

ARISE NEWS CHANNEL DONATES N1BN TO WESTERN DELTA UNIVERSITY TO SET UP MEDIA & TECHNOLOGY SCHOOL

Delta University, to set up Media and Technology School to help enhance the school's development.

At same event, the presidential candidate of the Labour Party (LP) in the just concluded general election, Mr. Peter Obi and immediate past governor of Ekiti State, Dr. Kayode Fayemi, both agreed to become visiting lecturers at the Western Delta University(WDU), Oghara, Delta State.

At a time, the students and other visitors who thronged the lecture hall became frenzied as they mobbed the trio of Obi, Obaigbena and Fayemi. The founder of THISDAY said ARISE News Channel donated the sum of N1 billion to the Western Delta University to encourage it in its quest to build a first rate institution committed to the pursuit of excellence in all areas of academic learning, technological development and social service.

Speaking at the event, Obaigbena, described former Delta Governor and founder of the university, Chief James Onanefe Ibori, as a long-time friend and a people-oriented leader who is ever ready to sacrifice for the development of his people.

Obaigbena, who eulogised Ibori, also commended him for his large heart and great vision for establishing the university, noting that running a university was money-intensive and the promoters do it virtually for development purposes and not really for profit-making.

He said he was at the 15th Founders' Day celebration of the Western Delta University, "to rejoice with, and encourage, a friend who is giving back to society what it needed to grow."

Ibori, the visitor to the university and former governor of Delta State who personally welcomed Obaigbena, drew thunderous ovation from the people and Dele Momodu, the Publisher of Ovasion Magazine, said, if it were to be the election period, issues would have been made out of the invitation because of the presence of Fayemi, a chieftain of the All Progressive Congress, (APC) and Obi.

He stated that building an

institution like the Western Delta University, established to promote intellectual development that competes with the best in the world, required people and resource collaboration outside the limited scope of party affiliate.

Ibori, pleaded with Obaigbena to help build the Western Delta University and make it one of the best private universities in Nigeria.

Fayemi, who delivered the lecture at the well-attended event with the title, “Sub-National Governance, the Ekiti State Example," promised to set up the School of Policy Implementation in the institution.

He also promised to become the first lecturer once the school is completed.

Ibori, who is the visitor to the university, appealed to Obi whom he described as an experienced leader who has greatly contributed to nation building to join Fayemi as a lecturer upon the completion of the policy school.

Obi agreed to help set it up and join as a visiting professor.

In his speech, Fayemi who cited personal examples of what transpired during his tenure as Ekiti State governor, urged political office holders to ensure balancing when making appointments and avoid the pitfalls of selecting those who would end up as liabilities to the government.

He added: "One of the important challenges that every governor will face early is that of making key appointments. Apart from the challenges of ethnic and religious balancing, you also have political IOUs to settle.

"Every governor will have to strike the right balance between appointing core politicians who have been involved in the long and tortuous political struggle like mine that brought the governor to office and appointing technocrats who will be required to undertake specific assignments for the smooth running of the government.

"While the local political context will determine what the right balance is, this is something every new governor must always be mindful of.

But it will always be helpful if you understand what your key priorities are. This will help you to understand those appointments you can play politics with and those you have to assign to the best possible hands."

Speaking further, Fayemi said: "The balance is that you cannot take all away from politics and you can also not give all to politics. However, a key lesson from my own experience is that whether one is a technocrat in government or a core politician, all political appointees must be strongly connected to their communities. Otherwise, they will become liabilities to the governor."

He said despite the dwindling revenue accruing to the state, especially owing to the impact of COVID-19 pandemic and drop in price of crude oil, his administration was able to improve on the infrastructural development of the state.

He further said Ekiti State was in the doldrums when he took over owing to avalanche of challenges facing it. He said his administration was able to restore the core values the state has been noted for and returned it to the path of development.

"There are three major ways you make money in government. You either make it; you beg for it or you borrow it. What you make from internal generated revenues and investment holdings is what you make.

“Your receipts from the Federation Account and what you may get as grants from international development agencies are your unearned incomes which I classified as products of begging. Then the loans you are able to obtain from banks, infrastructure bonds and so on are your borrowings.

"In all categories, Ekiti as at the time I took over was in dire straits. This was the time that oil price had dipped in the international marker, leading to a significant reduction in oil revenue to the federation account.

“The IGR of Ekiti was nothing to write home about as at the time I took over at N100 million per month. And to make matters worse, it was also a period of agitation for

the Federal Government of Nigeria for which taxpayers’ monies will be used to settle.”

“The implication is that the public will be made to pay for the recklessness of only a few individuals who continue to take advantage of the loopholes in our laws to escape their moral, and legal obligations to repay their debts. We should not allow a few individuals to escape with our commonwealth. And we want to do it within the confines of the law.

“It is pertinent to mention that we have had course to disengage some of our Receivers and External Solicitors due to non-performance.

The same thing applies to our AMPs

go to the court. On what basis are those statements being used?

"That's the level of ridicule that the judiciary has been brought and as Nigerians, we all need to come out to rescue the judiciary, else there'll be no need to continue go to court."

Ajaero noted that NLC identified with the movement not necessarily on political basis, but in order to rescue the country.

In a statement titled, “The Threatening Decomposition of Democracy in Nigeria and the Urgent Need for Citizens’ Intervention,” Citizens' Democratic Movement said despite the trust Nigerians had that INEC would deliver a free and fair general election, the commission failed woefully and, instead, allowed the process to be hijacked by corrupt and discredited politicians.

who are not performing optimally.

“However, we strongly believe that majority of our stakeholders have shown impressive resourcefulness in reaching obligors who have not been reached before now. Also, their ability to trace assets of obligors has been quite impressive.

“Therefore, it is our hope that our external solicitors and Receivers, and AMPs would keep the on-going momentum so as to achieve more recovery milestone.

“However, we are greatly concerned about the frequency of adjournment of our matters which on several occasions is as a result of non-appearance of our lawyers.

reset their country through the ballot box, are now wondering if elections have not become the tool for legitimising the corrupt takeover of Nigeria.”

Toyo further said the group’s collaboration with NLC, TUC, human rights organisations, citizens and youth movements and allies in like-minded political organisations was an alert mechanism for the conscience of Nigerians and defenders of Nigeria's democracy. She said they would engage key national institutions, especially INEC, the judiciary, legislature, and the security services squarely to resist the vicious and corruptive pressure from state operators and the political class, who insisted on a total takeover and control of relevant state organs.

increased minimum wage by the trade unions and there was little or no support from multilateral and bilateral support agencies."

On his part, Obi, a former governor of Anambra State called on political office holders to go beyond the barriers of political partisanship, tribal affiliations and religious inclinations in their contributions to the development of the society.

According to him, though the Visitor to the University, Ibori and Fayemi were in different political parties from him, he attended the event because of his love for education and its developmental impact on the nation.

Obi emphasised that political parties should present credible candidates based on character, competence, integrity and emulatable track records.

“And when they are given opportunity to serve, they must serve without recourse to any form of bigotry,” he stressed.

He wished the students well in their academic endeavours, urging them to remain committed to their educational pursuits.

Earlier in his introduction, Ibori, had introduced Obi as his younger brother, who was invited in view of his abundant talent and crave for human resources development.

In a brief remark, Obi, whose presence led to loud ovation and a momentary uncontrolled rowdy movement of the guests mostly the students in the hall, acknowledged Ibori's reference to him as a junior brother and promised to contribute to the overall development of the Western Delta University.

He accepted Ibori's invitation to him to lecture at the school so as to impact his excellent knowledge of entrepreneurship into the students.

Others who donated to the Western Delta University were: Senator Chief Ighoyota Amori - N250,000; Prophet Jeremiah Fufeyin - N5 million; Chief Greg Ighere, an unspecified amount; Chief Williams Makinde, unspecified amount; Dr. Emmanuel Uduaghan and his family, an unspecified amount, amongst others.

Addressing journalists at the end of their meeting at Labour House, in Abuja, yesterday, spokesperson of the group, Toyo, accused INEC of attempting to destroy democracy by failing to uphold the provisions of the Electoral Act and even their own set rules.

Toyo stated, "This 2023 general election became an anti-climax, dashing the hopes of Nigerians for credible elections and denying citizens the emergence of qualitative political leadership across Nigeria.

"Clearly, INEC in cahoots with some members of our political class has driven a death nail into the democratic experience of most Nigerians, thus, leaving the electorate despondent to resort to self-help in their effort to salvage whatever is left of their vibrant political engagement with the 2023 elections.

“Unfortunately, majority of Nigerians, especially the youths, who fought with patriotism to

Toyo said, "As vanguards of Nigeria’s democratic heritage, we are calling for a return to rules-based democracy in which Nigerians can remain hopeful that their sacrifices of participating in elections will ultimately count.

"Therefore, as affected individuals and parties resort to the court as the main conflict resolving mechanism, we hope that the judiciary, as the final arbiter, will ensure that the malfeasances of those powerful individuals and their corrupt allies will not be rewarded but, rather, they will be discredited and punished.

"It is in the light of this hope that we are calling on all Nigerians to believe again (not in INEC, not in the executive, but in the judiciary) and give the judiciary the benefit of the doubt.

“In the same vein, we are calling on the Justices of the Court of Appeal and the Supreme Court to rise up to the occasion by restoring the people’s

Continued on page 49

SUDAN: NIGERIANS TRAPPED BETWEEN SUDAN, EGYPT, SEND SOS

said, “We have left the border, see our buses here, we're onboard. We have so far spent five days here now. See the mats that we have been sleeping on and under the buses while some of us sleep inside the buses. That is how we have been surviving in this border.

“There's intense cold because the location is in Sahara. We have been suffering from hunger and thirst, because there's nothing for us to eat or drink. Some of us in the other buses said they're fine because they're being provided with meals inside their vehicles.

“But in our vehicle, we're suffering. There was even a crisis among us yesterday as those in the other vehicles wanted to go and leave us behind, maybe because they're linked to some influential people, that's why they're been treated well and different from us.

“But we resisted that attempt because if they go and leave us behind, we don't know our fate. We're not fine, we want to go; if we won't leave, then they should provide us with food. We're not fine, we need help.

They're spreading rumours and lies that we're now in Egypt and accommodated in the hotel. This is not true, it is a lie.”

The situation of those stranded might have been confirmed by the Nigerian government, as Chairman, Inter-Ministerial Committee on Sudan Evacuation, and Permanent Secretary, Ministry of Humanitarian, Disaster Management and Social Development, Dr. Sani Gwarzo, in an update, yesterday, said Egyptian authorities had refused to permit 420 Nigerians to cross to Cairo for airlift.

Gwarzo, who disclosed that the Nigerian government would deploy diplomatic channels to resolve the crisis, said while the Sudanese government charged $8 per person to cross their border, Egypt requested $25. He said the Nigerian government had made full payment to bus contractors for seamless transportation, and that the federal government would use Port Sudan as alternative route to move Nigerians out of troubled areas in Sudan.

GROUNDBREAKING CEREMONY OF THE RACK CENTRE…

NNPC Moves to Replicate NLNG's IJV Model to Boost Profitability, Efficiency

Targets inauguration of some gas infrastructure projects this year Expands its downstream business to other African countries Seal deal with Norway's Golar on floating LNG plant

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

As part of its ongoing transformation and sustainability plans, the Nigerian National Petroleum Company Limited (NNPC) at the weekend revealed that it was working to implement the Incorporated Joint Venture (IJV) model being used by the Nigerian Liquefied Natural Gas Limited (NLNG) in some of its businesses to boost its profitability and efficiency.

The company also revealed that it would be opening up a couple of the ongoing gas infrastructure projects including the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline before the end of this year so that Nigerians would begin to see the dividends of the Decade of Gas initiative.

NNPC's Chief Strategy and Sustainability Officer, Oritsemeyiwa Eyesan, disclosed these during an interview on Arise News Channel, in reaction to some assertions made by an energy finance expert and former ministerial aide, Mr. Dan Kunle, on the same broadcast station.

NLNG has been adjudged by many experts and analysts to be an excellent company with envious performance records in global competitiveness, commercial viability, profitability, as well as high professional and operational standards owing to the model it operates.

The Shell-run company currently boasts of an asset base of over $11 billion and has generated revenues worth over $90 billion to the federal government. NLNG is jointly owned between the Federal Government of Nigeria represented by the NNPC

Senate Indicts

and three international oil companies (IOCs) including Shell, TotalEnergies and Eni.

According to the shareholding arrangement, NNPC has 49 per cent equity share, Shell has 25.6 per cent, TotalEnergies holds 15 per cent while Eni controls 10.4 per cent share. Eyesan noted that the Petroleum Industry Act (PIA) contemplates that the upstream arm of the NNPC would metamorphose into IJVs.

"If you go back again to the PIA, the PIA contemplates that we would metamorphose upstream into IJVs where we have just one organisation rather than you have operator separate from the non-operator.

"We have one operating entity that runs the business. Yes, we agree the NLNG model is a successful model and it's a model that is already contemplated in the PIA and as the NNPC company, it's a model we are already working to implement in some of our arrangements even today," Eyesan said.

Dwelling on the AKK pipeline, Eyesan said the project was progressing very well, describing it as one project that would enable industrialisation in Nigeria.

She explained that prior to 2019, when the current NNPC management team came into office, the AKK project was more or less stalled.

Eyesan explained, "However, since coming in in 2019, we have taken the plunge and they have really progressed the project and once we finalise the OB3 (Oben, Obiafu, Obrikom) river crossing, which has been a really sticky part of the project and actually hoping to get passed the

Bank

hurdle in the next couple of months. And once that is done, we're going to be moving gas from the south to the north and even to the entire West African sub-region and even to North Africa.

"Now, we're talking about moving almost six billion standard cubic feet of gas per day in addition to what we're currently doing and I think, that really is commendable, not just to be self-praising but this is a commendable gesture that the federal government has supported in the past and NNPC solely, has taken the plunge to ensure the actualisation of this project.

"So I believe that we're very much on course. We've had some

temporary setbacks but we deployed all technical expertise to overcome these setbacks and we see the light at the end of the tunnel. Before the end of the year, we would see the opening up of quite a lot of gas utilisation projects.

“A lot of power plants are coming up along the AKK corridor. We're looking at at least three power plants in the first instance and more on the drawing board as well."

Apart from the power industry that would be impacted positively by the AKK pipeline, the NNPC official maintained that the company was also looking at many gas-based industries springing up as a result of the pipeline running through

the north and connecting the Trans-Sahara Pipeline.

"So for us in NNPC, we're confident that we're very much on course, we see the light at the end of the tunnel. We believe that yes, indeed, the Decade of Gas will be actualised. We would start seeing the dividends even before the end of this year," she added.

She posited that the Decade of Gas declared by the immediate past Minister of State for Petroleum Resources, Chief Timipre Sylva was another move in the right direction to grow the Nigerian economy, adding that NNPC had single-handedly pushed through gas infrastructure development in

the country.

In a direct pushback to the criticism against the national oil company, Eyesan argued, "Now, taking the old and the new NNPC as highlighted by our senior colleague, Dan Kunle, he believes that NNPC is just a kangaroo conjuncture and I will differ with him in this respect in the sense that prior to the PIA enactment (and I must at this juncture really show our sincere appreciation to Mr. President for taking the bold step to enact the PIA) the industry was more or less moving into a comatose state.

CBN: No Plan to Phase-out Redesigned Naira Notes

James Emejo in Abuja

The Central Bank of Nigeria (CBN) yesterday refuted insinuations that it planned to withdraw the recently redesigned N1000, N500 and N200 currency denominations from circulation.

The central bank's clarification came against the backdrop of a fake news circulating in the media, particularly social media space that the apex bank was considering phasing out the banknotes that were scarce.

However, CBN acting Director, Corporate Communications Department, Dr. Isa AbdulMumim, in a statement stated, "such speculation is unfounded and a ploy by some interests to cause panic among members of the public."

AbdulMumim stressed that the new and old currency notes have been circulating side by side just as the apex bank had been taking delivery of a good quantity of the redesigned denominations from the Nigerian Security Printing and Minting Company (NSPMC) Limited.

He said, "Furthermore, we are committed to supplying the approved indent for the smooth running of the economy.

"We, therefore, urge members of the public to disregard any report suggesting a phase-out of the redesigned currency.

"For the avoidance of doubt, the redesigned and old notes will continue to be accepted as legal tender."

The CBN spokesman emphasised

that the redesigned banknotes would circulate side-by-side for transactions ahead of the December 31, 2023 deadline, when the old N1000, N500 and N200 banknotes would eventually be phased out - and advised the public to be guided accordingly.

Earlier on March 13, the central bank, following the Supreme Court order which extended the validity of the old N200, N500, and N1,000 notes till December 31, 2023, affirmed the affected currency denominations remained legal tender.

The bank had also directed deposit money banks (DMBs) operating in the country to comply with the apex court ruling of March 3, 2023.

AbdulMumin, said the

declaration by the apex bank was in compliance with the established tradition of obedience to court orders and sustenance of the rule of law.

The CBN acting director particularly noted that the administration of President Muhammadu Buhari, and by extension, the CBN had been known to obey the laws of the land, hence the decision to abide by the judgement.

The apex bank stated that, "Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31,

"Consequently, all concerned are directed to conform accordingly."

of Agric Over N3.2bn Allegedly Disbursed to 10 Unnamed Tractor Vendor

Demands recovery from beneficiaries

Sunday Aborisade in Abuja

The Senate has indicted the Bank of Agriculture in Kaduna for allegedly disbursing N3.2 billion as loan to 10 vendors for the purpose of purchasing tractors and other equipment. They were meant to be allocated to the end users.

The indictment was sequel to the 2016 report of Auditor General of the Federation, which was scrutinised

and considered by the Senate Public Accounts Committee chaired by Senator Mathew Uhroghide.

The Committee indicted the management of the bank for being unable to account for N3.2 billion disbursed to 10 vendors out of the N3.6 billion provided for in the 2015 fiscal budget of the federal government through the bank.

It was gathered that the Federal Ministry of Agriculture selected the 10 unnamed vendors for

the management of the Bank of Agriculture which thereafter disbursed the N3.2 billion.

The loan has four years expiry date.

The Senate, after adopting the report of the Committee demanded the recovery of the N3.2 billion from the 10 unnamed vendors.

Part of the audit query read: "The sum of N3,200,592,007.00 was disbursed out of the N3,600,000,000.00 provided

between 24th March, 2015 and 17th November 2015, by the federal government through the Bank to 10 vendors selected by the Ministry of Agriculture to purchase tractors and other equipment for allocation to end users."

The beneficiaries were expected to make repayment through Service Provider Operators (SPOs) under a revolving fund arrangement with expected multiplication effect on the national Agricultural mechanisation

agenda.

"The Bank was to monitor and supervise the disbursement as well as ensure recovery of the funds for further lending to new participants. However, the entire revolving fund could not be accounted for by the Bank’s management.

"The Managing Director was communicated to account for all the amounts involved."

However, in response, the Bank

of Agriculture forwarded a written response to the Senate panel which was not accepted.

Part of the Bank's written response read, "Programme was structured with a four year loan tenor commencing from the date of release of the machinery/equipment to the Centre.

"Since the machinery/equipment were not released on the same day, the expiry dates of the machinery loans also vary"

2023.

L-R: Honorable Commissioner for Science and Technology,Lagos State, Hakeem Fahm; Group Chief Executive Officer, Rack Centre, Jasper Lankhorst; Deputy Governor of Lagos State, Dr. Obafemi Hamzat; Sales Director, Rack Centre, Folu Aderibigbe; Finance Director, Rack Centre, Nozipho Sibanda and Chief Operating Officer, Rack Centre, Ezekiel Egboye at the Groundbreaking Ceremony of the Rack Centre LGS2 Data Centre, Oregun, Lagos… weekend

BUHARI RECEIVES ABDULAZIZ YARI…

Reuters Poll: OPEC Cuts, China Demand to Steer Oil Towards $90 by Year-end

Exxon resumes operations after labour dispute ends

Oil prices will pick up pace towards $90 a barrel over the course of this year as production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and allies as well as rebounding China demand, a Reuters poll showed at the weekend.

A survey of 40 economists and analysts forecast Brent crude would average $87.12 a barrel in 2023,

up from the $86.49 consensus in March and current levels of around $78. The global benchmark has averaged around $82 per barrel so far this year.

West Texas Intermediate (WTI)

US crude is projected to average $82.23 a barrel in 2023, up from the previous month's $80.88 consensus, the report added.

At the beginning of April, the OPEC and allies including Russia, a group known as OPEC+, surprised the market with an announcement

of further oil output cuts of around 1.16 million barrels per day (bpd).

Western sanctions on Russian oil are also expected to keep supply tight, challenging global fuel demand growth seen at about 1 million-2.2 million barrels per day in 2023, according to the poll, with more than half of the upside coming from the world's No. 2 oil consumer China.

A return above $100 a barrel seems unlikely, most analysts said, owing to growing fears of recession

in the United States and Europe. Nigeria’s benchmark, Brent is expected to average at $90.72 in the final quarter of this year, up from $85.78 and $88.86 in the previous two quarters, the poll showed.

In the meantime, Exxon Mobil has resumed operations at its facilities in Nigeria after resolving a labour dispute over pay and conditions with its in-house union, a company spokesperson said. The industrial action had forced Exxon to declare force majeure

NDEP Targets Increased Oil Production as Four-well Drilling Campaign in Ogbele Field Nears Completion

Company posts impressive performance in 2022

Peter Uzoho

The Niger Delta Exploration and Production (NDEP), Nigeria's first indigenous energy company has said its ongoing Four-well drilling campaign at the Ogbele Marginal Field in Rivers State would be completed in the fourth quarter of 2023.

The company disclosed this in its 2022 performance and strategic operational updates, which was made available to THISDAY.

It declared that it recorded an impressive financial performance in the year ended December 31, 2022. NDEP informed that it had in March 2022, commissioned frontend studies towards the further development of the Ogbele Field, which "culminated in a four-well drilling campaign that began in September 2022, and is expected to be completed in Q4, 2023."

The Ogbele marginal field, which was carved out of the Chevron Nigeria Limited (CNL)’s onshore asset in Oil Mining Lease (OML 54) in Rivers State, was awarded to NDEP in 1999, in Nigeria’s first attempt to award a marginal field to an indigenous company.

NDEP hit its first oil on the Ogbele marginal field on August 28, 2005 and has metamorphosed into an integrated independent company having different subsidiaries.

The indigenous energy major said it had also commenced the implementation of its Alternative Crude Evacuation (ACE) project, explaining that the objective was to ensure that there were value realisation avenues beyond the traditional Trans Niger Pipeline (TNP) and the refinery business.

To operationalise the ACE, the company said the maiden voyage for crude oil delivery to the Bonny Terminal, through the mother vessel, was completed in December 2022, and that they expect steady state full operations by Q2, 2023.

"Our four-well drilling programme commenced in Q4 2022 and is ongoing. We successfully consummated a few dollardenominated refined product sale arrangements, which will aid our foreign exchange earnings profile beyond the upstream business.

"Additionally, our Alternative Crude Evacuation project is currently in the pilot phase and we estimate that it will be fully operational in the very near future. Each of these projects has the potential to deliver material returns on capital and further strengthen our production and cashflow generation," NDEP said.

However, providing an unaudited update on trading of the company for the year ended 31 December 2022, the Chief Executive Officer of NDEP, Mr. Adegbite Falade, stated

that the year 2022 had been very tough for the oil and gas industry in Nigeria.

"Notwithstanding, as a result of our strong, resilient and integrated business model, coupled with a focus on capital discipline and operating excellence, the business recorded notable improvements.

"We increased revenue and profit before tax year-on-year and achieved significant diversification of the revenue mix, underscored by very strong growth in the refinery business.

"In 2023, we expect growth in our revenue and further revenue diversification across our various business segments," Falade stated.

He said NDEP closed the year without any significant safetyrelated issues, recording a total of 16.14 million manhours with zero time lost due to incident (LTI).

According to him, the company's total production for the year under review was 1.44 million barrels (mmbbls) and 6.51 billion cubic feet (bcf) for oil and gas respectively.

The company said its refinery business was the focal point for realising value in 2022, saying refined delivery volumes rose 105.0 per cent to 152.84 million litres relative to 74.53 million litres in 2021.

"This was driven by debottlenecking the refinery production from upstream oil

production and actively pursuing its monetisation strategies.

"Capacity utilisation improved to 24.0 per cent from 13.45 per cent in 2021; underscoring further upside potential as well as additional opportunities that exist to further optimise the refinery business.

"In June 2022, the company formally commenced its digital transformation journey through the implementation SAP S/4 Hana, and the integration of other digital tools across its entire operations," NDEP explained.

To ensure adequate capital for the 2022-2023 drilling campaign, the company said it obtained a $120 million Field Development Facility (FDF) in March 2022.

It explained that the FDF was to supplement the company’s available cash to fund the Ogbele Field Development campaign that commenced in September 2022.

"The company successfully closed a N10 billion bond issue in December 2022, part of a NGN20 billion bond series. Relevant regulatory requirements and processes are being met and ongoing, and the proceeds from the issue will be used to fund the Ogbele Field Base upgrade, among other works.

"Our 2023 oil hedges were for 3.5kbbls/day at $2.20/bbl. (strike price of $55/bbl.) which runs until August 2023", NDEP added.

on oil lifting at its terminals in the country.

A spokesperson for Exxon said in email responses that its three ventures, Mobil Producing Nigeria Unlimited, Esso Exploration and Production Nigeria Limited, and Esso Exploration and Production (Offshore East) Limited were now operating at normal levels.

"This follows the discontinuation of the industrial action earlier embarked upon by our in-house workers union," the spokesperson said.

Earlier, Nigeria's state-owned

oil firm, the Nigerian National Petroleum Company Limited (NNPC) said in a statement it had helped end the labour dispute at Exxon Mobil after a pay adjustment acceptable to the union and Exxon was agreed.

NNPC, which runs joint ventures with oil majors, including Exxon, said the dispute was "effectively constraining 300,000 barrels of oil production daily".

Nigeria is targeting 1.8 million barrels per day (bpd) by year-end from 1.6 million bpd, a Reuters report stated.

Fuel Subsidy Removal: NUPENG Seeks Revamp of Refineries

Ugo Aliogo

The National Executive Council (NEC) of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has called on the federal government to ensure that the local refineries are put into full operation before an important policy such as the removal of petrol subsidy would be taken in the interest of the generality of Nigerians.

The union, in a statement jointly signed by the National President and Secretary, NUPENG, Williams Akporeha and Afolabi Olawale, used the opportunity to condemn in totality the anti- union behavior and employment tactics of some unscrupulous indigenous and multi-national employers who have unfortunately turned the Nigeria Local Content Law into ambits of slavery and precarious employment rather than a source of fulfilling employment and empowerment for teeming qualified young Nigerians.

The statement further stated that the leadership of the union was also using the special day of May 1, to commend the patriotic efforts of petroleum tanker drivers who even in the face of harsh conditions of work, including the poor state of highways, intimidation and harassment from some unscrupulous security forces, were still working hard to ensure that factories and other businesses are kept running and homes are kept comfortable for Nigerians.

The statement further explained that the union would no longer condone unwarranted attacks, intimidation and burning of their petroleum trucks while on genuine and legal haulage of petroleum products by some security agents most especially among the Nigeria Army Anti-Bunkering Task Force operating in the South-South region of the country, The union stated that henceforth they would start to resist this because they cannot continue to fold their hands and watch members lose their sources of livelihood in the hands of those armed men.

According to the statement, “It is imperative today being so special to the working people to draw further attention to the plight of Nigeria oil and gas workers so that concerned authorities and the general public can take appropriate actions for amelioration.

“Blue- collar workers in the Nigeria oil and gas sector have continued to lament yet still exercise restrain over the increasing degeneration, indecency and precariousness of employment and working conditions in the Nigeria oil and gas industry.

“It is becoming increasingly clear that the geese that is laying the golden eggs is being exploited, unappreciated and its existence threatened. We wish to assure our members that as long as our Solidarity remains constant, we shall continue to grow stronger.”

Emmanuel Addeh in Abuja with agency report

President Muhammadu Buhari receives former Governor of Zamfara State Senator-elect Abdulaziz Yari in an audience at the State House Abuja...yesterday. SUNDAY AGHAEZE.

As Lobby for 10th N’Assembly Leadership Gathers Momentum...

The leadership of the All Progressives Congress, the president-elect, Asiwaju Bola Tinubu as well as other stakeholders of the party are strategising towards coming up with a zoning formula for the election of the presiding officers of the 10th National Assembly. Adedayo Akinwale reports.

Since President-elect, Asiwaju Bola Tinubu, returned from his overseas trip, there had been intense lobbying, meetings and horse-trading as regards zoning of the leadership positions of the 10th National Assembly.

Due to the inability of the party to regulate the conduct of the lawmakerselect and also come up with an acceptable zoning formula to prevent acrimony, the high number of those eyeing the leadership positions of the 10th Assembly has made selection a daunting task.

At the moment, contestants for the race for Senate President include Senators Barau Jibrin (Kano State, North-West); Abdul Aziz Yari (Zamfara – North-West); Orji Uzo Kalu (Abia– South-East); Osita Izunanso (Imo– South-East); Nze Felix Ndubueze (Imo), Godswill Akpabio (Akwa Ibom – South-South) and Sani Musa (Niger – North-Central).

In the House of Representatives, those eyeing the Speakership position include Hon. Ahmed Idris Wase (Plateau –North-Central); Hon. Mukhtar Betara (Borno – North-East); Hon. Abbas Tajudeen (Kaduna – North-West); Hon. Sada Soli (Katsina – North-West) and Hon. Aminu Jaji (Zamfara – North-West).

While some groups within the APC believed that it behoves on the National Working Committee (NWC) to lean on the balance of justice and equity, and insecurity challenges to concede the Senate President position to the South East geo-political zone, where undoubtedly character and competence was remarkably in abundance.

Others like Concerned APC Members Forum were of the opinion that the leadership of the ruling party should consider Federal Character in zoning the leadership positions in the 10th Assembly and should therefore zone the Senate Presidency seat to the South-South and the Deputy Senate President to the North West.

The Convener of the group, Okpokwu Ogenyi, while addressing a press conference in Abuja also appealed to the National Chairman of the party, Senator Abdullahi Adamu and other members of NWC to zone the Senate Presidency seat to the South-South and the Deputy Senate President to the North West.

To the group, in the South, South-South contributed the second highest votes after South-West which produces the President-elect; while the North-West gave the party the highest votes in the North, with Kano state consistently giving APC the highest vote per state in every election since the formation of

the APC.

The group said the Presidentelect needs highly competent Senators with vast knowledge of legislative business to compliment him in delivering dividends of democracy to Nigerians.

It reminded the leadership of the party that, the Presidentelect is from the South West, and the Vice President-elect is from the North East, as such, the Senate President should be zoned to the South-South and the Deputy Senate President to the North West, while the Speaker of the House of Representatives and deputy should be accommodated by the other zones in view of competence and credibility of Honourable members.

Ogenyi said: “We have also studied their request and concluded that APC as a national party should consider federal character considering the six geo-political zones and the circular nature of the country for even distribution of key government positions.

“As believers in the Nigerian project, our appeal to the party is to consider federal character in the zoning of the 10th senate leadership bearing in mind, competence and credibility with an understanding that Nigeria is a secular state with multi-faith and six geo-political zones.

“We are aware that zoning is not done in a vacuum, so we highly recommend Senator Godswill Akpabio for the position of Senate President and Senator Barau I. Jibrin as

Deputy Senate President respectively. This will go a long way in building the confidence of APC members across the country in preparation for the future of our great party, the APC.”

Already, Tinubu, it was gathered, is rooting for the former Governor of Akwa Ibom state, Senator Godswill Akpabio to emerge the 10th Senate President and Senator Jibrin Barau as the Deputy Senate President.

Tinubu’s preference for Akpabio, it was gathered, was to carry the Christians in Nigeria along, and not necessarily because of his contribution to the success of the party.

However, some Senators-elect are mobilising against the plans by the president-elect to make Akpabio the next Senate President, while APC governors are also said to be divided over the choice of Akpabio.

The lawmakers-elect, especially those who are returning to the Red Chamber, are against the nomination of Akpabio as Senate president despite the ongoing consultation by Tinubu with critical stakeholders of the party.

Those kicking against the choice of Akpabio argued that his nomination will not fly for two reasons. One, he contributed nearly nothing to the victory of Tinubu, aside stepping down for him during the primary poll. Two, he disparaged the federal parliament during the Niger Delta Development Commission (NDDC) probe and also exposed the parliament to ridicule when he was a Minister.

It is an undisputable fact that the North contributed over 63 per cent of the votes that drove Tinubu to victory, however, it was not a matter of the winner carries everything, but about equity. Tinubu wants to start on a sound footing.

Nevertheless, aside the govenors that are divided on the choice of Akpabio, THISDAY checks revealed that some

Those kicking against the choice of Akpabio argued that his nomination will not fly for two reasons. One, he contributed nearly nothing to the victory of Tinubu, aside stepping down for him during the primary poll. Two, he disparaged the federal parliament during the Niger Delta Development Commission (NDDC) probe and also exposed the parliament to ridicule when he was a Minister

members of the NWC are also divided. Some want Akpabio, others want Barau, while some want the position ceded to the South East.

Moreso, as part of the ongoing consultation, Tinubu last Thursday met with all APC governors and also met with the party’s governors from the North West, where Barau comes from.

“The challenge before us is working in unison with the party leadership and the National Assembly over the election of their principal officers. And I charge you to unite in spirit and faith and work in line with the party,” he had said in a statement.

As politicking around the 10th Assembly leadership continues, some forces are working towards bringing Senator Orji Uzo Kalu and a former governor of Zamfara State, Abdulaziz Yari as Senate president and deputy respectively.

Both Yari and Kalu had met with Tinubu separately, and solicited his support. It was gathered that they have what it takes to make his administration turbulence free.

Be that as it may, the game plan is to have Kalu and Yari. Not only did Yari has enormous resources at his disposal just like Kalu, he also has the listening ears of many of the Senators.

In politics, 24 hours is too long a time for whatever permutations is on ground to change. And with the influence of most of the outgoing governors expected to wane significantly after handing over, especially in states where the outgoing governors are not instrumental to the emergence of their successors, permutations may likely change.

Out of 109 seats in the Senate, the APC has 59 senators, Peoples Democratic Party (PDP) 36; Labour Party (LP) eight, New Nigeria Peoples Party (NNPP) two, Social Democratic Party (SDP) two, Young Progressives Party (YPP) and the All Progressives Grand Alliance (APGA) one seat each.

A simple majority of votes is required to win the seat of the Senate President when the parliament is inaugurated in June after the transmission of a letter of a proclamation by the President to the Clerk of the National Assembly.

Expectedly, the APC is doing everything possible to ensure that the 2015 scenerio does not repeat itself when a rebel group within the party led by Dr Bukola Saraki and Hon. Yakubu Dogara emerged Senate President and Speaker of the House of Representatives respectively against the party’s choice of Senator Ahmad Lawan and Hon. Femi Gbajabiamila.

Tinubu Akpabio Barau Kalu

Sustaining the Fight against Piracy in Nigeria's Maritime Environment

Despite the recent incidents of piracy in the Gulf of Guinea waters, the Nigerian Navy has been able to sustain presence of her capital ships at sea while employing her surveillance infrastructure to monitor shipping activities within its waters, thus maintaining the sanctity of the Nigerian Maritime Environment in the past 14 months. Chiemelie Ezeobi reports that the navy's effort in countering piracy and mitigating threats has boosted the overall socio-economic development of the nation

"The spate of piracy in the Gulf of Guinea (GoG) within the last 10 years reduced to an all time low in 2022. While concerted efforts are being made to reduce piracy within the GoG to its lowest minimum, two unfortunate incidences were recorded within the GoG in the last three (sic...four) weeks."

The above statement was issued in a recent press release by the Naval Director of Information (DINFO), Commodore AO Ayo Vaughan in reaction to the recent two piracy cases recorded in the GoG waters.

According to the release, the first incident which involved the hijack of Motor Tanker (MT) MONJASA REFORMER occurred on March 25, 2023 at a location144 nautical mile (nm) West-South-West (WSW) of Pointe-Noire, Republic of Congo and it was later discovered that the pirates abducted six crew members from the vessel.

The second incident on the other hand involved the hijack of MT SUCCESS-9 about 306 nm SW of Abidjan Fairway Buoy (FWB), Cote d’Ivoire on April 10 2023.

According to Vaughan, "It is pertinent to state that the NN vectored Nigerian Navy Ship (NNS) GONGOLA to rendezvous MT MONJASA REFORMER in company of NNS KANO and a French Warship to escort the vessel to Lome, Togo."

Nigeria's Rich Maritime Domain

By all parameters, Nigeria is blessed in rich

resources that should enable it thrive unhindered. Mineral resources such as manganese nodules, gold, iron, and copper, among several others, abound.

Beyond these, a close look at Nigeria's maritime domain lies the treasures of the oil and gas. These rich hydrocarbon deposits with proven oil reserves of about 37.2 billion barrels represents 2.9 per cent of total global oil reserves and the revenue accrued from this sector account for about 85 per cent of government revenues and largely from export earnings.

Meanwhile, according to the United Nations Convention on the Laws of the Sea, Nigeria's sovereignty lays claim to 12 nautical miles (NM) of Territorial Seas and 200 nm of Exclusive Economic Zone (EEZ).

Its coastline on the other hand is about 420 nm (778km), which translates into about 5,040 square (sq) nm (272 km) of sovereign territory and 84,000 sq nm (4,528,000km) of EEZ. But in real time, the nation's maritime interest covers the entire maritime area of the Gulf of Guinea (GoG), stretching from Dakar in Senegal to Luanda in Angola. Essentially, 1,500 commercial vessels either transit or visit ports in the GoG daily.

Broad Range Maritime Threats

However, despite the gifts the sea brings to mankind, the emergence of broad range of threats from non-state actors have been a clog in the wheel of progress.

From terrorism to piracy and Crude Oil Theft, Illegal, Unreported and Unregulated Fishing (IUUF) as well as proliferation of Small Arms and Light Weapons, in addition to the growing concern of cyber security in the maritime domain due to growing attacks on ships’ networks, communication and navigation systems create a new dimension of threat to maritime activities, indeed Nigeria is not an exception.

Given the diverse threats, it became expedient that the NN mapped out evolving strategies to counter them.

Sustained Presence at Sea in NME

Given that over 60 per cent of Nigeria’s external trade both in terms of volume and value are transported by sea, the safe passage of these ships as well as the goods further constitutes vital maritime interests.

Despite the two attacks on the GoG waters, it is pertinent to state nothing of such has occured in Nigerian waters in the past 14 months, little wonder why Nigeria was delisted from list of piracy- prone countries as conveyed in the International Maritime Bureau report of March 3, 2022.

Prior to this, the International Maritime Bureau (IMB) Global Piracy Report of July 14, 2021,

The Nigerian Navy has equally continued to employ her surveillance infrastructure to monitor shipping activities within the nation’s maritime environment and will continue to exploit intelligence to track activities of criminals in order to maintain sanctity of the Nigerian Maritime Environment

The air wing of the Nigerian Navy which gives aerial support during operations

Some of the several naval platforms deployed to keep the seas safe

Vice Admiral Awwal Gambo

Sustaining the Fight against Piracy in Nigeria's Maritime Environment

One

indicated that this is the lowest total of piracy and sea robbery against ships in 27 years. This report was corroborated by the Defence Web maritime security report of October 15, 2021 which noted further decline in reported cases of piracy and armed attacks against shipping. According to Vaughan, the NME continues to remain safe for maritime and economic activities, adding that the NN would continue to sustain credible presence at sea with its capital ships to deter any form of criminality. To sustain this, he said the operational bases have been directed to enhance efforts to dominate their Areas of Operations.

The DINFO said the NN has equally continued to employ her surveillance infrastructure to monitor shipping activities within the nation’s maritime environment and will continue to exploit intelligence to track activities of criminals in order to maintain sanctity of the Nigerian Maritime Environment (NME).

"To this end, the NN enjoins all seafarers to continue to carry out their legitimate businesses without fear," he added.

For those in the know, the sustained record by the Nigerian Navy was buoyed by the Chief of the Naval Staff (CNS), Vice Admiral Awwal Zubairu Gambo (CFR), who has been untiring towards propelling the Nigerian Navy to the next level of operational efficiency.

Always acknowledging the rich vastness of Nigeria's resources, the CNS is often wont to say that any impediment in Nigeria’s maritime environment would have undesirable consequences on the nation’s economic survival including Gulf of Guinea nations and by implication the entire African continent.

These, he said, are compelling reasons for the Nigerian Navy to adopt a robust operations concept for economic prosperity of Nigeria and by extension, the continent.

And by robust, he means the several naval platforms deployed to sustain presence at sea alongside the Maritime domain awareness infrastructure that gives results in real time. In terms of platforms, in the past seven years, the NN has procured 415 naval platforms of various classifications, including one landing ship tank and air platforms such as AW 139 Leonardo and A109SP helicopters as well as unmanned aerial vehicles.

They are also expected to take delivery of two by 76m Endurance Offshore Patrol vessels, two by 28m Fast Patrol Craft, and 40 by 9m Fast Patrol Boats and 80 Flat bottom Boats, as well as three new helicopters and four type EP 55 drones.

Multi-layered Total Spectrum Maritime Strategy

The Nigerian Navy over the years has been focused on capacity development in order to improve maritime security in Nigerian waters, and the GoG.

Therefore, to combat the threats in Nigeria’s maritime domain, the NN adopted the Total Spectrum Maritime Strategy (TSMS) to guide its operational engagements.

This concept of operations is based on a proactive layered response to five conflict spectrums characterised by distances to and from the coast.

The three operations commands of the NN are organised to carry out maritime security functions as required by the strategy. This is backed by the NN fleet, an array of sea and air platforms which is regularly rejuvenated in order to achieve a balanced mix of capabilities to meet threats amongst other commitments in the GoG region.

According to Vice Admiral Gambo, at a recent fora by Security Watch Africa Conference in The Gambia, the NN conceptualised the TSMS to project naval power over a wide range of threats, adding that the objectives are to deliver operations effects of Secure, Deter and Strike against internal spoilers, non-state actors and external aggressors through emplacement of a credible balanced fleet capable of an offensive-defensive posture.

Giving further breakdown of this spectrum, he said the strategy is based on proactive layered responses across five spectrums namely: Backwaters Operation, Territorial Waters, Exclusive Economic Zone, Out of Area Operations and Land Operations.

Essentially, the strategy is approached through a mutually reinforcing Trinityof-action with emphasis on maritime surveillance, response capabilities and enforcement of the nation’s maritime laws.

In terms of maritime surveillance, he said it entails deployment of Maritime Domain Awareness infrastructure, which include the Falcon Eye Alignment and Regional Maritime Awareness Capability.

"These systems serve as veritable force multiplier, ensuring that Nigerian Navy patrols are intelligence driven, cost effective and result oriented. The facilities also enable monitoring real time activities of vessels in order to identify those involved in illegitimate activities," he added.

Noting that response capability is crucial, Vice Admiral Gambo stressed that an appropriate response capability with the right mix of ships and air assets for interdiction operations to

interrogate Vessels of Interest and subsequently board, Search and Seize or effect arrest is expedient to adequately tackle piracy, sea robbery, resource theft and other emerging threats within the Nigerian maritime domain.

The last and perhaps the most important aspect of that spectrum is the law enforcement part. Unlike in the past where most of these pirates are released back into the society because of some lapses, the enactment of the Suppression of Piracy and Other Maritime Offences Act by the Federal Government of Nigeria in 2019 has actually done some wonders in the fight against piracy.

This legal framework has fostered Nigerian Navy’s collaboration with Maritime Law Enforcement Agencies to criminalise and prosecute maritime offenders and the law was recently tested with the conviction and sentencing of 10 pirates to 12 years imprisonment in July 2021.

Operation TSARE TEKU: Ensuring Zero Piracy on Nigerian Waters

The Nigerian Navy has different operations and exercises geared towards tackling different maritime crimes but when it comes to anti-piracy, Operation TSARE TEKU was tailored towards creating a safe and more secure maritime space for commerce to thrive.

Operation TSARE TEKU is a dedicated naval operation activated in April 2016 to contain threats of piracy and related attacks on shipping as well as Oil and Gas Installations.

Over the years, Operation TSARE TEKU have been effective in discharging its key derivatives by maintaining credible presence in identified piracy prone areas at sea and supported by aggressive patrols of the Nigeria’s maritime domain to curb piracy and other maritime crimes.

For the navy, its successes are worth boasting about given that since 2021, there has been a steady decline of piracy operations in its waters. In 2021, piracy operations dropped from 44 recorded

in 2020 to 11 in GoG waters where it patrols.

On the NME, 11 piracy and three sea robbery operations were recorded in 2021 compared to 22 pirate incidents and 16 sea robberies in 2020. For those in the know, this was a huge step in the decline of piracy in the region.

Confirming this, the International Maritime Bureau Global Piracy Report of 14 July 2021, indicated that “the lowest total of piracy and sea robbery against ships in 27 years”.

This report was corroborated by the Defence Web, which noted “further decline in reported cases of piracy and armed attacks against shipping”.

Undoubtedly, these eventually led to delisting Nigeria from list of piracy prone countries as conveyed in the International Maritime Bureau report of March 3, 2022.

Creditably, the Nigerian Navy has been able to sustain this feat as no pirate attack has been recorded thus far, and that was certainly not for lack of trying on the part of the pirates.

Sustaining the Momentum and Role of Collaborations

To be sure, the navy understands that the momentum can only be sustained through collaborations because no nation has proven itself completely capable of addressing maritime crimes alone, particularly piracy and terrorism.

For the NN, its active involvement in regional maritime security collaborative engagements under the auspices of the 2013 Yaoundé Code of Conduct, prioritises cooperation and information sharing between navies of Economic Community of West African States and Economic Community of Central African States.

Already, there is a Memorandum of Understanding for combined patrols of the common maritime domain between navies of ECOWAS Zone ‘E’ which comprise Benin Republic, Nigeria, Togo and the Gendarmeries of Niger Republic.

But beyond this, the NN deploys permanent representation to the Multi-national Maritime Coordination Centre in Benin Republic as well as a Rear Admiral to the ECOWAS Regional Centre for Maritime Security in Abidjan – Cote ‘d Ivoire.

Most importantly, member states of the African Union, in line with the AU Peace and Security Council Communique 1012 of June 23, 2021, are set to establish regional maritime task forces to combat maritime crimes within Africa’s waters, of which the NN is galvanising heads of GoG navies and coast guards.

To this end, a working document named ‘Port Harcourt Document” developed during the last International Maritime Conference is currently being considered as a roadmap for the operationalisation of the GoG Task Force.

Not done, the NN also designated two vessels and one helicopter for deployment to support ECOWAS Standby Force. But beyond this, it also established a Maritime Crime Investigation Desk manned by trained personnel to ensure they maintain credible intelligence on piracy and other related crimes as appropriate.

Essentially, these collaborations also help with comparing and sharing information and have further enhanced deterrence through sustained presence and seamless arrests of maritime criminals.

Therefore, since Nigeria’s economic prosperity is inextricably linked to a safe and secure maritime domain, it is pertinent to engender sustainable presence at sea to maintain the sanctity of the Nigerian Maritime Environment, as is being enjoyed at the moment.

of the several naval platforms deployed to keep the seas safe

One of the several naval security choke points at sea

Over the years, Operation TSARE TEKU have been effective in discharging its key derivatives by maintaining credible presence in identified piracy prone areas at sea and supported by aggressive patrols of the Nigeria’s maritime domain to curb piracy and other maritime crimes

The Special Boat Services whose expertise are often deployed in VBSS

This Week In Tech

Nigerian Male Tech Founders Making a Difference Beyond Nigeria

With a marginal market worth of $5.4 billion injected into the African startup space the year before, analysts seem to be sleeping on their predictions for 2023, as 2022 was a year filled with surprises. The good news is 2023 promises to churn out new players climbing the ladder of dominance in the fintech space as regards certain concentration on niche areas by emerging startups, with a high penetration of new products, funding, and a surge of startups in mainstream leadership positions as well as market expansion realities.

BRIEF GLANCE AT 2022

With the tactical employment of digital and telecoms structures that facilitate financial access to credits, payments, and investments in a democratic fashion, the fintech industry takes on a gap-filler role in providing segmental finance services in 2022. These services, according to Aelex 2022 Fintech Report, cut across Personal Finance (8.1%), Lending and Financing (19.7 %), Payment and Remittances (26.6%), Security & ID (2.3%), Insurtech (3.5%), Business Administration (6.9%), Blockchain (11%), Investtech (10.4), open banking (2.9%), and other (8.7%).

This led to about 107 Nigerian startups raising one-third of the continent’s take home, N951,606,344,700, from 2015 to August 2022. The sector ranked top as it commands about 38% of the total vertical income, followed by e-commerce, health tech and edutech. Based on this, the country was considered the best investment destination for tech investors in 2022. The industry was said to have suffered about a 55% drop in projected income due to the global withdrawal of funding for tech companies in general. Despite these harsh realities, the Nigerian tech startup Flutterwave still raked in a $250 million Series D round and other tech startups within the space.

FUNDING REALITIES IN 2023

With the presidential election behind us, investors are eagle-viewing potential startups that can mature their investments. This also projects that the headlines will have new names based on their funding securities and equity acquisitions. This further boils down to the all-round technical and monetary support the startups will have in their pockets.

Notably, of the top 100 richest people in the world, only one is a woman. Besides, women-led startups receive only two per cent of venture funding. Despite these disparities, men have dominated the tech industry for decades, with many successful male founders paving the way for innovation and entrepreneurship.

It is significant to explore the contributions of some top male founders in Nigeria’s tech industry.

KOLA AINA: FOUNDING PARTNER AT VENTURES PLATFORM FUND

Kola is a seasoned investor, entrepreneur, non-executive director and company chair, passionate about seeing startups grow. He is the founding partner at Ventures Platform Fund - a leading Pan-African early-stage venture capital fund. He brings demonstrable success from leading investment in over 90 companies in Africa, India and the US, including payments companies such as Paystack.

Recognised as an entrepreneur, technology operator, and investor with experience working in Africa’s most significant economic market, he brings expertise across several sectors, including venture capital, technology, media, agriculture, infrastructure, publishing, and real estate, with a substantial interest in the arts.

Through Ventures Platform Foundation, he works on advocacy, research, and social impact initiatives that support youth entrepreneurship, civic engagement, and innovation. He is the Founder of Ventures Park – a network of artsy innovation and co-working spaces.

He is a Tutu fellow and a mentor with various programmes, including - XL Africa, the World Bank Accelerator and Google Launchpad Accelerator. He is also a board member and advisory board member of various organisations ranging from ARM Financial Advisers, Iron Global Markets, and Reliance HMO - to name a few.

Kola is passionate about mentoring and advising young entrepreneurs to create solutions for mass underserved -marketsHe was also a speaker at Techcrunch’s first event in Nigeria, Techcrunch Startup Battlefield Africa 2019.

He has received multiple awards and has been featured in various lists such as The 20 most important people in Nigerian tech, The ten most influential people in Nigerian Tech and #YNaijaPowerList2018 for Technology and many more.

OLUWATOMI SOLANKE: TROVE FINANCE

Tomi is a technology entrepreneur with experience working in Africa’s largest economic market. His prior entrepreneurial

experience spans several sectors, including technology, logistics, media, and real estate. He is the Founder and CEO of Trove Finance, a mobile and web platform that allows Africans “own the globe” by investing in stocks on multiple exchanges globally, such as the NASDAQ, NYSE, and NSE, to mention a few.

At Trove Finance, Mr Oluwatomi Solanke is responsible for all major corporate decisions, handles multiple operational strategies, and is the company liaison between the board of directors and investors. He has led the company to become one of the fastest growing fintechs in Nigeria, processing significant volumes in monthly transactions and growing the reach of the product to a community of over 300,000 Nigerians in about three years. He is an alumnus of the inaugural class of 1,000 entrepreneurs in the $100 million Tony Elumelu Foundation Entrepreneurship Programme (TEEP), a Young African Leaders Initiative WA fellow, an Ecobank Fintech fellow, as well as a LEAP Africa 2018 Social Innovator.

Oluwatomi has a decade’s experience building, growing, grooming and advising technology startups. Additionally, he is extremely passionate about youths and innovation and actively serves in multiple dimensions across his community, such as serving as a volunteer with the Red Cross, Lagos food bank and as a mentor with Tony Elumelu Foundation Entrepreneurship Programme (TEEP) and Founders Institute, the world’s largest pre-seed accelerator. Oluwatomi is a technology enthusiast who loves talking about new technologies and gadgets and is passionate about startups.

JOHN OAMEN: LIVEVEND BY CUTSTRUCT

As the co-founder and CEO of LiveVend By CutStruct, John Oamen is determined to transform the construction industry in Nigeria using innovative technology and data-driven solutions. He is on a mission to promote transparency and eliminate inefficiencies in the construction industry, paving the way for a brighter and more sustainable future.

With a real estate and construction background, John’s experience exposed him to the many challenges plaguing the industry, particularly in Nigeria. Fuelled by his belief in inspirational leadership, he founded CutStruct.

Under his leadership, the formidable CutStruct team of professionals was born. Together, they are raising the bar for construction in Nigeria, providing access to price insights, a marketplace for procurement of construction materials, and a monitoring tool for construction projects. With over $700,000 in pre-seed funding, LiveVend By CutStruct is leading the charge towards more efficient, transparent and sustainable construction practices in Nigeria. Notable among their investors are DFS Lab and Tofino Capital, recognising the game-changing potential of Oamen’s vision. As an advocate for sustainable construction, LiveVend By CutStruct is committed to reducing its carbon footprint and minimising sustainability risks. Oamen and his team work closely with top players within the construction industry in Nigeria to push the use of eco-friendly materials and promote sustainable building practices.

Oamen passion for creating positive change does not stop at the construction site. He is a mentor at Join The Journey, a US-based non-profit organisation providing training and small business loans to female entrepreneurs. He is also a member of Premia Business Network, a community of thought leaders in business and innovation.

FEJIRO HANU AGBODJE: PATRICIA TECHNOLOGIES

He is the founder and CEO of Patricia Technologies Limited, a fintech solutions provider company duly registered by Nigeria’s Corporate Affairs Commission (CAC) with RC Number 1484208. He is a serial entrepreneur who draws experiences from business tours in the UK, Asia, the Middle East, and other African countries as he introduces unique positive markers that will drive user experience and excellence in service delivery to the next level in Africa and beyond.

His dream to make Africa the most desirable place for innovative transactions and change the world gave a thought to starting a giftcard exchange company, which eventually birthed the fintech business in 2017. This reality is known as PATRICIA, which now has offices in Ghana, the United Kingdom, USA, UAE and Asia. Patricia is focused on improving users’ experience in the fintech and crypto space whilst consistently guiding the development of her products, one of which was Africa’s first-ever Bitcoin debit card. Recently, she launched new products and partnerships intending to make its platform a one-stop shop for convenience, leading to over 300,000+ unique sign-ups within a year and over 10,100,000 unique transactions across all products and services.

FEHINTOLU OLAOGUN: CREDPAL

Fehintolu Olaogun cofounded CredPal in 2018 with his partner, Olorunfemi Jegede, and currently serves as its CEO. His role at CredPal involves spearheading external operations and executing long-term strategies that have led to the company’s growth and success. Under his leadership, CredPal has become a leader in the financial technology industry, offering innovative credit solutions to individuals and businesses across Africa.

Fehintolu is passionate about leveraging technology to create lasting solutions to bring impactful change in emerging markets. Before CredPal, he cofounded Exolve Technologies, a leading technology company providing enterprise solutions for organisations across Africa. Driven by a passion for technology and entrepreneurship, Fehintolu seeks new challenges and opportunities to make a positive impact on society. As an experienced software developer and CEO, he inspires and mentors young entrepreneurs, helping them realise their dreams and achieve their full potential.

SHOLA AKINLADE: PAYSTACK

Shola Akinlade is a Nigerian software engineer and entrepreneur. He is the cofounder and CEO of Paystack, the company that was acquired by Stripe in 2020 for $200 million. Akinlade’s company Paystack was a part of startup accelerator YCombinator’s 2016 batch of startups.

It was the first Nigerian company to receive startup capital from YCombinator. Paystack provides businesses and companies a platform to accept payments via credit card, debit card, money transfer, and mobile money on their websites or mobile apps. The company helps businesses in Africa get paid online and offline. They are based in Lagos, Nigeria, and California, United States.

Paystack was launched in January 2016 by Shola Akinlade and Ezra Olubi.

The acquisition by Stripe was the highest acquisition of a Nigerian startup at the time. The acquisition was a surprise and as well an encouragement to most companies in the technology sector in Nigeria.

Shola Akinlade claimed that Paystack was not actually interested in selling, but the offer from Stripe was too good to refuse. y

In 2022, Akinlade founded a football club, Sporting Lagos FC, which he notes is a platform for community development and social change. In October 2022, Akinlade was conferred with the officer of the Order of the Niger (OON) by President Muhammadu Buhari of Nigeria in recognition of his contributions to advancing technology in finance and business.

BABS OGUNDEYI: KUDA BANK

Ogundeyi is the Chief Executive Officer and cofounder of Kuda Bank. Kuda Bank is the first full-service digital bank in Nigeria. Ogundeyi founded Kuda with a mission to make banking more accessible while being cheap. He has worked as an auditor and given his service to some of the biggest banks in Africa.

Kuda Bank, initially ‘Kudi Money’, is a free digital bank in Nigeria established in 2017 and based in London. Kudi Money was rebranded to Kuda Bank after it was licensed by the Central Bank of Nigeria (CBN) in 2019.

From October 2002 to March 2010, Ogundeyi worked as an engagement manager at PriceWaterCooper (PWC). He directed audits and advisory engagements of many African banks. He has also performed auditing for some financial service organisations.

Ogundeyi was also the special adviser to the Oyo government on finance from 2011 to 2015. As a special adviser, he served as head of the state’s microfinance bank, transforming it from a $2 million loss position into a profit-making entity within four years. He was also responsible for raising capital in the state and successfully led the largest Bond raise in the state’s history – a 55 billion bond programme. Babs also successfully set up the public-private partnership office and debt management office and created products to boost internally generated revenue effectively.

As a value-driven entrepreneur, Ogundeyi also cofounded Motor Trader Nigeria, the first classified car magazine in Nigeria, sold to a major newspaper company after one year of launch.

Ogundeyi is recognised as one of Nigeria’s top 10 COVID-19 innovators for his efforts to curb the pandemic’s adverse effects. In 2020, his mobile banking outfit launched a 1.5 million COVID-19 fund catering to the less privileged in Lagos.

OLUGBENGA AGBOOLA: FLUTTERWAVE

Olugbenga Agboola, popularly known as ‘GB, is a Nigerian software engineer and entrepreneur. He is the cofounder and chief executive officer of Flutterwave.

The founders were two Nigerians: Iyinoluwa Aboyeji and Agboola. The company headquarters is in San Francisco, California, in the United States, but it operates in Nigeria, South Africa, Ghana, Kenya, and other African countries.

RATES AS AT APRIL 28,2023

Despite Domestic, Global Economic Uncertainty,

9 Banks Declared

N346bn Pr ofit in Q1 2023

Interest income up 45% on MPR Access emerge most profitable financial institution

Kayode Tokede

Domestic and global economic uncertainty not withstanding, 9 deposit money banks in the country declared N346 billion profit after tax in the first quarter of (Q1) 2023, an increase of 29.3 per cent over N267.69billion reported in the first quarter of 2022.

Nigeria’s fragile economy, which has been in and out of economic recessions in the last six years, experienced depressing scarcity of naira notes with currency in

circulation hitting its lowest in 14 years in Q1 2023.

Also, Nigeria’s inflation rate accelerated to 22.04 per cent in March 2023 from 21.82 in January, fuelled essentially by the cost of energy, food, and naira scarcity, according to the National Bureau of Statistics (NBS).

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) had stated that the increase in the MPR was to further tackle inflation rate. However, experts say the new

rate would have a counter-effect on businesses and by extension, the larger economy.

So far, a total of 9 banks have released unaudited first quarter ended March 31, 2023 result and accounts to the Nigerian Exchange Limited (NGX), with Access Holdings Plc leading the chart as most profitable financial institution in Nigeria.

Other banks that have released unaudited Q1 2023 are: Zenith Bank Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank

for Africa Plc (UBA), Ecobank Transnational Incorporated (ETI), Wema Bank Plc, Union Bank of Nigeria Plc, FCMB Group Plc and Stanbic IBTC Holdings.

The 9 banks reported N1.14 trillion interest income in Q1 2023, an increase of 45 per cent from N788.2 billion in Q1 2022, amid Central Bank of Nigeria (CBN) hike in Monetary Policy Rate (MPR) to 18 per cent.

THISDAY analysis of the banks’ results showed that Access Holding declared N71.66 billion profit in

Q1 2023, an increase of 24 per cent from N57.83billion in Q1 2022,while Zenith Bank in Q1 2023 posted N66.01billion profit after tax, an increase of 13.43 per cent in Q1 2022.

GTCO came third as the most profitable bank, declaring N58.17billion profit after tax in Q1 2023, an increase of 35 per cent from N43.21billion reported in Q1 2022.

UBA in the period declared N53.6billion profit after tax in Q1 2023, an increase of 29 per

cent from N41.5billion in Q1 2022. Group Managing Director/ Chief Executive Officer, UBA, Mr. Oliver Alawuba, in a statement said despite the high inflationary, and challenging global environment, Group was able to leverage the uptick in interest rates and improved digital offerings, in growing funded and non-funded income.

According to him, “For 2023, we remain committed to improving

Continued on page 25

CBN: Credit to Private Sector Increased to N43.07trn in Q1 2023

Nume Ekeghe

Despite economic challenges, political tensions, fuel and naira shortages that slowed down business activities in Q1 2023, credit to the private sector hreached an all-time high of N43.07 trillion, with expectations of a further increase in the year.

In contrast, business conditions in the country deteriorated sharply, while prices climbed and borrowing costs hit a new record high.

According to the Central Bank of Nigeria (CBN), lending to the private sector in Nigeria rose to

N43.07trillion in the first quarter (Q1) indicating an increase of 3.7 per cent or N1.5trillion in the first quarter of 2023.

The growth rate, the CBN said, was slightly higher than the 3.65 per cent or N1.28trillion increase recorded in Q1 2022.

Although credit growth slowed in January and February 2023, and foreign direct investment decreased in 2022 due to the US dollar shortage, lending to the private sector in Q1 2023 increased by 18.1 per cent or N6.6trillion Year-on-Year (YoY) from N36.5trillion in Q1 2022.

The Deputy Governor, Economic

Policy, CBN, Kingsley Obiora, in his personal statement at the first Monetary Policy Committee (MPC) meeting of 2023, attributed the increase to the CBN directive on Loan-to-Deposit Ratio (LDR), which has encouraged banks to increase lending to the real sector of the economy, and business strategy and competition.

According to him, “The increase in credit to the key sectors of the economy is expected to bolster aggregate demand and promote economic growth, job creation, and poverty alleviation.”

Also, the Deputy Governor,

Financial System Stability, CBN

Aisha Ahmad noted that the financial system has provided significant support for needed domestic economic resilience amidst global shocks and remained strong into 2023.

In the same vein, the money and credit statistics of the CBN revealed that Money supply, known as M2, has risen to all-time high of N54.19trillion in March 2022 as the despite the redesign the current banknotes.

Data from the CBN website showed that money supply, which is the total stock of money

circulating in an economy, rose by 2.4percent Month-on-month from N52.92 trillion in February 2023 to N54.19 trillion in March 2023.

The year-to-date, money supply increased by 2.6 per cent from N52.84 trillion in January 2023

Money supply consists of quasimoney, currency outside banks and demand deposits.

A breakdown of the money supply from the data shows that quasi-money – assets that are highly liquid and can easily be converted to cash – went up by 2.74percent year-to-date to N32.84 trillion in March 2023 compared to N31.96

trillion in February this year.

Currency outside banks increased to N1.45trillion in March 2023 from N843.3billion reported by CBN in February 2023.

Demand deposits – money deposited in a bank account that can be withdrawn on demand without advance notice – dropped to N19.91 trillion in March 2023 compared to N20.11 trillion in February this year, representing 1.04 per cent MoM decline.

The increase shows the impact of the Supreme Court Order that

Continued on page 25

NB Shareholders Approve N13.87bn Dividend, €110m Intercompany Loan

Kayode Tokede

Shareholders of Nigerian Breweries

Plc, have unanimously approved the dividend payout of N13.87 billion for the 2022 financial year. The dividend was approved by shareholders at the company’s 77th Annual General Meeting (AGM) held in Lagos recently.

The shareholders equally authorized an intercompany loan of 110 million euros from Heineken International, which is meant to settle foreign currency-denominated payment obligations of the company.

Speaking during the meeting, the outgoing Chairman of the company’s Board of Directors, Chief Kola Jamodu, explained that each shareholder would receive a final dividend of N1.03 having earlier received an interim dividend of 40k that was approved in October 2022.

Jamodu noted that despite the market’s competitive nature, the company maintained its market leadership position while ensuring value to the business and its esteemed shareholders. He said

Ebere Nwoji

The Managing Director/Chief Executive Officer, Leadway Assurance, Tunde Hassan-Odukale, has said that the Agricultural sector which contributed 26.97 percent to the National GDP in 2022, stands the most vulnerable sector to flood devastation imminent in this year’s rainy season as predicted by the Nigeria Meteorological Agency (NiMET).

Odukale therefore cautioned Nigerians against ignoring the early warnings on weather especially rain fall and flooding issued by the relevant weather monitoring and emergency management agencies of government for this year’s rainy season.

He gave the warning in a statement he issued in reference

that the company had demonstrated strong resilience under difficult economic circumstances, which were occasioned by inflation and low disposable income.

Speaking on the loan, he stressed that it was necessary at this time to help the company address the challenge of forex and pay off some of its overdue foreign currency denominated payables. This will help to ensure that there is no disruption in its operations due to a shortage of imported raw materials as its procurement agent would have stopped its services as a result of the overdue payables.

“Forex loss was a major impact on our profitability in 2022. Access to Forex continues to be a major issue for NB Plc. The increase in our trade payables has been driven majorly by outstanding payments to our foreign trade partners due to unavailability of forex at the official windows”, he said.

Some of the shareholders who spoke at the meeting described the payment of dividends to shareholders as commendable

despite the myriad of challenges confronting the business.

One of the shareholders who spoke at the event, National Coordinator, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, applauded the board and management of the company for managing the business effectively, as reflected in the improved performance in profit and revenue recorded by the company for the 2022 financial year.

Also speaking, another shareholder - the Chairman Emeritus, the Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, lauded the company’s management for its financial performance despite the challenging macroeconomic outlook.

While commending the company for the payment of dividends to shareholders, Nwosu hailed the current leadership for demonstrating immense capacity to drive the company to greater heights with some of the bold decisions taken in the course of the 2022 financial year.

Safety of Pension Savings Under CPS: Role of Pension Fund Custodians

The Pension Reform Act (PRA), 2004, which introduced the Contributory Pension Scheme (CPS) for public and private sector employees, was a direct outcome of the efforts to address the challenges that bedevilled the various pension schemes in Nigeria before 2004. These challenges included unsustainable outstanding pension liabilities, weak and inefficient pension administration, and low coverage of workers in the private sector.

to the weather forecast issued concerning this year’s rainy season by the Nigeria Meteorological Agency (NiMET).

To cushion the effect, he said his company has designed insurance policies to help victims of devastating flooding recover from the massive financial losses, which experts estimated at over N4.2 trillion.

Last year, the Nigeria Meteorological Agency (NiMET) issued a grim forecast saying that 2023 would witness an early onset of rainfall accompanied by flooding.

According to the agency, effect from March, coastal areas in the South-South, particularly Bayelsa, Akwa Ibom, and Rivers State, will experience downpours; Southern Inland cities will see precipitation in April, while central states will

see rain in May.

NiMET also predicted extended rainfall in Gombe, Kaduna, Kwara, Enugu, Anambra, Ogun, and Lagos states, adding that between June and July, the northern states of Sokoto, Kebbi, Zamfara, Kano, Katsina, Jigawa, Yobe, and Borno would experience the beginning of rain, which would peak between July and September”.

According to federal authorities, the 2022 floods resulted in 662 deaths across 33 states as the deluge of rain washed away years of investments in agriculture, hundreds of hectares of farmlands, and properties was estimated at trillions of Naira. The federal government estimated that over 2 million Nigerians were displaced and that the national economy lost well over N4.2 trillion to the floods.

‘Incompetence, Lack of Expertise Led to Poor Performance of Arik Air Under AMCON’

Chinedu Eze

Lack of competence and expertise have been attributed to why Nigeria’s prime airline, Arik Air became moribund under the management of Asset Management Corporation of Nigeria (AMCON) and went down from having 3, 258 workers in 2017 to 500 and from 27 aircraft to barely operating five currently.

Arik Air was not only the biggest airline in West Africa then, it was also the airline that operated brand new aircraft and was reputed for its safety record but today, the airline has become almost moribund under the receivership of AMCON.

An insider and part of the founding management of the airline

told THISDAY that incompetence, not understanding the aviation business were the major reasons why the airline went down from a major player to a struggling carrier.

“By the time AMCON took over Arik Air there were critical decision to be made about the airline operations. They needed to inject funds into the company to sustain it. Few months after its takeover some of the aircraft inherited were due for checks; so, the priority was supposed to be how to carry out checks on the aircraft but because they lack the expertise, their attention was drawn to other issues, like negotiating the loans with international financiers. The new management under receivership

was supposed to be talking with engine manufacturers and lessors because what should be their objective was how to put the airline back to full operation and how to come out of receivership, but somehow they didn’t know the right thing to do and suppliers lost fate in them; a situation that made things very difficult,” he said.

Informed source said AMCON inherited 17 airworthy airplanes. Three out of these number needed minor repairs. The first one needed its nosewheel to be changed. The second one needed a change of its pitot tube, which is used to measure the speed of the wind and the third one needed its main wheel at the back to be changed.

Firm Launches Jinja App to Enhance Sales of Farm Products

Emma Okonji

Isidore Agritech Limited has launched the Jinja Marketplace App that will connect buyers and sellers on a digital platform, to trade on fresh and quality farm products directly from the farm across Nigeria.

Speaking at the launch, the Vice President, Business Development and Partnerships, Isidore Agrictech

Limited, Pamela Adie, said most times, the farmers would struggle to transport their farm produce to the physical market for sales and in the process, some perishable items that could not be properly preserved, got spoilt before they were sold. Some farmers would have to return their products if they could not get ready buyers in the physical marketplace. But with the Jinja platform, all that

challenges will be addressed, as the platform connects willing buyers and willing sellers together for easy and timely trade transactions.

Product Manager, Isidore Agrictech Limited, Gbolahon Fawale, who gave further details about the features of the app, said the online platform has the USSD code feature, the Agent App feature and the Jinja marketplace feature.

Establishing a supervisory and regulatory framework superintended by the National Pension Commission and licensing Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) were essential steps in implementing the CPS. PFCs are mainly responsible for keeping safe custody of pension assets on trust on behalf of contributors. Therefore, PFCs are vital to the safety of pension funds assets. The following are the functions of PFCs under the CPS:

CUSTODIAN OF PENSION FUNDS AND ASSETS

PFCS are solely responsible for keeping the pension funds and assets in safe custody on behalf of the PFAs and the trust of Retirement Account Savings (RSA) holders. At this juncture, it is essential to state that PFCs undergo rigorous licencing requirements issued by PenCom before being licensed as pension custodians.

RECEIVING PENSION CONTRIBUTIONS ON BEHALF OF PFAS

PFCs receive the total monthly contributions that are deducted and remitted by employers for the credit of the RSA of the employee. PFCs are mandated to inform the PFAs of the receipt of such contributions within 24 hours.

SETTLEMENT AND CLEARING ON BEHALF OF THE PFAS

PFCs are responsible for executing investment decisions on behalf of the PFAs. When a PFA decides to invest in a particular asset, it advises the PFC to pay the counterparty. In addition, where a PFA chooses to sell investments to realise a profit, the PFC will receive the consideration on behalf of the PFA. Furthermore, the PFC is also responsible for benefit payments to beneficiaries as advised by the PFA, accompanied by the requisite approval of PenCom.

CORPORATE ACTION ADMINISTRATION AND PROXY VOTING

The PFC is responsible for protecting the interests of the PFA in corporate actions declared by companies in which pension funds are invested. PFCs advise PFAs on Annual General meetings of such companies, represent the PFA at such AGMs, and ensure that PFAs’ voting instructions are carried out.

INCOME COLLECTION

The PFC is responsible for collecting all incomes from pension fund investments made by the PFA. The PFCs calculate, collect and track all outstanding income on behalf of the PFA. Regarding fixed-income investments such as time deposits with banks, FGN and Corporate bonds, the PFC ensures that interest and coupon incomes are accrued daily and redeemed as and when due. It also collects dividends when declared.

REPORTING TO PENCOM AND THE PFAS

The PFCs maintain proper books of account and render periodic returns to PenCom, which ensures adequate supervision. In addition, the PFC also renders reports to the PFA on the custodial services it provides. These reports enable a reconciliation to be carried out between the records of both operators.

It is important to note that the PFCs are the only licensed bodies that can perform the functions stated above under the strict supervision and monitoring of PenCom. Three (3) approved Pension Fund Custodians are in the pension industry: First Pension Custodian, United Bank for Africa Pension Custodian and Zenith Pension Custodian.

PFCs are licensed by PenCom after satisfying rigorous licensing criteria. It is pertinent to note that Commission considers applications for a license to operate as a PFC from entities that fulfil the requirements enshrined in Section 62 of the PRA 2014. The applicant company must be wholly owned by a licensed financial institution with a net worth as may be determined by the Commission from time to time. In addition, the parent company must guarantee the total value of pension assets held by the PFC.

In conclusion, the structures put in place to ensure the safety of pension assets through the PFCs have re-defined Nigeria’s pension landscape. As of February 2023, registered contributors have grown to 9.91 million. Furthermore, the total pension fund assets under the CPS have grown to N15.44 Trillion as of Feb 2023.

PenCom remains committed to regulating and supervising all PFCs in Nigeria effectively.

PENCOM DG, Aisha Dahir-Umar

‘Agric Sector Stands Most Vulnerable to Flooding Risk in 2023’

Access Holdings: Leveraging on African Expansion to Drive Customers’ Deposits, Loans

Kayode Tokede

Access Holdings Plc inroad into emerging Africa’s strongest financial market with the reflection in its total assets that was driven by significant increase in customers deposits and loans & advances to customers.

The expansion in total assets has continued to yield a massive return for its investors as the group proposed a final dividend of N1.30kobo per ordinary share of 50kobo each on the 35,545,225,622 issued ordinary shares of 50k each (Interim dividend of N0.20 kobo).

This brings total dividend payout in 2022 to N1.50 from N1.00 paid to shareholders in 2021 financial year.

The Pan-African financial institution in its audited statement for period ended December 31, 2022 announced N15trillion in total assets, an increase of per cent from N11.73trillion in 2021.

The Group between 2018 and 2022 has grown total assets by 202.74per cent, attributable to its expansion in over 10 African countries.

The Holdings ended the year with over 58 million customers across the extensive network of subsidiaries and business verticals, bringing its customer deposits to N9.25 trillion in 2022, with CASA mix up by five per cent, to 63per cent as a result of leveraging innovation, digital technology and financial inclusion to mobilize sustainable low-cost deposits.

Access Holdings in 2021 reported N6.95 trillion customers deposits from N5.59trillion reported in 2020.

Term deposits grew to N3.46trillon from N2.89trillion with (20 per cent y/y growth), as the management locked in rates to mitigate

the prevailing interest rate environment

CASA account deposits stood at N5.78trillion in 2022 from N4.1trilllion in 2021, accounting for 63per cent of customer deposits.

This is due improved customer acquisition, leveraging technology and innovation and expanded agency network to increase financial inclusion.

It reported N5.1trillion loans and advances to customers in 2022, an increase of 23per cent from N4.1trillion reported in 2021.

The FCY as a share of the loan book increased to 23.7per cent in 2022 from 19.7per cent in 2021. The Group’s loanto-Funding ratio closed at 58.7per cent as at from 50.8 per cent in 50.8 per cent, reflective of a healthy and cautious growth in the loan book.

Amid challenges where it operates, Access Holdings asset quality continues to improve, with Non-Performing Loan (NPL) ratio down to 3.1 per cent in 2022 from four per cent in 2021. This is hinged on proactive post - disbursement monitoring and robust risk management practices.

Also, 89per cent of gross loans in stage 1 classification underpinned by strong asset performance and minimal credit risk in the loan portfolio.

Diversified growing franchise drive top-line performance during turbulent times

Access Holdings grew gross earnings by 43 per cent to N1.39trillion in the period under review from N971.9billion, comprising of 60per cent of interest income and 40per cent in non-interest income.

CAGR increase of +35 per cent over the past 3 years, which denotes sustained

growth and value accretion in the business

Interest income drivers that gained 37 per cent to N827.3billion in 2022 from N601.65billion in 2021 was a 21per cent increase in interest on Loans and Advances to N481.2billion from N399.2billion in 2021 despite the high inflationary environment, increase in interest income was driven by a corresponding growth of 25per cent in the loan portfolio.

Also, a 64per cent increase in Interest Income from Investment Securities to N333.8billion from N203.7billion also contributed to significant increase in interest income.

Interest expenses stood at N467.8billion in 2022, representing an increase of 56 per cent from N300.24billion in 2021.

The group closed 2022 with N566billion Non-Interest Income, driven by a 131per cent growth in trading income to N335.5billion from N145billion in 2021.

Overall Cost to Income ratio improved by 92basis points to 57.9 per cent in 2022 from 58.8 per cent in 2021, as revenues grew, the management doubled down on cost containment strategies, and continued with investment in Infrastructure & Technology to support scale and next phase of growth.

Impact of the continuous investment from the last strategic cycle, beginning to show in strong growth across all revenue lines Growth in operating expense by 35per cent to N502.4billion from N370.9billion in 2021 driven by the double - digit inflationary environment pushing up wages, growth in regulatory fees, impact of FX devaluation, Full year

impact of three new banking subsidiaries recognized in 2022.

In addition, there was an increase of 20.71 per cent and 46.98per cent in personnel expenses and other operating expenses to N116.62 billion and N341.32 billion, respectively.

These factors put together led to a decline in bottom-line as profit before tax and profit after tax fell marginally by 5.04per cent y/y and 5.01per cent to N167.68 billion and N152.20 billion, respectively.

Likewise, profit settled 4.6 per cent lower to N152.90 billion in 2022, despite the lower income tax expense (-10.4per cent) in the period.

CONCLUSION

Analysts at InvestmentOne Research said, “Despite the growth in earnings, the decline in bottom-line can be attributed to the spike in impairment cost on financial assets.

“Going forward, we believe that the company will further leverage on its Holdco structure to boost earnings in the coming period, thus we expect the impressive earnings growth to be sustained. Hence, Access Corporation remains a notable opportunity in the banking sector.”

Also, analysts at Cordros Research in a report said, “While the revenue expansion in the period was impressive, Access Corporation’s exposure to the GoG’s debt pressured its profitability growth in 2022FY.

“Going into 2023E, we believe the group will deliver a positive financial performance, given the strong execution of its digitization and retail-led strategy in the Nigerian market, coupled with the leverage of its Holdco status to boosts earnings growth. Our estimates are under review.”

DESPITE DOMESTIC, GLOBAL ECONOMIC UNCERTAINTY, 9 BANKS DECLARED N346BN PROFIT IN Q1 2023

the Group’s performance as we strategically position our entities to take advantage of emerging developments within their jurisdictions and across the globe. We will continue to deliver excellent rewards to our stakeholders.”

The group’s Executive Director, Finance and Risk, Mr. Ugo Nwaghodoh, attributed the Q1 2023 performance to resilience and commitment towards delivering value and enhancing the confidence of its customers, stakeholders and the wider public notwithstanding the competitive landscape and current global trend in the industry.

2023 is hinged on its continuous improvement and growth in gross earnings and balance sheet size as gross earnings grew by 47.5per cent year-on-year to N271.2billion and total assets up by 4.6per cent to N11.4 trillion from N10.9 trillion as at December 2022, ” Nwaghodoh stated. ETI, a pan-African bank announced N40.41billion profit in Q1 2023, an increase of 5.4 per cent from N38.32billion in Q1 2022.

the resilience of our pan-African diversified business model, efficiency, balance sheet stability, deep customer relationships and the hard work of our 14,000+ Ecobankers.

“Net revenues grew 11per cent, or 34per cent if you strip out the effects of translating the performances of our affiliates in their local currencies into US dollars, with revenue momentum robust across all our businesses.

million were flat due to currency movements but up 31per cent at constant currency.”

start to 2023 with encouraging Q1 results. The strategy we put in place is working. We still have a long way to go, as we have ambitious targets. However, we are committed to developing the right balance between convenience and security.”

“The impressive performance of UBA Group in first quarter

The CEO of Ecobank Group, Jeremy Awori in a statement said: “Our results for the Q1 2023 showed progress despite the challenging global and regional macroeconomic environment.

Once again, we have demonstrated

“Furthermore, continued efficiency gains catalysed the growth in pre-provision, pre-tax operating profits by 13per cent, a key metric for assessing the Company’s earnings power. However, profits before tax at $125

On its partm, Stanbic IBTC Holdings reported N28.86billion profit in Q1 2023 from N15.07billion in Q1 2022 (an increase of 92 per cent); Union Bank posted N12.63billion profit in Q1 2023, an increase of 128 per cent from N5.55billion in Q1 2022; FCMB Group announced N9.3billion profit in Q1 2023 from N5.2billion in Q1 2022 and Wema Bank declared N5.38billion profit in Q1 2023, an increase of 88 per cent from N2.86billion reported in Q1 2022.

Chief Financial Officer, Union bank, Mr. Joe Mbulu said, “We are delighted with our financial performance because it came on the backdrop of a slow first quarter, occasioned by the general elections, the pushback of the naira redesign policy and persistent macroeconomic headwinds.

billion in Q1 2022 on the back of deepening revenue from our core business – corporate, SME and retail; whilst operating expenses increased by 10per cent to N19.83 billion against N17.97 billion in Q1 2022, majorly due to the high inflationary environment, increased power cost and increased in nondiscretionary regulatory cost.

Commenting, the MD/CEO, Union Bank, Mudassir Amray in a statement said, “A great

“Net operating income after impairments increased by 34per cent to N32.65 billion from N24.32

“As we progress into the year, we will continue to leverage technology to improve our efficiency and drive our noninterest income. As a result, we are confident of delivering more value to our shareholders and outperforming our Q1 returns on equity and assets, which stood at 16.9per cent and 1.8per cent, CBN:

CREDIT TO PRIVATE SECTOR INCREASED TO N43.07TRN IN Q1 2023

trillion in March 2023, representing a 71per

cent rise from N982 billion in February 2023.

The sudden announcement of

the redesign project surprised the financial markets, analysts, and even the finance minister,

triggering a wave of uncertainty and heightening speculative activity against the naira in the

parallel market as many hoarders rushed to offload their naira stockpiles.

Giant Strides of Bank of Industry

When the Bank of Industry announced the growth of its asset base beyond the N1 trillion mark, it was a historic achievement among Development Finance Institutions in the country. With the announcement in 2018, came high expectations of the bank’s growth trajectory in the years ahead.

“For the first time in the bank’s history, we surpassed N1 trillion in asset base. The Group’s profit was over N36 billion. For a bank that is owned by the government, it is a very good result,” Mr Kayode Pitan, the Managing Director, said.

The Bank’s Chairman, Alhaji Aliyu Abdulrahman Dikko, confirmed the achievements in his details of the bank’s financial results, which included: a 30 per cent increase of N36.7 billion profit before tax, compared to the N26.4 billion made in 2017, a growth of the Group’s total assets by 49 per cent to N1.07 trillion from N713.3 billion in 2017; as well as improvement in total equity which increased by 12.5 per cent year-on-year to N258.3 billion from N241 billion in the previous year.

However, the high hopes of the bank to build on these achievements and its resilience were soon to be tested in a global economic storm with strong headwinds.

In 2020, the national economy shrank by 1.8 per cent, its most profound decline since 1983. The COVID-19 crisis drove the economic slowdown and intensified risk aversion. This was heightened by low oil prices and shrinking foreign remittances.

With economic activities grounded by COVID-19 and many businesses struggling for survival, the Bank of Industry, as a development financial institution catering to thousands of Micro, Small, and Medium Enterprises (MSMEs) as well as large enterprises, came under additional pressure because it also had to support its numerous customers to survive.

Despite these challenges, by 2022, the bank’s financial results and further achievements told the story of resilience and remarkable success, of its Board and management.

2022 RESULTS

The BOI continued its consistent trend of reporting appreciable growth in major financial indices on a year-on-year basis, thus consolidating its position as Nigeria’s largest and most impactful Development Finance Institution.

Gross earnings grew by 15.4 per cent to N212.96 billion in 2022 from N184.55 billion in 2021. Also, interest income improved by 21.1 per cent in 2022 to N212.96 billion from N175.83 billion in the previous year. Revenue from customer loans and investments were responsible for this growth.

Profit before tax improved by 15.6 per cent to N71.99 billion in the year from N62.28 billion in 2021. A remarkable growth in interest income and other income lines, alongside the reduction in impairment charges, facilitated this appreciable growth.

Total equity grew by 11.7 per cent to N429.83 billion from N384.85 billion in 2021, while loans and advances improved by 3.2 per cent to N805.46 billion from N780.48 billion in 2021.

THE PITAN YEARS

Since his commencement in 2017, the leadership of Kayode Pitan has demonstrated commitment and innovativeness that has improved the bank’s fortunes.

* The bank’s total assets have grown by an impressive 248 per cent between 2016 and 2022, reaching N1.71trellion by the end of 2021 and closing at N2.38 trillion as of December 2022.

* BOI has also grown its equity position by 95 per cent since 2016 – from N220 billion to N430bn ($935mn) in December 2022, exceeding the regulatory requirement of N10bn ($ 26mn) for retail DFIs

* Profit before tax (PBT) jumped by 325 per cent between 2016 and 2022, from N17 billion to N72 billion. The bank has contributed to the national budget by paying dividends of approximately N28.9 billion and taxes amounting to N30.4 billion. Generally, the bank typically distributes 15 per cent of its net income as dividends.

* With over 85 per cent of loans backed by a guarantee and with aggressive recovery efforts, the Bank has historically been able to maintain a non-performing loan (NPL) rate below the regulatory threshold of 5 per cent

A fundamental enabler of this sterling financial performance is the successful

conclusion of key capital-raising transactions from the international financial market by the bank. Under Pitan, from 2017 to date, BOI has raised over $5Billion from the international financial markets.

The first of the transactions was a $750 Million syndication concluded in 2017 with the support of Afreximbank and a team international Financial Institutions (now fully paid off). The second and third were the Euro 1Billion syndication closed in March 2020 and another $1Billion syndication that closed in December 2020 (to be fully paid off by December 2023).

The bank’s maiden Eurobond of €750 million, concluded in February 2022 was the fourth transaction. This transaction marked the first of its kind in several ways to the bank, Nigeria and Africa. This deal was the bank’s first Eurobond transaction and the first Euro-denominated Eurobond transaction in Nigeria. The transaction was also the first Eurobond transaction covered by Nigeria’s sovereign guarantee. It therefore represents a benchmark for other prospective issuers from the African continent. It earned the bank the Agency Bond Deal of the Year award at the 2023 Awards event of the Bonds, Loans and ESG Capital Markets in Cape Town, South Africa.

The fifth capital raising transaction was the €1 billion guaranteed senior loan facility concluded in August of 2022. This deal also represents the first of its kind, by any Nigerian financial institution, both in terms of its size and structure. Through this transaction, the bank raised liquidity at affordable rates and diversified its funding sources by attracting new lenders at a time when the international capital markets were prohibitively expensive and shut to many borrowers.

A €100 million line of credit from the French Development Agency (AFD) was also concluded in August 2022 representing the sixth capital raising. Through this credit facility, the bank can expand its financing interventions in environmentally friendly and green projects. A grant of €2.5 million was also included in this deal to support capacity building for both our staff and customers.

Regarding developmental impact, BOI disbursed the sum of N210.7 billion to 418,436 beneficiaries in the year through its direct and indirect lending platforms and through funds that it manages on behalf of its strategic partners.

The bank’s intervention programmes, which traversed several sectors and segments of the Nigerian economy, did not only contribute significantly to our national goals of economic recovery and millions of job creation but also empowered Nigerian businesses, especially micro, small and medium enterprises, to remain in operations sustainably.

BOI has disbursed over N418 billion to 41,654 beneficiaries in Food and Agro Processing, and about 88,700mt of rice and maize was produced.

Pitan attributes these and other achievements to the collective efforts of the Board, management and staff, his predecessors, its partner banks that provide credit enhancements and the unflinching support of its majority shareholders (the Federal Ministry of Finance Incorporated and the Central Bank of Nigeria), the Federal Ministry of Finance, Budget and National Planning and its supervising ministry, the Federal Ministry of Industry, Trade and Investment with whom it has a harmonious relationship.

PLATFORMS FOR GOVERNMENT PROGRAMMES

The Bank of Industry is the implementing agency of many government programmes. They include the Government Enterprise Empowerment Programme (GEEP) and N-Power Social Investment Programmes, under which BOI facilitated the disbursement of N68.0bn ($188.5mn) to 2.9mn beneficiaries.

It has disbursed N569.3mn ($1.6mn) to 56,934 beneficiaries under the North-East Rehabilitation Fund (“NERF”) – BOI fund to rejuvenate the economies of the 6 States in North-Eastern Nigeria affected by the adverse impact of insurgency over the years.

Under the MSME Survival Fund Scheme (part of the Nigerian Economic Sustainability Plan), BOI facilitated the disbursement of the N75 billion MSME Survival Fund. To date, N66 billion ($156mn) has been disbursed to 1,258,188 beneficiaries under the scheme.

Others include:

* NEPC Export Expansion Facility - Over N22.3 billion disbursed to 1,309 SME beneficiaries.

* Nigeria Content Intervention Fund

– Over $300 million disbursed to local players in the Oil & Gas sector with no default.

* The bank is the executing agency

for the FGN/Islamic Development Bank for BRAVE programme designed to increase female entrepreneurs’ economic opportunities, especially in conflict and social unrest.

* Also executing agency for FGN/World Bank $750 million Nigeria Covid-19 Action Recovery and Economic Stimulus (NGCARES) Programme.

AWARDS AND RECOGNITIONS

In six years of Mr. Pitan’s leadership, the Bank of Industry has received over 20 awards and recognitions, 12 of which were received in 2022, for outstanding performance and commitment to driving economic growth in Nigeria.

They include the Award for Innovation in Financial Services, the African Banker Awards 2021; Award for Innovation in Financial Services, the African Banker Awards 2021; Award of Honour 2021 by the Manufacturers Association of Nigeria; and Best SME Funding DFI in Nigeria award at the All Africa Association for Small and Medium Enterprises.

Others are the Most Sustainable Bank Award at the 2022 World Finance Awards, October 2022; ‘Best SME Partner Bank of the Year’ by the European Magazine Global Banking and Finance Awards, October 2022; Best Development Bank Africa 2022 award’ at the International Banker 2022 Banking Awards, October 2022; and ‘Banking CEO of the Year, 2022’ by the European Magazine Global Banking and Finance Awards, October 2022.

INFRASTRUCTURE DEVELOPMENT

The bank continuously improves its internal processes for managerial efficiency. The number of BOI State offices/branches nationwide increased from 21 in 2016 to 31 in 2022. Last year, BOI completed the construction of BOI Tower 2 in Abuja, a thirteen-floor Eco friendly office complex with a six-level car park structure, to provide its workers with a modern and efficient workspace to better serve customers.

The bank’s stakeholders believe that the key to the list of achievements is the robust industrial harmony in the company. One senior staff member of one of the Banks customers reportedly described Pitan as, “an engaging and peaceful man, traits which are the hallmarks of his management style.”

However, Pitan also credits the bank’s board chairman for the growth-enabling climate in the bank. He describes him as, “a calm and experienced team player, always eager for improvement and service to the country.”

Pitan

Dikko

The Bank of Industry’s 2022 financial results and other achievements showed a remarkable successes of its board and management that also emphasized its resilience, writes Gilbert Ekwugbe

Araraume, NNPCL and Disruption in Oil Sector

The recent verdict by Justice Justice Inyang Ekwo of a Federal High Court in Abuja, setting aside the removal of Senator Ifeanyi Ararume as the Non-Executive Chairman of the Board of the Nigerian National Petroleum Company Limited (NNPC Ltd), is increasingly raising huge concerns from stakeholders in the oil/ gas sector, especially the international community.

This came as the outgoing President Muhammadu Buhari has sued for calm, saying ‘’due judicial process’’ would be followed in resolving the problem.

However, a senior management staff of NNPCL, who spoke with THISDAY, revealed that the company had received ‘’hundreds of telephone calls’’, especially from the international community, wanting to know how the NNPCL intended to resolve the matter. The near consensus among the stakeholders, according to the source, is the stability and solidity of the NNPCL at this time of uncertainty in the oil global market.

Justice Ekwo in a judgment recently held that Araraume’s removal by President Muhammadu Buhari contravened provisions of the NNPC Ltd laws as well as the Company’s and Allied Matters Act. In a nine-point declaration, Justice Ekwo declared that the office and position of Senator Araraume (the plaintiff) as non-executive chairman of the NNPCL are exclusively governed and regulated by the Companies and Allied Matters Act, 2020 and the Memorandum and Articles of Association of the NNPCL.

The judge also declared that by the provision of section 63 (3) of the Petroleum Industry Act 2021, President Buhari cannot lawfully remove Araraume as the non-executive chairman of NNPCL for any reason whatsoever outside the conditions specifically listed in the said Section 63 (3) of the PIA, 2021.

Nullifying and setting aside all decisions and resolutions of the board of the NNPCL made in the absence of Araraume, from January 17 till date, Justice Ekwo, awarded Araraume the sum of N5,000,000,000 being damages for his wrong removal, disruption and interruption of the term of his office – as the non-executive chairman of the NNPCL. The judgement has been served to all the defendants.

Ararume had last year dragged Buhari to court over his removal as the Chairman of the Board of the NNPC Ltd. He had demanded a enormous sum of N100 billion as damages caused him due to the unlawful manner he was removed as Board Chairman after his name was used to incorporate the entity.

The president in a letter dated January 17, and signed by the Secretary to the Government of the Federation, had withdrawn Araraume’s appointment without any reason whatsoever. This informed the legal action by the plaintiff.

The suit marked FHC/ABJ/CS/691/2022 was instituted on his behalf by a group of Senior Advocates of Nigeria (SANs) comprising Chief Chris Uche, Ahmed Raji, Mahmud Magaji, Ogwu James Onoja, K.C Nwufor and Gordy Uche.

Delivering judgement in the suit after dismissing a total of seven-application against its hearing, Justice Ekwo held that the case of the plaintiff had merit and subsequently ruled in his favour.

Ekwo also dismissed the claim of the NNPC Ltd that Araraume was removed because he was not qualified, involved in alleged contract fraud, amongst others, noting that no evidence of such was contained in the January 17 letter, for his withdrawal. According to the judge the defence by the NNPCL was an exercise in futility at manufacturing reasons for Araraume’s removal.

The judge held that the removal of Araraume without fair hearing by the president was, “wrong and cannot be tolerated by a court of law.’’ Justice Ekwo also held that the plaintiff having proved his case was entitled to damages.

The court also ruled that the president’s letter of January 17, without complying with the NNPCL’s and CAMA laws, “is wrongful, illegal, null and void and of no consequence

and is hereby set aside.’’

Araraume had in his suit, articulated four issues for determination by the court: which was whether in view of the provisions of the Memorandum and Articles of Association of the NNPC, Companies and Allied Matters Act 2010 and the Petroleum Industry Act 2021, the office of the non-Executive Chairman is not governed and regulated by the stated provisions of the law.

He had also asked the court to determine whether by the interpretation of Section 63 (3) of the Petroleum Industry Act 2021, the president could lawfully remove him as non-Executive Chairman of the NNPC for any reason outside the provisions of the law.

The Imo politician had also asked the court to determine whether Buhari could sack him without compliance with expressly stated provisions of the Articles of Memorandum of Association of the Company, section 63 (3) of the PIA Act 2021 and section 288 of the CAMA Act 2020.

Also listed for determination was whether his purported removal vide letter of January 17, 2022 without compliance with expressly stated provisions of the law is not wrongful, illegal, null and void and of no legal consequence whatsoever.

Upon the determination of the issues in his favour, the plaintiff had wanted the court to make declaration that his position as non-Executive Chairman of the NNPC was exclusively governed and regulated by CAMA 2020, PIA Act 2021 and Memorandum of Association of the Company.

He had also sought a declaration that by the provisions of section 63 (3) of the PIA Act, CAMA Act and Memorandum of Association of the NNPC, the President cannot by will remove him from office as non-Executive Chairman without following due process of the law.

He had requested for N100 billion as damages for the wrongful removal, disruption and interruption of his term of office as non-Executive Chairman of the NNPC.

No doubt, Araraume’s case has created a huge disruption in the oil sector, especially with billions of dollars contracts awarded in the absence of the

plaintiff as the non-executive chairman of the NNPCL, which the court declared as nullity recently. Before the profound judgement by Justice Ekwo, legal and energy experts had expressed concerns over the unwarranted political interference in the NNPCL by the presidency – which they said ought to have been governed and regulated by the Companies and Allied Matters law and the PIA, 2021.

A source in the Ministry of Petroleum Resources told THISDAY that the presidency ‘’actually realized its mistakes in the removal of Senator Ifeanyi Araraume before now - as efforts were made to persuade him to resign and be rewarded with oil blocs; but he turned down our request, telling us angrily that his name was more important than any oil bloc.’’

‘’Appealing the judgement right now will create more crises for the oil sector; and we will soon take the necessary, lawful steps to correct our mistakes’’, the source stated.

Many experts and stakeholders appear to be thinking in the same direction with the Ministry of Petroleum Resources. To be sure, a civil society group, Justice Now Coalition, recently called on the federal government to consider giving effect to the judgement of the Federal High Court that reinstated Senator Araraume instead of challenging the judgement,

The group, in a statement signed by its National Convener, Comrade Tony Erha, said that obeying the judgement of the court was a better and more preferred option, in the circumstance, saying appealing the judgement should be treated as a distant alternative option.

According to the group, appealing the judgement would only dilate the matter and keep it on the front burner such that it would restrain the international oil companies (IOCs) from investing their total commitment in the country’s oil sector that has virtually been rendered tentative and unstable by the court action.

“The Federal Government should take the window of opportunity provided by the Federal High Court judgement to correct its mischief and put an end to the issue once and for all’’, the group added.

Speaking on the matter, a legal expert and Executive Director of Citizens Advocacy for Social & Economic Rights (CASER),

Frank Tietie, said a prolonged court case may not be in the interest of the company, especially if the federal government decides to go on appeal.

The human rights lawyer explained that it was important to allow the rule of law to prevail in the interest of the international obligations and transactions of the NNPCL so as not to create trust deficit in its operations.

‘‘The judgement of a court is presumed to be obeyed by all parties until it is set aside. In the absence of any stay of execution, the judgement must be obeyed,’’ he stressed.

The lawyer advised that the newly reinstated non-executive chairman of the board of the NNPCL may decide to ratify decisions of the board since his removal so as not to create a situation where the operations of the company would be impacted in the negative.

Similarly, an Energy Finance Expert and former Senior Technical Adviser to Nigeria’s Minister of Petroleum Resources, Dan Kunle, said it was important for the government to always ensure that it allows the Companies and Allied Matters Act (CAMA) guide the rule of engagement for directors of limited liability companies.

He also advised that decrees should not be deployed in the setting up of boards of limited liability companies

Also speaking to journalists on the matter, a Senior Advocate of Nigeria (SAN), Mr Abdul Balogun, explained that the government had no choice but to obey the judgement of the court, except it decides to appeal it.

According to him, not obeying the judgement will send the wrong signal to the international business community.

He said, “If the government feels it has a strong case, it can appeal the judgement up to the Supreme Court. But not obeying the judgement of the court is dangerous for the image of the country because it will send a wrong signal to the international business community. The government can’t afford not to obey the judgement, if it hopes to win investors’ confidence in the judicial system.”

A Constitutional lawyer, Barrister Fidelis Amobii, shared the view of the SAN, adding that the judgement will have a far-reaching effect on the operations of the company.

As it stands, experts believe that taking Senator Araraume into confidence will go a long way in ratifying all the decisions taken in his absence as the chairman of the Board of NNPCL.

Buhari

Ararume

As the verdict by Justice Inyang Ekwo of the Federal High Court over the unlawful removal of Senator Ifeanyi Araraume - as chairman of the Nigerian National Petroleum Company Limited Board continues to generate huge concerns, IYOBOSA UWUWGIAREN examine the issues

CLAIMS OVER OWNERSHIP OF SEPLAT

No single individual owns the organisation, contends DAN AIBANGBE.

NUC’S CCMAS LOOPHOLES AND THE BUSINESS OF GOVERNMENTS

See page 29

OF SUDAN AND CUSTOMARY LAND CONFLICTS

The eruption of violence in parts of Sudan reflects attempts by communities to maintain their customary land rights, argues FELIX OLADEJI

This piece makes intervention on two critical issues of national development. First is the recent curriculum review undertaken by the Natonal Universities Commission (NUC) which has created more contradictions than it may have been designed to solve. Second, is to push against the claim by professional economists in Nigeria and Africa that government has no business in doing business. I show how this statement has created weak and if you like, infantile governments at the national, state and local government levels in Nigeria.

See page 29

EDITORIAL SALUTE TO NIGERIAN WORKERS

The Core Curriculum and Minimum Academic Standards for the Nigerian University System (CCMAS) is a fairly recent attempt by the main regulator of the higher education sector in Nigeria, the Nigerian Universities Commission (NUC), to broadly standardise the teaching and delivery of undergraduate courses across National Universities. Through a process of engagements, especially with consultants and subject experts, the NUC had come up with 70 per cent of the content of the curricular across academic disciplines and public higher institutions in the country. Following the completion of these initial phases, the Commission is presently working with universities who are supposed to make up the 30 per cent balance of curriculum content. A careful reading of the anecdotal evidence gleaned from online sources (such as WhatsApp groups of academics) and physical meetings between individual institutions Senate Curriculum Committee’s and subject teachers (lecturers) quickly makes a number of tensions and contradictions clear.

One, most of the faculty with extensive years of teaching and research experience displeasure about their exclusion from the inception process of arriving at the 70 per cent. Some have even made claims that the so-called subject experts contracted by the NUC neither have the competence nor experience to engage in such sensitive activity. Two, there is also quite widespread concerns about the displacement of courses or outright misalignment in few instances. Speaking of misalignment, in the CCMAS, a in Departments of Sociology nationwide had the following description, SOC 104: Introduction to Psychology. That is just to cite an instance in the Social Sciences that I am a bit more familiar with. Three, and this is personal to me, there are cases of erasure or mutilation at best.

For instance, I teach two courses in the third- (300L) and fourth-year(400L) on History of Economic Thought (HET). The initial version of the CCMAS I encountered completely omitted any undergraduate courses in HET. This is a potentially problematic route to travel on as the history of any discipline navigate and continuously engage in the renegotiations of the fundamentals of the discipline. It is equally important to historicise ideas in order to take vital lessons from the past and also avoid repeating mistakes from that same past. However, I later encountered what looked like an updated version in which there is one single course in the third year (300L) and this mutilated course covers just about 40 per cent of the usual content of the two courses I alluded to previously.

It will therefore be important that further iterations on the CCMAS must accommodate HET as well as Economic History courses without which lecturers of Economics become incapacitated with regard to guiding our students through the evolution of the ideas that study.

The second issue of concern is on infantilising nation states with neoliberal logic. Mainstream economic thinking is predicated on key notions choice, optimality/equilibrium among others. The underpinning logic for all these is the idea that economic agents are atomistic and rational and that their independent actions work to serve the overall good of society eventually. Implicitly, this suggests the imperative to allow room for the expression of diverse forms of human individualistic greed. Hence, no government should take any action which may limit the scope for displaying these tendencies. The economy is under these terms construed as self-regulating through adjustments that are made by market forces. This theoretical structure has become the canon in economics and its counterparts have found their ways into empirical work and policy making in

diverse ways.

It is not unusual therefore to hear experts in economics and/or public policy make statements such as the following: “government has no business in business”; “private sector is the engine of growth”; “government should facilitate by creating enabling environment” among others. These mantras work to actively decimate the capacity of governments to make the critically needed investments in improving their own internal processes and systems. For instance, government who takes these prescriptions seriously may not see the need to invest their resources in better procurement rules, socially responsive budgeting, etc. Such governments hence remain infantile and therefore not able to mature into the kind of developmental states that some development scholars have eloquently demonstrated to be required Africa. The rapid rise and economic development of some Asian Tigers especially South Korea and Singapore has been rigorously linked with the developmental state approach imbibed and actively relied on by both countries. Along the foregoing lines, and relatedly, there has to be a serious rethinking of the subsisting emphasis on issues around “economic resilience” and “economic justice”. The recent COVID-19 episode which the global economy experienced clearly exposed the magnitude of unpreparedness even in the most advanced economies. During the earliest months of the pandemic, images of strained health infrastructure even in countries like the USA, Italy and the UK were commonplace. Since future pandemics and other natural disasters may be inevitable, there has to be in place modes of caring for ourselves and nature beyond contemporary economic

an instance, will be more devastating if economic systems with built-in resilience are not imagined and realised as a matter of urgency. To achieve all of the foregoing, governments need to play an active role within their economies over and above merely creating the socalled “conducive environment” which is needed to attain economic progress.

Dr Adeniyi is the Acting Head, Department of Marketing and Consumer Studies, University of Ibadan, (saino78@yahoo.com)

Governments need to play an active role within their economies over and above merely creating a ‘conducive environment,’ argues OLUWATOSIN ADENIYI

CLAIMS OVER OWNERSHIP OF SEPLAT

In the Nigerian political landscape, it appears we are in the season of claims and counter claims of mandate thefts! Many claims are founded on realities, while others are delusional. But a claim is a claim and each needs to be dissected on the basis of facts, protocols and other evidence available in records, practices and norms.

skirmishes at Seplat closely resemble the case of the two Hebrew women who approached the judgement throne of King Solomon, disputing ownership of a baby.

OF SUDAN AND CUSTOMARY LAND CONFLICTS

and controls are seriously regulated to secure the interests of the stakeholders, the investing public and the Listing Exchanges. For those who do know, it is impossible to ‘steal the ownership mandates of a listed company’. Changes in ownership are mostly founded on monetary compensations for ceded shares. Your ownership can only reduce to the extent to wish you have sold your newly injected investments or conversion of debt instruments into shares.

The recent few years have been characterized of governance failure, environmental decline, shrinking natural resource base, unequal distribution of power and resources, land is and will remain one central issue. Modern ruling elites in Africa have often encroached on customarily communally-owned land for commercial farming and mining. As a consequence whole communities have been deprived of their customary land use rights, their livelihoods eroded and have been relegated to poverty and marginalization; creating much

land is maintained, individual retention of use and continuous occupation.

The background to that story was that two nursing mothers slept close to each other and one mistakenly crushed her baby to death in the middle of the night. She took advantage of the darkness and the relative young stages of development to swap the dead baby for the living. At dawn, ownership of the living baby became a ferocious dispute that was brought before King Solomon for adjudication. The wisdom of Solomon was established in the manner in which he brought truth to bear on the case. The sage simply instructed his soldiers to share the living baby among the two contenders. The real mother who could not bear the pain, surrendered it rather than have it split up! King Solomon thus discerned the true mother from the usurper!

Seplat Energy was established on December 22, 2009, through a thoroughly scripted shareholder agreement between three founding companies – Shebah Petroleum Development Company Limited; Platform Petroleum Limited and Etablissement Maurel and Prom. At that time, the agreement stated the completion shareholding ratios of 33%; 22% and 45% respectively. At that same time, Mr A.B.C. Orjiako and Macaulay Ofurhie were the directors representing Shebah’s interests while Mr Austin Avuru represented the interests of Platform Ltd. Mr Jean-Francois Henin represented the interest of Maurel & Prom. Based on these background information, how on earth could a single individual claim ownership of the company? How reasonable is it to claim ownership of a company to which one is not the sole owner?

As at today, the individual interests of the group of founders have been diluted to some extent through the process of listing on the dual exchanges of the Nigerian Stock Exchange (NGX) and London Stock Exchange (LSE). The erstwhile Seplat Energy Company Limited has metamorphosed into Selpat Energy PLC. For the initiated, these two entities are not necessarily the same (both in ownership and form). In fact, beyond ownership, a lot of regulatory controls and interests are involved in ensuring the powers

At present, the top-10 shareholders in Seplat Energy Plc are Maurel & Prom (20.46%); Petrolin Group (13.77%); Sustainable Capital (9%); Austin Avuru (8.15%); Allan Gray Investment Management (7.51%); A.B.C. Orjiako (4.74%); Mercuria Capital Patners (4.08%); Redwheel (2.72); Stanbic IBTC Pensions Managers (1.90) and Seplat stakeholders, 76% of the ownership of Seplat is currently held. The big question is who stole Mr Orjiako’s shares? The next big question is, did Orjiako’s shares get stolen or did he sell his shares?

Going back to the King Solomon’s judgement analogy, do we need another Solomon to settle this dispute, although we have so many of them among the Nigerian Bench?

As we can see, Seplat is expected to be a very solid company, going by the extent of shareholding held by institutional investors. In fact this class of shareholders hold more than half of the total shares, which is a good indicator for stability and prosperity of a publicly quoted company. Why is an individual who had obviously eaten his cake still trying to have it fully intact?

Another angle to this dispute is this: the company is technically a separate legal entity from its owners (directors or shareholders). Therefore, how did Mr A.B.C. Orjiako consummate his personal ownership of Seplat shares from the initial holdings Shebah represented by himself and Macaulay Ofurhie? What is the actual percentage of shares Mr Orjiako actually holds in the current Seplat?

In recent times, report has been circulating about foreign direct investors exiting the Nigerian jurisdiction in droves in preference for other economies. About $21 billion was reported to have been lost in the last calendar year. The question begging for answer is, what are the primary causes of this phenomenon, despite Nigerian being an attractive the well-known level of insecurity, regulatory compliance and corporate governance issues appear to be another major issue. The government seems to be fully aware of this negative trend and has been working to reverse it, especially in the aspects of ease of doing business. However, issues such as those currently bedevilling Seplat Energy PLC require swift resolution to reassure international observers and interested stakeholders for Nigeria to be taken seriously.

Aibangbe writes from Lagos

The land policies have resulted in ambiguity and dualism in land tenure in Sudan. This dualism, which incorporates both modern statutory land ownership and customary tenure features, places communal lands held by most rural Sudanese communities under customary tenure under constant threat of expropriation by the state for private business interests both

In Sudan, most lands adjacent to the Blue Nile, the White Nile and the main Nile rivers, are registered in freehold titles (private ownership) according to previous state legislation; particularly under colonial rule. However, some lands away from the rivers in rural Khartoum are still held in communal ownership by village communities under customary tenure and utilized for seasonal rain-fed farming. In recent years these lands have been sites for violent confrontations between the government and the local communities when former attempted to enforce its legal ownership of lands customarily owned by the latter. Pursuing a ruthless policy of selling and leasing lands to foreign investors, the government has often invoked earlier legislation giving it legal ownership rights over communallyowned land; disposing of it at will without regard for local communities’ interests in land and their pre-existing rights. In the absence of transparency and accountability mechanisms, communal lands are often disposed of to investors in deals unknown to the public and the communities concerned. In most recent cases of land local communities and the government. The police were deployed by the ruling elites to enforce evictions; placing these land cases in the media spotlight that attracted much public attention.

local and foreign. The paper further suggests that although state encroachment on customary is an increasing state denial of communal rights and the weakening of local governance imbalance between modern elites in control of the state and businesses allied to them on the one hand, and the rural communities on the other. In some respects the eruption of violence in parts by communities to redress this imbalance, and regain or maintain their customary land rights; contributing to a decline in peace and security.

In much of Africa customary land tenure socio-economic, environmental and political conditions. Where cash crop production has been introduced, customary tenure systems have changed either by deliberate colonial or post-colonial state actions or gradually yielded under the pressure of commercialisation and commodity production that incorporated African peasant communities into the expanding capitalist market. However, customary land tenure still prevails among most African communities despite attempts by the state to bring it under control.

Customary land tenure in Africa is continuously adapt to changing socio-economic, political and environmental conditions; and rules of tenure over time and space. Land ownership according to African customary tenure arrangements is vested in the community or the group (which could be the tribe, clan or village), but never in the individual, who would only have the right of use. Individual access to land under customary tenure is thus linked to need and actual use of the land and it follows from this that while communal control over

wide publicity is the violence that erupted in Omdoum over communally-owned land. Omdoum neighborhood is located in East rural Khartoum, whose land was allocated by state authorities in 2013 to a Gulf investor. The land, estimated to be about 1000 feddans in size, is not far away from the Blue Nile to the East. It was formerly used for rain-fed sorghum farming under customary tenure. Given the dual land tenure system in Sudan which gives the state legal ownership over unregistered but customarily communally-

the investor started construction work on the site, Omdoum community members obstructed the construction work in defense of their land rights. Armed police were sent to the scene, engaged with the unarmed but enraged protesters and violent clashes erupted and ensued for a few days. A protestor was killed and many others injured from the police and the protesters. These events were highly publicized, turned into a hot political issue and Omdoum community gained wide public sympathy; constituting a strong political pressure on the governing elites. The top political leadership intervened, the Gulf investor withdrew and the land reverted to the community to be distributed as a residential extension to Omdoum neighborhood.

The areas of Eseilat, Grief, Fteihab, Burrie and Hamadab around Khartoum witnessed similar confrontations between the authorities and communities over communally-owned land. In all these cases deals were struck between investors and the governing elites behind closed doors and communities were surprised with construction works on their lands.

Oladeji

writes from Lagos

No single individual owns the organisation, contends DAN AIBANGBE.

The eruption of violence in parts of Sudan reflects attempts by communities to maintain their customary land rights, argues FELIX OLADEJI

Editor, Editorial Page PETER ISHAKA

Email peter.ishaka@thisdaylive.com

EDITORIAL

SALUTE TO NIGERIAN WORKERS

Workers deserve better conditions of service

As Nigerian workers join their counterparts from all over the world to mark today’s occasion, we must salute their doggedness and the tremendous contributions they have made to the development of our country. Since the day is usually observed with parades, rallies, and speeches that demand better conditions of service, and fair wages for all cadres of workers, we are delighted that common sense eventually prevailed over the use of Eagle Square for today’s ceremony in Abuja.

On a day such as this, the recent approval of a 40 per cent “peculiar allowance” to some federal civil servants comes to mind. Only the 144,766 federal civil servants under the Consolidated Public Service Salary

from the increase while other federal workers salary structures will not. The federal government must quickly address the concerns of those institutions that feel discriminated against in the implementation of this policy. More importantly, in a nation where the remunerations is unconscionable that the wages of workers, hardly ever paid on time, are rather low.

However, there are many conversations we need to have regarding work and the reward system in our country. For instance, it is important for the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to inculcate in their members the culture of productive work. As things stand in Nigeria today, our civil service is a social welfare programme with declining productivity from members. In Abuja and the 36 states, many workers have turned their merchandise. Besides, many workers spend their day watching television. Also, there are thousands of public servants who are near their graves but have

CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

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Letters to the Editor

declarations. These are some of the issues that need to be dealt with to improve on the productivity of workers in both the public and private sectors.

Meanwhile, one major attraction in public service, of receiving pension after retirement. But over the years, such prospect has become problematic and uncertain in Nigeria. And this has worsened the woes of retired civil servants. The failure of government to meet the pension expectation of retirees ends up shattering the plans of many as well as inducing economic trauma, which in some cases have led to fatalities. Indeed, many senior citizens who had no other source of earning a living after service had collapsed and died while on queues waiting for their pensions.

It was in a bid to move beyond this tragic situation that the Pension Reforms Act of 2004 was enacted. It was, as the name suggests, designed to address the failures of

In its place, the Contributory Pension Scheme (CPS) was introduced wherein both the government and the workers themselves are to save up a given amount of their earnings towards building up an accumulated funds reserve which the worker can fall back on after retirement. Unfortunately, the plight of pensioners remains in a country where there is no safety net for the poor.

While we urge the federal and state governments to keep faith with their obligations to pensioners, we also call on the pension sector regulator, PenCom, to apply stricter measures in enforcing compliance with the provisions of the Pension Reforms Act by the PFAs. It is only fair and just to allow pension to sooth the nerves of retired persons, especially after the workers have been faithful in making appropriate contributions to the scheme while in active service.

We wish all Nigerian workers happy May Day.

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

LETTERS

THE DIGNITY OF LABOUR

A talented Nigerian musician, Adekunle Gold, in one of his popular songs entitled ‘WORK,’ encouraged people to work hard. This is in harmony with what God’s Word, the Bible, recommends at Ecclesiastes chapter 9, verse 10, where it says: Work – whether paid or unpaid, is good for our health and well-being. It contributes to our happiness, helps us to buildly. Work is an essential tool through which individuals can living and work for developing one’s talent and potential. For example, a little girl in one of the corners of the world who goes to the kindergarten and learns how to count, draw, or write, is working. Likewise, an adult, who goes to his/her job every day, and gets paid for that, is also working. Thus, based on the age, circumstances, needs and desires of individuals, work, or

Work is a virtue and necessity, which requires the utilization of time and energy. Man is in control of his time and energy when he voluntarily and constructively works. The Bible emphasizes the importance of work when it says, among other things, at 2 Thessalonians, chapter 3, verses 10 to 12 that: “ . . . if anyone does not want to work, neither let him eat . . .” This scripture condemns laziness. We need to work to make a living and provide for our families. Work provides the individual

and workers in Nigeria today. These include: unemployment, poor remuneration/wages, poor working environment and conditions, casualization of workers, among others. Many people experience poverty and unemployment through no fault of their own. Many who are able to work, willing to work hard, work – they are unemployed!

Unemployment and poverty are two of the major problems currently plaguing Nigeria’s economy and its society. Nevertheless, despite the high rate of unemployment and poverty,

some meaningful work to engage in, even though it may be small. And, as another talented Nigerian musician, Sonnie Smyth, sang in his music video entitled: “NO WAHALA”: “No wahala, e go better, after today, I go see tomorrow o!”

particular interest, it is wise to consider looking for a job in other areas, even if the job is considered ‘menial’ by the standards of some people. Do not allow false pride to let you look down on a job – as beneath your dignity. Any legitimate service that be considered as an alternative job opportunity when jobs are intelligence, talents, academic levels, etc. Therefore depending example, prostitution, gambling, and drug dealing constitute work, as you get a kind of remuneration for the service you provide.

it is important for the Nigeria Labour Congress and Trade Union Congress to inculcate in their members the culture of productive work.

Today, our civil service is a social welfare programme with declining productivity

HOMES & DESIGN

Mike Adenuga Tower Illuminates Victoria Island

The famous Mike Adenuga Tower is decked in gold plates, exuding soft light all around to tame its environment. Heads keep turning in the marvel of this edifice, a product of rare entrepreneurial spirit. Bennett Oghifo writes

Mike Adenuga Tower is located strategically at 1 Mike Adenuga

Close, Off Adeola Odeku Street, a corner piece and prime land in the real estate market. This is a very safe location.

There are a few such choice plots in that axis of Victoria Island, which

is why the promoter, Dr Mike Adenuga, spared no expense to deliver a building worth its weight in gold.

The 13-storey Mike Adenuga Tower has about 11,482 square metres of office space. It has a helipad and a unique goldcoloured glass facade laced with aluminium. Complemented by the

gold on granite finishing at the external facade and well-designed canopy, it has a gold-plated bull sculpture in front.

The bull, the personal totem of the Globacom Chairman, is also etched on the gold glass and is most visible at night when the installed revolving multi-colour light beams on the building.

Mike Adenuga Tower was ready in 2004, after a long spell that included conception, preparation and actual construction that ensures passersby never miss it.

Mike Adenuga Tower is the headquarters of the telecommunications giant Globacom and a rendezvous for business executives.

Ikomi: N igerians Eagerly Expect Improved Power Supply from Incoming Government

Proton Energy Limited last week formally announced the signing of a deal with several partners in the country for the longterm supply of gas for the production of 500mw of power valued at over $250 million. The partners include: Nigerian National Petroleum Company Limited (NNPC), Shell Petroleum Development Company (SPDC), TotalEnergies, the Nigerian Agip Oil Company Limited and the Gas Aggregation Company Nigeria Limited. The agreement was for the supply of natural gas for the 150 MW first phase of the Proton Delta Sunrise project located in Sapele, Delta State. In this interview, the Executive Vice Chairman/Chief Executive Officer, Proton Energy, Mr. Oti Ikomi, speaks about the expectations from the deal. He also advises the incoming administration about how to transform Nigeria’s energy sector. Obinna Chima brings the excerpts:

What led to the signing of this agreement?

The promoters of Proton Energy identified that to have an efficient cost-effective power plant, we should use gas as our fuel and recognising that we have nearness to gas feedstock in the Niger Delta area, it also influenced the location of the plant. So, Proton Energy over several years, went through negotiations to buy natural gas, either from a willing-buyer, willing-seller basis, where you find a direct gas supplier and buy from them, or you can also buy via the Domestic Supply Obligation (DSO), which is managed by the Gas Aggregation Company of Nigeria (GACN). We went through a process with GACN and as we mentioned, we eventually completed the agreement, but by the time we were doing the event, we were dealing with the fourth Managing Director of GACN. It has been a long process that required a lot of due diligence. But we wanted to be sure we would get the gas in the right quantities and at an optimal price and from an international supply source. That was why we went into the agreement with Shell SPDC JV, with Shell as the operator.

What are the expected benefits from the agreement?

The expected benefits of this deal firstly is that there would be environmental benefits. That is because greenhouse gas emission would be lower. Being that this is a combined cycle plant, we are using less gas significantly, so we are using about 30 per cent less gas. Additionally, the exhaust from the single cycle gas turbines are now passed through the heat exchangers into a combined cycle state turbine. So, environmental benefit is one.

Secondly, gas is almost 30 to 40 per cent the running cost of the project. When you are able to get an optimised gas supplier, it means that you are able to give a better win-win tariff with your offtake, which is the Nigerian Bulk Electricity Trading Company (NBET), or any other off-taker, on behalf of the citizens of Nigeria. Eventually, we the consumers would get the benefits because if the natural gas price is optimised, the eventual power pricing, which we sell to the off-taker is optimised, then there are benefits in the long-run for the citizens of Nigeria. Also, most importantly is employment.

From May 29th, a new administration would take over, what are your expectations from the incoming government for the energy sector?

There are expectations in the energy sector around gasoline and subsidy, which is being addressed, so I will not dwell on that. I want to focus on the power side. The key expectation from the government firstly is that they must improve the quantum of power supply to our citizens and make sure it is supplied at a reasonable and affordable price. There has been a long stream of initiatives, but they have not been implemented. The main weakness we have is execution and implementation. Specifically, in terms of evacuation, the Presidential Power Initiative must be speedily reconfigured and it might have to be leadership changes, so that project, the Siemens Initiative, can be implemented. Secondly, there is shortage of meters nationwide.

The National Mass Metering Programme phase zero produced one million meters; there was supposed to be a phase one for four million

meters. The initial tenders and processes was done; it has not been implemented. If you are unable to adequately collect and meter the customers, they would not pay and that creates a deficiency in the value chain. So, we must commence the four million metering in the phase one and any other metering initiative, so that every Nigerian that has electricity, if it is through the Distribution Companies (Discos), you must be metered.

The third point is around the wholesale generation space, which is where Proton Energy exists. The new government is encouraged to speedily conclude Power Purchase Agreements (PPAs), and execute it with credible developers. There are the developers that already have the financial capability, the gas supply arrangement and others to implement the power project and get it to the national grid. Within the implementation of the PPAs are what we refer to as commercially bankable power structures with the off-takers, which is very important. It would be recommended that the incoming administration does this within 60 days of coming in.

There have also been discussions around guarantees in the sector, which the present government has been criticised for not showing enough commitment, what is your advice to the incoming government regarding that?

In fact, there is a huge misnomer here. The

analogy I will give is that it is like a bank. A bank has what is called a loan-to-deposit ratio. There are international banks in the world who sometimes give 10 times are even 100 times their capital. We have an erroneous believe in Nigeria that once a government gives guarantee, it is conditioned or constrained by the amount of foreign reserves that you have.

But what is actually required is to do a proper analysis so that the likelihood of a project, or a guarantee being called on is minimised. Unlike this current administration that has had a very negative and poor view around guarantees, what I encourage the incoming administration is for them to take a broader, more progressive and more international project finance approach, so that they can give the necessary guarantees. We are not saying you should sell the birth right of Nigerians or mortgage the rights of Nigerians, but there are ways to structure it in a win-win basis.

The key guarantee for instance, like they had on a project like Azura, which was a Partial Risk Guarantee (PRG), in our own project, we don’t need that anymore. So, we are going to save the nation the involvement of a PRG because we don’t need it. But there are other kinds of agreements that are called termination payment and other kinds of arrangements to give some support. That is because when you have a project that is costing hundreds of millions of dollars, the banks need to have the guarantee that

in the unlikely case if something goes wrong, they would have some recovery process. Those are the things that we need to put in place for project financing. I believe that with the kind of individuals in the incoming government, they would work with credible developers to quickly reach a win-win solution for Nigeria.

Just as we have seen with the petroleum ministry where the current president is the Petroleum Minister, some have said the next president should assume the position of the Power Minister to drive affairs in that sector, what is your take on that?

The issue is not necessarily in the title, it is the interest and availability. The example I like to give is that of Abdel Fattah El-Sisi, President of Egypt, he met every week with his power team when the Siemens and GE, both did 10 gigawatts of power in few years for Egypt. I was told he used to meet with them every Saturday, until the project was realised. I recall sometimes back, even though eventually everything didn’t manifest as planned, former President Goodluck Jonathan used to meet every Tuesday on power issue.

You need to be involved and you may not necessarily wear the toga of a Minister, but it is very important to put very capable people to lead the strategic ministries. The Minister of Power, Minister of Petroleum Resources and in fact, I am advocating that we have somebody like a Czar or a Chief Adviser to the president to specifically manage gas and power. We need it for power and we also need it for gas because the challenge for gas now is that international finance institutions are moving away from fossil fuel financing and we need to be able to re-orient the thinking and make sure we get the right support internationally. So, you need somebody to drive gas and at same time drive power. So, we need a very senior adviser that would be reporting directly to the president on gas to power.

We have the Decade of Gas initiative, but as you know, we have lost three years already. Yes, we’ve got talks and we have papers, but all the documents are there and they are implementable, it is just a matter of implementation. Drive the Decade of Gas and drive the power initiative for the country to make progress. But at same time, as a nation, we must recognise that as a nation, we must still continue to support our net-zero and climate initiative, to support issues around preventing further emissions and support renewables. But the quantum of energy required in Nigeria is not what only solar and renewable power can handle. We have gas and we must utilise it for the benefit of Nigerians.

What should stakeholders be expecting from Proton Energy in the medium term?

The strategic expectation is that by the end of this year, we would reach financial close, then construction would start on the project. When construction starts, there is a low hanging fruit, 2,000 jobs for the immediate community and then a total of 10,000 direct and indirect jobs in the community and for the nation. Then, we would go into construction and within two years, the project would come on stream and then we can expand to other states in the country where we projects and eventually to Africa. But we want to contribute to Nigeria and work with our citizens.

Ikomi

Was the Cashless Policy Needed?

Anthony Iwu

When the Central Bank of Nigeria (CBN), with Godwin Emefiele as the helmsman embarked on the controversial policy of introducing Nigeria into the international economic community where there is less dependence on physical cash for all manner of transactions, the question asked by many was “is the policy needed at the time?” Some even suggested that the country was not ripe for that level of sophistication in the application and usage of what was then perceived as an advanced monetary activity reserved for only a few elites. How wrong they were.

It must be noted that as at the time the policy was introduced in Nigeria, it was already in use in some African countries. Let us leave Europe and America yet because in those places, cash transactions above a certain limit exposes the individual or corporate body to security scrutiny. In other words, cashless policy was the rule in shops, eateries, hair salons and in banking halls. Emefiele, thought, rightly, that Nigeria, being the largest economy in Africa, such a policy was long overdue. The only snag was the fear of the unknown by those allergic to change.

Curiously, despite the initial pessimism regarding its prospects by naysayers, the policy has become a huge success as it has continued to drive the economy to desirable heights creating jobs for a retinue of jobless youths. It has also helped businesses to do away with the anachronistic methods of logging cash around for all manner of transactions.

At every available opportunity, Emefiele took out time to explain to even those who should know but who are fixated to old ways of doing things, the need to have the Nigerian economy key in to the league of advanced economies and the benefits of cashless module in financing and payments.

It is pertinent to note that the policy was introduced for a number of reasons all geared towards opening up the economy to the level of international best practices.

The main aim of the policy which was to drive development and modernize the nation’s payment system in line with Nigeria’s vision 2020 goal of being amongst the top 20 economies by the year 2020 has largely been actualized as most Nigerians across the social strata have come to accept it as a policy that has the potential to improve not just the business environment but also the wellbeing of the rural folks who had remained outside the financial loop for a long time.

Overtime, it has become an efficient and modern payment system that is positively correlated with economic development. Even more significantly, it is becoming a key enabler for economic growth. For those already within the banking circle, the policy is serving to reduce the cost of banking services (including cost of credit).

It is important to note that it is aggressively driving financial inclusion by providing more efficient transaction options and greater reach.

For the authorities saddled with the responsibility of managing the economy, the policy has helped in more ways than one in improving the effectiveness of monetary

policy directed at managing inflation and driving economic growth.

In addition, the policy had as one of its aims, the desire to curb some of the negative consequences associated with the high usage of physical cash in the economy. Before its introduction, the high cost of cash was palpable as it weighed heavily on the cost of doing business.

It needs no explanation that before the policy, there was a high cost of cash along the value chain - from the CBN and the banks, to corporations and traders; everyone bears the high costs associated with handling humongous volumes of cash that had to be handled during economic

activities. All that is becoming history to the point that financial transfers have become so fashionable.

Even worse than the high cost of cash was the high risk of using cash. Bullion vans on highways put ideas into minds bent by crime and incidences of robberies and other cash-related misdemeanours were rife. Related to this are instances where financial losses occur in the case of fire and flooding incidents.

It needs to be realized that Emefiele, before his career path led him to the apex bank, was a deposit money bank (DMB) chief executive. Versed in banking operations, he is aware of the high subsidy involved daily in banking transactions. In enunciating this policy, he encouraged the CBN to carry out an analysis of subsidy relations as it affects daily transactions. The result showed that only 10 percent of daily banking transactions are above N150,000. Intriguingly, as the analysis indicated, the 10 percent account for majority of the high value transactions. This, invariably, suggested that the entire banking population subsidizes the costs that the tiny minority of 10 percent incur in terms of high cash usage. The apex bank chief felt that this was not only wrong, it is also unacceptable. Hence the compelling need to do something about it and the urgency in the drive to bring it to life.

Perhaps, the sector of the economy that added verve to the thinking around the policy was the goings on in the informal economy. Unarguably, high cash usage results in a lot of money outside the formal economy, thus limiting the effectiveness of monetary policy in managing inflation and encouraging economic growth.

Emefiele must have been influenced to throw his weight behind this policy as part of measures to reduce inefficiency in the system as well as bring down the level of corruption that was eating deep into the public system. Without gainsaying it, high cash usage enables corruption, leakages and money laundering, amongst other cash-related fraudulent activities.

As to the question suggested by the caption above, the policy has proved to be the proverbial game changer. An idea which time was long overdue. If sustained after Emefiele’s tenure at the Bank, there is every possibility that it will render physical cash transactions unattractive. And the economy as a whole and Nigerians in particular will be the better for it.

As Fidelity Bank Remains Investors’ Toast

Dike Onwuamaeze

In an increasingly uncertain macroeconomic environment, Fidelity Bank Plc has remained appealing in the banking sector. This is evident in its full year 2022 financial results which showed a better-than-expected performance amid the headwinds in the economy.

Specifically, in the full year 2022 results, Fidelity Bank’s gross earnings increased to N337,050 billion as of December 31, 2022, significantly higher than the N250,776 billion recorded at the end of 2021. Also, Fidelity Bank’s Net Interest Income climbed to N152 billion in the year under review, up from N94.879 billion the previous year.

Also, its profit before income tax stood at N53.677 billion in the year under review, higher than N25.215 billion the previous year.

Fidelity Bank’s profit after tax for the year under review stood at N46.724 billion, higher than the N23.104 billion it realised in 2021. Additionally, its total assets increased to N3.989 trillion in 2022, up from N3.278 trillion in 2021.

While its loans and advances to customers in the year under

review stood at N2.116 trillion in the year under review, up from N1.658 trillion the previous year, customers’ deposits grew to N2.580 trillion, higher than N2.024 trillion the previous year.

Owing to this, the Board of Directors of the bank have

proposed a final dividend of 40 kobo per share which in addition to the 10 kobo per share earlier declared as interim dividend amounts to N0.50 per Ordinary Share of 50 kobo (2021: Dividend of N0.35 per Ordinary Share of 50 kobo each amounting

to N10,136,904,992.20) from the retained earnings account as of 31 December 2022.

On the back of an impressive first half 2022 results, Fidelity Bank had declared an interim dividend payment of 10 Kobo per 50 Kobo ordinary share, subject to appropriate withholding tax, to shareholders whose names appear in the Register of Members as at the close of business on September 12, 2022. The interim dividend payment was the first in the bank’s 34 years history. Fidelity Bank had reported a remarkable 21.6 per cent growth in its half-year 2022 profit to N25.1 billion.

Since she assumed the position of the Managing Director/Chief Executive Officer of Fidelity Bank Plc in 2021, Nneka Onyeali-Ikpe has made it clear that her target is to deliver a financial institution that meets all stakeholders’ expectations, even as she continues to push the bank to rise to be among the tier-one banks in the country.

In August 2022, Fidelity Bank intimated the public of its proposed acquisition of Union Bank United Kingdom as part of its expansion plans and in line with regulatory stipulations. The

bank’s plans to acquire a 100 per cent stake in Union Bank UK marked its first foray into the international market.

Commenting on the transaction, Onyeali-Ikpe stated, “This transaction aligns with our strategic plan of expanding our service touchpoints beyond the Nigerian market and providing straight-through services that meet and exceed the needs of our growing clients.”

Indeed, the Nigerian banking sector is evolving, with the changes being driven by competition, accelerated adoption of technology and the move by banks to meet the banking lifestyle of an evolving demography.

This has seen a lot of banks, including Fidelity, embrace innovative means to satisfy their customers.

It also organised the Fidelity International Trade and Creative Connect (FITCC), which is the largest trade exhibition by Nigerian-based businesses in the United Kingdom in recent times. It was a major move in increasing Nigeria’s foreign exchange earnings.

At the end of the maiden edition which held in London,

it recorded pipeline deals of over $200 million, more than 100 exhibitors from Nigeria with product offerings ranging from processed food to fashion, fintech and the arts and over 2,000 attendees over two days.

“In collaboration with our strategic partners, we have created this platform to connect Nigerian exporters with UK buyers. This inaugural edition of the FITCC hosts more than 100 exhibitors from Nigeria with product offerings ranging from processed food to fashion, fintech and the arts.

“Fidelity Bank is a leading financial institution in Nigeria and a market leader in supporting small and medium scale enterprises and exportoriented businesses. This event is therefore an extension of the support that we provide to the business ecosystem in Nigeria as work to help them compete favourably on the global stage,” Onyeali-Ikpe said in her welcome remarks at the event.

It is expected that the impressive financial would continue to attract investors to the bank even as it continues to meet the expectations of its customers.

Emefiele

Stock Market Depreciated by N1.01trn in April Amid 2022 Corporate Earnings, Dividend Payout

Kayode Tokede

The stock market of the Nigerian Exchange Limited (NGX) depreciated by N1.01trillion or per cent in April 2023 amid impressive 2022 financial year corporate earnings and dividend payout to shareholders by listed companies.

Although the stock market has gained 2.25 per cent in four months of 2023, inflationary pressure, scarcity of foreign exchange, among other macroeconomy challenges have continued to erode investors’ participation in low-priced fundamental stocks listed on the Exchange.

Specifically, the overall market capitalisation of the NGX closed April 2023 at N28.534trillion, dropping by N1.01trillion or 3.42 per cent from N29.544trillion, while NGX All-Share Index dropped by 3.37 per cent to 52,403.51basis points from 54,232.34basis points it closed for trading in March 2023.

Sectoral performances revealed that NGX-Main Board Index

depreciated by 3.71 per cent to close at 2,349.99 basis points, while NGX banking Index was down by 1.55 per cent to 438.07 basis points as of April 28, 2023.

As NGX Insurance Index appreciated by 3.87 per cent to 184.38 basis points, NGX Oil/ Gas Index dropped by 1.68 per cent to 502.24 basis points.

In addition, NGX Consumer Goods Index appreciated by 4.75 per cent to 736.14 basis points, the highest gainer among other indices on the floor of the Exchange, while NGX Industrial Goods Index depreciated by 0.38 per cent in April 2023.

Capital market analysts in a chat with THISDAY attributed the decline in the stock market to 2023 general elections, stating that foreign investors and Pension Fund Administrations (PFAs) were on the side-line to know the outcome of the elections.

According to THISDAY investigations, the stock market in four months of 2023 has gained N619billion in market capitalisation and 2.25 per cent

in NGX All-Share Index, driven by fundamental stocks in the Oil & Gas, Banking, Industrial goods and Consumer Goods sectors of the Nigeria’s economy.

The monthly breakdown showed that the stock market in January gained N1.08trilliontrillion and in February, it gained N1.40 trillion to close the month under review at N30.400 trillion.

In March, the stock depreciated by N857billion on the backdrop of political tension, inflationary pressure and scarcity of local currency in the domestic economy.

So, In April, the market capitalisation slides further by N1.01 trillion, to eventually closed in four months at N619billion.

Analysts at Investment One in a report titled, “2022 review and 2023 macro-economic and financial market outlook” said the direction of market performance will be largely determined by the trio impact of fixed income yields in tandem with monetary policy, corporate actions, and election turnouts.

ADF, Smart Africa Alliance Launch $1.5m Project to Enhance Digital Trade in Africa

Ugo Aliogo

The African Development Fund and Smart Africa Alliance have jointly launched a $1.5 million project to streamline digital trade and e-commerce policies across 10 African countries.

A statement by the African Development Bank Group, said the Institutional Support for Digital Payments and e-Commerce Policies for Cross-Border Trade Project would evaluate policy gaps in the digital trade and e-commerce ecosystems of Côte d’Ivoire, Benin, Ghana, Liberia, Uganda, South Sudan, Zimbabwe, the Republic of Congo, São Tomé

and Príncipe, and the Democratic Republic of Congo.

The statement said the project would see to the implementation of regional training and capacitybuilding programs focusing on cross-border e-payment and e-commerce for governments, private sectors, and Small and Medium Sized Enterprises (SMEs).

The African Development Bank Director General for Southern Africa Region Leïla Mokaddem, described the IDECT as a pivotal step towards strengthening Africa’s digital trade and e-commerce landscape.

“This initiative will bolster the development of harmonized e-payment policies, capacity building, and gender-sensitive frameworks, ultimately fostering a digital trade ecosystem that generates employment opportunities across the continent,” she said.

On his part, the Chief Executive Officer, Smart Africa, Lacina Koné, said: “The IDECT project demonstrates our commitment to fostering digital transformation and economic growth in Africa. By addressing policy gaps and promoting gender-sensitive training, we are laying the foundation for a thriving digital trade and e-commerce ecosystem.”

Aig-Imoukhuede Foundation Showcases Commitment to Healthcare

The Aig-Imoukhuede Foundation, a public sector-focused philanthropic organisation founded to improve the lives of Africans through transformed public service delivery and increased access to quality primary healthcare, was a key sponsor at the AfricaUK Health Summit, which held recently in London. The Africa-UK Health Summit is a prestigious annual event that brings together key stakeholders to facilitate dialogue and partnerships aimed at addressing Africa’s pressing health challenges. The

Foundation’s sponsorship of the summit demonstrates its commitment to advancing healthcare in Africa and promoting collaborative efforts that lead to positive outcomes for African citizens.

Speaking during the summit at a session on “Health Financing and the role of business”, the Chairman of the Foundation, Aigboje Aig-Imoukhuede stated that the per capita spend of African governments on healthcare was insufficient to address the complex healthcare challenges facing the continent and that the private sector had

Money Market Indicators (in Percentage)

a major role to play in devising innovative solutions to close this funding gap.

Presenting the award, the Managing Director of PSHAN, Dr Tinuola Akinbolagbe stated that approximately 90% of the healthcare challenges faced by Nigerians could be addressed at the primary healthcare level. She applauded the AigImoukhuede Foundation for supporting the establishment of the primary healthcare centres and .called on other private sector entities and individuals to follow suit and support the programme.

Creditswitch Celebrates 10 Years of Excellent Service Delivery

Sunday Ehigiator

Reputable value-added service provider in the Nigerian IT industry, Creditswitch, over the weekend, celebrated its 10th anniversary of excellent service delivery, with an outlook to take on the global stage in the next decade At the event, themed, “Celebrating a Decade of Excellence on Demand, held in Lagos, the

company’s Chief Information Officer, Michael Elue, said the company has had a significant impact on the advancement of digital transformation in Nigeria, fostering business growth, increasing value-added services, and promoting financial inclusion while bridging the digital divide. According to him, “What we have done in the last 20 years is building a culture of excellence and the one of going the extra

mile to ensure that we support businesses in Nigeria as well as provide financial services to our end users.”

Also speaking, the company’s Director, Mr Akin Naphtal, said the company has been able to establish its presence in Nigeria, and the next step will be to establish its businesses across Africa, and beyond “while taking advantage of our innovative products at Creditswitch.

The price of OPEC basket of thirteen crudes stood at $84.37 a barrel on Tuesday, compared with $84.59 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

OPEC DAILY BASKET PRICE AS AT 8 MARCH, 2023

L-R: Managing Director, Agusto and Co. Ms.Yinka Adelekan; Managing Director/Chief Executive Officer, Access Pensions Mr. Dave Uduanu; Chief Executive Officer, FVS Advisory Partners Ms. Vivien Shobo; Independent Non-Executive Director, Access Holding Plc, Abubakar Jimoh and Executive Director, Technical, Access Pensions, Mr. Afolabi Folayan, at an evening with Access Pensions in Lagos on over the weekend.

NAHCO Post Impressive Growth as Profit Rises by 315.1%

Kayode Tokede

Nigerian Aviation Handling Company (NAHCO) Plc recorded impressive growths across key performance indicators in 2022 with profit before tax rising by 315.14 per cent to N3.84 billion.

The board of the aviation handling group has recommended increase in dividend payouts from N665.93 million paid for the 2021 business year to N2.339 billion for the 2022 business year, an

increase of 251 per cent.

Shareholders on the register of the company as at close of business on May 12, 2023 will receive a dividend per share of N1.20 for the 2022 business year. The dividend will become payable on May 26, 2023.

The audited report and accounts for the year ended December 31, 2022 released at the Nigerian Exchange (NGX) showed that group turnover rose by 63.3 per cent from N10.233 billion in 2021

to N16.708 billion in 2022. Gross profit doubled by 125.81 per cent from N3.344 billion to N7.551 billion. Operating profit rose by 274.2 per cent from N1.053 billion to N3.940 billion.

Despite the inflationary trend that affected administrative expenses, profit before tax jumped by 315.14 per cent to N3.842 billion in 2022 as against N924.86 million in 2021. Net profit increased by 246.4 per cent from N771.62 million to N2.674

billion. Earnings per share also rose by 257.89 per cent from 38 kobo to N1.36. Group balance sheet also expanded with total assets rising by 13.9 per cent from N16.44 billion to N18.73 billion.

The group performance was underlined by significant improvements across the businesses, driven mainly by the group’s flagship handling business.

Group Managing Director,

Nigerian Aviation Handling Company (NAHCO) Plc, Mr. Indranil Gupta, said the 2022 results showed the gains of recent investments and continuous improvements in the operations of the aviation handling group.

He pointed out that the 63 per cent growth in revenue underlined the group’s leadership in the aviation handling business as customers continue to show preference for the

PRICES FOR SECURITIES TRADED ASOF 27/04/23

group.

He assured that as the Nigerian aviation industry expands, NAHCO has been well-positioned to harness emerging opportunities with its extensive nationwide coverage. According to him, the group subsidiaries have also shown resilience and have started making notable contributions to the group performance, providing additional support base for future growth.

TRADED VALUE TRADED ( N )

A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA:

Date: All fund prices are quoted in Naira as at 27Apr-2023, unless otherwise stated.

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

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

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

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

FOCUS

Onyeagwu Sustains His Winning Streak as Zenith Posts Impressive Q1 Results

Kayode Tokede

Just as has been the trend since Ebenezer Onyeagwu assumed the position of Group Managing Director/Chief Executive Officer of Zenith Bank Plc, the financial institution last week announced an impressive unaudited results for the first quarter (Q1) ending 31st March 2023.

The results came in with an exceptional double-digit growth of 41 per cent in gross earnings, increasing from N191.5 billion in Q1 2022, to N270 billion in Q1 2023. Also, the unaudited statement of account submitted to the Nigerian Exchange (NGX), indicated that the significant double-digit growth in the topline also boosted the bottom line, with the Group experiencing an impressive 27 per cent year-on-year (YoY) increase in Profit Before Tax (PBT), which rose from N68 billion in Q1 2022, to N86.6 billion in Q1 2023.

It also showed that Zenith Bank's Profit After Tax (PAT) also grew by 13 per cent, from N58.2 billion to N66 billion during the same period.

The growth in the topline was propelled by substantial increases in both interest income and non-interest income.

Furthermore, the bank’s interest income surged by 52 per cent from N126.4 billion in Q1 2022, to N191.6 billion in Q1 2023, while non-interest income expanded by 27 per cent from N57.2 billion to N72.8 billion. The growth in interest income was attributed to the impact of risk asset repricing, while the increase in non-interest income primarily resulted from loan recoveries and foreign currency revaluation gains.

Regarding efficiency, the cost-to-income ratio improved from 55 per cent to 53.4 per cent in the current period, supported by a bolstered income line.

The cost of risk also moderated from 0.8 per cent to 0.7 per cent during the same period due to an enlarged loan book. However, Zenith Bank's cost of funding doubled YoY from 1.3 percent in Q1 2022 to 2.7 percent in Q1 2023, owing to a considerable spike in interest rates between both periods as interest expense grew from N25.8 billion in Q1 2022 to N70.8 billion in Q1 2023.

This impacted the net interest margin (NIM), which reduced from 7.3 per cent to 6.9 per cent over the same period.

Total assets expanded by nine per cent from N12.29 trillion in December 2022, to N13.36 trillion in March 2023, primarily driven by growth in customer deposits and other funding sources, such as borrowings.

In addition, the results showed that in the review period, Zenith Bank's customer deposits increased by two per cent from N8.98 trillion in December 2022, to N9.14 trillion in March 2023.

Loans and advances also experienced marginal growth of one per cent from N4.12 trillion in December 2022, to N4.15 trillion in March 2023 as customers continued to adjust to the full impact of higher rates on risk assets.

Both the capital adequacy and liquidity ratios remained robust at 19.5 percent and 72 per cent, respectively, with both prudential ratios comfortably exceeding regulatory thresholds.

"In 2023, the Group will maintain its focus on sustainable growth across all business segments as it restructures into a holding company, introduces new verticals to its businesses, and expands into new frontiers,"

the bank explained.

Zenith Bank's consistent record of outstanding performance has garnered numerous accolades for the brand, including being acknowledged as the Number One Bank in Nigeria by Tier-1 Capital for the 13th consecutive year in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine.

The bank has also received the Bank of the Year (Nigeria) title in The Banker's Bank of the Year Awards 2020 and 2022, as well as the Best Bank in Nigeria award for three consecutive years, from 2020 to 2022, in the Global Finance World's Best Banks Awards.

The positive Q1 2023 results came few weeks after it released its full year 2022 financial results, which reflected the leadership direction Zenith Bank has been enjoying under the leadership of Onyeagwu.

Specifically, in the audited results for the year ending December 31, 2022, Zenith Bank achieved an impressive double-digit growth of 24 per cent in gross earnings, from N765.6 billion reported in the previous year to N945.5 billion in 2022.

This was despite the persistent challenging macroeconomic environment and headwinds.

According to the audited financial results for the 2022 financial year presented to the Nigerian Exchange (NGX), the double-digit growth in gross earnings was driven by a 26 per cent year-on-year (YoY) growth in interest income from N427.6 billion to N540.2 billion and a 23 per cent year-on-year (YoY) growth in non-interest income from N309 billion to N381 billion.

Zenith Bank blazed the trail in digital banking in Nigeria; scoring several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers.

The bank is verifiably a leader in the deployment of various channels of banking technology, and the Zenith brand has become

innovation.

Onyeagwu is a Fellow (FCA) of the Institute of Chartered Accountants of Nigeria (ICAN), a Fellow of the Nigerian Institute of Management (NIM), The Chartered Institute of Bankers of Nigeria (CIBN), the Institute of Credit Administrators (ICA) and Senior Associate Member, Risk Management Institute of Nigeria (RIMAN).

Onyeagwu is the Chairman of the Body of Banks’ Chief Executive Officers, Nigeria and Chairman of Zenith Pensions Custodian Limited and Zenith Nominees Limited. He is also on the Board of Zenith Bank (UK) Limited, FMDQ Holdings Plc and Lagos State Security Trust Fund (LSSTF). Onyeagwu is a member of the International Monetary Conference (IMC), the Wall Street Journal CEO Council, member of the African Trade Gateway Advisory Council of the Africa Export-Import Bank (Afreximbank), and member of the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN). He also served on the board of Zenith Bank Ghana Limited, Zenith General Insurance, Zenith Securities Limited, Zenith Assets Management Company, Zenith Medicare Limited, and Africa Finance Corporation (AFC).

Since assuming the Zenith Bank’s mantle of leader on June 1, 2019, Onyeagwu’s myriad exploits have solidified his sterling leadership qualities.

synonymous with the deployment of state-of-the-art technologies in banking.

Driven by a culture of excellence and strict adherence to global best practices, the Bank has combined vision, skillful banking expertise, and cutting-edge technology to create products and services that anticipate and meet customers’ expectations; enable businesses to thrive and grow wealth for customers.

With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/ digital channels.

Zenith Bank under Onyeagwu’s watch has remained committed to sustaining the legacy of its visionary Founder and Chairman, Mr. Jim Ovia, whose pioneering and foundational role in building the structures and laying the foundation ensured an enduring and very successful institution.

In recognition of his sterling contribution towards ensuring the stability of Zenith Bank, Onyeagwu was recently conferred with a doctorate by the University of Nigeria, Nsukka (UNN).

Inspiring in silence and action, Onyeagwu is a sure-footed leader of men with a sense of corporate clairvoyance.

He makes today’s Zenith Bank thick, illustrated by the bank’s agile organisation, enduring conducive corporate culture and cordial stakeholders’ relations.

Futuristic in thought and approach, Onyeagwu, as a transformational leader, is committed to Zenith Bank’s vision that promotes re-engineering and

The award, which was in recognition of his immense achievements as the GMD and CEO of Zenith Bank and his contributions to the growth of the financial services sector in Nigeria and the African continent, was conferred on him during the 50th convocation ceremony of the university.

Speaking during the ceremony, the UNN Vice-Chancellor, Prof Charles Igwe, had congratulated Onyeagwu for distinguishing himself in his career and for his service to humanity, which made him worthy to receive the prestigious Doctorate Degree from Nigeria’s first indigenous university.

In his acceptance speech, Onyeagwu expressed his gratitude to UNN for finding him a worthy recipient of the honorary doctoral degree in Business Administration of one of the leading universities in Nigeria, considering the rigorous selection process of awardees by the institution.

In 2023, the Zenith Bank Group intends to expand its frontiers as it also reorganises into a holding company structure, adding new verticals to its businesses and growing in all its chosen markets, both locally and internationally. In order to realise this, the bank recently received approval-in-principle from the Central Bank of Nigeria to convert its present operational structure to a holding company. Once substantive authorisation is received, the bank would get a licence to transit into other businesses within financial services including pensions, insurance, asset management and fintech.

“The CBN approved Mr. Jim Ovia as the chairman of Zenith Holdco Plc (in-formation) and for Mr. Jim Ovia to also continue as the chairman of Zenith Bank Plc until the commencement of Zenith Holdco Plc,” the lender explained.

Zenith Holdco will run in a non-operating capacity only overseeing the subsidiaries under it without getting actively involved in their everyday operations. This would allow Zenith engage in certain additional permissible activities not possible for a commercial bank.

Onyeagwu

MEETS RUTO…

TUC Kicks against Planned Privatisation of TCN, NIPOST, Federal Medical Centres

Onyebuchi Ezigbo in Abuja

The Trade Union Congress (TUC) has kicked against the move by the federal government to privatise the Transmission Company of Nigeria (TCN), the Nigerian Post and Telecommunications Services (NIPOST) and the Federal Medical Centres (FMCs).

It also kicked against what it described as last minute rush to privatise these entities, even as the current administration has few weeks left to depart.

Speaking on the outcome of the TUC National Executive Meeting held in Abuja on Friday, TUC President, Festus Osifoh, cautioned against disbursement of the sum of N8 billion to implement the transfer of management NIPOST assets to

private concerns

In the same vein, the TUC leader expressed dismay over the arbitrary takeover of the management of road transport operations from its affiliate, the Road Transport Owners Association (RETAN) by some state governments in the country.

TUC President warned that Nigerian workers were opposed to the plan to sell the assets of the public-owned establishments especially at the twilight of the President Muhammadu Buhari-led administration.

He said the TUC was also against plans by the federal government to privatise NIPOST and to strip the entity of its assets, handing them over to private concerns.

Osifoh added: "As a follow up to our last NEC meeting that it is

no to privatisation of the FMCs, that for us it is something that we will not tolerate because most of the privatisation that have taken place in our dear country has been an exercise where friends of those in government were rewarded. So we say no to such privatisation.

"In similar breath, we say no to the privatisation of the TCN because if you have privatised the generation companies (GenCos), Distribution Companies (DisCos) and today they are performing at the sub-optimal level, what is the rational to tell the Nigerian people that you are going to also privatise the TCN? So for us it is also not acceptable."

Osifoh alleged that the Federal Ministry of Finance was planning to release N8 billion to completely

pull NIPOST assets down and strip them of their relevance.

He also alleged that a major part of the N8 billion was to be given to private companies that would manage the assets.

"We wonder why is it that when government manages a particular establishment, the first thing that it does is to strip it of its assets? Who are they going to give these assets to? We have been wondering.

“We say no to this. It is fundamentally not correct because NIPOST is a national asset. You can go to different parts of the world and see how the national postage services are being managed.”

"We even learnt that recently, the Ministry of Finance released the sum of N8 billion to completely

pull these assets down and strip it of its relevance. And part of this money is been given to the companies that will manage those assets and only a paltry sum of about N600 million is being given to the NIPOST.

"Why should we be engaging in this, in the twilight of the life of this administration? We hereby call on government not to disburse that money, but to keep it intact and let the next administration come and we will have deliberations with them. If they go ahead with this plan, they will have Nigerian workers to contend with," he said.

Regarding the operations of the transport sector, especially as it relates to the case of Lagos state, the TUC urged the state government

to immediately return the parks to RETAN.

TUC president said the union had observed that some states, especially those in the South West part of the country have been acting against the law by banning the activities of RETAN, that is an affiliate if the TUC.

He accused the states of bringing in some touts to start managing the affairs of road transport in their states.

Osifoh also said that there was a court ruling ordering that the Lagos state government should return the management of the Road Transport activities to RETAN, adding that, "TUC hereby enjoins the Lagos state government to immediately obey that Court judgement."

IoD Nigeria Has Earned the Right to Celebrate 40th Anniversary in Style

Abdulsalam:

Customs Agents Claim N2bn Lost in One Week over 100% Tariff Hike by Handling Companies

Tasks

institute on good governance in the public sector, electoral process

Dike Onwuamaeze

Nigeria’s former Head of State, General Abdulsalami Abubakar (rtd) has commended the Institute of Directors (IoD) Nigeria for its distinctive roles in upholding and promoting sound corporate governance in Nigeria.

Abubakar made this remark at the weekend, during the commencement of the celebration of the IoD’s 40th anniversary, where he said that, “the institute has earned the right to celebrate in style,” because it “has contributed to high levels of corporate governance across Nigeria as a whole.”

Meanwhile, the President of IoD Nigeria, Dr. Ije Jidenma, in her welcome address, explained that the IoD Nigeria started as a Branch of IoD UK on May 17, 1983, with the objectives of promoting and ensuring the entrenchment of good corporate governance in Nigeria to attract the desired foreign direct investments into the Nigerian economy as an independent, non-partisan organisation, limited by guarantee to foster the entrenchment of good corporate governance in Nigeria.

Abubakar, who was the special

No going back on price hike, Nacho, Sacho Insist

Chinedu Eze

guest of honour at the occassion, said: “I am sure the nation greatly appreciates your efforts. Forty years of visionary leadership and corporate governance is no small achievement. A celebratory event such as this is only appropriate.

“As someone who has had the privilege of leading this great country, I quite understand the importance of good governance, both in the private and public sectors of the economy.

“I have had the privilege of working with eminent Nigerians who are part of its best and brightest private sector operators and astute public administrators, many of whom are members of the institute.

“IoD Nigeria has come a long way in its years of existence and transformation, not only as a pioneer and a leading voice of the private sector, but as a symbol of integrity and corporate exceptionalism. IoD’s importance and relevance to our modern day societies is not in doubt.”

Abubakar pointed out that good political leadership positively correlates with good business, and in return, increased investment.

Customs agents at the Murtala Muhammed International Airport (MMIA) claimed they have lost over N2 billion in one week when they protested against hike in ground handling charges introduced by aviation handling companies.

Speaking during a press conference at the weekend, the vice chairman of the Association of Nigerian Licensed Custom Agents (ANCLA), MMIA chapter, Davies Chukwuneye, said the association withdrew their services after Nigerian Aviation Handling Company (Nacho) and Skyway Aviation Handling Company (Sahco) increased ground handling charges by 100 percent despite a similar increase three years ago.

Chuwkuneye, said the association viewed the increase as obnoxious and highly insensitive and held series of meetings with both ground handling companies, pleading with them to reduce the tariff to no avail.

“At the second week of February, the ground handlers sent a circular to the executive of ANLCA, introducing an upward review of 300 per cent on their handling and other charges. The association viewed this as being obnoxious and highly insensitive judging from the fact that the economic situation currently is so harsh to the extent that the Nigerian masses are struggling to survive.

“In view of this, the union excos

entered into negotiation with the ground handlers specifically to make them realise that increment at this time is ill timed and that it will definitely have negative effects when it was still less than three years they had the last increment,” he explained.

He claimed that the exco's intervention on the matter fell on deaf ears as they reluctantly came down to a 100 per cent increment which, “we all know that in all trade dispute all over the world, there is nowhere 100 per cent increment has been accepted and implemented.”

“People are struggling to survive in Nigeria and the regular increment without corresponding services is very worrisome. If we fold our hands and allow this to go on, maybe by the end of this year, another increment will come up. We are calling on the federal government to call the ground handlers to order.

“Four days ago, we withdrew our services from the warehouses and up till now, they have not made any move to send correspondence to us and we are dismayed because it shows that they are insensitive.

“We have made them understand that the increment will not help anyone including them. This increment will send many of us out of business that is why we are pleading with the relevant agencies and stakeholders to intervene so that it would not generate into crisis that

would be difficult to control.

“Within these few days, we have lost more than two billion.

“We are not saying there should be no increment, what we are saying is that it should have a human face so that we can remain in business. When this issue came up, we wrote to the Nigerian Civil Aviation Authority (NCAA) who are the regulators but till now, we have not heard anything from them.

“The two ground handlers have already started the implantation of the increase which has made it difficult for us to operate.

“The services that we have been getting from both ground handlers is nothing to write home about. I can tell you authoritatively that most of the hand trucks used in both warehouses are bought by our members, yet we are paying handling charges.”

Speaking further, he said: “We had a situation where they went and hired machines and positioned them for us to inspect and few days after we had accepted increment, Nahco returned them to where they were rented.

“As I speak, the entire warehouse is leaking and the rain flooded the place and soaked the goods. We have been suffering loses as a result of our cargo being soaked by rain and we bear the cost of the damaged goods because our customers won’t agree to pay for goods damaged by rain.”

But in a joint letter signed by Boma Ukwunna and Saheed Lasisi of Sacho and Nacho respectively, which was addressed to the chairman of ANLCA and made available to newsmen, the ground handlers said the final rates adjustment was effectuated in line with aviation standard as all relevant stakeholders recognised by law including government agencies and the regulator were duly consulted.

The ground handlers also insisted that they have complied with the relevant provisions of the International Civil Aviation Organisation (ICAO)’s four main principles on increase in charges for Airport and Air Navigation Service providers as contained in ICAO Doc 9082, which are: cost recovery, transparency, consultation with users and non-discrimination.

“On April 17, 2023 we had a meeting with all the relevant stakeholders, consequent upon which an agreement was jointly executed on April 19, 2023, where it was collectively agreed that the ultimate effective date for the implementation of the 100 per cent increase is Monday, April 24, 2023.

“We were therefore shocked and taken aback that having achieved the above millage based on thorough justifications regarding the current economic realities, ANCLA members still went ahead, staging a protest for a matter that has already been resolved,” the two companies said.

OSINBAJO

President Williams Ruto of Kenya receives in audience Vice President Yemi Osinbajo SAN at the Statehouse Nairobi, Kenya...yesterday

TOLANI ALLI

CLOSING GONG BY CEO 100 WOMEN IN FINANCE NIGERIA EXCHANGE…

L-R: Head Strategy & Corp Development, First Holdings Plc, Yemi Okojie; Partner Chief Operating Officer, Verod Capital Management, Nieros-Oyegun Soerensen; Divisional Head, Business Support Services, NGX, Irene Robinson-Ayanwale; CEO 100 Women in Finance, Amanda Pullinger; Director/Head of Capital Markets, Nigeria Exchange, Mr. Jude Chiemeka; Founder and Managing Partners, Aruwa Capital, Mrs. Adesuwa Okunbo-Rhodes; Strategy Office of CEO, Africa Finance Corporation, Saratu Kitchener; and Head, Product Development, NGX, Chidinma Chukwueke Okolo, during the closing gong ceremony by CEO 100 Women in Finance Nigeria Exchange in Lagos… weekend

20,000 Aba Landlords Mobilise against TCN over Blackout in Aba

Allege disconnection of Aba Power violates electricity market rules Expert faults transmission company, market operators TCN: Why we cut off Kano, Kaduna discos, one other from national grid Minister intervenes, Discos reconnected today

Emmanuel Addeh in Abuja and Dike Onwuamaeze in Lagos

Over 20,000 members of the Aba Landlords Protection and Development Association (ALPDA) have threatened to mobilise to the Alaoji Power Plant in Abia State and occupy it if the Transmission Company of Nigeria (TCN) fails to rescind within the next 24 hours its order that disconnected the Aba Power Limited from the national grid which threw nine local governments in Abia State into darkness over N896 million debt.

This was just as the TCN at the weekend explained that it removed the Kano and Kaduna Electricity Distribution Companies (Discos) as well as APLE Electric Limited from the national grid because they breached the rules guiding the market.

However, a former senior engineer with the defunct Power Holding Company of Nigeria (PHCN), Mr. Cliff Eneh, has claimed that the TCN, or any unit of it like the Market Operator was not licenced to act as a market operator, adding that the transmission company acted unprofessionally.

Speaking during the weekend at a press conference in Aba, the President General of ALPDA, Mr. Alphonsus Udeigbo, who was flanked by executive members of the association, said that the disconnection of Aba Power from the sole transmission network violated the Electricity Industry Market Rules (EIMR) of 2010 on two grounds.

The TCN had written a letter to Aba Power on April 19, 2023, asking it to pay its debt of N896 million within one month, but on the same date directed the market operator, a unit in the transmission company, to remove Aba Power completely from the national grid within a few hours.

Udeigbo said: “This amounts to a profound and deliberate contradiction in a very sensitive sector. It is a flagrant violation of market rules.”

He also claimed that the second breach of the market rules in the power sector was that the Aba Power was not notified of the TCN’s order to the market operator to disconnect

it from the nation’s sole transmission network.

According to him, “both the market rules and natural justice demand the other party must be put on notice.”

At the news conference, Udeigbo read out a letter of the association to the Market Operator, Dr. Edmund Aje, which was signed by the Chairman of ALPDA Board of Trustees (BOT), Mr. Leo Ike Okoye; the BOT Secretary, Mr. B. Okoro; Deputy President of ALPDA, Mr. Leo Onyemesiri; the Secretary of ALPDA, Mr. Benson Imo, and the Legal Adviser of ALPDA, Mr. Ejike Obi.

The letter read: “We, on behalf of ourselves and on behalf of electricity consumers within Aba and environs, hereby demand you lift the said Disconnection Notice MO-DO/TCN/002/2023 within 24 hours from the date of the receipt of this demand letter having failed to comply with the market rules as well as the content of own suspension notice.

“Take note that in the event of your refusal to lift the order within the stipulated period, we, the electricity consumers who are now being made to suffer the consequences of your action by throwing us into darkness since over a week now shall have no option to embark on a peaceful protest to your office at Alaoji Aba.”

Eneh, who is an energy consultant and also a former senior engineer with the Texas Power and Light Company in the United States, chided the TCN for its alleged unprofessional action and noted that the Alaoji Power Plant supplies power to not just the South-east but also the South-south, up to Edo State.

He said: “The TCN, from the evidence before me, has acted unprofessionally and arbitrarily against Aba Power.

“It needs to ensure that the matter doesn’t escalate, otherwise heads will roll there.

“Legally speaking, the TCN or any unit of it like the Market Operator, is not licensed to act as a market operator.

“In fact, there are a lot of issues I don’t want to get into right now so that the power sector will not

go into a tailspin.”

TCN: Why We Cut Off Kano, Kaduna Discos, One Other from National Grid

Meanwhile, the TCN at the weekend explained that it removed the Kano and Kaduna Electricity Distribution Companies (Discos) as well as APLE Electric Limited from the national grid because they breached the rules guiding the market.

A statement by the TCN, signed by its General Manager, Public Affairs, Ndidi Mbah, said the Market Operator (MO) was mindful of the need to ensure the continued sustenance of the Nigerian Electricity Supply Industry (NESI), which requires strict adherence to the market rules and the application of sanctions where necessary.

The TCN added that the market operator suspended APLE Electric Limited, Kano and Kaduna Electricity Distribution Companies for breach of the Market Rules, which governs and sanitises the Nigerian Electricity Supply Industry.

Due diligence, it said, was observed by the market operator before issuing the suspension/ disconnection order which was in accordance with procedures of the rules guiding the market.

According to the TCN, the move was to ensure the preservation of the market and that non-compliant participants are held accountable for their actions.

For APLE Electric Limited, Mbah stated that it was found to be in non-compliance with the market rules for not having adequate bank guaranty and for incomplete payments of its market operator's invoices for September 2022 to February 2023.

The TCN stated that the market operator first sent a request for a bank guarantee to APLE on November 29, 2022, stating however, that the company failed to provide the required bank guarantee. Consequently, it stressed that a notice of event of default was issued to APLE on December 7, 2022, for incomplete payment of issued invoices.

“Following the notice of event of default, a notice of intent to issue a suspension order was issued on December 14, 2022. Based on the market rules, APLE requested for a hearing which was held online on December 20, 2022, where APLE was given an opportunity to show just cause why it should not be issued a suspension/disconnection order.

“After the hearing, a 14-business day notice was issued on March 21, 2023 in three national daily newspapers as required by the Market Rules. Thereafter, a suspension order was issued on the 19th of April, 2023 which required APLE to cure its defaults.

“The disconnection order was carried out on the 20th of April, in line with the Market Rules. This order resulted in the disconnection of the feeders within the APLE franchise area until such a time that they provide the required bank guarantee and settle their outstanding invoices with the Market Operator,”

it stated.

On Kano and Kaduna Discos, TCN said they were equally found to be in non-compliance with the Market Rules for not having adequate Bank Guarantees and for incomplete payments of their Market Operator's invoices for the time-line January 2020 to February 2023. Both companies, it said, were sent a request for their Bank Guarantees in line with the Market Rules, on the 16th of February 2022 and they failed to provide the required Bank Guarantees. Consequently, a Notice of Event of Default was issued on 2nd of March 2022, for incomplete payment of invoices.

“This was followed by a Notice of Intent to Issue a Suspension Order, issued on 9 May 2022. Both Discos requested for Hearing which were held on 31st May 2022 (KEDCO) and 2 June 2022 (KAEDCO), where both Discos were given an opportunity to show just cause not to be suspended/disconnected.

“After the hearing, a 14-business day notice was issued on the 21st of March, 2023 in three national daily newspapers as required by the Market Rules. Thereafter, a Suspension Order was issued on the 20th of April 2023, which required KAEDCO and KEDCO to cure their Defaults.

The Disconnection Order was then carried out on the 26th of April, 2023 in line with the Market Rules. This order resulted in the disconnection of the major Feeders within the franchise areas of both KAEDCO and KEDCO, until such a time that they provide the required bank guarantees and settle their outstanding invoices with the Market Operator,” it added. Relatedly, the Market Operator, the TCN last night announced that it was set to reconnect, at midnight today (May 1, 2023), the three Discos earlier disconnected from the electricity power grid as a result of non-compliance with the Market Rules.

Presidency Responds to Critics, Highlights

Buhari’s Achievements in 20 Sectors in Eight Years

Stresses president served meritoriously

Deji Elumoye in Abuja

The Presidency yesterday rose in stout defence of the President Muhammadu Buhari’s administration, saying his government has performed excellently well in 20 sectors of the nation’s economy in the last eight years.

The Presidential Communications Team released a 91-page document containing what it described as the achievements of Buhari since assuming office on May 29, 2015, as he prepares to leave office in about a month's time.

A statement introducing the document titled “Buhari’s Footprints on the Sands of Time,” issued by the Media Adviser to the President, Femi Adesina, stated that the fact sheet was all encompassing and would replace the half information critics of the president had been peddling

According to the covering note: “In about four weeks, President

Muhammadu Buhari touches down as the country’s Number One citizen. For eight years, he has served, making salutary impact on nearly all sectors of the National landscape: security, economy, anti-corruption, infrastructure; rail, roads, air and sea ports, power, housing, water resources, the oil and gas sector, legislative matters, foreign affairs, sports, youth development, and many others.

“The Presidential Communications Team here brings a one-stop shop of achievements under the Buhari administration covering eight years of two terms. It’s a collector’s item, an answer to the questions of those who would rather cavil, looking at a half-empty cup, rather than a half-filled one.

“Those who are objective, taking a dispassionate look at this Fact Sheet, would admit that President Buhari came, and served meritoriously. As he had promised many times, he would not be leaving Nigeria the way he met it.

“A report card of the administration? It is so and more. Welcome to view the indelible footprints of Muhammadu Buhari on the sands of time.”

The document highlighted Buhari’s achievements in 20 areas including Education and Health, Fiscal, Trade, Monetary and Investment Reforms, Support to States, Creative Industry and Sports, Niger Delta, Anti-Corruption and Transparency, Law Enforcement, and Security and Justice Reform, Diplomacy and International Relations, Bilateral Highlights, International Appointments Held By Nigerians, and Coronavirus Response.

Others are Legislative Reform, Executive Orders, Infrastructure - Rail, Roads, Air and Sea Ports, Power, Housing, Water Resources, Ease of Doing Business Reforms, Digital Economy & Digital Identity, Oil and Gas, Solid Minerals, Agriculture, Social Investment and Poverty Alleviation.

INTERCONTINENTAL MARRIAGE…

L-R: Nasarawa State Governor, Abdullahi Sule; the

Alysa;

Ahmad to Donnington: I Left Velocity Before Appointment as REA Boss

Says contract code breach allegation unfounded

Alex Enumah in Abuja

The Director General and Chief Executive Officer (CEO) of the Rural Electrification Agency, Mr. Ahmad Salihijo Ahmad, has stated that contrary to the claim of a firm, Donnington Nigeria Limited, he had resigned his position as Director, Velocity Logistics and Marine Services Limited (Velocity) long before his appointment into the REA.

Ahmad also faulted allegations by Donnington that he may have influenced a contract in favour of Velocity because of his alleged interest in the firm and thereby

breached provisions of the Code of Conduct Bureau (CCB) for civil servants.

Recall that Donnington had on April 25, 2023 in a letter addressed to the Chairman of the Code of Conduct Bureau (CCB), had accused Ahmad of Conflict of Interest as well as breach of Section 5 and 6 of the CCB and the Code of Conduct Tribunal (CCT) Act.

According to the petitioner, it was wrong and unlawful for Ahmad to hold the position of a Director in Velocity Logistics & Marine Services Ltd (Velocity), while at the same time being the boss of the Rural Electrification

Agency.

But Ahmad in his response to the petitioner, denied any wrong doing, describing the petition to the CCB as "untrue and defamatory".

Ahmad said, "for the sake of clarity; I want to emphasize that my employment history had been thoroughly vetted and approved by the appropriate authorities, upon my assumption to the role of MD/ CEO at the Rural Electrification Agency (REA) on December 29, 2019.

"Prior to taking on this critical role at the agency; I had been in the private sector and had equally relinquished my position as one of

the Directors of Velocity as far back as April 25, 2019, long before I was appointed MD/CEO of the REA. These details are accessible and available at the Corporate Affairs Commission (CAC).

The REA boss explained further

that as an administrator committed to serve while upholding the mandate of the agency, he had acted with the highest ethical standards and has never engaged in any behavior that conflicts with the interest of his position as the

MD/CEO of the Agency.

"I am in no way privy to any and all business dealings between Donnington Nigeria Limited and Velocity as I have had no connection whatsoever with Velocity since April 25, 2019," he added.

State House Hosts Consultative Forum

Deji Elumoye in Abuja

The State House in consultation with the Federal Ministry of Finance, Budget and National planning has identified and

Bishop Kukah Backs 30% Political Appointment for Women

Adibe Emenyonu in Benin City

The Catholic Bishop of Sokoto Diocese, Bishop Hassan Kukah has thrown his weight behind the agitation for 30 per cent political appointment for women.

He, however, gave a proviso that only women of competence and not those related to people already in power, should be appointed. Kukah also called on parents to collaborate with the government to strengthen education and stop encouraging short–cut to success in education.

The Catholic Bishop of Sokoto stated this as a keynote speaker in Benin City, at an event tagged, "Parents Summit", organised by the state government as part of activities to mark the 2023 Education Week, where he lauded the efforts of Governor Godwin Obaseki on repositioning the education sector in the state at the weekend.

He said “I am fully in support of women getting 30 per cent of power in Nigeria but my argument is that it cannot be the same women whose husbands are already holding power in Abuja and across the country.

“It is nothing personal, it is the reality, you cannot tell me that the Igbos that the Yorubas and the Fulanis and the Hausas who are already holding power, that they will bring their wives and their mistresses and their daughters to become ministers and senators and so on.

"If you are going to do 30 per cent, that 30 per cent must go to women who represent the common people, it is not about just saying any woman at all, there must be discrimination in favor of injustice that has been institutionalised.”

Kukah, who commended Obaseki for his strides in education, rued the breakdown of standard and quality of education backed by some parents who are only interested in the grades their wards come out with mostly because of the fees they pay, adding that this has adversely affected some Catholic Mission owned schools because they are sticklers to rules.

He said “I really want to comment on your strides and how far you have travelled in providing education as the key and the guarantee of the future

of our people, and the world.

“Education, not only is it the leveler of society, it is in the substitute for godfatherism, substitute for nepotism and the antidote to that has held us back.

“I commend your government for the decision to reinvent, to reposition and to restrategise about how the world must see the people of Edo State because all of us know very well that in the last 20 or so years, if you mention Edo, you yourself know what, you became notorious for so.

“This great effort in my view is sufficiently worthy of commendation and appreciation because if you position your state, you will be able to compete effectively, efficiently in the 21st century.

“The Holy Prophet of Islam was said to have said that we must all seek knowledge, even if it takes you to China because at that time, China was like the end of the world.”

Kukah added that despite coming from a very humble background, “Education has taken me to the table of the rich, the high and the mighty.

So education is a system of the transmission of knowledge.

“What kind of knowledge do we transmit, that is the critical question. Many parents want the easy road for their children but there must be collaboration with the government to have centres of excellence. Costa Rica invested in education and today they have the highest threshold in education, about 90 percent educated population.”

Earlier, Obaseki called for the sustenance of the reforms he has initiated in the education sector after he leaves office.

“As we go into the next stage of the reform, what is now important and critical is that we should be able to sustain what we have started. By the grace of God, I will finish on November 11, 2024, but EDOBEST will not come to an end.

“And so what we've been doing this week is to highlight the achievements, the reforms that we have, how we have gone about these reforms, the progress we have made and also, to let you know what still needs to be done. Parents have been very critical.”

tentatively screened three of its programmes and projects for possible consideration as pilot cases for Public Private Partnership (PPP).

According to a statement yesterday, by the Director (Information) at the State House, Abiodun Oladunjoye, the Permanent Secretary, State House, Tijjani Umar, stated this in Abuja, in his remarks at the First Quarter, 2023 Public Private Partnership Units Consultative Forum (3PUCF) meeting hosted by the State House and organised by the Infrastructure Concession Regulatory Commission (ICRC).

The three projects, according to the Permanent Secretary were: the State House Wildlife Sanctuary and |Children’s Park, the State House Medical Centre and the State House, Lagos Facilities.

Towards ensuring the success and sustainability of the initiative, Umar disclosed that the State House has embarked on rigorous strategic human capacity – building of relevant staff of its PPP Unit.

He said: “Four State House staff participated in the Basic and Intermediate PPP Courses at the Nigeria Institute of Infrastructure and Public Private Partnership (NII3P), the training arm of the ICRC.

“The State House has also trained three staff on PPP Financial Modelling and Risk Assessment in Accra, Ghana and will leverage on the capacity of officers of the Legal Department who have already enjoyed similar Training on PPP Legal and Regulatory Framework."

He noted that additional staff were also being considered to undergo the in-depth MBA training programme on PPP being conducted by the NII3P. Shedding more light on the Consultative Forum, the Permanent Secretary stated that it provided a veritable platform for stakeholders in the PPP space to collaborate and exchange ideas on initiatives that are aimed at driving economic growth and development in our country.

“It also serves as a unique opportunity for MDAs to share experiences, ideas and best practices on the execution of PPP projects across different sectors?".

Umar enjoined the Forum to seek ways that technology would enhance and expedite the delivery of viable projects.

In his remarks, the Director General of ICRC, Joe Ohiare, listed some of the great strides of the organisation regarding transactions involving MDAs like the Federal Ministry of Interior, Nigeria Ports Authority, Nigeria Immigration Service and NIMASA, to mention a few.

He added that the ICRC had established the Nigeria Institute of Infrastructure and Public Private Partnership for the purpose of capacity building in the sector.

The occasion witnessed the formal inauguration of the PPP Unit of the State House as well as the presentation of papers on Negotiating PPP Agreements on Government Side; and Beyond P&ID – From Contracts / Projects Failure to Federal Contracts Administration System

bride,

Sule's son and groom, Zakari; and Sule's wife shortly after the son's wedding ceremony at the McKinney Roughs Nature Park, Texas USA ....weekend

INAUGURATION OF ONUOHA AS PRESIDENT OF CHRISTIAN COUNCIL OF NIGERIA...

FG to Opposition: Stop Grieving over Presidential Poll Defeat

Olawale Ajimotokan in Abuja

The federal government has chided the opposition as shameless sore losers, saying they should let go and stop mourning over the 2023 presidential election, which they lost.

Minister of Information and Culture, Alhaji Lai Mohammed, delivered the rebuke in a statement yesterday.

Mohammed said the opposition knew

they deserved to lose the election, because of their overconfidence and complacency.

The minister descended, specifically, on the Labour Party (LP) as the firstever distant third-place finisher in a presidential election anywhere in the world to have brazenly claimed victory. He said President Muhammadu Buhari deserved nothing but accolades for delivering undoubtedly the best

Obaseki Earmarks N6bn for Rebuilding Secondary Schools in Edo

Governor, Shaibu, Ogie, others grace 10th year memorial service for mother of Minister of Health

Adibe Emenyonu in Benin City

Edo State Governor, Mr. Godwin Obaseki, has said his administration has set aside N6 billion to fund the rebuilding of secondary schools in the state through the State Employment and Expenditure for Result (SEEFOR) programme.

Speaking at the thanksgiving service for the 2023 Education Week, in Benin City, Obaseki noted that between May 1st 2023 and September 1st 2024, all funding for SEEFOR projects will now go for secondary schools in the state.

He said, “I have said between May 1st this year and September 1st next year all the funds I used to put under SEEFOR for roads will now go into secondary schools. This is in excess of N6 billion naira.

“Unlike basic schools we don’t have federal support for secondary schools. As such, we must put funding mechanisms in place to rebuild all our secondary schools. We can’t finish all of them but have started by having in place a financial plan.”

Obaseki noted, “We can’t solve all the problems that have accumulated for over three generations. What we have done is to set the process, set the directions and hope that the citizens will hold the government accountable and responsible to ensure they deliver on what they expect within available resources.

“We believe we should leave a directional plan on education behind when we leave. We have made significant progress and demonstrate that it’s possible as we have made more investment, trained the teachers

using technology and believe that with all this implementation of the reform, our students will be better off.”

In his sermon on the theme, ‘Provoking in Thanksgiving unto the Lord’ reading from Luke 19:40, Rev. Egbenusi Osazee, urged leaders in the society to treat their subordinates with respect and dignity.

Meanwhile, Obaseki, his wife, Betsy; Edo State Deputy Governor, Philip Shaibu and the Secretary to Edo State Government, Osarodion Ogie, among other dignitaries, yesterday graced the 10th year memorial anniversary thanksgiving in honour of late Dame Merry Oritsetimeyin Ehanire, mother of the Minister of Health, Dr. Osagie Ehanire.

Speaking to journalists after the thanksgiving service at Our Saviour's Anglican Church, Benin City, Obaseki extolled the exemplary life of late Dame Ehanire, hailing her contributions to the development of the state.

The governor said, "Mama is one of the pillars of the Anglican Church. She was a mother that cared for so many as her home was like a dormitory with different people as she took care of them and emphasised education.

“All mama's children are welleducated and have continued to contribute to the development of the society. One of her children is the Minister of Health of the Federal Republic of Nigeria, one was a former Senator, another a Permanent Secretary in Oyo State, among others, as she has imbibed education in their lives.”

election in Nigeria's history.

Mohammed noted that the president’s analysis on the reasons for the opposition's loss in the 2023 elections was incontrovertible, adding that the reaction to his comments by the opposition has shown that they are unrepentant losers.

Mohammed said, “President Muhammadu Buhari lived up to his billing by delivering a free, fair and credible election, and his legacy is assured. The president would rather lose his state and many of his party's strongholds than tamper with the fidelity of the election, and that is why he provided a level playing field for all parties.”

The minister further lashed out at the opposition for premising their overconfidence on faulty opinion polls and overdose of social media

propaganda meant to hoodwink their foreign backers and the international media that they were coasting home to victory, when in reality they were, indeed, heading into the ravine of defeat.

He insisted that the presidential candidate of the ruling All Progressives Congress (APC), Bola Tinubu, won the presidential election fair and square. Mohammed said Tinubu clinched the majority of votes cast and surpassed the constitutionally-stipulated 25 per cent of votes cast in each of at least two-thirds of all the states in the federation and the Federal Capital Territory.

According to the minister, “Going by the results, none of the opposition parties met any of the conditions stipulated for winning the presidential election. They didn't even come

close, in spite of their pre-election grandstanding.

“They (opposition) keep leaning on some international observers to justify their fraudulent claim that the election was rigged. They conveniently forgot what Ambassador Johnnie Carson, the revered US diplomat, who co-led the National Democratic Institute (NDI) and International Republican Institute (IRI) International Election Observation Mission to Nigeria, said, that the APC candidate undoubtedly won the polls.

“They also forgot that the African Union Election Observation Mission to Nigeria said the atmosphere was generally calm and peaceful in 95 per cent of the polling units visited.”

Mohamed said it was on the basis those reports that many nations, including the US and the UK, wasted

no time in congratulating the APC candidate as the president-elect. Mohammed similarly cast aspersion on the opposition for irredeemably misleading the world by clutching at the weak straw that results were not immediately uploaded onto the IReV portal, noting the portal does not play any role in the collation of results.

Mohamed said, “The opposition's insinuation that the failure to immediately upload the result of the presidential election onto IReV affected the credibility of the election is a fraud. It is an act of blackmail and deceit by desperate individuals.

“The opposition Labour Party, in particular, will go down in the history books as the first-ever distant third-place finisher in a presidential election anywhere to have bold-facedly

Abe Withdraws Petition from Election Tribunal, Faults FG’s Move to Postpone Fuel Subsidy Removal

Blessing Ibunge in Port Harcourt

The governorship candidate of the Social Democratic Party (SDP) in the just concluded elections in Rivers State, Senator Magnus Abe has disclosed that he has decided to withdraw the petition he filed at the Election Petition Tribunal challenging the outcome of the poll, for peace, progress and unity of the state.

This was just as the SDP gubernatorial candidate in the March 18 election, appealed to President Muhammadu Buhari to settle the issue of removal of subsidy on petroleum products before exiting office on May 29, 2023.

Speaking on the withdrawal of petition against the 2023 governorship election in Rivers State, while addressing his members at his campaign office yesterday, in Port Harcourt, Abe said: "We must learn as politicians to be pragmatic and to always put interest of Rivers State and the people above every other interest.

"Haven made a very clear review of the situation in the state and what is happening in the state, I have decided in consultation with the party both at national and the state, that I Senator Magnus Ngei Abe will withdraw my petition at

the election petition tribunal in the interest of those that have suffered and laboured so much in this politics in support of our course and more importantly, in the interest of our state, so that we begin to reduce the confusion in the state in order to give all of us an opportunity to move forward with our lives.

"I want to say that for me, the progress, prosperity, peace, unity of our state has always been and will remain paramount to me at all times. We cannot at any stage of our politics put our own interest against the interest of those who have sacrificed so much to follow us. We cannot at any stage of our politics put what we consider our ego above every other consideration in our state," he stressed.

The National Economic Council (NEC) last Thursday advised the federal government to suspend the planned removal of subsidy on petrol.

Reacting on the development, Abe stressed the need for Buhari to conclude with issues bothering on the petrol subsidy before the end of his tenure, adding that postponing the controversial policy was not in the interest of the larger Nigerians.

Abe, said he was among those who were in support of petrol

subsidy removal during the former President Goodluck Jonathan's government, and was happy when Buhari assured to settle the matter before exiting office.

"I will use this opportunity to appeal to the President on the promise he made to the Nigerian people, which is the settlement of this subsidy matter.

“It is one the things he should also look into before May 29, because everybody will also recollect that I was at the centre of that controversy when the whole subsidy thing blew up under the President Goodluck Jonathan's government. And one of the key points we made to Nigerians was that the problem will be solved.

"It is unfortunate that now towards the end of the administration, everybody has come to realise that this country can no longer afford to pay fathom subsidies for things that brings no benefits to the Nigerian people.

“I was very happy when I saw the President taking steps to conclude every controversy before the end of his administration by introducing improved wages for civil servants as part of the process of taking out the fuel subsidy.

"It is therefore with shock that I read somewhere that the decision of

the fuel subsidy removal has been postponed to June and I think it is not in the interest of the Nigerian people that we should continue to toy with this matter, especially since we have already taken steps to bring it to a rightful conclusion".

Abe, however, thanked Buhari for keeping to promise he made to the Ogoni people in the cleanup of the degraded environment.

He said: "It will be appropriate for me to use this opportunity to thank President Muhammadu Buhari for keeping his promise to the Ogoni people and delivering on that key commitment to ensure that the Ogoni cleanup is realised.

"I am not just speaking on the cleanup issue, but that the Ogoni people get something for their years of suffering and years of contribution to the Nigerian economy. I believe that the project unveiled by Mr. President is a clear manifestation of those promises that he made to us before his election in 2015."

Abe who pleaded with his supporters and other members of the party who may be approaching the court to seek justice for what they suffered during the elections in the state, stressed that for the sake of peace and unity of Rivers, they should sheath their swords.

Governor Hope Uzodimma who represented President Muhammadu Buhari presents the latter's address to the new President, Christian Council of Nigeria, Most Rev David Onuoha at his inauguration at Cathedral of Transfiguration of Our Lord (CATOL),Owerri.... yesterday

DANGOTE SUGAR REFINERY LONG SERVICE AWARD...

at the company’s premises at Apapa Wharf Complex, Lagos… recently

Atiku Won 2023 Presidential Poll, PDP Replies Lai Mohammed

Chuks Okocha in Abuja

The Peoples Democratic Party (PDP), yesterday, insisted that its presidential candidate, Atiku Abubakar, won the February 25, 2023 presidential election as shown from the actual votes cast at the polling units across the country.

The PDP described the subjudice claim by the Minister of Information and Culture, Lai Mohammed, that the opposition lost the election, as yet another in

the series of attempts by the All Progressives Congress (APC)-led federal government to bully and blackmail the Presidential Election Petition Tribunal.

In a statement by the National Publicity Secretary of the party, Hon. Debo Ologunagba, the PDP said, Nigerians were invited to note that Mohammed’s comment came after President Muhammadu Buhari made similar subjudice comment in his widely condemned attempt to justify the rigging of the

presidential election, which case is pending before the Tribunal.

According to the PDP, "It is indeed appalling that Lai Mohammed could attempt to defend the outcome of a fraudulently conducted election, which has been adjudged as the worst in the history of elections in Nigeria and which has attracted nationwide and international outrage against the Buhari administration.

"By stating that President Buhari

NLC, CSOS PLEAD WITH JUDICIARY TO SAVE NIGERIA’S DEMOCRACY

confidence in the processes that were abused by INEC and also stem the deep decline of our democracy.

"We are, therefore, soliciting the cooperation of the Nigerian Bar Association (NBA) and lawyers for democratic justice, to partner us to re-awaken the consciousness of the judiciary to its constitutional responsibility of defending our frail democracy through the enthronement of justice.”

Gbajabiamila: Workers’ Sacrifices Won't Go in Vain

Speaker of the House of Representatives, Hon. Femi Gbajabiamila, lauded the efforts of the Nigerian workers on the occasion of this year's International Workers' Day.

Gbajabiamila said the Nigerian workers had paid their dues over the years and, therefore, deserved to be celebrated always, not just on workers' day.

Recalling the sacrifices of the Nigerian workers, he said such would not go in vain, noting that they would continue to reap from their good works.

According to the speaker, Nigeria would not have been what it is today without the diligence, dedication and commitment of workers at various levels.

Gbajabiamila saluted the workers for their invaluable contributions to the development of Nigeria, and urged them to do more for the betterment of the country.

Atiku: Do Not to Despair, Be Hopeful

Presidential candidate of Peoples

Democratic Party (PDP) in the last general election, Atiku Abubakar, advised Nigerian workers to see this year's May Day as a moment for sober reflection and stocktaking, in view of the myriad socio-economic tribulations they had faced in the last eight years of the Muhammadu Buhari-led All Progressives Congress (APC) administration.

Atiku, in a message of solidarity to the country's workers, said the lives and welfare of workers and their families had been reduced to the abyss of mere existence due to the litany of policy errors by the APC government. He accused the government of creating insecurity in all facets of workers' lives, including food, shelter, health, wealth, and education.

Despite the precarious situation, Atiku enjoined the workers not to despair or be cowed, but to keep their heads above water and stay afloat. He said they should be resilient and hopeful for the sake of the younger generations and the country's future.

The former vice president stated, "In Nigeria of today, the minimum wage of N30,000 cannot buy a full bag of rice, let alone cloth or pay for a worker's many utility bills. In fact, hyperinflation in all sectors of our nation has constituted serious socio-economic strangulation to the average Nigerian worker, who's now poorer than in 2015, when APC came to power."

Atiku extolled the virtues of hard work, perseverance, and endurance of the working people in the country.

Obi: Keep Promoting Productive Ideals of Nigeria

Presidential candidate of Labour Party (LP), Mr Peter Obi, felicitated with Nigerian workers on the occasion of International Workers' Day, calling on them to hold onto those values that encourage productivity in the country.

In his message to workers, Obi encouraged them to see their jobs as channels for contributing to nation building, explaining that the country would grow and develop more if Nigerians understand that the task of nation building is for everyone.

The former governor said Nigeria was gifted with a hardworking labour force, desirous of the country's development. He explained that not minding poor workers' welfare, workers had continued to labour for the country.

Obi encouraged the workers not to be disheartened by the many challenges that, today, pervaded the economic and political space. He urged everyone to remain focused on building a more productive and prosperous nation, which, he said, was part of the offerings of the New Nigeria.

Obi stated, "I want to assure you that the forces of darkness that have held this nation bound for long, will not continue to have their way. We are determined to take back our nation for good and we are not giving up. I urge you all to remain steadfast. The sun of justice, peace and development will soon shine on our nation."

Lawan Hails Workers’

Patriotism,

Resilience

President of the Senate, Ahmad Lawan, commended Nigerian workers for their patriotism and

deserved ‘accolades’ for conducting a globally condemned presidential election and describing wellmeaning Nigerians as ‘shameless sore losers’, Lai Mohammed has further confirmed the complicity of the Buhari administration, in which he serves as mouthpiece, in one of the most reprehensible election swindles in the history of democracy."

The PDP, however, said it was not surprised that Mohammed would continue in the trajectory of

resilience.

In a statement he personally signed, Lawan said, "Throughout our history as a nation, the great Nigerian workers have been remarkable for their patriotism, commitment to nation-building and resilience in the face of serious development challenges. They have contributed in finding solutions to the challenges and supported the efforts of government targeted at meeting the yearnings of the populace.

"This consistent patriotic stance of the Nigerian workers has enhanced peace and industrial harmony and provided a conducive environment for economic growth and development in the country.

“Labour creates wealth; remains valid today as it has ever been. It is in the realisation of this that government must always pay serious attention to labour related matters.

"It is with this understanding that the ninth National Assembly has guarded itself against the introduction of any anti-labour legislation since its inception in 2019. We are happy that this stance has also helped in sustaining industrial peace in the country.

"On this note, I wish the great Nigerian workers a happy May Day celebration."

Obaseki: We’ve

Implemented Institutional Reforms on Welfare

Edo State Governor Godwin Obaseki said the state government had implemented institutional reforms to sustain the gains made in improving workers’ welfare.

Obaseki, who said this in commemoration of the 2023 Workers’ Day celebration, said some of the reforms included new legislations,

the Buhari-led APC administration, which is notorious for lying, deceit and falsehood.

Ologunagba said Nigerians were aware that by the authentic results obtained from the Polling Units, Atiku and not the APC candidate met all the conditions stipulated for winning presidential election, the reason the Independent National Electoral Commission (INEC) refused to transmit directly and announce results as obtained from the polling units as required by

capacity enhancement programmes and policy changes that impacted on building a strong and virile workforce.

The governor stated, “We have drastically improved the remuneration and benefit system for workers by making Edo the sub-national with the best salary scheme in Nigeria. We are investing in the health and wellbeing of our workers.

“We have commenced an affordable health insurance scheme that has ensured improved access to quality health care for all workers. We are also implementing a contributory pension scheme that will guarantee regular pension payments for our retired workers.

“Our commitment to workers’ welfare extends beyond just remuneration and benefits. We are investing towards ensuring that our workers have a positive and fulfilling work experience. Our goal is to transform the traditionally mundane and unexciting public sector work environment into an engaging and enjoyable one.

“We are committed to improving the quality of work life for our workers by implementing initiatives that promote employee engagement, job satisfaction, and a sense of purpose in their work.”

NECA: Defend Institutions

Created to Advance Industrial Harmony

Nigeria Employers’ Consultative Association (NECA) urged members of the organised labour and, indeed, all stakeholders to ensure that no effort was spared in promoting and defending institutions created to advance industrial harmony and social dialogue in Nigeria.

law.

The PDP, for the umpteenth time, cautioned the APC and the Buhari-led government against its attempts to bully the judiciary in the handling of the presidential election petitions before the Tribunal.

"The facts of the rigging of the February 25, 2023 Presidential election are well known to Nigerians and the PDP will not relent until it reclaims its mandate at the Tribunal," it stated.

NECA made the call in its goodwill message to mark the workers’ day titled, “May Day Celebration: NECA Commends Organised Labour, Raises Alarm over Government’s Proposed New Taxes,” signed by NECA Director General, Mr. Adewale-Smatt Oyerinde. Oyerinde said the theme of this year’s May Day celebration, “Worker’s Rights and Socio-economic Justice,” was quite apt at this time in the country’s national and global engagements.

He said the event was also a time of deep reflection on where “we were years ago, where we are today and where we hope to be few years from now”.

Oyerinde said the reflection was necessary to give workers a clear scorecard of the state of the collective struggle to build a model nation, where rights were protected, including the rights of enterprises; wealth was created and equitably distributed; and social and economic justice was guaranteed.

The NECA Director General stated, “As the global economy continues to witness disruptions, coupled with political upheaval in many regions, the need to continue to protect not only workers’ rights but also human and enterprise rights cannot be over-emphasised.

“Worker’s rights encompass a range of issues, including living wages, decent work, access to medical care, safety and health at work, bridging gender gaps, and freedom from discrimination, among many others. These rights thrive in an environment that promotes socio-economic justice. All these are in the different International Labour Organisations (ILO) fundamental instruments, which Nigeria is a signatory to.”

L-R: Group Head, Learning and Development, Dangote Group, Felicia Onyechi; 25-year long service award recipient, Olufemi Okanlawon of Dangote Sugar Finance and Accounts Dept; DSR, Group General Manager, Human Resources/Admin Hassan Salisu; also of the Finance and Accounts Depertment, Odetunde Oluwole at the Dangote Sugar Refinery Plc Staff 2021/2022 Long Service Award held

VALEDICTORY COURT SESSION FOR OSIFO...

At Enugu Meeting, Igbo Leaders Adopt, Inaugurate Iwuanyanwu as Ohanaeze President

Igbo leaders, including the five governors of the South East states, yesterday, unanimously adopted and inaugurated Chief Emmanuel Chukwuemeka Iwuanyanwu, as the new President General of Ohanaeze Ndigbo Worldwide.

The decision was reached after a closed door meeting of members of Ohanaeze Imeobi with the governors and other Igbo leaders held at the state-of-the-art Banquet Hall, Enugu, newly constructed by Governor Ifeanyi Ugwuanyi’s administration.

The meeting had in attendance Governor Ugwuanyi, Prof. Charles Soludo of Anambra State, and the Deputy Governors of Abia, Ebonyi

and Imo states, Rt. Hon. Ude Oko Chukwu, Dr. Kelechi Igwe and Prof. Placid Njoku, who represented their governors.

Other Igbo leaders at the event included former governors of Imo and Anambra States, Chief Ikedi Okakim and Mr. Peter Obi; former President of the Senate, Chief Adolphus Wabara; Governor-elect of Enugu State, Dr. Peter Ndubuisi Mbah; Secretary General of Ohanaeze Ndigbo, Amb. Okey Emeuche; former Presidents General of Ohanaeze Ndigbo, Chief Gary Enwo Igariwey and Chief John Nnia Nwodo; and wife of the first President of Nigeria, Dr. Mrs. Uche Azikiwe.

Osinbajo Urges African Leaders to Take Definitive Stand on Climate Change

Says continent offers solution to net zero ambitions, meets Kenyan president

Deji Elumoye in Abuja

Vice President Yemi Osinbajo has canvassed for the coming together of African governments and leaders in order to develop a common resolve to push the Climate Positive Growth Agenda.

The agenda, he said, emphasises how the continent could offer solutions to the global climate crisis while attaining economic growth in their countries.

Osinbajo stated this yesterday during a meeting with Africa Europe Foundation (AEF) themed "Earthshot 2023 Milestone" on the sidelines of the Ibrahim Governance Weekend programme, in Nairobi, Kenya.

The Vice President noted that "the Climate Positive Growth Agenda is important. For me, the next steps are crucial. First, we need to get African governments and heads of state around this agenda and that is crucial because the Climate Positive Agenda is a win-win situation for Africa and the rest of the world.

"It certainly needs a lot of fleshing out and a lot more in terms of getting African governments in particular to understand our place in it and how to take this forward."

Using Nigeria as an example, Osinbajo said, “We may not probably

be a country you think of when it comes to a green economy, but the truth is that Nigeria’s hydropower is the core of its energy resources, our Energy Transition Plan as well as renewable energy plan both emphasise great ambitions for renewable energy.

"We are a gas-rich country, so the question is how do you make that case for Nigeria in such a way that you are able to emphasise the trade-offs and the actual benefits.

"And I think, it is a straightforward enough case, but we have to present to each government, where the benefits lie and where the trade-offs may lie so that we get a consensus as quickly and as effectively as possible," adding that Africa could be a solution to the net zero ambition.

His words: "I think it is important to emphasise that it is a win-win because instead of seeing the usual narrative of Africa being the least emitter and the worst sufferer, here is a situation, where we are proposing an African agency. And we are saying Africa can be the solution to the net zero ambitions of the entire world.

"And how is that going to happen? It will happen because we have everything that it takes — youth population, and renewable resources in the magnitude that no one else has.

Others were serving and former members of the National Assembly; serving and former ministers and ambassadors; clergymen, Obi of Onitsha, HRM Igwe Nnaemeka Achebe; Chairman, South East Council of Traditional Rulers, HRH Amb. Lawrence Agubuzu and other royal fathers; elder statesmen; Presidents of Ohanaeze Ndigbo of South East states; National President, Association of Town Unions, Chief Sir Emeka Diwe and other members of the executive; and Town Union Presidents of the South East states, etc.

In his acceptance speech, Iwuanyanwu thanked the Igbo leaders and the entire people of the South East zone for finding him worthy to pilot the affairs of the apex Igbo socio-cultural organisation.

The new President General also thanked the South East governors for their support for Ohanaeze Ndigbo Worldwide, and promised to do his best, rise to the challenge, defend and advance the Igbo course.

Iwuanyanwu added that his tenure would promote transformation in education, agriculture, industrialisation, electricity/power generation, health, among others, calling for collective efforts and support of all.

The President-General, who pointed out that “this is the first time I have seen the five governors of the South East coming together to take up and support a course” stated that his emergence was a new dawn in Igbo land as “the governors are united in that project and I am very proud of you.”

Impressed with Ugwuanyi’s performance and his validity to uphold and promote the status of Enugu as the historic capital of the old Eastern Nigeria and the South East, Iwuanyanwu commended the governor for transforming the Old Government Lodge, Enugu and constructing a befitting Banquet Hall within its premises where his adoption and inauguration as President General of Ohanaeze Ndigbo took place.

He described the incident as not just a coincidence in history but also a testament to Governor Ugwuanyi’s sound vision and steadfastness towards the course of the Igbo people.

“This is a new dawn in Igbo land. The governors are united and focused. For example, the Governor

of Enugu State, a man that I have always known as a young man; he has done very well as a governor and I am very proud of him.

“Now I am here, this place is a hallowed ground. This place is the former Government Lodge of Eastern Nigeria. This is where our great leader Zik used to stay. Everything about Eastern Nigeria was conceived here.

“Governor Ugwuanyi has re-activated this place. This is a very good coincidence in history that my inauguration and my acceptance are being performed on this ground. From this ground we emerged in 1960 from a relatively low back point to be number one in Nigeria, number one in education, number one in industry, number one in progress, etc.”

APC Legal Adviser Seeks Lukman's Expulsion for Dragging Adamu to Court

El-Marzuq's letter remains a memo, not threat, says vice chair

Adedayo Akinwale in Abuja

The crisis rocking the ruling All Progressives Congress (APC) assumed another dimension on Sunday as the National Legal Adviser, Ahmad El- Marzuq, has recommended the expulsion of the National Vice Chairman, Northwest, Dr. Salihu Lukman, in his letter to the National Chairman of the party, Senator Abdullahi Adamu.

But Lukman, in a swift reaction, said he hoped the issue would be tabled at the National Working Committee (NWC) meeting slated for Wednesday for deliberation, saying it was only then it would become a threat.

The party chieftain had given a seven-day ultimatum to Adamu to convene a meeting of the National Executive Committee (NEC) where Adamu would give the financial account of the party.

However, with Adamu's failure to hearken to his call to convey the NEC meeting after expiration of the seven days ultimatum forced

Lukman to institute a lawsuit against the chairman last Thursday.

But El-Marzuq in the letter dated 28th April, 2023 said for dragging Adamu and the National Secretary, Senator Iyiola Omisore, to court over their failure to convene meetings of the relevant party organs as mandated by the APC Constitution, Lukman, should be expelled.

He noted that he had painstakingly gone through the reliefs sought and the affidavit in support of the Plaintiff's Originating Summons with a fine-tooth comb, saying in his opinion, the suit bordered mainly on the internal or domestic affairs of the party, which has been held in a plethora of decided cases to be non-justiciable.

El-Marzuq stressed that in the case of Waziri v. PDP & ANOR (2022) LPELR-58803(CA), it was held thus: "It is settled law that no Court has the jurisdiction to hear and determine complaints or matters pertaining to intra-party disputes of political parties. It has long been

settled by the Supreme Court in Onuoha v. Okafor & Ors. (1983) 14 NSCLR 494 at 499 - 507 that, where the relief sought is on leadership of or intra-party dispute between members of the same political party or between a member or and the political party, only the party can resolve the dispute.

"This is because a political party is a voluntary organisation or association. Persons join political parties of their own choice, therefore, where there is any internal disagreement, it must be resolved by a majority decision of the members. That being so, any dispute over its internal affairs is not justiciable and no Court has jurisdiction to entertain any claim on such dispute."

The National Legal Adviser, who cited several cases maintained that issues bordering on the management of political parties, has equally been held outside the jurisdiction of the Courts.

He said in the affidavit in support of the Originating Summons,

Lukman noted that the NEC meeting ought to be held every quarter in accordance with the provisions of the party's Constitution and that the failure to do so has greatly affected the smooth administration of the party.

"However, a cursory look at Article 25.2 (i) of the party's constitution would reveal that it is not mandatory to convene a meeting of the National Executive Committee every quarter as postulated by the Plaintiff, rather, it is at the discretion of the National Working Committee or at the request in writing by one-third of the members of the National Executive Committee," El-Marzuq explained.

Reacting, Lukman said as far as he was concerned, El-Marzuq's memo remained an opinion and not a threat, stating, "My simple reaction is that I hope this will be tabled at the NWC meeting because it's only then it will become a threat. For now, the memo is just an opinion of the National Legal Adviser, but I will react to it at the appropriate time."

L-R: Past President, Nigerian Bar Association (NBA), Mr. Augustine Alegeh; Mr. Ken Mozia; Chairman, NBA, Benin Branch, Mr. Nosa Edo-Osagie, and Mr. Tom Enakhena, at the valedictory court session held in honour of Former Branch Chairman, late Chief Nosa Peter Osifo, at the ceremonial court hall of Edo State Judiciary, Benin City...recently

ETRAZANCT GOLF CHAMPION WINNER…

L-R: Group Head, Financial Services, eTranzact International Plc, Mrs. Bimbo Reis; Managing Director/CEO, Mr. Niyi Toluwalope; Winner, eTranzact Golf Classic Champion, Mr.Francis Epe; Chairman, Board of Directors, eTranzact International Plc; Mr.Wole Abegunde, and Head, Project Management Office, Opeyemi

Security Operatives Neutralise Bandits in Niger Community

Laleye DipoinMinna

Several bandits are said to have been neutralised in the Kaffinkoro Local Government Area of Niger State by a combined team of soldiers and local security men.

The gunmen were killed in an encounter with the soldiers who carried out a counter offensive against the marauders.

However, it was gathered that some of the security operatives

sustained serious injuries during the encounter.

According to sources, the gunmen carried out the raid between Friday and Saturday during which they sacked several villages in the local government area and made away with yet unknown number of cattle.

The food barns of the villagers were also sacked leading to the bandits escaping with the items. They also made away with motorcycles and some cash

Vision is to Empower Females in Nigeria with Quality Education

Yinka Kolawole in Osogbo

Jennifer Etuh Foundation, a non-governmental organisation (NGO) has pledged to be committed to empowering women and young girls in Nigeria by providing them with complete education through sponsorship, campaigns and strategic partnership with local and international institutions.

Speaking at the official opening of the Jennifer Etuh Skills Acquisition Centre, Ifewara in Atakumansa West local government area of Osun state, the Chairman, Thomas Etuh noted that the acquisition centre was part of the fulfilment of his wife’s dream of empowering needy women and girls with relevant vocational education

and skills to live a good Life in Ifewara and its environ.

He said that the Centre was an independent property located within the premises of the Jennifer Etuh Medical centre, Ifewara, which is fitted with fully equipped lecture theater and classrooms with requisite training and instructional materials.

Etuh stressed that the centre would offer vocational and skills acquisition training to people in the community and beyond in Computer Appreciation, Beauty Salon and Beautification Arts, Arts and Crafts and Catering ( contemporary and Local cuisines) with a practical laboratory for traditional tripod firewood cooking, with qualified instructional and teachers.

KwaraLEARN Distributes One Million Textbooks to Students

Wale Igbintade

In commemoration of the World Book Day 2023, KwaraLEARN (Leading Education Achievement and Reform Now), has distributed over 1,184,915 textbooks and learning materials to various schools in Kwara State.

World Book Day is an annual celebration that promotes the love for books and reading.

Every April 23, people all over the world come together to acknowledge the importance of books as a link between the past and the future-a bridge between generations and across cultures.

A statement issued by the organisation stated that KwaraLEARN was proud to join the rest of the world in commemorating World Book

Day 2023 with a renewed commitment to empowering the next generation of leaders through reading and learning.

The statement added that this year’s World Book Day theme: ‘Indigenous Languages’, was selected by the United Nations Educational, Scientific and Cultural Organisation (UNESCO). According to the organisation, the theme highlights the significance of preserving and promoting the use of indigenous languages, which are an essential part of cultural heritage and identity.

“KwaraLEARN recognises the importance of preserving and promoting indigenous languages, especially in a region where a significant portion of the population are native Yoruba speakers,” it said.

belonging to the villagers.

A villager who escaped from the assault said many people were injured during the attack on Essan, Koitapi, Wuda, Loitapi among other villages in the area.

The villager said there was exchange of gunfire between the bandits and the soldiers up to 2 am on Saturday but could not confirm the number of casualty.

It was learnt that a herder who

just resettled at Farindoki with his cattle lost all his animals to the invaders. The Kaffin Koro area branch of the Concerned Youth Association Mr. Maikarfi Sabastine, confirming the incident appealed

to the state government and the security agencies in the state to come to the rescue of the people who have been at the mercy of bandits since the police station in Kaffinkoro town was shut down.

Rainstorm Renders Family of Nine Homeless in A’ Ibom

Okon Bassey in Uyo

Pains as rainstorm destroyed the building that accommodated a family of nine, rènderìng them homèlèss in Inen Ikot Offiong community of Oruk Anam local government area, Akwa Ibom state .

It was gathered that the incident, which affected the

family òf one Ifiok Monday Udo occurred on Saturday while the entire family was in the farm.

Narrating the incident with tears , Mr Ifiok Monday Udo, who is a father of seven children said the rain which was accompanied by wild storm and thunder uprooted a coconut tree beside the house and destroyed

the entire building leaving them homeless.

“The rainstorm was very severe that it blew down the coconut tree standing near my small hut that shelters me and my entire household of seven children. If the incident had occurred in the night ,we would have been wiped away as the coconut just fell on top of the

middle of the roof destroying the entire house.

“But thank God! We were in the farm . Even now that we survive , where do we put our heads? he cried.

Ifiok, an average man who always work in people’s farm for wages said he has no hope of building another house as he can not afford building materials.

Imo Debunks Alleged Attack on Uzodinma’s Convoy

Amby UnezeinOwerri

Imo State government has debunked an alleged attack on Governor Hope Uzodimma’s convoy in Ngor Okpala Local government Area of the State by gunmen on Saturday.

In a release signed by the governor’s Media Adviser/ Chief Press Secretary, Oguwike Nwachuku, said that it was a

satanic fabrication by sworn enemies of the government and her performing Governor, Sen. Hope Uzodimma, claiming that the Governor’s convoy was attached Saturday by gunmen along Ngor Okpala-Aba road.

According to an unconfirmed report, it had it that the convoy of Governor, Hope Uzodinma was reportedly attacked by yet to be identified gunmen along Ngor

Okpala-Aba road.

The report had it that “one of the security operatives who spoke on condition of anonymity, thanked God for escaping unhurt, revealing that over seven persons lost their lives, while about 5 government Aides sustained degrees of injury.”

Oguwike said: “Our attention has been drawn to a satanic fabrication by sworn enemies of Imo State and her performing Governor, Sen.

Hope Uzodimma, claiming that the Governor’s convoy was attached Saturday by gunmen along Ngor Okpala-Aba road.

“Those behind the satanicdriven falsehood and fake news also claimed that seven persons believed to be security aides on the said convoy died in the process and that five government aides to the Governor sustained different injuries.

Peterside Joins Maritime Stakeholders to Mourn Onyema-Orakwusi

Former Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, has said the death of shipping magnate, Mrs Margaret Onyema-Orakwusi, is a huge loss to the maritime sector and Nigeria as a whole. Onyema-Orakwusi died last

Friday in Lagos after a brief illness.

Peterside said he was deeply saddened at the passing of the maritime lawyer and shipping magnate, whom he described as an authority in maritime law and the fishing sub-sector.

A statement yesterday quoted Peterside as saying

that Onyema-Orakwusi was a notable and accomplished shipping magnate and maritime lawyer.

“This is a great loss to the maritime community, especially the fishing sub-sector. Her demise will be felt by her associates and the maritime community. She contributed

immensely to the growth and development of the maritime industry.

“She was an inspiration to a lot of women who saw her as a star in a male-dominated maritime sector. She put her heart and determination into every endeavour she embarked upon.”

‘Poor Performance of Agric Sector Responsible for Nigeria’s Economic Crisis’

Gbenga Sodeinde in Ado Ekiti

The dismal performance of the agricultural sector is both an outcome and cause of the economic crisis in Nigeria, Prof. Olufemi Julius Ayodele of Ekiti State University, has said. He made the assertion at the university campus auditorium, Ekiti State University, (EKSU),

Ado Ekiti while delivering the 71st inaugural lecture titled:”Fertile Nigeria, Infertile Soils and Fertilizers: A tractable Nexus or Contradictions?”

The Professor of soil fertility management said the food and export crops in which there are comparative advantages suffered decades of neglect even as the recovery prospects are low despite

a transformation agenda through which the country would become of the leading 20 economies by 2020.

He observed that although the political and structural reforms could have delayed the crisis but not its elimination as the contributions of environmental constraints and lack of appropriate technical solutions to them weigh

more.

In order to remedy the situation, Prof. Ayodele recommended that: Appropriate technologies for land and soil water management, mechanisation and soil fertility management meant to protect the soil resources from degradation must be developed to ensure their long term use and sustain high crop yields,

Former Lawmakers Push for Wase as House Speaker

Seriki

Adinoyi inJos

Former Senators, Federal and State legislators from Plateau state have made a strong case for the current Deputy Speaker of the House of Representatives, Rt. Hon. Ahmed Idris Wase for the position of the Speaker of the House in the tenth

National Assembly.

Addressing the press in Jos, leaders of the lawmakers, Senator Timothy Adudu and Hon. James Ayuba, expressed confidence that Wase, as an astute politician with great legislative prowess, will lead a stable House of Representatives in the tenth Assembly.

Adudu said: “Wase has the requisite credentials that can compete favorably with any member from around the country. It is a known fact that he has earned the respect of his colleagues due to his leadership style.

“Without prejudice to what the party will finally decide by way of zoning of the leadership position

of the green chambers, as former members of the National Assembly and Speakers and members of the State Assembly from Plateau State, we do think we have an insight as to what leadership of a legislative arm of government entails and the quality of persons who arequalified to hold such a position.”

Folarin, during the eTranzact Golf Classic closing ceremony in Lagos... recently ETO PUKUTT

‘Our

IMPROVED HEALTHCARE ON THEIR MINDS…

L-R: National Secretary, Society of Occupational and Environmental Health Physicians of Nigeria, (SOEHPO), Dr. Ayo Agboola; Manager Administration, Nigeria Upstream Petroleum Regulatory Commission, Mrs Racheal Adeniyi; Manager, Corporate Services, NUPRC, Mrs Juliet Okoro; Treasurer, SOEHPON, Dr Kemi Albert-Udoh; NEC Member, SOEHPON, Dr. Uche Enumah; President, Dr. Musa Shaibu; Financial Secretary, Dr. Kayode Akinde; Manager, NNPC Medical, Lagos, Dr Foluso Pearce, during a road show to mark SOEHPON 2023 World Health and Safety Work Day in Lagos…recently ABAYOMI AKINYELE

Workers Deserve Good Working, Living Conditions, Anyaso Tells Employers

Emmanuel Ugwu-Nwogo in Umuahia

Employers of labour in public and private sectors of the economy have been urged to make concerted efforts to improve the working and living conditions of their employees.

The Managing Director/ CEO of Caecon Energy Oil and Gas Limited, Desmond Anyaso, made the call in his message to workers contained

in a statement made available to the media in Umuahia.

He said that Nigerian workers deserved the best given the enormous sacrifices they make to keep the economy going despite their own deprivations.

Anyaso, who was the deputy governorship candidate of the Young Progressives Party (YPP) in the recently concluded poll, expressed deep respect and gratitude to all workers as they

Police Arrest Suspected Ritualist in Ogun

Men of Ogun State Police Command have arrested a member of notorious ritualists syndicate, Ifasoji Ayangbemi, who killed and dismembered the body of one Oyindamola Adeyemi at Ijebu Ode on the 28th of January 2023.

The suspect, according to a statement signed by the Police Public Relations Officer (PPRO), for the Ogun State Command, Abimbila Oyeyemi, was arrested exactly four months after Oyindamola was killed.

Oyeyemi said the 35-yearold Ayangbesan, whose other members of his gang had earlier been arrested was apprehended following painstaking intelligence based investigation embarked upon by detectives from Obalende Divisional headquarters, which led them to his hideout at Ijade Iloti area of Ijebu Ode.

The PPRO said: “The suspect who had been indicted by the earlier arrested members of the syndicate as the person who bought the two legs of the victim,

ran away, immediately he heard that he has been mentioned by his colleagues.

“Since then, the Divisional Police Officer (DPO), Obalende Division, Murphy Salami, has detailed his detectives to be on his trail with the view to arrest him and possibly recover the deceased two legs from him and prosecute him with his colleagues in crime .

“Luck ran against him when he was apprehended at his Ijade Iloti hideout on the 28th of April 2023.

Immediately he was arrested, the suspect made an offer of N1 million bribe to the policemen, but which was rejected.

“On interrogation, he confessed being part of the syndicate that killed Oyindamola Adeyemi, and that he was the person who severed the two legs of the deceased which he claimed he used for ritual purpose.”

Oyeyemi said the Commissioner of Police, Olanrewaju, has directed that the suspect be transferred to State Criminal Investigation Departments (SCID), in order to prosecute him with other members of his syndicate.

Investment Banker, Olufowose, Loses Mother

A senior investment banker and Managing Director/CEO of First Ally Capital Limited, Mr. Ebenezer has announced the death of his mother, Mrs. Felicia Arobo Olufowose.

In a ståatement issued yesterday, he said: “With gratitude to Almighty God for a long, fulfilled and purposeful life, the Olufowose and Obasooto families announce the passing to glory of our mother, grandmother and great grandmother, Mrs Felicia Arobo Olufowose, which event occurred on Saturday April 29,

mark 2023 May Day.

The business mogul, politician, entrepreneur, and advocate for good governance stated commitment to seeing

improvement in the well-being of all workers who have proved their resilience in the troubled economy. He said that “as a committed

Nigerian and Abian” he would continue to identify with workers as “they have kept faith with the nation and continue to do their best to

survive and lift the nation up”. He said: “I am indeed proud of them(Nigerian workers). Every worker in Nigeria deserves a standing ovation.

Labour Party Raises the Alarm over Planned NEC Meeting by Apapa Faction

Emameh Gabriel in Abuja

The Julius Abure-led National Working Committee (NWC)of Labour Party(LP) has raised the alarm over what it described as a proposed “illegal, fake and unauthourised National Executive Council meeting by the Apapa-led NWC of the party.

The meeting, which is expected to hold in Bauchi State on May 3, was said to be summoned at the instance of the factional leadership of the party.

The meeting is coming barely two weeks after the Abure led faction of the party held its NEC meeting in Asaba, Delta state that was attended by most of

its NEC members including 36 state chairmen and Secretaries, most of the elected members of the national assembly, leader and presidential candidate of the party, Mr. Peter Obi, party trustees including the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) amongst others.

In a statement signed

by Obiora Ifoh, the newly appointed National Publicity Secretary of the Abure-led NWC, and made available to journalists in Abuja, the party alleged that the self-acclaimed National Chairman, Bashiru Apapa, extended the invitation to some stakeholders of the party, its presidential candidate, Peter Obi.

NYSC, Veritable Tool to Build Strong, United Nation, Says Bauchi Gov

Segun Awofadeji in Bauchi

Bauchi State Governor, Senator Bala Mohammed, has stated that the National Youth Service Corps NYSC) remains a veritable tool in the country’s quest to build a strong, virile, united and indivisible entity.

He stated this during the official swearing-in ceremony

of the 2023 Batch ‘A’ stream II corps members posted to the state at the permanent orientation camp in Wailo, Ganjuwa Local Government Area of the state. Mohammed, who was represented by the Secretary to the State Government (SSG), Ibrahim Kashim, added that the scheme, which was established about 50 years ago,

had demonstrated its ability to remain relevant in the life cycle of the country.

He, however, urged the corps members to be patriotic and selfless in all their activities both in camp and at their places of primary assignment, adding that this would forge the ties of brotherhood based on trust, hopes and aspirations for a

greater Nigeria. The governor said: “Given the strategic utility value of the youths as imperative for nation building, our government will spare no effort in strengthening and empowering youth-related programmes and would also make adequate provision towards the realisation of this objective.

National Assembly Leadership Tussle Divides Northern Stakeholders

Sunday Aborisade in Abuja

Northern Stakeholders across party and religious divides are set to convene to deliberate on the choice of the Senate President and Deputy Senate President of the 10th Senate.

THISDAY learnt that the stakeholders comprising SenatorsElect, Traditional and Religious

stalwarts have agreed to meet and brainstorm on the development.

It was gathered that although the date had not been fixed by a reliable source said the meeting would either be held in Kaduna or Abuja before the end of the week.

The source said while some of the critical stakeholders were insisting on supporting a northern senator as Senate President, others

had already zeroed in on the Senate Chief Whip and his Niger East Senator colleague as Senate President and Deputy Senate President respectively.

The third group, he added, seemed to have aligned with the position of the strategists of the President Elect, Asiwaju Bola Tinubu, who are scheming for the adoption of either Senator Godswill

Akpabio or Adams Oshiomhole as Senate President and Barau Jibrin as Deputy Senate President. Tinubu, according to a source, who craved anonymity, had during the week accepted that the All Progressives Congress (APC) would leave open the senate presidency of the incoming 10th National Assembly to the South.

Malaria Scourge: Bauchi to Distribute 4m Mosquito Nets

children and pregnant women.

2023 at the age of 98. Her legacy of character and faith lives on. Burial details will be announced by the family.

The Bauchi State Agency for the Control of AIDS/HIV, Tuberculosis, Malaria and Leprosy (BACATMA) has stated that about four million mosquito treated nets are to be freely distributed to the people in the fight against malaria, especially among under-five

The Chairman of the agency, Dr. Sani Mohammed Dambam, who made the disclosure yesterday while marking this year’s World Malaria Day at Ningi Town Maternity PHC, noted with concern the prevalence of malaria among children and pregnant women, saying

distribution of the mosquito nets would commence early next month as a preventive measure against the disease which is rampant during the rainy season.

The BACATMA chairman said the agency is carrying out a routine enlightenment campaign against the killer disease.

Dambam explained that the state healthcare delivery operatives choose Ningi for the commemoration of the day as part of the enlightenment drive across the state, stressing that the fora would also enable them put heads together to assess the achievements and challenges of the disease control programme.

BSN, Christians to Celebrate National Bible Day

The Bible Society of Nigeria (BSN) and the Christian community are gearing up to celebrate National Bible Day on May 5, 2023, with enthusiasm.

The day, which has been set aside to celebrate the gift of the Bible, is to enable Nigerians reflect on and imbibe the values

prescribed by the Holy Book.

Speaking ahead of the event, the General Secretary/CEO of The Bible Society of Nigeria, Pastor Samuel Sanusi, said that our socio-economic and security challenges as a nation will be greatly reduced if people adopt and live by godly values.

“If the global community could celebrate Workers’ Day, Independence Day, Water Day, Literacy Day, and other days, set aside to be remembered, it will be ideal to also use a day to celebrate the Bible, a gift from God to humanity and pray for the well-being of the nation,” he

added.

According to the Manager, Media and Public Relations, BSN, Mr.Benjamin Mordi, everyone is invited to participate in the “National Bible Day celebration on May 5, 2023, through studying, meditating, and reflecting on the word of God.”

James Sowole in Abeokuta

Segun Awofadeji in Bauchi

Mrs. Felicia Arobo Olufowose

BACKPAGE CONTINUATION

WHERE TO SIT AND EAT

with a glorious career football record of his own, intimidates referees by going up and down the sidelines of the pitch during a match. If necessary, he pretends to be absent-minded and steps onto the pitch, as Clement Westerhof did during our losing 1994 World Cup Second Round match against Italy, forcing the referee to stop the match while he chased Westerhof out, when the coach’s actual intention was to stop a dangerous Italian attack towards our goal post and give the Golden Eagles defence time to regroup.

Politicians will tell you that election litigation is sometimes more expensive than the election campaign. A governor once told me a story about what transpired when his election opponent came to him and said he had decided not to go to court. He welcomed the idea, the governor said, and told the man, “If you go to court, lawyers will eat your money and also eat my money. I have set aside a large sum of money in anticipation of your election petition. If you decide not to file the case, I will divide the money into two and give you half of it.” The deal however fell through when, on the last permissible date, the opponent filed his case at the election tribunal. Why? I think it had to do with lack of trust. While the governor did not want to give his opponent the money before the election petition deadline in case he pockets it and still files the suit, the opponent was not sure that the governor

TIME FOR RESET NIGERIA

poverty headcount ratio at national poverty lines (% of the population) has increased by about nine percentage points. This shows the dire straits our economy is in currently; therefore, we need to do something about it urgently .

If you compare the growth of two nations with similar circumstances, you will be worried about why our growth has been stunted. The two nations are Rwanda and India. Rwanda’s growth rate was -0.9% in 2007, but by 2016, it peaked at 9.4% and stabilised at 4.9-4.2% between 2021 and 2022. Within the same period, their GDP grew by 25% relative to 2007. India’s case is even more admirable. India did not only increase its GDP fivefold in the last ten years but was able to lift more than 415 million people out of poverty in the past 15 years, whereas, during the same period, more Nigerians moved to multidimensional poverty.

The reasonable inference to draw from this picture is that there is something wrong with our economic model. We need a reset before we degenerate into economic slavery. The indices indicate that our economy is not working -low growth, high inflation, high unemployment rate, unfavourable balance of trade, GDP and low FDI. We must stop the degeneration and reverse it to the path of growth. Tanzania, Ivory Coast and Rwanda are getting it right. Whatever we must do to achieve a minimum of 5% growth per annum is critical and urgent .

The second problem is unemployment. Unemployment statistics in Nigeria could be better, as the country faces a high and rising level of unemployment and underemployment, especially among the youth. Nigeria has an unemployment rate of 27.1%, which means that about 21.8 million people are actively looking for work but cannot find any. Nigeria has an underemployment rate of 28.6%, meaning that about 22.9 million people work less than 40 hours a week or in jobs that do not match their skills, education, or aspirations. Nigeria has a youth unemployment rate of 40%, which means that about 14 million young people aged 15-24 are unemployed. The youth unemployment rate is higher for females (46%) than males (35%).

Nigeria has a low labour force participation rate of 56%, which means that only about 80.3 million people out of the working-age population of 142.6 million are either employed or unemployed. Nigeria needs to create at least 3.6 million net new jobs annually to reduce the unemployment rate to 5% by 2033, according to a policy memo by Agora Policy. This would require an average annual GDP growth rate of 7.5% and an employment elasticity of 0.523.

The good news is that the new administration

will pay him the money once the deadline for filing election cases lapses.

Election cases are costly not just because of the lawyers. Some lawyers also whisper into your ears that you must budget millions for the judges. Now, no judge in his right mind will demand or accept a bribe directly from a litigant, so you must channel it through the lawyers who claim to be classmates or friends of the judges. Whether the money actually goes to the judges, you may never know for sure. If in the end you win the case, you will not ask any questions. Trouble usually starts when a litigant or defendant pays millions and still loses the case.

Magic however happens at the tribunals and courts, which is why politicians cannot ignore that option. A man who did not contest the general election was declared the winner [Amaechi, 2007]. A man who came fourth in the election was declared the winner [Uzodinma, 2020]. A man who was roundly defeated in the election was declared winner when his opponent party’s entire slate of candidates was disqualified [Matawalle, 2019]. And a man who lost the general election in Bayelsa State, Douye Diri, was brought back in 2020 and installed as winner when his victorious opponent’s running mate was disqualified because of faulty documents.

After an election winner survives the party primaries, the general election and the courts, he must then reckon with his family

members. A wealthy Northern Nigerian once told me that his extended family members accosted him, told him that the wealth in his hands was actually sent by God to the entire family, so he had no right to eat it alone with his inner family. Your distant relatives could go round telling everyone that they are still dirt poor even though their relative is there enjoying himself in the House of Representatives, even sending his wives to Dubai for shopping when his relatives cannot afford rice for dinner.

Wives and children also have gradually escalating demands when the family head wins an election. From a Nigerian private university, children now want to go to a foreign one. A wife who goes to Dubai to shop now wants to go to Switzerland, Singapore or Hong Kong. Family members who spend their holidays in the village have now read about Seychelles and Bahamas.

Then there is the party. Nigerian political parties impose levies on their members holding elective and appointive posts “in order to run the party,” euphemism for lining up the pockets of party officials. This is apart from the stiff “indication of interest” and “nomination” fees that you paid during the primaries. Candidates, not parties, also shouldered the cost of election logistics, paying election agents, printing posters and billboards. Every now and then, the party will also demand a donation to finance one activity or another.

After the party comes the party members,

whose refrain is, “Are we not the ones who put him there? We were sleeping together with him in the bush. We left our families, mosquitoes were biting us every night, we fended off attacks from rival party thugs. But look at him now, collecting huge salaries and allowances but forgetting us. Leave him, he will come back to us after four years!” A local government chairman once told me that when he opens his gate at 6am, dozens of people are already waiting. They come in one by one and complain about rent, medical bills, food, school fees, financing a wedding or a funeral, etc.

The opponents you defeated at the polls will never let you rest. They spread stories, most of them mere rumours, in order to paint you black in the eyes of constituents. Some elders and statesmen counsel an election winner “to try to carry everyone along” in order to blunt this kind of criticism. I once suggested this course of action to a victorious politician and he said, “The person who is himself indebted, how can he extend credit? You are indebted to the people who supported you to get to the position. No matter how hard you try, you cannot repay that debt. So, what resources have you got left to extend credit to your losing opponents? In any case, those who supported you to win the election are the majority. As long as you can hold on to them, you don’t need the others.”

economy is good, it will elicit both intended and unintended multiplier effects on every other aspect of the growth and development of Nigeria. The government must have a clear, SMART economic goal and an overarching economic strategy to achieve the set goal. There must be clear revolutionary actions that will reset the economy. The first of such revolution should be rapid infrastructural development which should be evident to all Nigerians. Spending on power ,viable interstate highways , airports of truly international standard , scaling up train revolution and other projects must explode. Government capital spending must rise several folds, and the average construction of national highways should double, as well as that of power, seaport capacity , amongst other infrastructure projects . This can only happen if we can raise money as a country . The incoming government must find the money to make a difference in all critical areas . As it is often said , money answers all problems.

The second revolution is massive job creation. The Nigerian government must decide what clear strategy to create jobs. The bottom-up approach has not worked as intended and must be revisited. Therefore, I advocate for the top-bottom strategy, where the government encourage the establishment of many companies, industries, and small and medium-scale enterprises to boost production and create jobs. The government should resist providing only public sector jobs as it is not sustainable . This is counterintuitive because it makes the cost of governance high.

Tinubu

acknowledges these challenges as real and present, and the ideas and the will to tackle it is now the issue.

The critical challenge our political leaders face is making Nigerians feel whole again, creating opportunities and hope for Nigerians, advocating, and expanding the frontiers of freedom, eschewing ethnic and religious bigotry, repudiating impunity, corruption, and uncertainties, putting Nigeria on the path of recovering our country socially, economically, and morally.

In the penultimate month of the inauguration of a new government, it is time to reset

Nigeria’s economy. This reset should be built on three critical pillars. These pillars include restoring public confidence in the institution of government and its capacity to provide all citizens opportunity irrespective of tribe, religion, or tongue; re-prioritising our national priorities to focus on the economy, security, education, a new national - subnational relationship ; and resisting playing politics with national development and fighting corruption. The government should declare war on getting the economy right, especially raising money to make a difference . Once the

The last revolution is creating a sophisticated power and technology deepening strategy that will provide access to the internet, smart mobile telephony and a sophisticated ID programme that will capture 99.9% of adult Nigerians that can be used to verify anybody instantly. This will be the backbone of cataclysmic change in Nigeria and provide the solid data infrastructure and base to move Nigeria into the technology age. The impact of this will be mind-boggling. Nigeria has the BVN, NIN and other forms of identification platforms currently.

This needs to be harmonised and harnessed for Nigeria’s growth. The government must push to have almost every Nigerian captured in the ID programme and utilise the advantages of such data for economic progress. Imagine an organised ID system’s impact on instant loans to individuals and organisations, direct government interventions, like credits to citizens and businesses, ease of providing security, and increased confidence in doing business in Nigeria.

•Dr. Peterside is a former Director General of NIMASA

Senegalese Dia Delays Coronation of Napoli as Serie A Champions

Duro Ikhazuagbe

Senegalese forward, Boulaye Dia caused Napoli fans to suspend their planned celebrations of their first

Serie A title in 33 years after being held to a draw by Salernitana at the Stadio Diego Armando Maradona.

Before the kickoff in Naples, Inter Milan had watered the ground for

Epe Wins eTranzact Golf Classic in Lakowe

Ikoyi Club's 1938 professional golfer, Francis Epe has emerged winner of the maiden eTranzact Golf Classic, the third event on the Professional Golf Developmental Tour. The event was concluded at Lakowe Golf and Country Estate in Ibeju Lekki, Lagos, over the weekend. Epe, the only professional player to shoot scores below par for the three consecutive rounds that the event was decided, ended with a total of 210, six under par to pick the winner's N1.5 million cheque at the 54-hole Championship.

Managing Director and Chief Executive Officer of eTranzact International, Niyi Toluwalope, commended the stuff displayed by Epe and over 100 other players from different West African nations, saying that the event has come to stay.

“This is our way of investing resources in the teeming youth demography and golf is particular for us because of the potential it portends in building the character of integrity and discipline.

“Again, as a sporting nation, we believe golf is under-exposed and the eTranzact Classic is one platform that we believe will help Nigerian golf talents get the required exposure on the global stage through the PGD Tour,” he said.

Epe’s six-under-par score was followed by a three-way tie for second place at 212, after 54 holes by Ayisa Lucky from Ghana, Mike Ubi from Python Golf Club, Port Harcourt, and Kamalu Bako of IBB International Golf and Country Club, Abuja.

Francis Epe, who has now won two of the three events on the PGD Tour, has established himself as the number one player on the Tour with a detailed ranking due to be released by the management during the week.

“I am very happy to be in this place. Winning this, especially the eTranzact has been a tough one, a lot of hard work went into it and the last round was very challenging but I thank God I was able to pull the victory off.”

Eaglets Open U17 AFCON Campaign with Win Against Zambia

Two-time champions Nigeria yesterday picked all three points in a 1-0 win over Zambia to commence their Africa U17 Cup of Nations in Algeria on a promising note.

Favour Daniel struck powerfully past the Zambian goal-tender from a goalmouth melee 14 minutes to the

end in Algeria’s second city, giving Nigeria all the honours in a largely average encounter that opened the campaign in Group B.

Nigeria dominated for large swatches of the evening at the Stade Mohamed Hamlaoui but ineffective short passes and poor shooting in front of goal denied them an avalanche of goals against a Zambian team that failed to bite.

Both teams hit the woodwork in the first period and Abubakar Abdullahi saw his efforts saved twice as Nigeria piled on the pressure.

The five-time world champions were set to take a two-goal win into their clash with Morocco on Wednesday but substitute Light Eke made light work of a penalty kick awarded two minutes into additional time and gave the goalkeeper no worries.

Nigeria defender Yahaya Lawali was named Man of the Match.

After their encounter with Morocco on Wednesday evening, the Eaglets will play South Africa in their final match of Group B on Saturday.

The four top-placed teams at the 12-nation finals will represent Africa at this year’s FIFA U17 World Cup.

Tanzania’s Yanga Consolidate as Rivers Utd Crash out

Nigeria’s last team standing in continental campaign this term, Rivers United yesterday failed to upturn the 2-0 defeat they suffered at home in the first leg. The goalless draw they played with Tanzania’s Young Africans (Yanga) FC on Sunday in Dar es Salaam was not enough to see them reach the last four of the CAF Confederation Cup. They struggled in vain in the return leg.

At the Benjamin Mkapa National Stadium in Dar es Salaam, Rivers

the celebration at the Maradona Stadium by handing out a 3-1 defeat to second placed Lazio at San Siro. A win was all Victor Osimhen and his teammates needed to make the Serie A title a done deal for Luciano Spalletti’s men.

And Napoli were on course for the victory party to begin when defender Mathias Olivera headed home a 62nd-minute corner. Their

fans who had covered Naples streets in Napoli’s blue and white colours were just waiting for the final whistle.

But Boulaye Dia, a Villarreal player on loan at Salernitana, hammered a left-footed drive six minutes from time to silence an expectant crowd who made a cacophony of noise and set off blue smoke flares inside and outside the stadium.

With this draw, Napoli will need

to go to their next game in Udinese on Thursday, hoping for a win. They actually need two points to wrap up the Italian topflight league.

Second-placed Lazio, who are 18 points behind, must beat Sassuolo on Wednesday (20:00 BST) and pray for a repeat of another draw for Napoli to further delay the coronation of Osimhen and his teammates.

A disappointed Spalletti didn’t

mince words in expressing how he felt with the draw.

"The players are obviously disappointed at not having made our brilliant fans happy tonight," Spalletti told DAZN.

"But you've seen for a while that these points are the hardest ones to get. We represent their dreams and that means it's right that their dreams are realised by us."

looked unlikely to get a positive result. They had only four shots in goal area as against the 12 by the Tanzanians.

Even then, none of the shots were on target, but the Tanzanians at least had two in the drab match that was initially disrupted after 24 minutes by black out that last 20 minutes. It was indeed, a bad day in the office for the Port Harcourt team.

Young African have now become the first ever Tanzanian side to get to the semi-finals of a CAF competition.

Boulaye Dia (second, right) racing away in celebration of his equaliser that has now delayed the coronation of Napoli as Italian Serie A champions

Man City Topple Arsenal as Haaland Reaches 50-goal Mark

Liverpool win seven-goal thriller with Spurs

Manchester City beat Fulham 2-1 to return to the top of the Premier League as Erling Haaland scored his 50th goal of the season in all competitions.

Haaland converted a third-minute penalty, after Julian Alvarez had been fouled by Tim Ream, to become the first top-flight player to reach a half-century of goals in one campaign since Tom 'Pongo' Waring did so for Aston Villa in 1931.

PREMIER LEAGUE

The Norwegian striker also moved level for most goals in a Premier League season - matching the 34 goals Andy Cole scored for Newcastle in 1993-94 and the same amount Alan Shearer registered for Blackburn a year later.

However, Fulham grabbed a 15th-minute equaliser with their

Okpekpe Race Organiser Hails Adenuga's Impact on Nigerian Sports

Promoter of the historic Okpekpe International 10km Road Race, Mike Itemuagbor, has hailed Globacom Chairman, Mike Adenuga's giant strides in sports sponsorship as the 'Guru' turned 70 on Saturday.

In a congratulatory message, Itemuagbor said the 'Guru', as Adenuga is known in business circle deserves to be celebrated by Nigeria and Nigerians for the giant strides he has made in business and sports.

“Today we celebrate my Godfather, a rare gem, a quintessential philantrophist, an astute businessman, and a patriotic Nigerian whose journey through life, has been a huge plus to humanity,” wrote Itemuagbor in the congratulatory message.

Itemuagbor said Adenuga is an amazing trailblazer who broke barriers for the common good.

“We thank God for this day, and we pray He grants you many more years in good health and prosperity,” Itemuagbor wrote in the congratulatory message.

Adenuga, through one of his companies, Globacom has been the number one supporter of sports in Nigeria and indeed the African

continent.

“For years he supported Nigerian football and ensured the Super Eagles became African champions again in 2013 when they won the Africa Cup of Nations in South Africa. He was for many years the sole sponsor of the CAF/Glo Awards.

“He is also one of the few Nigerians that identified with the Nigerian topflight league and made sure it became a brand courted by many corporate citizens,” said Itemuagbor who reveals Adenuga's sponsorship of the Glo Half Marathon in the 2000s shaped his foray into athletics sponsorship.

“Through his inspiration and those of others, I started the Okpekpe international 10km Road Race that has become the reference point for road running events in West Africa today.

“The race is not just the first to have its course measured by a World Athletics accredited measurer but also the first to get a label staus in 2015, seven long years after World Athletics started classifying road races across the globe.

first attempt of the match as Carlos Vinicius powerfully shot past Ederson after Harry Wilson had headed the ball into his path. But the hosts could not hang on to record what might have been a remarkable result.

Jack Grealish had an effort pushed on to the crossbar for Manchester City, who regained their lead in the 36th minute through Alvarez's superb strike from 25 yards out.

City's win moves them to 76 points - and one point clear ofArsenal, with Pep Guardiola's side having a game in hand.

This is the first time City have been above Arsenal since midFebruary as they aim to win the Premier League, Champions League and FA Cup treble.

Instead, when former Everton striker Richarlison headed his first Premier League goal of the season in stoppage time, Spurs were on the brink of rescuing an unlikely draw - until Jota capitalised on a defensive mix-up seconds later to win the game for Liverpool.

Elsewhere, Diogo Jota's injury-time winner gave Liverpool a dramatic 4-3 victory at Anfield after Tottenham looked on course to salvage a point despite going three goals behind inside 15 minutes.

Spurs were 5-0 down after 20 minutes at Newcastle United and swiftly found themselves three goals adrift at Anfield as Liverpool delivered an opening salvo that left them chasing what looked like a lost cause.

Boxers Talk Tough, as GOtv Boxing Night 28 Holds Today

All is now set for the 28th edition of GOtv Boxing Night holding today at the Molade Okoya-Thomas Indoor Sports Hall of Teslim Balogun Stadium, Lagos. The boxing event will feature seven bouts across different weight categories, including a big fight between London-based World Boxing Federation (WBF) Intercontinental featherweight champion, Taiwo "Esepor" Agbaje, and Twalib Tuwa of Tanzania. GOtv Boxing Night 28 is sponsored by GOtv and will be broadcast live on DStv channel 209 and GOtv Channel 64.

Ahead of the showdown, boxers have been involved in boasts and counter-boasts. Esepor, who is ranked 39th in the world by the WBF, bragged to eat up his opponent,

Tuwa, like the popular Nigerian meal, Tuwo.

“Tuwa sounds like Tuwo to me. Tuwo is a light, easy- to-eat-and-digest food. I have no doubt that Tuwa is the same and will be eaten and digested with ease like Tuwo Shinkafa.” Esepor boasted.

In a counter-boast, Tuwa said Esepor should be ready to lose his unbeaten status. “I fight like a lion in the ring. I don’t hold back. I have heard of Esepor’s record. I am more experienced than him and I will end his record,” he said.

Another boxer, Steven ‘Freeman’ Kadima was also upbeat about his fight against Godwin Ambrose. Kadima promised that “Ambrose will fall yakata” when he receives some hard punches from him.

Golden Eaglets defender, Yahaya Lawal was named Man-of-the-Match in the Nigeria versus Zambia game of the CAF U17 AFCON in Algeria. Eaglets won 1-0

RUMBLE IN THE NPFL!

Shaibu threatens to pull out Bendel Insurance from league

Duro Ikhazuagbe

In apparent reference to the perceived injustice of the decision of the Nigeria

Football Federation (NFF) Organising and Disciplinary Committee to restore the three points and three goals earlier deducted from Remo Stars, Deputy

ALREADY EPL LEGEND...

Governor of Edo State has threatened to pull out the state owned Bendel Insurance from the NPFL.

The Interim Management

Committee (IMC) earlier deducted three points and three goals from Remo Stars following the report of alleged violence on the Centre Referee, Ndubuisi Ukah, that was incharge of Remo’s home game versus Gombe United at the Ikenne Stadium. However, the NFF’s Organising and Disciplinary Committee on Saturday set aside that verdict of the IMC and restored Remo Stars’ Points on the ground that the offense lacked merit.

But speaking on Channels Television yesterday, Shaibu declared that such a decision of upturning the IMC decision was not healthy for the league and feels players of Bendel Insurance were not safe to play in environment where violence is accepted as normal.

“Bendel Insurance will have its board meeting on Tuesday but before the board meeting, we have the cause to write a letter to the NFF of our intention to withdraw from the league.

“For us, the IMC has done a great job, the league is stable, and for us, it’s about confidence for our

RESULTS

Nasarawa 1-0 Shooting

El Kanemi 0-1 Enyimba

Kwara Utd 1-1 Plateau

Rangers 3-0 Wikki

Bayelsa Utd 2-1 Sunshine

Remo Stars 1-0 Akwa Utd

Abia War 3-0 Dakkada

Lobi Stars 1-0 Tornadoes

Gombe 0-0 B’Insurance

Rivers Utd v Doma (PP)

players. We want Nigeria to do well at major competitions, the only way we can achieve that is to have a good league, a league where the players can express themselves, a league where the referees can officiate the game with the rules of the game.

“When you cannot guarantee the safety of the referee, we will

not allow our players to play in a league where the security is not guaranteed,” observed the deputy governor in that television interview.

But in a popular Whatsapp platform FUBS, financier of Remo Stars, Kunle Soname dared the deputy governor to withdraw Bendel Insurance from the NPFL.

He also threatened to reveal some of the alleged shenanigans that have ensured Bendel Insurance remain the only team yet to be beaten this season in the NPFL.

“If push comes to shove, we will reveal all our video and audio evidences here for all to see their shenanigans. Do they think we don't have CCTV? The evidence we provided was incontrovertible!” insists the billionaire football owner.

There was no formal reaction from the Nigeria Football Federation on the accusation and counter accusations of impropriety in the league despite the excellent job the Gbenga Elegbeleye led IMC has done to sanitize the Nigerian top flight.

Grange School Wins Zenith Bank Schools Swimming Again

For the second year running, Grange School, emerged winner of the Zenith Bank Secondary Schools Swimming Gala hosted by Ikoyi Club Swimming section.

The 6th edition of the competi- tion that was well attended with a total of 11 schools with about 119 swimmers in both the male and female categories participating in the various events saw Grange School winning with 28 Medals (16 Gold).

Erling Haaland celebrating scoring his 50th goal of the season in all competition for Manchester City...last night

CIS came second with a total of 23 Medals (7 Gold) with the third position going to BIS with a total

of 12 medals (2 Gold).

In a congratulatory message to the schools, the CEO of Zenith Bank, Ebenezer Onyeagwu, said it was another opportunity for the financial institution to showcase their passion for grassroots sports development.

"I really want to congratulates all the schools and the swimmers that took part in the competition," he said.

"With what they have demonstrated, it shows that the future of sports in Nigeria is assured.

"As a bank, we are always

Naibet, Jebet Win Inaugural Abuja International Marathon

Olawale Ajimotokan in Abuja

Emmanuel Naibet and Ruth Jebet at the weekend became the winners of the maiden edition of Abuja International Marathon which was held in very calm conditions on Saturday.

Naibet from Kenya lived up to the pre-race rating as the fastest runner on the field when he finished the 42

kilometres race with a time of 2:13: 45 to earn the cash prize of $50,000 as the winner of the men’s race.

His time was the best ever recorded in any first edition of marathon races in Nigeria.

The victory also marked the second time Naibet would win a marathon in Nigeria having also won the 2021 edition of the Access Bank Lagos City Marathon.

Bernard Sang and Ezekiel Koech ensured a Kenyan sweep of the stakes by trailing second and third respectively.

Sang finished the race at 2:13:49 while Koech finished with a time of 2:13:51.

Jebet from Bahrain, who just transitioned from a half-marathon, also stole the show by going home with $50,000 in the women's categories

Former World Champion, Milorad Cavic, to Conduct Swimming Clinics in Lagos, Abuja

Former world record holder and Olympic medallist, Milorad Cavic, will be visiting Nigeria to coordinate swimming clinics titled ‘Swim with Milorad Cavic’ in Abuja and Lagos at the instance of Insight Sports Limited and supported by the Lagos State government.

Confirming the news, Chief Executive Officer of Insight Sports Limited, Idowu Otukoya, said the Serb will be teaching young swimmers the basic technicalities

in swimming.

“The essence of inspiration, particularly in sports cannot be overemphasized. This clinic identifies the need to teach future generation Olympians strategies that will take them to their next level of accomplishment in the sport.”

He said last year's edition was held only in Lagos. “This year, we have planned something bigger that includes Abuja in order that children, young swimmers will be

part of the plan.”

He continued, “the Abuja leg will hold between May 22 – 25, while the Lagos leg will follow from May 29 to June 2.

“This looks to maximize the life of passion, commitment, and dedication of Milorad Cavic to inspire young Nigerian swimmers who are aspiring Olympians through teaching advanced techniques for their stroke development and competitive advantage.”

Lagos Wins Southwest Gymnastics Championship

Lagos State has emerged Champions at the just concluded Southwest Gymnastics Championship.

With five out of the states that make up the Southwest region in attendance at the event sponsored by the Numero Group and Dozen price Supermarket, Lagos grabbed 7 gold, 5 silver and 6 bronze medals to emerge tops ahead of Ondo State that finished second with 6 gold, 5 silver, 5 bronze.

Oyo State won 2 gold, 3 silver and 4 bronze medals to finish third.

Besides the individual medals presented to the outstanding

Gymnasts, the top three states were also rewarded with trophies while it was indeed Naira rain for the participating athletes following the cash reward given to the Gymnasts courtesy Dr. (Mrs) Omowunmi Olalere, the chairperson of the Southwest Gymnastics Association.

However, having broken the jinx by organising the first Gymnastics Championship in the region, Dr. Omowunmi Olalere, used the opportunity provided at closing ceremony of the well-attended Championship to cut her birthday cake to the

respectively.

Mercy Kwambai of Kenya earned $40,000 to finish in second position with a time of 2:38:17 ahead of Dida Negasa from Ethiopia, who received $30,000 with a time of 2:40:16.

Over 150 international and local runners participated at the marathon race that started at the City Gate, through Nnamdi Azikiwe Express-

way, Zuba- Kubwa Expressway, AYA Junction, Shehu Shagari Way, Samuel Ademulegun Avenue, Sheraton Hotels, Herbert Maucauley Way all the way to Eagle Square.

Apart from the 42 Kilometres race, other enthusiasts also competed in the 10km and 5km races, dominated by families and students from across the FCT.

interested in giving back to the society and what better way than the school children because that's where we can get some of the best that will become super stars in the future.

"I will be looking forward to the primary schools final coming up this weekend and see those that have exceptional talents going into the future."

In his own words, a member of the planning committee the of the competition, Akinbulejo Onabolu, said watching the event, one could see the level of preparation that the schools and swimmers had put in.

He added: "The atmosphere was electrifying and the swimmers were simply inspiring. It is our hope that in the not too distant future, we will be celebrating olympians from these cohorts.

"We look forward to an equally exciting line up as the Primary Schools Competition take place next week Saturdayon May 6th

The race is supported by Petralon Energy, Development Bank, Nigerian Breweries Plc, Edo state government, Supersport and AIT.

No Limit, Smashers Win in Edo Cricket Super Four

The 3rd edition of the Edo State Cricket League was concluded at the weekend with No Limit Cricket Club upsetting two-time winners U17 Cricket Club to lift the Super Four trophy. Smashers won the female title ahead of Delta Force.

The final match which was watched by the President of the Nigeria Cricket Federation, Uyi Akpata and the National Coach and High Performance Manager, Steve Tikolo had all the trappings of top-class cricket match.

Akpata, said that he was sure the level of cricket on display would definitely earn some of the players

a look in for national camp that would soon be open.

“The quality of the matches in this Super Four have been revealing. I am sure the technical team of the national teams are here and taking notes of some exceptional talents that might get look in,” he said.

Captain of the No Limit Cricket Club, Afani Abdulhamid said it was a pleasure to be crowned the winners especially at the expense of the U17 Cricket Club who were defending champions of the title.

“When we left the first inning with 88 runs for the loss of 9 wickets in 20 overs, it seemed we had locked

ourselves in a tights corner. We had to dig in deep within us to produce the 18.2 all out at 68 runs that gave us the victory.”

In the South South Female League Super Four that ran sideby-side, Smashers of Akwa Ibom won ahead of Delta Force from Asaba with 53 runs to be named winners.

UNIBEN Cricket Club picked the third place in the Edo Cricket League after they dumped Dolphin Cricket Club. The matches held at the Edo Boys High School High Performance Centre and Iyoba College in Benin, Edo State

admiration of the athletes. Her birthday coincided with event.

Dr. Omowunmi promised to sustain gymnastics development at the grassroots in the Southwest.

Meanwhile, the Southwest Co-ordinator of the Federal Ministry of Youth and Sports Development (FMYS), Emma Okere, has applauded Dr. Omowunmi Olalere for sponsoring the three-day Championship held between April 25 and 27, 2023 at the indoor sports hall of the National Stadium, Surulere, Lagos.

Over 60 athletes took part in the exercise.

No Limit team players and officials flanking President of the Nigeria Cricket Federation, Uyi Akpata as they celebrate winning the Super Four in Edo State...at the weekend

MISSILE

Middle Belt Forum to Buhari

“But(Buhari)tosaythatifthingsbecomeunpleasant,hewouldmovetoNigerRepublic isunfortunate.ThatistosaythathehadneverbeencommittedtoNigeriainthefirst place.ANigerianPresidentwhohasservedthiscountry,shouldbeheretodiewith NigeriaandNigeriansifhebelievedinNigeriawhenhewasPresident.Wepraythatwe willhaveaPresidentwhobelievesinNigeria...” –MiddleBeltForumNationalPresident, BitrusPogu,knockingthePresident’sunfortunate comment.

VIEW FROM THE GALLERY

Where to Sit and Eat

Every African must have seen a free-range hen, its numerous chicks in tow, moving about the yard scrounging for bits of food. The chicks soon learn the trick of digging through the dirt and grass in search of grain, insects or other pieces of food. As soon as one chick digs up something, it will grab it and run because the other chicks will run after it, trying to snatch the morsel for themselves. In exasperation the chick sat down and said, “It is not finding [the bounties of] the world that is difficult. It is where to sit down and eat it.”

Thousands of Nigerians who were elected to various executive and legislative positions in the recently concluded 2023 elections are about to come to the same conclusion. For many years, as a man strove towards his goal of getting elected to a federal or state legislative house or to a juicy executive position, he smiled and waved at everyone he met, shook every hand he found, attended every wedding and birthday party, every turbanning ceremony and every class reunion, went and condoled

Tinubu with every bereaved family, visited every cleric, donated to every worship center and pretended to shed tears at every disaster site.

I said “a man” who strove for positions. Many women, too, strove towards the same end but the slope was much steeper in their own case, due to deep-seated socio-cultural obstacles. I read a report recently saying 96% of all the women who contested the last elections lost. It was selective statistics. If you count the number of men who went for the same positions, right from the party primaries to the general elections, under 18 registered political parties, the percentage of those who lost is at least 96%. To give one example, 17 out of the 18 people who contested the presidential election did not win, i.e., 94.4%. If you add all the people that contested the party presidential primaries, you will probably arrive at a figure of 99% who lost out. Today, I am concerned about only those who won. Majority of them are still looking over their shoulders at the tribunals and courts. Going to court is a must for a Nigerian election loser, otherwise his or her supporters will be disappointed, believe that he is not a serious politician, accuse him of selling out to his opponents and leaving his supporters out in the cold,

DAKUKU PETERSIDE

and no one will listen to him again if he comes out to contest next time. If he goes to court however, no matter how frivolous his reasons are, it will keep his supporters’ hopes alive for some weeks, build up more enmity between his supporters and those of his opponent, and make it much harder at the end of the day for his supporters to defect to his victorious opponent’s camp.

Election litigation is a costly business in Nigeria. For lawyers, it is the equivalent of the hajj and umrah season for Meccan hotel owners. Legal big guns, the SANs, demand to be briefed in the tens or hundreds of millions to handle a major election case. Those going to court for lesser offices have to make do with smaller lawyers who cost only a few millions. Having a SAN or, in some cases, a basketful of SANs to handle your election case is more than a matter of legal knowledge. It is the equivalent of having a foreign coach to take your team to the World Cup. A star White coach, especially one

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Time for Reset Nigeria

Nigeria’s nascent democratic journey has lasted for 24 uninterrupted years, the first time in its history. Previous democratic interregnums did not last long enough due to incessant military incursions into governance to give us enough time and data to evaluate its impact on society. The debate on the success or failure of our democracy is raging, and opponents have enough data to back their claims. The jury still needs to be out on that. However, we have made some progress in our democracy, but many Nigerians are yet to connect personally with democratic values and dividends, making them question the idea and practice of democracy – or at least the Nigerian brand of democracy.

If the 2023 election campaign has done nothing else, it has spurred widespread calls for reform and renewal in just about every sector and institution in our country and to do things differently. Almost everything in these tumultuous election monthshyperinflation, economic crisis, deep poverty, poorly implemented currency exchange, fuel

scarcity, high rate of “Japa” - grew out of problems swept under the rug for decades. Now the need to do things differently is urgent and imperative. The case for a reset is compelling and will require courage, clarity, and creativity. What matters to Nigerians is responsible, timely, and evidence-driven actions. This is what the incoming government owes Nigerians.

A quick critical review of the performance of our democracy in the core facets of society reveals startling facts as further justification for the call for a complete and total reset of our democratic governance to be fit for purpose. These facets include the economy, security, education, unemployment, social cohesion, morality and ethics, and healthcare. However, this column will focus on the economy and unemployment and visit the other issues in subsequent articles. Comparing the economic statistics in 1999 with that of 2022 will reveal some form of growth that, in isolation, may look like tremendous progress. Economists attribute the growth we experienced between 1999 to 2013 to oil and gas windfall and not out of any ingenuity or right policy decisions.

According to the World Bank, some of the economic statistics of Nigeria in 1999 were GDP (current US$) $45.6 billion at an annual growth rate of 0.58%; GDP per capita (current US$)- $381.4; Inflation at 6.6%; and poverty headcount ratio at national poverty lines (% of the population)-54.4%. In 2022, the same report indicated that Nigeria’s GDP (current US$) $448.1 billion; GDP growth (annual %)-3.4%; GDP per capita (current US$)-$2,113.5; inflation, consumer prices (annual %): 16.6%; Poverty headcount ratio at national poverty lines, 63% of persons living within Nigeria.

Comparing 1999 with the 2022 economic data, we can see that Nigeria has experienced significant economic progress over the past 23 years at the macro economic level and not necessarily at the micro economic level. Some of the changes are GDP (current US$) has increased by 883%; GDP growth (annual %) has risen by 4.83 percentage points; GDP per capita (current US$) has increased by 454%; inflation, consumer prices (annual %) has risen by ten percentage points; poverty headcount ratio at national poverty lines (%

of the population) has increased by about 9% percentage points. It may seem like a good improvement at a cursory look, but given the period covered and context vis a vis what Nigeria’s contemporaries did within a similar time frame, we have mellowed our shout of Uhuru.

Furthermore, a more realistic comparison will be to compare our economic data within the past decade (2012 – 2022), and this reveals some dire results. Economic statistics of Nigeria in 2012 are GDP (current US$): $460.6 billion; GDP growth (annual %): 4.3%; GDP per capita (current US$): $2,762.9; Inflation, consumer prices (annual %): 12.2%;Poverty headcount ratio at national poverty lines (% of the population): 53.5%. Comparing these statistics with those of 2022 shows that the GDP has decreased by 2.7%; GDP growth (annual %) has decreased by 0.9 percentage points; GDP per capita (current US$) has reduced by 23.5%; inflation, consumer prices (annual %) has increased by 4.4 percentage points;

Continued on page 53